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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.90 722.25 Td (FORM ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.95 722.25 Td (10-Q) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.06 722.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 702.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 702.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 702.25 Td ( CONTENTS) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 645.86259765625 m 77.453125 645.86259765625 l s q 0 0 0 rg BT 53.00 647.43 Td (Index) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 532.2 645.86259765625 m 552.746875 645.86259765625 l s q 0 0 0 rg BT 532.20 647.43 Td (Page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.50 632.43 Td () Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 615.86259765625 m 80.7685546875 615.86259765625 l s q 0 0 1 rg BT 53.00 617.43 Td (Part I.) 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Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.50 740.25 Td (FOR) Tj ET Q q 0 0 0 rg BT 240.26 740.25 Td (W) Tj ET Q q 0 0 0 rg BT 249.15 740.25 Td (ARD-LOOKING ST) Tj ET Q q 0 0 0 rg BT 337.03 740.25 Td (A) Tj ET Q q 0 0 0 rg BT 343.51 740.25 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 720.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.77 720.25 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.08 720.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.57 720.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 140.27 720.25 Td (on ) Tj ET Q q 0 0 0 rg BT 152.76 720.25 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.92 720.25 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.47 720.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.96 720.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 235.77 720.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 265.46 720.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 337.93 720.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 387.06 720.25 Td (within ) Tj ET Q q 0 0 0 rg BT 415.11 720.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.81 720.25 Td (meaning ) Tj ET Q q 0 0 0 rg BT 466.73 720.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.55 720.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.26 720.25 Td (Private ) Tj ET Q q 0 0 0 rg BT 523.07 720.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 91.43 708.25 Td (Reform ) Tj ET Q q 0 0 0 rg BT 123.92 708.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 140.84 708.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.67 708.25 Td (1995, ) Tj ET Q q 0 0 0 rg BT 176.66 708.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 209.14 708.25 Td (27A) Tj ET Q q 0 0 0 rg BT 225.81 708.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.30 708.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.12 708.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.83 708.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 295.20 708.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 312.13 708.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.95 708.25 Td (1933, ) Tj ET Q q 0 0 0 rg BT 347.94 708.25 Td (as ) Tj ET Q q 0 0 0 rg BT 358.76 708.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 399.85 708.25 Td (or ) Tj ET Q q 0 0 0 rg BT 410.67 708.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 452.04 708.25 Td (Act, ) Tj ET Q q 0 0 0 rg BT 471.47 708.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.40 708.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 520.88 708.25 Td (21E ) Tj ET Q q 0 0 0 rg BT 539.48 708.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 708.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.25 696.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 132.48 696.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 149.24 696.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.88 696.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 184.70 696.25 Td (as ) Tj ET Q q 0 0 0 rg BT 195.35 696.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 236.26 696.25 Td (or ) Tj ET Q q 0 0 0 rg BT 246.90 696.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 288.13 696.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 307.39 696.25 Td ( ) Tj ET Q q 0 0 0 rg BT 309.71 696.25 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 379.79 696.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 424.32 696.25 Td (are ) Tj ET Q q 0 0 0 rg BT 438.84 696.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 478.36 696.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 526.22 696.25 Td (by ) Tj ET Q q 0 0 0 rg BT 538.53 696.25 Td (use ) Tj ET Q q 0 0 0 rg BT 554.18 696.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 117.93 684.25 Td (terminology ) Tj ET Q q 0 0 0 rg BT 169.70 684.25 Td (such ) Tj ET Q q 0 0 0 rg BT 190.93 684.25 Td (as ) Tj ET Q q 0 0 0 rg BT 202.15 684.25 Td (may) Tj ET Q q 0 0 0 rg BT 223.15 684.25 Td (, ) Tj ET Q q 0 0 0 rg BT 232.98 684.25 Td (will, ) Tj ET Q q 0 0 0 rg BT 262.81 684.25 Td (should, ) Tj ET Q q 0 0 0 rg BT 303.75 684.25 Td (potential, ) Tj ET Q q 0 0 0 rg BT 353.01 684.25 Td (intend, ) Tj ET Q q 0 0 0 rg BT 392.27 684.25 Td (expect, ) Tj ET Q q 0 0 0 rg BT 432.63 684.25 Td (seek, ) Tj ET Q q 0 0 0 rg BT 464.67 684.25 Td (anticipate, ) Tj ET Q q 0 0 0 rg BT 517.81 684.25 Td (estimate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (believe, ) Tj ET Q q 0 0 0 rg BT 92.16 672.25 Td (could, ) Tj ET Q q 0 0 0 rg BT 128.17 672.25 Td (project, ) Tj ET Q q 0 0 0 rg BT 169.72 672.25 Td (predict, ) Tj ET Q q 0 0 0 rg BT 211.27 672.25 Td (continue, ) Tj ET Q q 0 0 0 rg BT 259.49 672.25 Td (future ) Tj ET Q q 0 0 0 rg BT 294.66 672.25 Td (or ) Tj ET Q q 0 0 0 rg BT 305.40 672.25 Td (other ) Tj ET Q q 0 0 0 rg BT 328.35 672.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 358.54 672.25 Td (words ) Tj ET Q q 0 0 0 rg BT 385.39 672.25 Td (or ) Tj ET Q q 0 0 0 rg BT 396.13 672.25 Td (expressions. ) Tj ET Q q 0 0 0 rg BT 447.71 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.12 672.25 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 520.30 672.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (are ) Tj ET Q q 0 0 0 rg BT 63.68 660.25 Td (not ) Tj ET Q q 0 0 0 rg BT 78.42 660.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 123.15 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.45 660.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 185.94 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.35 660.25 Td (are ) Tj ET Q q 0 0 0 rg BT 216.52 660.25 Td (based ) Tj ET Q q 0 0 0 rg BT 241.26 660.25 Td (on ) Tj ET Q q 0 0 0 rg BT 253.23 660.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 282.40 660.25 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 336.32 660.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 367.18 660.25 Td (future ) Tj ET Q q 0 0 0 rg BT 393.02 660.25 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 447.47 660.25 Td (describe ) Tj ET Q q 0 0 0 rg BT 482.76 660.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 505.84 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.24 660.25 Td (strategies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 81.32 648.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 128.15 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.87 648.25 Td (results ) Tj ET Q q 0 0 0 rg BT 167.37 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.09 648.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 222.13 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 232.85 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.57 648.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 280.94 648.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 321.11 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 331.83 648.25 Td (state ) Tj ET Q q 0 0 0 rg BT 352.54 648.25 Td (other ) Tj ET Q q 0 0 0 rg BT 375.48 648.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 443.41 648.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 495.51 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 497.90 648.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 520.29 648.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 84.06 636.25 Td (but ) Tj ET Q q 0 0 0 rg BT 99.46 636.25 Td (are ) Tj ET Q q 0 0 0 rg BT 114.29 636.25 Td (not ) Tj ET Q q 0 0 0 rg BT 129.69 636.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 160.64 636.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 173.54 636.25 Td (those ) Tj ET Q q 0 0 0 rg BT 197.27 636.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 230.43 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.83 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.79 636.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 284.96 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.36 636.25 Td (make ) Tj ET Q q 0 0 0 rg BT 319.64 636.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 372.26 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.66 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 398.62 636.25 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 454.29 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 470.24 636.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 504.50 636.25 Td (on ) Tj ET Q q 0 0 0 rg BT 517.12 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.07 636.25 Td (advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.40 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 84.20 624.25 Td (sponsor) Tj ET Q q 0 0 0 rg BT 114.91 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 120.87 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.56 624.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 177.78 624.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 231.77 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.56 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 260.36 624.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 314.10 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 330.89 624.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 372.12 624.25 Td (needs, ) Tj ET Q q 0 0 0 rg BT 400.85 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.53 624.25 Td (ef) Tj ET Q q 0 0 0 rg BT 424.12 624.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 446.46 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 458.26 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 475.05 624.25 Td (current ) Tj ET Q q 0 0 0 rg BT 506.83 624.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 548.06 624.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.50 612.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 135.72 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.27 612.25 Td (our ) Tj ET Q q 0 0 0 rg BT 169.72 612.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 198.39 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 209.29 612.25 Td (ef) Tj ET Q q 0 0 0 rg BT 216.87 612.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 254.97 612.25 Td (deploy ) Tj ET Q q 0 0 0 rg BT 285.31 612.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 317.57 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 320.69 612.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 339.36 612.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 368.03 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 378.93 612.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 409.81 612.25 Td (results ) Tj ET Q q 0 0 0 rg BT 439.03 612.25 Td (or ) Tj ET Q q 0 0 0 rg BT 450.48 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.82 612.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 492.81 612.25 Td (ef) Tj ET Q q 0 0 0 rg BT 500.39 612.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 518.50 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 529.94 612.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 554.17 612.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 88.88 600.25 Td (is ) Tj ET Q q 0 0 0 rg BT 97.16 600.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 139.31 600.25 Td (uncertain, ) Tj ET Q q 0 0 0 rg BT 180.62 600.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 228.32 600.25 Td (given ) Tj ET Q q 0 0 0 rg BT 252.15 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.98 600.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 306.46 600.25 Td (environment. ) Tj ET Q q 0 0 0 rg BT 361.12 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.37 600.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 401.76 600.25 Td (we ) Tj ET Q q 0 0 0 rg BT 415.03 600.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 445.52 600.25 Td (that ) Tj ET Q q 0 0 0 rg BT 462.12 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.95 600.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 527.54 600.25 Td (reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 58.93 588.25 Td (such ) Tj ET Q q 0 0 0 rg BT 78.91 588.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 146.10 588.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 189.96 588.25 Td (are ) Tj ET Q q 0 0 0 rg BT 203.82 588.25 Td (based ) Tj ET Q q 0 0 0 rg BT 228.24 588.25 Td (on ) Tj ET Q q 0 0 0 rg BT 239.90 588.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 284.30 588.25 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 337.90 588.25 Td (our ) Tj ET Q q 0 0 0 rg BT 352.88 588.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 378.41 588.25 Td (results ) Tj ET Q q 0 0 0 rg BT 406.17 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.26 588.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 474.43 588.25 Td (could ) Tj ET Q q 0 0 0 rg BT 498.30 588.25 Td (dif) Tj ET Q q 0 0 0 rg BT 509.23 588.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 521.98 588.25 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (from ) Tj ET Q q 0 0 0 rg BT 70.91 576.25 Td (those ) Tj ET Q q 0 0 0 rg BT 93.99 576.25 Td (set ) Tj ET Q q 0 0 0 rg BT 107.07 576.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 128.47 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 138.22 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.41 576.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 219.92 576.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 264.10 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.51 576.25 Td (you ) Tj ET Q q 0 0 0 rg BT 297.48 576.25 Td (should ) Tj ET Q q 0 0 0 rg BT 326.12 576.25 Td (not ) Tj ET Q q 0 0 0 rg BT 340.87 576.25 Td (unduly ) Tj ET Q q 0 0 0 rg BT 370.62 576.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 388.13 576.25 Td (on ) Tj ET Q q 0 0 0 rg BT 400.10 576.25 Td (these ) Tj ET Q q 0 0 0 rg BT 422.62 576.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 469.30 576.25 Td ( ) Tj ET Q q 0 0 0 rg BT 471.13 576.25 Td (These ) Tj ET Q q 0 0 0 rg BT 496.98 576.25 Td (forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 93.69 564.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 125.66 564.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 149.02 564.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 202.09 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.50 564.25 Td (other ) Tj ET Q q 0 0 0 rg BT 241.02 564.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 270.21 564.25 Td (that ) Tj ET Q q 0 0 0 rg BT 287.18 564.25 Td (may ) Tj ET Q q 0 0 0 rg BT 306.37 564.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 330.55 564.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.85 564.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 371.70 564.25 Td (results ) Tj ET Q q 0 0 0 rg BT 399.79 564.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.54 564.25 Td (future ) Tj ET Q q 0 0 0 rg BT 435.39 564.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 466.80 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 476.56 564.25 Td (dif) Tj ET Q q 0 0 0 rg BT 487.49 564.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 500.56 564.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 543.07 564.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (those ) Tj ET Q q 0 0 0 rg BT 73.11 552.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 141.15 552.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 188.36 552.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.68 552.25 Td (These ) Tj ET Q q 0 0 0 rg BT 217.05 552.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 246.76 552.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 281.19 552.25 Td (but ) Tj ET Q q 0 0 0 rg BT 296.47 552.25 Td (are ) Tj ET Q q 0 0 0 rg BT 311.18 552.25 Td (not ) Tj ET Q q 0 0 0 rg BT 326.46 552.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 357.29 552.25 Td (to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 532.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 532.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 118.54 532.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 159.91 532.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 204.07 532.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.01 532.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.73 532.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 265.44 532.25 Td (on ) Tj ET Q q 0 0 0 rg BT 277.94 532.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.66 532.25 Td (real ) Tj ET Q q 0 0 0 rg BT 310.14 532.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 335.41 532.25 Td (industry) Tj ET Q q 0 0 0 rg BT 367.54 532.25 Td (, ) Tj ET Q q 0 0 0 rg BT 372.54 532.25 Td (including ) Tj ET Q q 0 0 0 rg BT 412.81 532.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 456.39 532.25 Td (real ) Tj ET Q q 0 0 0 rg BT 473.87 532.25 Td (estate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 512.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.65 512.25 Td (dependence ) Tj ET Q q 0 0 0 rg BT 151.66 512.25 Td (on ) Tj ET Q q 0 0 0 rg BT 164.47 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.51 512.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 220.08 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.34 512.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 279.04 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.18 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.33 512.25 Td (advisor) Tj ET Q q 0 0 0 rg BT 335.37 512.25 Td (, ) Tj ET Q q 0 0 0 rg BT 340.69 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 356.83 512.25 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 390.76 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.02 512.25 Td (their ) Tj ET Q q 0 0 0 rg BT 429.16 512.25 Td (af) Tj ET Q q 0 0 0 rg BT 436.75 512.25 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 469.28 512.25 Td (including ) Tj ET Q q 0 0 0 rg BT 509.87 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 526.02 512.25 Td (advisor) Tj ET Q q 0 0 0 rg BT 555.83 512.25 Td () Tj ET Q q 0 0 0 rg BT 558.61 512.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 500.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 113.55 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 123.83 500.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 157.42 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 173.25 500.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 210.75 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 223.25 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 239.08 500.25 Td (behalf;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 480.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 480.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 153.24 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.07 480.25 Td (our ) Tj ET Q q 0 0 0 rg BT 179.90 480.25 Td (advisor) Tj ET Q q 0 0 0 rg BT 208.94 480.25 Td (, ) Tj ET Q q 0 0 0 rg BT 213.94 480.25 Td (our ) Tj ET Q q 0 0 0 rg BT 229.77 480.25 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 263.38 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.32 480.25 Td (their ) Tj ET Q q 0 0 0 rg BT 301.14 480.25 Td (af) Tj ET Q q 0 0 0 rg BT 308.73 480.25 Td (filiates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 460.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 460.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.33 460.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 137.72 460.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.66 460.25 Td (access ) Tj ET Q q 0 0 0 rg BT 182.70 460.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.98 460.25 Td (capital;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 440.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.33 440.25 Td (use ) Tj ET Q q 0 0 0 rg BT 117.16 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.99 440.25 Td (leverage;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 420.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 420.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.33 420.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 129.38 420.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.66 420.25 Td (make ) Tj ET Q q 0 0 0 rg BT 163.82 420.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 216.32 420.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.60 420.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.43 420.25 Td (stockholders;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 400.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 400.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 119.37 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 130.20 400.25 Td (a ) Tj ET Q q 0 0 0 rg BT 137.14 400.25 Td (public ) Tj ET Q q 0 0 0 rg BT 164.64 400.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 195.46 400.25 Td (market ) Tj ET Q q 0 0 0 rg BT 225.72 400.25 Td (for ) Tj ET Q q 0 0 0 rg BT 239.88 400.25 Td (our ) Tj ET Q q 0 0 0 rg BT 255.71 400.25 Td (shares;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 380.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 380.25 Td (ef) Tj ET Q q 0 0 0 rg BT 107.80 380.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 125.29 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.12 380.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 177.49 380.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 221.66 380.25 Td (on ) Tj ET Q q 0 0 0 rg BT 234.16 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.87 380.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 288.59 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 299.42 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 315.25 380.25 Td (investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 360.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 360.25 Td (ef) Tj ET Q q 0 0 0 rg BT 107.80 360.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 125.29 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.12 360.25 Td (paying ) Tj ET Q q 0 0 0 rg BT 165.84 360.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 218.34 360.25 Td (to ) Tj ET Q q 0 0 0 rg BT 228.62 360.25 Td (our ) Tj ET Q q 0 0 0 rg BT 244.45 360.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 297.50 360.25 Td (from ) Tj ET Q q 0 0 0 rg BT 319.44 360.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 351.93 360.25 Td (other ) Tj ET Q q 0 0 0 rg BT 374.97 360.25 Td (than ) Tj ET Q q 0 0 0 rg BT 394.69 360.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.96 360.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 435.79 360.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 473.83 360.25 Td (by ) Tj ET Q q 0 0 0 rg BT 486.33 360.25 Td (operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 340.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 340.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.12 340.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 131.74 340.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.48 340.25 Td (our ) Tj ET Q q 0 0 0 rg BT 160.22 340.25 Td (sponsor) Tj ET Q q 0 0 0 rg BT 191.70 340.25 Td () Tj ET Q q 0 0 0 rg BT 194.48 340.25 Td (s ) Tj ET Q q 0 0 0 rg BT 201.78 340.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 237.39 340.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 284.11 340.25 Td (mer) Tj ET Q q 0 0 0 rg BT 299.48 340.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 315.65 340.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 360.70 340.25 Td (with ) Tj ET Q q 0 0 0 rg BT 381.89 340.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 424.73 340.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 454.24 340.25 Td (Finance ) Tj ET Q q 0 0 0 rg BT 489.31 340.25 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 515.21 340.25 Td (and ) Tj ET Q q 0 0 0 rg BT 533.06 340.25 Td (Colony ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 328.25 Td (Capital, ) Tj ET Q q 0 0 0 rg BT 119.38 328.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 139.65 328.25 Td (including ) Tj ET Q q 0 0 0 rg BT 179.92 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.64 328.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 222.69 328.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.97 328.25 Td (consummate ) Tj ET Q q 0 0 0 rg BT 286.01 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.73 328.25 Td (mer) Tj ET Q q 0 0 0 rg BT 316.10 328.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 331.36 328.25 Td (on ) Tj ET Q q 0 0 0 rg BT 343.86 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.58 328.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 383.30 328.25 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 439.67 328.25 Td (or ) Tj ET Q q 0 0 0 rg BT 450.50 328.25 Td (at ) Tj ET Q q 0 0 0 rg BT 460.21 328.25 Td (all;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 308.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.39 308.25 Td (advisor) Tj ET Q q 0 0 0 rg BT 131.20 308.25 Td () Tj ET Q q 0 0 0 rg BT 133.97 308.25 Td (s ) Tj ET Q q 0 0 0 rg BT 140.42 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.42 308.25 Td (its ) Tj ET Q q 0 0 0 rg BT 169.42 308.25 Td (af) Tj ET Q q 0 0 0 rg BT 177.01 308.25 Td (filiates) Tj ET Q q 0 0 0 rg BT 206.81 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.36 308.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 237.47 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.81 308.25 Td (attract ) Tj ET Q q 0 0 0 rg BT 275.34 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.34 308.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 317.66 308.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 355.76 308.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 397.19 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.52 308.25 Td (support ) Tj ET Q q 0 0 0 rg BT 440.08 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 455.97 308.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 486.85 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 503.85 308.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 548.06 308.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 296.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 122.99 296.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 157.70 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.98 296.25 Td (key ) Tj ET Q q 0 0 0 rg BT 184.91 296.25 Td (personnel ) Tj ET Q q 0 0 0 rg BT 226.29 296.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 267.68 296.25 Td (management ) Tj ET Q q 0 0 0 rg BT 321.27 296.25 Td (services ) Tj ET Q q 0 0 0 rg BT 355.97 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.25 296.25 Td (us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 276.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 276.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.42 276.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 135.66 276.25 Td (on ) Tj ET Q q 0 0 0 rg BT 148.25 276.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.17 276.25 Td (advisor ) Tj ET Q q 0 0 0 rg BT 196.20 276.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.23 276.25 Td (its ) Tj ET Q q 0 0 0 rg BT 225.28 276.25 Td (af) Tj ET Q q 0 0 0 rg BT 232.86 276.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 262.67 276.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.70 276.25 Td (sub-advisors/co-venturers ) Tj ET Q q 0 0 0 rg BT 385.60 276.25 Td (in ) Tj ET Q q 0 0 0 rg BT 395.97 276.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 437.45 276.25 Td (management ) Tj ET Q q 0 0 0 rg BT 491.13 276.25 Td (services ) Tj ET Q q 0 0 0 rg BT 525.93 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 536.30 276.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 550.29 276.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 264.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 122.72 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.84 264.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 179.40 264.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 198.29 264.25 Td (to ) Tj ET Q q 0 0 0 rg BT 208.85 264.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.97 264.25 Td (advisor) Tj ET Q q 0 0 0 rg BT 254.01 264.25 Td (, ) Tj ET Q q 0 0 0 rg BT 259.30 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.30 264.25 Td (allocation ) Tj ET Q q 0 0 0 rg BT 316.52 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.64 264.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 378.20 264.25 Td (by ) Tj ET Q q 0 0 0 rg BT 390.99 264.25 Td (our ) Tj ET Q q 0 0 0 rg BT 407.11 264.25 Td (advisor ) Tj ET Q q 0 0 0 rg BT 439.33 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.56 264.25 Td (its ) Tj ET Q q 0 0 0 rg BT 468.80 264.25 Td (af) Tj ET Q q 0 0 0 rg BT 476.38 264.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 506.38 264.25 Td (among ) Tj ET Q q 0 0 0 rg BT 536.39 264.25 Td (us ) Tj ET Q q 0 0 0 rg BT 548.07 264.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 252.25 Td (other ) Tj ET Q q 0 0 0 rg BT 123.28 252.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 166.33 252.25 Td (or ) Tj ET Q q 0 0 0 rg BT 177.17 252.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 215.77 252.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 261.04 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 277.99 252.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 314.36 252.25 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 349.63 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.47 252.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.31 252.25 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 409.93 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 426.87 252.25 Td (its ) Tj ET Q q 0 0 0 rg BT 438.83 252.25 Td (af) Tj ET Q q 0 0 0 rg BT 446.41 252.25 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 478.63 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.58 252.25 Td (various ) Tj ET Q q 0 0 0 rg BT 527.52 252.25 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 240.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 122.43 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.26 240.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 165.20 240.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.48 240.25 Td (our ) Tj ET Q q 0 0 0 rg BT 191.31 240.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 241.02 240.25 Td (with ) Tj ET Q q 0 0 0 rg BT 261.30 240.25 Td (our ) Tj ET Q q 0 0 0 rg BT 277.13 240.25 Td (sponsor;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 222.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 222.25 Td (a change in the ownership or management of our sponsor;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 204.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.60 204.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 130.69 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.89 204.25 Td (market ) Tj ET Q q 0 0 0 rg BT 172.54 204.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.85 204.25 Td (other ) Tj ET Q q 0 0 0 rg BT 213.28 204.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 257.82 204.25 Td (influencing ) Tj ET Q q 0 0 0 rg BT 306.24 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.34 204.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 374.74 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.95 204.25 Td (our ) Tj ET Q q 0 0 0 rg BT 402.16 204.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 452.81 204.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 485.67 204.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.32 204.25 Td (our ) Tj ET Q q 0 0 0 rg BT 512.53 204.25 Td (expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.44 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.16 192.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 146.87 192.25 Td (on ) Tj ET Q q 0 0 0 rg BT 159.37 192.25 Td (our ) Tj ET Q q 0 0 0 rg BT 175.20 192.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 201.57 192.25 Td (return ) Tj ET Q q 0 0 0 rg BT 227.95 192.25 Td (on ) Tj ET Q q 0 0 0 rg BT 240.45 192.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 276.27 192.25 Td (equity) Tj ET Q q 0 0 0 rg BT 300.62 192.25 Td (, ) Tj ET Q q 0 0 0 rg BT 305.62 192.25 Td (as ) Tj ET Q q 0 0 0 rg BT 316.45 192.25 Td (well ) Tj ET Q q 0 0 0 rg BT 336.16 192.25 Td (as ) Tj ET Q q 0 0 0 rg BT 346.99 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.71 192.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 381.98 192.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 420.03 192.25 Td (by ) Tj ET Q q 0 0 0 rg BT 432.53 192.25 Td (these ) Tj ET Q q 0 0 0 rg BT 455.57 192.25 Td (investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 174.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 174.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 120.21 174.25 Td (in ) Tj ET Q q 0 0 0 rg BT 130.49 174.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.32 174.25 Td (business ) Tj ET Q q 0 0 0 rg BT 182.71 174.25 Td (or ) Tj ET Q q 0 0 0 rg BT 193.54 174.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 239.92 174.25 Td (strategy;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 154.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.32 154.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 130.14 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.08 154.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 182.56 154.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 226.83 154.25 Td (on ) Tj ET Q q 0 0 0 rg BT 239.44 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.26 154.25 Td (operators/tenants ) Tj ET Q q 0 0 0 rg BT 325.18 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.12 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.94 154.25 Td (real ) Tj ET Q q 0 0 0 rg BT 368.54 154.25 Td (property ) Tj ET Q q 0 0 0 rg BT 405.02 154.25 Td (that ) Tj ET Q q 0 0 0 rg BT 422.62 154.25 Td (we ) Tj ET Q q 0 0 0 rg BT 436.89 154.25 Td (own ) Tj ET Q q 0 0 0 rg BT 456.72 154.25 Td (as ) Tj ET Q q 0 0 0 rg BT 467.66 154.25 Td (well ) Tj ET Q q 0 0 0 rg BT 487.48 154.25 Td (as ) Tj ET Q q 0 0 0 rg BT 498.42 154.25 Td (on ) Tj ET Q q 0 0 0 rg BT 511.03 154.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 554.18 154.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 142.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 119.93 142.25 Td (we ) Tj ET Q q 0 0 0 rg BT 134.09 142.25 Td (originate ) Tj ET Q q 0 0 0 rg BT 172.14 142.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.07 142.25 Td (acquire;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 122.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 122.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 127.70 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.64 122.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 171.57 122.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.40 122.25 Td (future ) Tj ET Q q 0 0 0 rg BT 208.78 122.25 Td (competition, ) Tj ET Q q 0 0 0 rg BT 261.55 122.25 Td (including ) Tj ET Q q 0 0 0 rg BT 301.82 122.25 Td (new ) Tj ET Q q 0 0 0 rg BT 320.98 122.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 372.92 122.25 Td (in ) Tj ET Q q 0 0 0 rg BT 383.20 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.91 122.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 432.07 122.25 Td (in ) Tj ET Q q 0 0 0 rg BT 442.35 122.25 Td (which ) Tj ET Q q 0 0 0 rg BT 469.28 122.25 Td (our ) Tj ET Q q 0 0 0 rg BT 485.11 122.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 510.94 122.25 Td (are ) Tj ET Q q 0 0 0 rg BT 525.65 122.25 Td (located;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 102.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 102.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.59 102.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 127.02 102.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.22 102.25 Td (our ) Tj ET Q q 0 0 0 rg BT 152.42 102.25 Td (tenants, ) Tj ET Q q 0 0 0 rg BT 185.12 102.25 Td (operators ) Tj ET Q q 0 0 0 rg BT 224.21 102.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.52 102.25 Td (managers ) Tj ET Q q 0 0 0 rg BT 280.71 102.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.36 102.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 323.89 102.25 Td (their ) Tj ET Q q 0 0 0 rg BT 344.09 102.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 386.49 102.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 430.59 102.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.24 102.25 Td (a ) Tj ET Q q 0 0 0 rg BT 446.55 102.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 478.41 102.25 Td (suf) Tj ET Q q 0 0 0 rg BT 490.46 102.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 517.87 102.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 102.25 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 90.25 Td (or ) Tj ET Q q 0 0 0 rg BT 95.87 90.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 130.67 90.25 Td (their ) Tj ET Q q 0 0 0 rg BT 151.04 90.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 188.62 90.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.10 90.25 Td (to ) Tj ET Q q 0 0 0 rg BT 214.92 90.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 250.82 90.25 Td (suf) Tj ET Q q 0 0 0 rg BT 262.86 90.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 290.45 90.25 Td (income ) Tj ET Q q 0 0 0 rg BT 321.92 90.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.75 90.25 Td (make ) Tj ET Q q 0 0 0 rg BT 355.44 90.25 Td (rent ) Tj ET Q q 0 0 0 rg BT 373.03 90.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 413.40 90.25 Td (to ) Tj ET Q q 0 0 0 rg BT 423.22 90.25 Td (us ) Tj ET Q q 0 0 0 rg BT 434.15 90.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 453.14 90.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.96 90.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 483.61 90.25 Td (our ) Tj ET Q q 0 0 0 rg BT 498.98 90.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 526.57 90.25 Td (to ) Tj ET Q q 0 0 0 rg BT 536.40 90.25 Td (satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 78.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.33 78.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 148.27 78.25 Td (under ) Tj ET Q q 0 0 0 rg BT 173.54 78.25 Td (our ) Tj ET Q q 0 0 0 rg BT 189.37 78.25 Td (borrowings;) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.29 740.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 126.42 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.32 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.23 740.10 Td (tenants, ) Tj ET Q q 0 0 0 rg BT 183.63 740.10 Td (operators ) Tj ET Q q 0 0 0 rg BT 222.41 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.42 740.10 Td (managers, ) Tj ET Q q 0 0 0 rg BT 280.81 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 290.72 740.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 335.88 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.23 740.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 376.80 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 396.16 740.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 418.56 740.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 439.57 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.59 740.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 501.60 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.95 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.74 740.10 Td (operation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.90 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.30 728.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 158.85 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.70 728.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 200.53 728.10 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 252.48 728.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 290.26 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.11 728.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 329.15 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.66 728.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 372.49 728.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 411.11 728.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 453.05 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.56 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.41 728.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 509.46 728.10 Td (residents ) Tj ET Q q 0 0 0 rg BT 548.07 728.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 716.10 Td (patients;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 696.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.54 696.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 126.92 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.18 696.10 Td (willingness ) Tj ET Q q 0 0 0 rg BT 190.56 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.72 696.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.88 696.10 Td (tenants, ) Tj ET Q q 0 0 0 rg BT 248.53 696.10 Td (operators, ) Tj ET Q q 0 0 0 rg BT 290.06 696.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 330.20 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.46 696.10 Td (other ) Tj ET Q q 0 0 0 rg BT 368.83 696.10 Td (third ) Tj ET Q q 0 0 0 rg BT 389.55 696.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 418.03 696.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.63 696.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 455.56 696.10 Td (their ) Tj ET Q q 0 0 0 rg BT 475.71 696.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 518.07 696.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.78 684.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 109.67 684.10 Td (including ) Tj ET Q q 0 0 0 rg BT 149.94 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.22 684.10 Td (some ) Tj ET Q q 0 0 0 rg BT 183.83 684.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 207.43 684.10 Td (their ) Tj ET Q q 0 0 0 rg BT 228.25 684.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 271.31 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.58 684.10 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 325.19 684.10 Td (us ) Tj ET Q q 0 0 0 rg BT 336.58 684.10 Td (from ) Tj ET Q q 0 0 0 rg BT 358.52 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.46 684.10 Td (against ) Tj ET Q q 0 0 0 rg BT 406.28 684.10 Td (various ) Tj ET Q q 0 0 0 rg BT 438.22 684.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 466.82 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.76 684.10 Td (liabilities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 666.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 666.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.23 666.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 137.72 666.10 Td (weakness ) Tj ET Q q 0 0 0 rg BT 178.56 666.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.40 666.10 Td (our ) Tj ET Q q 0 0 0 rg BT 205.25 666.10 Td (tenants, ) Tj ET Q q 0 0 0 rg BT 238.58 666.10 Td (operators ) Tj ET Q q 0 0 0 rg BT 278.31 666.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.26 666.10 Td (borrowers, ) Tj ET Q q 0 0 0 rg BT 340.81 666.10 Td (including ) Tj ET Q q 0 0 0 rg BT 381.10 666.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 418.60 666.10 Td (bankruptcies ) Tj ET Q q 0 0 0 rg BT 472.21 666.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.16 666.10 Td (downturns ) Tj ET Q q 0 0 0 rg BT 533.90 666.10 Td (in ) Tj ET Q q 0 0 0 rg BT 544.19 666.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 654.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 132.54 654.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.30 654.10 Td (their ) Tj ET Q q 0 0 0 rg BT 169.95 654.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 191.70 654.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.46 654.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 251.88 654.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 305.01 654.10 Td (which ) Tj ET Q q 0 0 0 rg BT 331.77 654.10 Td (results ) Tj ET Q q 0 0 0 rg BT 360.20 654.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.30 654.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 423.71 654.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 464.35 654.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.00 654.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 507.87 654.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.97 654.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 554.72 654.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 642.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 114.08 642.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.24 642.10 Td (full ) Tj ET Q q 0 0 0 rg BT 144.07 642.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 173.77 642.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.04 642.10 Td (such ) Tj ET Q q 0 0 0 rg BT 204.31 642.10 Td (tenants) Tj ET Q q 0 0 0 rg BT 235.23 642.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.17 642.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.55 642.10 Td (operators) Tj ET Q q 0 0 0 rg BT 293.34 642.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.28 642.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 321.10 642.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.48 642.10 Td (borrowers) Tj ET Q q 0 0 0 rg BT 380.61 642.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.55 642.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 405.60 642.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 433.09 642.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 462.80 642.10 Td (us ) Tj ET Q q 0 0 0 rg BT 473.63 642.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.35 642.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 525.28 642.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 630.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.44 630.10 Td (expenses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 612.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.59 612.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 128.67 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.87 612.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 178.50 612.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 218.13 612.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 240.01 612.10 Td (on ) Tj ET Q q 0 0 0 rg BT 251.88 612.10 Td (our ) Tj ET Q q 0 0 0 rg BT 267.08 612.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 300.32 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 304.69 612.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.54 612.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 381.19 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.50 612.10 Td (results ) Tj ET Q q 0 0 0 rg BT 425.48 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.68 612.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 479.21 612.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.41 612.10 Td (that ) Tj ET Q q 0 0 0 rg BT 506.28 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.48 612.10 Td (our ) Tj ET Q q 0 0 0 rg BT 531.68 612.10 Td (tenants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 600.10 Td (operators, ) Tj ET Q q 0 0 0 rg BT 127.87 600.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 168.84 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.94 600.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 229.14 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.24 600.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.23 600.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 290.44 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.54 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.42 600.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 350.63 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.62 600.10 Td (our ) Tj ET Q q 0 0 0 rg BT 377.61 600.10 Td (tenants, ) Tj ET Q q 0 0 0 rg BT 411.10 600.10 Td (operators, ) Tj ET Q q 0 0 0 rg BT 453.46 600.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 494.44 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.54 600.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 554.74 600.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 588.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 129.08 588.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 164.90 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.62 588.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 224.33 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.16 588.10 Td (those ) Tj ET Q q 0 0 0 rg BT 258.77 588.10 Td (costs;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 570.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 570.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 120.21 570.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.49 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.20 570.10 Td (value ) Tj ET Q q 0 0 0 rg BT 169.36 570.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.19 570.10 Td (our ) Tj ET Q q 0 0 0 rg BT 196.02 570.10 Td (portfolio;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 550.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 129.93 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.76 550.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 190.47 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.75 550.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.68 550.10 Td (rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 530.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 530.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.33 530.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 129.38 530.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.66 530.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 168.80 530.10 Td (current ) Tj ET Q q 0 0 0 rg BT 199.62 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.55 530.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 254.59 530.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 284.86 530.10 Td (over ) Tj ET Q q 0 0 0 rg BT 305.12 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.84 530.10 Td (life ) Tj ET Q q 0 0 0 rg BT 335.67 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.50 530.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.33 530.10 Td (investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 510.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 510.10 Td (any ) Tj ET Q q 0 0 0 rg BT 102.56 510.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 131.27 510.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.67 510.10 Td (our ) Tj ET Q q 0 0 0 rg BT 157.62 510.10 Td (advisor) Tj ET Q q 0 0 0 rg BT 187.43 510.10 Td () Tj ET Q q 0 0 0 rg BT 190.21 510.10 Td (s ) Tj ET Q q 0 0 0 rg BT 196.72 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.78 510.10 Td (its ) Tj ET Q q 0 0 0 rg BT 225.84 510.10 Td (af) Tj ET Q q 0 0 0 rg BT 233.43 510.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 263.23 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.85 510.10 Td (due ) Tj ET Q q 0 0 0 rg BT 282.91 510.10 Td (diligence ) Tj ET Q q 0 0 0 rg BT 322.18 510.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.58 510.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 366.30 510.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 401.12 510.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 422.62 510.10 Td (during ) Tj ET Q q 0 0 0 rg BT 451.35 510.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.30 510.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 521.57 510.10 Td (process ) Tj ET Q q 0 0 0 rg BT 554.18 510.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 498.10 Td (otherwise;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 478.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 135.77 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.05 478.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 167.99 478.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 198.26 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.20 478.10 Td (structures ) Tj ET Q q 0 0 0 rg BT 256.57 478.10 Td (with ) Tj ET Q q 0 0 0 rg BT 276.85 478.10 Td (which ) Tj ET Q q 0 0 0 rg BT 303.79 478.10 Td (we ) Tj ET Q q 0 0 0 rg BT 317.95 478.10 Td (have ) Tj ET Q q 0 0 0 rg BT 339.33 478.10 Td (less ) Tj ET Q q 0 0 0 rg BT 356.83 478.10 Td (familiarity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 458.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 458.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 127.45 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.28 458.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 180.76 458.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.59 458.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 211.31 458.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 261.58 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 271.86 458.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.69 458.10 Td (portfolio;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 438.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 438.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.86 438.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 128.45 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.26 438.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 169.72 438.10 Td (our ) Tj ET Q q 0 0 0 rg BT 185.08 438.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 210.45 438.10 Td (on ) Tj ET Q q 0 0 0 rg BT 222.48 438.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 246.73 438.10 Td (that ) Tj ET Q q 0 0 0 rg BT 263.76 438.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.00 438.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 322.22 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.03 438.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 345.46 438.10 Td (if ) Tj ET Q q 0 0 0 rg BT 353.60 438.10 Td (at ) Tj ET Q q 0 0 0 rg BT 362.85 438.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 377.38 438.10 Td (including ) Tj ET Q q 0 0 0 rg BT 417.19 438.10 Td (our ) Tj ET Q q 0 0 0 rg BT 432.55 438.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 460.14 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.95 438.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 508.63 438.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 426.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 125.76 426.10 Td (transactions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 406.10 Td (environmental ) Tj ET Q q 0 0 0 rg BT 145.76 406.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 194.35 406.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 216.85 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.79 406.10 Td (liabilities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 386.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 386.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 119.56 386.10 Td (we ) Tj ET Q q 0 0 0 rg BT 133.07 386.10 Td (will ) Tj ET Q q 0 0 0 rg BT 150.48 386.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 178.97 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.04 386.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 226.55 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.73 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.80 386.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 292.09 386.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 338.92 386.10 Td (between ) Tj ET Q q 0 0 0 rg BT 374.09 386.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.27 386.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 422.24 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.53 386.10 Td (James ) Tj ET Q q 0 0 0 rg BT 464.82 386.10 Td (F) Tj ET Q q 0 0 0 rg BT 469.58 386.10 Td (. ) Tj ET Q q 0 0 0 rg BT 473.93 386.10 Td (Flaherty ) Tj ET Q q 0 0 0 rg BT 509.11 386.10 Td (III, ) Tj ET Q q 0 0 0 rg BT 523.45 386.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.74 386.10 Td (member ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.00 374.10 Td (our ) Tj ET Q q 0 0 0 rg BT 111.50 374.10 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 144.65 374.10 Td () Tj ET Q q 0 0 0 rg BT 147.43 374.10 Td (s ) Tj ET Q q 0 0 0 rg BT 153.49 374.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 199.54 374.10 Td (committee ) Tj ET Q q 0 0 0 rg BT 243.92 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.53 374.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.03 374.10 Td (former ) Tj ET Q q 0 0 0 rg BT 305.40 374.10 Td (director) Tj ET Q q 0 0 0 rg BT 336.10 374.10 Td (, ) Tj ET Q q 0 0 0 rg BT 340.77 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.38 374.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 394.53 374.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 431.14 374.10 Td (that ) Tj ET Q q 0 0 0 rg BT 448.30 374.10 Td (may ) Tj ET Q q 0 0 0 rg BT 467.69 374.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 488.73 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.68 374.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.72 374.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 362.10 Td (his ) Tj ET Q q 0 0 0 rg BT 99.67 362.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 131.60 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.33 362.10 Td (American ) Tj ET Q q 0 0 0 rg BT 183.25 362.10 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 229.05 362.10 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 270.71 362.10 Td (LLC;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 342.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 342.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 106.57 342.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 149.85 342.10 Td (with ) Tj ET Q q 0 0 0 rg BT 169.81 342.10 Td (our ) Tj ET Q q 0 0 0 rg BT 185.32 342.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 205.84 342.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 241.90 342.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.52 342.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 321.24 342.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 354.80 342.10 Td (including ) Tj ET Q q 0 0 0 rg BT 394.76 342.10 Td (our ) Tj ET Q q 0 0 0 rg BT 410.27 342.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 444.09 342.10 Td (on ) Tj ET Q q 0 0 0 rg BT 456.27 342.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 476.79 342.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 508.96 342.10 Td (partners, ) Tj ET Q q 0 0 0 rg BT 545.85 342.10 Td (lack ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 330.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.33 330.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 132.16 330.10 Td (making ) Tj ET Q q 0 0 0 rg BT 164.65 330.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 203.25 330.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.19 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.91 330.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.39 330.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 312.66 330.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.49 330.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.32 330.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 360.16 330.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 392.64 330.10 Td (partners;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 310.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 125.75 310.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 147.13 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.96 310.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 176.02 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 186.85 310.10 Td (default ) Tj ET Q q 0 0 0 rg BT 217.12 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.05 310.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 275.97 310.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 313.44 310.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.94 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.77 310.10 Td (investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 290.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 129.36 290.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.30 290.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 173.79 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.62 290.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.45 290.10 Td (competition;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 270.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 270.10 Td (ef) Tj ET Q q 0 0 0 rg BT 107.80 270.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 154.73 270.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.56 270.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.39 270.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 218.88 270.10 Td (management ) Tj ET Q q 0 0 0 rg BT 272.47 270.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 317.74 270.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.67 270.10 Td (strategies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 250.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 137.71 250.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 166.30 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.58 250.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 214.07 250.10 Td (ef) Tj ET Q q 0 0 0 rg BT 221.66 250.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 251.36 250.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 284.40 250.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 319.12 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.06 250.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 379.10 250.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 413.82 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.76 250.10 Td (procedures; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 230.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 230.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 129.11 230.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 183.83 230.10 Td (with ) Tj ET Q q 0 0 0 rg BT 204.13 230.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 234.96 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.25 230.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.10 230.10 Td (business ) Tj ET Q q 0 0 0 rg BT 297.51 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.46 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.20 230.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 372.79 230.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 408.09 230.10 Td (generally) Tj ET Q q 0 0 0 rg BT 444.64 230.10 Td (, ) Tj ET Q q 0 0 0 rg BT 449.66 230.10 Td (as ) Tj ET Q q 0 0 0 rg BT 460.51 230.10 Td (well ) Tj ET Q q 0 0 0 rg BT 480.24 230.10 Td (as ) Tj ET Q q 0 0 0 rg BT 491.09 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.82 230.10 Td (related ) Tj ET Q q 0 0 0 rg BT 535.54 230.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 554.17 230.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 218.10 Td (compliance;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 198.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.49 198.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 125.70 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.91 198.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 169.80 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.91 198.10 Td (future ) Tj ET Q q 0 0 0 rg BT 205.56 198.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 248.41 198.10 Td (reform ) Tj ET Q q 0 0 0 rg BT 277.39 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.61 198.10 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 338.42 198.10 Td (including ) Tj ET Q q 0 0 0 rg BT 377.97 198.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 411.96 198.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.51 198.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 483.26 198.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 518.64 198.10 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 186.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.44 186.10 Td (rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 166.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 129.23 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.31 166.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 190.03 166.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 227.38 166.10 Td (including ) Tj ET Q q 0 0 0 rg BT 267.78 166.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 302.62 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.04 166.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 334.00 166.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 377.18 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.03 166.10 Td (taxation ) Tj ET Q q 0 0 0 rg BT 426.88 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.84 166.10 Td (real ) Tj ET Q q 0 0 0 rg BT 455.46 166.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 480.86 166.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 527.38 166.10 Td (trusts, ) Tj ET Q q 0 0 0 rg BT 554.18 166.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 154.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 107.02 154.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 115.91 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.85 154.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 167.56 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.83 154.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 198.66 154.10 Td (af) Tj ET Q q 0 0 0 rg BT 206.25 154.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 236.52 154.10 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 282.33 154.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 303.85 154.10 Td (s ) Tj ET Q q 0 0 0 rg BT 310.24 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.18 154.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 371.88 154.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 422.15 154.10 Td (generally;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 134.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 134.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.50 134.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 127.72 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.17 134.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 173.84 134.10 Td (our ) Tj ET Q q 0 0 0 rg BT 188.84 134.10 Td (qualification ) Tj ET Q q 0 0 0 rg BT 241.05 134.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.05 134.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.16 134.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 279.19 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.86 134.10 Td (for ) Tj ET Q q 0 0 0 rg BT 294.20 134.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 323.62 134.10 Td (income ) Tj ET Q q 0 0 0 rg BT 354.73 134.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 368.61 134.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 405.84 134.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.95 134.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 466.40 134.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 501.96 134.10 Td (on ) Tj ET Q q 0 0 0 rg BT 513.63 134.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.63 134.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 122.10 Td (by ) Tj ET Q q 0 0 0 rg BT 98.00 122.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.83 122.10 Td (status ) Tj ET Q q 0 0 0 rg BT 139.11 122.10 Td (as ) Tj ET Q q 0 0 0 rg BT 149.94 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.88 122.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 178.54 122.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 102.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 102.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 118.28 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.11 102.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.94 102.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 189.65 102.10 Td (from ) Tj ET Q q 0 0 0 rg BT 211.59 102.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 259.63 102.10 Td (under ) Tj ET Q q 0 0 0 rg BT 284.90 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.62 102.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 346.55 102.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 387.38 102.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 404.32 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.15 102.10 Td (1940, ) Tj ET Q q 0 0 0 rg BT 440.15 102.10 Td (as ) Tj ET Q q 0 0 0 rg BT 450.98 102.10 Td (amended;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 82.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 82.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 132.99 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.82 82.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 199.09 82.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.37 82.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 241.29 82.10 Td (equity) Tj ET Q q 0 0 0 rg BT 265.64 82.10 Td (, ) Tj ET Q q 0 0 0 rg BT 270.64 82.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 290.35 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.29 82.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 347.56 82.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 397.83 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.11 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.82 82.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 466.40 82.10 Td (real ) Tj ET Q q 0 0 0 rg BT 483.89 82.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 509.15 82.10 Td (sector;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 62.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 62.10 Td (general ) Tj ET Q q 0 0 0 rg BT 117.42 62.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 156.03 62.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.31 62.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 195.46 62.10 Td (markets; ) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 740.10 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 140.47 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.30 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.13 740.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.40 740.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 222.66 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.60 740.10 Td (working ) Tj ET Q q 0 0 0 rg BT 275.43 740.10 Td (capital; ) Tj ET Q q 0 0 0 rg BT 307.36 740.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 720.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 720.10 Td (other ) Tj ET Q q 0 0 0 rg BT 109.16 720.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 131.17 720.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 175.39 720.10 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0.9333333333333333 1 rg /GS0 gs 461.00 329.75 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 287.75 342.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 287.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 287.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 287.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 261.75 342.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 261.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 261.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 261.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 235.75 342.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 235.75 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 235.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 235.75 65.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 619.75 m 457 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 619.75 m 526 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 502.75 m 457 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 490.75 m 457 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 488.75 m 457 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 502.75 m 526 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 490.75 m 526 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 488.75 m 526 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 383.75 m 457 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 383.75 m 526 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 383.75 m 457 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 370.75 m 457 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 383.75 m 526 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 370.75 m 526 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 261.75 m 457 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 261.75 m 526 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 261.75 m 457 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 261.75 m 526 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 235.75 m 457 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 235.75 m 526 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 222.75 m 457 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 222.75 m 526 222.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 211.75 m 457 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 209.75 m 457 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 211.75 m 526 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 209.75 m 526 209.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.75 631.98 Td (June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.30 623.98 Td (\(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 631.98 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.00 623.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 610.98 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.50 611.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 598.00 Td (Cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 598.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 598.00 Td (144,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.50 598.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 598.00 Td (354,229) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 585.00 Td (Restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 585.00 Td (31,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 585.00 Td (15,612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 572.00 Td (Operating real estate, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 572.00 Td (1,720,933) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 572.00 Td (832,253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 559.00 Td (Investments in unconsolidated ventures \(refer to Note 4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 559.00 Td (414,993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 559.00 Td (534,541) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 546.00 Td (Real estate debt investments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 546.00 Td (193,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 546.00 Td (192,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 533.00 Td (Receivables, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 533.00 Td (8,744) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 533.00 Td (8,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 520.00 Td (Deferred costs and intangible assets, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 520.00 Td (35,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 520.00 Td (44,261) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 507.00 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 507.00 Td (14,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 507.00 Td (20,382) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 493.98 Td (T) Tj ET Q q 0 0 0 rg BT 57.10 493.98 Td (otal assets) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 91.54 497.61 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 494.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 494.00 Td (2,563,365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.50 494.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.80 494.00 Td (2,002,228) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 465.98 Td (Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.50 466.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 453.00 Td (Mortgage notes payable, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 453.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 453.00 Td (1,216,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.50 453.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 453.00 Td (570,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 440.00 Td (Due to related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 440.00 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.80 440.00 Td (443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 427.00 Td (Escrow deposits payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 427.00 Td (3,646) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 427.00 Td (2,046) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 414.00 Td (Distribution payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 414.00 Td (10,086) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 414.00 Td (10,002) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 401.00 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 401.00 Td (21,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 401.00 Td (10,234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 388.00 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 388.00 Td (3,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 388.00 Td (3,018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 374.98 Td (T) Tj ET Q q 0 0 0 rg BT 57.10 374.98 Td (otal liabilities) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 103.10 378.61 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 375.00 Td (1,255,860) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 375.00 Td (596,728) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 360.00 Td (Commitments and contingencies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 346.98 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.50 347.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 333.98 Td (NorthStar Healthcare Income, Inc. Stockholders Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.50 334.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 321.00 Td (Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 313.00 Td (June 30, 2016 and December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 313.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 313.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 300.00 Td (Common stock, $0.01 par value, 400,000,000 shares authorized, 182,307,094 and 179,137,202 shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 292.00 Td (issued and outstanding as of June 30, 2016 and December 31, 2015, respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 292.00 Td (1,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 292.00 Td (1,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 279.00 Td (Additional paid-in capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 279.00 Td (1,643,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.80 279.00 Td (1,614,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 266.00 Td (Retained earnings \(accumulated deficit\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.10 266.00 Td (\(342,996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.80 266.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.10 266.00 Td (\(216,099) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.80 266.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 253.00 Td (Total NorthStar Healthcare Income, Inc. stockholders equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 253.00 Td (1,302,119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.80 253.00 Td (1,400,144) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 239.98 Td (Non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 240.00 Td (5,386) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 240.00 Td (5,356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 227.00 Td (Total equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 227.00 Td (1,307,505) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.80 227.00 Td (1,405,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 214.83 Td (Total liabilities and equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 214.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 214.70 Td (2,563,365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.50 214.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.80 214.70 Td (2,002,228) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 201.65 Td (__________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 192.05 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 192.05 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.60 192.05 Td (the ) Tj ET Q q 0 0 0 rg BT 116.37 192.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 158.81 192.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 179.47 192.05 Td (and ) Tj ET Q q 0 0 0 rg BT 193.02 192.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 224.79 192.05 Td (of ) Tj ET Q q 0 0 0 rg BT 233.45 192.05 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 267.00 192.05 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 303.64 192.05 Td (Income ) Tj ET Q q 0 0 0 rg BT 329.63 192.05 Td (Operating ) Tj ET Q q 0 0 0 rg BT 363.62 192.05 Td (Partnership, ) Tj ET Q q 0 0 0 rg BT 404.05 192.05 Td (LP) Tj ET Q q 0 0 0 rg BT 413.09 192.05 Td ( ) Tj ET Q q 0 0 0 rg BT 415.09 192.05 Td (\(the ) Tj ET Q q 0 0 0 rg BT 429.53 192.05 Td (Operating ) Tj ET Q q 0 0 0 rg BT 467.07 192.05 Td (Partnership\). ) Tj ET Q q 0 0 0 rg BT 513.72 192.05 Td ( ) Tj ET Q q 0 0 0 rg BT 515.57 192.05 Td (The ) Tj ET Q q 0 0 0 rg BT 530.01 192.05 Td (Operating ) Tj ET Q q 0 0 0 rg BT 564.00 192.05 Td ( ) Tj ET Q q 0 0 0 rg BT 566.00 192.05 Td ( ) Tj ET Q q 0 0 0 rg BT 568.00 192.05 Td ( ) Tj ET Q q 0 0 0 rg BT 570.00 192.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 192.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.00 192.05 Td ( ) Tj ET Q q 0 0 0 rg BT 576.00 192.05 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 182.45 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 105.65 182.45 Td (is ) Tj ET Q q 0 0 0 rg BT 112.69 182.45 Td (a ) Tj ET Q q 0 0 0 rg BT 117.95 182.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 160.09 182.45 Td (variable ) Tj ET Q q 0 0 0 rg BT 187.56 182.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 212.82 182.45 Td (entity ) Tj ET Q q 0 0 0 rg BT 232.75 182.45 Td (\(VIE\), ) Tj ET Q q 0 0 0 rg BT 262.21 182.45 Td (of ) Tj ET Q q 0 0 0 rg BT 270.59 182.45 Td (which ) Tj ET Q q 0 0 0 rg BT 291.85 182.45 Td (the ) Tj ET Q q 0 0 0 rg BT 303.33 182.45 Td (Company ) Tj ET Q q 0 0 0 rg BT 336.15 182.45 Td (is ) Tj ET Q q 0 0 0 rg BT 343.19 182.45 Td (the ) Tj ET Q q 0 0 0 rg BT 354.68 182.45 Td (sole ) Tj ET Q q 0 0 0 rg BT 369.27 182.45 Td (general ) Tj ET Q q 0 0 0 rg BT 394.52 182.45 Td (partner ) Tj ET Q q 0 0 0 rg BT 418.88 182.45 Td (and ) Tj ET Q q 0 0 0 rg BT 432.14 182.45 Td (owns ) Tj ET Q q 0 0 0 rg BT 450.74 182.45 Td (approximately ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.66 182.45 Td (99.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.32 182.45 Td (. ) Tj ET Q q 0 0 0 rg BT 527.03 182.45 Td ( ) Tj ET Q q 0 0 0 rg BT 528.36 182.45 Td (As ) Tj ET Q q 0 0 0 rg BT 538.96 182.45 Td (of ) Tj ET Q q 0 0 0 rg BT 547.33 182.45 Td (June ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 172.85 Td (30, ) Tj ET Q q 0 0 0 rg BT 79.74 172.85 Td (2016, ) Tj ET Q q 0 0 0 rg BT 99.99 172.85 Td (the ) Tj ET Q q 0 0 0 rg BT 112.00 172.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 132.91 172.85 Td (and ) Tj ET Q q 0 0 0 rg BT 146.70 172.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 178.72 172.85 Td (of ) Tj ET Q q 0 0 0 rg BT 187.63 172.85 Td (the ) Tj ET Q q 0 0 0 rg BT 199.64 172.85 Td (Operating ) Tj ET Q q 0 0 0 rg BT 233.88 172.85 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 272.56 172.85 Td (include ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.35 172.85 Td ($472.5 ) Tj ET Q q 0 0 0 rg BT 322.59 172.85 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.70 172.85 Td ( ) Tj ET Q q 0 0 0 rg BT 347.95 172.85 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.74 172.85 Td ($294.0 ) Tj ET Q q 0 0 0 rg BT 385.98 172.85 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.10 172.85 Td ( ) Tj ET Q q 0 0 0 rg BT 411.34 172.85 Td (of ) Tj ET Q q 0 0 0 rg BT 420.25 172.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 441.15 172.85 Td (and ) Tj ET Q q 0 0 0 rg BT 454.95 172.85 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 488.96 172.85 Td (respectively) Tj ET Q q 0 0 0 rg BT 527.09 172.85 Td (, ) Tj ET Q q 0 0 0 rg BT 531.34 172.85 Td (of ) Tj ET Q q 0 0 0 rg BT 540.24 172.85 Td (certain ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 163.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 85.94 163.25 Td (that ) Tj ET Q q 0 0 0 rg BT 99.94 163.25 Td (are ) Tj ET Q q 0 0 0 rg BT 111.70 163.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 154.14 163.25 Td (by ) Tj ET Q q 0 0 0 rg BT 164.14 163.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.91 163.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 209.90 163.25 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 250.34 163.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.34 163.25 Td (Refer ) Tj ET Q q 0 0 0 rg BT 272.10 163.25 Td (to ) Tj ET Q q 0 0 0 rg BT 280.32 163.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 297.88 163.25 Td (2. ) Tj ET Q q 0 0 0 rg BT 305.88 163.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 342.54 163.25 Td (of ) Tj ET Q q 0 0 0 rg BT 351.20 163.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 387.86 163.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 427.19 163.25 Td (Policies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.25 55.25 Td (Refer to accompanying notes to consolidated financial statements.) 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350 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 267.75 m 408 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 269.75 m 408 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 253.75 m 408 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 251.75 m 408 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 267.75 m 466 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 269.75 m 466 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 253.75 m 466 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 251.75 m 466 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 267.75 m 524 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 269.75 m 524 269.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 253.75 m 524 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 251.75 m 524 251.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.85 640.98 Td (Three Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.70 640.98 Td (Six Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 628.88 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.50 628.88 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.50 628.88 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.50 628.88 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.50 617.98 Td (Revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 605.00 Td (Resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 605.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 605.00 Td (25,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.50 605.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.75 605.00 Td (12,132) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.50 605.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.75 605.00 Td (50,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 605.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.75 605.00 Td (15,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 592.00 Td (Rental income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 592.00 Td (37,586) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 592.00 Td (5,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.75 592.00 Td (56,021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 592.00 Td (9,647) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 579.00 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 579.00 Td (5,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 579.00 Td (3,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.75 579.00 Td (10,040) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 579.00 Td (7,208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 566.00 Td (Other revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 566.00 Td (194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 566.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 566.00 Td (469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.80 566.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.50 553.00 Td (Total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 553.00 Td (68,029) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.75 553.00 Td (21,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.75 553.00 Td (116,815) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.75 553.00 Td (32,835) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.50 539.98 Td (Expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 527.00 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 527.00 Td (34,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 527.00 Td (8,739) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.75 527.00 Td (58,379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.75 527.00 Td (11,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 514.00 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 514.00 Td (13,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 514.00 Td (3,431) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.75 514.00 Td (21,527) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 514.00 Td (5,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 501.00 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 501.00 Td (249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 501.00 Td (3,127) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 501.00 Td (1,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 501.00 Td (4,542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 488.00 Td (Asset management and other fees - related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 488.00 Td (8,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.75 488.00 Td (17,829) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.75 488.00 Td (28,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.75 488.00 Td (20,543) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 475.00 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 475.00 Td (8,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 475.00 Td (4,224) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.75 475.00 Td (16,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 475.00 Td (7,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 462.00 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 462.00 Td (13,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 462.00 Td (4,697) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.75 462.00 Td (25,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 462.00 Td (6,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.50 449.00 Td (Total expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 449.00 Td (78,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.75 449.00 Td (42,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.75 449.00 Td (151,327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.75 449.00 Td (55,132) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.50 435.98 Td (Other income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 422.00 Td (Realized gain \(loss\) on investments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.80 422.00 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 422.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 422.00 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.80 422.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 409.00 Td (Gain \(loss\) on consolidation of unconsolidated venture \(refer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 401.00 Td (to Note 3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 401.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 401.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 401.00 Td (6,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.80 401.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.50 387.98 Td (Income \(loss\) befor) Tj ET Q q 0 0 0 rg BT 154.68 387.98 Td (e equity in earnings \(losses\) of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.50 379.98 Td (unconsolidated ventur) Tj ET Q q 0 0 0 rg BT 165.59 379.98 Td (es and income tax benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.10 380.00 Td (\(10,438) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 380.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 380.00 Td (\(20,527) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 380.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 380.00 Td (\(27,693) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 380.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.10 380.00 Td (\(22,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.80 380.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 367.00 Td (Equity in earnings \(losses\) of unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.10 367.00 Td (\(17,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 367.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.10 367.00 Td (\(5,351) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 367.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 367.00 Td (\(31,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 367.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.10 367.00 Td (\(8,941) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.80 367.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 354.00 Td (Income tax benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.10 354.00 Td (\(33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 354.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 354.00 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.10 354.00 Td (\(7,124) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 354.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 354.00 Td (553) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.50 340.98 Td (Net income \(loss\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.10 341.00 Td (\(27,903) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 341.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 341.00 Td (\(25,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 341.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 341.00 Td (\(66,286) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 341.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.10 341.00 Td (\(30,685) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.80 341.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 328.00 Td (Net \(income\) loss attributable to non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 328.00 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 328.00 Td (151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 328.00 Td (119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 328.00 Td (152) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.50 315.83 Td (Net income \(loss\) attributable to NorthStar) Tj ET Q q 0 0 0 rg BT 236.22 315.83 Td ( Healthcar) Tj ET Q q 0 0 0 rg BT 272.29 315.83 Td (e ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.50 307.88 Td (Income, Inc. common stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 310.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.10 310.00 Td (\(27,869) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 310.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.50 310.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 310.00 Td (\(25,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 310.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.50 310.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 310.00 Td (\(66,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 310.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 310.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.10 310.00 Td (\(30,533) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.80 310.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 294.00 Td (Net income \(loss\) per share of common stock, basic/diluted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 294.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.10 294.00 Td (\(0.15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 294.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.50 294.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.10 294.00 Td (\(0.22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 294.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.50 294.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.10 294.00 Td (\(0.37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 294.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 294.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.10 294.00 Td (\(0.27) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.80 294.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 281.00 Td (Weighted average number of shares of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 273.00 Td (outstanding, basic/diluted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 273.00 Td (181,717,986) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.75 273.00 Td (118,095,010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.75 273.00 Td (180,934,241) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.75 273.00 Td (113,757,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.50 257.00 Td (Distributions declared per share of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 257.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 257.00 Td (0.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.50 257.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 257.00 Td (0.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.50 257.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 257.00 Td (0.34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 257.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.80 257.00 Td (0.33) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 49.25 Td (Refer to accompanying notes to consolidated financial statements.) 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rg BT 357.85 673.81 Td (Earnings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 350.50 666.81 Td (\(Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.40 659.81 Td (Deficit\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.30 680.81 Td (Total) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.00 673.81 Td (Companys) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.60 666.81 Td (Stockholders) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.85 659.81 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 468.10 673.81 Td (Non-) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 459.20 666.81 Td (controlling) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 462.50 659.81 Td (Interests) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.35 659.81 Td (Total Equity) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 61.50 659.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.45 659.81 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 249.20 659.81 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 646.98 Td (Balance as of December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.75 647.00 Td (97,972) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 647.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 647.00 Td (980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.50 647.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.75 647.00 Td (875,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.50 647.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 647.00 Td (\(45,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 647.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 647.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.75 647.00 Td (830,727) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 647.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 647.00 Td (1,258) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 647.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 647.00 Td (831,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 634.70 Td (Net proceeds from issuance of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 626.70 Td (common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.75 628.00 Td (76,761) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 628.00 Td (767) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.75 628.00 Td (696,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 628.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.75 628.00 Td (697,491) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 628.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.75 628.00 Td (697,491) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 615.00 Td (Issuance and amortization of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 607.00 Td (equity-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 607.00 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 607.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 607.00 Td (115) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 607.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 607.00 Td (115) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 607.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 607.00 Td (115) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 594.00 Td (Non-controlling interests -) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 586.00 Td (contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 586.00 Td (4,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.80 586.00 Td (4,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 573.00 Td (Shares redeemed for cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.10 573.00 Td (\(407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 573.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.10 573.00 Td (\(4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 573.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.10 573.00 Td (\(3,924) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 573.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 573.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.10 573.00 Td (\(3,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 573.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 573.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.10 573.00 Td (\(3,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.80 573.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 560.00 Td (Distributions declared) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 560.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 560.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 560.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 560.00 Td (\(88,271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 560.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.10 560.00 Td (\(88,271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 560.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 560.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.10 560.00 Td (\(88,271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.80 560.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 547.00 Td (Proceeds from distribution) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 539.00 Td (reinvestment plan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.80 539.00 Td (4,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 539.00 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.75 539.00 Td (46,332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 539.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 539.00 Td (46,380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 539.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 539.00 Td (46,380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 526.00 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 526.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 526.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 526.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 526.00 Td (\(82,370) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 526.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.10 526.00 Td (\(82,370) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 526.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.10 526.00 Td (\(374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 526.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.10 526.00 Td (\(82,744) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.80 526.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 512.98 Td (Balance as of December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 513.00 Td (179,137) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 513.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.80 513.00 Td (1,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.50 513.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.75 513.00 Td (1,614,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.50 513.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.10 513.00 Td (\(216,099) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 513.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 513.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.75 513.00 Td (1,400,144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 513.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 513.00 Td (5,356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 513.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.75 513.00 Td (1,405,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 500.70 Td (Net proceeds from issuance of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 492.70 Td (common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 493.00 Td (81) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.80 493.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 493.00 Td (295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 493.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.80 493.00 Td (296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 493.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 493.00 Td (296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 480.70 Td (Issuance and amortization of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 472.70 Td (equity-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 474.00 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 474.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 474.00 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 474.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 474.00 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 474.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 474.00 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 461.70 Td (Non-controlling interests -) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 453.75 Td (contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 456.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 456.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 456.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 456.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 456.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.75 456.00 Td (149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 456.00 Td (149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 443.00 Td (Shares redeemed for cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.10 443.00 Td (\(551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 443.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.10 443.00 Td (\(6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 443.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.10 443.00 Td (\(5,232) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.80 443.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 443.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.10 443.00 Td (\(5,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 443.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 443.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.10 443.00 Td (\(5,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.80 443.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 430.00 Td (Distributions declared) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 430.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 430.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 430.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 430.00 Td (\(60,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 430.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.10 430.00 Td (\(60,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 430.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 430.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.10 430.00 Td (\(60,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.80 430.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 417.70 Td (Proceeds from distribution) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 409.75 Td (reinvestment plan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.80 412.00 Td (3,626) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 412.00 Td (37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.75 412.00 Td (33,709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 412.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 412.00 Td (33,746) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.80 412.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 412.00 Td (33,746) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 61.50 399.00 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 399.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 399.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 399.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 399.00 Td (\(66,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 399.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.10 399.00 Td (\(66,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 399.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.10 399.00 Td (\(119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 399.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.10 399.00 Td (\(66,286) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.80 399.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 384.98 Td (Balance as of June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 61.50 376.98 Td (\(Unaudited\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 377.00 Td (182,307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 377.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.80 377.00 Td (1,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.50 377.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.75 377.00 Td (1,643,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.50 377.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.10 377.00 Td (\(342,996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 377.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 377.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.75 377.00 Td (1,302,119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 377.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 377.00 Td (5,386) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 377.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.75 377.00 Td (1,307,505) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 49.25 Td (Refer to accompanying notes to consolidated financial statements.) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 29.10 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 749.25 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 749.25 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 749.25 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 749.25 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 749.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.65 731.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 731.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 731.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 731.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 731.25 Td ( CASH FLOWS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.15 713.25 Td (\(Dollars in ) Tj ET Q q 0 0 0 rg BT 304.75 713.25 Td (Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 697.25 Td (\(Unaudited\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 660.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 660.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 660.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 660.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 638.75 272.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 638.75 59.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 638.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 638.75 59.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 609.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 609.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 609.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 609.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 587.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 587.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 587.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 587.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 565.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 565.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 565.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 565.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 543.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 543.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 543.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 543.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 521.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 521.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 521.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 521.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 499.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 499.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 499.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 499.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 477.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 477.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 477.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 477.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 455.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 455.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 455.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 455.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 433.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 433.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 433.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 433.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 411.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 411.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 411.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 411.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 389.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 389.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 389.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 389.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 367.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 367.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 367.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 367.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 345.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 345.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 345.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 345.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 323.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 323.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 323.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 323.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 301.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 301.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 301.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 301.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 279.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 279.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 279.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 279.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 257.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 257.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 257.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 257.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 235.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 235.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 235.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 235.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 213.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 213.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 213.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 213.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 191.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 191.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 191.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 191.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 169.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 169.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 169.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 169.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 147.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 147.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 147.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 147.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 125.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 125.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 125.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 125.75 59.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 669.75 m 439.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 669.75 m 443.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 669.75 m 502.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 660.75 m 439.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 660.75 m 502.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 422.75 m 439.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 422.75 m 502.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 301.75 m 439.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 301.75 m 502.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 301.75 m 502.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 169.75 m 439.5 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 169.75 m 502.5 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 125.75 m 439.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 125.75 m 439.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 115.75 m 439.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 113.75 m 439.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 125.75 m 502.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 115.75 m 502.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 113.75 m 502.5 113.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.20 672.83 Td (Six Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 661.88 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.50 661.88 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 111.00 652.83 Td (Cash flows from operating activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 641.70 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 641.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 641.70 Td (\(66,286) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 641.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.00 641.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.60 641.70 Td (\(30,685) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 641.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 630.70 Td (Adjustments to reconcile net income \(loss\) to net cash provided by \(used in\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 622.75 Td (operating activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 612.70 Td (Equity in \(earnings\) losses of unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.30 612.70 Td (31,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 612.70 Td (8,941) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 601.70 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.30 601.70 Td (25,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 601.70 Td (6,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 590.70 Td (Straight-line rental income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 590.70 Td (\(686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 590.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 590.70 Td (\(1,445) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 590.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 579.70 Td (Amortization of premium/accretion of discount on investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 579.70 Td (\(10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 579.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 579.70 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 568.70 Td (Amortization of deferred financing costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 568.70 Td (923) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 568.70 Td (634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 557.70 Td (Amortization of equity-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 557.70 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 557.70 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 546.70 Td (Deferred income tax \(benefit\) expense, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.30 546.70 Td (7,026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 546.70 Td (\(782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 546.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 535.70 Td (Realized \(gain\) loss on investments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 535.70 Td (\(411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 535.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 535.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 524.70 Td (\(Gain\) loss on consolidation of unconsolidated venture \(refer to Note 3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 524.70 Td (\(6,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 524.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 524.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 513.70 Td (Distributions from unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 513.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 513.70 Td (249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 502.70 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.00 502.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 491.70 Td (Restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 491.70 Td (\(1,787) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 491.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 491.70 Td (\(1,745) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 491.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 480.70 Td (Receivables, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 480.70 Td (778) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 480.70 Td (\(3,134) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 480.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 469.70 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 469.70 Td (\(1,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 469.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 469.70 Td (60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 458.70 Td (Due to related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 458.70 Td (\(387) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 458.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 458.70 Td (\(789) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 458.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 447.70 Td (Escrow deposits payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 447.70 Td (563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 447.70 Td (1,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 436.70 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 436.70 Td (\(375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 436.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.30 436.70 Td (10,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 425.70 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 425.70 Td (\(135) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 425.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 425.70 Td (5,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 414.70 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 414.70 Td (\(11,424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 414.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 414.70 Td (\(5,144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 414.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 111.00 403.83 Td (Cash flows from investing activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 392.70 Td (Acquisition of operating real estate investments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.60 392.70 Td (\(139,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 392.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.60 392.70 Td (\(591,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 392.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 381.70 Td (Improvement of operating real estate investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 381.70 Td (\(14,137) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 381.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 381.70 Td (\(2,642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 381.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 370.70 Td (Deferred costs and intangible assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 370.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.60 370.70 Td (\(39,147) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 370.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 359.70 Td (Acquisition of real estate debt investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 359.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 359.70 Td (188) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 348.70 Td (Repayment on real estate debt investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 348.70 Td (\(60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 348.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 348.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 337.70 Td (Investment in unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 337.70 Td (\(18,911) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 337.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.60 337.70 Td (\(122,268) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 337.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 326.70 Td (Distributions from unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.30 326.70 Td (10,393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.30 326.70 Td (12,010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 315.70 Td (Change in restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 315.70 Td (\(2,402) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 315.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 315.70 Td (\(6,848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 315.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 304.70 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 304.70 Td (798) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.60 304.70 Td (\(12,417) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 304.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 293.70 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.60 293.70 Td (\(163,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 293.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.60 293.70 Td (\(762,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 293.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 111.00 282.83 Td (Cash flows from financing activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 271.70 Td (Borrowing from mortgage notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 271.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 271.70 Td (503,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 260.70 Td (Repayment of mortgage notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 260.70 Td (\(104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 260.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 249.70 Td (Payment of deferred financing costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 249.70 Td (\(3,371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 249.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 249.70 Td (\(8,341) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 249.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 238.70 Td (Change in restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 238.70 Td (356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.60 238.70 Td (\(9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 238.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 227.70 Td (Net proceeds from issuance of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 227.70 Td (405) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 227.70 Td (235,991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 216.70 Td (Net proceeds from issuance of common stock, related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 216.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 216.70 Td (1,617) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 205.70 Td (Shares redeemed for cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.60 205.70 Td (\(5,238) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 205.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 205.70 Td (\(1,145) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 205.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 194.70 Td (Distributions paid on common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 194.70 Td (\(60,646) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 194.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.60 194.70 Td (\(35,996) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 194.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 183.70 Td (Proceeds from distribution reinvestment plan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.30 183.70 Td (33,746) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.30 183.70 Td (20,097) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 172.70 Td (Contributions from non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 172.70 Td (149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 172.70 Td (4,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 161.70 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 161.70 Td (\(34,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 161.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 161.70 Td (720,272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 139.70 Td (Net increase \(decrease\) in cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.60 139.70 Td (\(210,064) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 139.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.60 139.70 Td (\(47,704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 139.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 128.70 Td (Cash - beginning of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.30 128.70 Td (354,229) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 128.70 Td (267,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 117.70 Td (Cash - end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 117.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.30 117.70 Td (144,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.00 117.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 117.70 Td (219,968) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 43.25 Td (Refer to accompanying notes to consolidated financial statements.) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 29.10 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 749.25 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 749.25 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 749.25 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 749.25 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 749.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.55 731.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 221.37 731.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 255.93 731.25 Td (A) Tj ET Q q 0 0 0 rg BT 262.40 731.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 327.32 731.25 Td ( CASH FLOWS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.15 713.25 Td (\(Dollars in ) Tj ET Q q 0 0 0 rg BT 304.75 713.25 Td (Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 697.25 Td (\(Unaudited\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 658.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 658.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 658.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 658.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 636.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 636.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 636.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 636.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 614.75 272.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 614.75 59.00 -11.00 re f /GS0 gs 0.8 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 669.75 m 439.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 658.75 m 439.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 669.75 m 502.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 658.75 m 502.5 658.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.20 672.83 Td (Six Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 661.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.50 661.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 111.00 650.83 Td (Supplemental disclosure of non-cash investing and financing activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 639.70 Td (Accrued cost of capital \(refer to Note 7\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 639.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 639.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.00 639.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 639.70 Td (558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 628.70 Td (Subscriptions receivable, gross) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 628.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 628.70 Td (3,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 617.70 Td (Escrow deposits related to real estate debt investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 617.70 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 617.70 Td (39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 606.70 Td (Distribution payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.30 606.70 Td (10,086) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 606.70 Td (6,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 595.70 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 595.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 595.70 Td (2,475) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 583.70 Td (Transfer of non-controlling interest in joint venture for controlling interest in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 575.75 Td (consolidated real estate investment \(refer to Note 3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.30 578.00 Td (103,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 578.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 565.00 Td (Assumption of mortgage notes payable upon acquisition of operating real estate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.30 565.00 Td (648,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 565.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 552.70 Td (Accrued capital expenditures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.30 552.70 Td (361) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 552.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 117.00 540.70 Td (Accrued acquisition fees - unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 540.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.30 540.70 Td (13,098) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 58.25 Td (Refer to accompanying notes to consolidated financial statements.) 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q 0 0 0 rg BT 367.29 724.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 724.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 724.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 706.25 Td (\(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 686.25 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 686.25 Td (Business ) Tj ET Q q 0 0 0 rg BT 106.68 686.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.31 686.25 Td (Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 666.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 91.33 666.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 137.03 666.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 171.91 666.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 189.57 666.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 207.51 666.25 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 261.00 666.25 Td (was ) Tj ET Q q 0 0 0 rg BT 278.94 666.25 Td (formed ) Tj ET Q q 0 0 0 rg BT 310.21 666.25 Td (to ) Tj ET Q q 0 0 0 rg BT 320.39 666.25 Td (acquire, ) Tj ET Q q 0 0 0 rg BT 354.71 666.25 Td (originate ) Tj ET Q q 0 0 0 rg BT 392.64 666.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.47 666.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 431.31 666.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 464.79 666.25 Td (a ) Tj ET Q q 0 0 0 rg BT 471.63 666.25 Td (diversified ) Tj ET Q q 0 0 0 rg BT 516.78 666.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 554.17 666.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 654.25 Td (equity) Tj ET Q q 0 0 0 rg BT 73.85 654.25 Td (, ) Tj ET Q q 0 0 0 rg BT 78.75 654.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 98.38 654.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.23 654.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 155.40 654.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 205.58 654.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.77 654.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 259.26 654.25 Td (real ) Tj ET Q q 0 0 0 rg BT 276.65 654.25 Td (estate, ) Tj ET Q q 0 0 0 rg BT 304.32 654.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 337.27 654.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.01 654.25 Td (through ) Tj ET Q q 0 0 0 rg BT 381.53 654.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 402.27 654.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 441.06 654.25 Td (with ) Tj ET Q q 0 0 0 rg BT 461.25 654.25 Td (a ) Tj ET Q q 0 0 0 rg BT 468.09 654.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 492.16 654.25 Td (on ) Tj ET Q q 0 0 0 rg BT 504.57 654.25 Td (the ) Tj ET Q q 0 0 0 rg BT 519.20 654.25 Td (mid-acuity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 642.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 76.73 642.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 111.19 642.25 Td (sector) Tj ET Q q 0 0 0 rg BT 134.66 642.25 Td (, ) Tj ET Q q 0 0 0 rg BT 139.95 642.25 Td (which ) Tj ET Q q 0 0 0 rg BT 167.18 642.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.19 642.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 223.86 642.25 Td (defines ) Tj ET Q q 0 0 0 rg BT 255.53 642.25 Td (as ) Tj ET Q q 0 0 0 rg BT 266.65 642.25 Td (assisted ) Tj ET Q q 0 0 0 rg BT 300.55 642.25 Td (living ) Tj ET Q q 0 0 0 rg BT 326.67 642.25 Td (\(ALF\), ) Tj ET Q q 0 0 0 rg BT 366.39 642.25 Td (memory ) Tj ET Q q 0 0 0 rg BT 402.51 642.25 Td (care ) Tj ET Q q 0 0 0 rg BT 421.94 642.25 Td (\(MCF\), ) Tj ET Q q 0 0 0 rg BT 463.89 642.25 Td (skilled ) Tj ET Q q 0 0 0 rg BT 493.35 642.25 Td (nursing ) Tj ET Q q 0 0 0 rg BT 526.13 642.25 Td (\(SNF\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 630.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 100.46 630.25 Td (living ) Tj ET Q q 0 0 0 rg BT 125.89 630.25 Td (\(ILF\) ) Tj ET Q q 0 0 0 rg BT 158.52 630.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 195.04 630.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.57 630.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 256.43 630.25 Td (care ) Tj ET Q q 0 0 0 rg BT 275.17 630.25 Td (retirement ) Tj ET Q q 0 0 0 rg BT 318.35 630.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 372.10 630.25 Td (\(CCRC\), ) Tj ET Q q 0 0 0 rg BT 418.91 630.25 Td (which ) Tj ET Q q 0 0 0 rg BT 445.44 630.25 Td (may ) Tj ET Q q 0 0 0 rg BT 464.75 630.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.72 630.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 536.68 630.25 Td (living, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 618.25 Td (assisted ) Tj ET Q q 0 0 0 rg BT 82.71 618.25 Td (living, ) Tj ET Q q 0 0 0 rg BT 110.65 618.25 Td (skilled ) Tj ET Q q 0 0 0 rg BT 139.42 618.25 Td (nursing ) Tj ET Q q 0 0 0 rg BT 171.52 618.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.06 618.25 Td (memory ) Tj ET Q q 0 0 0 rg BT 223.49 618.25 Td (care ) Tj ET Q q 0 0 0 rg BT 242.24 618.25 Td (available ) Tj ET Q q 0 0 0 rg BT 280.43 618.25 Td (on ) Tj ET Q q 0 0 0 rg BT 292.54 618.25 Td (one ) Tj ET Q q 0 0 0 rg BT 309.08 618.25 Td (campus. ) Tj ET Q q 0 0 0 rg BT 344.23 618.25 Td ( ) Tj ET Q q 0 0 0 rg BT 346.18 618.25 Td (The ) Tj ET Q q 0 0 0 rg BT 363.83 618.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 404.82 618.25 Td (also ) Tj ET Q q 0 0 0 rg BT 423.03 618.25 Td (invests ) Tj ET Q q 0 0 0 rg BT 452.92 618.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.80 618.25 Td (other ) Tj ET Q q 0 0 0 rg BT 485.45 618.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 528.63 618.25 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 606.25 Td (types, ) Tj ET Q q 0 0 0 rg BT 75.08 606.25 Td (including ) Tj ET Q q 0 0 0 rg BT 114.82 606.25 Td (medical ) Tj ET Q q 0 0 0 rg BT 148.43 606.25 Td (of) Tj ET Q q 0 0 0 rg BT 156.58 606.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 173.53 606.25 Td (buildings ) Tj ET Q q 0 0 0 rg BT 212.73 606.25 Td (\(MOB\), ) Tj ET Q q 0 0 0 rg BT 255.51 606.25 Td (hospitals, ) Tj ET Q q 0 0 0 rg BT 295.54 606.25 Td (rehabilitation ) Tj ET Q q 0 0 0 rg BT 350.82 606.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 387.22 606.25 Td (and ) Tj ET Q q 0 0 0 rg BT 403.62 606.25 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 440.57 606.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 483.61 606.25 Td (services ) Tj ET Q q 0 0 0 rg BT 517.79 606.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 565.01 606.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 594.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.46 594.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.13 594.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.44 594.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 165.63 594.25 Td (are ) Tj ET Q q 0 0 0 rg BT 180.25 594.25 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 240.98 594.25 Td (in ) Tj ET Q q 0 0 0 rg BT 251.18 594.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.81 594.25 Td (United ) Tj ET Q q 0 0 0 rg BT 295.44 594.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 324.25 594.25 Td (but ) Tj ET Q q 0 0 0 rg BT 339.44 594.25 Td (it ) Tj ET Q q 0 0 0 rg BT 347.41 594.25 Td (also ) Tj ET Q q 0 0 0 rg BT 365.94 594.25 Td (selectively ) Tj ET Q q 0 0 0 rg BT 411.11 594.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 439.08 594.25 Td (international ) Tj ET Q q 0 0 0 rg BT 492.03 594.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 544.72 594.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 594.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.99 582.25 Td (was ) Tj ET Q q 0 0 0 rg BT 109.15 582.25 Td (formed ) Tj ET Q q 0 0 0 rg BT 140.64 582.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.02 582.25 Td (October ) Tj ET Q q 0 0 0 rg BT 185.84 582.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 208.45 582.25 Td (as ) Tj ET Q q 0 0 0 rg BT 219.38 582.25 Td (a ) Tj ET Q q 0 0 0 rg BT 226.43 582.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 267.91 582.25 Td (corporation ) Tj ET Q q 0 0 0 rg BT 316.61 582.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.66 582.25 Td (commenced ) Tj ET Q q 0 0 0 rg BT 384.58 582.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 428.84 582.25 Td (in ) Tj ET Q q 0 0 0 rg BT 439.23 582.25 Td (February ) Tj ET Q q 0 0 0 rg BT 477.93 582.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 503.04 582.25 Td ( ) Tj ET Q q 0 0 0 rg BT 505.46 582.25 Td (The ) Tj ET Q q 0 0 0 rg BT 523.61 582.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 570.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 80.07 570.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.10 570.25 Td (be ) Tj ET Q q 0 0 0 rg BT 101.80 570.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 125.71 570.25 Td (as ) Tj ET Q q 0 0 0 rg BT 136.30 570.25 Td (a ) Tj ET Q q 0 0 0 rg BT 143.00 570.25 Td (real ) Tj ET Q q 0 0 0 rg BT 160.24 570.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 185.26 570.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.40 570.25 Td (trust ) Tj ET Q q 0 0 0 rg BT 251.43 570.25 Td (\(REIT\) ) Tj ET Q q 0 0 0 rg BT 291.44 570.25 Td (under ) Tj ET Q q 0 0 0 rg BT 316.47 570.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.94 570.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 364.30 570.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 401.54 570.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 424.90 570.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.49 570.25 Td (1986, ) Tj ET Q q 0 0 0 rg BT 460.25 570.25 Td (as ) Tj ET Q q 0 0 0 rg BT 470.84 570.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 509.19 570.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 526.99 570.25 Td (Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 87.28 558.25 Td (Code\), ) Tj ET Q q 0 0 0 rg BT 121.45 558.25 Td (commencing ) Tj ET Q q 0 0 0 rg BT 175.89 558.25 Td (with ) Tj ET Q q 0 0 0 rg BT 196.46 558.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.47 558.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 243.14 558.25 Td (year ) Tj ET Q q 0 0 0 rg BT 263.14 558.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 289.81 558.25 Td (December ) Tj ET Q q 0 0 0 rg BT 333.68 558.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 348.98 558.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 374.27 558.25 Td ( ) Tj ET Q q 0 0 0 rg BT 376.86 558.25 Td (The ) Tj ET Q q 0 0 0 rg BT 395.20 558.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 436.88 558.25 Td (conducts ) Tj ET Q q 0 0 0 rg BT 475.22 558.25 Td (its ) Tj ET Q q 0 0 0 rg BT 487.46 558.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 531.91 558.25 Td (so ) Tj ET Q q 0 0 0 rg BT 543.60 558.25 Td (as ) Tj ET Q q 0 0 0 rg BT 554.72 558.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 546.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 86.43 546.25 Td (to ) Tj ET Q q 0 0 0 rg BT 96.71 546.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 127.54 546.25 Td (as ) Tj ET Q q 0 0 0 rg BT 138.37 546.25 Td (a ) Tj ET Q q 0 0 0 rg BT 145.31 546.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 167.34 546.25 Td ( ) Tj ET Q q 0 0 0 rg BT 169.84 546.25 Td (for ) Tj ET Q q 0 0 0 rg BT 184.00 546.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 204.29 546.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 234.54 546.25 Td (income ) Tj ET Q q 0 0 0 rg BT 266.47 546.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 281.19 546.25 Td (purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.39 526.25 Td (Company) Tj ET Q q 0 0 0 rg BT 110.05 526.25 Td (s ) Tj ET Q q 0 0 0 rg BT 117.29 526.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 145.63 526.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 196.74 526.25 Td (are ) Tj ET Q q 0 0 0 rg BT 212.29 526.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 252.83 526.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 297.26 526.25 Td (properties, ) Tj ET Q q 0 0 0 rg BT 343.08 526.25 Td (which ) Tj ET Q q 0 0 0 rg BT 370.86 526.25 Td (are ) Tj ET Q q 0 0 0 rg BT 386.41 526.25 Td (either ) Tj ET Q q 0 0 0 rg BT 412.52 526.25 Td (structured ) Tj ET Q q 0 0 0 rg BT 455.85 526.25 Td (as ) Tj ET Q q 0 0 0 rg BT 467.52 526.25 Td (net ) Tj ET Q q 0 0 0 rg BT 483.08 526.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 510.30 526.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.42 526.25 Td (healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (operators ) Tj ET Q q 0 0 0 rg BT 88.52 514.25 Td (or ) Tj ET Q q 0 0 0 rg BT 98.65 514.25 Td (operated ) Tj ET Q q 0 0 0 rg BT 134.89 514.25 Td (through ) Tj ET Q q 0 0 0 rg BT 167.80 514.25 Td (management ) Tj ET Q q 0 0 0 rg BT 220.70 514.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 268.04 514.25 Td (with ) Tj ET Q q 0 0 0 rg BT 287.63 514.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 338.31 514.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 382.88 514.25 Td (operators, ) Tj ET Q q 0 0 0 rg BT 424.39 514.25 Td (where ) Tj ET Q q 0 0 0 rg BT 450.63 514.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 493.53 514.25 Td (through ) Tj ET Q q 0 0 0 rg BT 526.44 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.47 514.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 562.50 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 96.06 502.25 Td (Diversification ) Tj ET Q q 0 0 0 rg BT 158.17 502.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.74 502.25 Td (Empowerment ) Tj ET Q q 0 0 0 rg BT 235.28 502.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 251.84 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.31 502.25 Td (2007 ) Tj ET Q q 0 0 0 rg BT 284.44 502.25 Td (\(RIDEA\) ) Tj ET Q q 0 0 0 rg BT 332.65 502.25 Td (structures ) Tj ET Q q 0 0 0 rg BT 373.66 502.25 Td (that ) Tj ET Q q 0 0 0 rg BT 390.79 502.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 419.02 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.37 502.25 Td (Company) Tj ET Q q 0 0 0 rg BT 471.61 502.25 Td (, ) Tj ET Q q 0 0 0 rg BT 476.24 502.25 Td (through ) Tj ET Q q 0 0 0 rg BT 509.48 502.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 540.48 502.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 562.51 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.28 490.25 Td (\(TRS\), ) Tj ET Q q 0 0 0 rg BT 138.22 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 148.56 490.25 Td (have ) Tj ET Q q 0 0 0 rg BT 170.00 490.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 195.33 490.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 233.99 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.33 490.25 Td (resident ) Tj ET Q q 0 0 0 rg BT 278.55 490.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 293.32 490.25 Td (income ) Tj ET Q q 0 0 0 rg BT 325.32 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.32 490.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 365.43 490.25 Td (related ) Tj ET Q q 0 0 0 rg BT 395.20 490.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 435.53 490.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 476.69 490.25 Td ( ) Tj ET Q q 0 0 0 rg BT 479.07 490.25 Td (The ) Tj ET Q q 0 0 0 rg BT 497.18 490.25 Td (Company) Tj ET Q q 0 0 0 rg BT 538.84 490.25 Td (s ) Tj ET Q q 0 0 0 rg BT 545.30 490.25 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.77 478.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 130.05 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.88 478.25 Td (first ) Tj ET Q q 0 0 0 rg BT 159.49 478.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 199.75 478.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 223.36 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.30 478.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 285.55 478.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 311.66 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 313.98 478.25 Td (The ) Tj ET Q q 0 0 0 rg BT 332.02 478.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.41 478.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 412.00 478.25 Td (owns ) Tj ET Q q 0 0 0 rg BT 435.62 478.25 Td (no ) Tj ET Q q 0 0 0 rg BT 448.12 478.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 488.38 478.25 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.32 458.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.48 458.25 Td (is ) Tj ET Q q 0 0 0 rg BT 117.43 458.25 Td (externally ) Tj ET Q q 0 0 0 rg BT 159.68 458.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 198.05 458.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.76 458.25 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.37 458.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.37 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 242.64 458.25 Td (employees. ) Tj ET Q q 0 0 0 rg BT 290.18 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 292.45 458.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 314.73 458.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.78 458.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 360.39 458.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.39 458.25 Td (, ) Tj ET Q q 0 0 0 rg BT 385.16 458.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.65 458.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.81 458.25 Td (was ) Tj ET Q q 0 0 0 rg BT 458.64 458.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 497.01 458.25 Td (by ) Tj ET Q q 0 0 0 rg BT 509.28 458.25 Td (an ) Tj ET Q q 0 0 0 rg BT 520.99 458.25 Td (af) Tj ET Q q 0 0 0 rg BT 528.58 458.25 Td (filiate ) Tj ET Q q 0 0 0 rg BT 554.18 458.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 91.08 446.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 119.33 446.25 Td (Finance ) Tj ET Q q 0 0 0 rg BT 153.13 446.25 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 177.77 446.25 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 212.14 446.25 Td (NRF\) ) Tj ET Q q 0 0 0 rg BT 237.06 446.25 Td (\(NorthStar ) Tj ET Q q 0 0 0 rg BT 286.41 446.25 Td (Realty\). ) Tj ET Q q 0 0 0 rg BT 324.93 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 327.07 446.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 336.33 446.25 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.68 446.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 401.15 446.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 446.25 Td (, ) Tj ET Q q 0 0 0 rg BT 425.79 446.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 467.38 446.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 495.62 446.25 Td (spun-of) Tj ET Q q 0 0 0 rg BT 525.99 446.25 Td (f ) Tj ET Q q 0 0 0 rg BT 531.47 446.25 Td (its ) Tj ET Q q 0 0 0 rg BT 543.06 446.25 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.59 434.25 Td (business ) Tj ET Q q 0 0 0 rg BT 140.48 434.25 Td (into ) Tj ET Q q 0 0 0 rg BT 159.04 434.25 Td (a ) Tj ET Q q 0 0 0 rg BT 166.47 434.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 202.23 434.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 238.00 434.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 265.98 434.25 Td (company) Tj ET Q q 0 0 0 rg BT 301.99 434.25 Td (, ) Tj ET Q q 0 0 0 rg BT 307.49 434.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 349.27 434.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 374.49 434.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 429.69 434.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 458.24 434.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 476.51 434.25 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 511.73 434.25 Td (NSAM\) ) Tj ET Q q 0 0 0 rg BT 546.96 434.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (Sponsor\). ) Tj ET Q q 0 0 0 rg BT 100.66 422.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.06 422.25 Td (The ) Tj ET Q q 0 0 0 rg BT 123.28 422.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 159.73 422.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.84 422.25 Td (its ) Tj ET Q q 0 0 0 rg BT 190.96 422.25 Td (af) Tj ET Q q 0 0 0 rg BT 198.55 422.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 229.43 422.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 263.64 422.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 286.75 422.25 Td (management ) Tj ET Q q 0 0 0 rg BT 341.51 422.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.62 422.25 Td (other ) Tj ET Q q 0 0 0 rg BT 383.83 422.25 Td (services ) Tj ET Q q 0 0 0 rg BT 419.71 422.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.16 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.04 422.25 Td (Company) Tj ET Q q 0 0 0 rg BT 485.28 422.25 Td (, ) Tj ET Q q 0 0 0 rg BT 491.45 422.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 534.56 422.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 560.01 422.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 92.26 410.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 121.68 410.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 153.88 410.25 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 179.70 410.25 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 215.24 410.25 Td (NRE\), ) Tj ET Q q 0 0 0 rg BT 244.39 410.25 Td (other ) Tj ET Q q 0 0 0 rg BT 268.26 410.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 312.13 410.25 Td (public ) Tj ET Q q 0 0 0 rg BT 340.45 410.25 Td (retail-focused ) Tj ET Q q 0 0 0 rg BT 398.74 410.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 444.82 410.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.58 410.25 Td (any ) Tj ET Q q 0 0 0 rg BT 480.34 410.25 Td (other ) Tj ET Q q 0 0 0 rg BT 504.21 410.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 550.29 410.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 85.10 398.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.35 398.25 Td (its ) Tj ET Q q 0 0 0 rg BT 114.61 398.25 Td (af) Tj ET Q q 0 0 0 rg BT 122.20 398.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 152.22 398.25 Td (may ) Tj ET Q q 0 0 0 rg BT 172.25 398.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 206.16 398.25 Td (in ) Tj ET Q q 0 0 0 rg BT 216.75 398.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.78 398.25 Td (future ) Tj ET Q q 0 0 0 rg BT 258.46 398.25 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 307.79 398.25 Td (, ) Tj ET Q q 0 0 0 rg BT 313.10 398.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.13 398.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 364.28 398.25 Td (Managed ) Tj ET Q q 0 0 0 rg BT 404.30 398.25 Td (Companies\), ) Tj ET Q q 0 0 0 rg BT 462.38 398.25 Td (both ) Tj ET Q q 0 0 0 rg BT 482.97 398.25 Td (in ) Tj ET Q q 0 0 0 rg BT 493.56 398.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.59 398.25 Td (United ) Tj ET Q q 0 0 0 rg BT 538.62 398.25 Td (States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.53 386.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 123.20 386.25 Td (. ) Tj ET Q q 0 0 0 rg BT 127.29 386.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.88 386.25 Td (Concurrent ) Tj ET Q q 0 0 0 rg BT 175.46 386.25 Td (with ) Tj ET Q q 0 0 0 rg BT 194.83 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.64 386.25 Td (spin-of) Tj ET Q q 0 0 0 rg BT 236.79 386.25 Td (f, ) Tj ET Q q 0 0 0 rg BT 244.22 386.25 Td (af) Tj ET Q q 0 0 0 rg BT 251.81 386.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 280.61 386.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.53 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.34 386.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 338.72 386.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 369.74 386.25 Td (into ) Tj ET Q q 0 0 0 rg BT 386.89 386.25 Td (a ) Tj ET Q q 0 0 0 rg BT 392.92 386.25 Td (new ) Tj ET Q q 0 0 0 rg BT 411.17 386.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 447.20 386.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 490.44 386.25 Td (with ) Tj ET Q q 0 0 0 rg BT 509.81 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 386.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 374.25 Td (each ) Tj ET Q q 0 0 0 rg BT 88.68 374.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.22 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.65 374.25 Td (other ) Tj ET Q q 0 0 0 rg BT 139.41 374.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 171.52 374.25 Td (Managed ) Tj ET Q q 0 0 0 rg BT 211.93 374.25 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 262.64 374.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.85 374.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 304.07 374.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.06 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.48 374.25 Td (Company) Tj ET Q q 0 0 0 rg BT 372.15 374.25 Td (s ) Tj ET Q q 0 0 0 rg BT 379.25 374.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 416.90 374.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 464.26 374.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 496.36 374.25 Td (J-NSHC ) Tj ET Q q 0 0 0 rg BT 533.47 374.25 Td (Ltd, ) Tj ET Q q 0 0 0 rg BT 553.07 374.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 362.25 Td (filiate ) Tj ET Q q 0 0 0 rg BT 82.28 362.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.47 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.56 362.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 141.21 362.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 158.62 362.25 Td (Advisor\), ) Tj ET Q q 0 0 0 rg BT 207.42 362.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 235.93 362.25 Td (to ) Tj ET Q q 0 0 0 rg BT 245.58 362.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 278.54 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.63 362.25 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 337.81 362.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 381.33 362.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.53 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.61 362.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 446.37 362.25 Td (on ) Tj ET Q q 0 0 0 rg BT 458.24 362.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 482.32 362.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 534.74 362.25 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 58.78 350.25 Td (those ) Tj ET Q q 0 0 0 rg BT 81.38 350.25 Td (set ) Tj ET Q q 0 0 0 rg BT 93.99 350.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 114.93 350.25 Td (in ) Tj ET Q q 0 0 0 rg BT 124.21 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.92 350.25 Td (Company) Tj ET Q q 0 0 0 rg BT 179.59 350.25 Td (s ) Tj ET Q q 0 0 0 rg BT 184.98 350.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 205.92 350.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 241.85 350.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 284.99 350.25 Td (with ) Tj ET Q q 0 0 0 rg BT 304.27 350.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 345.21 350.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 390.01 350.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 421.16 350.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 452.98 350.25 Td (, ) Tj ET Q q 0 0 0 rg BT 456.98 350.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 477.37 350.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 494.41 350.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 520.02 350.25 Td (Advisor\). ) Tj ET Q q 0 0 0 rg BT 565.01 350.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (References ) Tj ET Q q 0 0 0 rg BT 96.26 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 106.38 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.94 338.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 147.21 338.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 186.21 338.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 213.54 338.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 234.75 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.87 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.43 338.25 Td (services ) Tj ET Q q 0 0 0 rg BT 293.98 338.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 337.97 338.25 Td (by ) Tj ET Q q 0 0 0 rg BT 350.32 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.10 338.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 385.54 338.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 405.10 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.88 338.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 455.31 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.43 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.99 338.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 501.82 338.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 536.39 338.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.76 326.25 Td (period ) Tj ET Q q 0 0 0 rg BT 91.36 326.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 112.84 326.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.67 326.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 158.05 326.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.05 326.25 Td (. ) Tj ET Q q 0 0 0 rg BT 182.59 326.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.49 326.25 Td (The ) Tj ET Q q 0 0 0 rg BT 202.09 326.25 Td (spin-of) Tj ET Q q 0 0 0 rg BT 230.24 326.25 Td (f ) Tj ET Q q 0 0 0 rg BT 235.62 326.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.99 326.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 287.48 326.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 316.36 326.25 Td (s ) Tj ET Q q 0 0 0 rg BT 322.30 326.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 343.79 326.25 Td (management ) Tj ET Q q 0 0 0 rg BT 396.92 326.25 Td (business ) Tj ET Q q 0 0 0 rg BT 432.86 326.25 Td (had ) Tj ET Q q 0 0 0 rg BT 449.35 326.25 Td (no ) Tj ET Q q 0 0 0 rg BT 461.39 326.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 490.65 326.25 Td (on ) Tj ET Q q 0 0 0 rg BT 502.70 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 326.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.63 326.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.88 294.25 Td (June ) Tj ET Q q 0 0 0 rg BT 80.25 294.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 104.80 294.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.06 294.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 153.89 294.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 199.25 294.25 Td (that ) Tj ET Q q 0 0 0 rg BT 216.29 294.25 Td (it ) Tj ET Q q 0 0 0 rg BT 223.89 294.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 255.36 294.25 Td (into ) Tj ET Q q 0 0 0 rg BT 272.97 294.25 Td (a ) Tj ET Q q 0 0 0 rg BT 279.45 294.25 Td (definitive ) Tj ET Q q 0 0 0 rg BT 319.82 294.25 Td (mer) Tj ET Q q 0 0 0 rg BT 335.18 294.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 350.00 294.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 393.68 294.25 Td (with ) Tj ET Q q 0 0 0 rg BT 413.51 294.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 454.99 294.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 483.14 294.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.63 294.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 531.12 294.25 Td (Capital, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 67.44 282.25 Td (\(Colony\), ) Tj ET Q q 0 0 0 rg BT 117.60 282.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 159.16 282.25 Td (for ) Tj ET Q q 0 0 0 rg BT 173.49 282.25 Td (the ) Tj ET Q q 0 0 0 rg BT 188.38 282.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 241.05 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.05 282.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.94 282.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 299.32 282.25 Td (, ) Tj ET Q q 0 0 0 rg BT 304.50 282.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 346.61 282.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 375.39 282.25 Td (and ) Tj ET Q q 0 0 0 rg BT 392.50 282.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 424.62 282.25 Td (into ) Tj ET Q q 0 0 0 rg BT 442.85 282.25 Td (a ) Tj ET Q q 0 0 0 rg BT 449.96 282.25 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 510.40 282.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 554.19 282.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.14 270.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 96.52 270.25 Td (, ) Tj ET Q q 0 0 0 rg BT 101.44 270.25 Td (as ) Tj ET Q q 0 0 0 rg BT 112.19 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.82 270.25 Td (surviving ) Tj ET Q q 0 0 0 rg BT 167.02 270.25 Td (publicly-traded ) Tj ET Q q 0 0 0 rg BT 230.53 270.25 Td (company ) Tj ET Q q 0 0 0 rg BT 269.60 270.25 Td (for ) Tj ET Q q 0 0 0 rg BT 283.68 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.32 270.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 340.17 270.25 Td (or) Tj ET Q q 0 0 0 rg BT 348.32 270.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 392.39 270.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 412.31 270.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 434.73 270.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.58 270.25 Td (following ) Tj ET Q q 0 0 0 rg BT 492.89 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.53 270.25 Td (ef) Tj ET Q q 0 0 0 rg BT 515.12 270.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 544.74 270.25 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.06 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.51 258.25 Td (mer) Tj ET Q q 0 0 0 rg BT 89.88 258.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 111.27 258.25 Td (will ) Tj ET Q q 0 0 0 rg BT 129.06 258.25 Td (be ) Tj ET Q q 0 0 0 rg BT 140.73 258.25 Td (named ) Tj ET Q q 0 0 0 rg BT 169.61 258.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 201.29 258.25 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 240.33 258.25 Td (, ) Tj ET Q q 0 0 0 rg BT 245.06 258.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 262.56 258.25 Td (\(Colony ) Tj ET Q q 0 0 0 rg BT 302.01 258.25 Td (NorthStar\). ) Tj ET Q q 0 0 0 rg BT 353.95 258.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.69 258.25 Td (As ) Tj ET Q q 0 0 0 rg BT 369.03 258.25 Td (a ) Tj ET Q q 0 0 0 rg BT 375.70 258.25 Td (result ) Tj ET Q q 0 0 0 rg BT 400.15 258.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.71 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 425.16 258.25 Td (mer) Tj ET Q q 0 0 0 rg BT 440.53 258.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 461.92 258.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 493.60 258.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 535.27 258.25 Td (will ) Tj ET Q q 0 0 0 rg BT 553.06 258.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td (an ) Tj ET Q q 0 0 0 rg BT 61.77 246.25 Td (internally-managed ) Tj ET Q q 0 0 0 rg BT 142.34 246.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.17 246.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 191.65 246.25 Td (, ) Tj ET Q q 0 0 0 rg BT 196.98 246.25 Td (with ) Tj ET Q q 0 0 0 rg BT 217.59 246.25 Td (a ) Tj ET Q q 0 0 0 rg BT 224.86 246.25 Td (diversified ) Tj ET Q q 0 0 0 rg BT 270.45 246.25 Td (real ) Tj ET Q q 0 0 0 rg BT 288.27 246.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 313.86 246.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.13 246.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.84 246.25 Td (management ) Tj ET Q q 0 0 0 rg BT 431.76 246.25 Td (platform. ) Tj ET Q q 0 0 0 rg BT 471.53 246.25 Td ( ) Tj ET Q q 0 0 0 rg BT 474.36 246.25 Td (In ) Tj ET Q q 0 0 0 rg BT 485.52 246.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 523.63 246.25 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.14 234.25 Td (mer) Tj ET Q q 0 0 0 rg BT 79.51 234.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 101.09 234.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.20 234.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 149.85 234.25 Td (will ) Tj ET Q q 0 0 0 rg BT 167.83 234.25 Td (be ) Tj ET Q q 0 0 0 rg BT 179.70 234.25 Td (a ) Tj ET Q q 0 0 0 rg BT 186.56 234.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 230.09 234.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.85 234.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 272.72 234.25 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 311.61 234.25 Td (. ) Tj ET Q q 0 0 0 rg BT 316.54 234.25 Td ( ) Tj ET Q q 0 0 0 rg BT 318.79 234.25 Td (This ) Tj ET Q q 0 0 0 rg BT 338.99 234.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 385.29 234.25 Td (is ) Tj ET Q q 0 0 0 rg BT 394.38 234.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 432.34 234.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.55 234.25 Td (close ) Tj ET Q q 0 0 0 rg BT 465.52 234.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.72 234.25 Td (January ) Tj ET Q q 0 0 0 rg BT 509.25 234.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 534.17 234.25 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.51 222.25 Td (customary ) Tj ET Q q 0 0 0 rg BT 103.41 222.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 134.53 222.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 180.93 222.25 Td (including ) Tj ET Q q 0 0 0 rg BT 220.94 222.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 264.27 222.25 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 307.88 222.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.56 222.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 361.78 222.25 Td (by ) Tj ET Q q 0 0 0 rg BT 374.02 222.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.47 222.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 421.62 222.25 Td () Tj ET Q q 0 0 0 rg BT 424.40 222.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 433.03 222.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 474.71 222.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 503.59 222.25 Td (s ) Tj ET Q q 0 0 0 rg BT 509.71 222.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.39 222.25 Td (Colony) Tj ET Q q 0 0 0 rg BT 558.62 222.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 93.26 210.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 149.53 210.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.52 210.25 Td (There ) Tj ET Q q 0 0 0 rg BT 179.07 210.25 Td (is ) Tj ET Q q 0 0 0 rg BT 188.97 210.25 Td (no ) Tj ET Q q 0 0 0 rg BT 202.20 210.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 244.29 210.25 Td (this ) Tj ET Q q 0 0 0 rg BT 261.96 210.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 309.06 210.25 Td (will ) Tj ET Q q 0 0 0 rg BT 327.85 210.25 Td (close ) Tj ET Q q 0 0 0 rg BT 351.63 210.25 Td (on ) Tj ET Q q 0 0 0 rg BT 364.86 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 380.30 210.25 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 437.40 210.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 462.84 210.25 Td (or ) Tj ET Q q 0 0 0 rg BT 474.40 210.25 Td (within ) Tj ET Q q 0 0 0 rg BT 503.19 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.63 210.25 Td (anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.25 Td (timeframe, ) Tj ET Q q 0 0 0 rg BT 95.59 198.25 Td (or ) Tj ET Q q 0 0 0 rg BT 106.42 198.25 Td (at ) Tj ET Q q 0 0 0 rg BT 116.14 198.25 Td (all. ) Tj ET Q q 0 0 0 rg BT 131.13 198.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.45 198.25 Td (The ) Tj ET Q q 0 0 0 rg BT 151.50 198.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 192.88 198.25 Td (does ) Tj ET Q q 0 0 0 rg BT 213.71 198.25 Td (not ) Tj ET Q q 0 0 0 rg BT 228.99 198.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 257.59 198.25 Td (that ) Tj ET Q q 0 0 0 rg BT 275.08 198.25 Td (this ) Tj ET Q q 0 0 0 rg BT 292.03 198.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 338.40 198.25 Td (will ) Tj ET Q q 0 0 0 rg BT 356.46 198.25 Td (have ) Tj ET Q q 0 0 0 rg BT 377.83 198.25 Td (a ) Tj ET Q q 0 0 0 rg BT 384.77 198.25 Td (material ) Tj ET Q q 0 0 0 rg BT 420.03 198.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 449.74 198.25 Td (on ) Tj ET Q q 0 0 0 rg BT 462.24 198.25 Td (its ) Tj ET Q q 0 0 0 rg BT 474.19 198.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 105.48 178.25 Td (all ) Tj ET Q q 0 0 0 rg BT 119.24 178.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.21 178.25 Td (Company) Tj ET Q q 0 0 0 rg BT 176.88 178.25 Td (s ) Tj ET Q q 0 0 0 rg BT 184.53 178.25 Td (business ) Tj ET Q q 0 0 0 rg BT 222.18 178.25 Td (is ) Tj ET Q q 0 0 0 rg BT 232.61 178.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 277.47 178.25 Td (through ) Tj ET Q q 0 0 0 rg BT 312.34 178.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 355.53 178.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 402.60 178.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 436.34 178.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 480.09 178.25 Td (Partnership, ) Tj ET Q q 0 0 0 rg BT 531.89 178.25 Td (LP) Tj ET Q q 0 0 0 rg BT 543.19 178.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.95 178.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 97.13 166.25 Td (Partnership\). ) Tj ET Q q 0 0 0 rg BT 156.15 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.12 166.25 Td (The ) Tj ET Q q 0 0 0 rg BT 177.87 166.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.96 166.25 Td (is ) Tj ET Q q 0 0 0 rg BT 229.83 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.25 166.25 Td (sole ) Tj ET Q q 0 0 0 rg BT 264.56 166.25 Td (general ) Tj ET Q q 0 0 0 rg BT 297.19 166.25 Td (partner ) Tj ET Q q 0 0 0 rg BT 328.71 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 340.24 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.66 166.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 398.85 166.25 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 450.10 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 453.07 166.25 Td (The ) Tj ET Q q 0 0 0 rg BT 471.82 166.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 503.35 166.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 538.76 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 166.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 92.52 154.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 141.11 154.25 Td (are 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127.31 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.23 142.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 174.47 142.25 Td (. ) Tj ET Q q 0 0 0 rg BT 179.67 142.25 Td ( ) Tj ET Q q 0 0 0 rg BT 182.18 142.25 Td (The ) Tj ET Q q 0 0 0 rg BT 200.43 142.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 222.54 142.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 257.47 142.25 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 142.25 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 142.25 Td ( ) Tj ET Q q 0 0 0 rg BT 323.70 142.25 Td (in ) Tj ET Q q 0 0 0 rg BT 334.19 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.11 142.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 391.80 142.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 440.05 142.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.53 142.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 490.99 142.25 Td (for ) Tj ET Q q 0 0 0 rg BT 505.36 142.25 Td (common ) Tj ET Q q 0 0 0 rg BT 543.06 142.25 Td (units ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.66 130.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.60 130.25 Td (Special ) Tj ET Q q 0 0 0 rg BT 113.76 130.25 Td (Unit ) Tj ET Q q 0 0 0 rg BT 134.26 130.25 Td (Holder ) Tj ET Q q 0 0 0 rg BT 164.75 130.25 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.80 130.25 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.30 130.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.03 130.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.53 130.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.47 130.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 299.18 130.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 347.45 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 364.61 130.25 Td (was ) Tj ET Q q 0 0 0 rg BT 382.89 130.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 410.61 130.25 Td (a ) Tj ET Q q 0 0 0 rg BT 417.77 130.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 453.25 130.25 Td (class ) Tj ET Q q 0 0 0 rg BT 475.41 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.46 130.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 517.52 130.25 Td (partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (units ) Tj ET Q q 0 0 0 rg BT 70.85 118.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 88.29 118.25 Td (Special ) Tj ET Q q 0 0 0 rg BT 124.06 118.25 Td (Units\), ) Tj ET Q q 0 0 0 rg BT 157.89 118.25 Td (which ) Tj ET Q q 0 0 0 rg BT 184.23 118.25 Td (are ) Tj ET Q q 0 0 0 rg BT 198.33 118.25 Td (collectively ) Tj ET Q q 0 0 0 rg BT 246.88 118.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 283.75 118.25 Td (as ) Tj ET Q q 0 0 0 rg BT 293.98 118.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 358.08 118.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 393.31 118.25 Td (on ) Tj ET Q q 0 0 0 rg BT 405.20 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.32 118.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 479.52 118.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 531.96 118.25 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 76.12 106.25 Td (as ) Tj ET Q q 0 0 0 rg BT 86.63 106.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.14 106.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 132.65 106.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.65 106.25 Td ( ) Tj ET Q q 0 0 0 rg BT 154.83 106.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.45 106.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 229.71 106.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.71 106.25 Td (. ) Tj ET Q q 0 0 0 rg BT 254.39 106.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.09 106.25 Td (As ) Tj ET Q q 0 0 0 rg BT 269.39 106.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.78 106.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 324.85 106.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 352.03 106.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 381.70 106.25 Td (it ) Tj ET Q q 0 0 0 rg BT 389.44 106.25 Td (contributed ) Tj ET Q q 0 0 0 rg BT 437.16 106.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 489.89 106.25 Td (all ) Tj ET Q q 0 0 0 rg BT 502.07 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.58 106.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.97 106.25 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.47 94.25 Td (its ) Tj ET Q q 0 0 0 rg BT 83.44 94.25 Td (continuous, ) Tj ET Q q 0 0 0 rg BT 132.35 94.25 Td (public ) Tj ET Q q 0 0 0 rg BT 159.88 94.25 Td (of) Tj ET Q q 0 0 0 rg BT 168.03 94.25 Td (ferings ) Tj ET Q q 0 0 0 rg BT 198.32 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 208.63 94.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.37 94.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 265.88 94.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 313.96 94.25 Td (as ) Tj ET Q q 0 0 0 rg BT 324.81 94.25 Td (a ) Tj ET Q q 0 0 0 rg BT 331.78 94.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 360.96 94.25 Td (contribution. ) Tj ET Q q 0 0 0 rg BT 414.86 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 416.83 94.25 Td (As ) Tj ET Q q 0 0 0 rg BT 430.47 94.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.33 94.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 477.19 94.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.19 94.25 Td (, ) Tj ET Q q 0 0 0 rg BT 502.21 94.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 94.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.62 94.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 80.33 82.25 Td (partnership ) Tj ET Q q 0 0 0 rg BT 127.82 82.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 159.75 82.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.03 82.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.74 82.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 227.23 82.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 275.28 82.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.33 82.25 Td (99.99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.16 82.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 62.25 Td (Company) Tj ET Q q 0 0 0 rg BT 108.93 62.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.03 62.25 Td (charter ) Tj ET Q q 0 0 0 rg BT 145.00 62.25 Td (authorizes ) Tj ET Q q 0 0 0 rg BT 188.30 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.73 62.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 238.83 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.37 62.25 Td (up ) Tj ET Q q 0 0 0 rg BT 261.58 62.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.57 62.25 Td (400.0 ) Tj ET Q q 0 0 0 rg BT 296.29 62.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.18 62.25 Td ( ) Tj ET Q q 0 0 0 rg BT 327.39 62.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 354.60 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.14 62.25 Td (common ) Tj ET Q q 0 0 0 rg BT 402.35 62.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 425.67 62.25 Td (with ) Tj ET Q q 0 0 0 rg BT 445.66 62.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.31 62.25 Td (par ) Tj ET Q q 0 0 0 rg BT 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Td (were ) Tj ET Q q 0 0 0 rg BT 436.44 544.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 464.16 544.10 Td (on ) Tj ET Q q 0 0 0 rg BT 476.88 544.10 Td (or ) Tj ET Q q 0 0 0 rg BT 487.93 544.10 Td (before ) Tj ET Q q 0 0 0 rg BT 516.18 544.10 Td (January ) Tj ET Q q 0 0 0 rg BT 550.00 544.10 Td (19, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 75.08 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.94 532.10 Td (The ) Tj ET Q q 0 0 0 rg BT 96.57 532.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 138.54 532.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 181.05 532.10 Td (an ) Tj ET Q q 0 0 0 rg BT 193.57 532.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 532.10 Td (30.0 ) Tj ET Q q 0 0 0 rg BT 257.23 532.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.12 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 289.21 532.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 317.28 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.14 532.10 Td (be ) Tj ET Q q 0 0 0 rg BT 340.66 532.10 Td (of) Tj ET Q q 0 0 0 rg BT 348.81 532.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 372.43 532.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 409.96 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.82 532.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 439.90 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 442.98 532.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 475.51 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.81 532.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 538.88 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 532.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 93.67 520.10 Td (Of) Tj ET Q q 0 0 0 rg BT 104.04 520.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 130.42 520.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.36 520.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 188.18 520.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.46 520.10 Td (of) Tj ET Q q 0 0 0 rg BT 206.61 520.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 220.21 520.10 Td (such ) Tj ET Q q 0 0 0 rg BT 241.04 520.10 Td (shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.40 500.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 95.64 500.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 131.21 500.10 Td (Of) Tj ET Q q 0 0 0 rg BT 141.58 500.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 168.81 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.60 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.18 500.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 247.20 500.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 282.77 500.10 Td (Of) Tj ET Q q 0 0 0 rg BT 293.14 500.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 320.37 500.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.94 500.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 385.94 500.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 420.93 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.06 500.10 Td (as ) Tj ET Q q 0 0 0 rg BT 443.74 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.31 500.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 494.89 500.10 Td (Of) Tj ET Q q 0 0 0 rg BT 505.26 500.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 532.49 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.28 500.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 97.86 488.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 151.75 488.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 173.71 488.10 Td (including ) Tj ET Q q 0 0 0 rg BT 213.73 488.10 Td (but ) Tj ET Q q 0 0 0 rg BT 228.75 488.10 Td (not ) Tj ET Q q 0 0 0 rg BT 243.77 488.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 274.35 488.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 286.87 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.33 488.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 327.45 488.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 346.54 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.78 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.46 488.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 409.38 488.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 427.72 488.10 Td (, ) Tj ET Q q 0 0 0 rg BT 432.46 488.10 Td (are ) Tj ET Q q 0 0 0 rg BT 446.91 488.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 495.80 488.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 529.68 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.71 488.10 Td (as ) Tj ET Q q 0 0 0 rg BT 550.28 488.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 67.84 476.10 Td (. ) Tj ET Q q 0 0 0 rg BT 72.84 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.79 476.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 124.70 476.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.70 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.41 476.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 179.13 476.10 Td (Of) Tj ET Q q 0 0 0 rg BT 189.50 476.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 215.88 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.82 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.53 476.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 273.91 476.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 293.00 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.50 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.43 476.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 356.60 476.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 375.69 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.19 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 392.89 476.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 442.04 476.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 476.17 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.45 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 497.28 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.00 476.10 Td (Of) Tj ET Q q 0 0 0 rg BT 522.37 476.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.16 456.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.15 456.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 142.46 456.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 184.01 456.10 Td (Securities, ) Tj ET Q q 0 0 0 rg BT 228.05 456.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 249.05 456.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 266.71 456.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 299.90 456.10 Td (Manager\), ) Tj ET Q q 0 0 0 rg BT 347.82 456.10 Td (formerly ) Tj ET Q q 0 0 0 rg BT 384.91 456.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.46 456.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 434.68 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.12 456.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 486.66 456.10 Td (Realty ) Tj ET Q q 0 0 0 rg BT 514.88 456.10 Td (that ) Tj ET Q q 0 0 0 rg BT 531.98 456.10 Td (became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 444.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 100.05 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.88 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.59 444.10 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 160.88 444.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 183.38 444.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 230.87 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.70 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.41 444.10 Td (spin-of) Tj ET Q q 0 0 0 rg BT 284.56 444.10 Td (f, ) Tj ET Q q 0 0 0 rg BT 292.89 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.17 444.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 326.77 444.10 Td (as ) Tj ET Q q 0 0 0 rg BT 337.60 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.32 444.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 379.24 444.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 416.17 444.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.33 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.04 444.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 479.76 444.10 Td (Of) Tj ET Q q 0 0 0 rg BT 490.13 444.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (From ) Tj ET Q q 0 0 0 rg BT 73.67 424.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 113.38 424.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.44 424.10 Td (August5, ) Tj ET Q q 0 0 0 rg BT 187.83 424.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.83 424.10 Td (, ) Tj ET Q q 0 0 0 rg BT 212.83 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.55 424.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 268.93 424.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 295.31 424.10 Td (total ) Tj ET Q q 0 0 0 rg BT 315.58 424.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 339.20 424.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 377.23 424.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.06 424.10 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 408.06 424.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.18 424.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 404.10 Td (Summary ) Tj ET Q q 0 0 0 rg BT 112.22 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.05 404.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 171.12 404.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 222.51 404.10 Td (Policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 378.70 Td (Basis of Quarterly Pr) Tj ET Q q 0 0 0 rg BT 135.52 378.70 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.70 Td (The ) Tj ET Q q 0 0 0 rg BT 66.57 358.70 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 126.40 358.70 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 167.35 358.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 219.42 358.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 255.92 358.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 299.65 358.70 Td (and ) Tj ET Q q 0 0 0 rg BT 315.61 358.70 Td (related ) Tj ET Q q 0 0 0 rg BT 344.33 358.70 Td (notes ) Tj ET Q q 0 0 0 rg BT 366.96 358.70 Td (of ) Tj ET Q q 0 0 0 rg BT 376.81 358.70 Td (the ) Tj ET Q q 0 0 0 rg BT 390.55 358.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 430.96 358.70 Td (have ) Tj ET Q q 0 0 0 rg BT 451.36 358.70 Td (been ) Tj ET Q q 0 0 0 rg BT 471.76 358.70 Td (prepared ) Tj ET Q q 0 0 0 rg BT 508.25 358.70 Td (in ) Tj ET Q q 0 0 0 rg BT 517.55 358.70 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.70 Td (with ) Tj ET Q q 0 0 0 rg BT 68.53 346.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 113.66 346.70 Td (principles ) Tj ET Q q 0 0 0 rg BT 154.35 346.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 192.81 346.70 Td (accepted ) Tj ET Q q 0 0 0 rg BT 229.04 346.70 Td (in ) Tj ET Q q 0 0 0 rg BT 238.07 346.70 Td (the ) Tj ET Q q 0 0 0 rg BT 251.55 346.70 Td (United ) Tj ET Q q 0 0 0 rg BT 280.02 346.70 Td (States ) Tj ET Q q 0 0 0 rg BT 305.16 346.70 Td (\(U.S. ) Tj ET Q q 0 0 0 rg BT 331.97 346.70 Td ( ) Tj ET Q q 0 0 0 rg BT 333.23 346.70 Td (GAAP\) ) Tj ET Q q 0 0 0 rg BT 369.48 346.70 Td (for ) Tj ET Q q 0 0 0 rg BT 382.40 346.70 Td (interim ) Tj ET Q q 0 0 0 rg BT 412.53 346.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 448.77 346.70 Td (reporting ) Tj ET Q q 0 0 0 rg BT 486.68 346.70 Td (and ) Tj ET Q q 0 0 0 rg BT 502.38 346.70 Td (the ) Tj ET Q q 0 0 0 rg BT 515.85 346.70 Td (instructions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.70 Td (to ) Tj ET Q q 0 0 0 rg BT 59.55 334.70 Td (Form ) Tj ET Q q 0 0 0 rg BT 83.49 334.70 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 106.31 334.70 Td (and ) Tj ET Q q 0 0 0 rg BT 123.02 334.70 Td (Rule ) Tj ET Q q 0 0 0 rg BT 144.18 334.70 Td (10-01 ) Tj ET Q q 0 0 0 rg BT 169.78 334.70 Td (of ) Tj ET Q q 0 0 0 rg BT 180.38 334.70 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 226.53 334.70 Td (S-X. ) Tj ET Q q 0 0 0 rg BT 247.42 334.70 Td ( ) Tj ET Q q 0 0 0 rg BT 249.18 334.70 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 298.52 334.70 Td (, ) Tj ET Q q 0 0 0 rg BT 303.29 334.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 332.76 334.70 Td (information ) Tj ET Q q 0 0 0 rg BT 382.25 334.70 Td (and ) Tj ET Q q 0 0 0 rg BT 398.96 334.70 Td (note ) Tj ET Q q 0 0 0 rg BT 418.44 334.70 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 465.15 334.70 Td (normally ) Tj ET Q q 0 0 0 rg BT 503.53 334.70 Td (included ) Tj ET Q q 0 0 0 rg BT 540.23 334.70 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 334.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.90 322.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.73 322.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 185.80 322.70 Td (prepared ) Tj ET Q q 0 0 0 rg BT 223.63 322.70 Td (under ) Tj ET Q q 0 0 0 rg BT 249.25 322.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 269.89 322.70 Td (GAAP) Tj ET Q q 0 0 0 rg BT 296.74 322.70 Td ( ) Tj ET Q q 0 0 0 rg BT 299.60 322.70 Td (have ) Tj ET Q q 0 0 0 rg BT 321.33 322.70 Td (been ) Tj ET Q q 0 0 0 rg BT 343.06 322.70 Td (condensed ) Tj ET Q q 0 0 0 rg BT 388.12 322.70 Td (or ) Tj ET Q q 0 0 0 rg BT 399.30 322.70 Td (omitted. ) Tj ET Q q 0 0 0 rg BT 435.21 322.70 Td ( ) Tj ET Q q 0 0 0 rg BT 438.06 322.70 Td (In ) Tj ET Q q 0 0 0 rg BT 449.25 322.70 Td (the ) Tj ET Q q 0 0 0 rg BT 464.32 322.70 Td (opinion ) Tj ET Q q 0 0 0 rg BT 497.73 322.70 Td (of ) Tj ET Q q 0 0 0 rg BT 508.91 322.70 Td (management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.70 Td (all ) Tj ET Q q 0 0 0 rg BT 62.44 310.70 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 113.16 310.70 Td (considered ) Tj ET Q q 0 0 0 rg BT 159.42 310.70 Td (necessary ) Tj ET Q q 0 0 0 rg BT 201.24 310.70 Td (for ) Tj ET Q q 0 0 0 rg BT 215.85 310.70 Td (a ) Tj ET Q q 0 0 0 rg BT 223.23 310.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 240.05 310.70 Td (presentation ) Tj ET Q q 0 0 0 rg BT 291.87 310.70 Td (of ) Tj ET Q q 0 0 0 rg BT 303.15 310.70 Td (the ) Tj ET Q q 0 0 0 rg BT 318.31 310.70 Td (Company) Tj ET Q q 0 0 0 rg BT 359.98 310.70 Td (s ) Tj ET Q q 0 0 0 rg BT 366.82 310.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 404.74 310.70 Td (position, ) Tj ET Q q 0 0 0 rg BT 442.42 310.70 Td (results ) Tj ET Q q 0 0 0 rg BT 471.47 310.70 Td (of ) Tj ET Q q 0 0 0 rg BT 482.75 310.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 527.35 310.70 Td (and ) Tj ET Q q 0 0 0 rg BT 544.74 310.70 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.70 Td (flows ) Tj ET Q q 0 0 0 rg BT 74.57 298.70 Td (have ) Tj ET Q q 0 0 0 rg BT 96.29 298.70 Td (been ) Tj ET Q q 0 0 0 rg BT 118.02 298.70 Td (included ) Tj ET Q q 0 0 0 rg BT 155.30 298.70 Td (and ) Tj ET Q q 0 0 0 rg BT 172.59 298.70 Td (are ) Tj ET Q q 0 0 0 rg BT 187.64 298.70 Td (of ) Tj ET Q q 0 0 0 rg BT 198.82 298.70 Td (a ) Tj ET Q q 0 0 0 rg BT 206.11 298.70 Td (normal ) Tj ET Q q 0 0 0 rg BT 237.28 298.70 Td (and ) Tj ET Q q 0 0 0 rg BT 254.57 298.70 Td (recurring ) Tj ET Q q 0 0 0 rg BT 294.06 298.70 Td (nature. ) Tj ET Q q 0 0 0 rg BT 324.40 298.70 Td ( ) Tj ET Q q 0 0 0 rg BT 327.04 298.70 Td (The ) Tj ET Q q 0 0 0 rg BT 345.43 298.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 386.04 298.70 Td (results ) Tj ET Q q 0 0 0 rg BT 415.00 298.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 456.16 298.70 Td (for ) Tj ET Q q 0 0 0 rg BT 470.67 298.70 Td (interim ) Tj ET Q q 0 0 0 rg BT 502.40 298.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 534.69 298.70 Td (are ) Tj ET Q q 0 0 0 rg BT 549.74 298.70 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.70 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 96.58 286.70 Td (indicative ) Tj ET Q q 0 0 0 rg BT 138.67 286.70 Td (of ) Tj ET Q q 0 0 0 rg BT 149.67 286.70 Td (the ) Tj ET Q q 0 0 0 rg BT 164.54 286.70 Td (results ) Tj ET Q q 0 0 0 rg BT 193.31 286.70 Td (that ) Tj ET Q q 0 0 0 rg BT 210.97 286.70 Td (may ) Tj ET Q q 0 0 0 rg BT 230.85 286.70 Td (be ) Tj ET Q q 0 0 0 rg BT 242.95 286.70 Td (expected ) Tj ET Q q 0 0 0 rg BT 281.14 286.70 Td (for ) Tj ET Q q 0 0 0 rg BT 295.46 286.70 Td (any ) Tj ET Q q 0 0 0 rg BT 312.56 286.70 Td (other ) Tj ET Q q 0 0 0 rg BT 335.77 286.70 Td (interim ) Tj ET Q q 0 0 0 rg BT 367.31 286.70 Td (period ) Tj ET Q q 0 0 0 rg BT 395.52 286.70 Td (or ) Tj ET Q q 0 0 0 rg BT 406.51 286.70 Td (for ) Tj ET Q q 0 0 0 rg BT 420.83 286.70 Td (the ) Tj ET Q q 0 0 0 rg BT 435.71 286.70 Td (entire ) Tj ET Q q 0 0 0 rg BT 461.14 286.70 Td (year) Tj ET Q q 0 0 0 rg BT 477.79 286.70 Td (. ) Tj ET Q q 0 0 0 rg BT 482.95 286.70 Td ( ) Tj ET Q q 0 0 0 rg BT 485.42 286.70 Td (These ) Tj ET Q q 0 0 0 rg BT 511.96 286.70 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.14 274.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 130.00 274.70 Td (should ) Tj ET Q q 0 0 0 rg BT 158.33 274.70 Td (be ) Tj ET Q q 0 0 0 rg BT 169.42 274.70 Td (read ) Tj ET Q q 0 0 0 rg BT 188.28 274.70 Td (in ) Tj ET Q q 0 0 0 rg BT 197.72 274.70 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 246.58 274.70 Td (with ) Tj ET Q q 0 0 0 rg BT 266.02 274.70 Td (the ) Tj ET Q q 0 0 0 rg BT 279.89 274.70 Td (Company) Tj ET Q q 0 0 0 rg BT 321.56 274.70 Td (s ) Tj ET Q q 0 0 0 rg BT 327.10 274.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 379.30 274.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 415.94 274.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 459.80 274.70 Td (and ) Tj ET Q q 0 0 0 rg BT 475.90 274.70 Td (notes ) Tj ET Q q 0 0 0 rg BT 498.66 274.70 Td (thereto ) Tj ET Q q 0 0 0 rg BT 528.08 274.70 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.70 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 262.70 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 262.70 Td (Company) Tj ET Q q 0 0 0 rg BT 116.16 262.70 Td (s ) Tj ET Q q 0 0 0 rg BT 122.00 262.70 Td (Annual ) Tj ET Q q 0 0 0 rg BT 153.94 262.70 Td (Report ) Tj ET Q q 0 0 0 rg BT 183.66 262.70 Td (on ) Tj ET Q q 0 0 0 rg BT 196.16 262.70 Td (Form ) Tj ET Q q 0 0 0 rg BT 220.33 262.70 Td (10-K ) Tj ET Q q 0 0 0 rg BT 243.38 262.70 Td (for ) Tj ET Q q 0 0 0 rg BT 257.54 262.70 Td (the ) Tj ET Q q 0 0 0 rg BT 272.25 262.70 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 296.41 262.70 Td (year ) Tj ET Q q 0 0 0 rg BT 316.12 262.70 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.49 262.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 401.08 262.70 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.08 262.70 Td (, ) Tj ET Q q 0 0 0 rg BT 426.08 262.70 Td (which ) Tj ET Q q 0 0 0 rg BT 453.02 262.70 Td (was ) Tj ET Q q 0 0 0 rg BT 471.07 262.70 Td (filed ) Tj ET Q q 0 0 0 rg BT 491.89 262.70 Td (with ) Tj ET Q q 0 0 0 rg BT 512.17 262.70 Td (the ) Tj ET Q q 0 0 0 rg BT 526.89 262.70 Td (SEC.) 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0 0 0 rg BT 242.06 146.70 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 301.84 146.70 Td (of ) Tj ET Q q 0 0 0 rg BT 312.77 146.70 Td (a ) Tj ET Q q 0 0 0 rg BT 319.80 146.70 Td (voting ) Tj ET Q q 0 0 0 rg BT 347.95 146.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 379.98 146.70 Td (entity) Tj ET Q q 0 0 0 rg BT 402.10 146.70 Td (. ) Tj ET Q q 0 0 0 rg BT 407.20 146.70 Td ( ) Tj ET Q q 0 0 0 rg BT 409.22 146.70 Td (A) Tj ET Q q 0 0 0 rg BT 415.89 146.70 Td ( ) Tj ET Q q 0 0 0 rg BT 418.29 146.70 Td (VIE ) Tj ET Q q 0 0 0 rg BT 437.55 146.70 Td (is ) Tj ET Q q 0 0 0 rg BT 446.81 146.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 479.39 146.70 Td (as ) Tj ET Q q 0 0 0 rg BT 490.32 146.70 Td (an ) Tj ET Q q 0 0 0 rg BT 502.35 146.70 Td (entity ) Tj ET Q q 0 0 0 rg BT 527.72 146.70 Td (in ) Tj ET Q q 0 0 0 rg BT 538.09 146.70 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.41 134.70 Td (investors ) Tj ET Q q 0 0 0 rg BT 116.42 134.70 Td (do ) Tj ET 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110.70 Td (is ) Tj ET Q q 0 0 0 rg BT 95.90 110.70 Td (a ) Tj ET Q q 0 0 0 rg BT 102.67 110.70 Td (VIE ) Tj ET Q q 0 0 0 rg BT 121.84 110.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 157.67 110.70 Td (both ) Tj ET Q q 0 0 0 rg BT 177.95 110.70 Td (a ) Tj ET Q q 0 0 0 rg BT 184.90 110.70 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 229.61 110.70 Td (and ) Tj ET Q q 0 0 0 rg BT 246.56 110.70 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 296.27 110.70 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 333.50 110.70 Td ( ) Tj ET Q q 0 0 0 rg BT 335.82 110.70 Td (The ) Tj ET Q q 0 0 0 rg BT 353.88 110.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 395.27 110.70 Td (bases ) Tj ET Q q 0 0 0 rg BT 419.44 110.70 Td (its ) Tj ET Q q 0 0 0 rg BT 431.40 110.70 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 476.11 110.70 Td (analysis ) Tj ET Q q 0 0 0 rg BT 510.83 110.70 Td (on ) Tj ET Q q 0 0 0 rg BT 523.34 110.70 Td (its ) Tj ET Q q 0 0 0 rg BT 535.30 110.70 Td (review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.70 Td (of ) Tj ET Q q 0 0 0 rg BT 59.94 98.70 Td (the ) Tj ET Q q 0 0 0 rg BT 74.28 98.70 Td (design ) Tj ET Q q 0 0 0 rg BT 102.50 98.70 Td (of ) Tj ET Q q 0 0 0 rg BT 112.94 98.70 Td (the ) Tj ET Q q 0 0 0 rg BT 127.27 98.70 Td (entity) Tj ET Q q 0 0 0 rg BT 149.40 98.70 Td (, ) Tj ET Q q 0 0 0 rg BT 154.01 98.70 Td (its ) Tj ET Q q 0 0 0 rg BT 165.57 98.70 Td (or) Tj ET Q q 0 0 0 rg BT 173.72 98.70 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 224.71 98.70 Td (structure ) Tj ET Q q 0 0 0 rg BT 261.80 98.70 Td (including ) Tj ET Q q 0 0 0 rg BT 301.69 98.70 Td (decision-making ) Tj ET Q q 0 0 0 rg BT 370.46 98.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 398.12 98.70 Td (and ) Tj ET Q q 0 0 0 rg BT 414.68 98.70 Td (relevant ) Tj ET Q q 0 0 0 rg BT 448.99 98.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.09 98.70 Td (agreements ) Tj ET Q q 0 0 0 rg BT 533.73 98.70 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 98.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 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ET Q q 0 0 0 rg BT 545.86 86.70 Td (VIE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.00 74.70 Td (the ) Tj ET Q q 0 0 0 rg BT 86.72 74.70 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 133.07 74.70 Td (of ) Tj ET Q q 0 0 0 rg BT 143.90 74.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 173.60 74.70 Td (reconsideration ) Tj ET Q q 0 0 0 rg BT 237.74 74.70 Td (events.) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.11 704.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 76.87 704.10 Td (must ) Tj ET Q q 0 0 0 rg BT 98.41 704.10 Td (be ) Tj ET Q q 0 0 0 rg BT 109.94 704.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 162.58 704.10 Td (only ) Tj ET Q q 0 0 0 rg BT 182.45 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 194.54 704.10 Td (its ) Tj ET Q q 0 0 0 rg BT 206.08 704.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 239.83 704.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 284.15 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 288.75 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 315.28 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 324.04 704.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 356.12 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.55 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.86 704.10 Td (party ) Tj ET Q q 0 0 0 rg BT 403.50 704.10 Td (who, ) Tj ET Q q 0 0 0 rg BT 425.31 704.10 Td (along ) Tj ET Q q 0 0 0 rg BT 449.62 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 469.50 704.10 Td (its ) Tj ET Q q 0 0 0 rg BT 481.04 704.10 Td (af) Tj ET Q q 0 0 0 rg BT 488.63 704.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 517.93 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.46 704.10 Td (agents, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.32 692.10 Td (both ) Tj ET Q q 0 0 0 rg BT 85.58 692.10 Td (the: ) Tj ET Q q 0 0 0 rg BT 103.06 692.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 114.98 692.10 Td (power ) Tj ET Q q 0 0 0 rg BT 142.46 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.72 692.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 177.97 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.67 692.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 231.26 692.10 Td (that ) Tj ET Q q 0 0 0 rg BT 248.74 692.10 Td (most ) Tj ET Q q 0 0 0 rg BT 270.67 692.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 323.15 692.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 352.84 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.37 692.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 386.81 692.10 Td (s ) Tj ET Q q 0 0 0 rg BT 393.18 692.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 434.54 692.10 Td (performance; ) Tj ET Q q 0 0 0 rg BT 490.33 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.25 692.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 521.95 692.10 Td (obligation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.58 680.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 90.53 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.05 680.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 133.24 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.86 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.14 680.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 180.10 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.72 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.24 680.10 Td (right ) Tj ET Q q 0 0 0 rg BT 229.42 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.50 680.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 272.66 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.17 680.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 323.13 680.10 Td (from ) Tj ET Q q 0 0 0 rg BT 345.86 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.14 680.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 383.59 680.10 Td (which ) Tj ET Q q 0 0 0 rg BT 411.33 680.10 Td (could ) Tj ET Q q 0 0 0 rg BT 436.84 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 449.58 680.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 495.09 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.17 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.44 680.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 543.90 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 680.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.58 668.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 136.64 668.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 171.03 668.10 Td (it ) Tj ET Q q 0 0 0 rg BT 178.78 668.10 Td (is ) Tj ET Q q 0 0 0 rg BT 187.64 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.04 668.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 235.89 668.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 283.05 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.57 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 300.04 668.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 318.88 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 331.07 668.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 379.92 668.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 424.31 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.94 668.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 490.34 668.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 522.23 668.10 Td (including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (but ) Tj ET Q q 0 0 0 rg BT 65.61 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 81.73 656.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 113.39 656.10 Td (to: ) Tj ET Q q 0 0 0 rg BT 127.28 656.10 Td (which ) Tj ET Q q 0 0 0 rg BT 155.06 656.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 194.49 656.10 Td (most ) Tj ET Q q 0 0 0 rg BT 217.27 656.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 270.60 656.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 301.15 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.46 656.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 335.89 656.10 Td (s ) Tj ET Q q 0 0 0 rg BT 343.12 656.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 385.33 656.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 439.19 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.96 656.10 Td (which ) Tj ET Q q 0 0 0 rg BT 484.73 656.10 Td (party ) Tj ET Q q 0 0 0 rg BT 508.61 656.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 544.17 656.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (activities; ) Tj ET Q q 0 0 0 rg BT 90.00 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.85 644.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 135.47 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.54 644.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 210.35 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.31 644.10 Td (its ) Tj ET Q q 0 0 0 rg BT 231.39 644.10 Td (investment; ) Tj ET Q q 0 0 0 rg BT 279.67 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.52 644.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 335.70 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.65 644.10 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 387.83 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.12 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.96 644.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 455.48 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.44 644.10 Td (other ) Tj ET Q q 0 0 0 rg BT 487.61 644.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 522.56 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.97 644.10 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.70 632.10 Td (support; ) Tj ET Q q 0 0 0 rg BT 123.69 632.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 180.78 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.32 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.52 632.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 226.96 632.10 Td (s ) Tj ET Q q 0 0 0 rg BT 234.07 632.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 268.94 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.60 632.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 318.42 632.10 Td (including ) Tj ET Q q 0 0 0 rg BT 359.41 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.84 632.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 396.95 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.15 632.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 432.02 632.10 Td (was ) Tj ET Q q 0 0 0 rg BT 450.79 632.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 489.55 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.55 632.10 Td (create ) Tj ET Q q 0 0 0 rg BT 527.62 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.28 632.10 Td (pass ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.21 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.59 620.10 Td (its ) Tj ET Q q 0 0 0 rg BT 105.64 620.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 140.44 620.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 172.47 620.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 204.51 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.55 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.37 620.10 Td (similarity ) Tj ET Q q 0 0 0 rg BT 277.30 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 297.67 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.71 620.10 Td (significance ) Tj ET Q q 0 0 0 rg BT 365.62 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.00 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.82 620.10 Td (business ) Tj ET Q q 0 0 0 rg BT 427.31 620.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 466.01 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.94 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.76 620.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 533.24 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.28 620.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.19 608.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 110.16 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.15 608.10 Td (The ) Tj ET Q q 0 0 0 rg BT 129.85 608.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 170.88 608.10 Td (reassesses ) Tj ET Q q 0 0 0 rg BT 213.57 608.10 Td (its ) Tj ET Q q 0 0 0 rg BT 225.16 608.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 282.85 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.32 608.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 327.67 608.10 Td (it ) Tj ET Q q 0 0 0 rg BT 335.38 608.10 Td (is ) Tj ET Q q 0 0 0 rg BT 344.19 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.56 608.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 392.36 608.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 439.47 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.95 608.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.38 608.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 475.19 608.10 Td (each ) Tj ET Q q 0 0 0 rg BT 495.65 608.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 534.45 608.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 565.00 608.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 96.15 596.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 140.58 596.10 Td (related ) Tj ET Q q 0 0 0 rg BT 170.55 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.10 596.10 Td (these ) Tj ET Q q 0 0 0 rg BT 204.42 596.10 Td (determinations ) Tj ET Q q 0 0 0 rg BT 266.61 596.10 Td (include ) Tj ET Q q 0 0 0 rg BT 298.82 596.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 338.80 596.10 Td (about ) Tj ET Q q 0 0 0 rg BT 363.78 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.77 596.10 Td (current ) Tj ET Q q 0 0 0 rg BT 409.85 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.06 596.10 Td (future ) Tj ET Q q 0 0 0 rg BT 453.70 596.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 470.35 596.10 Td (value ) Tj ET Q q 0 0 0 rg BT 494.77 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.98 596.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 584.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 110.60 584.10 Td (held ) Tj ET Q q 0 0 0 rg BT 130.32 584.10 Td (by ) Tj ET Q q 0 0 0 rg BT 142.82 584.10 Td (these ) Tj ET Q q 0 0 0 rg BT 165.69 584.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 188.74 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.68 584.10 Td (general ) Tj ET Q q 0 0 0 rg BT 237.60 584.10 Td (market ) Tj ET Q q 0 0 0 rg BT 267.86 584.10 Td (conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.85 564.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.55 564.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 152.56 564.10 Td (its ) Tj ET Q q 0 0 0 rg BT 165.81 564.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 217.40 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.64 564.10 Td (financings, ) Tj ET Q q 0 0 0 rg BT 283.60 564.10 Td (including ) Tj ET Q q 0 0 0 rg BT 325.19 564.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 376.77 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.35 564.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 452.70 564.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 490.39 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.63 564.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 88.90 552.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 140.79 552.10 Td (if ) Tj ET Q q 0 0 0 rg BT 148.53 552.10 Td (any) Tj ET Q q 0 0 0 rg BT 162.32 552.10 Td (, ) Tj ET Q q 0 0 0 rg BT 166.45 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.86 552.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 217.48 552.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 251.32 552.10 Td (each ) Tj ET Q q 0 0 0 rg BT 271.26 552.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 316.78 552.10 Td (or ) Tj ET Q q 0 0 0 rg BT 326.74 552.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 366.14 552.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.44 552.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.39 552.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 401.18 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.70 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 419.88 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 460.40 552.10 Td (analyzes ) Tj ET Q q 0 0 0 rg BT 496.45 552.10 Td (new ) Tj ET Q q 0 0 0 rg BT 514.75 552.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.72 540.10 Td (financings, ) Tj ET Q q 0 0 0 rg BT 115.65 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 127.76 540.10 Td (well ) Tj ET Q q 0 0 0 rg BT 148.76 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 160.86 540.10 Td (reconsideration ) Tj ET Q q 0 0 0 rg BT 226.28 540.10 Td (events ) Tj ET Q q 0 0 0 rg BT 255.61 540.10 Td (for ) Tj ET Q q 0 0 0 rg BT 271.05 540.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 306.49 540.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 358.04 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.26 540.10 Td (financings, ) Tj ET Q q 0 0 0 rg BT 424.20 540.10 Td (which ) Tj ET Q q 0 0 0 rg BT 452.41 540.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 473.96 540.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 519.40 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 533.17 540.10 Td (type ) Tj ET Q q 0 0 0 rg BT 554.17 540.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.88 528.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.71 528.10 Td (financing. ) Tj ET Q q 0 0 0 rg BT 149.48 528.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.62 508.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.08 508.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 143.32 508.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.11 508.10 Td (new ) Tj ET Q q 0 0 0 rg BT 177.34 508.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 233.80 508.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 272.47 508.10 Td (\(refer ) Tj ET Q q 0 0 0 rg BT 297.24 508.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.60 508.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 337.37 508.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 386.60 508.10 Td (Pronouncements\) ) Tj ET Q q 0 0 0 rg BT 459.16 508.10 Td (on ) Tj ET Q q 0 0 0 rg BT 471.74 508.10 Td (January ) Tj ET Q q 0 0 0 rg BT 505.41 508.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 515.49 508.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 538.06 508.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 84.27 496.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.16 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.49 496.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 166.92 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.37 496.10 Td (several ) Tj ET Q q 0 0 0 rg BT 209.57 496.10 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 235.74 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.85 496.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 261.97 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.86 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.19 496.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 326.30 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.74 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.07 496.10 Td (standard, ) Tj ET Q q 0 0 0 rg BT 392.57 496.10 Td (these ) Tj ET Q q 0 0 0 rg BT 416.23 496.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 448.22 496.10 Td (were ) Tj ET Q q 0 0 0 rg BT 470.77 496.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 524.42 496.10 Td (under ) Tj ET Q q 0 0 0 rg BT 550.31 496.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 77.21 484.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 108.79 484.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 138.44 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.44 484.10 Td (The ) Tj ET Q q 0 0 0 rg BT 158.14 484.10 Td (most ) Tj ET Q q 0 0 0 rg BT 179.74 484.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 224.10 484.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 276.64 484.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 299.35 484.10 Td (are ) Tj ET Q q 0 0 0 rg BT 313.71 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.07 484.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 370.21 484.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 417.91 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.50 484.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 463.86 484.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 505.99 484.10 Td (that ) Tj ET Q q 0 0 0 rg BT 523.14 484.10 Td (have ) Tj ET Q q 0 0 0 rg BT 544.17 484.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 95.13 472.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 132.71 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.34 472.10 Td (These ) Tj ET Q q 0 0 0 rg BT 159.97 472.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 190.60 472.10 Td (are ) Tj ET Q q 0 0 0 rg BT 204.44 472.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 226.74 472.10 Td (because ) Tj ET Q q 0 0 0 rg BT 260.14 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.11 472.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 338.08 472.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 373.15 472.10 Td (do ) Tj ET Q q 0 0 0 rg BT 384.91 472.10 Td (not ) Tj ET Q q 0 0 0 rg BT 399.44 472.10 Td (have ) Tj ET Q q 0 0 0 rg BT 420.07 472.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 466.82 472.10 Td (kick-out ) Tj ET Q q 0 0 0 rg BT 501.89 472.10 Td (or ) Tj ET Q q 0 0 0 rg BT 511.98 472.10 Td (participating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (rights. ) Tj ET Q q 0 0 0 rg BT 77.28 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.60 460.10 Td (The ) Tj ET Q q 0 0 0 rg BT 97.64 460.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 139.03 460.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 190.96 460.10 Td (these ) Tj ET Q q 0 0 0 rg BT 214.01 460.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 245.39 460.10 Td (because ) Tj ET Q q 0 0 0 rg BT 279.54 460.10 Td (it ) Tj ET Q q 0 0 0 rg BT 287.60 460.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 322.31 460.10 Td (all ) Tj ET Q q 0 0 0 rg BT 334.81 460.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 379.52 460.10 Td (business ) Tj ET Q q 0 0 0 rg BT 415.91 460.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.89 440.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 110.72 440.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 159.10 440.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 211.38 440.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 241.42 440.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 284.25 440.10 Td (that ) Tj ET Q q 0 0 0 rg BT 302.09 440.10 Td (have ) Tj ET Q q 0 0 0 rg BT 323.81 440.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 388.86 440.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 427.53 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.37 440.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 468.20 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.82 440.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 519.42 440.10 Td (real ) Tj ET Q q 0 0 0 rg BT 537.25 440.10 Td (estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (net ) Tj ET Q q 0 0 0 rg BT 63.35 428.10 Td (on ) Tj ET Q q 0 0 0 rg BT 74.99 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.84 428.10 Td (Company) Tj ET Q q 0 0 0 rg BT 130.50 428.10 Td (s ) Tj ET Q q 0 0 0 rg BT 136.03 428.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 188.21 428.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 220.37 428.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 246.45 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 256.41 428.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.38 428.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 301.34 428.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.34 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.98 428.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.28 428.10 Td ($427.6 ) Tj ET Q q 0 0 0 rg BT 360.42 428.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.31 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.94 428.10 Td (related ) Tj ET Q q 0 0 0 rg BT 419.78 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.19 428.10 Td (such ) Tj ET Q q 0 0 0 rg BT 449.16 428.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 501.21 428.10 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 525.90 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.54 428.10 Td (Included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.38 416.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 99.25 416.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 122.46 416.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 158.16 416.10 Td (net ) Tj ET Q q 0 0 0 rg BT 172.48 416.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.58 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.90 416.10 Td (Company) Tj ET Q q 0 0 0 rg BT 240.57 416.10 Td (s ) Tj ET Q q 0 0 0 rg BT 246.56 416.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 299.21 416.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 331.84 416.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 358.39 416.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.82 416.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.25 416.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 414.69 416.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.69 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.79 416.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.56 416.10 Td ($288.4 ) Tj ET Q q 0 0 0 rg BT 475.17 416.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.06 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 508.66 416.10 Td (collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 404.10 Td (real ) Tj ET Q q 0 0 0 rg BT 94.20 404.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 119.47 404.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 145.30 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.13 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.84 404.10 Td (related ) Tj ET Q q 0 0 0 rg BT 200.54 404.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 253.41 404.10 Td (VIEs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.47 384.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.65 384.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 107.83 384.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.83 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.19 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.26 384.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.00 384.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 227.17 384.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 289.43 384.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 311.83 384.10 Td (related ) Tj ET Q q 0 0 0 rg BT 340.89 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.52 384.10 Td (its ) Tj ET Q q 0 0 0 rg BT 361.82 384.10 Td (real ) Tj ET Q q 0 0 0 rg BT 378.66 384.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 403.28 384.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.13 384.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 479.75 384.10 Td (with ) Tj ET Q q 0 0 0 rg BT 499.38 384.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.67 384.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 540.84 384.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.90 372.10 Td ($415.0 ) Tj ET Q q 0 0 0 rg BT 91.47 372.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.36 372.10 Td (. ) Tj ET Q q 0 0 0 rg BT 125.93 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.77 372.10 Td (The ) Tj ET Q q 0 0 0 rg BT 147.39 372.10 Td (Company) Tj ET Q q 0 0 0 rg BT 189.05 372.10 Td (s ) Tj ET Q q 0 0 0 rg BT 196.01 372.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 239.63 372.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 278.80 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.64 372.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 308.27 372.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.67 372.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.07 372.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 367.47 372.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.47 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.53 372.10 Td (would ) Tj ET Q q 0 0 0 rg BT 418.60 372.10 Td (not ) Tj ET Q q 0 0 0 rg BT 434.45 372.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 465.27 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.55 372.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 516.94 372.10 Td (value ) Tj ET Q q 0 0 0 rg BT 541.66 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 553.06 372.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 97.02 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.43 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.02 360.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 148.21 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.29 360.10 Td (its ) Tj ET Q q 0 0 0 rg BT 179.37 360.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 226.89 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.31 360.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.38 360.10 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 272.52 360.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.41 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.05 360.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 351.43 360.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 372.29 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.70 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.78 360.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 436.52 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.49 360.10 Td (one ) Tj ET Q q 0 0 0 rg BT 466.56 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.53 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.12 360.10 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 520.81 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.45 360.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 552.52 360.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (management) Tj ET Q q 0 0 0 rg BT 103.37 348.10 Td (s ) Tj ET Q q 0 0 0 rg BT 108.69 348.10 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 144.83 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.48 348.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 198.79 348.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 245.20 348.10 Td (that ) Tj ET Q q 0 0 0 rg BT 261.62 348.10 Td (it ) Tj ET Q q 0 0 0 rg BT 268.61 348.10 Td (is ) Tj ET Q q 0 0 0 rg BT 276.71 348.10 Td (not ) Tj ET Q q 0 0 0 rg BT 290.91 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.56 348.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 337.64 348.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 381.96 348.10 Td (. ) Tj ET Q q 0 0 0 rg BT 385.89 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.00 348.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 436.34 348.10 Td (, ) Tj ET Q q 0 0 0 rg BT 440.27 348.10 Td (these ) Tj ET Q q 0 0 0 rg BT 462.14 348.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 484.12 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 497.76 348.10 Td (not ) Tj ET Q q 0 0 0 rg BT 511.96 348.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.63 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.20 336.10 Td (Company) Tj ET Q q 0 0 0 rg BT 115.86 336.10 Td (s ) Tj ET Q q 0 0 0 rg BT 122.10 336.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.43 336.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 203.99 336.10 Td (as ) Tj ET Q q 0 0 0 rg BT 214.67 336.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.35 336.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 261.04 336.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.04 336.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.89 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.07 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 305.96 336.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 347.20 336.10 Td (did ) Tj ET Q q 0 0 0 rg BT 362.33 336.10 Td (not ) Tj ET Q q 0 0 0 rg BT 377.46 336.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 410.35 336.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 447.68 336.10 Td (support ) Tj ET Q q 0 0 0 rg BT 480.03 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.16 336.10 Td (its ) Tj ET Q q 0 0 0 rg BT 501.96 336.10 Td (unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 72.74 324.10 Td (during ) Tj ET Q q 0 0 0 rg BT 101.53 324.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.43 324.10 Td (six ) Tj ET Q q 0 0 0 rg BT 130.79 324.10 Td (months ) Tj ET Q q 0 0 0 rg BT 162.92 324.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.80 324.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.49 324.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 225.50 324.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.50 324.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.69 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.78 324.10 Td (As ) Tj ET Q q 0 0 0 rg BT 266.58 324.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.59 324.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 313.61 324.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.61 324.10 Td (, ) Tj ET Q q 0 0 0 rg BT 338.79 324.10 Td (there ) Tj ET Q q 0 0 0 rg BT 361.47 324.10 Td (were ) Tj ET Q q 0 0 0 rg BT 383.58 324.10 Td (no ) Tj ET Q q 0 0 0 rg BT 396.27 324.10 Td (explicit ) Tj ET Q q 0 0 0 rg BT 428.94 324.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 485.49 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 496.50 324.10 Td (implicit ) Tj ET Q q 0 0 0 rg BT 530.30 324.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 85.33 312.10 Td (that ) Tj ET Q q 0 0 0 rg BT 102.82 312.10 Td (could ) Tj ET Q q 0 0 0 rg BT 127.54 312.10 Td (require ) Tj ET Q q 0 0 0 rg BT 158.35 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.07 312.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 214.46 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.73 312.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 257.78 312.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 295.26 312.10 Td (support ) Tj ET Q q 0 0 0 rg BT 327.76 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.04 312.10 Td (its ) Tj ET Q q 0 0 0 rg BT 349.99 312.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 412.85 312.10 Td (VIEs. ) 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 49.5 290.7669921875 m 141.5263671875 290.7669921875 l s q 0 0 0 rg BT 49.50 292.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.43 292.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 78.49 292.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 110.97 292.10 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.21 272.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 87.81 272.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 120.29 272.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 146.10 272.10 Td (is ) Tj ET Q q 0 0 0 rg BT 155.81 272.10 Td (an ) Tj ET Q q 0 0 0 rg BT 168.29 272.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 194.11 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.93 272.10 Td (which ) Tj ET Q q 0 0 0 rg BT 232.41 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.67 272.10 Td (total ) Tj ET Q q 0 0 0 rg BT 268.48 272.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 296.52 272.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 343.45 272.10 Td (at ) Tj ET Q q 0 0 0 rg BT 353.70 272.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 371.75 272.10 Td (is ) Tj ET Q q 0 0 0 rg BT 381.46 272.10 Td (suf) Tj ET Q q 0 0 0 rg BT 393.50 272.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 422.08 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.90 272.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 462.04 272.10 Td (it ) Tj ET Q q 0 0 0 rg BT 470.64 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.46 272.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 513.92 272.10 Td (its ) Tj ET Q q 0 0 0 rg BT 526.41 272.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 108.00 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.29 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.36 260.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 165.21 260.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 196.50 260.10 Td (have ) Tj ET Q q 0 0 0 rg BT 217.23 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.30 260.10 Td (power ) Tj ET Q q 0 0 0 rg BT 258.14 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.77 260.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 292.39 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.45 260.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 344.41 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.59 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.66 260.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 393.28 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 410.13 260.10 Td (most ) Tj ET Q q 0 0 0 rg BT 431.43 260.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 483.27 260.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 512.34 260.10 Td (its ) Tj ET Q q 0 0 0 rg BT 523.64 260.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 105.04 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.77 248.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 162.84 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.14 248.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 202.31 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.05 248.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 243.46 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.30 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.04 248.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 294.33 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.28 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.02 248.10 Td (right ) Tj ET Q q 0 0 0 rg BT 347.42 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.72 248.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 389.10 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.83 248.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 438.00 248.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 468.29 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.14 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.87 248.10 Td (entity) Tj ET Q q 0 0 0 rg BT 515.99 248.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.01 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.35 248.10 Td (The ) Tj ET Q q 0 0 0 rg BT 541.41 248.10 Td (usual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 89.68 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 103.76 236.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.61 236.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 156.90 236.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.29 236.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 226.13 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.32 236.10 Td (a ) Tj ET Q q 0 0 0 rg BT 243.17 236.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 271.14 236.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 302.99 236.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 328.17 236.10 Td (is ) Tj ET Q q 0 0 0 rg BT 337.25 236.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 381.32 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.06 236.10 Td (a ) Tj ET Q q 0 0 0 rg BT 398.91 236.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 435.21 236.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 463.17 236.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 497.52 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.93 236.10 Td (If ) Tj ET Q q 0 0 0 rg BT 509.00 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 236.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (has ) Tj ET Q q 0 0 0 rg BT 64.42 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.44 224.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 105.91 224.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 133.05 224.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 164.08 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.44 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 179.47 224.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 206.61 224.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 237.63 224.10 Td (entity) Tj ET Q q 0 0 0 rg BT 259.75 224.10 Td (, ) Tj ET Q q 0 0 0 rg BT 263.84 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.64 224.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 302.00 224.10 Td (will ) Tj ET Q q 0 0 0 rg BT 319.15 224.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 357.94 224.10 Td (be ) Tj ET Q q 0 0 0 rg BT 368.96 224.10 Td (consolidated. ) Tj ET Q q 0 0 0 rg BT 423.59 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.06 224.10 Td (The ) Tj ET Q q 0 0 0 rg BT 442.20 224.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 482.67 224.10 Td (does ) Tj ET Q q 0 0 0 rg BT 502.59 224.10 Td (not ) Tj ET Q q 0 0 0 rg BT 516.95 224.10 Td (consolidate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.97 212.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 85.56 212.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 118.03 212.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 143.84 212.10 Td (if ) Tj ET Q q 0 0 0 rg BT 152.98 212.10 Td (there ) Tj ET Q q 0 0 0 rg BT 176.00 212.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.24 212.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 239.27 212.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 292.84 212.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 318.65 212.10 Td (by ) Tj ET Q q 0 0 0 rg BT 331.68 212.10 Td (other ) Tj ET Q q 0 0 0 rg BT 355.26 212.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 384.95 212.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 413.53 212.10 Td (kick-out ) Tj ET Q q 0 0 0 rg BT 449.89 212.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 475.71 212.10 Td (by ) Tj ET Q q 0 0 0 rg BT 488.74 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 496.21 212.10 Td (single ) Tj ET Q q 0 0 0 rg BT 523.13 212.10 Td (party ) Tj ET Q q 0 0 0 rg BT 546.71 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 558.08 212.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (simple ) Tj ET Q q 0 0 0 rg BT 78.67 200.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 115.05 200.10 Td (vote.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.89 180.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.61 180.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 145.55 180.10 Td (on-going ) Tj ET Q q 0 0 0 rg BT 183.50 180.10 Td (reassessments ) Tj ET Q q 0 0 0 rg BT 241.44 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.61 180.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 285.66 180.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 316.38 180.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 360.43 180.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 400.58 180.10 Td (under ) Tj ET Q q 0 0 0 rg BT 425.19 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.25 180.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 466.65 180.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 497.92 180.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 543.63 180.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (become ) Tj ET Q q 0 0 0 rg BT 82.91 168.10 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 108.46 168.10 Td (based ) Tj ET Q q 0 0 0 rg BT 133.73 168.10 Td (on ) Tj ET Q q 0 0 0 rg BT 146.23 168.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 175.94 168.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 206.48 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.42 168.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 262.00 168.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 292.83 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.11 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.64 168.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 336.80 168.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 393.19 168.10 Td (framework.) 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 49.5 146.76699218750002 m 210.6767578125 146.76699218750002 l s q 0 0 0 rg BT 49.50 148.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.33 148.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.60 148.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 175.69 148.10 Td (V) Tj ET Q q 0 0 0 rg BT 181.80 148.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.73 128.10 Td (non-controlling, ) Tj ET Q q 0 0 0 rg BT 126.01 128.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 189.11 128.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 233.33 128.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 265.33 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.67 128.10 Td (an ) Tj ET Q q 0 0 0 rg BT 287.67 128.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 313.01 128.10 Td (may ) Tj ET Q q 0 0 0 rg BT 332.79 128.10 Td (be ) Tj ET Q q 0 0 0 rg BT 344.79 128.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 387.88 128.10 Td (for ) Tj ET Q q 0 0 0 rg BT 402.11 128.10 Td (using ) Tj ET Q q 0 0 0 rg BT 426.34 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.12 128.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 468.67 128.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 503.73 128.10 Td (at ) Tj ET Q q 0 0 0 rg BT 513.51 128.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.95 128.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.17 128.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 116.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 82.83 116.10 Td (method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.51 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.74 96.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 120.75 96.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 156.26 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.49 96.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 218.39 96.10 Td (is ) Tj ET Q q 0 0 0 rg BT 228.07 96.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 264.41 96.10 Td (each ) Tj ET Q q 0 0 0 rg BT 285.74 96.10 Td (period ) Tj ET Q q 0 0 0 rg BT 314.30 96.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.98 96.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 358.65 96.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 414.43 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.89 96.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 484.91 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.36 96.10 Td (its ) Tj ET Q q 0 0 0 rg BT 514.82 96.10 Td (share ) Tj ET Q q 0 0 0 rg BT 538.94 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 96.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (entity) Tj ET Q q 0 0 0 rg BT 75.05 84.10 Td (s ) Tj ET Q q 0 0 0 rg BT 81.68 84.10 Td (net ) Tj ET Q q 0 0 0 rg BT 96.63 84.10 Td (income ) Tj ET Q q 0 0 0 rg BT 128.80 84.10 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 156.26 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.00 84.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 190.62 84.10 Td (contributions, ) Tj ET Q q 0 0 0 rg BT 248.63 84.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 301.37 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.55 84.10 Td (net ) Tj ET Q q 0 0 0 rg BT 333.50 84.10 Td (income ) Tj ET Q q 0 0 0 rg BT 365.67 84.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 390.63 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.69 84.10 Td (such ) Tj ET Q q 0 0 0 rg BT 422.76 84.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 454.38 84.10 Td (are ) Tj ET Q q 0 0 0 rg BT 469.32 84.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 507.04 84.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.55 84.10 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.85 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.64 72.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 109.42 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.33 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.11 72.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 178.23 72.10 Td (documents. ) Tj ET Q q 0 0 0 rg BT 226.63 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.63 72.10 Td (An ) Tj ET Q q 0 0 0 rg BT 243.42 72.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 285.42 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.32 72.10 Td (net ) Tj ET Q q 0 0 0 rg BT 311.11 72.10 Td (income ) Tj ET Q q 0 0 0 rg BT 343.11 72.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 367.91 72.10 Td (may ) Tj ET Q q 0 0 0 rg BT 387.69 72.10 Td (dif) Tj ET Q q 0 0 0 rg BT 398.62 72.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 412.29 72.10 Td (from ) Tj ET Q q 0 0 0 rg BT 434.30 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.09 72.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 474.98 72.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 519.22 72.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.61 60.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.07 60.10 Td (such ) Tj ET Q q 0 0 0 rg BT 113.07 60.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 138.52 60.10 Td (as ) Tj ET Q q 0 0 0 rg BT 149.53 60.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.65 60.10 Td (result ) Tj ET Q q 0 0 0 rg BT 181.54 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.55 60.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 231.86 60.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 262.31 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.42 60.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 321.53 60.10 Td (formulas, ) Tj ET Q q 0 0 0 rg BT 362.25 60.10 Td (if ) Tj ET Q q 0 0 0 rg BT 371.04 60.10 Td (any) Tj ET Q q 0 0 0 rg BT 384.83 60.10 Td (, ) Tj ET Q q 0 0 0 rg BT 390.01 60.10 Td (as ) Tj ET Q q 0 0 0 rg BT 401.01 60.10 Td (described ) Tj ET Q q 0 0 0 rg BT 442.01 60.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.46 60.10 Td (such ) Tj ET Q q 0 0 0 rg BT 473.47 60.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 516.69 60.10 Td (documents. ) Tj ET Q q 0 0 0 rg BT 565.02 60.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.81 48.10 Td (method ) Tj ET Q q 0 0 0 rg BT 111.45 48.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 161.87 48.10 Td (are ) Tj ET Q q 0 0 0 rg BT 176.72 48.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 223.22 48.10 Td (using ) Tj ET Q q 0 0 0 rg BT 247.54 48.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.62 48.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 273.37 48.10 Td (accumulation ) Tj ET Q q 0 0 0 rg BT 329.88 48.10 Td (model ) Tj ET Q q 0 0 0 rg BT 357.52 48.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.94 48.10 Td (which ) Tj ET Q q 0 0 0 rg BT 395.03 48.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.89 48.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 456.41 48.10 Td (is ) Tj ET Q q 0 0 0 rg BT 465.73 48.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 512.23 48.10 Td (based ) Tj ET Q q 0 0 0 rg BT 537.65 48.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 48.10 Td (the ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 69.14 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.46 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.21 704.10 Td (investor) Tj ET Q q 0 0 0 rg BT 128.02 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.06 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 162.03 704.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 198.89 704.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 246.30 704.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 268.44 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.72 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.80 704.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 333.22 704.10 Td (records ) Tj ET Q q 0 0 0 rg BT 366.18 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 378.04 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 391.02 704.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 426.76 704.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 457.50 704.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 504.91 704.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 528.45 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.42 704.10 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 92.73 692.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.64 692.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 165.32 692.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 215.23 692.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 248.46 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.37 692.10 Td (be ) Tj ET Q q 0 0 0 rg BT 269.94 692.10 Td (business ) Tj ET Q q 0 0 0 rg BT 305.97 692.10 Td (combinations ) Tj ET Q q 0 0 0 rg BT 361.99 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.56 692.10 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 422.90 692.10 Td (these ) Tj ET Q q 0 0 0 rg BT 445.58 692.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 467.71 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 481.51 692.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 531.42 692.10 Td (deemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 71.72 680.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 121.99 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.82 680.10 Td (an ) Tj ET Q q 0 0 0 rg BT 144.76 680.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 169.20 680.10 Td (including ) Tj ET Q q 0 0 0 rg BT 209.47 680.10 Td (an ) Tj ET Q q 0 0 0 rg BT 221.41 680.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 248.90 680.10 Td (method ) Tj ET Q q 0 0 0 rg BT 281.40 680.10 Td (investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.34 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.53 660.10 Td (may ) Tj ET Q q 0 0 0 rg BT 131.04 660.10 Td (account ) Tj ET Q q 0 0 0 rg BT 165.43 660.10 Td (for ) Tj ET Q q 0 0 0 rg BT 180.39 660.10 Td (an ) Tj ET Q q 0 0 0 rg BT 193.13 660.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 240.31 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 251.38 660.10 Td (an ) Tj ET Q q 0 0 0 rg BT 264.12 660.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 327.96 660.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 354.03 660.10 Td (at ) Tj ET Q q 0 0 0 rg BT 364.54 660.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 381.72 660.10 Td (value ) Tj ET Q q 0 0 0 rg BT 406.67 660.10 Td (by ) Tj ET Q q 0 0 0 rg BT 419.97 660.10 Td (electing ) Tj ET Q q 0 0 0 rg BT 454.91 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.43 660.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 487.60 660.10 Td (value ) Tj ET Q q 0 0 0 rg BT 512.56 660.10 Td (option. ) Tj ET Q q 0 0 0 rg BT 543.91 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.97 660.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.29 648.10 Td (may ) Tj ET Q q 0 0 0 rg BT 111.42 648.10 Td (account ) Tj ET Q q 0 0 0 rg BT 145.42 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 159.99 648.10 Td (an ) Tj ET Q q 0 0 0 rg BT 172.33 648.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 219.12 648.10 Td (that ) Tj ET Q q 0 0 0 rg BT 237.03 648.10 Td (does ) Tj ET Q q 0 0 0 rg BT 258.26 648.10 Td (not ) Tj ET Q q 0 0 0 rg BT 273.95 648.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 305.18 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 319.75 648.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 347.65 648.10 Td (method ) Tj ET Q q 0 0 0 rg BT 380.56 648.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 427.34 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 438.57 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 453.14 648.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.49 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.61 648.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.40 648.10 Td (value ) Tj ET Q q 0 0 0 rg BT 536.96 648.10 Td (option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.20 636.10 Td (not ) Tj ET Q q 0 0 0 rg BT 84.13 636.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 115.59 636.10 Td (using ) Tj ET Q q 0 0 0 rg BT 140.41 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.78 636.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 175.04 636.10 Td (method ) Tj ET Q q 0 0 0 rg BT 208.19 636.10 Td (if ) Tj ET Q q 0 0 0 rg BT 217.45 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.81 636.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 274.85 636.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 321.87 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.24 636.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 384.27 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.20 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.57 636.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 474.26 636.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 500.19 636.10 Td (is ) Tj ET Q q 0 0 0 rg BT 510.01 636.10 Td (insignificant. ) Tj ET Q q 0 0 0 rg BT 565.00 636.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.17 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.07 624.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 110.86 624.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 146.04 624.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 173.72 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.18 624.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 220.74 624.10 Td (is ) Tj ET Q q 0 0 0 rg BT 230.10 624.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 267.75 624.10 Td (as ) Tj ET Q q 0 0 0 rg BT 278.77 624.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 320.34 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.23 624.10 Td (received ) Tj ET Q q 0 0 0 rg BT 371.77 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.23 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.13 624.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 424.25 624.10 Td (they ) Tj ET Q q 0 0 0 rg BT 444.15 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 459.04 624.10 Td (not ) Tj ET Q q 0 0 0 rg BT 474.50 624.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 520.50 624.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.62 624.10 Td (return ) Tj ET Q q 0 0 0 rg BT 554.18 624.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 81.15 612.10 Td (which ) Tj ET Q q 0 0 0 rg BT 108.09 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.26 612.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 154.73 612.10 Td (as ) Tj ET Q q 0 0 0 rg BT 165.56 612.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.50 612.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 212.77 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.60 612.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 242.21 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.04 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.75 612.10 Td (investment.) 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 49.5 590.7669921875 m 150.310546875 590.7669921875 l s q 0 0 0 rg BT 49.50 592.10 Td (Non-controlling ) Tj ET Q q 0 0 0 rg BT 116.43 592.10 Td (Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.71 572.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 125.47 572.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 158.45 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.77 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.75 572.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 231.84 572.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 276.49 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 286.70 572.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 320.23 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 332.11 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.87 572.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 380.30 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.17 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.93 572.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 436.47 572.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 455.56 572.10 Td (assets\) ) Tj ET Q q 0 0 0 rg BT 485.77 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.09 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.07 572.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 549.72 572.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 99.74 560.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 132.49 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 143.02 560.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 180.69 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 185.40 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.38 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.80 560.10 Td (Company) Tj ET Q q 0 0 0 rg BT 248.04 560.10 Td (. ) Tj ET Q q 0 0 0 rg BT 252.74 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.46 560.10 Td (A) Tj ET Q q 0 0 0 rg BT 261.13 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.34 560.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 327.75 560.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 359.39 560.10 Td (is ) Tj ET Q q 0 0 0 rg BT 368.27 560.10 Td (required ) Tj ET Q q 0 0 0 rg BT 403.79 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.77 560.10 Td (be ) Tj ET Q q 0 0 0 rg BT 425.41 560.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 465.93 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 476.47 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 483.11 560.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 518.07 560.10 Td (component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.35 548.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 89.86 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 103.38 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.12 548.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 173.18 548.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 207.23 548.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 235.19 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.15 548.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 294.98 548.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 339.04 548.10 Td (as ) Tj ET Q q 0 0 0 rg BT 350.89 548.10 Td (net ) Tj ET Q q 0 0 0 rg BT 366.62 548.10 Td (income ) Tj ET Q q 0 0 0 rg BT 399.58 548.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 425.32 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.27 548.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 507.33 548.10 Td (income ) Tj ET Q q 0 0 0 rg BT 540.28 548.10 Td (\(loss\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 98.23 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.21 536.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 156.28 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.92 536.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 239.32 536.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 278.34 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.83 536.10 Td (An ) Tj ET Q q 0 0 0 rg BT 296.25 536.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 338.87 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.84 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.48 536.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 422.88 536.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 455.51 536.10 Td (may ) Tj ET Q q 0 0 0 rg BT 475.92 536.10 Td (dif) Tj ET Q q 0 0 0 rg BT 486.85 536.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 501.15 536.10 Td (from ) Tj ET Q q 0 0 0 rg BT 523.78 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.19 536.10 Td (stated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 93.94 524.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 140.01 524.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 172.22 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.78 524.10 Td (such ) Tj ET Q q 0 0 0 rg BT 203.88 524.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 229.43 524.10 Td (as ) Tj ET Q q 0 0 0 rg BT 240.54 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 247.75 524.10 Td (result ) Tj ET Q q 0 0 0 rg BT 272.74 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.85 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.06 524.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 330.48 524.10 Td (return ) Tj ET Q q 0 0 0 rg BT 357.13 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.34 524.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 416.55 524.10 Td (formula, ) Tj ET Q q 0 0 0 rg BT 453.48 524.10 Td (if ) Tj ET Q q 0 0 0 rg BT 462.36 524.10 Td (any) Tj ET Q q 0 0 0 rg BT 476.15 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 481.43 524.10 Td (as ) Tj ET Q q 0 0 0 rg BT 492.53 524.10 Td (described ) Tj ET Q q 0 0 0 rg BT 533.63 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 544.18 524.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 92.55 512.10 Td (documents.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.35 472.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 115.19 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.82 472.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 178.67 472.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 215.95 472.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 260.47 472.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.55 472.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 317.29 472.10 Td (with ) Tj ET Q q 0 0 0 rg BT 337.37 472.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 357.45 472.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 384.31 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.61 472.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 421.12 472.10 Td (management ) Tj ET Q q 0 0 0 rg BT 474.52 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.60 472.10 Td (make ) Tj ET Q q 0 0 0 rg BT 508.56 472.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 548.07 472.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 100.59 460.10 Td (that ) Tj ET Q q 0 0 0 rg BT 117.22 460.10 Td (could ) Tj ET Q q 0 0 0 rg BT 141.08 460.10 Td (af) Tj ET Q q 0 0 0 rg BT 148.67 460.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 165.29 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.15 460.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 214.67 460.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 249.63 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.05 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.90 460.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 325.09 460.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 361.71 460.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 405.56 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.64 460.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 481.59 460.10 Td (notes. ) Tj ET Q q 0 0 0 rg BT 506.83 460.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.11 460.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 536.41 460.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (could ) Tj ET Q q 0 0 0 rg BT 74.22 448.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 117.25 448.10 Td (dif) Tj ET Q q 0 0 0 rg BT 128.18 448.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 141.78 448.10 Td (from ) Tj ET Q q 0 0 0 rg BT 163.72 448.10 Td (those ) Tj ET Q q 0 0 0 rg BT 187.33 448.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 227.04 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.98 448.10 Td (assumptions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (Compr) Tj ET Q q 0 0 0 rg BT 76.91 428.10 Td (ehensive ) Tj ET Q q 0 0 0 rg BT 113.84 428.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 145.76 428.10 Td (\(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.33 408.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.50 408.10 Td (had ) Tj ET Q q 0 0 0 rg BT 125.22 408.10 Td (no ) Tj ET Q q 0 0 0 rg BT 137.50 408.10 Td (items ) Tj ET Q q 0 0 0 rg BT 161.45 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.06 408.10 Td (other ) Tj ET Q q 0 0 0 rg BT 194.89 408.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 257.70 408.10 Td (income ) Tj ET Q q 0 0 0 rg BT 289.42 408.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 313.92 408.10 Td (\(OCI\), ) Tj ET Q q 0 0 0 rg BT 351.46 408.10 Td (so ) Tj ET Q q 0 0 0 rg BT 362.63 408.10 Td (its ) Tj ET Q q 0 0 0 rg BT 374.36 408.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 437.18 408.10 Td (income ) Tj ET Q q 0 0 0 rg BT 468.89 408.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 493.40 408.10 Td (is ) Tj ET Q q 0 0 0 rg BT 502.35 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.85 408.10 Td (same ) Tj ET Q q 0 0 0 rg BT 539.67 408.10 Td (as ) Tj ET Q q 0 0 0 rg BT 550.29 408.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (net ) Tj ET Q q 0 0 0 rg BT 64.22 396.10 Td (income ) Tj ET Q q 0 0 0 rg BT 96.15 396.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 120.87 396.10 Td (for ) Tj ET Q q 0 0 0 rg BT 135.03 396.10 Td (all ) Tj ET Q q 0 0 0 rg BT 147.53 396.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 179.47 396.10 Td (presented.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.11 376.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 113.93 376.10 Td (Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.34 356.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.52 356.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 145.80 356.10 Td (for ) Tj ET Q q 0 0 0 rg BT 159.75 356.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 201.47 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.09 356.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 252.15 356.10 Td (real ) Tj ET Q q 0 0 0 rg BT 269.43 356.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 294.48 356.10 Td (that ) Tj ET Q q 0 0 0 rg BT 311.77 356.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 342.39 356.10 Td (as ) Tj ET Q q 0 0 0 rg BT 353.01 356.10 Td (business ) Tj ET Q q 0 0 0 rg BT 389.19 356.10 Td (combinations ) Tj ET Q q 0 0 0 rg BT 445.37 356.10 Td (using ) Tj ET Q q 0 0 0 rg BT 469.33 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.84 356.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 530.02 356.10 Td (method, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (where ) Tj ET Q q 0 0 0 rg BT 77.14 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.58 344.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 131.33 344.10 Td (price ) Tj ET Q q 0 0 0 rg BT 154.53 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 164.41 344.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 203.72 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.71 344.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 250.14 344.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 276.69 344.10 Td (such ) Tj ET Q q 0 0 0 rg BT 298.23 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 309.78 344.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 332.71 344.10 Td (building, ) Tj ET Q q 0 0 0 rg BT 371.76 344.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 409.96 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.61 344.10 Td (fixtures, ) Tj ET Q q 0 0 0 rg BT 463.88 344.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 524.30 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 344.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 90.05 332.10 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 136.16 332.10 Td (such ) Tj ET Q q 0 0 0 rg BT 156.72 332.10 Td (as ) Tj ET Q q 0 0 0 rg BT 167.27 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.28 332.10 Td (place ) Tj ET Q q 0 0 0 rg BT 200.60 332.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 226.71 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.37 332.10 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 283.66 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.89 332.10 Td (Major ) Tj ET Q q 0 0 0 rg BT 312.55 332.10 Td (replacements ) Tj ET Q q 0 0 0 rg BT 367.53 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.20 332.10 Td (betterments ) Tj ET Q q 0 0 0 rg BT 433.08 332.10 Td (which ) Tj ET Q q 0 0 0 rg BT 459.74 332.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 495.29 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.85 332.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 534.74 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 549.18 332.10 Td (life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.92 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.24 320.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.77 320.10 Td (are ) Tj ET Q q 0 0 0 rg BT 114.07 320.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 160.47 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.00 320.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 227.18 320.10 Td (over ) Tj ET Q q 0 0 0 rg BT 248.04 320.10 Td (their ) Tj ET Q q 0 0 0 rg BT 269.46 320.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 297.00 320.10 Td (life. ) Tj ET Q q 0 0 0 rg BT 315.92 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.01 320.10 Td (Ordinary ) Tj ET Q q 0 0 0 rg BT 358.20 320.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 388.50 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.04 320.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 459.66 320.10 Td (are ) Tj ET Q q 0 0 0 rg BT 474.96 320.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 515.26 320.10 Td (as ) Tj ET Q q 0 0 0 rg BT 526.69 320.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 565.00 320.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 92.73 308.10 Td (real ) Tj ET Q q 0 0 0 rg BT 110.97 308.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 136.98 308.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.90 308.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 177.91 308.10 Td (at ) Tj ET Q q 0 0 0 rg BT 188.37 308.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 228.83 308.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 248.19 308.10 Td (less ) Tj ET Q q 0 0 0 rg BT 266.44 308.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 320.22 308.10 Td (depreciation. ) Tj ET Q q 0 0 0 rg BT 375.39 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.64 308.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 421.87 308.10 Td (real ) Tj ET Q q 0 0 0 rg BT 440.11 308.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 466.12 308.10 Td (is ) Tj ET Q q 0 0 0 rg BT 476.04 308.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 525.37 308.10 Td (using ) Tj ET Q q 0 0 0 rg BT 550.29 308.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 100.32 296.10 Td (method ) Tj ET Q q 0 0 0 rg BT 132.82 296.10 Td (over ) Tj ET Q q 0 0 0 rg BT 153.08 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.80 296.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 208.62 296.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 235.56 296.10 Td (life ) Tj ET Q q 0 0 0 rg BT 251.38 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.21 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.93 296.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 305.26 296.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 356.63 296.10 Td (as ) Tj ET Q q 0 0 0 rg BT 367.46 296.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 263.60 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 263.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 263.60 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 235.60 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 235.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 235.60 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 207.60 107.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 207.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 207.60 342.00 -14.00 re f /GS0 gs BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 81.5 267.53007812500005 m 115.70703125 267.53007812500005 l s q 0 0 0 rg BT 81.50 268.78 Td (Category:) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 192.5 267.53007812500005 m 213.53125 267.53007812500005 l s q 0 0 0 rg BT 192.50 268.78 Td (Term:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.50 254.70 Td (Building) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.50 254.70 Td (40 years) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.50 240.70 Td (Building improvements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.50 240.70 Td (Lesser of the useful life or remaining life of the building) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.50 226.70 Td (Tenant improvements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.50 226.70 Td (Lesser of the useful life or remaining term of the lease) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.50 212.70 Td (Furniture and fixtures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.50 212.70 Td (7 to 10 years) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.50 198.70 Td (Land improvements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.50 198.70 Td (15 years) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (Construction ) Tj ET Q q 0 0 0 rg BT 103.84 174.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 126.52 174.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 162.52 174.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.98 174.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 219.53 174.10 Td (with ) Tj ET Q q 0 0 0 rg BT 239.99 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.88 174.10 Td (Company) Tj ET Q q 0 0 0 rg BT 296.55 174.10 Td (s ) Tj ET Q q 0 0 0 rg BT 303.12 174.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 353.57 174.10 Td (are ) Tj ET Q q 0 0 0 rg BT 368.46 174.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 414.45 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.56 174.10 Td (included ) Tj ET Q q 0 0 0 rg BT 468.68 174.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.13 174.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 519.58 174.10 Td (real ) Tj ET Q q 0 0 0 rg BT 537.24 174.10 Td (estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (net ) Tj ET Q q 0 0 0 rg BT 63.28 162.10 Td (on ) Tj ET Q q 0 0 0 rg BT 74.84 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.62 162.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 140.73 162.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 172.82 162.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 201.32 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.88 162.10 Td (Construction ) Tj ET Q q 0 0 0 rg BT 256.11 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.45 162.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 300.90 162.10 Td (is ) Tj ET Q q 0 0 0 rg BT 309.13 162.10 Td (not ) Tj ET Q q 0 0 0 rg BT 323.47 162.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 371.11 162.10 Td (until ) Tj ET Q q 0 0 0 rg BT 391.01 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.79 162.10 Td (development ) Tj ET Q q 0 0 0 rg BT 458.00 162.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.23 162.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 518.35 162.10 Td (completed. ) Tj ET Q q 0 0 0 rg BT 565.00 162.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 74.00 150.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 106.81 150.10 Td (related ) Tj ET Q q 0 0 0 rg BT 136.28 150.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.33 150.10 Td (an ) Tj ET Q q 0 0 0 rg BT 158.03 150.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 204.18 150.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 237.54 150.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.59 150.10 Td (be ) Tj ET Q q 0 0 0 rg BT 259.30 150.10 Td (a ) Tj ET Q q 0 0 0 rg BT 266.00 150.10 Td (business ) Tj ET Q q 0 0 0 rg BT 302.16 150.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 354.42 150.10 Td (are ) Tj ET Q q 0 0 0 rg BT 368.90 150.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 408.37 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.08 150.10 Td (included ) Tj ET Q q 0 0 0 rg BT 461.78 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.83 150.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 517.97 150.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 540.23 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 101.82 138.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 145.81 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.92 138.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 201.85 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.50 138.10 Td (The ) Tj ET Q q 0 0 0 rg BT 220.83 138.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.50 138.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 300.48 138.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 334.46 138.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.68 138.10 Td (real ) Tj ET Q q 0 0 0 rg BT 357.44 138.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 381.99 138.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 427.65 138.10 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 472.20 138.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.42 138.10 Td (business ) Tj ET Q q 0 0 0 rg BT 514.09 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.30 138.10 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.89 126.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 138.38 126.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 184.75 126.10 Td (is ) Tj ET Q q 0 0 0 rg BT 193.92 126.10 Td (appropriate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (When ) Tj ET Q q 0 0 0 rg BT 74.76 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.35 106.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 128.62 106.10 Td (acquires ) Tj ET Q q 0 0 0 rg BT 163.31 106.10 Td (a ) Tj ET Q q 0 0 0 rg BT 169.13 106.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 214.39 106.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 245.20 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.36 106.10 Td (an ) Tj ET Q q 0 0 0 rg BT 265.17 106.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 298.22 106.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 360.14 106.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 379.85 106.10 Td (venture, ) Tj ET Q q 0 0 0 rg BT 413.71 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.31 106.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 467.57 106.10 Td (records ) Tj ET Q q 0 0 0 rg BT 498.38 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.98 106.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.79 94.10 Td (at ) Tj ET Q q 0 0 0 rg BT 107.41 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.03 94.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 158.09 94.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 197.03 94.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 222.92 94.10 Td (which ) Tj ET Q q 0 0 0 rg BT 250.77 94.10 Td (is ) Tj ET Q q 0 0 0 rg BT 260.84 94.10 Td (reflective ) Tj ET Q q 0 0 0 rg BT 301.99 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.73 94.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 331.01 94.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 358.57 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.73 94.10 Td (The ) Tj ET Q q 0 0 0 rg BT 380.68 94.10 Td (dif) Tj ET Q q 0 0 0 rg BT 391.61 94.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 424.43 94.10 Td (between ) Tj ET Q q 0 0 0 rg BT 461.15 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.77 94.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 513.49 94.10 Td (value ) Tj ET Q q 0 0 0 rg BT 538.55 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 94.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 82.10 Td (s ) Tj ET Q q 0 0 0 rg BT 97.98 82.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.78 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.48 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.61 82.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 205.20 82.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 268.66 82.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 289.92 82.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 322.82 82.10 Td (on ) Tj ET Q q 0 0 0 rg BT 335.74 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.88 82.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 397.68 82.10 Td (date ) Tj ET Q q 0 0 0 rg BT 417.25 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.61 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.75 82.10 Td (Company) Tj ET Q q 0 0 0 rg BT 491.41 82.10 Td (s ) Tj ET Q q 0 0 0 rg BT 498.23 82.10 Td (share ) Tj ET Q q 0 0 0 rg BT 522.24 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.49 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.63 82.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.64 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.45 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.15 70.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 149.52 70.10 Td (is ) Tj ET Q q 0 0 0 rg BT 159.67 70.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 198.13 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.40 70.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 230.10 70.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 255.80 70.10 Td (on ) Tj ET Q q 0 0 0 rg BT 269.29 70.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 326.65 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.46 70.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 402.49 70.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 435.96 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.22 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.92 70.10 Td (Company) Tj ET Q q 0 0 0 rg BT 504.59 70.10 Td (s ) Tj ET Q q 0 0 0 rg BT 511.96 70.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.04 58.10 Td (operations.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.33 704.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.82 704.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 119.76 704.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 71.33 684.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.49 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.08 684.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 175.67 684.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 212.49 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.65 684.10 Td (be ) Tj ET Q q 0 0 0 rg BT 234.48 684.10 Td (held ) Tj ET Q q 0 0 0 rg BT 254.08 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.25 684.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 300.52 684.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 319.84 684.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 366.39 684.10 Td (, ) Tj ET Q q 0 0 0 rg BT 371.28 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 385.87 684.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 416.01 684.10 Td (at ) Tj ET Q q 0 0 0 rg BT 425.62 684.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 446.61 684.10 Td (net ) Tj ET Q q 0 0 0 rg BT 461.22 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.93 684.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 524.30 684.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 543.90 684.10 Td (fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (premium, ) Tj ET Q q 0 0 0 rg BT 90.87 672.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 127.53 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.73 672.10 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 185.27 672.10 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 244.98 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.75 672.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 269.95 672.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 320.50 672.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.26 672.10 Td (are ) Tj ET Q q 0 0 0 rg BT 353.24 672.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 387.10 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.64 672.10 Td (be ) Tj ET Q q 0 0 0 rg BT 409.85 672.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 448.16 672.10 Td (are ) Tj ET Q q 0 0 0 rg BT 463.14 672.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 493.66 672.10 Td (at ) Tj ET Q q 0 0 0 rg BT 503.65 672.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 546.39 672.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (less ) Tj ET Q q 0 0 0 rg BT 67.34 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 74.62 660.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 94.68 660.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 113.08 660.10 Td (reserve, ) Tj ET Q q 0 0 0 rg BT 147.29 660.10 Td (if ) Tj ET Q q 0 0 0 rg BT 156.24 660.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 190.18 660.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 241.05 660.10 Td (which ) Tj ET Q q 0 0 0 rg BT 268.33 660.10 Td (approximates ) Tj ET Q q 0 0 0 rg BT 325.05 660.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 341.77 660.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 368.76 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.60 660.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 393.88 660.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 444.50 660.10 Td (where ) Tj ET Q q 0 0 0 rg BT 471.77 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.83 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 528.56 660.10 Td (does ) Tj ET Q q 0 0 0 rg BT 549.73 660.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.04 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.91 648.10 Td (intent ) Tj ET Q q 0 0 0 rg BT 111.35 648.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.79 648.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 142.22 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.10 648.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 176.98 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.30 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.18 648.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 254.36 648.10 Td (future ) Tj ET Q q 0 0 0 rg BT 280.90 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 291.89 648.10 Td (until ) Tj ET Q q 0 0 0 rg BT 312.88 648.10 Td (its ) Tj ET Q q 0 0 0 rg BT 324.99 648.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 363.18 648.10 Td (payof) Tj ET Q q 0 0 0 rg BT 385.77 648.10 Td (f ) Tj ET Q q 0 0 0 rg BT 391.76 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 406.63 648.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 447.05 648.10 Td (as ) Tj ET Q q 0 0 0 rg BT 458.04 648.10 Td (held ) Tj ET Q q 0 0 0 rg BT 477.92 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 492.24 648.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 510.45 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.54 648.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (at ) Tj ET Q q 0 0 0 rg BT 59.22 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.93 636.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 99.20 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.03 636.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 128.64 636.10 Td (or ) Tj ET Q q 0 0 0 rg BT 139.47 636.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 180.29 636.10 Td (value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.33 616.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.82 616.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.23 596.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.29 596.10 Td (classifies ) Tj ET Q q 0 0 0 rg BT 150.13 596.10 Td (its ) Tj ET Q q 0 0 0 rg BT 162.75 596.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 203.69 596.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 254.65 596.10 Td (as ) Tj ET Q q 0 0 0 rg BT 266.16 596.10 Td (available ) Tj ET Q q 0 0 0 rg BT 305.42 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 320.26 596.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 338.99 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.17 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.56 596.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 414.62 596.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 436.96 596.10 Td (which ) Tj ET Q q 0 0 0 rg BT 464.57 596.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.96 596.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 510.89 596.10 Td (at ) Tj ET Q q 0 0 0 rg BT 521.29 596.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.34 596.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 565.00 596.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 96.16 584.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 120.06 584.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 153.41 584.10 Td (are ) Tj ET Q q 0 0 0 rg BT 168.42 584.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 206.19 584.10 Td (as ) Tj ET Q q 0 0 0 rg BT 217.32 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 224.55 584.10 Td (component ) Tj ET Q q 0 0 0 rg BT 271.78 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.91 584.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 336.23 584.10 Td (OCI ) Tj ET Q q 0 0 0 rg BT 356.25 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.83 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.84 584.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 435.18 584.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 480.19 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.32 584.10 Td (equity) Tj ET Q q 0 0 0 rg BT 515.66 584.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.96 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.75 584.10 Td (However) Tj ET Q q 0 0 0 rg BT 560.00 584.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.59 572.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.35 572.10 Td (may ) Tj ET Q q 0 0 0 rg BT 126.44 572.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 148.18 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.27 572.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 180.02 572.10 Td (value ) Tj ET Q q 0 0 0 rg BT 204.55 572.10 Td (option ) Tj ET Q q 0 0 0 rg BT 232.98 572.10 Td (for ) Tj ET Q q 0 0 0 rg BT 247.51 572.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 277.59 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.79 572.10 Td (its ) Tj ET Q q 0 0 0 rg BT 301.11 572.10 Td (available ) Tj ET Q q 0 0 0 rg BT 340.07 572.10 Td (for ) Tj ET Q q 0 0 0 rg BT 354.60 572.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 373.02 572.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 416.16 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.47 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 444.67 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.98 572.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 479.57 572.10 Td (any ) Tj ET Q q 0 0 0 rg BT 496.88 572.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 541.40 572.10 Td (gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 83.75 560.10 Td (on ) Tj ET Q q 0 0 0 rg BT 97.44 560.10 Td (such ) Tj ET Q q 0 0 0 rg BT 119.46 560.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 160.92 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 176.82 560.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 215.49 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.96 560.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 272.30 560.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 293.21 560.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 319.12 560.10 Td (on ) Tj ET Q q 0 0 0 rg BT 332.82 560.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 384.29 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.42 560.10 Td (other ) Tj ET Q q 0 0 0 rg BT 426.66 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.13 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.04 560.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.28 560.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 554.18 560.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.16 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.10 548.10 Td (As ) Tj ET Q q 0 0 0 rg BT 111.72 548.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.55 548.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 158.38 548.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.38 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 183.38 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.09 548.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 239.48 548.10 Td (does ) Tj ET Q q 0 0 0 rg BT 260.31 548.10 Td (not ) Tj ET Q q 0 0 0 rg BT 275.59 548.10 Td (own ) Tj ET Q q 0 0 0 rg BT 295.31 548.10 Td (any ) Tj ET Q q 0 0 0 rg BT 312.25 548.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 352.51 548.10 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 75.79 528.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 87.73 528.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 112.46 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.96 528.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 173.38 528.10 Td (Assets) 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 49.5 506.7669921875 m 109.7587890625 506.7669921875 l s q 0 0 0 rg BT 49.50 508.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 87.53 508.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 87.14 488.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 109.26 488.10 Td (include ) Tj ET Q q 0 0 0 rg BT 140.81 488.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 176.23 488.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 198.34 488.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 222.95 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.07 488.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 262.71 488.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 302.59 488.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 324.71 488.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 363.47 488.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 416.14 488.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 436.85 488.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 458.40 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.96 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 497.62 488.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 542.50 488.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 92.97 476.10 Td (with ) Tj ET Q q 0 0 0 rg BT 113.12 476.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 153.27 476.10 Td (financing. ) Tj ET Q q 0 0 0 rg BT 195.91 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.11 476.10 Td (These ) Tj ET Q q 0 0 0 rg BT 224.37 476.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 246.74 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 261.33 476.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 303.68 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.83 476.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 345.64 476.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 380.23 476.10 Td (over ) Tj ET Q q 0 0 0 rg BT 400.37 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.96 476.10 Td (term ) Tj ET Q q 0 0 0 rg BT 435.66 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.37 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.96 476.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 501.10 476.10 Td (using ) Tj ET Q q 0 0 0 rg BT 525.15 476.10 Td (either ) Tj ET Q q 0 0 0 rg BT 550.29 476.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 464.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.05 464.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 119.25 464.10 Td (method ) Tj ET Q q 0 0 0 rg BT 152.01 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 163.10 464.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 214.19 464.10 Td (method ) Tj ET Q q 0 0 0 rg BT 246.95 464.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 291.37 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 304.13 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.11 464.10 Td (type ) Tj ET Q q 0 0 0 rg BT 339.09 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.18 464.10 Td (financing. ) Tj ET Q q 0 0 0 rg BT 393.21 464.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.97 464.10 Td (Unamortized ) Tj ET Q q 0 0 0 rg BT 450.94 464.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 487.01 464.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 527.54 464.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 550.30 464.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 89.64 452.10 Td (when ) Tj ET Q q 0 0 0 rg BT 114.24 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.39 452.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 173.42 452.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 218.02 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 227.62 452.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 255.55 452.10 Td (before ) Tj ET Q q 0 0 0 rg BT 284.02 452.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 317.25 452.10 Td (. ) Tj ET Q q 0 0 0 rg BT 322.69 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.62 452.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 350.79 452.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 387.04 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.76 452.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 431.24 452.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 471.94 452.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 525.14 452.10 Td (which ) Tj ET Q q 0 0 0 rg BT 552.51 452.10 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.05 440.10 Td (close, ) Tj ET Q q 0 0 0 rg BT 90.87 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 105.84 440.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 145.82 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.37 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.35 440.10 Td (period ) Tj ET Q q 0 0 0 rg BT 199.67 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.22 440.10 Td (which ) Tj ET Q q 0 0 0 rg BT 237.43 440.10 Td (it ) Tj ET Q q 0 0 0 rg BT 245.75 440.10 Td (is ) Tj ET Q q 0 0 0 rg BT 255.19 440.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 302.95 440.10 Td (that ) Tj ET Q q 0 0 0 rg BT 320.71 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.70 440.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 376.23 440.10 Td (will ) Tj ET Q q 0 0 0 rg BT 394.56 440.10 Td (not ) Tj ET Q q 0 0 0 rg BT 410.11 440.10 Td (occur) Tj ET Q q 0 0 0 rg BT 431.76 440.10 Td (. ) Tj ET Q q 0 0 0 rg BT 437.03 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.80 440.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 478.10 440.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 500.85 440.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 523.62 440.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 554.17 440.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 67.72 428.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 103.15 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.05 428.10 Td (initiate ) Tj ET Q q 0 0 0 rg BT 142.94 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.50 428.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 186.04 428.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 225.93 428.10 Td (leases, ) Tj ET Q q 0 0 0 rg BT 254.42 428.10 Td (which ) Tj ET Q q 0 0 0 rg BT 280.98 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.31 428.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 337.41 428.10 Td (on ) Tj ET Q q 0 0 0 rg BT 349.52 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.08 428.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 406.52 428.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 428.64 428.10 Td (over ) Tj ET Q q 0 0 0 rg BT 448.53 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.86 428.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 505.53 428.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 527.63 428.10 Td (term ) Tj ET Q q 0 0 0 rg BT 548.07 428.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 416.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 101.68 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.96 416.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 163.88 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.82 416.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 233.86 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.13 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.85 416.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 311.89 416.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 356.60 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.43 416.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 414.09 416.10 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 49.5 394.7669921875 m 135.3056640625 394.7669921875 l s q 0 0 0 rg BT 49.50 396.10 Td (Identified ) Tj ET Q q 0 0 0 rg BT 90.87 396.10 Td (Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.11 376.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.07 376.10 Td (records ) Tj ET Q q 0 0 0 rg BT 139.57 376.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 176.06 376.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 216.45 376.10 Td (intangibles ) Tj ET Q q 0 0 0 rg BT 262.40 376.10 Td (based ) Tj ET Q q 0 0 0 rg BT 287.23 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 299.30 376.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 339.69 376.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 355.63 376.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 381.86 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.92 376.10 Td (In-place ) Tj ET Q q 0 0 0 rg BT 418.75 376.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 440.80 376.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 482.86 376.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 508.25 376.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.53 376.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (into ) Tj ET Q q 0 0 0 rg BT 67.10 364.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 118.57 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.06 364.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 187.64 364.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 221.90 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.73 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.99 364.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 298.58 364.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 342.84 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.22 364.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 396.92 364.10 Td (on ) Tj ET Q q 0 0 0 rg BT 408.97 364.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.46 364.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 465.83 364.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 487.88 364.10 Td (over ) Tj ET Q q 0 0 0 rg BT 507.69 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 364.10 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 71.99 352.10 Td (or ) Tj ET Q q 0 0 0 rg BT 82.82 352.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 116.97 352.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 161.11 352.10 Td (term.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 89.36 332.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 131.98 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.28 332.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 174.46 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.87 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.17 332.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 236.79 332.10 Td (price ) Tj ET Q q 0 0 0 rg BT 258.86 332.10 Td (over ) Tj ET Q q 0 0 0 rg BT 278.71 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.01 332.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.97 332.10 Td (value ) Tj ET Q q 0 0 0 rg BT 332.71 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.12 332.10 Td (net ) Tj ET Q q 0 0 0 rg BT 357.42 332.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 391.71 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.24 332.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 450.31 332.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 475.72 332.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 512.23 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.09 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.61 332.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 101.36 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.66 320.10 Td (is ) Tj ET Q q 0 0 0 rg BT 126.19 320.10 Td (not ) Tj ET Q q 0 0 0 rg BT 140.84 320.10 Td (amortized. ) Tj ET Q q 0 0 0 rg BT 185.18 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.91 320.10 Td (The ) Tj ET Q q 0 0 0 rg BT 204.33 320.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 245.08 320.10 Td (performs ) Tj ET Q q 0 0 0 rg BT 283.04 320.10 Td (an ) Tj ET Q q 0 0 0 rg BT 294.35 320.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 322.87 320.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 370.83 320.10 Td (test ) Tj ET Q q 0 0 0 rg BT 386.58 320.10 Td (for ) Tj ET Q q 0 0 0 rg BT 400.11 320.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 437.53 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.83 320.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 492.90 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.98 320.10 Td (recoverability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (whenever ) Tj ET Q q 0 0 0 rg BT 90.37 308.10 Td (events ) Tj ET Q q 0 0 0 rg BT 117.93 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 128.26 308.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 162.48 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.26 308.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 230.91 308.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 264.57 308.10 Td (that ) Tj ET Q q 0 0 0 rg BT 281.57 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.79 308.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 331.12 308.10 Td (value ) Tj ET Q q 0 0 0 rg BT 354.78 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.12 308.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 402.68 308.10 Td (may ) Tj ET Q q 0 0 0 rg BT 421.90 308.10 Td (not ) Tj ET Q q 0 0 0 rg BT 436.69 308.10 Td (be ) Tj ET Q q 0 0 0 rg BT 448.13 308.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 469.03 308.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 520.16 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.17 308.10 Td (In ) Tj ET Q q 0 0 0 rg BT 532.51 308.10 Td (making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.31 296.10 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 119.73 296.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 164.41 296.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 194.10 296.10 Td (are ) Tj ET Q q 0 0 0 rg BT 208.79 296.10 Td (used ) Tj ET Q q 0 0 0 rg BT 229.60 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.85 296.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 282.31 296.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 317.00 296.10 Td (it ) Tj ET Q q 0 0 0 rg BT 325.04 296.10 Td (is ) Tj ET Q q 0 0 0 rg BT 334.19 296.10 Td (more ) Tj ET Q q 0 0 0 rg BT 357.21 296.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 382.47 296.10 Td (than ) Tj ET Q q 0 0 0 rg BT 402.16 296.10 Td (not ) Tj ET Q q 0 0 0 rg BT 417.42 296.10 Td (that ) Tj ET Q q 0 0 0 rg BT 434.89 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.59 296.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 465.95 296.10 Td (value ) Tj ET Q q 0 0 0 rg BT 490.08 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.89 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 507.81 296.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 546.94 296.10 Td (unit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.80 284.10 Td (less ) Tj ET Q q 0 0 0 rg BT 76.43 284.10 Td (than ) Tj ET Q q 0 0 0 rg BT 96.28 284.10 Td (its ) Tj ET Q q 0 0 0 rg BT 108.36 284.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 144.31 284.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 171.10 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.73 284.10 Td (If ) Tj ET Q q 0 0 0 rg BT 183.02 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.87 284.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 238.82 284.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 255.33 284.10 Td (value ) Tj ET Q q 0 0 0 rg BT 279.62 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.58 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.43 284.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 344.71 284.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 362.90 284.10 Td (is ) Tj ET Q q 0 0 0 rg BT 372.21 284.10 Td (less ) Tj ET Q q 0 0 0 rg BT 389.84 284.10 Td (than ) Tj ET Q q 0 0 0 rg BT 409.69 284.10 Td (its ) Tj ET Q q 0 0 0 rg BT 421.77 284.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 457.71 284.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 484.50 284.10 Td (then ) Tj ET Q q 0 0 0 rg BT 504.35 284.10 Td (an ) Tj ET Q q 0 0 0 rg BT 516.42 284.10 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 272.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 78.46 272.10 Td (is ) Tj ET Q q 0 0 0 rg BT 87.63 272.10 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 127.61 272.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (Identified ) Tj ET Q q 0 0 0 rg BT 90.87 252.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 133.36 252.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 159.19 252.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.90 252.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 211.38 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.65 252.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 257.46 252.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 279.96 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.90 252.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 339.39 252.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 367.72 252.10 Td (net ) Tj ET Q q 0 0 0 rg BT 382.43 252.10 Td (on ) Tj ET Q q 0 0 0 rg BT 394.93 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.65 252.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 462.69 252.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 495.73 252.10 Td (sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.85 232.10 Td (following ) Tj ET Q q 0 0 0 rg BT 107.54 232.10 Td (table ) Tj ET Q q 0 0 0 rg BT 128.78 232.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 163.35 232.10 Td (a ) Tj ET Q q 0 0 0 rg BT 169.59 232.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 208.61 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.74 232.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 253.85 232.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 275.66 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.90 232.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 333.69 232.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 358.82 232.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.96 232.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.09 232.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 414.22 232.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.22 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.03 232.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.27 232.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 510.16 232.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.16 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.96 232.10 Td (\(dollars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 220.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 179.60 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 179.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 179.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 179.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 179.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 149.60 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 149.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 149.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 149.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 149.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 119.60 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 119.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 119.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 119.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 119.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 89.60 189.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 89.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 89.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.00 89.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 89.60 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 179.60000000000002 m 323 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 179.60000000000002 m 407 179.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 119.60000000000002 m 323 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 119.60000000000002 m 407 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 89.60000000000002 m 407 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 89.60000000000002 m 323 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 75.60000000000002 m 323 75.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 73.60000000000002 m 323 73.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 89.60000000000002 m 407 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 75.60000000000002 m 407 75.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 73.60000000000002 m 407 73.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.25 191.83 Td (June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.80 183.83 Td (\(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.25 183.83 Td (December 31, 2015) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 52.5 167.77890624999998 m 171.30078125 167.77890624999998 l s q 0 0 0 rg BT 52.50 168.85 Td (Deferred costs and intangible assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 153.85 Td (In-place lease value, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.50 153.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 153.85 Td (12,743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.50 153.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.15 153.85 Td (21,307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 138.85 Td (Goodwill) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 138.85 Td (22,112) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.15 138.85 Td (22,112) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 123.85 Td (Other intangible assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 123.85 Td (380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.15 123.85 Td (380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 108.85 Td (Subtotal intangible assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 108.85 Td (35,235) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.15 108.85 Td (43,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 93.85 Td (Deferred financing and other costs, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 93.85 Td (426) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.15 93.85 Td (462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 78.85 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.50 78.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 78.85 Td (35,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.50 78.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.15 78.85 Td (44,261) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.44 704.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.71 704.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.08 704.10 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 165.97 704.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.86 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.25 704.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.08 704.10 Td ($8.6 ) Tj ET Q q 0 0 0 rg BT 233.97 704.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.86 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.25 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.97 704.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 310.56 704.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 332.94 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.77 704.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 385.46 704.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 407.84 704.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 426.34 704.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 479.27 704.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 513.86 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.91 704.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 704.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 692.10 Td (six ) Tj ET Q q 0 0 0 rg BT 80.62 692.10 Td (months ) Tj ET Q q 0 0 0 rg BT 112.58 692.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.45 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.96 692.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 174.80 692.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.80 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.80 692.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 247.46 692.10 Td (. ) Tj ET Q q 0 0 0 rg BT 252.47 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.79 692.10 Td (The ) Tj ET Q q 0 0 0 rg BT 272.85 692.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 314.24 692.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.72 692.10 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 371.73 692.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.62 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.13 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.96 692.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 448.67 692.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 471.16 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.11 692.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 523.92 692.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 546.41 692.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 102.54 680.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 137.24 680.10 Td (for ) Tj ET Q q 0 0 0 rg BT 151.40 680.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.12 680.10 Td (three ) Tj ET Q q 0 0 0 rg BT 188.61 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.54 680.10 Td (six ) Tj ET Q q 0 0 0 rg BT 219.71 680.10 Td (months ) Tj ET Q q 0 0 0 rg BT 251.66 680.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.54 680.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.04 680.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 313.87 680.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.87 680.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 97.55 660.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 118.93 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.43 660.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.80 640.10 Td (total ) Tj ET Q q 0 0 0 rg BT 88.32 640.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.40 640.10 Td (all ) Tj ET Q q 0 0 0 rg BT 112.15 640.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 158.78 640.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 177.63 640.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.82 640.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 233.67 640.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.08 640.10 Td (an ) Tj ET Q q 0 0 0 rg BT 260.27 640.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 309.40 640.10 Td (including ) Tj ET Q q 0 0 0 rg BT 349.92 640.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 396.56 640.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 415.40 640.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.93 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.29 640.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 472.11 640.10 Td (, ) Tj ET Q q 0 0 0 rg BT 477.36 640.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 506.77 640.10 Td (exceed, ) Tj ET Q q 0 0 0 rg BT 539.77 640.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 640.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.48 628.10 Td (6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.31 628.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.93 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.87 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.71 628.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 177.53 628.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 215.68 628.10 Td (price ) Tj ET Q q 0 0 0 rg BT 238.28 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.23 628.10 Td (such ) Tj ET Q q 0 0 0 rg BT 270.18 628.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 316.68 628.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 344.29 628.10 Td (such ) Tj ET Q q 0 0 0 rg BT 365.24 628.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 393.96 628.10 Td (is ) Tj ET Q q 0 0 0 rg BT 403.25 628.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 443.07 628.10 Td (by ) Tj ET Q q 0 0 0 rg BT 455.69 628.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.74 628.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 499.24 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.19 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.02 628.10 Td (directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.10 616.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 141.79 616.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 182.10 616.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.93 616.10 Td (For ) Tj ET Q q 0 0 0 rg BT 201.64 616.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.68 616.10 Td (six ) Tj ET Q q 0 0 0 rg BT 231.18 616.10 Td (months ) Tj ET Q q 0 0 0 rg BT 263.45 616.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.32 616.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 616.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 326.30 616.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 616.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.13 616.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.39 616.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.39 616.10 Td (, ) Tj ET Q q 0 0 0 rg BT 391.71 616.10 Td (total ) Tj ET Q q 0 0 0 rg BT 412.31 616.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 459.01 616.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 477.94 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.20 616.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 534.12 616.10 Td (did ) Tj ET Q q 0 0 0 rg BT 549.72 616.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 79.06 604.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.08 604.10 Td (allowed ) Tj ET Q q 0 0 0 rg BT 126.54 604.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 147.23 604.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.70 604.10 Td (any ) Tj ET Q q 0 0 0 rg BT 176.94 604.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 225.13 604.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.53 604.10 Td (An ) Tj ET Q q 0 0 0 rg BT 240.56 604.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 286.25 604.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 300.26 604.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 335.38 604.10 Td (related ) Tj ET Q q 0 0 0 rg BT 364.38 604.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.97 604.10 Td (an ) Tj ET Q q 0 0 0 rg BT 385.21 604.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 412.01 604.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 457.69 604.10 Td (will ) Tj ET Q q 0 0 0 rg BT 475.05 604.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 514.06 604.10 Td (be ) Tj ET Q q 0 0 0 rg BT 525.30 604.10 Td (expensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.15 592.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 98.29 592.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.10 592.10 Td (An ) Tj ET Q q 0 0 0 rg BT 114.65 592.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 160.85 592.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 175.38 592.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 194.92 592.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.02 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.05 592.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 253.60 592.10 Td (related ) Tj ET Q q 0 0 0 rg BT 283.12 592.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.22 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.76 592.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 353.97 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.62 592.10 Td (an ) Tj ET Q q 0 0 0 rg BT 376.38 592.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 403.70 592.10 Td (or ) Tj ET Q q 0 0 0 rg BT 414.36 592.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 433.90 592.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 480.10 592.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.20 592.10 Td (an ) Tj ET Q q 0 0 0 rg BT 501.96 592.10 Td (unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 70.09 580.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 102.33 580.10 Td (is ) Tj ET Q q 0 0 0 rg BT 111.25 580.10 Td (included ) Tj ET Q q 0 0 0 rg BT 147.93 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.96 580.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 207.99 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.02 580.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 280.82 580.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 316.94 580.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.20 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.67 580.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 396.46 580.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 429.25 580.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 458.44 580.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.19 580.10 Td (An ) Tj ET Q q 0 0 0 rg BT 474.67 580.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 520.80 580.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 535.26 580.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.73 580.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.82 568.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 98.73 568.10 Td (related ) Tj ET Q q 0 0 0 rg BT 128.63 568.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.11 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.02 568.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 200.59 568.10 Td (or ) Tj ET Q q 0 0 0 rg BT 211.62 568.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 258.20 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.22 568.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 289.13 568.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.60 568.10 Td (is ) Tj ET Q q 0 0 0 rg BT 348.97 568.10 Td (included ) Tj ET Q q 0 0 0 rg BT 386.10 568.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.57 568.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 416.48 568.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 469.45 568.10 Td (net ) Tj ET Q q 0 0 0 rg BT 484.36 568.10 Td (on ) Tj ET Q q 0 0 0 rg BT 497.06 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 568.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 81.83 556.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 108.06 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.29 556.10 Td (is ) Tj ET Q q 0 0 0 rg BT 132.75 556.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 174.53 556.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.10 556.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 215.33 556.10 Td (income ) Tj ET Q q 0 0 0 rg BT 246.55 556.10 Td (over ) Tj ET Q q 0 0 0 rg BT 266.11 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.13 556.10 Td (life ) Tj ET Q q 0 0 0 rg BT 295.24 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.37 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.38 556.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 365.05 556.10 Td (using ) Tj ET Q q 0 0 0 rg BT 388.52 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.53 556.10 Td (ef) Tj ET Q q 0 0 0 rg BT 410.11 556.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 439.11 556.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 470.34 556.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 504.63 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.29 556.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 556.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (records ) Tj ET Q q 0 0 0 rg BT 80.99 544.10 Td (as ) Tj ET Q q 0 0 0 rg BT 91.38 544.10 Td (an ) Tj ET Q q 0 0 0 rg BT 102.87 544.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 137.14 544.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 166.40 544.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 212.34 544.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 234.40 544.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.89 544.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 269.05 544.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 312.20 544.10 Td (with ) Tj ET Q q 0 0 0 rg BT 332.04 544.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 381.86 544.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 415.01 544.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.85 544.10 Td (be ) Tj ET Q q 0 0 0 rg BT 436.34 544.10 Td (business ) Tj ET Q q 0 0 0 rg BT 472.29 544.10 Td (combinations ) Tj ET Q q 0 0 0 rg BT 528.23 544.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.07 544.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (it ) Tj ET Q q 0 0 0 rg BT 58.31 532.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 110.99 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.46 532.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 149.15 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.84 532.10 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 212.29 532.10 Td (these ) Tj ET Q q 0 0 0 rg BT 236.08 532.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 259.34 532.10 Td (for ) Tj ET Q q 0 0 0 rg BT 274.25 532.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 325.26 532.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 359.61 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.64 532.10 Td (be ) Tj ET Q q 0 0 0 rg BT 383.33 532.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 434.35 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.93 532.10 Td (an ) Tj ET Q q 0 0 0 rg BT 458.62 532.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 483.81 532.10 Td (including ) Tj ET Q q 0 0 0 rg BT 524.83 532.10 Td (an ) Tj ET Q q 0 0 0 rg BT 537.52 532.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.15 500.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 480.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 480.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 480.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.07 480.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 212.79 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.62 480.10 Td (other ) Tj ET Q q 0 0 0 rg BT 246.67 480.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 272.50 480.10 Td (as ) Tj ET Q q 0 0 0 rg BT 283.33 480.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.16 480.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 329.99 480.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.99 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.49 480.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.43 480.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 428.01 480.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.01 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.51 480.10 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 483.56 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.84 480.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 436.60 200.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 436.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 436.60 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 436.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 436.60 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 414.60 200.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 414.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 414.60 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 414.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 414.60 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 391.60 200.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 391.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 391.60 73.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 391.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 391.60 73.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 367.60 200.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 367.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 367.60 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 367.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 367.60 73.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 436.6 m 363 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 436.6 m 440 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 367.6 m 363 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 367.6 m 440 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 367.6 m 363 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 357.6 m 363 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 355.6 m 363 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 367.6 m 440 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 357.6 m 440 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 355.6 m 440 355.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.75 448.83 Td (June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.30 440.83 Td (\(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.75 440.83 Td (December 31, 2015) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 88.5 427.47890625 m 130.94140625 427.47890625 l s q 0 0 0 rg BT 88.50 428.55 Td (Other assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 417.55 Td (Investment deposits and pending deal costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 417.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 417.55 Td (6,683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.50 417.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.80 417.55 Td (6,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 406.55 Td (Remainder interest in condominium units) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 221.37 410.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 406.55 Td (4,964) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.80 406.55 Td (5,401) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 395.55 Td (Deferred tax assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 395.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.80 395.55 Td (7,026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 383.55 Td (Prepaid expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 383.55 Td (1,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 383.55 Td (790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 371.55 Td (Other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.80 371.55 Td (984) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 371.55 Td (536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 359.55 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 359.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 359.55 Td (14,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.50 359.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 359.55 Td (20,382) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 339.50 Td (__________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 329.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 103.50 329.90 Td (Represents future interests in property subject to life estates \(Remainder Interest\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 309.90 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 85.86 309.90 Td (Recognition) 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 49.5 288.5669921875 m 137.244140625 288.5669921875 l s q 0 0 0 rg BT 49.50 289.90 Td (Operating ) Tj ET Q q 0 0 0 rg BT 91.99 289.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 112.81 289.90 Td (Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.90 Td (Rental ) Tj ET Q q 0 0 0 rg BT 78.55 269.90 Td (income ) Tj ET Q q 0 0 0 rg BT 110.93 269.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 147.20 269.90 Td (rental ) Tj ET Q q 0 0 0 rg BT 172.91 269.90 Td (and ) Tj ET Q q 0 0 0 rg BT 190.29 269.90 Td (escalation ) Tj ET Q q 0 0 0 rg BT 233.22 269.90 Td (income ) Tj ET Q q 0 0 0 rg BT 265.60 269.90 Td (from ) Tj ET Q q 0 0 0 rg BT 287.98 269.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 328.69 269.90 Td (real ) Tj ET Q q 0 0 0 rg BT 346.62 269.90 Td (estate ) Tj ET Q q 0 0 0 rg BT 372.33 269.90 Td (and ) Tj ET Q q 0 0 0 rg BT 389.72 269.90 Td (is ) Tj ET Q q 0 0 0 rg BT 399.33 269.90 Td (derived ) Tj ET Q q 0 0 0 rg BT 432.26 269.90 Td (from ) Tj ET Q q 0 0 0 rg BT 454.65 269.90 Td (leasing ) Tj ET Q q 0 0 0 rg BT 485.92 269.90 Td (of ) Tj ET Q q 0 0 0 rg BT 497.20 269.90 Td (space ) Tj ET Q q 0 0 0 rg BT 522.35 269.90 Td (to ) Tj ET Q q 0 0 0 rg BT 533.07 269.90 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.90 Td (types ) Tj ET Q q 0 0 0 rg BT 72.96 257.90 Td (of ) Tj ET Q q 0 0 0 rg BT 83.64 257.90 Td (tenants ) Tj ET Q q 0 0 0 rg BT 114.32 257.90 Td (and ) Tj ET Q q 0 0 0 rg BT 131.11 257.90 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 174.54 257.90 Td (operators. ) Tj ET Q q 0 0 0 rg BT 216.60 257.90 Td ( ) Tj ET Q q 0 0 0 rg BT 218.96 257.90 Td (Rental ) Tj ET Q q 0 0 0 rg BT 247.41 257.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 281.41 257.90 Td (recognition ) Tj ET Q q 0 0 0 rg BT 329.30 257.90 Td (commences ) Tj ET Q q 0 0 0 rg BT 378.86 257.90 Td (when ) Tj ET Q q 0 0 0 rg BT 402.87 257.90 Td (the ) Tj ET Q q 0 0 0 rg BT 417.44 257.90 Td (tenant ) Tj ET Q q 0 0 0 rg BT 444.23 257.90 Td (takes ) Tj ET Q q 0 0 0 rg BT 467.13 257.90 Td (possession ) Tj ET Q q 0 0 0 rg BT 512.26 257.90 Td (of ) Tj ET Q q 0 0 0 rg BT 522.95 257.90 Td (the ) Tj ET Q q 0 0 0 rg BT 537.51 257.90 Td (leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.90 Td (space ) Tj ET Q q 0 0 0 rg BT 73.65 245.90 Td (and ) Tj ET Q q 0 0 0 rg BT 90.04 245.90 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 245.90 Td (leased ) Tj ET Q q 0 0 0 rg BT 131.13 245.90 Td (space ) Tj ET Q q 0 0 0 rg BT 155.28 245.90 Td (is ) Tj ET Q q 0 0 0 rg BT 163.89 245.90 Td (substantially ) Tj ET Q q 0 0 0 rg BT 216.39 245.90 Td (ready ) Tj ET Q q 0 0 0 rg BT 240.54 245.90 Td (for ) Tj ET Q q 0 0 0 rg BT 254.15 245.90 Td (its ) Tj ET Q q 0 0 0 rg BT 265.54 245.90 Td (intended ) Tj ET Q q 0 0 0 rg BT 301.92 245.90 Td (use. ) Tj ET Q q 0 0 0 rg BT 319.69 245.90 Td ( ) Tj ET Q q 0 0 0 rg BT 321.50 245.90 Td (The ) Tj ET Q q 0 0 0 rg BT 338.99 245.90 Td (leases ) Tj ET Q q 0 0 0 rg BT 364.81 245.90 Td (are ) Tj ET Q q 0 0 0 rg BT 378.96 245.90 Td (for ) Tj ET Q q 0 0 0 rg BT 392.57 245.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 415.06 245.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 439.22 245.90 Td (of ) Tj ET Q q 0 0 0 rg BT 449.50 245.90 Td (varying ) Tj ET Q q 0 0 0 rg BT 481.99 245.90 Td (length ) Tj ET Q q 0 0 0 rg BT 508.93 245.90 Td (and ) Tj ET Q q 0 0 0 rg BT 525.31 245.90 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 81.69 233.90 Td (for ) Tj ET Q q 0 0 0 rg BT 94.99 233.90 Td (annual ) Tj ET Q q 0 0 0 rg BT 123.29 233.90 Td (rentals ) Tj ET Q q 0 0 0 rg BT 151.59 233.90 Td (and ) Tj ET Q q 0 0 0 rg BT 167.67 233.90 Td (expense ) Tj ET Q q 0 0 0 rg BT 201.52 233.90 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 267.04 233.90 Td (to ) Tj ET Q q 0 0 0 rg BT 276.46 233.90 Td (be ) Tj ET Q q 0 0 0 rg BT 287.54 233.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 306.40 233.90 Td (in ) Tj ET Q q 0 0 0 rg BT 315.82 233.90 Td (monthly ) Tj ET Q q 0 0 0 rg BT 350.80 233.90 Td (installments. ) Tj ET Q q 0 0 0 rg BT 403.27 233.90 Td ( ) Tj ET Q q 0 0 0 rg BT 404.92 233.90 Td (Rental ) Tj ET Q q 0 0 0 rg BT 432.66 233.90 Td (income ) Tj ET Q q 0 0 0 rg BT 463.74 233.90 Td (from ) Tj ET Q q 0 0 0 rg BT 484.82 233.90 Td (leases ) Tj ET Q q 0 0 0 rg BT 510.34 233.90 Td (is ) Tj ET Q q 0 0 0 rg BT 518.65 233.90 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.90 Td (on ) Tj ET Q q 0 0 0 rg BT 62.66 221.90 Td (a ) Tj ET Q q 0 0 0 rg BT 70.25 221.90 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 121.73 221.90 Td (basis ) Tj ET Q q 0 0 0 rg BT 144.89 221.90 Td (over ) Tj ET Q q 0 0 0 rg BT 165.81 221.90 Td (the ) Tj ET Q q 0 0 0 rg BT 181.18 221.90 Td (term ) Tj ET Q q 0 0 0 rg BT 202.67 221.90 Td (of ) Tj ET Q q 0 0 0 rg BT 214.15 221.90 Td (the ) Tj ET Q q 0 0 0 rg BT 229.53 221.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 273.22 221.90 Td (leases. ) Tj ET Q q 0 0 0 rg BT 302.75 221.90 Td ( ) Tj ET Q q 0 0 0 rg BT 305.68 221.90 Td (The ) Tj ET Q q 0 0 0 rg BT 324.38 221.90 Td (excess ) Tj ET Q q 0 0 0 rg BT 353.64 221.90 Td (of ) Tj ET Q q 0 0 0 rg BT 365.12 221.90 Td (rents ) Tj ET Q q 0 0 0 rg BT 387.72 221.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 434.74 221.90 Td (over ) Tj ET Q q 0 0 0 rg BT 455.66 221.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 492.71 221.90 Td (contractually ) Tj ET Q q 0 0 0 rg BT 548.06 221.90 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.90 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 87.45 209.90 Td (to ) Tj ET Q q 0 0 0 rg BT 98.73 209.90 Td (the ) Tj ET Q q 0 0 0 rg BT 114.46 209.90 Td (underlying ) Tj ET Q q 0 0 0 rg BT 161.29 209.90 Td (leases ) Tj ET Q q 0 0 0 rg BT 188.68 209.90 Td (are ) Tj ET Q q 0 0 0 rg BT 204.39 209.90 Td (included ) Tj ET Q q 0 0 0 rg BT 242.33 209.90 Td (in ) Tj ET Q q 0 0 0 rg BT 253.62 209.90 Td (unbilled ) Tj ET Q q 0 0 0 rg BT 289.90 209.90 Td (rent ) Tj ET Q q 0 0 0 rg BT 308.96 209.90 Td (receivable ) Tj ET Q q 0 0 0 rg BT 353.55 209.90 Td (on ) Tj ET Q q 0 0 0 rg BT 367.05 209.90 Td (the ) Tj ET Q q 0 0 0 rg BT 382.78 209.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 436.83 209.90 Td (balance ) Tj ET Q q 0 0 0 rg BT 470.87 209.90 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 501.32 209.90 Td ( ) Tj ET Q q 0 0 0 rg BT 504.57 209.90 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 209.90 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.90 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 90.24 197.90 Td (any ) Tj ET Q q 0 0 0 rg BT 106.55 197.90 Td (tenant ) Tj ET Q q 0 0 0 rg BT 132.85 197.90 Td (inducements ) Tj ET Q q 0 0 0 rg BT 185.26 197.90 Td (as ) Tj ET Q q 0 0 0 rg BT 195.45 197.90 Td (a ) Tj ET Q q 0 0 0 rg BT 201.76 197.90 Td (reduction ) Tj ET Q q 0 0 0 rg BT 241.39 197.90 Td (of ) Tj ET Q q 0 0 0 rg BT 251.59 197.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 285.10 197.90 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 320.30 197.90 Td (the ) Tj ET Q q 0 0 0 rg BT 334.39 197.90 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 384.57 197.90 Td (method ) Tj ET Q q 0 0 0 rg BT 416.44 197.90 Td (over ) Tj ET Q q 0 0 0 rg BT 436.07 197.90 Td (the ) Tj ET Q q 0 0 0 rg BT 450.16 197.90 Td (term ) Tj ET Q q 0 0 0 rg BT 470.35 197.90 Td (of ) Tj ET Q q 0 0 0 rg BT 480.55 197.90 Td (the ) Tj ET Q q 0 0 0 rg BT 494.63 197.90 Td (lease. ) Tj ET Q q 0 0 0 rg BT 518.98 197.90 Td ( ) Tj ET Q q 0 0 0 rg BT 520.85 197.90 Td (Escalation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.90 Td (income ) Tj ET Q q 0 0 0 rg BT 81.00 185.90 Td (represents ) Tj ET Q q 0 0 0 rg BT 123.61 185.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 157.32 185.90 Td (from ) Tj ET Q q 0 0 0 rg BT 178.83 185.90 Td (tenant/operator ) Tj ET Q q 0 0 0 rg BT 241.43 185.90 Td (leases ) Tj ET Q q 0 0 0 rg BT 267.38 185.90 Td (which ) Tj ET Q q 0 0 0 rg BT 293.88 185.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 326.50 185.90 Td (for ) Tj ET Q q 0 0 0 rg BT 340.23 185.90 Td (the ) Tj ET Q q 0 0 0 rg BT 354.51 185.90 Td (recovery ) Tj ET Q q 0 0 0 rg BT 391.56 185.90 Td (of ) Tj ET Q q 0 0 0 rg BT 401.96 185.90 Td (all ) Tj ET Q q 0 0 0 rg BT 414.02 185.90 Td (or ) Tj ET Q q 0 0 0 rg BT 424.42 185.90 Td (a ) Tj ET Q q 0 0 0 rg BT 430.93 185.90 Td (portion ) Tj ET Q q 0 0 0 rg BT 461.89 185.90 Td (of ) Tj ET Q q 0 0 0 rg BT 472.29 185.90 Td (the ) Tj ET Q q 0 0 0 rg BT 486.57 185.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 526.41 185.90 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.90 Td (and ) Tj ET Q q 0 0 0 rg BT 66.29 173.90 Td (real ) Tj ET Q q 0 0 0 rg BT 83.63 173.90 Td (estate ) Tj ET Q q 0 0 0 rg BT 108.75 173.90 Td (taxes ) Tj ET Q q 0 0 0 rg BT 131.65 173.90 Td (paid ) Tj ET Q q 0 0 0 rg BT 151.23 173.90 Td (by ) Tj ET Q q 0 0 0 rg BT 163.58 173.90 Td (the ) Tj ET Q q 0 0 0 rg BT 178.15 173.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.39 173.90 Td (on ) Tj ET Q q 0 0 0 rg BT 231.75 173.90 Td (behalf ) Tj ET Q q 0 0 0 rg BT 259.09 173.90 Td (of ) Tj ET Q q 0 0 0 rg BT 269.77 173.90 Td (the ) Tj ET Q q 0 0 0 rg BT 284.35 173.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 327.23 173.90 Td (property) Tj ET Q q 0 0 0 rg BT 360.46 173.90 Td (. ) Tj ET Q q 0 0 0 rg BT 365.32 173.90 Td ( ) Tj ET Q q 0 0 0 rg BT 367.50 173.90 Td (This ) Tj ET Q q 0 0 0 rg BT 387.63 173.90 Td (revenue ) Tj ET Q q 0 0 0 rg BT 421.63 173.90 Td (is ) Tj ET Q q 0 0 0 rg BT 430.66 173.90 Td (accrued ) Tj ET Q q 0 0 0 rg BT 464.10 173.90 Td (in ) Tj ET Q q 0 0 0 rg BT 474.23 173.90 Td (the ) Tj ET Q q 0 0 0 rg BT 488.80 173.90 Td (same ) Tj ET Q q 0 0 0 rg BT 511.71 173.90 Td (period ) Tj ET Q q 0 0 0 rg BT 539.61 173.90 Td (as ) Tj ET Q q 0 0 0 rg BT 550.29 173.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.90 Td (expenses ) Tj ET Q q 0 0 0 rg BT 88.10 161.90 Td (are ) Tj ET Q q 0 0 0 rg BT 102.81 161.90 Td (incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.90 Td (The ) Tj ET Q q 0 0 0 rg BT 68.24 141.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.33 141.90 Td (also ) Tj ET Q q 0 0 0 rg BT 129.63 141.90 Td (generates ) Tj ET Q q 0 0 0 rg BT 170.58 141.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 211.54 141.90 Td (income ) Tj ET Q q 0 0 0 rg BT 244.17 141.90 Td (from ) Tj ET Q q 0 0 0 rg BT 266.80 141.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 307.76 141.90 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 352.04 141.90 Td (properties. ) Tj ET Q q 0 0 0 rg BT 397.72 141.90 Td ( ) Tj ET Q q 0 0 0 rg BT 400.91 141.90 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 439.09 141.90 Td (related ) Tj ET Q q 0 0 0 rg BT 469.49 141.90 Td (to ) Tj ET Q q 0 0 0 rg BT 480.47 141.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 521.43 141.90 Td (healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.90 Td (properties ) Tj ET Q q 0 0 0 rg BT 91.71 129.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 127.25 129.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 161.13 129.90 Td (room ) Tj ET Q q 0 0 0 rg BT 184.46 129.90 Td (and ) Tj ET Q q 0 0 0 rg BT 201.12 129.90 Td (care ) Tj ET Q q 0 0 0 rg BT 219.98 129.90 Td (char) Tj ET Q q 0 0 0 rg BT 237.01 129.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 252.56 129.90 Td (and ) Tj ET Q q 0 0 0 rg BT 269.22 129.90 Td (other ) Tj ET Q q 0 0 0 rg BT 291.99 129.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 325.86 129.90 Td (service ) Tj ET Q q 0 0 0 rg BT 356.40 129.90 Td (char) Tj ET Q q 0 0 0 rg BT 373.42 129.90 Td (ges. ) Tj ET Q q 0 0 0 rg BT 391.48 129.90 Td ( ) Tj ET Q q 0 0 0 rg BT 393.70 129.90 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 430.90 129.90 Td (is ) Tj ET Q q 0 0 0 rg BT 439.79 129.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 485.88 129.90 Td (when ) Tj ET Q q 0 0 0 rg BT 509.76 129.90 Td (such ) Tj ET Q q 0 0 0 rg BT 530.31 129.90 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.90 Td (are ) Tj ET Q q 0 0 0 rg BT 63.75 117.90 Td (provided, ) Tj ET Q q 0 0 0 rg BT 103.84 117.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 143.09 117.90 Td (defined ) Tj ET Q q 0 0 0 rg BT 175.12 117.90 Td (per ) Tj ET Q q 0 0 0 rg BT 189.93 117.90 Td (their ) Tj ET Q q 0 0 0 rg BT 210.30 117.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 244.00 117.90 Td (agreement ) Tj ET Q q 0 0 0 rg BT 287.69 117.90 Td (as ) Tj ET Q q 0 0 0 rg BT 298.07 117.90 Td (the ) Tj ET Q q 0 0 0 rg BT 312.33 117.90 Td (date ) Tj ET Q q 0 0 0 rg BT 331.03 117.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 353.07 117.90 Td (which ) Tj ET Q q 0 0 0 rg BT 379.56 117.90 Td (a ) Tj ET Q q 0 0 0 rg BT 386.04 117.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 419.74 117.90 Td (occupies ) Tj ET Q q 0 0 0 rg BT 456.77 117.90 Td (a ) Tj ET Q q 0 0 0 rg BT 463.25 117.90 Td (room ) Tj ET Q q 0 0 0 rg BT 486.41 117.90 Td (or ) Tj ET Q q 0 0 0 rg BT 496.78 117.90 Td (uses ) Tj ET Q q 0 0 0 rg BT 516.05 117.90 Td (the ) Tj ET Q q 0 0 0 rg BT 530.31 117.90 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.90 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 105.90 Td (is ) Tj ET Q q 0 0 0 rg BT 75.61 105.90 Td (recorded ) Tj ET Q q 0 0 0 rg BT 113.08 105.90 Td (in ) Tj ET Q q 0 0 0 rg BT 123.36 105.90 Td (resident ) Tj ET Q q 0 0 0 rg BT 157.52 105.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 172.22 105.90 Td (income ) Tj ET Q q 0 0 0 rg BT 204.16 105.90 Td (in ) Tj ET Q q 0 0 0 rg BT 214.44 105.90 Td (the ) Tj ET Q q 0 0 0 rg BT 229.15 105.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 282.20 105.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 326.91 105.90 Td (of ) Tj ET Q q 0 0 0 rg BT 337.74 105.90 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.90 Td (In ) Tj ET Q q 0 0 0 rg BT 59.51 85.90 Td (a ) Tj ET Q q 0 0 0 rg BT 65.62 85.90 Td (situation ) Tj ET Q q 0 0 0 rg BT 101.74 85.90 Td (in ) Tj ET Q q 0 0 0 rg BT 111.20 85.90 Td (which ) Tj ET Q q 0 0 0 rg BT 137.31 85.90 Td (a ) Tj ET Q q 0 0 0 rg BT 143.43 85.90 Td (lease\(s\) ) Tj ET Q q 0 0 0 rg BT 175.65 85.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 218.42 85.90 Td (with ) Tj ET Q q 0 0 0 rg BT 237.87 85.90 Td (a ) Tj ET Q q 0 0 0 rg BT 243.99 85.90 Td (significant ) Tj ET Q q 0 0 0 rg BT 287.88 85.90 Td (tenant ) Tj ET Q q 0 0 0 rg BT 313.99 85.90 Td (have ) Tj ET Q q 0 0 0 rg BT 334.54 85.90 Td (been, ) Tj ET Q q 0 0 0 rg BT 357.60 85.90 Td (or ) Tj ET Q q 0 0 0 rg BT 367.60 85.90 Td (are ) Tj ET Q q 0 0 0 rg BT 381.49 85.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 418.70 85.90 Td (to ) Tj ET Q q 0 0 0 rg BT 428.15 85.90 Td (be, ) Tj ET Q q 0 0 0 rg BT 441.77 85.90 Td (terminated ) Tj ET Q q 0 0 0 rg BT 486.20 85.90 Td (early) Tj ET Q q 0 0 0 rg BT 505.54 85.90 Td (, ) Tj ET Q q 0 0 0 rg BT 509.72 85.90 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 85.90 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.90 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 88.57 73.90 Td (the ) Tj ET Q q 0 0 0 rg BT 102.66 73.90 Td (remaining ) Tj ET Q q 0 0 0 rg BT 145.08 73.90 Td (useful ) Tj ET Q q 0 0 0 rg BT 171.39 73.90 Td (life ) Tj ET Q q 0 0 0 rg BT 186.59 73.90 Td (of ) Tj ET Q q 0 0 0 rg BT 196.79 73.90 Td (depreciable ) Tj ET Q q 0 0 0 rg BT 244.74 73.90 Td (or ) Tj ET Q q 0 0 0 rg BT 254.94 73.90 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 304.01 73.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 329.22 73.90 Td (in ) Tj ET Q q 0 0 0 rg BT 338.87 73.90 Td (the ) Tj ET Q q 0 0 0 rg BT 352.96 73.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 374.27 73.90 Td (group ) Tj ET Q q 0 0 0 rg BT 399.47 73.90 Td (related ) Tj ET Q q 0 0 0 rg BT 428.55 73.90 Td (to ) Tj ET Q q 0 0 0 rg BT 438.20 73.90 Td (the ) Tj ET Q q 0 0 0 rg BT 452.29 73.90 Td (lease ) Tj ET Q q 0 0 0 rg BT 474.14 73.90 Td (that ) Tj ET Q q 0 0 0 rg BT 491.01 73.90 Td (will ) Tj ET Q q 0 0 0 rg BT 508.44 73.90 Td (be ) Tj ET Q q 0 0 0 rg BT 519.75 73.90 Td (terminated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.90 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 70.52 61.90 Td (tenant ) Tj ET Q q 0 0 0 rg BT 97.93 61.90 Td (improvements, ) Tj ET Q q 0 0 0 rg BT 160.61 61.90 Td (above- ) Tj ET Q q 0 0 0 rg BT 190.79 61.90 Td (and ) Tj ET Q q 0 0 0 rg BT 208.20 61.90 Td (below-market ) Tj ET Q q 0 0 0 rg BT 266.71 61.90 Td (lease ) Tj ET Q q 0 0 0 rg BT 289.66 61.90 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 339.02 61.90 Td (in-place ) Tj ET Q q 0 0 0 rg BT 374.19 61.90 Td (lease ) Tj ET Q q 0 0 0 rg BT 397.15 61.90 Td (value ) Tj ET Q q 0 0 0 rg BT 421.78 61.90 Td (and ) Tj ET Q q 0 0 0 rg BT 439.19 61.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 475.47 61.90 Td (leasing ) Tj ET Q q 0 0 0 rg BT 506.77 61.90 Td (costs\). ) Tj ET Q q 0 0 0 rg BT 538.07 61.90 Td (Based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.96 49.90 Td (consideration ) Tj ET Q q 0 0 0 rg BT 130.29 49.90 Td (of ) Tj ET Q q 0 0 0 rg BT 142.07 49.90 Td (the ) Tj ET Q q 0 0 0 rg BT 157.75 49.90 Td (facts ) Tj ET Q q 0 0 0 rg BT 180.08 49.90 Td (and ) Tj ET Q q 0 0 0 rg BT 197.98 49.90 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 258.07 49.90 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 309.86 49.90 Td (the ) Tj ET Q q 0 0 0 rg BT 325.54 49.90 Td (termination, ) Tj ET Q q 0 0 0 rg BT 377.59 49.90 Td (the ) Tj ET Q q 0 0 0 rg BT 393.26 49.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 435.61 49.90 Td (may ) Tj ET Q q 0 0 0 rg BT 456.28 49.90 Td (write-of) Tj ET Q q 0 0 0 rg BT 488.31 49.90 Td (f ) Tj ET Q q 0 0 0 rg BT 495.10 49.90 Td (or ) Tj ET Q q 0 0 0 rg BT 506.88 49.90 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 550.30 49.90 Td (the ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 101.54 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.59 704.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 171.75 704.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 215.46 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 235.86 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.70 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 272.75 704.10 Td (group. ) Tj ET Q q 0 0 0 rg BT 303.70 704.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 326.32 704.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 362.83 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 377.65 704.10 Td (included ) Tj ET Q q 0 0 0 rg BT 414.70 704.10 Td (within ) Tj ET Q q 0 0 0 rg BT 442.88 704.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 494.92 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.97 704.10 Td (amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 692.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 127.54 692.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 172.25 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.08 692.10 Td (operations.) 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 49.5 670.7669921875 m 167.5224609375 670.7669921875 l s q 0 0 0 rg BT 49.50 672.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.33 672.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.26 672.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 119.20 672.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 81.55 652.10 Td (income ) Tj ET Q q 0 0 0 rg BT 113.06 652.10 Td (is ) Tj ET Q q 0 0 0 rg BT 121.80 652.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 167.73 652.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.80 652.10 Td (an ) Tj ET Q q 0 0 0 rg BT 191.31 652.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 222.24 652.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 244.31 652.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.81 652.10 Td (any ) Tj ET Q q 0 0 0 rg BT 277.32 652.10 Td (related ) Tj ET Q q 0 0 0 rg BT 306.59 652.10 Td (premium, ) Tj ET Q q 0 0 0 rg BT 347.27 652.10 Td (discount, ) Tj ET Q q 0 0 0 rg BT 385.72 652.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 431.67 652.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 453.74 652.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.25 652.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 488.42 652.10 Td (are ) Tj ET Q q 0 0 0 rg BT 502.70 652.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.75 652.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 640.10 Td (life ) Tj ET Q q 0 0 0 rg BT 79.69 640.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.34 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.89 640.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.09 640.10 Td (using ) Tj ET Q q 0 0 0 rg BT 175.09 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.63 640.10 Td (ef) Tj ET Q q 0 0 0 rg BT 197.21 640.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 226.74 640.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 258.50 640.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 293.32 640.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.47 640.10 Td (The ) Tj ET Q q 0 0 0 rg BT 313.35 640.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 366.21 640.10 Td (is ) Tj ET Q q 0 0 0 rg BT 375.20 640.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 412.50 640.10 Td (as ) Tj ET Q q 0 0 0 rg BT 423.15 640.10 Td (an ) Tj ET Q q 0 0 0 rg BT 434.91 640.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 481.12 640.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.22 640.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 522.98 640.10 Td (income ) Tj ET Q q 0 0 0 rg BT 554.74 640.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.20 628.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 117.23 628.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 161.93 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.74 628.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 219.38 628.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.69 628.10 Td (The ) Tj ET Q q 0 0 0 rg BT 239.72 628.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 292.74 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.56 628.10 Td (a ) Tj ET Q q 0 0 0 rg BT 310.48 628.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 349.07 628.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.89 628.10 Td (accretion ) Tj ET Q q 0 0 0 rg BT 399.01 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.83 628.10 Td (a ) Tj ET Q q 0 0 0 rg BT 416.75 628.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 453.12 628.10 Td (is ) Tj ET Q q 0 0 0 rg BT 462.28 628.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 515.87 628.10 Td (if ) Tj ET Q q 0 0 0 rg BT 524.46 628.10 Td (such ) Tj ET Q q 0 0 0 rg BT 545.28 628.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 616.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 106.70 616.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.98 616.10 Td (held ) Tj ET Q q 0 0 0 rg BT 136.70 616.10 Td (for ) Tj ET Q q 0 0 0 rg BT 150.86 616.10 Td (sale.) 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 49.5 594.7669921875 m 136.6923828125 594.7669921875 l s q 0 0 0 rg BT 49.50 596.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.33 596.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.26 596.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 82.53 576.10 Td (income ) Tj ET Q q 0 0 0 rg BT 115.00 576.10 Td (is ) Tj ET Q q 0 0 0 rg BT 124.71 576.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 171.62 576.10 Td (using ) Tj ET Q q 0 0 0 rg BT 196.33 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.58 576.10 Td (ef) Tj ET Q q 0 0 0 rg BT 219.17 576.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 249.42 576.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 281.89 576.10 Td (method ) Tj ET Q q 0 0 0 rg BT 314.93 576.10 Td (with ) Tj ET Q q 0 0 0 rg BT 335.75 576.10 Td (any ) Tj ET Q q 0 0 0 rg BT 353.22 576.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 392.37 576.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.74 576.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 440.67 576.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 483.69 576.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.06 576.10 Td (accreted ) Tj ET Q q 0 0 0 rg BT 531.40 576.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 86.39 564.10 Td (based ) Tj ET Q q 0 0 0 rg BT 112.17 564.10 Td (on ) Tj ET Q q 0 0 0 rg BT 125.18 564.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 163.72 564.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 184.50 564.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 205.85 564.10 Td (through ) Tj ET Q q 0 0 0 rg BT 239.97 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.20 564.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 293.74 564.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 330.63 564.10 Td (date ) Tj ET Q q 0 0 0 rg BT 350.30 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.64 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.87 564.10 Td (security) Tj ET Q q 0 0 0 rg BT 407.88 564.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.39 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.40 564.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 453.85 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.64 564.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 503.18 564.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.96 564.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 545.31 564.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.85 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 85.76 552.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.33 552.10 Td (change ) Tj ET Q q 0 0 0 rg BT 124.77 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.68 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.03 552.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 174.16 552.10 Td (which ) Tj ET Q q 0 0 0 rg BT 201.73 552.10 Td (is ) Tj ET Q q 0 0 0 rg BT 211.53 552.10 Td (then ) Tj ET Q q 0 0 0 rg BT 231.88 552.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 264.44 552.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 326.99 552.10 Td (for ) Tj ET Q q 0 0 0 rg BT 341.78 552.10 Td (high-credit ) Tj ET Q q 0 0 0 rg BT 388.79 552.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 419.69 552.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 460.59 552.10 Td (that ) Tj ET Q q 0 0 0 rg BT 478.71 552.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 508.50 552.10 Td (be ) Tj ET Q q 0 0 0 rg BT 521.07 552.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 554.19 552.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 90.80 540.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 119.33 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.54 540.10 Td (such ) Tj ET Q q 0 0 0 rg BT 150.29 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.16 540.10 Td (way ) Tj ET Q q 0 0 0 rg BT 176.24 540.10 Td (that ) Tj ET Q q 0 0 0 rg BT 193.66 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.31 540.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 236.28 540.10 Td (would ) Tj ET Q q 0 0 0 rg BT 263.70 540.10 Td (not ) Tj ET Q q 0 0 0 rg BT 278.91 540.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 311.31 540.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 364.29 540.10 Td (all ) Tj ET Q q 0 0 0 rg BT 376.71 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.46 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.11 540.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 448.41 540.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.17 540.10 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 515.47 540.10 Td (for ) Tj ET Q q 0 0 0 rg BT 529.55 540.10 Td (all ) Tj ET Q q 0 0 0 rg BT 541.97 540.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.04 528.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 141.40 528.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.34 528.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 207.77 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.72 528.10 Td (As ) Tj ET Q q 0 0 0 rg BT 223.33 528.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.16 528.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 269.99 528.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.99 528.10 Td (, ) Tj ET Q q 0 0 0 rg BT 294.99 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.71 528.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.10 528.10 Td (does ) Tj ET Q q 0 0 0 rg BT 371.93 528.10 Td (not ) Tj ET Q q 0 0 0 rg BT 387.21 528.10 Td (own ) Tj ET Q q 0 0 0 rg BT 406.93 528.10 Td (any ) Tj ET Q q 0 0 0 rg BT 423.87 528.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 464.13 528.10 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 59.69 508.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 77.19 508.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 106.36 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.86 508.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 173.02 508.10 Td (on ) Tj ET Q q 0 0 0 rg BT 185.52 508.10 Td (Investments) 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 49.5 486.7669921875 m 137.244140625 486.7669921875 l s q 0 0 0 rg BT 49.50 488.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 91.99 488.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 112.81 488.10 Td (Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.41 468.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.07 468.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.32 468.10 Td (real ) Tj ET Q q 0 0 0 rg BT 132.66 468.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 157.79 468.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 195.14 468.10 Td (is ) Tj ET Q q 0 0 0 rg BT 204.17 468.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 243.17 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 255.53 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.33 468.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 300.78 468.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 325.64 468.10 Td (or ) Tj ET Q q 0 0 0 rg BT 336.33 468.10 Td (more ) Tj ET Q q 0 0 0 rg BT 359.23 468.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 402.68 468.10 Td (as ) Tj ET Q q 0 0 0 rg BT 413.37 468.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 451.59 468.10 Td (, ) Tj ET Q q 0 0 0 rg BT 456.45 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.58 468.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 493.39 468.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 527.95 468.10 Td (there ) Tj ET Q q 0 0 0 rg BT 550.30 468.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (any ) Tj ET Q q 0 0 0 rg BT 67.09 456.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 109.68 456.10 Td (that ) Tj ET Q q 0 0 0 rg BT 127.82 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.19 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 168.00 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.48 456.10 Td (its ) Tj ET Q q 0 0 0 rg BT 192.08 456.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 233.00 456.10 Td (real ) Tj ET Q q 0 0 0 rg BT 251.13 456.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 277.05 456.10 Td (may ) Tj ET Q q 0 0 0 rg BT 297.42 456.10 Td (be ) Tj ET Q q 0 0 0 rg BT 310.01 456.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 348.70 456.10 Td (or ) Tj ET Q q 0 0 0 rg BT 360.18 456.10 Td (that ) Tj ET Q q 0 0 0 rg BT 378.33 456.10 Td (its ) Tj ET Q q 0 0 0 rg BT 390.93 456.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 427.40 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 452.21 456.10 Td (may ) Tj ET Q q 0 0 0 rg BT 472.57 456.10 Td (not ) Tj ET Q q 0 0 0 rg BT 488.50 456.10 Td (be ) Tj ET Q q 0 0 0 rg BT 501.09 456.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 553.38 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 555.83 456.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.50 456.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (property) Tj ET Q q 0 0 0 rg BT 86.16 444.10 Td (s ) Tj ET Q q 0 0 0 rg BT 93.79 444.10 Td (value ) Tj ET Q q 0 0 0 rg BT 119.18 444.10 Td (is ) Tj ET Q q 0 0 0 rg BT 129.59 444.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 176.64 444.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 215.93 444.10 Td (if ) Tj ET Q q 0 0 0 rg BT 225.77 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.73 444.10 Td (Company) Tj ET Q q 0 0 0 rg BT 283.39 444.10 Td (s ) Tj ET Q q 0 0 0 rg BT 291.03 444.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 328.08 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.15 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.11 444.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 398.71 444.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 437.98 444.10 Td (future ) Tj ET Q q 0 0 0 rg BT 465.60 444.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 522.66 444.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 544.17 444.10 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 90.61 432.10 Td (by ) Tj ET Q q 0 0 0 rg BT 102.86 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.32 432.10 Td (property ) Tj ET Q q 0 0 0 rg BT 153.45 432.10 Td (is ) Tj ET Q q 0 0 0 rg BT 162.36 432.10 Td (less ) Tj ET Q q 0 0 0 rg BT 179.61 432.10 Td (than ) Tj ET Q q 0 0 0 rg BT 199.08 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.54 432.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 249.10 432.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 275.51 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.75 432.10 Td (In ) Tj ET Q q 0 0 0 rg BT 288.33 432.10 Td (conducting ) Tj ET Q q 0 0 0 rg BT 335.01 432.10 Td (this ) Tj ET Q q 0 0 0 rg BT 351.71 432.10 Td (review) Tj ET Q q 0 0 0 rg BT 378.27 432.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.01 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.48 432.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 438.61 432.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 478.63 432.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 498.66 432.10 Td (macroeconomic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 82.04 420.10 Td (real ) Tj ET Q q 0 0 0 rg BT 99.86 420.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 125.46 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.73 420.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 186.64 420.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 213.35 420.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 260.35 420.10 Td (together ) Tj ET Q q 0 0 0 rg BT 295.95 420.10 Td (with ) Tj ET Q q 0 0 0 rg BT 316.56 420.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 338.83 420.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 372.76 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.03 420.10 Td (other ) Tj ET Q q 0 0 0 rg BT 413.41 420.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 445.95 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.58 420.10 Td (T) Tj ET Q q 0 0 0 rg BT 453.99 420.10 Td (o ) Tj ET Q q 0 0 0 rg BT 461.82 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.87 420.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 504.14 420.10 Td (an ) Tj ET Q q 0 0 0 rg BT 516.41 420.10 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.54 408.10 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 105.72 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.65 408.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 138.92 408.10 Td (is ) Tj ET Q q 0 0 0 rg BT 148.30 408.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 189.32 408.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.36 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.29 408.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 244.10 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.13 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.06 408.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 306.08 408.10 Td (value ) Tj ET Q q 0 0 0 rg BT 330.45 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.49 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.41 408.10 Td (property ) Tj ET Q q 0 0 0 rg BT 393.00 408.10 Td (over ) Tj ET Q q 0 0 0 rg BT 413.48 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.40 408.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 469.43 408.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.02 408.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.38 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.53 408.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 396.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 108.38 396.10 Td (on ) Tj ET Q q 0 0 0 rg BT 120.88 396.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 161.14 396.10 Td (real ) Tj ET Q q 0 0 0 rg BT 178.63 396.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 203.89 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.17 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.88 396.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 281.93 396.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 326.64 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.47 396.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (An ) Tj ET Q q 0 0 0 rg BT 64.59 376.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 107.98 376.10 Td (for ) Tj ET Q q 0 0 0 rg BT 122.51 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 129.81 376.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 166.56 376.10 Td (account ) Tj ET Q q 0 0 0 rg BT 200.52 376.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.04 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.34 376.10 Td (tenant/operator/resident ) Tj ET Q q 0 0 0 rg BT 320.17 376.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 364.11 376.10 Td (is ) Tj ET Q q 0 0 0 rg BT 373.64 376.10 Td (established ) Tj ET Q q 0 0 0 rg BT 420.94 376.10 Td (based ) Tj ET Q q 0 0 0 rg BT 446.57 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 459.44 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.74 376.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 502.37 376.10 Td (review ) Tj ET Q q 0 0 0 rg BT 532.44 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.63 376.10 Td (aged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 96.16 364.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 132.84 364.10 Td (from ) Tj ET Q q 0 0 0 rg BT 153.97 364.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 193.98 364.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 219.56 364.10 Td (due ) Tj ET Q q 0 0 0 rg BT 235.69 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.16 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.07 364.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 294.08 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.10 364.10 Td (tenant/operator/resident ) Tj ET Q q 0 0 0 rg BT 400.75 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.22 364.10 Td (make ) Tj ET Q q 0 0 0 rg BT 433.57 364.10 Td (required ) Tj ET Q q 0 0 0 rg BT 468.57 364.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 485.81 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.94 364.10 Td (other ) Tj ET Q q 0 0 0 rg BT 524.17 364.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 105.00 352.10 Td (due. ) Tj ET Q q 0 0 0 rg BT 125.24 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.82 352.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 177.72 352.10 Td (, ) Tj ET Q q 0 0 0 rg BT 183.52 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.04 352.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 241.23 352.10 Td (establishes, ) Tj ET Q q 0 0 0 rg BT 290.36 352.10 Td (on ) Tj ET Q q 0 0 0 rg BT 303.66 352.10 Td (a ) Tj ET Q q 0 0 0 rg BT 311.41 352.10 Td (current ) Tj ET Q q 0 0 0 rg BT 343.02 352.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 368.83 352.10 Td (an ) Tj ET Q q 0 0 0 rg BT 381.57 352.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 425.40 352.10 Td (for ) Tj ET Q q 0 0 0 rg BT 440.37 352.10 Td (future ) Tj ET Q q 0 0 0 rg BT 467.55 352.10 Td (tenant/operator/resident ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.73 340.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 103.08 340.10 Td (on ) Tj ET Q q 0 0 0 rg BT 116.54 340.10 Td (unbilled ) Tj ET Q q 0 0 0 rg BT 152.78 340.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 171.79 340.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 216.33 340.10 Td (based ) Tj ET Q q 0 0 0 rg BT 242.56 340.10 Td (on ) Tj ET Q q 0 0 0 rg BT 256.02 340.10 Td (an ) Tj ET Q q 0 0 0 rg BT 268.92 340.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 314.03 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.82 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.50 340.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 397.17 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.96 340.10 Td (such ) Tj ET Q q 0 0 0 rg BT 430.75 340.10 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 470.60 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.81 340.10 Td (The ) Tj ET Q q 0 0 0 rg BT 492.82 340.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 535.17 340.10 Td (had ) Tj ET Q q 0 0 0 rg BT 553.07 340.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 95.32 328.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 127.81 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.64 328.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 181.67 328.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.83 328.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 232.22 328.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 269.71 328.10 Td (as ) Tj ET Q q 0 0 0 rg BT 280.54 328.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.37 328.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 327.20 328.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.20 328.10 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 49.5 306.7669921875 m 167.5224609375 306.7669921875 l s q 0 0 0 rg BT 49.50 308.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.33 308.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.26 308.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 119.20 308.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 76.68 288.10 Td (are ) Tj ET Q q 0 0 0 rg BT 91.63 288.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 137.69 288.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 175.97 288.10 Td (when, ) Tj ET Q q 0 0 0 rg BT 202.87 288.10 Td (based ) Tj ET Q q 0 0 0 rg BT 228.38 288.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.12 288.10 Td (current ) Tj ET Q q 0 0 0 rg BT 272.18 288.10 Td (information ) Tj ET Q q 0 0 0 rg BT 322.13 288.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.31 288.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 370.10 288.10 Td (it ) Tj ET Q q 0 0 0 rg BT 378.40 288.10 Td (is ) Tj ET Q q 0 0 0 rg BT 387.81 288.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 425.54 288.10 Td (that ) Tj ET Q q 0 0 0 rg BT 443.28 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.24 288.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 499.86 288.10 Td (will ) Tj ET Q q 0 0 0 rg BT 518.16 288.10 Td (not ) Tj ET Q q 0 0 0 rg BT 533.68 288.10 Td (be ) Tj ET Q q 0 0 0 rg BT 545.86 288.10 Td (able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.88 276.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 89.12 276.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 127.26 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.30 276.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 176.33 276.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 212.82 276.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.85 276.10 Td (according ) Tj ET Q q 0 0 0 rg BT 271.87 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.25 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.06 276.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 344.08 276.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 371.39 276.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.80 276.10 Td (The ) Tj ET Q q 0 0 0 rg BT 391.95 276.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 433.43 276.10 Td (assesses ) Tj ET Q q 0 0 0 rg BT 468.80 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.62 276.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 508.98 276.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 539.35 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 276.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 87.51 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.95 264.10 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 145.72 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.06 264.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 177.29 264.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 195.86 264.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 231.63 264.10 Td (on ) Tj ET Q q 0 0 0 rg BT 244.64 264.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.09 264.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 291.19 264.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 314.20 264.10 Td (or ) Tj ET Q q 0 0 0 rg BT 325.54 264.10 Td (more ) Tj ET Q q 0 0 0 rg BT 349.10 264.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 393.20 264.10 Td (as ) Tj ET Q q 0 0 0 rg BT 404.54 264.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 442.76 264.10 Td (. ) Tj ET Q q 0 0 0 rg BT 448.27 264.10 Td ( ) Tj ET Q q 0 0 0 rg BT 451.28 264.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 498.17 264.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 538.96 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 264.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.34 252.10 Td (is ) Tj ET Q q 0 0 0 rg BT 100.96 252.10 Td (required ) Tj ET Q q 0 0 0 rg BT 137.23 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.96 252.10 Td (this ) Tj ET Q q 0 0 0 rg BT 165.36 252.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 203.03 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.76 252.10 Td (The ) Tj ET Q q 0 0 0 rg BT 224.26 252.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 266.10 252.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 306.82 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.99 252.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 363.26 252.10 Td (net ) Tj ET Q q 0 0 0 rg BT 378.43 252.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 428.01 252.10 Td (value ) Tj ET Q q 0 0 0 rg BT 452.62 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.90 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.07 252.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 499.24 252.10 Td (as ) Tj ET Q q 0 0 0 rg BT 510.52 252.10 Td (well ) Tj ET Q q 0 0 0 rg BT 530.69 252.10 Td (as ) Tj ET Q q 0 0 0 rg BT 541.97 252.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 81.84 240.10 Td (including ) Tj ET Q q 0 0 0 rg BT 122.25 240.10 Td (but ) Tj ET Q q 0 0 0 rg BT 137.67 240.10 Td (not ) Tj ET Q q 0 0 0 rg BT 153.08 240.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 184.05 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.47 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.32 240.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 225.83 240.10 Td (value ) Tj ET Q q 0 0 0 rg BT 250.13 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.09 240.10 Td (any ) Tj ET Q q 0 0 0 rg BT 278.17 240.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 320.50 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.35 240.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 367.99 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.06 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.92 240.10 Td (status ) Tj ET Q q 0 0 0 rg BT 425.33 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.30 240.10 Td (any ) Tj ET Q q 0 0 0 rg BT 453.37 240.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 480.45 240.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 502.80 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.65 240.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 548.06 240.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.06 228.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 127.42 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.33 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.12 228.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 192.35 228.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.37 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.17 228.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 273.96 228.10 Td (situation ) Tj ET Q q 0 0 0 rg BT 310.98 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.89 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.69 228.10 Td (area ) Tj ET Q q 0 0 0 rg BT 355.92 228.10 Td (where ) Tj ET Q q 0 0 0 rg BT 382.93 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.72 228.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 443.63 228.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 483.41 228.10 Td (is ) Tj ET Q q 0 0 0 rg BT 492.66 228.10 Td (located. ) Tj ET Q q 0 0 0 rg BT 526.61 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.19 228.10 Td (Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (this ) Tj ET Q q 0 0 0 rg BT 65.44 216.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 122.47 216.10 Td (is ) Tj ET Q q 0 0 0 rg BT 130.64 216.10 Td (based ) Tj ET Q q 0 0 0 rg BT 154.90 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 166.39 216.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 212.32 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.15 216.10 Td (future ) Tj ET Q q 0 0 0 rg BT 247.52 216.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 287.88 216.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 317.42 216.10 Td (which ) Tj ET Q q 0 0 0 rg BT 343.36 216.10 Td (are ) Tj ET Q q 0 0 0 rg BT 357.06 216.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 399.09 216.10 Td (subjective, ) Tj ET Q q 0 0 0 rg BT 443.63 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.34 216.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 488.83 216.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 530.87 216.10 Td (realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.47 204.10 Td (dif) Tj ET Q q 0 0 0 rg BT 80.40 204.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 94.25 204.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 137.54 204.10 Td (from ) Tj ET Q q 0 0 0 rg BT 159.73 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.70 204.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 210.77 204.10 Td (value ) Tj ET Q q 0 0 0 rg BT 235.18 204.10 Td (as ) Tj ET Q q 0 0 0 rg BT 246.26 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.34 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.31 204.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.60 204.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 328.90 204.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 350.81 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.56 204.10 Td (If ) Tj ET Q q 0 0 0 rg BT 362.97 204.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 385.72 204.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 433.47 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.55 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.52 204.10 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 509.21 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.18 204.10 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 64.66 192.10 Td (value ) Tj ET Q q 0 0 0 rg BT 87.59 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.20 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.70 192.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 155.30 192.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 193.78 192.10 Td (is ) Tj ET Q q 0 0 0 rg BT 201.73 192.10 Td (less ) Tj ET Q q 0 0 0 rg BT 218.01 192.10 Td (than ) Tj ET Q q 0 0 0 rg BT 236.50 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.00 192.10 Td (net ) Tj ET Q q 0 0 0 rg BT 263.49 192.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 298.09 192.10 Td (value ) Tj ET Q q 0 0 0 rg BT 321.02 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.63 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.13 192.10 Td (loan, ) Tj ET Q q 0 0 0 rg BT 365.13 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.84 192.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 389.34 192.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 406.18 192.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 436.33 192.10 Td (is ) Tj ET Q q 0 0 0 rg BT 444.28 192.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 480.53 192.10 Td (with ) Tj ET Q q 0 0 0 rg BT 499.59 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.31 192.10 Td (corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 180.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 78.46 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.74 180.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 129.01 180.10 Td (for ) Tj ET Q q 0 0 0 rg BT 143.17 180.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 162.89 180.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 191.78 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.09 180.10 Td (The ) Tj ET Q q 0 0 0 rg BT 212.14 180.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 231.85 180.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 249.91 180.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 281.27 180.10 Td (for ) Tj ET Q q 0 0 0 rg BT 295.43 180.10 Td (each ) Tj ET Q q 0 0 0 rg BT 316.25 180.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 335.96 180.10 Td (is ) Tj ET Q q 0 0 0 rg BT 345.13 180.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 392.05 180.10 Td (at ) Tj ET Q q 0 0 0 rg BT 401.77 180.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.70 180.10 Td (level ) Tj ET Q q 0 0 0 rg BT 430.64 180.10 Td (that ) Tj ET Q q 0 0 0 rg BT 448.13 180.10 Td (is ) Tj ET Q q 0 0 0 rg BT 457.30 180.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 504.77 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.05 180.10 Td (be ) Tj ET Q q 0 0 0 rg BT 526.99 180.10 Td (adequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 168.10 Td (management ) Tj ET Q q 0 0 0 rg BT 115.59 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.87 168.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 155.03 168.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 192.51 168.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 82.00 148.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 130.06 148.10 Td (is ) Tj ET Q q 0 0 0 rg BT 139.25 148.10 Td (suspended ) Tj ET Q q 0 0 0 rg BT 183.43 148.10 Td (for ) Tj ET Q q 0 0 0 rg BT 197.60 148.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.56 148.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 224.29 148.10 Td (at ) Tj ET Q q 0 0 0 rg BT 234.03 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.76 148.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 276.81 148.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.66 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.39 148.10 Td (date ) Tj ET Q q 0 0 0 rg BT 321.56 148.10 Td (at ) Tj ET Q q 0 0 0 rg BT 331.30 148.10 Td (which ) Tj ET Q q 0 0 0 rg BT 358.25 148.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 399.09 148.10 Td (become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.71 148.10 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.71 148.10 Td (-days ) Tj ET Q q 0 0 0 rg BT 466.88 148.10 Td (past ) Tj ET Q q 0 0 0 rg BT 485.51 148.10 Td (due ) Tj ET Q q 0 0 0 rg BT 502.46 148.10 Td (or ) Tj ET Q q 0 0 0 rg BT 513.31 148.10 Td (when, ) Tj ET Q q 0 0 0 rg BT 539.99 148.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 148.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (opinion ) Tj ET Q q 0 0 0 rg BT 81.64 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.56 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.36 136.10 Td (Company) Tj ET Q q 0 0 0 rg BT 143.60 136.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.68 136.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.71 136.10 Td (full ) Tj ET Q q 0 0 0 rg BT 169.18 136.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 205.74 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.66 136.10 Td (income ) Tj ET Q q 0 0 0 rg BT 246.68 136.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.70 136.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 299.83 136.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 336.40 136.10 Td (doubtful. ) Tj ET Q q 0 0 0 rg BT 374.38 136.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.85 136.10 Td (When ) Tj ET Q q 0 0 0 rg BT 401.31 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.11 136.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 449.47 136.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 503.25 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.17 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.97 136.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.19 124.10 Td (an ) Tj ET Q q 0 0 0 rg BT 69.99 124.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 106.89 124.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 125.47 124.10 Td (is ) Tj ET Q q 0 0 0 rg BT 133.50 124.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.64 124.10 Td (doubt, ) Tj ET Q q 0 0 0 rg BT 169.28 124.10 Td (all ) Tj ET Q q 0 0 0 rg BT 180.64 124.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 220.33 124.10 Td (are ) Tj ET Q q 0 0 0 rg BT 233.89 124.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 264.69 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.83 124.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 310.73 124.10 Td (under ) Tj ET Q q 0 0 0 rg BT 334.86 124.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.44 124.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 365.91 124.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 402.25 124.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 436.10 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.37 124.10 Td (When ) Tj ET Q q 0 0 0 rg BT 462.60 124.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.18 124.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 510.31 124.10 Td (collectability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.59 112.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 113.90 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.00 112.10 Td (an ) Tj ET Q q 0 0 0 rg BT 137.21 112.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 175.53 112.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 195.51 112.10 Td (is ) Tj ET Q q 0 0 0 rg BT 204.95 112.10 Td (not ) Tj ET Q q 0 0 0 rg BT 220.50 112.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.05 112.10 Td (doubt, ) Tj ET Q q 0 0 0 rg BT 259.10 112.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 306.29 112.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 338.50 112.10 Td (is ) Tj ET Q q 0 0 0 rg BT 347.94 112.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 385.68 112.10 Td (as ) Tj ET Q q 0 0 0 rg BT 396.79 112.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 428.99 112.10 Td (income ) Tj ET Q q 0 0 0 rg BT 461.19 112.10 Td (when ) Tj ET Q q 0 0 0 rg BT 485.63 112.10 Td (received, ) Tj ET Q q 0 0 0 rg BT 524.76 112.10 Td (under ) Tj ET Q q 0 0 0 rg BT 550.30 112.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 69.95 100.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 92.62 100.10 Td (method ) Tj ET Q q 0 0 0 rg BT 125.30 100.10 Td (until ) Tj ET Q q 0 0 0 rg BT 146.31 100.10 Td (an ) Tj ET Q q 0 0 0 rg BT 158.42 100.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 189.96 100.10 Td (is ) Tj ET Q q 0 0 0 rg BT 199.31 100.10 Td (resumed ) Tj ET Q q 0 0 0 rg BT 235.86 100.10 Td (when ) Tj ET Q q 0 0 0 rg BT 260.20 100.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.10 100.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 294.99 100.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 332.65 100.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 387.53 100.10 Td (current ) Tj ET Q q 0 0 0 rg BT 418.52 100.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.64 100.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 488.83 100.10 Td (is ) Tj ET Q q 0 0 0 rg BT 498.18 100.10 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 554.73 100.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.77 88.10 Td (resumed. ) Tj ET Q q 0 0 0 rg BT 100.97 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.17 88.10 Td (A) Tj ET Q q 0 0 0 rg BT 109.84 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.67 88.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 132.71 88.10 Td (is ) Tj ET Q q 0 0 0 rg BT 142.21 88.10 Td (written ) Tj ET Q q 0 0 0 rg BT 173.36 88.10 Td (of) Tj ET Q q 0 0 0 rg BT 181.51 88.10 Td (f ) Tj ET Q q 0 0 0 rg BT 187.67 88.10 Td (when ) Tj ET Q q 0 0 0 rg BT 212.16 88.10 Td (it ) Tj ET Q q 0 0 0 rg BT 220.54 88.10 Td (is ) Tj ET Q q 0 0 0 rg BT 230.04 88.10 Td (no ) Tj ET Q q 0 0 0 rg BT 242.87 88.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 271.24 88.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 312.92 88.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 341.30 88.10 Td (legally ) Tj ET Q q 0 0 0 rg BT 371.34 88.10 Td (dischar) Tj ET Q q 0 0 0 rg BT 400.03 88.10 Td (ged. ) Tj ET Q q 0 0 0 rg BT 419.80 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.00 88.10 Td (As ) Tj ET Q q 0 0 0 rg BT 435.94 88.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.10 88.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 483.26 88.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.26 88.10 Td (, ) Tj ET Q q 0 0 0 rg BT 508.58 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 88.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (did ) Tj ET Q q 0 0 0 rg BT 64.78 76.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.06 76.10 Td (have ) Tj ET Q q 0 0 0 rg BT 101.43 76.10 Td (any ) Tj ET Q q 0 0 0 rg BT 118.37 76.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 156.41 76.10 Td (real ) Tj ET Q q 0 0 0 rg BT 173.90 76.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 199.16 76.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 218.88 76.10 Td (investments.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (18) 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 49.5 702.7669921875 m 210.6767578125 702.7669921875 l s q 0 0 0 rg BT 49.50 704.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.33 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.60 704.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 175.69 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 181.80 704.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.48 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.80 684.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 142.33 684.10 Td (its ) Tj ET Q q 0 0 0 rg BT 154.22 684.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 204.42 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.64 684.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 277.61 684.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 313.92 684.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.02 684.10 Td (which ) Tj ET Q q 0 0 0 rg BT 354.89 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.54 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 410.86 684.10 Td (did ) Tj ET Q q 0 0 0 rg BT 426.07 684.10 Td (not ) Tj ET Q q 0 0 0 rg BT 441.29 684.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 462.59 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.24 684.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 493.56 684.10 Td (value ) Tj ET Q q 0 0 0 rg BT 517.64 684.10 Td (option ) Tj ET Q q 0 0 0 rg BT 545.64 684.10 Td (on ) Tj ET Q q 0 0 0 rg BT 558.07 684.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 88.00 672.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 112.90 672.10 Td (or ) Tj ET Q q 0 0 0 rg BT 123.64 672.10 Td (more ) Tj ET Q q 0 0 0 rg BT 146.59 672.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 190.09 672.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.82 672.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 239.04 672.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.95 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.13 672.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 280.98 672.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 315.59 672.10 Td (there ) Tj ET Q q 0 0 0 rg BT 337.98 672.10 Td (are ) Tj ET Q q 0 0 0 rg BT 352.59 672.10 Td (any ) Tj ET Q q 0 0 0 rg BT 369.43 672.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 411.27 672.10 Td (that ) Tj ET Q q 0 0 0 rg BT 428.67 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.29 672.10 Td (value ) Tj ET Q q 0 0 0 rg BT 467.35 672.10 Td (may ) Tj ET Q q 0 0 0 rg BT 486.98 672.10 Td (be ) Tj ET Q q 0 0 0 rg BT 498.82 672.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 536.77 672.10 Td (or ) Tj ET Q q 0 0 0 rg BT 547.50 672.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (its ) Tj ET Q q 0 0 0 rg BT 61.17 660.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 96.72 660.10 Td (value ) Tj ET Q q 0 0 0 rg BT 120.60 660.10 Td (may ) Tj ET Q q 0 0 0 rg BT 140.04 660.10 Td (not ) Tj ET Q q 0 0 0 rg BT 155.05 660.10 Td (be ) Tj ET Q q 0 0 0 rg BT 166.71 660.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 218.07 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.80 660.10 Td (An ) Tj ET Q q 0 0 0 rg BT 234.25 660.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 280.36 660.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.26 660.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 334.80 660.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 372.57 660.10 Td (if ) Tj ET Q q 0 0 0 rg BT 380.90 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.35 660.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 434.78 660.10 Td (net ) Tj ET Q q 0 0 0 rg BT 449.22 660.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 498.08 660.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 530.30 660.10 Td (over ) Tj ET Q q 0 0 0 rg BT 550.29 660.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 87.19 648.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 119.90 648.10 Td (period ) Tj ET Q q 0 0 0 rg BT 147.60 648.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.43 648.10 Td (less ) Tj ET Q q 0 0 0 rg BT 173.58 648.10 Td (than ) Tj ET Q q 0 0 0 rg BT 192.96 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.33 648.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 242.80 648.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 269.11 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.27 648.10 Td (In ) Tj ET Q q 0 0 0 rg BT 281.75 648.10 Td (conducting ) Tj ET Q q 0 0 0 rg BT 328.34 648.10 Td (this ) Tj ET Q q 0 0 0 rg BT 344.95 648.10 Td (review) Tj ET Q q 0 0 0 rg BT 371.50 648.10 Td (, ) Tj ET Q q 0 0 0 rg BT 376.16 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.53 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 431.58 648.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 471.50 648.10 Td (global ) Tj ET Q q 0 0 0 rg BT 498.65 648.10 Td (macroeconomic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 81.82 636.10 Td (including ) Tj ET Q q 0 0 0 rg BT 122.21 636.10 Td (real ) Tj ET Q q 0 0 0 rg BT 139.82 636.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 165.20 636.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 191.69 636.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 238.47 636.10 Td (together ) Tj ET Q q 0 0 0 rg BT 273.86 636.10 Td (with ) Tj ET Q q 0 0 0 rg BT 294.25 636.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 340.75 636.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 374.46 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.52 636.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.68 636.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 447.00 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.43 636.10 Td (T) Tj ET Q q 0 0 0 rg BT 454.84 636.10 Td (o ) Tj ET Q q 0 0 0 rg BT 462.46 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.29 636.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 504.35 636.10 Td (an ) Tj ET Q q 0 0 0 rg BT 516.40 636.10 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (has ) Tj ET Q q 0 0 0 rg BT 64.70 624.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 101.54 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.85 624.10 Td (is ) Tj ET Q q 0 0 0 rg BT 126.39 624.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 171.58 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.22 624.10 Td (be ) Tj ET Q q 0 0 0 rg BT 192.53 624.10 Td (other ) Tj ET Q q 0 0 0 rg BT 214.95 624.10 Td (than ) Tj ET Q q 0 0 0 rg BT 234.03 624.10 Td (temporary) Tj ET Q q 0 0 0 rg BT 274.48 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 278.85 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.93 624.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 310.36 624.10 Td (is ) Tj ET Q q 0 0 0 rg BT 318.90 624.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 359.09 624.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.29 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.37 624.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 411.34 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.54 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.62 624.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 470.81 624.10 Td (value ) Tj ET Q q 0 0 0 rg BT 494.33 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.53 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 624.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (over ) Tj ET Q q 0 0 0 rg BT 69.45 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.85 612.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 124.35 612.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 140.41 612.10 Td (value ) Tj ET Q q 0 0 0 rg BT 164.25 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.87 612.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 218.02 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.98 612.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 255.16 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.12 612.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 301.18 612.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 333.91 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.42 612.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 407.15 612.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 443.21 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.17 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.56 612.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 520.29 612.10 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 600.10 Td (operations.) 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 49.5 578.7669921875 m 136.6923828125 578.7669921875 l s q 0 0 0 rg BT 49.50 580.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.33 580.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.26 580.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 90.79 560.10 Td (for ) Tj ET Q q 0 0 0 rg BT 104.31 560.10 Td (which ) Tj ET Q q 0 0 0 rg BT 130.60 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.68 560.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 160.41 560.10 Td (value ) Tj ET Q q 0 0 0 rg BT 183.92 560.10 Td (option ) Tj ET Q q 0 0 0 rg BT 211.34 560.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.86 560.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 250.03 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 264.09 560.10 Td (not ) Tj ET Q q 0 0 0 rg BT 278.73 560.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 318.90 560.10 Td (for ) Tj ET Q q 0 0 0 rg BT 332.41 560.10 Td (other) Tj ET Q q 0 0 0 rg BT 352.76 560.10 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 419.59 560.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 467.54 560.10 Td (\(OTTI\) ) Tj ET Q q 0 0 0 rg BT 507.71 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 517.89 560.10 Td (any ) Tj ET Q q 0 0 0 rg BT 534.19 560.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.31 548.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 75.23 548.10 Td (value ) Tj ET Q q 0 0 0 rg BT 98.92 548.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.62 548.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 144.63 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.45 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.70 548.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 221.27 548.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 265.52 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.89 548.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 322.08 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.11 548.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 361.13 548.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 387.05 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 399.09 548.10 Td (such ) Tj ET Q q 0 0 0 rg BT 419.46 548.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.25 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.50 548.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 521.06 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.88 548.10 Td (realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 69.22 536.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 93.94 536.10 Td (on ) Tj ET Q q 0 0 0 rg BT 106.44 536.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 156.71 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.65 536.10 Td (other ) Tj ET Q q 0 0 0 rg BT 196.70 536.10 Td (as ) Tj ET Q q 0 0 0 rg BT 207.53 536.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 233.92 536.10 Td (occur) Tj ET Q q 0 0 0 rg BT 255.57 536.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.43 516.10 Td (for ) Tj ET Q q 0 0 0 rg BT 105.59 516.10 Td (which ) Tj ET Q q 0 0 0 rg BT 132.52 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.24 516.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 163.61 516.10 Td (value ) Tj ET Q q 0 0 0 rg BT 187.77 516.10 Td (option ) Tj ET Q q 0 0 0 rg BT 215.82 516.10 Td (is ) Tj ET Q q 0 0 0 rg BT 224.99 516.10 Td (not ) Tj ET Q q 0 0 0 rg BT 240.26 516.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 271.07 516.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.78 516.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 326.58 516.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.74 516.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 366.01 516.10 Td (quarterly) Tj ET Q q 0 0 0 rg BT 401.45 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.45 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.95 516.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 458.10 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.92 516.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.86 516.10 Td (security ) Tj ET Q q 0 0 0 rg BT 510.01 516.10 Td (is ) Tj ET Q q 0 0 0 rg BT 519.18 516.10 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.50 504.10 Td (be ) Tj ET Q q 0 0 0 rg BT 71.16 504.10 Td (other) Tj ET Q q 0 0 0 rg BT 91.51 504.10 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 158.70 504.10 Td (when: ) Tj ET Q q 0 0 0 rg BT 185.37 504.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 197.03 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.47 504.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 239.24 504.10 Td (has ) Tj ET Q q 0 0 0 rg BT 254.79 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.23 504.10 Td (intent ) Tj ET Q q 0 0 0 rg BT 294.23 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.23 504.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 320.34 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.78 504.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 372.54 504.10 Td (security; ) Tj ET Q q 0 0 0 rg BT 409.20 504.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 423.64 504.10 Td (it ) Tj ET Q q 0 0 0 rg BT 431.42 504.10 Td (is ) Tj ET Q q 0 0 0 rg BT 440.31 504.10 Td (more ) Tj ET Q q 0 0 0 rg BT 463.08 504.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 488.08 504.10 Td (than ) Tj ET Q q 0 0 0 rg BT 507.52 504.10 Td (not ) Tj ET Q q 0 0 0 rg BT 522.52 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.96 504.10 Td (holder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.62 492.10 Td (be ) Tj ET Q q 0 0 0 rg BT 79.62 492.10 Td (required ) Tj ET Q q 0 0 0 rg BT 115.50 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.84 492.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 142.29 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.07 492.10 Td (security; ) Tj ET Q q 0 0 0 rg BT 194.07 492.10 Td (or ) Tj ET Q q 0 0 0 rg BT 204.96 492.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 222.52 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.30 492.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 265.41 492.10 Td (does ) Tj ET Q q 0 0 0 rg BT 286.31 492.10 Td (not ) Tj ET Q q 0 0 0 rg BT 301.65 492.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 330.31 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.65 492.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 373.19 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.97 492.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 413.29 492.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 455.84 492.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 474.51 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.40 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.18 492.10 Td (security) Tj ET Q q 0 0 0 rg BT 531.19 492.10 Td (. ) Tj ET Q q 0 0 0 rg BT 536.25 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.63 492.10 Td (When ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.73 480.10 Td (security ) Tj ET Q q 0 0 0 rg BT 91.18 480.10 Td (has ) Tj ET Q q 0 0 0 rg BT 107.30 480.10 Td (been ) Tj ET Q q 0 0 0 rg BT 128.97 480.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 162.85 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.42 480.10 Td (be ) Tj ET Q q 0 0 0 rg BT 185.66 480.10 Td (other) Tj ET Q q 0 0 0 rg BT 206.00 480.10 Td (-than-temporarily ) Tj ET Q q 0 0 0 rg BT 279.32 480.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 317.66 480.10 Td (due ) Tj ET Q q 0 0 0 rg BT 334.89 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.46 480.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 357.69 480.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.81 480.10 Td (\(ii\), ) Tj ET Q q 0 0 0 rg BT 386.32 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.33 480.10 Td (security ) Tj ET Q q 0 0 0 rg BT 435.77 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 445.24 480.10 Td (written ) Tj ET Q q 0 0 0 rg BT 476.35 480.10 Td (down ) Tj ET Q q 0 0 0 rg BT 501.37 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.94 480.10 Td (its ) Tj ET Q q 0 0 0 rg BT 524.18 480.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 480.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.22 468.10 Td (an ) Tj ET Q q 0 0 0 rg BT 77.95 468.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 103.00 468.10 Td (is ) Tj ET Q q 0 0 0 rg BT 111.95 468.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 158.10 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.16 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.66 468.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 235.49 468.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 279.98 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.60 468.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 337.04 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.32 468.10 Td (In ) Tj ET Q q 0 0 0 rg BT 349.94 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.44 468.10 Td (case ) Tj ET Q q 0 0 0 rg BT 383.93 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.54 468.10 Td (\(iii\), ) Tj ET Q q 0 0 0 rg BT 414.32 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.82 468.10 Td (security ) Tj ET Q q 0 0 0 rg BT 462.76 468.10 Td (is ) Tj ET Q q 0 0 0 rg BT 471.72 468.10 Td (written ) Tj ET Q q 0 0 0 rg BT 502.33 468.10 Td (down ) Tj ET Q q 0 0 0 rg BT 526.83 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.89 468.10 Td (its ) Tj ET Q q 0 0 0 rg BT 548.63 468.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 73.52 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.33 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.91 456.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.27 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.97 456.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 173.11 456.10 Td (is ) Tj ET Q q 0 0 0 rg BT 182.14 456.10 Td (then ) Tj ET Q q 0 0 0 rg BT 201.73 456.10 Td (bifurcated ) Tj ET Q q 0 0 0 rg BT 244.63 456.10 Td (into: ) Tj ET Q q 0 0 0 rg BT 265.33 456.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 278.80 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.38 456.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 325.74 456.10 Td (related ) Tj ET Q q 0 0 0 rg BT 355.31 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.46 456.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 403.36 456.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.49 456.10 Td (losses; ) Tj ET Q q 0 0 0 rg BT 457.52 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.33 456.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 488.36 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.94 456.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 535.30 456.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.75 444.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 76.10 444.10 Td (value ) Tj ET Q q 0 0 0 rg BT 100.23 444.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 150.48 444.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.74 444.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 189.31 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.11 444.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 238.12 444.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 263.36 444.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 292.22 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.52 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 312.54 444.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 343.90 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.71 444.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 379.95 444.10 Td (related ) Tj ET Q q 0 0 0 rg BT 409.63 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.88 444.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 457.89 444.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 483.13 444.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 509.49 444.10 Td (is ) Tj ET Q q 0 0 0 rg BT 518.64 444.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.02 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 72.97 432.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 125.25 432.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 169.20 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.27 432.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 225.16 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.77 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 244.05 432.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 286.33 432.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 310.84 432.10 Td (related ) Tj ET Q q 0 0 0 rg BT 339.78 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.29 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.25 432.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 402.20 432.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 447.82 432.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.22 432.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 501.82 432.10 Td (as ) Tj ET Q q 0 0 0 rg BT 511.89 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 518.07 432.10 Td (component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.25 420.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 113.19 420.10 Td (OCI ) Tj ET Q q 0 0 0 rg BT 132.83 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.03 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.67 420.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 210.63 420.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 255.26 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.01 420.10 Td (equity) Tj ET Q q 0 0 0 rg BT 290.35 420.10 Td (. ) Tj ET Q q 0 0 0 rg BT 295.27 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.51 420.10 Td (The ) Tj ET Q q 0 0 0 rg BT 315.48 420.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 346.78 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.53 420.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 382.72 420.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 429.00 420.10 Td (through ) Tj ET Q q 0 0 0 rg BT 462.53 420.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 498.82 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 507.91 420.10 Td (accreted ) Tj ET Q q 0 0 0 rg BT 543.63 420.10 Td (back ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.48 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.89 408.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 116.07 408.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 134.38 408.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 156.58 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.11 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.52 408.10 Td (security ) Tj ET Q q 0 0 0 rg BT 215.38 408.10 Td (through ) Tj ET Q q 0 0 0 rg BT 248.68 408.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 280.32 408.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 314.45 408.10 Td (while ) Tj ET Q q 0 0 0 rg BT 338.86 408.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 374.95 408.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 421.01 408.10 Td (through ) Tj ET Q q 0 0 0 rg BT 454.32 408.10 Td (OCI ) Tj ET Q q 0 0 0 rg BT 473.74 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 488.14 408.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 530.32 408.10 Td (over ) Tj ET Q q 0 0 0 rg BT 550.29 408.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (life ) Tj ET Q q 0 0 0 rg BT 65.31 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.12 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.81 396.10 Td (security ) Tj ET Q q 0 0 0 rg BT 124.95 396.10 Td (with ) Tj ET Q q 0 0 0 rg BT 145.21 396.10 Td (no ) Tj ET Q q 0 0 0 rg BT 157.69 396.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 187.38 396.10 Td (on ) Tj ET Q q 0 0 0 rg BT 199.86 396.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 238.72 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.20 396.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 262.00 396.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 287.25 396.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 327.49 396.10 Td (which ) Tj ET Q q 0 0 0 rg BT 354.41 396.10 Td (are ) Tj ET Q q 0 0 0 rg BT 369.10 396.10 Td (not ) Tj ET Q q 0 0 0 rg BT 384.36 396.10 Td (high-credit ) Tj ET Q q 0 0 0 rg BT 430.71 396.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 460.96 396.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.65 396.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 521.45 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.71 396.10 Td (have ) Tj ET Q q 0 0 0 rg BT 553.06 396.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 74.81 384.10 Td (if ) Tj ET Q q 0 0 0 rg BT 83.46 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.22 384.10 Td (security ) Tj ET Q q 0 0 0 rg BT 132.41 384.10 Td (has ) Tj ET Q q 0 0 0 rg BT 148.28 384.10 Td (an ) Tj ET Q q 0 0 0 rg BT 160.26 384.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 204.44 384.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 222.54 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.52 384.10 Td (there ) Tj ET Q q 0 0 0 rg BT 262.05 384.10 Td (has ) Tj ET Q q 0 0 0 rg BT 277.92 384.10 Td (been ) Tj ET Q q 0 0 0 rg BT 299.34 384.10 Td (an ) Tj ET Q q 0 0 0 rg BT 311.32 384.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 344.39 384.10 Td (change ) Tj ET Q q 0 0 0 rg BT 375.25 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.57 384.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 423.64 384.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 443.95 384.10 Td (flow) Tj ET Q q 0 0 0 rg BT 461.63 384.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.67 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.03 384.10 Td (The ) Tj ET Q q 0 0 0 rg BT 487.12 384.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 519.65 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.52 384.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 555.83 384.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (then ) Tj ET Q q 0 0 0 rg BT 69.22 372.10 Td (bifurcated ) Tj ET Q q 0 0 0 rg BT 112.25 372.10 Td (as ) Tj ET Q q 0 0 0 rg BT 123.08 372.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 163.91 372.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 192.79 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.73 372.10 Td (As ) Tj ET Q q 0 0 0 rg BT 208.35 372.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.18 372.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 255.01 372.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.01 372.10 Td (, ) Tj ET Q q 0 0 0 rg BT 280.01 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.72 372.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 336.11 372.10 Td (did ) Tj ET Q q 0 0 0 rg BT 351.39 372.10 Td (not ) Tj ET Q q 0 0 0 rg BT 366.67 372.10 Td (own ) Tj ET Q q 0 0 0 rg BT 386.39 372.10 Td (any ) Tj ET Q q 0 0 0 rg BT 403.33 372.10 Td (real ) Tj ET Q q 0 0 0 rg BT 420.81 372.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 446.08 372.10 Td (securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (Or) Tj ET Q q 0 0 0 rg BT 60.24 352.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 104.97 352.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.47 352.10 Td (Offering ) Tj ET Q q 0 0 0 rg BT 158.86 352.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.14 332.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 98.96 332.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.15 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 115.17 332.10 Td (its ) Tj ET Q q 0 0 0 rg BT 127.31 332.10 Td (af) Tj ET Q q 0 0 0 rg BT 134.89 332.10 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 167.29 332.10 Td (was ) Tj ET Q q 0 0 0 rg BT 185.53 332.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 218.21 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.68 332.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 260.23 332.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 322.90 332.10 Td (for ) Tj ET Q q 0 0 0 rg BT 337.24 332.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 359.93 332.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 379.84 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 392.52 332.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 420.20 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.22 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.12 332.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.70 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.16 332.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.72 332.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.81 320.10 Td (Of) Tj ET Q q 0 0 0 rg BT 74.18 320.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 102.65 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.59 320.10 Td (The ) Tj ET Q q 0 0 0 rg BT 122.23 320.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 163.20 320.10 Td (was ) Tj ET Q q 0 0 0 rg BT 180.85 320.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 220.15 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.02 320.10 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 272.10 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.94 320.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 320.26 320.10 Td (for ) Tj ET Q q 0 0 0 rg BT 334.01 320.10 Td (or) Tj ET Q q 0 0 0 rg BT 342.16 320.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 385.90 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.43 320.10 Td (of) Tj ET Q q 0 0 0 rg BT 410.58 320.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 436.55 320.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 458.64 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.51 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.81 320.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 509.34 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.65 320.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.47 308.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 87.78 308.10 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 144.15 308.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 170.22 308.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 206.28 308.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 224.03 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.11 308.10 Td (other ) Tj ET Q q 0 0 0 rg BT 262.30 308.10 Td (or) Tj ET Q q 0 0 0 rg BT 270.45 308.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 313.74 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.82 308.10 Td (of) Tj ET Q q 0 0 0 rg BT 337.97 308.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 363.49 308.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 385.13 308.10 Td (do ) Tj ET Q q 0 0 0 rg BT 396.78 308.10 Td (not ) Tj ET Q q 0 0 0 rg BT 411.20 308.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.60 308.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.93 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.57 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.54 308.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 493.30 308.10 Td (of) Tj ET Q q 0 0 0 rg BT 501.45 308.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 526.97 308.10 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.37 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.03 296.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 120.68 296.10 Td (Of) Tj ET Q q 0 0 0 rg BT 131.05 296.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 159.86 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.12 296.10 Td (The ) Tj ET Q q 0 0 0 rg BT 179.57 296.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 214.22 296.10 Td (did ) Tj ET Q q 0 0 0 rg BT 229.44 296.10 Td (not ) Tj ET Q q 0 0 0 rg BT 244.65 296.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 273.18 296.10 Td (reimbursable ) Tj ET Q q 0 0 0 rg BT 327.82 296.10 Td (or) Tj ET Q q 0 0 0 rg BT 335.97 296.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 380.05 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.93 296.10 Td (of) Tj ET Q q 0 0 0 rg BT 405.08 296.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 431.39 296.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 456.33 296.10 Td (including ) Tj ET Q q 0 0 0 rg BT 496.53 296.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.97 296.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 554.72 296.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 95.87 284.10 Td (with ) Tj ET Q q 0 0 0 rg BT 116.15 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.86 284.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 175.03 284.10 Td (Of) Tj ET Q q 0 0 0 rg BT 185.40 284.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 211.78 284.10 Td (but ) Tj ET Q q 0 0 0 rg BT 227.06 284.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 268.99 284.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 298.15 284.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 352.88 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.82 284.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 396.74 284.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 433.66 284.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 454.76 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.04 284.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.29 284.10 Td ($22.5 ) Tj ET Q q 0 0 0 rg BT 520.29 284.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.18 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 554.18 284.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.33 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.32 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.64 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.85 272.10 Td (total ) Tj ET Q q 0 0 0 rg BT 120.62 272.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 159.15 272.10 Td (available ) Tj ET Q q 0 0 0 rg BT 198.23 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.00 272.10 Td (be ) Tj ET Q q 0 0 0 rg BT 221.43 272.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 248.30 272.10 Td (from ) Tj ET Q q 0 0 0 rg BT 270.73 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.94 272.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 321.15 272.10 Td (Of) Tj ET Q q 0 0 0 rg BT 331.52 272.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 360.89 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.88 272.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 391.31 272.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.30 272.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 428.41 272.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 466.94 272.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.26 272.10 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 498.75 272.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.87 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.86 272.10 Td (from ) Tj ET Q q 0 0 0 rg BT 550.29 272.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 83.45 260.10 Td (Of) Tj ET Q q 0 0 0 rg BT 93.82 260.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 121.93 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.88 260.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 176.50 260.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 211.55 260.10 Td (reimbursable ) Tj ET Q q 0 0 0 rg BT 265.48 260.10 Td (or) Tj ET Q q 0 0 0 rg BT 273.63 260.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 324.23 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.40 260.10 Td (of) Tj ET Q q 0 0 0 rg BT 348.55 260.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 374.16 260.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 398.39 260.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 439.56 260.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 467.96 260.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 521.91 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.08 260.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 85.71 248.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 106.08 248.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.20 248.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.03 248.10 Td (, ) Tj ET Q q 0 0 0 rg BT 141.31 248.10 Td (which ) Tj ET Q q 0 0 0 rg BT 167.53 248.10 Td (was ) Tj ET Q q 0 0 0 rg BT 184.86 248.10 Td (less ) Tj ET Q q 0 0 0 rg BT 201.64 248.10 Td (than ) Tj ET Q q 0 0 0 rg BT 220.64 248.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.64 248.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.47 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.25 248.10 Td (expected. ) Tj ET Q q 0 0 0 rg BT 297.06 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.71 248.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.04 248.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 356.71 248.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 393.47 248.10 Td (or) Tj ET Q q 0 0 0 rg BT 401.62 248.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 445.05 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.27 248.10 Td (of) Tj ET Q q 0 0 0 rg BT 469.42 248.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 495.08 248.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 516.86 248.10 Td (each ) Tj ET Q q 0 0 0 rg BT 536.95 248.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.99 236.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 97.71 236.10 Td (an ) Tj ET Q q 0 0 0 rg BT 109.87 236.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 152.02 236.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 199.73 236.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.45 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.39 236.10 Td (expectation ) Tj ET Q q 0 0 0 rg BT 276.20 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.25 236.10 Td (total ) Tj ET Q q 0 0 0 rg BT 307.75 236.10 Td (or) Tj ET Q q 0 0 0 rg BT 315.90 236.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 360.27 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.43 236.10 Td (of) Tj ET Q q 0 0 0 rg BT 385.58 236.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 412.18 236.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 434.90 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.40 236.10 Td (be ) Tj ET Q q 0 0 0 rg BT 457.56 236.10 Td (reimbursed. ) Tj ET Q q 0 0 0 rg BT 507.77 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.49 236.10 Td (Or) Tj ET Q q 0 0 0 rg BT 520.86 236.10 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 71.42 224.10 Td (were ) Tj ET Q q 0 0 0 rg BT 92.76 224.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 129.65 224.10 Td (as ) Tj ET Q q 0 0 0 rg BT 139.90 224.10 Td (an ) Tj ET Q q 0 0 0 rg BT 151.25 224.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 185.37 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.07 224.10 Td (general ) Tj ET Q q 0 0 0 rg BT 226.41 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.76 224.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 301.88 224.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 339.90 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.59 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.72 224.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 416.18 224.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 460.31 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.55 224.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 514.12 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.48 224.10 Td (of) Tj ET Q q 0 0 0 rg BT 538.63 224.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.00 212.10 Td (were ) Tj ET Q q 0 0 0 rg BT 93.93 212.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 131.40 212.10 Td (as ) Tj ET Q q 0 0 0 rg BT 142.23 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.17 212.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 189.44 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.71 212.10 Td (equity) Tj ET Q q 0 0 0 rg BT 224.06 212.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 81.43 192.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.07 192.10 Td (axes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.32 172.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.48 172.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 139.06 172.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.11 172.10 Td (be ) Tj ET Q q 0 0 0 rg BT 160.83 172.10 Td (taxed ) Tj ET Q q 0 0 0 rg BT 184.75 172.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.36 172.10 Td (a ) Tj ET Q q 0 0 0 rg BT 202.07 172.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 224.10 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.38 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.09 172.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.14 172.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 285.41 172.10 Td (with ) Tj ET Q q 0 0 0 rg BT 305.46 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.95 172.10 Td (related ) Tj ET Q q 0 0 0 rg BT 349.42 172.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 393.37 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.97 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.46 172.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 451.83 172.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 489.08 172.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 512.47 172.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 554.73 172.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (its ) Tj ET Q q 0 0 0 rg BT 61.28 160.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 92.49 160.10 Td (year ) Tj ET Q q 0 0 0 rg BT 112.03 160.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 138.25 160.10 Td (December ) Tj ET Q q 0 0 0 rg BT 181.67 160.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 196.50 160.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 221.34 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.16 160.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 272.49 160.10 Td (, ) Tj ET Q q 0 0 0 rg BT 277.33 160.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.88 160.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 333.10 160.10 Td (will ) Tj ET Q q 0 0 0 rg BT 350.99 160.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 390.53 160.10 Td (not ) Tj ET Q q 0 0 0 rg BT 405.65 160.10 Td (be ) Tj ET Q q 0 0 0 rg BT 417.42 160.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 448.08 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.19 160.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 478.31 160.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 508.40 160.10 Td (income ) Tj ET Q q 0 0 0 rg BT 540.17 160.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 554.72 160.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 148.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 91.41 148.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.38 148.10 Td (its ) Tj ET Q q 0 0 0 rg BT 114.46 148.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 167.09 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.50 148.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 230.68 148.10 Td (as ) Tj ET Q q 0 0 0 rg BT 241.64 148.10 Td (long ) Tj ET Q q 0 0 0 rg BT 262.05 148.10 Td (as ) Tj ET Q q 0 0 0 rg BT 273.02 148.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 302.85 148.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 327.42 148.10 Td (income ) Tj ET Q q 0 0 0 rg BT 359.49 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.56 148.10 Td (share ) Tj ET Q q 0 0 0 rg BT 400.29 148.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 444.58 148.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 464.99 148.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.83 148.10 Td (met. ) Tj ET Q q 0 0 0 rg BT 499.95 148.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.40 148.10 Td (T) Tj ET Q q 0 0 0 rg BT 507.81 148.10 Td (o ) Tj ET Q q 0 0 0 rg BT 515.44 148.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 553.06 148.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (qualification ) Tj ET Q q 0 0 0 rg BT 102.98 136.10 Td (as ) Tj ET Q q 0 0 0 rg BT 114.24 136.10 Td (a ) Tj ET Q q 0 0 0 rg BT 121.62 136.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 143.10 136.10 Td (, ) Tj ET Q q 0 0 0 rg BT 148.53 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.69 136.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.51 136.10 Td (must ) Tj ET Q q 0 0 0 rg BT 227.90 136.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 265.27 136.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 305.99 136.10 Td (at ) Tj ET Q q 0 0 0 rg BT 316.14 136.10 Td (least ) Tj ET Q q 0 0 0 rg BT 337.40 136.10 Td (90% ) Tj ET Q q 0 0 0 rg BT 358.67 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.94 136.10 Td (its ) Tj ET Q q 0 0 0 rg BT 382.33 136.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 404.36 136.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.30 136.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 439.11 136.10 Td (income ) Tj ET Q q 0 0 0 rg BT 471.49 136.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.20 136.10 Td (its ) Tj ET Q q 0 0 0 rg BT 494.59 136.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 548.07 136.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 72.15 124.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 102.56 124.10 Td (other ) Tj ET Q q 0 0 0 rg BT 126.32 124.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 184.24 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.22 124.10 Td (The ) Tj ET Q q 0 0 0 rg BT 205.98 124.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 248.08 124.10 Td (may ) Tj ET Q q 0 0 0 rg BT 268.51 124.10 Td (also ) Tj ET Q q 0 0 0 rg BT 287.83 124.10 Td (be ) Tj ET Q q 0 0 0 rg BT 300.48 124.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 332.02 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.01 124.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 373.42 124.10 Td (state, ) Tj ET Q q 0 0 0 rg BT 397.46 124.10 Td (local ) Tj ET Q q 0 0 0 rg BT 420.11 124.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.76 124.10 Td (franchise ) Tj ET Q q 0 0 0 rg BT 477.62 124.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 503.88 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.09 124.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 535.29 124.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 111.33 112.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 141.78 112.10 Td (income ) Tj ET Q q 0 0 0 rg BT 173.90 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.03 112.10 Td (excise ) Tj ET Q q 0 0 0 rg BT 218.71 112.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 241.95 112.10 Td (may ) Tj ET Q q 0 0 0 rg BT 261.86 112.10 Td (be ) Tj ET Q q 0 0 0 rg BT 273.99 112.10 Td (due ) Tj ET Q q 0 0 0 rg BT 291.12 112.10 Td (on ) Tj ET Q q 0 0 0 rg BT 303.81 112.10 Td (its ) Tj ET Q q 0 0 0 rg BT 315.95 112.10 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 371.42 112.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 402.98 112.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 437.61 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.30 112.10 Td (If ) Tj ET Q q 0 0 0 rg BT 449.65 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.56 112.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 506.14 112.10 Td (were ) Tj ET Q q 0 0 0 rg BT 528.26 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 538.73 112.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 554.75 112.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 71.15 100.10 Td (these ) Tj ET Q q 0 0 0 rg BT 93.91 100.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 150.83 100.10 Td (it ) Tj ET Q q 0 0 0 rg BT 158.60 100.10 Td (would ) Tj ET Q q 0 0 0 rg BT 185.81 100.10 Td (be ) Tj ET Q q 0 0 0 rg BT 197.46 100.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 228.00 100.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.00 100.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 257.99 100.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 287.96 100.10 Td (income ) Tj ET Q q 0 0 0 rg BT 319.61 100.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 336.54 100.10 Td (which ) Tj ET Q q 0 0 0 rg BT 363.19 100.10 Td (could ) Tj ET Q q 0 0 0 rg BT 387.63 100.10 Td (have ) Tj ET Q q 0 0 0 rg BT 408.72 100.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.37 100.10 Td (material ) Tj ET Q q 0 0 0 rg BT 450.34 100.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 483.09 100.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 512.52 100.10 Td (on ) Tj ET Q q 0 0 0 rg BT 524.73 100.10 Td (its ) Tj ET Q q 0 0 0 rg BT 536.40 100.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.98 88.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 103.79 88.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.38 88.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 156.41 88.10 Td (available ) Tj ET Q q 0 0 0 rg BT 194.65 88.10 Td (for ) Tj ET Q q 0 0 0 rg BT 208.46 88.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 260.62 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.55 88.10 Td (its ) Tj ET Q q 0 0 0 rg BT 282.15 88.10 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 337.35 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.34 88.10 Td (The ) Tj ET Q q 0 0 0 rg BT 357.04 88.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 398.08 88.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 432.99 88.10 Td (that ) Tj ET Q q 0 0 0 rg BT 450.14 88.10 Td (all ) Tj ET Q q 0 0 0 rg BT 462.28 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.77 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.13 88.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 517.59 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 88.10 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.15 76.10 Td (Company) Tj ET Q q 0 0 0 rg BT 105.81 76.10 Td (s ) Tj ET Q q 0 0 0 rg BT 112.14 76.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 134.18 76.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.61 76.10 Td (qualification ) Tj ET Q q 0 0 0 rg BT 189.58 76.10 Td (have ) Tj ET Q q 0 0 0 rg BT 210.89 76.10 Td (been ) Tj ET Q q 0 0 0 rg BT 232.20 76.10 Td (met ) Tj ET Q q 0 0 0 rg BT 249.63 76.10 Td (for ) Tj ET Q q 0 0 0 rg BT 263.72 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.37 76.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 321.89 76.10 Td (periods, ) Tj ET Q q 0 0 0 rg BT 356.26 76.10 Td (but ) Tj ET Q q 0 0 0 rg BT 371.48 76.10 Td (there ) Tj ET Q q 0 0 0 rg BT 393.89 76.10 Td (can ) Tj ET Q q 0 0 0 rg BT 410.20 76.10 Td (be ) Tj ET Q q 0 0 0 rg BT 422.08 76.10 Td (no ) Tj ET Q q 0 0 0 rg BT 434.51 76.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 475.81 76.10 Td (that ) Tj ET Q q 0 0 0 rg BT 493.24 76.10 Td (these ) Tj ET Q q 0 0 0 rg BT 516.22 76.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 546.96 76.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 86.43 64.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.71 64.10 Td (be ) Tj ET Q q 0 0 0 rg BT 108.65 64.10 Td (met ) Tj ET Q q 0 0 0 rg BT 126.15 64.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.42 64.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 183.36 64.10 Td (periods. ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.83 704.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.49 704.10 Td (made ) Tj ET Q q 0 0 0 rg BT 130.93 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 137.14 704.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 157.26 704.10 Td (election ) Tj ET Q q 0 0 0 rg BT 190.69 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.24 704.10 Td (treat ) Tj ET Q q 0 0 0 rg BT 219.79 704.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 248.77 704.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 297.76 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 307.74 704.10 Td (TRS ) Tj ET Q q 0 0 0 rg BT 327.86 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 354.08 704.10 Td (may ) Tj ET Q q 0 0 0 rg BT 373.07 704.10 Td (be ) Tj ET Q q 0 0 0 rg BT 384.29 704.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 414.39 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.95 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 443.51 704.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 475.55 704.10 Td (state ) Tj ET Q q 0 0 0 rg BT 495.65 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.87 704.10 Td (local ) Tj ET Q q 0 0 0 rg BT 533.08 704.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 75.28 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.02 692.10 Td (In ) Tj ET Q q 0 0 0 rg BT 89.08 692.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 123.74 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 130.71 692.10 Td (TRS ) Tj ET Q q 0 0 0 rg BT 151.79 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.85 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.80 692.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.42 692.10 Td (may ) Tj ET Q q 0 0 0 rg BT 239.38 692.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 274.32 692.10 Td (non-customary ) Tj ET Q q 0 0 0 rg BT 337.04 692.10 Td (services ) Tj ET Q q 0 0 0 rg BT 371.98 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 386.37 692.10 Td (tenants/operators/residents ) Tj ET Q q 0 0 0 rg BT 495.74 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.81 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.76 692.10 Td (Company) Tj ET Q q 0 0 0 rg BT 560.00 692.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 69.78 680.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 95.61 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 113.10 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.82 680.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 169.21 680.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 198.36 680.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 218.64 680.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 251.68 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.62 680.10 Td (may ) Tj ET Q q 0 0 0 rg BT 288.34 680.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 319.15 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.43 680.10 Td (any ) Tj ET Q q 0 0 0 rg BT 346.37 680.10 Td (real ) Tj ET Q q 0 0 0 rg BT 363.86 680.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 389.12 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.95 680.10 Td (non-real ) Tj ET Q q 0 0 0 rg BT 435.76 680.10 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 491.56 680.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.07 660.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 130.43 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.90 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.25 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 196.28 660.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.62 660.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 241.09 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.00 660.10 Td (taxation ) Tj ET Q q 0 0 0 rg BT 285.35 660.10 Td (by ) Tj ET Q q 0 0 0 rg BT 297.49 660.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 329.89 660.10 Td (state ) Tj ET Q q 0 0 0 rg BT 350.35 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.93 660.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 397.94 660.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 442.29 660.10 Td (for ) Tj ET Q q 0 0 0 rg BT 456.09 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.45 660.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 502.02 660.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 544.98 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 660.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.59 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.23 648.10 Td (its ) Tj ET Q q 0 0 0 rg BT 118.88 648.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 138.86 648.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 188.28 648.10 Td (will ) Tj ET Q q 0 0 0 rg BT 206.04 648.10 Td (file ) Tj ET Q q 0 0 0 rg BT 221.56 648.10 Td (a ) Tj ET Q q 0 0 0 rg BT 228.20 648.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.95 648.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 310.90 648.10 Td (income ) Tj ET Q q 0 0 0 rg BT 342.54 648.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 356.95 648.10 Td (return. ) Tj ET Q q 0 0 0 rg BT 385.53 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.73 648.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 419.92 648.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 442.67 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 457.08 648.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 499.81 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 513.67 648.10 Td (by ) Tj ET Q q 0 0 0 rg BT 525.87 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.29 648.10 Td (asset/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 83.40 636.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 122.83 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.40 636.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 181.16 636.10 Td (with ) Tj ET Q q 0 0 0 rg BT 201.72 636.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 222.30 636.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 248.42 636.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.71 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.50 636.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 294.81 636.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 320.65 636.10 Td (if ) Tj ET Q q 0 0 0 rg BT 329.55 636.10 Td (any) Tj ET Q q 0 0 0 rg BT 343.34 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 348.63 636.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 388.07 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.07 636.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 441.40 636.10 Td (future ) Tj ET Q q 0 0 0 rg BT 468.06 636.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 483.07 636.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 540.84 636.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 624.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 100.68 624.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 137.39 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.54 624.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 174.70 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.96 624.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 232.00 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.03 624.10 Td (recovered ) Tj ET Q q 0 0 0 rg BT 289.27 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 300.42 624.10 Td (paid. ) Tj ET Q q 0 0 0 rg BT 322.96 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.79 624.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 348.61 624.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 385.32 624.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 407.02 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 429.28 624.10 Td (dif) Tj ET Q q 0 0 0 rg BT 440.21 624.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 476.34 624.10 Td (between ) Tj ET Q q 0 0 0 rg BT 512.48 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 624.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 89.14 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.57 612.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 121.77 612.10 Td (bases ) Tj ET Q q 0 0 0 rg BT 146.42 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.74 612.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 184.05 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.48 612.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 241.68 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.11 612.10 Td (are ) Tj ET Q q 0 0 0 rg BT 274.30 612.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 310.62 612.10 Td (for ) Tj ET Q q 0 0 0 rg BT 325.26 612.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 360.46 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.22 612.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 386.43 612.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 407.75 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.17 612.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 440.38 612.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 462.24 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.01 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.21 612.10 Td (period ) Tj ET Q q 0 0 0 rg BT 516.74 612.10 Td (which ) Tj ET Q q 0 0 0 rg BT 544.17 612.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 84.25 600.10 Td (are ) Tj ET Q q 0 0 0 rg BT 99.00 600.10 Td (enacted. ) Tj ET Q q 0 0 0 rg BT 134.58 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.56 600.10 Td (A) Tj ET Q q 0 0 0 rg BT 143.23 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.77 600.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 186.10 600.10 Td (for ) Tj ET Q q 0 0 0 rg BT 200.30 600.10 Td (income ) Tj ET Q q 0 0 0 rg BT 232.28 600.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 247.04 600.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 290.12 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.88 600.10 Td (total ) Tj ET Q q 0 0 0 rg BT 325.20 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.07 600.10 Td (income ) Tj ET Q q 0 0 0 rg BT 368.05 600.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 391.14 600.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 410.90 600.10 Td (or ) Tj ET Q q 0 0 0 rg BT 421.78 600.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 455.41 600.10 Td (for ) Tj ET Q q 0 0 0 rg BT 469.62 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.38 600.10 Td (current ) Tj ET Q q 0 0 0 rg BT 515.24 600.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 545.83 600.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.28 588.10 Td (change ) Tj ET Q q 0 0 0 rg BT 93.17 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 102.51 588.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 137.39 588.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 162.00 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.57 588.10 Td (Current ) Tj ET Q q 0 0 0 rg BT 195.68 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.69 588.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 246.56 588.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 268.67 588.10 Td (are ) Tj ET Q q 0 0 0 rg BT 282.45 588.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 319.56 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 331.13 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.92 588.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 375.37 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.27 588.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 420.71 588.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 452.83 588.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 498.26 588.10 Td (by ) Tj ET Q q 0 0 0 rg BT 509.83 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 588.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.11 576.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.26 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.87 576.10 Td (its ) Tj ET Q q 0 0 0 rg BT 124.15 576.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 156.41 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.02 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.87 576.10 Td (TRS. ) Tj ET Q q 0 0 0 rg BT 205.54 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.37 576.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 246.73 576.10 Td (income ) Tj ET Q q 0 0 0 rg BT 279.00 576.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.05 576.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 320.21 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.48 576.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 377.53 576.10 Td (are ) Tj ET Q q 0 0 0 rg BT 392.57 576.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 435.93 576.10 Td (based ) Tj ET Q q 0 0 0 rg BT 461.53 576.10 Td (on ) Tj ET Q q 0 0 0 rg BT 474.36 576.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 518.28 576.10 Td (dif) Tj ET Q q 0 0 0 rg BT 529.21 576.10 Td (ferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (between ) Tj ET Q q 0 0 0 rg BT 85.85 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.10 564.10 Td (Company) Tj ET Q q 0 0 0 rg BT 142.77 564.10 Td (s ) Tj ET Q q 0 0 0 rg BT 149.69 564.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 170.51 564.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 197.37 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.40 564.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 253.98 564.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 291.99 564.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 337.24 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.71 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.96 564.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 400.75 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.23 564.10 Td (state ) Tj ET Q q 0 0 0 rg BT 439.59 564.10 Td (income ) Tj ET Q q 0 0 0 rg BT 472.05 564.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 487.31 564.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 510.34 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.70 564.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 548.07 564.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.50 552.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.61 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.72 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.72 552.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 180.04 552.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 213.35 552.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 236.68 552.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 258.62 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.20 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 279.52 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 321.19 552.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 361.17 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.17 552.10 Td (realizability ) Tj ET Q q 0 0 0 rg BT 426.71 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.82 552.10 Td (its ) Tj ET Q q 0 0 0 rg BT 450.05 552.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 486.13 552.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 501.13 552.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 527.24 552.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 550.29 552.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.57 540.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 107.43 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.17 540.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 153.13 540.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.99 540.10 Td (carryforwards\) ) Tj ET Q q 0 0 0 rg BT 232.71 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.45 540.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 294.51 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 301.25 540.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 340.76 540.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 383.60 540.10 Td (if, ) Tj ET Q q 0 0 0 rg BT 394.51 540.10 Td (based ) Tj ET Q q 0 0 0 rg BT 419.58 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 431.89 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.41 540.10 Td (available ) Tj ET Q q 0 0 0 rg BT 484.80 540.10 Td (evidence, ) Tj ET Q q 0 0 0 rg BT 525.14 540.10 Td (it ) Tj ET Q q 0 0 0 rg BT 533.00 540.10 Td (is ) Tj ET Q q 0 0 0 rg BT 541.97 540.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 74.02 528.10 Td (than ) Tj ET Q q 0 0 0 rg BT 92.98 528.10 Td (not ) Tj ET Q q 0 0 0 rg BT 107.51 528.10 Td (that ) Tj ET Q q 0 0 0 rg BT 124.25 528.10 Td (some ) Tj ET Q q 0 0 0 rg BT 147.11 528.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 177.74 528.10 Td (or ) Tj ET Q q 0 0 0 rg BT 187.82 528.10 Td (all ) Tj ET Q q 0 0 0 rg BT 199.56 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.64 528.10 Td (its ) Tj ET Q q 0 0 0 rg BT 220.83 528.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 255.89 528.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 269.85 528.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 294.93 528.10 Td (will ) Tj ET Q q 0 0 0 rg BT 312.23 528.10 Td (not ) Tj ET Q q 0 0 0 rg BT 326.76 528.10 Td (be ) Tj ET Q q 0 0 0 rg BT 337.94 528.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 373.83 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.45 528.10 Td (When ) Tj ET Q q 0 0 0 rg BT 401.07 528.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 444.47 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.44 528.10 Td (realizability ) Tj ET Q q 0 0 0 rg BT 507.94 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.01 528.10 Td (its ) Tj ET Q q 0 0 0 rg BT 529.21 528.10 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.41 516.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 92.93 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.84 516.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 149.42 516.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 189.88 516.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 229.79 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.81 516.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 279.04 516.10 Td (future ) Tj ET Q q 0 0 0 rg BT 305.61 516.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 337.17 516.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 371.80 516.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 406.16 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.29 516.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 463.18 516.10 Td (book/tax ) Tj ET Q q 0 0 0 rg BT 500.87 516.10 Td (dif) Tj ET Q q 0 0 0 rg BT 511.80 516.10 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 550.30 516.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 87.82 504.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 128.90 504.10 Td (available ) Tj ET Q q 0 0 0 rg BT 168.31 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.07 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.60 504.10 Td (general ) Tj ET Q q 0 0 0 rg BT 234.35 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.11 504.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 288.21 504.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 322.62 504.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 364.81 504.10 Td (outlook. ) Tj ET Q q 0 0 0 rg BT 401.19 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.27 504.10 Td (This ) Tj ET Q q 0 0 0 rg BT 425.37 504.10 Td (realizability ) Tj ET Q q 0 0 0 rg BT 476.44 504.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 511.98 504.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.97 504.10 Td (inherently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (subjective, ) Tj ET Q q 0 0 0 rg BT 95.22 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 106.23 492.10 Td (it ) Tj ET Q q 0 0 0 rg BT 114.47 492.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 149.35 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.25 492.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.82 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 216.28 492.10 Td (forecast ) Tj ET Q q 0 0 0 rg BT 250.60 492.10 Td (its ) Tj ET Q q 0 0 0 rg BT 262.73 492.10 Td (business ) Tj ET Q q 0 0 0 rg BT 299.30 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.42 492.10 Td (general ) Tj ET Q q 0 0 0 rg BT 348.52 492.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 390.07 492.10 Td (environment ) Tj ET Q q 0 0 0 rg BT 443.29 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.75 492.10 Td (future ) Tj ET Q q 0 0 0 rg BT 480.31 492.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 514.93 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.61 492.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 554.73 492.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 85.54 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.59 480.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 132.62 480.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 147.56 480.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 169.72 480.10 Td (realizability) Tj ET Q q 0 0 0 rg BT 216.83 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 222.05 480.10 Td (if ) Tj ET Q q 0 0 0 rg BT 230.88 480.10 Td (any) Tj ET Q q 0 0 0 rg BT 244.67 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 249.89 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 264.82 480.10 Td (included ) Tj ET Q q 0 0 0 rg BT 301.98 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.48 480.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 352.98 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 367.36 480.10 Td (income ) Tj ET Q q 0 0 0 rg BT 399.51 480.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 414.45 480.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 444.94 480.10 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 486.53 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.03 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 480.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.16 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.94 468.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 151.55 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.00 468.10 Td (In ) Tj ET Q q 0 0 0 rg BT 164.78 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.45 468.10 Td (first ) Tj ET Q q 0 0 0 rg BT 198.00 468.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 228.77 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.55 468.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 264.50 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.17 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 320.50 468.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 357.93 468.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.82 468.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 384.77 468.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.66 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.11 468.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 455.77 468.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 498.75 468.10 Td (as ) Tj ET Q q 0 0 0 rg BT 509.54 468.10 Td (it ) Tj ET Q q 0 0 0 rg BT 517.54 468.10 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (it ) Tj ET Q q 0 0 0 rg BT 56.88 456.10 Td (will ) Tj ET Q q 0 0 0 rg BT 74.26 456.10 Td (be ) Tj ET Q q 0 0 0 rg BT 85.52 456.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 113.99 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.59 456.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 150.40 456.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.66 456.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 175.98 456.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.88 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.70 456.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 241.82 456.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 255.86 456.10 Td (asset. ) Tj ET Q q 0 0 0 rg BT 279.62 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.04 456.10 Td (As ) Tj ET Q q 0 0 0 rg BT 293.98 456.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.13 456.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 339.28 456.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.28 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 363.60 456.10 Td (there ) Tj ET Q q 0 0 0 rg BT 385.41 456.10 Td (are ) Tj ET Q q 0 0 0 rg BT 399.44 456.10 Td (no ) Tj ET Q q 0 0 0 rg BT 411.26 456.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 445.28 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 454.88 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.92 456.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 489.62 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.88 456.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 444.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 93.93 444.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.42 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.14 444.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.53 444.10 Td (should ) Tj ET Q q 0 0 0 rg BT 196.70 444.10 Td (release ) Tj ET Q q 0 0 0 rg BT 226.95 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.67 444.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 281.38 444.10 Td (allowance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 424.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.57 424.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 147.37 424.10 Td (a ) Tj ET Q q 0 0 0 rg BT 154.62 424.10 Td (net ) Tj ET Q q 0 0 0 rg BT 169.66 424.10 Td (income ) Tj ET Q q 0 0 0 rg BT 201.91 424.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 216.95 424.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 251.97 424.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.12 424.10 Td (less ) Tj ET Q q 0 0 0 rg BT 280.94 424.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.98 424.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 321.29 424.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.19 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.01 424.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.26 424.10 Td ($7.1 ) Tj ET Q q 0 0 0 rg BT 390.58 424.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.47 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.29 424.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.77 424.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.81 424.10 Td (three ) Tj ET Q q 0 0 0 rg BT 474.61 424.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.87 424.10 Td (six ) Tj ET Q q 0 0 0 rg BT 506.36 424.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.62 424.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 85.37 412.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.37 412.10 Td (, ) Tj ET Q q 0 0 0 rg BT 110.42 412.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 158.08 412.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.12 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.48 412.10 Td (The ) Tj ET Q q 0 0 0 rg BT 183.57 412.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 225.00 412.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 262.52 412.10 Td (an ) Tj ET Q q 0 0 0 rg BT 274.51 412.10 Td (income ) Tj ET Q q 0 0 0 rg BT 306.48 412.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 321.24 412.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 351.55 412.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.43 412.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 382.47 412.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.36 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.91 412.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.89 412.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 450.93 412.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.82 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.37 412.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.57 412.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.33 412.10 Td (three ) Tj ET Q q 0 0 0 rg BT 533.86 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.84 412.10 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (months ) Tj ET Q q 0 0 0 rg BT 81.45 400.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.33 400.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 400.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 143.66 400.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.66 400.10 Td (, ) Tj ET Q q 0 0 0 rg BT 168.66 400.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 216.32 400.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 79.02 380.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 127.06 380.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 136.69 380.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.90 360.10 Td (May ) Tj ET Q q 0 0 0 rg BT 80.30 360.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 104.87 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.15 360.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 157.98 360.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 206.70 360.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 248.21 360.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 274.72 360.10 Td (\(F) Tj ET Q q 0 0 0 rg BT 287.31 360.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 316.60 360.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 343.67 360.10 Td (an ) Tj ET Q q 0 0 0 rg BT 355.17 360.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 401.12 360.10 Td (update ) Tj ET Q q 0 0 0 rg BT 429.84 360.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 468.57 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.07 360.10 Td (company ) Tj ET Q q 0 0 0 rg BT 513.80 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.65 360.10 Td (recognize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.49 348.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 94.80 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.68 348.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 142.34 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.34 348.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 209.87 348.10 Td (it ) Tj ET Q q 0 0 0 rg BT 218.09 348.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 250.74 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.18 348.10 Td (be ) Tj ET Q q 0 0 0 rg BT 273.28 348.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 305.94 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.38 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.82 348.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 373.36 348.10 Td (with ) Tj ET Q q 0 0 0 rg BT 393.80 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.68 348.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 441.88 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.87 348.10 Td (promised ) Tj ET Q q 0 0 0 rg BT 492.75 348.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 519.31 348.10 Td (or ) Tj ET Q q 0 0 0 rg BT 530.30 348.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 58.83 336.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 103.43 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.86 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 121.96 336.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 167.38 336.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 202.81 336.10 Td (update ) Tj ET Q q 0 0 0 rg BT 231.02 336.10 Td (will ) Tj ET Q q 0 0 0 rg BT 248.12 336.10 Td (replace ) Tj ET Q q 0 0 0 rg BT 278.54 336.10 Td (most ) Tj ET Q q 0 0 0 rg BT 299.53 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.42 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.18 336.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 356.40 336.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 389.59 336.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 436.69 336.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 474.33 336.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 511.97 336.10 Td (promulgated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.58 324.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 81.44 324.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 107.55 324.10 Td (. ) Tj ET Q q 0 0 0 rg BT 112.13 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.21 324.10 Td (In ) Tj ET Q q 0 0 0 rg BT 124.61 324.10 Td (July ) Tj ET Q q 0 0 0 rg BT 143.36 324.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 167.94 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.23 324.10 Td (F) Tj ET Q q 0 0 0 rg BT 187.05 324.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 208.58 324.10 Td (decided ) Tj ET Q q 0 0 0 rg BT 241.75 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.61 324.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 275.34 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.63 324.10 Td (ef) Tj ET Q q 0 0 0 rg BT 297.22 324.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 326.50 324.10 Td (date ) Tj ET Q q 0 0 0 rg BT 345.23 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.64 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.93 324.10 Td (new ) Tj ET Q q 0 0 0 rg BT 388.67 324.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 422.39 324.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 458.34 324.10 Td (by ) Tj ET Q q 0 0 0 rg BT 470.42 324.10 Td (one ) Tj ET Q q 0 0 0 rg BT 486.93 324.10 Td (year) Tj ET Q q 0 0 0 rg BT 503.59 324.10 Td (. ) Tj ET Q q 0 0 0 rg BT 508.17 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.09 324.10 Td (The ) Tj ET Q q 0 0 0 rg BT 527.72 324.10 Td (ef) Tj ET Q q 0 0 0 rg BT 535.30 324.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (date ) Tj ET Q q 0 0 0 rg BT 69.27 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.72 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.06 312.10 Td (new ) Tj ET Q q 0 0 0 rg BT 115.83 312.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 150.60 312.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 187.59 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.37 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.70 312.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 259.71 312.10 Td (will ) Tj ET Q q 0 0 0 rg BT 278.38 312.10 Td (be ) Tj ET Q q 0 0 0 rg BT 290.94 312.10 Td (January ) Tj ET Q q 0 0 0 rg BT 325.15 312.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 335.77 312.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 361.39 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.28 312.10 Td (The ) Tj ET Q q 0 0 0 rg BT 382.95 312.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 424.95 312.10 Td (is ) Tj ET Q q 0 0 0 rg BT 434.74 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.63 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.97 312.10 Td (process ) Tj ET Q q 0 0 0 rg BT 494.08 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.52 312.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 550.29 312.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 81.71 300.10 Td (if ) Tj ET Q q 0 0 0 rg BT 90.32 300.10 Td (any) Tj ET Q q 0 0 0 rg BT 104.11 300.10 Td (, ) Tj ET Q q 0 0 0 rg BT 109.11 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.94 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.66 300.10 Td (update ) Tj ET Q q 0 0 0 rg BT 163.81 300.10 Td (on ) Tj ET Q q 0 0 0 rg BT 176.31 300.10 Td (its ) Tj ET Q q 0 0 0 rg BT 188.26 300.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 241.30 300.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.78 300.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 316.01 300.10 Td (results ) Tj ET Q q 0 0 0 rg BT 344.62 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.45 300.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 399.60 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.54 300.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 454.02 300.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 494.84 300.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.27 280.10 Td (February ) Tj ET Q q 0 0 0 rg BT 96.82 280.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 120.76 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.42 280.10 Td (F) Tj ET Q q 0 0 0 rg BT 139.24 280.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 160.14 280.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 186.58 280.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 219.68 280.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 257.22 280.10 Td (that ) Tj ET Q q 0 0 0 rg BT 273.66 280.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 307.31 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.97 280.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 341.86 280.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 381.62 280.10 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 439.44 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.78 280.10 Td (The ) Tj ET Q q 0 0 0 rg BT 457.77 280.10 Td (pronouncement ) Tj ET Q q 0 0 0 rg BT 521.42 280.10 Td (eliminates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 96.44 268.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 135.06 268.10 Td (for ) Tj ET Q q 0 0 0 rg BT 149.25 268.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 180.11 268.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 231.51 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.47 268.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 278.77 268.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 300.73 268.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 332.14 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.10 268.10 Td (removes ) Tj ET Q q 0 0 0 rg BT 385.51 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.25 268.10 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 441.10 268.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 474.71 268.10 Td (for ) Tj ET Q q 0 0 0 rg BT 488.89 268.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 518.62 268.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 76.12 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.87 256.10 Td (The ) Tj ET Q q 0 0 0 rg BT 95.32 256.10 Td (new ) Tj ET Q q 0 0 0 rg BT 113.87 256.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 151.86 256.10 Td (is ) Tj ET Q q 0 0 0 rg BT 160.42 256.10 Td (ef) Tj ET Q q 0 0 0 rg BT 168.01 256.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 197.11 256.10 Td (for ) Tj ET Q q 0 0 0 rg BT 210.66 256.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 239.21 256.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 270.54 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.88 256.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 317.65 256.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 348.99 256.10 Td (within ) Tj ET Q q 0 0 0 rg BT 376.44 256.10 Td (those ) Tj ET Q q 0 0 0 rg BT 399.44 256.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 427.99 256.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 459.32 256.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 501.21 256.10 Td (after ) Tj ET Q q 0 0 0 rg BT 521.42 256.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 63.31 244.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 87.13 244.10 Td (with ) Tj ET Q q 0 0 0 rg BT 106.22 244.10 Td (early ) Tj ET Q q 0 0 0 rg BT 127.52 244.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 163.83 244.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 205.96 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.18 244.10 Td (The ) Tj ET Q q 0 0 0 rg BT 224.04 244.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.24 244.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 297.21 244.10 Td (this ) Tj ET Q q 0 0 0 rg BT 312.97 244.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 350.38 244.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.47 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.00 244.10 Td (first ) Tj ET Q q 0 0 0 rg BT 390.42 244.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 420.05 244.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 441.36 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.12 244.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 503.41 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.94 244.10 Td (Company) Tj ET Q q 0 0 0 rg BT 558.60 244.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 91.88 232.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 139.83 232.10 Td (is ) Tj ET Q q 0 0 0 rg BT 148.89 232.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 194.61 232.10 Td (a ) Tj ET Q q 0 0 0 rg BT 201.27 232.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 222.83 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.05 232.10 Td (The ) Tj ET Q q 0 0 0 rg BT 243.00 232.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.28 232.10 Td (is ) Tj ET Q q 0 0 0 rg BT 293.35 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.96 232.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 342.01 232.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 389.38 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.11 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.55 232.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 436.11 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.55 232.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 469.99 232.10 Td (s ) Tj ET Q q 0 0 0 rg BT 476.28 232.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 502.00 232.10 Td (can ) Tj ET Q q 0 0 0 rg BT 518.28 232.10 Td (be ) Tj ET Q q 0 0 0 rg BT 530.12 232.10 Td (used ) Tj ET Q q 0 0 0 rg BT 550.84 232.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 87.15 220.10 Td (other ) Tj ET Q q 0 0 0 rg BT 109.79 220.10 Td (than ) Tj ET Q q 0 0 0 rg BT 129.10 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.41 220.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 186.60 220.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.03 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.19 220.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 230.63 220.10 Td (s ) Tj ET Q q 0 0 0 rg BT 236.61 220.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 283.15 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.69 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.00 220.10 Td (Company) Tj ET Q q 0 0 0 rg BT 355.66 220.10 Td (s ) Tj ET Q q 0 0 0 rg BT 361.65 220.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 408.73 220.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.26 220.10 Td (is ) Tj ET Q q 0 0 0 rg BT 449.02 220.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 494.43 220.10 Td (a ) Tj ET Q q 0 0 0 rg BT 500.96 220.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 536.94 220.10 Td (voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 83.89 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.81 208.10 Td (As ) Tj ET Q q 0 0 0 rg BT 99.39 208.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 122.68 208.10 Td (this ) Tj ET Q q 0 0 0 rg BT 139.59 208.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 175.92 208.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 210.04 208.10 Td (in ) Tj ET Q q 0 0 0 rg BT 220.28 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.96 208.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 290.73 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.53 208.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 343.80 208.10 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 369.31 208.10 Td (however ) Tj ET Q q 0 0 0 rg BT 406.20 208.10 Td (it ) Tj ET Q q 0 0 0 rg BT 414.22 208.10 Td (did ) Tj ET Q q 0 0 0 rg BT 429.46 208.10 Td (not ) Tj ET Q q 0 0 0 rg BT 444.70 208.10 Td (have ) Tj ET Q q 0 0 0 rg BT 466.04 208.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.93 208.10 Td (material ) Tj ET Q q 0 0 0 rg BT 508.15 208.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 537.83 208.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 208.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 196.10 Td (s ) Tj ET Q q 0 0 0 rg BT 97.56 196.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 150.60 196.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.08 196.10 Td (position ) Tj ET Q q 0 0 0 rg BT 222.81 196.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.64 196.10 Td (results ) Tj ET Q q 0 0 0 rg BT 262.24 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.07 196.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.12 176.10 Td (January ) Tj ET Q q 0 0 0 rg BT 93.51 176.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 118.31 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.82 176.10 Td (F) Tj ET Q q 0 0 0 rg BT 137.63 176.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 159.38 176.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 186.67 176.10 Td (an ) Tj ET Q q 0 0 0 rg BT 198.40 176.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 244.57 176.10 Td (update ) Tj ET Q q 0 0 0 rg BT 273.52 176.10 Td (that ) Tj ET Q q 0 0 0 rg BT 290.80 176.10 Td (addresses ) Tj ET Q q 0 0 0 rg BT 331.42 176.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 360.91 176.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 392.08 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.70 176.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 453.04 176.10 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 511.14 176.10 Td (presentation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 164.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 110.39 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.67 164.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.60 164.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 211.71 164.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.45 164.10 Td (The ) Tj ET Q q 0 0 0 rg BT 232.95 164.10 Td (new ) Tj ET Q q 0 0 0 rg BT 252.56 164.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 291.60 164.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.23 164.10 Td (ef) Tj ET Q q 0 0 0 rg BT 308.81 164.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 338.97 164.10 Td (for ) Tj ET Q q 0 0 0 rg BT 353.58 164.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 378.18 164.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 404.73 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.12 164.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 453.95 164.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 486.34 164.10 Td (within ) Tj ET Q q 0 0 0 rg BT 514.85 164.10 Td (those ) Tj ET Q q 0 0 0 rg BT 538.91 164.10 Td (years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 92.28 152.10 Td (after ) Tj ET Q q 0 0 0 rg BT 113.38 152.10 Td (December ) Tj ET Q q 0 0 0 rg BT 157.24 152.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 172.53 152.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 197.81 152.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.39 152.10 Td (The ) Tj ET Q q 0 0 0 rg BT 218.72 152.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 260.39 152.10 Td (is ) Tj ET Q q 0 0 0 rg BT 269.85 152.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 308.72 152.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 348.73 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.73 152.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 396.22 152.10 Td (if ) Tj ET Q q 0 0 0 rg BT 405.11 152.10 Td (any) Tj ET Q q 0 0 0 rg BT 418.90 152.10 Td (, ) Tj ET Q q 0 0 0 rg BT 424.19 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.30 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.30 152.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 489.18 152.10 Td (on ) Tj ET Q q 0 0 0 rg BT 501.96 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 152.10 Td (Company) Tj ET Q q 0 0 0 rg BT 558.63 152.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.54 140.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.02 140.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 177.25 140.10 Td (results ) Tj ET Q q 0 0 0 rg BT 205.86 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.69 140.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 260.84 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.78 140.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 315.26 140.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 356.08 140.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.65 120.10 Td (February ) Tj ET Q q 0 0 0 rg BT 99.58 120.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 124.90 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.94 120.10 Td (F) Tj ET Q q 0 0 0 rg BT 144.76 120.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.04 120.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 194.86 120.10 Td (an ) Tj ET Q q 0 0 0 rg BT 207.12 120.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 253.82 120.10 Td (update ) Tj ET Q q 0 0 0 rg BT 283.30 120.10 Td (that ) Tj ET Q q 0 0 0 rg BT 301.12 120.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 336.15 120.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 366.74 120.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.34 120.10 Td (present ) Tj ET Q q 0 0 0 rg BT 409.04 120.10 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 459.07 120.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 485.23 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.49 120.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 525.30 120.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.06 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.85 108.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 109.94 108.10 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 135.56 108.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.94 108.10 Td (The ) Tj ET Q q 0 0 0 rg BT 156.05 108.10 Td (new ) Tj ET Q q 0 0 0 rg BT 175.27 108.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 213.93 108.10 Td (is ) Tj ET Q q 0 0 0 rg BT 223.17 108.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.51 108.10 Td (be ) Tj ET Q q 0 0 0 rg BT 245.51 108.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 277.51 108.10 Td (using ) Tj ET Q q 0 0 0 rg BT 301.75 108.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.75 108.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 347.42 108.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 401.62 108.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 440.83 108.10 Td (at ) Tj ET Q q 0 0 0 rg BT 450.62 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.40 108.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 507.96 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.85 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.63 108.10 Td (earliest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (comparative ) Tj ET Q q 0 0 0 rg BT 100.56 96.10 Td (period ) Tj ET Q q 0 0 0 rg BT 127.74 96.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.16 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.01 96.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 187.63 96.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 231.48 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.56 96.10 Td (is ) Tj ET Q q 0 0 0 rg BT 255.87 96.10 Td (ef) Tj ET Q q 0 0 0 rg BT 263.46 96.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 292.30 96.10 Td (for ) Tj ET Q q 0 0 0 rg BT 305.59 96.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 328.89 96.10 Td (years ) Tj ET Q q 0 0 0 rg BT 351.62 96.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 393.26 96.10 Td (after ) Tj ET Q q 0 0 0 rg BT 413.21 96.10 Td (December ) Tj ET Q q 0 0 0 rg BT 455.93 96.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 470.07 96.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 494.21 96.10 Td (including ) Tj ET Q q 0 0 0 rg BT 533.62 96.10 Td (interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 81.56 84.10 Td (within ) Tj ET Q q 0 0 0 rg BT 109.74 84.10 Td (those ) Tj ET Q q 0 0 0 rg BT 133.47 84.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 157.75 84.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 183.98 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.60 84.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 210.88 84.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 248.50 84.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.79 84.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 301.23 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.67 84.10 Td (The ) Tj ET Q q 0 0 0 rg BT 321.84 84.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 363.35 84.10 Td (is ) Tj ET Q q 0 0 0 rg BT 372.64 84.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 416.92 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.76 84.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 464.09 84.10 Td (if ) Tj ET Q q 0 0 0 rg BT 472.82 84.10 Td (any) Tj ET Q q 0 0 0 rg BT 486.61 84.10 Td (, ) Tj ET Q q 0 0 0 rg BT 491.74 84.10 Td (that ) Tj ET Q q 0 0 0 rg BT 509.35 84.10 Td (this ) Tj ET Q q 0 0 0 rg BT 526.43 84.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.56 72.10 Td (have ) Tj ET Q q 0 0 0 rg BT 88.93 72.10 Td (on ) Tj ET Q q 0 0 0 rg BT 101.43 72.10 Td (its ) Tj ET Q q 0 0 0 rg BT 113.38 72.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.42 72.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.90 72.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 241.13 72.10 Td (results ) Tj ET Q q 0 0 0 rg BT 269.74 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.57 72.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 324.72 72.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.66 72.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.14 72.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 419.96 72.10 Td (disclosures.) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.48 704.10 Td (March ) Tj ET Q q 0 0 0 rg BT 87.23 704.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 111.38 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.25 704.10 Td (F) Tj ET Q q 0 0 0 rg BT 130.07 704.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 151.18 704.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 177.83 704.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 215.57 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 241.67 704.10 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 284.42 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.28 704.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 348.25 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 361.56 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 372.65 704.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 406.52 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.95 704.10 Td (retroactively ) Tj ET Q q 0 0 0 rg BT 468.13 704.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 492.00 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.86 704.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 532.51 704.10 Td (method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (when ) Tj ET Q q 0 0 0 rg BT 74.28 692.10 Td (its ) Tj ET Q q 0 0 0 rg BT 86.84 692.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 122.72 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.61 692.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 178.39 692.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 210.94 692.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 225.72 692.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 255.48 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.93 692.10 Td (influence\) ) Tj ET Q q 0 0 0 rg BT 310.58 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.48 692.10 Td (an ) Tj ET Q q 0 0 0 rg BT 334.03 692.10 Td (investee ) Tj ET Q q 0 0 0 rg BT 369.91 692.10 Td (triggers ) Tj ET Q q 0 0 0 rg BT 403.58 692.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 431.69 692.10 Td (method ) Tj ET Q q 0 0 0 rg BT 464.80 692.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 514.29 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.19 692.10 Td (The ) Tj ET Q q 0 0 0 rg BT 535.85 692.10 Td (update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.17 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 101.64 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.32 680.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 143.78 680.10 Td (method ) Tj ET Q q 0 0 0 rg BT 176.25 680.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 210.93 680.10 Td (add ) Tj ET Q q 0 0 0 rg BT 227.84 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.52 680.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 261.10 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.89 680.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 312.12 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.81 680.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 369.27 680.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 401.17 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.41 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.10 680.10 Td (investee ) Tj ET Q q 0 0 0 rg BT 461.33 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.57 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.26 680.10 Td (current ) Tj ET Q q 0 0 0 rg BT 517.04 680.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 539.51 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 680.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (investor) Tj ET Q q 0 0 0 rg BT 82.09 668.10 Td () Tj ET Q q 0 0 0 rg BT 84.87 668.10 Td (s ) Tj ET Q q 0 0 0 rg BT 91.33 668.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 136.12 668.10 Td (held ) Tj ET Q q 0 0 0 rg BT 155.91 668.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 187.92 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.93 668.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 229.72 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.51 668.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 272.08 668.10 Td (method ) Tj ET Q q 0 0 0 rg BT 304.65 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.55 668.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 362.00 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 372.90 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.80 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.59 668.10 Td (date ) Tj ET Q q 0 0 0 rg BT 417.82 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.61 668.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 479.07 668.10 Td (become ) Tj ET Q q 0 0 0 rg BT 512.73 668.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 550.85 668.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 78.09 656.10 Td (method ) Tj ET Q q 0 0 0 rg BT 111.68 656.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 161.65 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.99 656.10 Td (The ) Tj ET Q q 0 0 0 rg BT 184.13 656.10 Td (update ) Tj ET Q q 0 0 0 rg BT 214.38 656.10 Td (should ) Tj ET Q q 0 0 0 rg BT 244.65 656.10 Td (be ) Tj ET Q q 0 0 0 rg BT 257.68 656.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 290.71 656.10 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 348.18 656.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 371.78 656.10 Td (their ) Tj ET Q q 0 0 0 rg BT 393.70 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 401.29 656.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 432.08 656.10 Td (date ) Tj ET Q q 0 0 0 rg BT 452.34 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.71 656.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 503.95 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.33 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.14 656.10 Td (level ) Tj ET Q q 0 0 0 rg BT 554.17 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 93.88 644.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 129.93 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 140.98 644.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 170.35 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.40 644.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 221.33 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 239.04 644.10 Td (results ) Tj ET Q q 0 0 0 rg BT 267.87 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.37 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.31 644.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 331.03 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.08 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.02 644.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.74 644.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 419.96 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.48 644.10 Td (The ) Tj ET Q q 0 0 0 rg BT 440.75 644.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 479.57 644.10 Td (is ) Tj ET Q q 0 0 0 rg BT 488.96 644.10 Td (ef) Tj ET Q q 0 0 0 rg BT 496.55 644.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 526.47 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 540.85 644.10 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (years ) Tj ET Q q 0 0 0 rg BT 72.44 632.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 114.28 632.10 Td (after ) Tj ET Q q 0 0 0 rg BT 134.44 632.10 Td (December ) Tj ET Q q 0 0 0 rg BT 177.37 632.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 191.72 632.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 213.56 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.84 632.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 260.57 632.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 291.85 632.10 Td (within ) Tj ET Q q 0 0 0 rg BT 319.26 632.10 Td (those ) Tj ET Q q 0 0 0 rg BT 342.21 632.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 365.71 632.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 391.15 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.00 632.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 416.50 632.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 453.34 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 461.85 632.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 504.52 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.23 632.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.62 632.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (is ) Tj ET Q q 0 0 0 rg BT 57.93 620.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 101.34 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.31 620.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 146.79 620.10 Td (if ) Tj ET Q q 0 0 0 rg BT 154.65 620.10 Td (any) Tj ET Q q 0 0 0 rg BT 168.44 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 172.70 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 189.46 620.10 Td (this ) Tj ET Q q 0 0 0 rg BT 205.66 620.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 243.52 620.10 Td (will ) Tj ET Q q 0 0 0 rg BT 260.83 620.10 Td (have ) Tj ET Q q 0 0 0 rg BT 281.47 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.23 620.10 Td (its ) Tj ET Q q 0 0 0 rg BT 304.44 620.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 356.74 620.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 393.48 620.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 429.96 620.10 Td (results ) Tj ET Q q 0 0 0 rg BT 457.83 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.92 620.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 511.33 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.53 620.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.32 608.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.86 588.10 Td (March ) Tj ET Q q 0 0 0 rg BT 87.98 588.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 112.51 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.75 588.10 Td (F) Tj ET Q q 0 0 0 rg BT 131.57 588.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 153.05 588.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 180.08 588.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 218.20 588.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.66 588.10 Td (amends ) Tj ET Q q 0 0 0 rg BT 277.23 588.10 Td (several ) Tj ET Q q 0 0 0 rg BT 307.58 588.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 338.48 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.84 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.08 588.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 408.98 588.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.66 588.10 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 475.78 588.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 512.24 588.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.55 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.05 576.10 Td (income ) Tj ET Q q 0 0 0 rg BT 135.76 576.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 150.25 576.10 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 210.01 576.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 265.04 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.65 576.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 306.25 576.10 Td (as ) Tj ET Q q 0 0 0 rg BT 316.86 576.10 Td (either ) Tj ET Q q 0 0 0 rg BT 341.90 576.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 369.17 576.10 Td (or ) Tj ET Q q 0 0 0 rg BT 379.78 576.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 421.77 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.49 576.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 493.53 576.10 Td (on ) Tj ET Q q 0 0 0 rg BT 505.80 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.30 576.10 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.79 564.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 81.51 564.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 109.19 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.93 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 130.44 564.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 169.49 564.10 Td (is ) Tj ET Q q 0 0 0 rg BT 179.11 564.10 Td (ef) Tj ET Q q 0 0 0 rg BT 186.70 564.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 216.86 564.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.48 564.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 263.31 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.71 564.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 310.32 564.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 349.93 564.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 382.33 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.06 564.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 417.67 564.10 Td (years ) Tj ET Q q 0 0 0 rg BT 441.73 564.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 484.68 564.10 Td (after ) Tj ET Q q 0 0 0 rg BT 505.95 564.10 Td (December ) Tj ET Q q 0 0 0 rg BT 549.99 564.10 Td (15, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 74.36 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.54 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.45 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 135.69 552.10 Td (is ) Tj ET Q q 0 0 0 rg BT 144.72 552.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 188.73 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.30 552.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 235.37 552.10 Td (if ) Tj ET Q q 0 0 0 rg BT 243.84 552.10 Td (any) Tj ET Q q 0 0 0 rg BT 257.63 552.10 Td (, ) Tj ET Q q 0 0 0 rg BT 262.48 552.10 Td (that ) Tj ET Q q 0 0 0 rg BT 279.84 552.10 Td (this ) Tj ET Q q 0 0 0 rg BT 296.64 552.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 335.09 552.10 Td (will ) Tj ET Q q 0 0 0 rg BT 353.01 552.10 Td (have ) Tj ET Q q 0 0 0 rg BT 374.24 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.60 552.10 Td (its ) Tj ET Q q 0 0 0 rg BT 398.40 552.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 451.30 552.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.64 552.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 525.73 552.10 Td (results ) Tj ET Q q 0 0 0 rg BT 554.19 552.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.66 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.59 540.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.07 540.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 188.89 540.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.68 520.10 Td (June ) Tj ET Q q 0 0 0 rg BT 79.85 520.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 104.20 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.27 520.10 Td (F) Tj ET Q q 0 0 0 rg BT 123.08 520.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 144.39 520.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 171.23 520.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 209.17 520.10 Td (which ) Tj ET Q q 0 0 0 rg BT 235.46 520.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 269.51 520.10 Td (how ) Tj ET Q q 0 0 0 rg BT 288.58 520.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 319.31 520.10 Td (will ) Tj ET Q q 0 0 0 rg BT 336.71 520.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 371.88 520.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 396.49 520.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 422.23 520.10 Td (for ) Tj ET Q q 0 0 0 rg BT 435.73 520.10 Td (most ) Tj ET Q q 0 0 0 rg BT 457.03 520.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 493.86 520.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 519.03 520.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.32 520.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.38 508.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 121.38 508.10 Td (that ) Tj ET Q q 0 0 0 rg BT 138.70 508.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.24 508.10 Td (not ) Tj ET Q q 0 0 0 rg BT 168.35 508.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 209.00 508.10 Td (at ) Tj ET Q q 0 0 0 rg BT 218.55 508.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 234.75 508.10 Td (value ) Tj ET Q q 0 0 0 rg BT 258.74 508.10 Td (through ) Tj ET Q q 0 0 0 rg BT 292.18 508.10 Td (net ) Tj ET Q q 0 0 0 rg BT 306.73 508.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 340.99 508.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.81 508.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 392.71 508.10 Td (, ) Tj ET Q q 0 0 0 rg BT 397.54 508.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 428.76 508.10 Td (will ) Tj ET Q q 0 0 0 rg BT 446.65 508.10 Td (have ) Tj ET Q q 0 0 0 rg BT 467.85 508.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.96 508.10 Td (disclose ) Tj ET Q q 0 0 0 rg BT 512.51 508.10 Td (significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (more ) Tj ET Q q 0 0 0 rg BT 72.97 496.10 Td (information ) Tj ET Q q 0 0 0 rg BT 123.10 496.10 Td (including ) Tj ET Q q 0 0 0 rg BT 163.79 496.10 Td (information ) Tj ET Q q 0 0 0 rg BT 213.92 496.10 Td (used ) Tj ET Q q 0 0 0 rg BT 235.17 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.87 496.10 Td (track ) Tj ET Q q 0 0 0 rg BT 268.77 496.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 294.45 496.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 325.15 496.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.06 496.10 Td (year ) Tj ET Q q 0 0 0 rg BT 358.19 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.44 496.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 416.24 496.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.82 496.10 Td (most ) Tj ET Q q 0 0 0 rg BT 453.19 496.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 493.87 496.10 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 544.26 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.97 496.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (new ) Tj ET Q q 0 0 0 rg BT 69.47 484.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 108.87 484.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.84 484.10 Td (ef) Tj ET Q q 0 0 0 rg BT 126.43 484.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 156.94 484.10 Td (for ) Tj ET Q q 0 0 0 rg BT 171.90 484.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 196.86 484.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 223.77 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.51 484.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 273.70 484.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 306.44 484.10 Td (within ) Tj ET Q q 0 0 0 rg BT 335.31 484.10 Td (those ) Tj ET Q q 0 0 0 rg BT 359.72 484.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 386.62 484.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 429.92 484.10 Td (after ) Tj ET Q q 0 0 0 rg BT 451.55 484.10 Td (December ) Tj ET Q q 0 0 0 rg BT 495.94 484.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 511.74 484.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 537.55 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.85 484.10 Td (Early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 87.43 472.10 Td (is ) Tj ET Q q 0 0 0 rg BT 97.04 472.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 140.79 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.52 472.10 Td (The ) Tj ET Q q 0 0 0 rg BT 162.00 472.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 203.82 472.10 Td (is ) Tj ET Q q 0 0 0 rg BT 213.43 472.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 258.02 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.17 472.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 305.82 472.10 Td (if ) Tj ET Q q 0 0 0 rg BT 314.86 472.10 Td (any) Tj ET Q q 0 0 0 rg BT 328.65 472.10 Td (, ) Tj ET Q q 0 0 0 rg BT 334.09 472.10 Td (that ) Tj ET Q q 0 0 0 rg BT 352.02 472.10 Td (this ) Tj ET Q q 0 0 0 rg BT 369.40 472.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 408.43 472.10 Td (will ) Tj ET Q q 0 0 0 rg BT 426.92 472.10 Td (have ) Tj ET Q q 0 0 0 rg BT 448.74 472.10 Td (on ) Tj ET Q q 0 0 0 rg BT 461.67 472.10 Td (its ) Tj ET Q q 0 0 0 rg BT 474.06 472.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.53 472.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 86.73 460.10 Td (results ) Tj ET Q q 0 0 0 rg BT 115.33 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.17 460.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 170.32 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.26 460.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.74 460.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 265.56 460.10 Td (disclosures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (3. ) Tj ET Q q 0 0 0 rg BT 63.00 440.10 Td (Operating Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 420.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 420.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 420.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 420.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 206.40 420.10 Td (real ) Tj ET Q q 0 0 0 rg BT 223.88 420.10 Td (estate, ) Tj ET Q q 0 0 0 rg BT 251.65 420.10 Td (net ) Tj ET Q q 0 0 0 rg BT 266.37 420.10 Td (as ) Tj ET Q q 0 0 0 rg BT 277.20 420.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.03 420.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 323.86 420.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.86 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.36 420.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.29 420.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 421.88 420.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.88 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.38 420.10 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 477.42 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.70 420.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 386.60 160.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 386.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 386.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 386.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 386.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 364.60 160.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 364.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 364.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 364.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 364.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 342.60 160.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 342.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 342.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 342.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 342.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 320.60 160.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 320.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 320.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 320.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 320.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 298.60 160.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 298.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 298.60 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 298.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 298.60 72.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 386.6 m 322 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 386.6 m 398 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 386.6 m 322 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 386.6 m 398 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 320.6 m 322 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 320.6 m 398 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 298.6 m 322 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 298.6 m 398 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 298.6 m 322 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 288.6 m 322 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 286.6 m 322 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 298.6 m 398 298.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 288.6 m 398 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 286.6 m 398 286.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.25 398.68 Td (June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.80 390.68 Td (\(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.25 390.83 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 378.55 Td (Land) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.50 378.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.80 378.55 Td (318,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.50 378.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.80 378.55 Td (140,734) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 367.55 Td (Land improvements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 367.55 Td (8,425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 367.55 Td (8,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 356.55 Td (Buildings and improvements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 356.55 Td (1,378,113) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.80 356.55 Td (664,555) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 345.55 Td (Tenant improvements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 345.55 Td (3,214) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 345.55 Td (1,522) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 334.55 Td (Construction in progress) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.80 334.55 Td (18,319) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 334.55 Td (9,119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 323.55 Td (Furniture and fixtures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.80 323.55 Td (29,997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.80 323.55 Td (27,325) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 312.55 Td (Subtotal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 312.55 Td (1,756,969) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.80 312.55 Td (851,639) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 301.55 Td (Less: Accumulated depreciation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.10 301.55 Td (\(36,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.80 301.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 301.55 Td (\(19,386) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 301.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 290.55 Td (Operating real estate, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.50 290.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 290.55 Td (1,720,933) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.50 290.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.80 290.55 Td (832,253) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (Real Estate ) Tj ET Q q 0 0 0 rg BT 97.64 248.10 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.03 228.10 Td (March ) Tj ET Q q 0 0 0 rg BT 88.34 228.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 113.04 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.46 228.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 168.56 228.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 205.18 228.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 246.83 228.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 275.71 228.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.80 228.10 Td (60.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.63 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.84 228.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 341.48 228.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.46 228.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.10 228.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 378.64 228.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 410.83 228.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 428.58 228.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.06 228.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 475.92 228.10 Td (JV\) ) Tj ET Q q 0 0 0 rg BT 497.00 228.10 Td (which ) Tj ET Q q 0 0 0 rg BT 523.65 228.10 Td (owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.51 228.10 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (private ) Tj ET Q q 0 0 0 rg BT 79.37 216.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 95.91 216.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 146.89 216.10 Td (living ) Tj ET Q q 0 0 0 rg BT 172.33 216.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 208.87 216.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 226.52 216.10 Td (W) Tj ET Q q 0 0 0 rg BT 240.00 216.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 273.75 216.10 Td (portfolio\) ) Tj ET Q q 0 0 0 rg BT 318.62 216.10 Td (for ) Tj ET Q q 0 0 0 rg BT 332.39 216.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.93 216.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 376.58 216.10 Td (price ) Tj ET Q q 0 0 0 rg BT 398.67 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.10 216.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.10 216.10 Td (534.5 ) Tj ET Q q 0 0 0 rg BT 438.71 216.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 216.10 Td (, ) Tj ET Q q 0 0 0 rg BT 472.21 216.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 513.75 216.10 Td (escrows ) Tj ET Q q 0 0 0 rg BT 548.06 216.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 80.64 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.22 204.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 135.69 204.10 Td (proration ) Tj ET Q q 0 0 0 rg BT 175.15 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.40 204.10 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 245.49 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.09 204.10 Td (The ) Tj ET Q q 0 0 0 rg BT 266.45 204.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 313.13 204.10 Td (was ) Tj ET Q q 0 0 0 rg BT 331.49 204.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 371.51 204.10 Td (by ) Tj ET Q q 0 0 0 rg BT 384.32 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.35 204.10 Td (Company) Tj ET Q q 0 0 0 rg BT 441.01 204.10 Td (s ) Tj ET Q q 0 0 0 rg BT 447.71 204.10 Td (board ) Tj ET Q q 0 0 0 rg BT 473.29 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.43 204.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 524.73 204.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.97 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 72.77 192.10 Td (its ) Tj ET Q q 0 0 0 rg BT 84.69 192.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 136.03 192.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 175.98 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.89 192.10 Td (validated ) Tj ET Q q 0 0 0 rg BT 232.01 192.10 Td (by ) Tj ET Q q 0 0 0 rg BT 244.49 192.10 Td (an ) Tj ET Q q 0 0 0 rg BT 256.39 192.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 307.74 192.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 352.97 192.10 Td (appraisal ) Tj ET Q q 0 0 0 rg BT 391.54 192.10 Td (for ) Tj ET Q q 0 0 0 rg BT 405.67 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.18 192.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.21 192.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 463.33 192.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 503.30 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.59 192.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.61 192.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 91.18 180.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 128.41 180.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.65 180.10 Td (40.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.29 180.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 192.08 180.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 224.32 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.90 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.72 180.10 Td (W) Tj ET Q q 0 0 0 rg BT 258.76 180.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 293.21 180.10 Td (JV) Tj ET Q q 0 0 0 rg BT 304.14 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.94 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.52 180.10 Td (May ) Tj ET Q q 0 0 0 rg BT 338.66 180.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 363.96 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.56 180.10 Td (The ) Tj ET Q q 0 0 0 rg BT 384.91 180.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.60 180.10 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 476.60 180.10 Td (now ) Tj ET Q q 0 0 0 rg BT 496.63 180.10 Td (owns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.54 180.10 Td (100.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.38 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 180.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.51 168.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 92.30 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 102.88 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.69 168.10 Td (W) Tj ET Q q 0 0 0 rg BT 126.72 168.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 161.17 168.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 198.96 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.09 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.21 168.10 Td (March ) Tj ET Q q 0 0 0 rg BT 250.11 168.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 260.40 168.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 283.20 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.43 168.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 352.66 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.67 168.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 407.96 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.76 168.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 433.55 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 444.13 168.10 Td (March ) Tj ET Q q 0 0 0 rg BT 473.02 168.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 483.32 168.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 508.61 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 168.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.06 156.10 Td (for ) Tj ET Q q 0 0 0 rg BT 105.75 156.10 Td (its ) Tj ET Q q 0 0 0 rg BT 117.23 156.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 144.25 156.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 190.16 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.97 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.07 156.10 Td (W) Tj ET Q q 0 0 0 rg BT 223.11 156.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 256.79 156.10 Td (JV) Tj ET Q q 0 0 0 rg BT 267.72 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.75 156.10 Td (as ) Tj ET Q q 0 0 0 rg BT 280.11 156.10 Td (an ) Tj ET Q q 0 0 0 rg BT 291.57 156.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 354.14 156.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 386.16 156.10 Td (under ) Tj ET Q q 0 0 0 rg BT 410.96 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.20 156.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 452.22 156.10 Td (method ) Tj ET Q q 0 0 0 rg BT 484.25 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.72 156.10 Td (as ) Tj ET Q q 0 0 0 rg BT 511.07 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.43 156.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.79 144.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 90.09 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.10 144.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 141.20 144.10 Td (value ) Tj ET Q q 0 0 0 rg BT 165.65 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.78 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.79 144.10 Td (Company) Tj ET Q q 0 0 0 rg BT 233.45 144.10 Td (s ) Tj ET Q q 0 0 0 rg BT 240.13 144.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 286.81 144.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 144.10 Td ($95.7 ) Tj ET Q q 0 0 0 rg BT 330.45 144.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.34 144.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.63 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.42 144.10 Td (For ) Tj ET Q q 0 0 0 rg BT 384.11 144.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.12 144.10 Td (three ) Tj ET Q q 0 0 0 rg BT 421.90 144.10 Td (months ) Tj ET Q q 0 0 0 rg BT 454.14 144.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.02 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.81 144.10 Td (March ) Tj ET Q q 0 0 0 rg BT 509.70 144.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 524.99 144.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 550.29 144.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.89 132.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.25 132.10 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 157.25 132.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.14 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.64 132.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.92 132.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 226.41 132.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.69 132.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 273.07 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.01 132.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.37 132.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 346.37 132.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.26 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.76 132.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 398.03 132.10 Td (distributions.) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.49 704.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.81 704.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.68 704.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 180.89 704.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 221.09 704.10 Td (real ) Tj ET Q q 0 0 0 rg BT 238.51 704.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 263.72 704.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 313.93 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.03 704.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.68 704.10 Td (six ) Tj ET Q q 0 0 0 rg BT 356.79 704.10 Td (months ) Tj ET Q q 0 0 0 rg BT 388.68 704.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.56 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 704.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 450.76 704.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.76 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.20 704.10 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 506.19 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.41 704.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 667.60 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.00 667.60 55.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 155.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.00 667.60 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 667.60 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.00 667.60 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 667.60 22.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 667.60 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 667.60 44.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 667.60 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 667.60 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 667.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.00 667.60 43.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 674.6 m 96 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 100 674.6 m 155 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159 674.6 m 205 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 674.6 m 260 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 674.6 m 302 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 674.6 m 328 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 674.6 m 379 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 674.6 m 427 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 674.6 m 472 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 674.6 m 516 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 674.6 m 563 674.6 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 55.35 685.66 Td (Acquisition) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 65.50 678.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 119.65 678.66 Td (Type) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 168.25 678.66 Td (Portfolio) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 219.05 678.66 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 243.55 681.83 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.00 678.66 Td (Properties) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.50 678.66 Td (Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.75 678.66 Td (Location) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.50 678.66 Td (Financing) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 433.85 685.66 Td (Company) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 463.02 685.66 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 465.35 685.66 Td (s ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 440.85 678.66 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 478.95 685.66 Td (Ownership) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 483.90 678.66 Td (Interest) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 523.15 685.66 Td (Transaction) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 532.80 678.66 Td (Costs) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 55.45 652.65 Td (March 2016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 113.00 659.65 Td (Operating) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 114.15 652.65 Td (Facilities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 167.25 652.65 Td (Winterfell) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 211.50 652.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 234.40 652.65 Td (904,985) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.00 652.65 Td (32) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 308.60 652.65 Td (3,985) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 344.30 652.65 Td (Various) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 385.50 652.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 401.40 652.65 Td (648,211) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.50 652.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.35 652.65 Td (261,484) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.70 652.65 Td (100.0%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.50 652.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 544.40 652.65 Td (1,347) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 639.50 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 629.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 629.90 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.27 629.90 Td (the ) Tj ET Q q 0 0 0 rg BT 115.71 629.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 145.81 629.90 Td (price ) Tj ET Q q 0 0 0 rg BT 163.47 629.90 Td (for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 174.47 629.90 Td (100%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.13 629.90 Td ( ) Tj ET Q q 0 0 0 rg BT 194.80 629.90 Td (of ) Tj ET Q q 0 0 0 rg BT 203.14 629.90 Td (the ) Tj ET Q q 0 0 0 rg BT 214.46 629.90 Td (W) Tj ET Q q 0 0 0 rg BT 221.69 629.90 Td (interfell ) Tj ET Q q 0 0 0 rg BT 248.68 629.90 Td (JV) Tj ET Q q 0 0 0 rg BT 257.43 629.90 Td ( ) Tj ET Q q 0 0 0 rg BT 259.10 629.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 280.76 629.90 Td (interests, ) Tj ET Q q 0 0 0 rg BT 311.09 629.90 Td (including ) Tj ET Q q 0 0 0 rg BT 342.98 629.90 Td (deferred ) Tj ET Q q 0 0 0 rg BT 371.30 629.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 388.97 629.90 Td (and ) Tj ET Q q 0 0 0 rg BT 402.19 629.90 Td (other ) Tj ET Q q 0 0 0 rg BT 420.30 629.90 Td (assets, ) Tj ET Q q 0 0 0 rg BT 442.63 629.90 Td (and ) Tj ET Q q 0 0 0 rg BT 455.85 629.90 Td (may ) Tj ET Q q 0 0 0 rg BT 471.29 629.90 Td (be ) Tj ET Q q 0 0 0 rg BT 480.51 629.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 508.84 629.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 526.51 629.90 Td (completion ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 620.30 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 620.30 Td (the ) Tj ET Q q 0 0 0 rg BT 87.94 620.30 Td (final ) Tj ET Q q 0 0 0 rg BT 104.60 620.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 135.03 620.30 Td (price ) Tj ET Q q 0 0 0 rg BT 153.02 620.30 Td (allocation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.30 Td (The ) Tj ET Q q 0 0 0 rg BT 66.85 596.30 Td (preliminary ) Tj ET Q q 0 0 0 rg BT 115.31 596.30 Td (allocation ) Tj ET Q q 0 0 0 rg BT 156.54 596.30 Td (of ) Tj ET Q q 0 0 0 rg BT 166.67 596.30 Td (the ) Tj ET Q q 0 0 0 rg BT 180.69 596.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 218.04 596.30 Td (price ) Tj ET Q q 0 0 0 rg BT 239.82 596.30 Td (of ) Tj ET Q q 0 0 0 rg BT 249.96 596.30 Td (the ) Tj ET Q q 0 0 0 rg BT 263.98 596.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 289.11 596.30 Td (acquired ) Tj ET Q q 0 0 0 rg BT 325.34 596.30 Td (and ) Tj ET Q q 0 0 0 rg BT 341.58 596.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 380.61 596.30 Td (assumed ) Tj ET Q q 0 0 0 rg BT 416.85 596.30 Td (from ) Tj ET Q q 0 0 0 rg BT 438.09 596.30 Td (the ) Tj ET Q q 0 0 0 rg BT 452.11 596.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 497.80 596.30 Td (of ) Tj ET Q q 0 0 0 rg BT 507.93 596.30 Td (the ) Tj ET Q q 0 0 0 rg BT 521.82 596.30 Td (W) Tj ET Q q 0 0 0 rg BT 530.86 596.30 Td (interfell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.30 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 87.53 584.30 Td (was ) Tj ET Q q 0 0 0 rg BT 106.12 584.30 Td (allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.24 584.30 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.57 584.30 Td ( ) Tj ET Q q 0 0 0 rg BT 166.60 584.30 Td (to ) Tj ET Q q 0 0 0 rg BT 177.42 584.30 Td (land ) Tj ET Q q 0 0 0 rg BT 197.67 584.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.14 584.30 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.47 584.30 Td ( ) Tj ET Q q 0 0 0 rg BT 236.51 584.30 Td (to ) Tj ET Q q 0 0 0 rg BT 247.32 584.30 Td (buildings. ) Tj ET Q q 0 0 0 rg BT 290.08 584.30 Td ( ) Tj ET Q q 0 0 0 rg BT 293.12 584.30 Td (In ) Tj ET Q q 0 0 0 rg BT 304.48 584.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 351.39 584.30 Td (with ) Tj ET Q q 0 0 0 rg BT 372.20 584.30 Td (the ) Tj ET Q q 0 0 0 rg BT 387.45 584.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 444.37 584.30 Td (of ) Tj ET Q q 0 0 0 rg BT 455.73 584.30 Td (the ) Tj ET Q q 0 0 0 rg BT 470.77 584.30 Td (W) Tj ET Q q 0 0 0 rg BT 479.80 584.30 Td (interfell ) Tj ET Q q 0 0 0 rg BT 514.49 584.30 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 552.52 584.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.30 Td (March ) Tj ET Q q 0 0 0 rg BT 77.81 572.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 87.52 572.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 112.23 572.30 Td (the ) Tj ET Q q 0 0 0 rg BT 126.66 572.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.76 572.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 213.84 572.30 Td (a ) Tj ET Q q 0 0 0 rg BT 220.49 572.30 Td (gain ) Tj ET Q q 0 0 0 rg BT 239.92 572.30 Td (on ) Tj ET Q q 0 0 0 rg BT 252.13 572.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 308.22 572.30 Td (of ) Tj ET Q q 0 0 0 rg BT 318.76 572.30 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 381.52 572.30 Td (venture ) Tj ET Q q 0 0 0 rg BT 413.71 572.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.26 572.30 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 443.97 572.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.86 572.30 Td (, ) Tj ET Q q 0 0 0 rg BT 477.57 572.30 Td (which ) Tj ET Q q 0 0 0 rg BT 504.22 572.30 Td (was ) Tj ET Q q 0 0 0 rg BT 521.99 572.30 Td (calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.30 Td (as ) Tj ET Q q 0 0 0 rg BT 61.10 560.30 Td (the ) Tj ET Q q 0 0 0 rg BT 76.59 560.30 Td (dif) Tj ET Q q 0 0 0 rg BT 87.52 560.30 Td (ference ) Tj ET Q q 0 0 0 rg BT 120.20 560.30 Td (between ) Tj ET Q q 0 0 0 rg BT 156.79 560.30 Td (the ) Tj ET Q q 0 0 0 rg BT 172.28 560.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 208.87 560.30 Td (value ) Tj ET Q q 0 0 0 rg BT 233.79 560.30 Td (of ) Tj ET Q q 0 0 0 rg BT 245.39 560.30 Td (the ) Tj ET Q q 0 0 0 rg BT 260.88 560.30 Td (Company) Tj ET Q q 0 0 0 rg BT 302.55 560.30 Td (s ) Tj ET Q q 0 0 0 rg BT 309.71 560.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 356.86 560.30 Td (in ) Tj ET Q q 0 0 0 rg BT 367.91 560.30 Td (the ) Tj ET Q q 0 0 0 rg BT 383.40 560.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 418.34 560.30 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 482.15 560.30 Td (joint ) Tj ET Q q 0 0 0 rg BT 503.76 560.30 Td (venture ) Tj ET Q q 0 0 0 rg BT 537.01 560.30 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 560.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.88 548.30 Td (date ) Tj ET Q q 0 0 0 rg BT 115.04 548.30 Td (and ) Tj ET Q q 0 0 0 rg BT 131.98 548.30 Td (the ) Tj ET Q q 0 0 0 rg BT 146.69 548.30 Td (Company) Tj ET Q q 0 0 0 rg BT 188.36 548.30 Td (s ) Tj ET Q q 0 0 0 rg BT 194.75 548.30 Td (share ) Tj ET Q q 0 0 0 rg BT 218.35 548.30 Td (of ) Tj ET Q q 0 0 0 rg BT 229.18 548.30 Td (the ) Tj ET Q q 0 0 0 rg BT 243.89 548.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 260.27 548.30 Td (value ) Tj ET Q q 0 0 0 rg BT 284.43 548.30 Td (of ) Tj ET Q q 0 0 0 rg BT 295.26 548.30 Td (the ) Tj ET Q q 0 0 0 rg BT 309.97 548.30 Td (retained ) Tj ET Q q 0 0 0 rg BT 344.68 548.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 372.17 548.30 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.30 Td (For ) Tj ET Q q 0 0 0 rg BT 65.03 528.30 Td (business ) Tj ET Q q 0 0 0 rg BT 100.56 528.30 Td (combinations ) Tj ET Q q 0 0 0 rg BT 156.08 528.30 Td (achieved ) Tj ET Q q 0 0 0 rg BT 193.25 528.30 Td (in ) Tj ET Q q 0 0 0 rg BT 202.66 528.30 Td (stages, ) Tj ET Q q 0 0 0 rg BT 231.24 528.30 Td (the ) Tj ET Q q 0 0 0 rg BT 245.09 528.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 290.61 528.30 Td (date ) Tj ET Q q 0 0 0 rg BT 308.90 528.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.42 528.30 Td (value ) Tj ET Q q 0 0 0 rg BT 347.71 528.30 Td (of ) Tj ET Q q 0 0 0 rg BT 357.68 528.30 Td (the ) Tj ET Q q 0 0 0 rg BT 371.53 528.30 Td (Company) Tj ET Q q 0 0 0 rg BT 413.20 528.30 Td (s ) Tj ET Q q 0 0 0 rg BT 418.72 528.30 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 480.90 528.30 Td (venture ) Tj ET Q q 0 0 0 rg BT 512.53 528.30 Td (immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.30 Td (before ) Tj ET Q q 0 0 0 rg BT 77.53 516.30 Td (the ) Tj ET Q q 0 0 0 rg BT 92.23 516.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 138.60 516.30 Td (date ) Tj ET Q q 0 0 0 rg BT 157.75 516.30 Td (is ) Tj ET Q q 0 0 0 rg BT 166.91 516.30 Td (determined ) Tj ET Q q 0 0 0 rg BT 214.38 516.30 Td (through ) Tj ET Q q 0 0 0 rg BT 247.97 516.30 Td (the ) Tj ET Q q 0 0 0 rg BT 262.68 516.30 Td (Company) Tj ET Q q 0 0 0 rg BT 304.35 516.30 Td (s ) Tj ET Q q 0 0 0 rg BT 310.73 516.30 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 364.87 516.30 Td (process, ) Tj ET Q q 0 0 0 rg BT 399.85 516.30 Td (which ) Tj ET Q q 0 0 0 rg BT 426.78 516.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 462.59 516.30 Td (the ) Tj ET Q q 0 0 0 rg BT 477.30 516.30 Td (use ) Tj ET Q q 0 0 0 rg BT 493.12 516.30 Td (of ) Tj ET Q q 0 0 0 rg BT 503.94 516.30 Td (estimated ) Tj ET Q q 0 0 0 rg BT 544.75 516.30 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.30 Td (flows ) Tj ET Q q 0 0 0 rg BT 74.35 504.30 Td (projections ) Tj ET Q q 0 0 0 rg BT 121.42 504.30 Td (and ) Tj ET Q q 0 0 0 rg BT 138.49 504.30 Td (available ) Tj ET Q q 0 0 0 rg BT 177.21 504.30 Td (market ) Tj ET Q q 0 0 0 rg BT 207.60 504.30 Td (data, ) Tj ET Q q 0 0 0 rg BT 229.39 504.30 Td (such ) Tj ET Q q 0 0 0 rg BT 250.35 504.30 Td (as ) Tj ET Q q 0 0 0 rg BT 261.31 504.30 Td (relevant ) Tj ET Q q 0 0 0 rg BT 296.14 504.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 332.66 504.30 Td (and ) Tj ET Q q 0 0 0 rg BT 349.73 504.30 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 406.22 504.30 Td (rates. ) Tj ET Q q 0 0 0 rg BT 430.23 504.30 Td ( ) Tj ET Q q 0 0 0 rg BT 432.86 504.30 Td (Refer ) Tj ET Q q 0 0 0 rg BT 457.70 504.30 Td (to ) Tj ET Q q 0 0 0 rg BT 468.11 504.30 Td (Item ) Tj ET Q q 0 0 0 rg BT 489.06 504.30 Td (2. ) Tj ET Q q 0 0 0 rg BT 499.19 504.30 Td (Management) Tj ET Q q 0 0 0 rg BT 558.61 504.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.30 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 95.81 492.30 Td (and ) Tj ET Q q 0 0 0 rg BT 112.12 492.30 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 149.54 492.30 Td (of ) Tj ET Q q 0 0 0 rg BT 160.28 492.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 199.91 492.30 Td (Condition ) Tj ET Q q 0 0 0 rg BT 242.33 492.30 Td (and ) Tj ET Q q 0 0 0 rg BT 259.18 492.30 Td (Results ) Tj ET Q q 0 0 0 rg BT 291.04 492.30 Td (of ) Tj ET Q q 0 0 0 rg BT 301.78 492.30 Td (Operations ) Tj ET Q q 0 0 0 rg BT 352.51 492.30 Td (for ) Tj ET Q q 0 0 0 rg BT 366.59 492.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 408.99 492.30 Td (details ) Tj ET Q q 0 0 0 rg BT 437.51 492.30 Td (of ) Tj ET Q q 0 0 0 rg BT 448.25 492.30 Td (the ) Tj ET Q q 0 0 0 rg BT 462.88 492.30 Td (Company) Tj ET Q q 0 0 0 rg BT 504.55 492.30 Td (s ) Tj ET Q q 0 0 0 rg BT 510.85 492.30 Td (underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.30 Td (process. ) Tj ET Q q 0 0 0 rg BT 84.46 480.30 Td ( ) Tj ET Q q 0 0 0 rg BT 86.76 480.30 Td (The ) Tj ET Q q 0 0 0 rg BT 104.77 480.30 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 171.11 480.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 187.46 480.30 Td (value ) Tj ET Q q 0 0 0 rg BT 211.59 480.30 Td (of ) Tj ET Q q 0 0 0 rg BT 222.39 480.30 Td (the ) Tj ET Q q 0 0 0 rg BT 237.08 480.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 264.55 480.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 296.46 480.30 Td (in ) Tj ET Q q 0 0 0 rg BT 306.71 480.30 Td (the ) Tj ET Q q 0 0 0 rg BT 321.22 480.30 Td (W) Tj ET Q q 0 0 0 rg BT 330.25 480.30 Td (interfell ) Tj ET Q q 0 0 0 rg BT 364.38 480.30 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 401.84 480.30 Td (immediately ) Tj ET Q q 0 0 0 rg BT 454.30 480.30 Td (before ) Tj ET Q q 0 0 0 rg BT 482.31 480.30 Td (the ) Tj ET Q q 0 0 0 rg BT 497.00 480.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 543.35 480.30 Td (date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.30 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 468.30 Td (well ) Tj ET Q q 0 0 0 rg BT 80.05 468.30 Td (as ) Tj ET Q q 0 0 0 rg BT 90.88 468.30 Td (the ) Tj ET Q q 0 0 0 rg BT 105.59 468.30 Td (gain ) Tj ET Q q 0 0 0 rg BT 125.31 468.30 Td (on ) Tj ET Q q 0 0 0 rg BT 137.81 468.30 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 194.19 468.30 Td (of ) Tj ET Q q 0 0 0 rg BT 205.02 468.30 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 268.06 468.30 Td (venture, ) Tj ET Q q 0 0 0 rg BT 303.05 468.30 Td (are ) Tj ET Q q 0 0 0 rg BT 317.76 468.30 Td (as ) Tj ET Q q 0 0 0 rg BT 328.59 468.30 Td (follows ) Tj ET Q q 0 0 0 rg BT 361.09 468.30 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 394.13 468.30 Td (in ) Tj ET Q q 0 0 0 rg BT 404.41 468.30 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 429.80 270.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 429.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 429.80 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 401.80 270.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 401.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 401.80 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 373.80 270.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 373.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 373.80 78.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 429.8 m 402 429.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 429.8 m 402 429.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 387.8 m 402 387.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 359.8 m 402 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 346.8 m 402 346.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 344.8 m 402 344.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.90 434.03 Td (Winterfell Portfolio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 420.90 Td (Contract purchase price) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 420.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.80 420.05 Td (890,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 406.90 Td (Net consideration funded at closing, excluding consideration financed by debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 406.05 Td (\(139,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.80 406.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 392.90 Td (Debt assumed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.10 392.05 Td (\(648,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.80 392.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 378.90 Td (Fair value of retained equity interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.80 378.05 Td (103,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 364.90 Td (Investment in unconsolidated venture) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 172.69 368.53 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.10 364.05 Td (\(96,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.80 364.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 350.90 Td (Gain on consolidation of unconsolidated venture) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 350.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 350.05 Td (6,408) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 336.70 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 327.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 327.10 Td (Represents ) Tj ET Q q 0 0 0 rg BT 109.10 327.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 137.75 327.10 Td (value ) Tj ET Q q 0 0 0 rg BT 157.08 327.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.74 327.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 202.85 327.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.07 327.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 261.50 327.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 287.49 327.10 Td (at ) Tj ET Q q 0 0 0 rg BT 295.27 327.10 Td (March ) Tj ET Q q 0 0 0 rg BT 318.14 327.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 326.14 327.10 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (From ) Tj ET Q q 0 0 0 rg BT 72.51 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.06 307.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 131.27 307.10 Td (date ) Tj ET Q q 0 0 0 rg BT 149.27 307.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.93 307.10 Td (March ) Tj ET Q q 0 0 0 rg BT 186.37 307.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 195.20 307.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 216.54 307.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.98 307.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 283.65 307.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 307.10 Td (, ) Tj ET Q q 0 0 0 rg BT 307.48 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.03 307.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 361.26 307.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 397.57 307.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 437.76 307.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 470.75 307.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.52 307.10 Td (net ) Tj ET Q q 0 0 0 rg BT 500.07 307.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 516.97 307.10 Td (attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 295.10 Td (W) Tj ET Q q 0 0 0 rg BT 84.04 295.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 118.55 295.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 156.40 295.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.59 295.10 Td ($39.0 ) Tj ET Q q 0 0 0 rg BT 192.95 295.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.84 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.70 295.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.00 295.10 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 262.35 295.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.25 295.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.60 295.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 344.26 295.10 Td (, ) Tj ET Q q 0 0 0 rg BT 349.62 295.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.26 295.10 Td (its ) Tj ET Q q 0 0 0 rg BT 372.56 295.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 425.96 295.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 471.03 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.22 295.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 529.24 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.89 295.10 Td (The ) Tj ET Q q 0 0 0 rg BT 550.29 295.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 67.56 283.10 Td (is ) Tj ET Q q 0 0 0 rg BT 76.73 283.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 116.44 283.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 164.48 283.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.76 283.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 221.13 283.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 243.63 283.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.57 283.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 312.49 283.10 Td (expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.03 263.10 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 263.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 148.66 263.10 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 192.08 263.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 246.61 263.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 263.92 263.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 291.79 263.10 Td (results ) Tj ET Q q 0 0 0 rg BT 321.88 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.20 263.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 379.84 263.10 Td (based ) Tj ET Q q 0 0 0 rg BT 406.59 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 420.58 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.78 263.10 Td (Company) Tj ET Q q 0 0 0 rg BT 478.44 263.10 Td (s ) Tj ET Q q 0 0 0 rg BT 486.32 263.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 527.52 263.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.01 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.75 251.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 146.37 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.33 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.84 251.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 221.02 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.65 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.99 251.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.03 251.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 288.98 251.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 326.27 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.01 251.10 Td (related ) Tj ET Q q 0 0 0 rg BT 372.51 251.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 420.36 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 430.98 251.10 Td (if ) Tj ET Q q 0 0 0 rg BT 439.39 251.10 Td (it ) Tj ET Q q 0 0 0 rg BT 447.24 251.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 484.52 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 496.81 251.10 Td (January ) Tj ET Q q 0 0 0 rg BT 530.21 251.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 540.01 251.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 565.01 251.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 239.10 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 108.91 239.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 124.45 239.10 Td (forma ) Tj ET Q q 0 0 0 rg BT 150.54 239.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 186.65 239.10 Td (were ) Tj ET Q q 0 0 0 rg BT 208.29 239.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 245.48 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 259.35 239.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 308.21 239.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 345.97 239.10 Td (only ) Tj ET Q q 0 0 0 rg BT 365.97 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.62 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 397.04 239.10 Td (not ) Tj ET Q q 0 0 0 rg BT 412.03 239.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 453.68 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.22 239.10 Td (what ) Tj ET Q q 0 0 0 rg BT 485.87 239.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 511.96 239.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.10 Td (results ) Tj ET Q q 0 0 0 rg BT 78.75 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.23 227.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 135.02 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.50 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.86 227.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 203.89 227.10 Td (would ) Tj ET Q q 0 0 0 rg BT 232.03 227.10 Td (have ) Tj ET Q q 0 0 0 rg BT 254.05 227.10 Td (been, ) Tj ET Q q 0 0 0 rg BT 278.57 227.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 295.05 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 310.40 227.10 Td (they ) Tj ET Q q 0 0 0 rg BT 330.76 227.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 373.33 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.80 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.16 227.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 453.85 227.10 Td (results ) Tj ET Q q 0 0 0 rg BT 483.10 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.58 227.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 539.37 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 227.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.88 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.82 215.10 Td (exclude ) Tj ET Q q 0 0 0 rg BT 126.41 215.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 172.78 215.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 195.28 215.10 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 228.33 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.61 215.10 Td (thousands, ) Tj ET Q q 0 0 0 rg BT 283.61 215.10 Td (except ) Tj ET Q q 0 0 0 rg BT 312.20 215.10 Td (per ) Tj ET Q q 0 0 0 rg BT 327.47 215.10 Td (share ) Tj ET Q q 0 0 0 rg BT 351.07 215.10 Td (data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 164.60 260.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 164.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 164.60 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 164.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 164.60 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 164.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 164.60 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 164.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 164.60 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 130.60 260.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 130.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 130.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 130.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 130.60 54.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 177.60000000000002 m 368 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 177.60000000000002 m 372 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 177.60000000000002 m 426 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 177.60000000000002 m 484 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 177.60000000000002 m 488 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 177.60000000000002 m 542 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 177.60000000000002 m 368 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 164.60000000000002 m 368 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 177.60000000000002 m 426 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 164.60000000000002 m 426 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 164.60000000000002 m 484 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 164.60000000000002 m 542 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 164.60000000000002 m 368 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 164.60000000000002 m 426 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 164.60000000000002 m 484 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 164.60000000000002 m 542 164.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.85 181.83 Td (Three Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.70 181.83 Td (Six Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.50 168.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.50 168.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.50 168.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 168.83 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 156.20 Td (Pro forma total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.50 155.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.75 155.85 Td (68,301) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.50 155.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.75 155.85 Td (50,228) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.50 155.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.75 155.85 Td (136,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 155.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.75 155.85 Td (90,257) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 143.20 Td (Pro forma net income \(loss\) attributable to NorthStar Healthcare Income, Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 135.20 Td (common stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.10 134.85 Td (\(27,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.80 134.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.10 134.85 Td (\(21,927) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.80 134.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.10 134.85 Td (\(68,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.80 134.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.10 134.85 Td (\(47,968) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 134.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 121.70 Td (Pro forma net income \(loss\) per share of common stock, basic/diluted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.50 120.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.10 120.85 Td (\(0.15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.80 120.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.50 120.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.10 120.85 Td (\(0.18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.80 120.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.50 120.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 120.85 Td (\(0.38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.80 120.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.50 120.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.10 120.85 Td (\(0.42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 120.85 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 97.10 Td (4. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 97.10 Td (Investments in Unconsolidated ) Tj ET Q q 0 0 0 rg BT 205.45 97.10 Td (V) Tj ET Q q 0 0 0 rg BT 211.75 97.10 Td (entur) Tj ET Q q 0 0 0 rg BT 234.90 97.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 77.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.39 77.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.28 77.10 Td (a ) Tj ET Q q 0 0 0 rg BT 123.95 77.10 Td (description ) Tj ET Q q 0 0 0 rg BT 170.61 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.17 77.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.61 77.10 Td (Company) Tj ET Q q 0 0 0 rg BT 237.27 77.10 Td (s ) Tj ET Q q 0 0 0 rg BT 243.39 77.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 293.39 77.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.40 77.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 366.17 77.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 404.77 77.10 Td (all ) Tj ET Q q 0 0 0 rg BT 416.99 77.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.55 77.10 Td (which ) Tj ET Q q 0 0 0 rg BT 454.21 77.10 Td (are ) Tj ET Q q 0 0 0 rg BT 468.65 77.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 511.40 77.10 Td (for ) Tj ET Q q 0 0 0 rg BT 525.29 77.10 Td (under ) Tj ET Q q 0 0 0 rg BT 550.29 77.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.47 65.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 112.93 65.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.69 65.10 Td (The ) Tj ET Q q 0 0 0 rg BT 134.21 65.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 176.06 65.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 216.24 65.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 251.42 65.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 294.93 65.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.24 65.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 358.08 65.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.03 65.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 437.32 65.10 Td (information ) Tj ET Q q 0 0 0 rg BT 487.51 65.10 Td (is ) Tj ET Q q 0 0 0 rg BT 497.15 65.10 Td (required ) Tj ET Q q 0 0 0 rg BT 533.43 65.10 Td (for ) Tj ET Q q 0 0 0 rg BT 548.06 65.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 100.33 53.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 145.04 53.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 191.42 53.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.70 53.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 264.74 53.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 303.62 53.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 324.99 53.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.27 53.10 Td (Summarized ) Tj ET Q q 0 0 0 rg BT 388.31 53.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 428.02 53.10 Td (Data ) Tj ET Q q 0 0 0 rg BT 449.40 53.10 Td (below) Tj ET Q q 0 0 0 rg BT 473.19 53.10 Td (.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (22) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 699.60 Td (Eclipse ) Tj ET Q q 0 0 0 rg BT 81.43 699.60 Td (Joint ) Tj ET Q q 0 0 0 rg BT 103.93 699.60 Td (V) Tj ET Q q 0 0 0 rg BT 108.93 699.60 Td (entur) Tj ET Q q 0 0 0 rg BT 129.67 699.60 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 679.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.81 679.60 Td (May ) Tj ET Q q 0 0 0 rg BT 82.13 679.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 107.61 679.60 Td (the ) Tj ET Q q 0 0 0 rg BT 122.81 679.60 Td (Company) Tj ET Q q 0 0 0 rg BT 161.04 679.60 Td (, ) Tj ET Q q 0 0 0 rg BT 166.53 679.60 Td (through ) Tj ET Q q 0 0 0 rg BT 200.62 679.60 Td (a ) Tj ET Q q 0 0 0 rg BT 208.04 679.60 Td (general ) Tj ET Q q 0 0 0 rg BT 240.44 679.60 Td (partnership ) Tj ET Q q 0 0 0 rg BT 288.41 679.60 Td (with ) Tj ET Q q 0 0 0 rg BT 309.17 679.60 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 351.59 679.60 Td (Realty ) Tj ET Q q 0 0 0 rg BT 380.68 679.60 Td (\(refer ) Tj ET Q q 0 0 0 rg BT 405.86 679.60 Td (to ) Tj ET Q q 0 0 0 rg BT 416.62 679.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 439.04 679.60 Td (7\), ) Tj ET Q q 0 0 0 rg BT 452.85 679.60 Td (entered ) Tj ET Q q 0 0 0 rg BT 485.26 679.60 Td (into ) Tj ET Q q 0 0 0 rg BT 503.80 679.60 Td (a ) Tj ET Q q 0 0 0 rg BT 511.22 679.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 532.54 679.60 Td (venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.60 Td (with ) Tj ET Q q 0 0 0 rg BT 70.00 667.60 Td (an ) Tj ET Q q 0 0 0 rg BT 82.16 667.60 Td (af) Tj ET Q q 0 0 0 rg BT 89.75 667.60 Td (filiate ) Tj ET Q q 0 0 0 rg BT 115.79 667.60 Td (of ) Tj ET Q q 0 0 0 rg BT 126.84 667.60 Td (Formation ) Tj ET Q q 0 0 0 rg BT 171.23 667.60 Td (Capital, ) Tj ET Q q 0 0 0 rg BT 205.33 667.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 226.94 667.60 Td (\(Formation\) ) Tj ET Q q 0 0 0 rg BT 286.86 667.60 Td (to ) Tj ET Q q 0 0 0 rg BT 297.36 667.60 Td (acquire ) Tj ET Q q 0 0 0 rg BT 329.50 667.60 Td (an ) Tj ET Q q 0 0 0 rg BT 341.66 667.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 373.82 667.60 Td (in ) Tj ET Q q 0 0 0 rg BT 384.32 667.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.48 667.60 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 411.70 667.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.81 667.60 Td ( ) Tj ET Q q 0 0 0 rg BT 440.53 667.60 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 484.33 667.60 Td (real ) Tj ET Q q 0 0 0 rg BT 502.04 667.60 Td (estate ) Tj ET Q q 0 0 0 rg BT 527.53 667.60 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 655.60 Td (comprised ) Tj ET Q q 0 0 0 rg BT 92.44 655.60 Td (of ) Tj ET Q q 0 0 0 rg BT 102.06 655.60 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.12 655.60 Td (8,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.62 655.60 Td ( ) Tj ET Q q 0 0 0 rg BT 144.91 655.60 Td (units/beds ) Tj ET Q q 0 0 0 rg BT 186.75 655.60 Td (across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.03 655.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.03 655.60 Td ( ) Tj ET Q q 0 0 0 rg BT 224.03 655.60 Td (ALFs ) Tj ET Q q 0 0 0 rg BT 248.10 655.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.83 655.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.83 655.60 Td ( ) Tj ET Q q 0 0 0 rg BT 275.12 655.60 Td (SNFs, ) Tj ET Q q 0 0 0 rg BT 301.14 655.60 Td (located ) Tj ET Q q 0 0 0 rg BT 331.30 655.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 369.80 655.60 Td (in ) Tj ET Q q 0 0 0 rg BT 378.87 655.60 Td (Florida, ) Tj ET Q q 0 0 0 rg BT 411.54 655.60 Td (Illinois, ) Tj ET Q q 0 0 0 rg BT 443.67 655.60 Td (Oregon ) Tj ET Q q 0 0 0 rg BT 474.95 655.60 Td (and ) Tj ET Q q 0 0 0 rg BT 490.58 655.60 Td (T) Tj ET Q q 0 0 0 rg BT 495.99 655.60 Td (exas ) Tj ET Q q 0 0 0 rg BT 515.05 655.60 Td (\(Eclipse\). ) Tj ET Q q 0 0 0 rg BT 565.02 655.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.28 643.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.40 643.60 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.18 643.60 Td ($23.4 ) Tj ET Q q 0 0 0 rg BT 180.92 643.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.81 643.60 Td ( ) Tj ET Q q 0 0 0 rg BT 212.04 643.60 Td (for ) Tj ET Q q 0 0 0 rg BT 225.94 643.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.61 643.60 Td (5.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.44 643.60 Td ( ) Tj ET Q q 0 0 0 rg BT 255.68 643.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 287.35 643.60 Td (in ) Tj ET Q q 0 0 0 rg BT 297.36 643.60 Td (the ) Tj ET Q q 0 0 0 rg BT 311.81 643.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 332.38 643.60 Td (venture. ) Tj ET Q q 0 0 0 rg BT 367.10 643.60 Td ( ) Tj ET Q q 0 0 0 rg BT 368.85 643.60 Td (As ) Tj ET Q q 0 0 0 rg BT 382.19 643.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.76 643.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 428.33 643.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.33 643.60 Td ( ) Tj ET Q q 0 0 0 rg BT 450.56 643.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.23 643.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 525.55 643.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.55 643.60 Td (, ) Tj ET Q q 0 0 0 rg BT 550.29 643.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 631.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 84.83 631.60 Td (value ) Tj ET Q q 0 0 0 rg BT 108.50 631.60 Td (of ) Tj ET Q q 0 0 0 rg BT 118.84 631.60 Td (the ) Tj ET Q q 0 0 0 rg BT 133.07 631.60 Td (Company) Tj ET Q q 0 0 0 rg BT 174.74 631.60 Td (s ) Tj ET Q q 0 0 0 rg BT 180.64 631.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 226.54 631.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.10 631.60 Td ($16.7 ) Tj ET Q q 0 0 0 rg BT 268.61 631.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 631.60 Td ( ) Tj ET Q q 0 0 0 rg BT 299.52 631.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.97 631.60 Td ($17.4 ) Tj ET Q q 0 0 0 rg BT 340.48 631.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.37 631.60 Td (, ) Tj ET Q q 0 0 0 rg BT 373.89 631.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 421.55 631.60 Td (, ) Tj ET Q q 0 0 0 rg BT 426.06 631.60 Td (both ) Tj ET Q q 0 0 0 rg BT 445.85 631.60 Td (of ) Tj ET Q q 0 0 0 rg BT 456.20 631.60 Td (which ) Tj ET Q q 0 0 0 rg BT 482.65 631.60 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 631.60 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 533.61 631.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.60 Td (of ) Tj ET Q q 0 0 0 rg BT 59.85 619.60 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 105.17 619.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 151.07 619.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 175.58 619.60 Td ( ) Tj ET Q q 0 0 0 rg BT 177.60 619.60 Td (For ) Tj ET Q q 0 0 0 rg BT 193.51 619.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.74 619.60 Td (three ) Tj ET Q q 0 0 0 rg BT 229.74 619.60 Td (and ) Tj ET Q q 0 0 0 rg BT 246.20 619.60 Td (six ) Tj ET Q q 0 0 0 rg BT 259.89 619.60 Td (months ) Tj ET Q q 0 0 0 rg BT 291.35 619.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.23 619.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.24 619.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 352.59 619.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.59 619.60 Td (, ) Tj ET Q q 0 0 0 rg BT 377.11 619.60 Td (the ) Tj ET Q q 0 0 0 rg BT 391.34 619.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 432.24 619.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 478.12 619.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.12 619.60 Td (0.2 ) Tj ET Q q 0 0 0 rg BT 497.64 619.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.53 619.60 Td ( ) Tj ET Q q 0 0 0 rg BT 528.55 619.60 Td (and ) Tj ET Q q 0 0 0 rg BT 545.00 619.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.00 619.60 Td (0.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 607.60 Td ( ) Tj ET Q q 0 0 0 rg BT 80.92 607.60 Td (in ) Tj ET Q q 0 0 0 rg BT 91.24 607.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 118.76 607.60 Td (in ) Tj ET Q q 0 0 0 rg BT 129.08 607.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 165.49 607.60 Td (and ) Tj ET Q q 0 0 0 rg BT 182.46 607.60 Td (received ) Tj ET Q q 0 0 0 rg BT 218.85 607.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 239.16 607.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 291.69 607.60 Td (of ) Tj ET Q q 0 0 0 rg BT 302.56 607.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.56 607.60 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 322.59 607.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.48 607.60 Td ( ) Tj ET Q q 0 0 0 rg BT 354.01 607.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.99 607.60 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 391.02 607.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.91 607.60 Td (, ) Tj ET Q q 0 0 0 rg BT 424.94 607.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 472.61 607.60 Td (. ) Tj ET Q q 0 0 0 rg BT 477.64 607.60 Td ( ) Tj ET Q q 0 0 0 rg BT 480.17 607.60 Td (For ) Tj ET Q q 0 0 0 rg BT 496.60 607.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.35 607.60 Td (three ) Tj ET Q q 0 0 0 rg BT 533.87 607.60 Td (and ) Tj ET Q q 0 0 0 rg BT 550.84 607.60 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.60 Td (months ) Tj ET Q q 0 0 0 rg BT 82.35 595.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.22 595.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.62 595.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 146.35 595.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.35 595.60 Td (, ) Tj ET Q q 0 0 0 rg BT 172.25 595.60 Td (the ) Tj ET Q q 0 0 0 rg BT 187.86 595.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 230.15 595.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 277.41 595.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.41 595.60 Td (0.2 ) Tj ET Q q 0 0 0 rg BT 298.31 595.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.20 595.60 Td ( ) Tj ET Q q 0 0 0 rg BT 330.60 595.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.44 595.60 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 369.33 595.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.23 595.60 Td ( ) Tj ET Q q 0 0 0 rg BT 401.62 595.60 Td (in ) Tj ET Q q 0 0 0 rg BT 412.80 595.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 441.19 595.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.37 595.60 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.25 595.60 Td ( ) Tj ET Q q 0 0 0 rg BT 489.65 595.60 Td (and ) Tj ET Q q 0 0 0 rg BT 507.48 595.60 Td (received ) Tj ET Q q 0 0 0 rg BT 544.74 595.60 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 102.00 583.60 Td (of ) Tj ET Q q 0 0 0 rg BT 112.83 583.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.83 583.60 Td (0.6 ) Tj ET Q q 0 0 0 rg BT 132.83 583.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.73 583.60 Td ( ) Tj ET Q q 0 0 0 rg BT 164.23 583.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.17 583.60 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 201.17 583.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.06 583.60 Td (, ) Tj ET Q q 0 0 0 rg BT 235.06 583.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 282.72 583.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 563.60 Td (Envoy ) Tj ET Q q 0 0 0 rg BT 76.99 563.60 Td (Joint ) Tj ET Q q 0 0 0 rg BT 99.48 563.60 Td (V) Tj ET Q q 0 0 0 rg BT 104.48 563.60 Td (entur) Tj ET Q q 0 0 0 rg BT 125.22 563.60 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 543.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.69 543.60 Td (June ) Tj ET Q q 0 0 0 rg BT 81.88 543.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 107.24 543.60 Td (the ) Tj ET Q q 0 0 0 rg BT 122.31 543.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 164.06 543.60 Td (made ) Tj ET Q q 0 0 0 rg BT 188.57 543.60 Td (a ) Tj ET Q q 0 0 0 rg BT 195.87 543.60 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 245.38 543.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 277.68 543.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 324.42 543.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.61 543.60 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 355.96 543.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.86 543.60 Td ( ) Tj ET Q q 0 0 0 rg BT 387.72 543.60 Td (which ) Tj ET Q q 0 0 0 rg BT 415.01 543.60 Td (was ) Tj ET Q q 0 0 0 rg BT 433.42 543.60 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 479.04 543.60 Td (for ) Tj ET Q q 0 0 0 rg BT 493.56 543.60 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.85 543.60 Td (1) Tj ET Q q 0 0 0 rg BT 510.48 543.60 Td (1.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.31 543.60 Td ( ) Tj ET Q q 0 0 0 rg BT 534.17 543.60 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 531.60 Td (partner ) Tj ET Q q 0 0 0 rg BT 80.43 531.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 112.48 531.60 Td (in ) Tj ET Q q 0 0 0 rg BT 122.87 531.60 Td (a ) Tj ET Q q 0 0 0 rg BT 129.92 531.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 150.87 531.60 Td (venture ) Tj ET Q q 0 0 0 rg BT 183.47 531.60 Td (\(Envoy\), ) Tj ET Q q 0 0 0 rg BT 230.23 531.60 Td (with ) Tj ET Q q 0 0 0 rg BT 250.63 531.60 Td (af) Tj ET Q q 0 0 0 rg BT 258.22 531.60 Td (filiates ) Tj ET Q q 0 0 0 rg BT 288.04 531.60 Td (of ) Tj ET Q q 0 0 0 rg BT 298.99 531.60 Td (Formation ) Tj ET Q q 0 0 0 rg BT 343.27 531.60 Td (and ) Tj ET Q q 0 0 0 rg BT 360.32 531.60 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 395.14 531.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 449.96 531.60 Td (Limited ) Tj ET Q q 0 0 0 rg BT 484.23 531.60 Td (in ) Tj ET Q q 0 0 0 rg BT 494.63 531.60 Td (September ) Tj ET Q q 0 0 0 rg BT 540.01 531.60 Td (2014. ) Tj ET Q q 0 0 0 rg BT 565.01 531.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 519.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 87.69 519.60 Td (venture ) Tj ET Q q 0 0 0 rg BT 119.83 519.60 Td (owns ) Tj ET Q q 0 0 0 rg BT 143.10 519.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.69 519.60 Td ($145.0 ) Tj ET Q q 0 0 0 rg BT 179.35 519.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.24 519.60 Td ( ) Tj ET Q q 0 0 0 rg BT 210.39 519.60 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 250.04 519.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 280.52 519.60 Td (to ) Tj ET Q q 0 0 0 rg BT 290.46 519.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 319.81 519.60 Td (earn-out ) Tj ET Q q 0 0 0 rg BT 355.28 519.60 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 401.61 519.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.09 519.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.09 519.60 Td ( ) Tj ET Q q 0 0 0 rg BT 424.25 519.60 Td (SNFs ) Tj ET Q q 0 0 0 rg BT 448.64 519.60 Td (comprised ) Tj ET Q q 0 0 0 rg BT 492.45 519.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.93 519.60 Td (1,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.43 519.60 Td ( ) Tj ET Q q 0 0 0 rg BT 527.59 519.60 Td (beds ) Tj ET Q q 0 0 0 rg BT 548.07 519.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 507.60 Td (located ) Tj ET Q q 0 0 0 rg BT 80.14 507.60 Td (in ) Tj ET Q q 0 0 0 rg BT 89.56 507.60 Td (V) Tj ET Q q 0 0 0 rg BT 96.18 507.60 Td (ir) Tj ET Q q 0 0 0 rg BT 102.11 507.60 Td (ginia, ) Tj ET Q q 0 0 0 rg BT 126.37 507.60 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 167.02 507.60 Td (and ) Tj ET Q q 0 0 0 rg BT 183.23 507.60 Td (Pennsylvania. ) Tj ET Q q 0 0 0 rg BT 240.82 507.60 Td ( ) Tj ET Q q 0 0 0 rg BT 242.20 507.60 Td (As ) Tj ET Q q 0 0 0 rg BT 255.08 507.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.18 507.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 300.28 507.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.28 507.60 Td ( ) Tj ET Q q 0 0 0 rg BT 322.05 507.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.26 507.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 396.11 507.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.11 507.60 Td (, ) Tj ET Q q 0 0 0 rg BT 420.38 507.60 Td (the ) Tj ET Q q 0 0 0 rg BT 434.36 507.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 469.45 507.60 Td (value ) Tj ET Q q 0 0 0 rg BT 492.87 507.60 Td (of ) Tj ET Q q 0 0 0 rg BT 502.97 507.60 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 507.60 Td (Company) Tj ET Q q 0 0 0 rg BT 558.62 507.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 495.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.28 495.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.73 495.60 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 135.13 495.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.03 495.60 Td ( ) Tj ET Q q 0 0 0 rg BT 166.93 495.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.27 495.60 Td ($5.7 ) Tj ET Q q 0 0 0 rg BT 204.67 495.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.56 495.60 Td (, ) Tj ET Q q 0 0 0 rg BT 238.96 495.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 286.62 495.60 Td (, ) Tj ET Q q 0 0 0 rg BT 292.02 495.60 Td (both ) Tj ET Q q 0 0 0 rg BT 312.70 495.60 Td (of ) Tj ET Q q 0 0 0 rg BT 323.93 495.60 Td (which ) Tj ET Q q 0 0 0 rg BT 351.27 495.60 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.60 495.60 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 404.00 495.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.89 495.60 Td ( ) Tj ET Q q 0 0 0 rg BT 435.79 495.60 Td (of ) Tj ET Q q 0 0 0 rg BT 447.02 495.60 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 493.23 495.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 540.01 495.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 565.01 495.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.64 483.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.11 483.60 Td (three ) Tj ET Q q 0 0 0 rg BT 102.34 483.60 Td (and ) Tj ET Q q 0 0 0 rg BT 119.03 483.60 Td (six ) Tj ET Q q 0 0 0 rg BT 132.95 483.60 Td (months ) Tj ET Q q 0 0 0 rg BT 164.65 483.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 483.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.78 483.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 226.36 483.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.36 483.60 Td (, ) Tj ET Q q 0 0 0 rg BT 251.11 483.60 Td (the ) Tj ET Q q 0 0 0 rg BT 265.57 483.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 306.71 483.60 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.82 483.60 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 372.57 483.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.46 483.60 Td ( ) Tj ET Q q 0 0 0 rg BT 403.71 483.60 Td (in ) Tj ET Q q 0 0 0 rg BT 413.74 483.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 440.99 483.60 Td (in ) Tj ET Q q 0 0 0 rg BT 451.02 483.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 487.14 483.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.83 483.60 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 523.58 483.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.47 483.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 483.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 471.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.50 471.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.28 471.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.29 471.60 Td (losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.18 471.60 Td (, ) Tj ET Q q 0 0 0 rg BT 117.69 471.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 165.35 471.60 Td (, ) Tj ET Q q 0 0 0 rg BT 170.86 471.60 Td (and ) Tj ET Q q 0 0 0 rg BT 188.30 471.60 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.17 471.60 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.17 471.60 Td ( ) Tj ET Q q 0 0 0 rg BT 238.18 471.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 258.96 471.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 311.97 471.60 Td (in ) Tj ET Q q 0 0 0 rg BT 322.76 471.60 Td (either ) Tj ET Q q 0 0 0 rg BT 348.53 471.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 379.58 471.60 Td ( ) Tj ET Q q 0 0 0 rg BT 382.59 471.60 Td (For ) Tj ET Q q 0 0 0 rg BT 399.49 471.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.71 471.60 Td (three ) Tj ET Q q 0 0 0 rg BT 437.71 471.60 Td (and ) Tj ET Q q 0 0 0 rg BT 455.15 471.60 Td (six ) Tj ET Q q 0 0 0 rg BT 469.83 471.60 Td (months ) Tj ET Q q 0 0 0 rg BT 502.29 471.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.17 471.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.17 471.60 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 459.60 Td (, ) Tj ET Q q 0 0 0 rg BT 74.27 459.60 Td (the ) Tj ET Q q 0 0 0 rg BT 88.75 459.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.91 459.60 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.04 459.60 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 195.81 459.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.70 459.60 Td ( ) Tj ET Q q 0 0 0 rg BT 226.97 459.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.67 459.60 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 263.44 459.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.33 459.60 Td ( ) Tj ET Q q 0 0 0 rg BT 294.60 459.60 Td (in ) Tj ET Q q 0 0 0 rg BT 304.65 459.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 331.91 459.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.96 459.60 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.83 459.60 Td ( ) Tj ET Q q 0 0 0 rg BT 378.10 459.60 Td (and ) Tj ET Q q 0 0 0 rg BT 394.81 459.60 Td (received ) Tj ET Q q 0 0 0 rg BT 430.94 459.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 450.97 459.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 503.25 459.60 Td (of ) Tj ET Q q 0 0 0 rg BT 513.85 459.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.85 459.60 Td (0.2 ) Tj ET Q q 0 0 0 rg BT 533.61 459.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 447.60 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 86.44 447.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.33 447.60 Td (, ) Tj ET Q q 0 0 0 rg BT 120.33 447.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 167.99 447.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 427.60 Td (Griffin-American ) Tj ET Q q 0 0 0 rg BT 121.43 427.60 Td (Joint ) Tj ET Q q 0 0 0 rg BT 143.93 427.60 Td (V) Tj ET Q q 0 0 0 rg BT 148.93 427.60 Td (entur) Tj ET Q q 0 0 0 rg BT 169.67 427.60 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.65 407.60 Td (December ) Tj ET Q q 0 0 0 rg BT 104.55 407.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 129.87 407.60 Td (the ) Tj ET Q q 0 0 0 rg BT 144.91 407.60 Td (Company) Tj ET Q q 0 0 0 rg BT 183.14 407.60 Td (, ) Tj ET Q q 0 0 0 rg BT 188.46 407.60 Td (through ) Tj ET Q q 0 0 0 rg BT 222.39 407.60 Td (a ) Tj ET Q q 0 0 0 rg BT 229.65 407.60 Td (general ) Tj ET Q q 0 0 0 rg BT 261.89 407.60 Td (partnership ) Tj ET Q q 0 0 0 rg BT 309.69 407.60 Td (with ) Tj ET Q q 0 0 0 rg BT 330.29 407.60 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 372.55 407.60 Td (Realty ) Tj ET Q q 0 0 0 rg BT 401.47 407.60 Td (\(refer ) Tj ET Q q 0 0 0 rg BT 426.49 407.60 Td (to ) Tj ET Q q 0 0 0 rg BT 437.08 407.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 459.34 407.60 Td (7\), ) Tj ET Q q 0 0 0 rg BT 472.99 407.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 510.23 407.60 Td (an ) Tj ET Q q 0 0 0 rg BT 522.49 407.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 554.74 407.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.60 Td (Grif) Tj ET Q q 0 0 0 rg BT 65.98 395.60 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 123.08 395.60 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 169.62 395.60 Td (REIT) Tj ET Q q 0 0 0 rg BT 191.66 395.60 Td ( ) Tj ET Q q 0 0 0 rg BT 194.90 395.60 Td (II, ) Tj ET Q q 0 0 0 rg BT 207.29 395.60 Td (Inc.) Tj ET Q q 0 0 0 rg BT 225.34 395.60 Td (s ) Tj ET Q q 0 0 0 rg BT 232.47 395.60 Td (\(Grif) Tj ET Q q 0 0 0 rg BT 256.72 395.60 Td (fin-American\) ) Tj ET Q q 0 0 0 rg BT 321.59 395.60 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 365.91 395.60 Td (real ) Tj ET Q q 0 0 0 rg BT 384.13 395.60 Td (estate ) Tj ET Q q 0 0 0 rg BT 410.13 395.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 448.37 395.60 Td (following ) Tj ET Q q 0 0 0 rg BT 490.49 395.60 Td (completion ) Tj ET Q q 0 0 0 rg BT 538.72 395.60 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 395.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.60 Td (mer) Tj ET Q q 0 0 0 rg BT 64.87 383.60 Td (ger ) Tj ET Q q 0 0 0 rg BT 79.70 383.60 Td (of ) Tj ET Q q 0 0 0 rg BT 90.09 383.60 Td (Grif) Tj ET Q q 0 0 0 rg BT 106.57 383.60 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 162.50 383.60 Td (with ) Tj ET Q q 0 0 0 rg BT 182.34 383.60 Td (and ) Tj ET Q q 0 0 0 rg BT 198.84 383.60 Td (into ) Tj ET Q q 0 0 0 rg BT 216.46 383.60 Td (a ) Tj ET Q q 0 0 0 rg BT 222.96 383.60 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 266.13 383.60 Td (of ) Tj ET Q q 0 0 0 rg BT 276.52 383.60 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 318.03 383.60 Td (Realty) Tj ET Q q 0 0 0 rg BT 343.48 383.60 Td (. ) Tj ET Q q 0 0 0 rg BT 348.04 383.60 Td ( ) Tj ET Q q 0 0 0 rg BT 350.11 383.60 Td (In ) Tj ET Q q 0 0 0 rg BT 360.50 383.60 Td (connection ) Tj ET Q q 0 0 0 rg BT 406.43 383.60 Td (with ) Tj ET Q q 0 0 0 rg BT 426.27 383.60 Td (the ) Tj ET Q q 0 0 0 rg BT 440.55 383.60 Td (mer) Tj ET Q q 0 0 0 rg BT 455.92 383.60 Td (ger) Tj ET Q q 0 0 0 rg BT 468.29 383.60 Td (, ) Tj ET Q q 0 0 0 rg BT 472.85 383.60 Td (the ) Tj ET Q q 0 0 0 rg BT 487.13 383.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 528.08 383.60 Td (acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.61 371.60 Td (14.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.44 371.60 Td ( ) Tj ET Q q 0 0 0 rg BT 83.11 371.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 114.22 371.60 Td (in ) Tj ET Q q 0 0 0 rg BT 123.67 371.60 Td (the ) Tj ET Q q 0 0 0 rg BT 137.56 371.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 157.57 371.60 Td (venture ) Tj ET Q q 0 0 0 rg BT 189.22 371.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.56 371.60 Td ($187.2 ) Tj ET Q q 0 0 0 rg BT 231.73 371.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.62 371.60 Td ( ) Tj ET Q q 0 0 0 rg BT 262.29 371.60 Td (in ) Tj ET Q q 0 0 0 rg BT 271.74 371.60 Td (cash, ) Tj ET Q q 0 0 0 rg BT 293.68 371.60 Td (including ) Tj ET Q q 0 0 0 rg BT 333.13 371.60 Td (a ) Tj ET Q q 0 0 0 rg BT 339.24 371.60 Td (pro ) Tj ET Q q 0 0 0 rg BT 354.24 371.60 Td (rata ) Tj ET Q q 0 0 0 rg BT 370.90 371.60 Td (share ) Tj ET Q q 0 0 0 rg BT 393.67 371.60 Td (of ) Tj ET Q q 0 0 0 rg BT 403.67 371.60 Td (transaction ) Tj ET Q q 0 0 0 rg BT 449.22 371.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 473.39 371.60 Td ( ) Tj ET Q q 0 0 0 rg BT 474.94 371.60 Td (The ) Tj ET Q q 0 0 0 rg BT 492.16 371.60 Td (Grif) Tj ET Q q 0 0 0 rg BT 508.64 371.60 Td (fin-American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.60 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 86.56 359.60 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.95 359.60 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.95 359.60 Td ( ) Tj ET Q q 0 0 0 rg BT 139.01 359.60 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 182.16 359.60 Td (real ) Tj ET Q q 0 0 0 rg BT 199.21 359.60 Td (estate ) Tj ET Q q 0 0 0 rg BT 224.04 359.60 Td (properties ) Tj ET Q q 0 0 0 rg BT 266.08 359.60 Td (located ) Tj ET Q q 0 0 0 rg BT 297.02 359.60 Td (throughout ) Tj ET Q q 0 0 0 rg BT 342.97 359.60 Td (the ) Tj ET Q q 0 0 0 rg BT 357.25 359.60 Td (United ) Tj ET Q q 0 0 0 rg BT 386.54 359.60 Td (States ) Tj ET Q q 0 0 0 rg BT 412.49 359.60 Td (and ) Tj ET Q q 0 0 0 rg BT 428.99 359.60 Td (in ) Tj ET Q q 0 0 0 rg BT 438.83 359.60 Td (the ) Tj ET Q q 0 0 0 rg BT 453.11 359.60 Td (United ) Tj ET Q q 0 0 0 rg BT 482.39 359.60 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 524.74 359.60 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.60 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 347.60 Td ( ) Tj ET Q q 0 0 0 rg BT 67.00 347.60 Td (MOBs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.67 347.60 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.67 347.60 Td ( ) Tj ET Q q 0 0 0 rg BT 111.17 347.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 138.11 347.60 Td (housing ) Tj ET Q q 0 0 0 rg BT 172.28 347.60 Td (facilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.71 347.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.71 347.60 Td ( ) Tj ET Q q 0 0 0 rg BT 224.21 347.60 Td (SNFs ) Tj ET Q q 0 0 0 rg BT 248.95 347.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.89 347.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.89 347.60 Td ( ) Tj ET Q q 0 0 0 rg BT 278.39 347.60 Td (hospitals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.73 327.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.18 327.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 111.63 327.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.63 327.60 Td ( ) Tj ET Q q 0 0 0 rg BT 134.75 327.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.31 327.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 211.52 327.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.52 327.60 Td (, ) Tj ET Q q 0 0 0 rg BT 237.14 327.60 Td (the ) Tj ET Q q 0 0 0 rg BT 252.47 327.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 288.91 327.60 Td (value ) Tj ET Q q 0 0 0 rg BT 313.68 327.60 Td (of ) Tj ET Q q 0 0 0 rg BT 325.13 327.60 Td (the ) Tj ET Q q 0 0 0 rg BT 340.47 327.60 Td (Company) Tj ET Q q 0 0 0 rg BT 382.14 327.60 Td (s ) Tj ET Q q 0 0 0 rg BT 389.15 327.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 436.15 327.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.82 327.60 Td ($166.4 ) Tj ET Q q 0 0 0 rg BT 485.44 327.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.33 327.60 Td ( ) Tj ET Q q 0 0 0 rg BT 517.45 327.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.01 327.60 Td ($178.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 315.60 Td (, ) Tj ET Q q 0 0 0 rg BT 83.87 315.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 131.53 315.60 Td (, ) Tj ET Q q 0 0 0 rg BT 137.00 315.60 Td (both ) Tj ET Q q 0 0 0 rg BT 157.76 315.60 Td (of ) Tj ET Q q 0 0 0 rg BT 169.07 315.60 Td (which ) Tj ET Q q 0 0 0 rg BT 196.48 315.60 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.89 315.60 Td ($13.4 ) Tj ET Q q 0 0 0 rg BT 254.37 315.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.26 315.60 Td ( ) Tj ET Q q 0 0 0 rg BT 286.23 315.60 Td (of ) Tj ET Q q 0 0 0 rg BT 297.54 315.60 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 343.82 315.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 390.68 315.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 416.16 315.60 Td ( ) Tj ET Q q 0 0 0 rg BT 419.13 315.60 Td (For ) Tj ET Q q 0 0 0 rg BT 436.00 315.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.19 315.60 Td (three ) Tj ET Q q 0 0 0 rg BT 474.15 315.60 Td (and ) Tj ET Q q 0 0 0 rg BT 491.57 315.60 Td (six ) Tj ET Q q 0 0 0 rg BT 506.21 315.60 Td (months ) Tj ET Q q 0 0 0 rg BT 538.64 315.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 85.39 303.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.39 303.60 Td (, ) Tj ET Q q 0 0 0 rg BT 110.45 303.60 Td (the ) Tj ET Q q 0 0 0 rg BT 125.23 303.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.67 303.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 213.10 303.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.10 303.60 Td (3.3 ) Tj ET Q q 0 0 0 rg BT 233.16 303.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.05 303.60 Td ( ) Tj ET Q q 0 0 0 rg BT 264.61 303.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.61 303.60 Td ($6.2 ) Tj ET Q q 0 0 0 rg BT 301.67 303.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.56 303.60 Td ( ) Tj ET Q q 0 0 0 rg BT 333.12 303.60 Td (in ) Tj ET Q q 0 0 0 rg BT 343.46 303.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 371.01 303.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.79 303.60 Td ( ) Tj ET Q q 0 0 0 rg BT 381.35 303.60 Td (losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.24 303.60 Td ( ) Tj ET Q q 0 0 0 rg BT 407.80 303.60 Td (and ) Tj ET Q q 0 0 0 rg BT 424.80 303.60 Td (received ) Tj ET Q q 0 0 0 rg BT 461.22 303.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 481.55 303.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 534.12 303.60 Td (of ) Tj ET Q q 0 0 0 rg BT 545.01 303.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.01 303.60 Td (2.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 291.60 Td ( ) Tj ET Q q 0 0 0 rg BT 80.91 291.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.87 291.60 Td ($5.6 ) Tj ET Q q 0 0 0 rg BT 117.90 291.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.79 291.60 Td (, ) Tj ET Q q 0 0 0 rg BT 151.81 291.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 199.47 291.60 Td (. ) Tj ET Q q 0 0 0 rg BT 204.49 291.60 Td ( ) Tj ET Q q 0 0 0 rg BT 207.01 291.60 Td (For ) Tj ET Q q 0 0 0 rg BT 223.43 291.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.17 291.60 Td (three ) Tj ET Q q 0 0 0 rg BT 260.67 291.60 Td (and ) Tj ET Q q 0 0 0 rg BT 277.63 291.60 Td (six ) Tj ET Q q 0 0 0 rg BT 291.83 291.60 Td (months ) Tj ET Q q 0 0 0 rg BT 323.80 291.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.67 291.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.20 291.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 386.05 291.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 291.60 Td (, ) Tj ET Q q 0 0 0 rg BT 411.07 291.60 Td (the ) Tj ET Q q 0 0 0 rg BT 425.81 291.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 467.22 291.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 513.60 291.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 291.60 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 533.62 291.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 279.60 Td ($5.7 ) Tj ET Q q 0 0 0 rg BT 86.44 279.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.33 279.60 Td ( ) Tj ET Q q 0 0 0 rg BT 117.83 279.60 Td (in ) Tj ET Q q 0 0 0 rg BT 128.11 279.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 155.60 279.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.88 279.60 Td (losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.77 279.60 Td ( ) Tj ET Q q 0 0 0 rg BT 192.27 279.60 Td (and ) Tj ET Q q 0 0 0 rg BT 209.21 279.60 Td (received ) Tj ET Q q 0 0 0 rg BT 245.57 279.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 265.84 279.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 318.35 279.60 Td (of ) Tj ET Q q 0 0 0 rg BT 329.18 279.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.18 279.60 Td (3.9 ) Tj ET Q q 0 0 0 rg BT 349.18 279.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.07 279.60 Td ( ) Tj ET Q q 0 0 0 rg BT 380.57 279.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.51 279.60 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 422.51 279.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.40 279.60 Td (, ) Tj ET Q q 0 0 0 rg BT 456.40 279.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 504.06 279.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 259.60 Td (Espr) Tj ET Q q 0 0 0 rg BT 68.02 259.60 Td (esso ) Tj ET Q q 0 0 0 rg BT 87.74 259.60 Td (Joint ) Tj ET Q q 0 0 0 rg BT 110.24 259.60 Td (V) Tj ET Q q 0 0 0 rg BT 115.24 259.60 Td (entur) Tj ET Q q 0 0 0 rg BT 135.97 259.60 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.60 Td (In ) Tj ET Q q 0 0 0 rg BT 61.10 239.60 Td (July ) Tj ET Q q 0 0 0 rg BT 81.05 239.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 106.82 239.60 Td (the ) Tj ET Q q 0 0 0 rg BT 122.31 239.60 Td (Company) Tj ET Q q 0 0 0 rg BT 160.55 239.60 Td (, ) Tj ET Q q 0 0 0 rg BT 166.32 239.60 Td (together ) Tj ET Q q 0 0 0 rg BT 202.36 239.60 Td (with ) Tj ET Q q 0 0 0 rg BT 223.41 239.60 Td (Formation ) Tj ET Q q 0 0 0 rg BT 268.35 239.60 Td (and ) Tj ET Q q 0 0 0 rg BT 286.06 239.60 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 321.55 239.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 377.02 239.60 Td (Limited, ) Tj ET Q q 0 0 0 rg BT 414.46 239.60 Td (through ) Tj ET Q q 0 0 0 rg BT 448.84 239.60 Td (a ) Tj ET Q q 0 0 0 rg BT 456.55 239.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 478.16 239.60 Td (venture ) Tj ET Q q 0 0 0 rg BT 511.42 239.60 Td (\(Espresso\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 86.66 227.60 Td (the ) Tj ET Q q 0 0 0 rg BT 101.61 227.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 122.13 227.60 Td (based ) Tj ET Q q 0 0 0 rg BT 147.64 227.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 192.03 227.60 Td (of ) Tj ET Q q 0 0 0 rg BT 203.09 227.60 Td (Extendicare ) Tj ET Q q 0 0 0 rg BT 253.58 227.60 Td (International ) Tj ET Q q 0 0 0 rg BT 307.40 227.60 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 325.41 227.60 Td (\(Extendicare\), ) Tj ET Q q 0 0 0 rg BT 393.93 227.60 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.44 227.60 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.44 227.60 Td ( ) Tj ET Q q 0 0 0 rg BT 452.17 227.60 Td (SNFs ) Tj ET Q q 0 0 0 rg BT 477.15 227.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.32 227.60 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.99 227.60 Td ( ) Tj ET Q q 0 0 0 rg BT 508.12 227.60 Td (ALFs ) Tj ET Q q 0 0 0 rg BT 533.64 227.60 Td (located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.60 Td (across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.77 215.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.77 215.60 Td ( ) Tj ET Q q 0 0 0 rg BT 91.06 215.60 Td (states, ) Tj ET Q q 0 0 0 rg BT 119.06 215.60 Td (with ) Tj ET Q q 0 0 0 rg BT 140.12 215.60 Td (the ) Tj ET Q q 0 0 0 rg BT 155.62 215.60 Td (lar) Tj ET Q q 0 0 0 rg BT 165.98 215.60 Td (gest ) Tj ET Q q 0 0 0 rg BT 185.37 215.60 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 246.97 215.60 Td (in ) Tj ET Q q 0 0 0 rg BT 258.03 215.60 Td (Indiana, ) Tj ET Q q 0 0 0 rg BT 293.80 215.60 Td (Kentucky) Tj ET Q q 0 0 0 rg BT 332.02 215.60 Td (, ) Tj ET Q q 0 0 0 rg BT 337.81 215.60 Td (Ohio, ) Tj ET Q q 0 0 0 rg BT 363.59 215.60 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 405.20 215.60 Td (and ) Tj ET Q q 0 0 0 rg BT 422.68 215.60 Td (W) Tj ET Q q 0 0 0 rg BT 431.72 215.60 Td (isconsin, ) Tj ET Q q 0 0 0 rg BT 470.28 215.60 Td (for ) Tj ET Q q 0 0 0 rg BT 485.22 215.60 Td (a ) Tj ET Q q 0 0 0 rg BT 492.94 215.60 Td (total ) Tj ET Q q 0 0 0 rg BT 514.00 215.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 533.39 215.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 215.60 Td ($1.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 203.60 Td (. ) Tj ET Q q 0 0 0 rg BT 80.04 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 81.83 203.60 Td (The ) Tj ET Q q 0 0 0 rg BT 99.30 203.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 140.12 203.60 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.37 203.60 Td ($55.0 ) Tj ET Q q 0 0 0 rg BT 199.80 203.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.69 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 230.62 203.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.32 203.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 260.02 203.60 Td (for ) Tj ET Q q 0 0 0 rg BT 273.61 203.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.97 203.60 Td (36.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.80 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 307.73 203.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 339.09 203.60 Td (in ) Tj ET Q q 0 0 0 rg BT 348.80 203.60 Td (the ) Tj ET Q q 0 0 0 rg BT 362.94 203.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 383.21 203.60 Td (venture. ) Tj ET Q q 0 0 0 rg BT 417.62 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 419.55 203.60 Td (In ) Tj ET Q q 0 0 0 rg BT 429.81 203.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 467.01 203.60 Td (the ) Tj ET Q q 0 0 0 rg BT 481.15 203.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 521.97 203.60 Td (originated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.43 191.60 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 81.42 191.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.32 191.60 Td ( ) Tj ET Q q 0 0 0 rg BT 112.81 191.60 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 158.05 191.60 Td (loan ) Tj ET Q q 0 0 0 rg BT 177.76 191.60 Td (to ) Tj ET Q q 0 0 0 rg BT 188.03 191.60 Td (a ) Tj ET Q q 0 0 0 rg BT 194.96 191.60 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 238.56 191.60 Td (of ) Tj ET Q q 0 0 0 rg BT 249.39 191.60 Td (Espresso, ) Tj ET Q q 0 0 0 rg BT 289.93 191.60 Td (which ) Tj ET Q q 0 0 0 rg BT 316.86 191.60 Td (bears ) Tj ET Q q 0 0 0 rg BT 340.45 191.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 372.38 191.60 Td (at ) Tj ET Q q 0 0 0 rg BT 382.09 191.60 Td (a ) Tj ET Q q 0 0 0 rg BT 389.02 191.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 412.06 191.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 429.54 191.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.36 191.60 Td (10.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.19 191.60 Td ( ) Tj ET Q q 0 0 0 rg BT 468.68 191.60 Td (per ) Tj ET Q q 0 0 0 rg BT 483.94 191.60 Td (year ) Tj ET Q q 0 0 0 rg BT 503.64 191.60 Td (and ) Tj ET Q q 0 0 0 rg BT 520.57 191.60 Td (matures ) Tj ET Q q 0 0 0 rg BT 554.72 191.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.60 Td (January ) Tj ET Q q 0 0 0 rg BT 83.10 179.60 Td (2021.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.72 159.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.16 159.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 111.60 159.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.60 159.60 Td ( ) Tj ET Q q 0 0 0 rg BT 134.71 159.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 159.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 211.44 159.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.44 159.60 Td (, ) Tj ET Q q 0 0 0 rg BT 237.05 159.60 Td (the ) Tj ET Q q 0 0 0 rg BT 252.38 159.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 288.80 159.60 Td (value ) Tj ET Q q 0 0 0 rg BT 313.56 159.60 Td (of ) Tj ET Q q 0 0 0 rg BT 325.00 159.60 Td (the ) Tj ET Q q 0 0 0 rg BT 340.33 159.60 Td (Company) Tj ET Q q 0 0 0 rg BT 381.99 159.60 Td (s ) Tj ET Q q 0 0 0 rg BT 388.99 159.60 Td (investment, ) Tj ET Q q 0 0 0 rg BT 438.48 159.60 Td (excluding ) Tj ET Q q 0 0 0 rg BT 481.02 159.60 Td (the ) Tj ET Q q 0 0 0 rg BT 496.35 159.60 Td (originated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 159.60 Td ($75.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 147.60 Td ( ) Tj ET Q q 0 0 0 rg BT 81.82 147.60 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 127.99 147.60 Td (loan, ) Tj ET Q q 0 0 0 rg BT 151.13 147.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.11 147.60 Td ($37.3 ) Tj ET Q q 0 0 0 rg BT 196.03 147.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.92 147.60 Td ( ) Tj ET Q q 0 0 0 rg BT 228.35 147.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.21 147.60 Td ($41.9 ) Tj ET Q q 0 0 0 rg BT 272.13 147.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.03 147.60 Td (, ) Tj ET Q q 0 0 0 rg BT 306.95 147.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 354.61 147.60 Td (, ) Tj ET Q q 0 0 0 rg BT 360.54 147.60 Td (both ) Tj ET Q q 0 0 0 rg BT 381.74 147.60 Td (of ) Tj ET Q q 0 0 0 rg BT 393.49 147.60 Td (which ) Tj ET Q q 0 0 0 rg BT 421.35 147.60 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.21 147.60 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 475.14 147.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.03 147.60 Td ( ) Tj ET Q q 0 0 0 rg BT 507.45 147.60 Td (of ) Tj ET Q q 0 0 0 rg BT 519.21 147.60 Td (capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 96.15 135.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 121.41 135.60 Td ( ) Tj ET Q q 0 0 0 rg BT 124.18 135.60 Td (For ) Tj ET Q q 0 0 0 rg BT 140.83 135.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.82 135.60 Td (three ) Tj ET Q q 0 0 0 rg BT 178.57 135.60 Td (and ) Tj ET Q q 0 0 0 rg BT 195.77 135.60 Td (six ) Tj ET Q q 0 0 0 rg BT 210.21 135.60 Td (months ) Tj ET Q q 0 0 0 rg BT 242.42 135.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.30 135.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.06 135.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 305.16 135.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.16 135.60 Td (, ) Tj ET Q q 0 0 0 rg BT 330.42 135.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.40 135.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 387.05 135.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 433.68 135.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.68 135.60 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 453.95 135.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.84 135.60 Td ( ) Tj ET Q q 0 0 0 rg BT 485.60 135.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.81 135.60 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 523.07 135.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.96 135.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 135.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.00 123.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.77 123.60 Td ( ) Tj ET Q q 0 0 0 rg BT 87.27 123.60 Td (losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.17 123.60 Td ( ) Tj ET Q q 0 0 0 rg BT 113.67 123.60 Td (and ) Tj ET Q q 0 0 0 rg BT 130.60 123.60 Td (received ) Tj ET Q q 0 0 0 rg BT 166.97 123.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.23 123.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 239.74 123.60 Td (of ) Tj ET Q q 0 0 0 rg BT 250.57 123.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.57 123.60 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 270.57 123.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.46 123.60 Td ( ) Tj ET Q q 0 0 0 rg BT 301.96 123.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 123.60 Td ($3.2 ) Tj ET Q q 0 0 0 rg BT 338.90 123.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.79 123.60 Td (, ) Tj ET Q q 0 0 0 rg BT 372.79 123.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 420.45 123.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 103.60 Td (T) Tj ET Q q 0 0 0 rg BT 54.51 103.60 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 80.90 103.60 Td (Joint ) Tj ET Q q 0 0 0 rg BT 103.39 103.60 Td (V) Tj ET Q q 0 0 0 rg BT 108.39 103.60 Td (entur) Tj ET Q q 0 0 0 rg BT 129.13 103.60 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.26 83.60 Td (December ) Tj ET Q q 0 0 0 rg BT 103.78 83.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 128.71 83.60 Td (the ) Tj ET Q q 0 0 0 rg BT 143.36 83.60 Td (Company) Tj ET Q q 0 0 0 rg BT 181.60 83.60 Td (, ) Tj ET Q q 0 0 0 rg BT 186.53 83.60 Td (together ) Tj ET Q q 0 0 0 rg BT 221.73 83.60 Td (with ) Tj ET Q q 0 0 0 rg BT 241.94 83.60 Td (Grif) Tj ET Q q 0 0 0 rg BT 258.42 83.60 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 314.72 83.60 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 360.45 83.60 Td (REIT) Tj ET Q q 0 0 0 rg BT 382.49 83.60 Td ( ) Tj ET Q q 0 0 0 rg BT 384.92 83.60 Td (III, ) Tj ET Q q 0 0 0 rg BT 399.84 83.60 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 417.54 83.60 Td (\(GAHR3\), ) Tj ET Q q 0 0 0 rg BT 471.35 83.60 Td (through ) Tj ET Q q 0 0 0 rg BT 504.89 83.60 Td (a ) Tj ET Q q 0 0 0 rg BT 511.76 83.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 532.53 83.60 Td (venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 63.03 71.60 Td (rilogy\) ) Tj ET Q q 0 0 0 rg BT 97.01 71.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 133.76 71.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.85 71.60 Td (96.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.68 71.60 Td ( ) Tj ET Q q 0 0 0 rg BT 222.01 71.60 Td (of ) Tj ET Q q 0 0 0 rg BT 232.66 71.60 Td (the ) Tj ET Q q 0 0 0 rg BT 247.21 71.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 296.20 71.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 323.53 71.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 359.18 71.60 Td (of ) Tj ET Q q 0 0 0 rg BT 369.67 71.60 Td (T) Tj ET Q q 0 0 0 rg BT 375.43 71.60 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 401.64 71.60 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 443.13 71.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 464.34 71.60 Td (\(T) Tj ET Q q 0 0 0 rg BT 477.87 71.60 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 504.08 71.60 Td (Investors\) ) Tj ET Q q 0 0 0 rg BT 550.84 71.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.60 Td (a ) Tj ET Q q 0 0 0 rg BT 55.75 59.60 Td (total ) Tj ET Q q 0 0 0 rg BT 75.33 59.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 93.25 59.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 59.60 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 122.70 59.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.82 59.60 Td (, ) Tj ET Q q 0 0 0 rg BT 153.13 59.60 Td (while ) Tj ET Q q 0 0 0 rg BT 177.15 59.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 206.17 59.60 Td (members ) Tj ET Q q 0 0 0 rg BT 244.63 59.60 Td (of ) Tj ET Q q 0 0 0 rg BT 254.64 59.60 Td (T) Tj ET Q q 0 0 0 rg BT 260.40 59.60 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 286.10 59.60 Td (Investors) Tj ET Q q 0 0 0 rg BT 325.34 59.60 Td ( ) Tj ET Q q 0 0 0 rg BT 327.16 59.60 Td (pre-closing ) Tj ET Q q 0 0 0 rg BT 373.95 59.60 Td (management ) Tj ET Q q 0 0 0 rg BT 426.85 59.60 Td (team ) Tj ET Q q 0 0 0 rg BT 448.09 59.60 Td (retained ) Tj ET Q q 0 0 0 rg BT 482.11 59.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.68 59.60 Td (4.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 47.60 Td (of ) Tj ET Q q 0 0 0 rg BT 59.22 47.60 Td (the ) Tj ET Q q 0 0 0 rg BT 72.83 47.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 120.88 47.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 147.26 47.60 Td (interests. ) Tj ET Q q 0 0 0 rg BT 184.48 47.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.77 47.60 Td (T) Tj ET Q q 0 0 0 rg BT 191.52 47.60 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 216.80 47.60 Td (Investors ) Tj ET Q q 0 0 0 rg BT 254.85 47.60 Td (owns ) Tj ET Q q 0 0 0 rg BT 277.35 47.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 304.29 47.60 Td (leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.55 47.60 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.55 47.60 Td ( ) Tj ET Q q 0 0 0 rg BT 345.94 47.60 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 384.26 47.60 Td (most ) Tj ET Q q 0 0 0 rg BT 405.10 47.60 Td (of ) Tj ET Q q 0 0 0 rg BT 414.82 47.60 Td (which ) Tj ET Q q 0 0 0 rg BT 440.64 47.60 Td (are ) Tj ET Q q 0 0 0 rg BT 454.24 47.60 Td (integrated ) Tj ET Q q 0 0 0 rg BT 495.61 47.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 521.44 47.60 Td (healthcare ) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 699.60 Td (campuses ) Tj ET Q q 0 0 0 rg BT 90.37 699.60 Td (of) Tj ET Q q 0 0 0 rg BT 98.52 699.60 Td (fering ) Tj ET Q q 0 0 0 rg BT 124.39 699.60 Td (a ) Tj ET Q q 0 0 0 rg BT 130.83 699.60 Td (range ) Tj ET Q q 0 0 0 rg BT 155.03 699.60 Td (of ) Tj ET Q q 0 0 0 rg BT 165.35 699.60 Td (care, ) Tj ET Q q 0 0 0 rg BT 186.49 699.60 Td (including ) Tj ET Q q 0 0 0 rg BT 226.26 699.60 Td (assisted ) Tj ET Q q 0 0 0 rg BT 259.36 699.60 Td (living, ) Tj ET Q q 0 0 0 rg BT 287.19 699.60 Td (memory ) Tj ET Q q 0 0 0 rg BT 322.51 699.60 Td (care, ) Tj ET Q q 0 0 0 rg BT 343.65 699.60 Td (independent ) Tj ET Q q 0 0 0 rg BT 394.52 699.60 Td (living ) Tj ET Q q 0 0 0 rg BT 419.85 699.60 Td (and ) Tj ET Q q 0 0 0 rg BT 436.28 699.60 Td (skilled ) Tj ET Q q 0 0 0 rg BT 464.94 699.60 Td (nursing ) Tj ET Q q 0 0 0 rg BT 496.94 699.60 Td (services, ) Tj ET Q q 0 0 0 rg BT 533.64 699.60 Td (located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 687.60 Td (across ) Tj ET Q q 0 0 0 rg BT 77.24 687.60 Td (Indiana, ) Tj ET Q q 0 0 0 rg BT 112.48 687.60 Td (Ohio, ) Tj ET Q q 0 0 0 rg BT 137.73 687.60 Td (Kentucky ) Tj ET Q q 0 0 0 rg BT 179.36 687.60 Td (and ) Tj ET Q q 0 0 0 rg BT 196.56 687.60 Td (Michigan, ) Tj ET Q q 0 0 0 rg BT 240.13 687.60 Td (as ) Tj ET Q q 0 0 0 rg BT 251.22 687.60 Td (well ) Tj ET Q q 0 0 0 rg BT 271.19 687.60 Td (as ) Tj ET Q q 0 0 0 rg BT 282.27 687.60 Td (an ) Tj ET Q q 0 0 0 rg BT 294.46 687.60 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 332.19 687.60 Td (pharmacy ) Tj ET Q q 0 0 0 rg BT 374.37 687.60 Td (business ) Tj ET Q q 0 0 0 rg BT 411.02 687.60 Td (and ) Tj ET Q q 0 0 0 rg BT 428.21 687.60 Td (an ) Tj ET Q q 0 0 0 rg BT 440.40 687.60 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 478.13 687.60 Td (therapy ) Tj ET Q q 0 0 0 rg BT 510.87 687.60 Td (business ) Tj ET Q q 0 0 0 rg BT 547.51 687.60 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 675.60 Td (provide ) Tj ET Q q 0 0 0 rg BT 82.83 675.60 Td (services ) Tj ET Q q 0 0 0 rg BT 117.82 675.60 Td (to ) Tj ET Q q 0 0 0 rg BT 128.38 675.60 Td (the ) Tj ET Q q 0 0 0 rg BT 143.38 675.60 Td (facilities ) Tj ET Q q 0 0 0 rg BT 180.59 675.60 Td (and ) Tj ET Q q 0 0 0 rg BT 197.81 675.60 Td (third ) Tj ET Q q 0 0 0 rg BT 219.48 675.60 Td (parties. ) Tj ET Q q 0 0 0 rg BT 251.42 675.60 Td ( ) Tj ET Q q 0 0 0 rg BT 254.00 675.60 Td (The ) Tj ET Q q 0 0 0 rg BT 272.33 675.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 314.00 675.60 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.32 675.60 Td ($201.7 ) Tj ET Q q 0 0 0 rg BT 392.60 675.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.49 675.60 Td ( ) Tj ET Q q 0 0 0 rg BT 424.28 675.60 Td (for ) Tj ET Q q 0 0 0 rg BT 438.72 675.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.94 675.60 Td (29.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.77 675.60 Td ( ) Tj ET Q q 0 0 0 rg BT 474.55 675.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 506.77 675.60 Td (in ) Tj ET Q q 0 0 0 rg BT 517.13 675.60 Td (T) Tj ET Q q 0 0 0 rg BT 522.88 675.60 Td (rilogy) Tj ET Q q 0 0 0 rg BT 546.12 675.60 Td (. ) Tj ET Q q 0 0 0 rg BT 551.40 675.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 675.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 663.60 Td (June ) Tj ET Q q 0 0 0 rg BT 71.90 663.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 98.48 663.60 Td (in ) Tj ET Q q 0 0 0 rg BT 110.33 663.60 Td (accordance ) Tj ET Q q 0 0 0 rg BT 159.36 663.60 Td (with ) Tj ET Q q 0 0 0 rg BT 181.22 663.60 Td (its ) Tj ET Q q 0 0 0 rg BT 194.74 663.60 Td (obligation ) Tj ET Q q 0 0 0 rg BT 239.36 663.60 Td (under ) Tj ET Q q 0 0 0 rg BT 266.21 663.60 Td (the ) Tj ET Q q 0 0 0 rg BT 282.50 663.60 Td (joint ) Tj ET Q q 0 0 0 rg BT 304.91 663.60 Td (venture ) Tj ET Q q 0 0 0 rg BT 338.96 663.60 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 387.18 663.60 Td (the ) Tj ET Q q 0 0 0 rg BT 403.47 663.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 446.43 663.60 Td (funded ) Tj ET Q q 0 0 0 rg BT 478.27 663.60 Td (an ) Tj ET Q q 0 0 0 rg BT 491.78 663.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 535.85 663.60 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 651.60 Td (contribution ) Tj ET Q q 0 0 0 rg BT 99.95 651.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.86 651.60 Td ($18.8 ) Tj ET Q q 0 0 0 rg BT 133.93 651.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.82 651.60 Td ( ) Tj ET Q q 0 0 0 rg BT 164.39 651.60 Td (for ) Tj ET Q q 0 0 0 rg BT 177.63 651.60 Td (a ) Tj ET Q q 0 0 0 rg BT 183.64 651.60 Td (total ) Tj ET Q q 0 0 0 rg BT 202.98 651.60 Td (contribution ) Tj ET Q q 0 0 0 rg BT 253.44 651.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.34 651.60 Td ($220.5 ) Tj ET Q q 0 0 0 rg BT 292.41 651.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.30 651.60 Td (. ) Tj ET Q q 0 0 0 rg BT 325.37 651.60 Td ( ) Tj ET Q q 0 0 0 rg BT 326.83 651.60 Td (The ) Tj ET Q q 0 0 0 rg BT 343.95 651.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 385.51 651.60 Td (funding ) Tj ET Q q 0 0 0 rg BT 418.19 651.60 Td (related ) Tj ET Q q 0 0 0 rg BT 446.97 651.60 Td (to ) Tj ET Q q 0 0 0 rg BT 456.32 651.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 485.09 651.60 Td (business ) Tj ET Q q 0 0 0 rg BT 520.56 651.60 Td (initiatives, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 639.60 Td (including ) Tj ET Q q 0 0 0 rg BT 88.74 639.60 Td (the ) Tj ET Q q 0 0 0 rg BT 102.42 639.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 147.76 639.60 Td (of ) Tj ET Q q 0 0 0 rg BT 157.55 639.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 199.00 639.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 224.91 639.60 Td (housing ) Tj ET Q q 0 0 0 rg BT 258.04 639.60 Td (and ) Tj ET Q q 0 0 0 rg BT 273.94 639.60 Td (skilled ) Tj ET Q q 0 0 0 rg BT 302.07 639.60 Td (nursing ) Tj ET Q q 0 0 0 rg BT 333.53 639.60 Td (facilities ) Tj ET Q q 0 0 0 rg BT 369.42 639.60 Td (and ) Tj ET Q q 0 0 0 rg BT 385.32 639.60 Td (repayment ) Tj ET Q q 0 0 0 rg BT 428.98 639.60 Td (of ) Tj ET Q q 0 0 0 rg BT 438.78 639.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 467.44 639.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 515.57 639.60 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.73 619.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.18 619.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 111.63 619.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.63 619.60 Td ( ) Tj ET Q q 0 0 0 rg BT 134.75 619.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.31 619.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 211.52 619.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.52 619.60 Td (, ) Tj ET Q q 0 0 0 rg BT 237.14 619.60 Td (the ) Tj ET Q q 0 0 0 rg BT 252.47 619.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 288.91 619.60 Td (value ) Tj ET Q q 0 0 0 rg BT 313.68 619.60 Td (of ) Tj ET Q q 0 0 0 rg BT 325.13 619.60 Td (the ) Tj ET Q q 0 0 0 rg BT 340.47 619.60 Td (Company) Tj ET Q q 0 0 0 rg BT 382.14 619.60 Td (s ) Tj ET Q q 0 0 0 rg BT 389.15 619.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 436.15 619.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.82 619.60 Td ($189.3 ) Tj ET Q q 0 0 0 rg BT 485.44 619.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.33 619.60 Td ( ) Tj ET Q q 0 0 0 rg BT 517.45 619.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.01 619.60 Td ($195.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 607.60 Td (, ) Tj ET Q q 0 0 0 rg BT 83.93 607.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 131.59 607.60 Td (, ) Tj ET Q q 0 0 0 rg BT 137.12 607.60 Td (both ) Tj ET Q q 0 0 0 rg BT 157.93 607.60 Td (of ) Tj ET Q q 0 0 0 rg BT 169.30 607.60 Td (which ) Tj ET Q q 0 0 0 rg BT 196.77 607.60 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.13 607.60 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 253.66 607.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.55 607.60 Td ( ) Tj ET Q q 0 0 0 rg BT 285.59 607.60 Td (of ) Tj ET Q q 0 0 0 rg BT 296.95 607.60 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 343.29 607.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 390.20 607.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 415.74 607.60 Td ( ) Tj ET Q q 0 0 0 rg BT 418.77 607.60 Td (For ) Tj ET Q q 0 0 0 rg BT 435.70 607.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 607.60 Td (three ) Tj ET Q q 0 0 0 rg BT 473.97 607.60 Td (and ) Tj ET Q q 0 0 0 rg BT 491.44 607.60 Td (six ) Tj ET Q q 0 0 0 rg BT 506.14 607.60 Td (months ) Tj ET Q q 0 0 0 rg BT 538.62 607.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 85.72 595.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.72 595.60 Td (, ) Tj ET Q q 0 0 0 rg BT 111.10 595.60 Td (the ) Tj ET Q q 0 0 0 rg BT 126.21 595.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.98 595.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 214.73 595.60 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.73 595.60 Td (12.5 ) Tj ET Q q 0 0 0 rg BT 240.12 595.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.01 595.60 Td ( ) Tj ET Q q 0 0 0 rg BT 271.90 595.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.22 595.60 Td ($25.3 ) Tj ET Q q 0 0 0 rg BT 314.61 595.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.50 595.60 Td ( ) Tj ET Q q 0 0 0 rg BT 346.39 595.60 Td (in ) Tj ET Q q 0 0 0 rg BT 357.06 595.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.94 595.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.72 595.60 Td ( ) Tj ET Q q 0 0 0 rg BT 395.60 595.60 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.38 595.60 Td (and ) Tj ET Q q 0 0 0 rg BT 439.71 595.60 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.46 595.60 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.46 595.60 Td ( ) Tj ET Q q 0 0 0 rg BT 489.34 595.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 510.00 595.60 Td (distributions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 583.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 563.60 Td (W) Tj ET Q q 0 0 0 rg BT 57.28 563.60 Td (interfell ) Tj ET Q q 0 0 0 rg BT 91.44 563.60 Td (Joint ) Tj ET Q q 0 0 0 rg BT 113.93 563.60 Td (V) Tj ET Q q 0 0 0 rg BT 118.93 563.60 Td (entur) Tj ET Q q 0 0 0 rg BT 139.67 563.60 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 543.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.39 543.60 Td (March ) Tj ET Q q 0 0 0 rg BT 89.05 543.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 114.11 543.60 Td (the ) Tj ET Q q 0 0 0 rg BT 128.89 543.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 170.33 543.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 207.32 543.60 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 249.31 543.60 Td (Realty) Tj ET Q q 0 0 0 rg BT 278.20 543.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 543.60 Td (60.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.48 543.60 Td ( ) Tj ET Q q 0 0 0 rg BT 313.04 543.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 345.03 543.60 Td (in ) Tj ET Q q 0 0 0 rg BT 355.37 543.60 Td (the ) Tj ET Q q 0 0 0 rg BT 369.96 543.60 Td (W) Tj ET Q q 0 0 0 rg BT 379.00 543.60 Td (interfell ) Tj ET Q q 0 0 0 rg BT 413.21 543.60 Td (JV) Tj ET Q q 0 0 0 rg BT 424.14 543.60 Td ( ) Tj ET Q q 0 0 0 rg BT 426.70 543.60 Td (\(Refer ) Tj ET Q q 0 0 0 rg BT 454.80 543.60 Td (to ) Tj ET Q q 0 0 0 rg BT 465.14 543.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 487.14 543.60 Td (3. ) Tj ET Q q 0 0 0 rg BT 497.20 543.60 Td (Operating ) Tj ET Q q 0 0 0 rg BT 544.18 543.60 Td (Real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 531.60 Td (Estate ) Tj ET Q q 0 0 0 rg BT 80.87 531.60 Td (for ) Tj ET Q q 0 0 0 rg BT 95.03 531.60 Td (further ) Tj ET Q q 0 0 0 rg BT 124.74 531.60 Td (discussion\). ) Tj ET Q q 0 0 0 rg BT 174.74 531.60 Td ( ) Tj ET Q q 0 0 0 rg BT 176.69 531.60 Td (As ) Tj ET Q q 0 0 0 rg BT 190.30 531.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.13 531.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 259.71 531.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.71 531.60 Td (, ) Tj ET Q q 0 0 0 rg BT 284.71 531.60 Td (the ) Tj ET Q q 0 0 0 rg BT 299.43 531.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 335.25 531.60 Td (value ) Tj ET Q q 0 0 0 rg BT 359.40 531.60 Td (of ) Tj ET Q q 0 0 0 rg BT 370.23 531.60 Td (the ) Tj ET Q q 0 0 0 rg BT 384.95 531.60 Td (Company) Tj ET Q q 0 0 0 rg BT 426.61 531.60 Td (s ) Tj ET Q q 0 0 0 rg BT 433.01 531.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 479.39 531.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.44 531.60 Td ($95.7 ) Tj ET Q q 0 0 0 rg BT 522.44 531.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.33 531.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 511.60 Td (Summarized ) Tj ET Q q 0 0 0 rg BT 101.44 511.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 142.83 511.60 Td (Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.97 491.60 Td (combined ) Tj ET Q q 0 0 0 rg BT 110.33 491.60 Td (balance ) Tj ET Q q 0 0 0 rg BT 143.78 491.60 Td (sheets ) Tj ET Q q 0 0 0 rg BT 171.14 491.60 Td (as ) Tj ET Q q 0 0 0 rg BT 182.39 491.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.65 491.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 229.90 491.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.90 491.60 Td ( ) Tj ET Q q 0 0 0 rg BT 252.82 491.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.18 491.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 329.19 491.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.19 491.60 Td ( ) Tj ET Q q 0 0 0 rg BT 352.11 491.60 Td (and ) Tj ET Q q 0 0 0 rg BT 369.47 491.60 Td (combined ) Tj ET Q q 0 0 0 rg BT 411.83 491.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 456.96 491.60 Td (of ) Tj ET Q q 0 0 0 rg BT 468.21 491.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 512.79 491.60 Td (for ) Tj ET Q q 0 0 0 rg BT 527.37 491.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.51 491.60 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.72 479.60 Td (six ) Tj ET Q q 0 0 0 rg BT 79.18 479.60 Td (months ) Tj ET Q q 0 0 0 rg BT 110.41 479.60 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.29 479.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.07 479.60 Td (June30, ) Tj ET Q q 0 0 0 rg BT 171.19 479.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.19 479.60 Td ( ) Tj ET Q q 0 0 0 rg BT 192.97 479.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.19 479.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.19 479.60 Td ( ) Tj ET Q q 0 0 0 rg BT 230.98 479.60 Td (for ) Tj ET Q q 0 0 0 rg BT 244.42 479.60 Td (the ) Tj ET Q q 0 0 0 rg BT 258.43 479.60 Td (Grif) Tj ET Q q 0 0 0 rg BT 274.91 479.60 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 330.55 479.60 Td (and ) Tj ET Q q 0 0 0 rg BT 346.65 479.60 Td (T) Tj ET Q q 0 0 0 rg BT 352.40 479.60 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 378.07 479.60 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 440.40 479.60 Td (ventures ) Tj ET Q q 0 0 0 rg BT 476.06 479.60 Td (are ) Tj ET Q q 0 0 0 rg BT 490.05 479.60 Td (as ) Tj ET Q q 0 0 0 rg BT 500.17 479.60 Td (follows ) Tj ET Q q 0 0 0 rg BT 531.95 479.60 Td (\(dollars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 467.60 Td (thousands\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 66.00 422.10 97.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 422.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 422.10 61.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 422.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 422.10 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 422.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 422.10 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 422.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 422.10 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 422.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 422.10 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 422.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 422.10 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 422.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 422.10 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 66.00 396.10 97.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 396.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 396.10 61.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 396.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 396.10 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 396.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 396.10 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 396.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 396.10 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 396.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 396.10 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 396.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 396.10 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 396.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 396.10 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 66.00 370.10 97.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 370.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 370.10 61.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 370.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 370.10 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 370.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 370.10 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 370.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 370.10 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 370.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 370.10 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 370.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 370.10 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 370.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 370.10 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 66.00 344.10 97.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 344.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 344.10 61.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 344.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 344.10 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 344.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 344.10 65.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 344.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 344.10 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 344.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 344.10 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 344.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 344.10 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 344.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 344.10 40.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 437.1 m 415 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 437.1 m 419 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 437.1 m 457 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 437.1 m 501 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 437.1 m 505 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 437.1 m 545 437.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 422.1 m 228 422.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 422.1 m 304 422.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 422.1 m 415 422.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 422.1 m 457 422.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 422.1 m 501 422.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 422.1 m 545 422.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 422.1 m 228 422.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 397.1 m 228 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 395.1 m 228 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 397.1 m 304 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 395.1 m 304 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 344.1 m 228 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 344.1 m 228 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 332.1 m 228 332.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 330.1 m 228 330.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 344.1 m 304 344.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 332.1 m 304 332.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 330.1 m 304 330.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 173.75 434.33 Td (June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.30 426.33 Td (\(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.25 426.33 Td (December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.10 449.18 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.25 441.18 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.90 449.18 Td (Six Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.25 441.18 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.50 426.33 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.50 426.33 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.50 426.33 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 426.33 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.50 413.78 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.50 400.35 Td (Total assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.50 400.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.75 400.35 Td (5,398,553) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.50 400.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.80 400.35 Td (5,436,757) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.50 400.35 Td (Total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 400.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.10 400.35 Td (297,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 400.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.80 400.35 Td (98,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.50 400.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.10 400.35 Td (597,286) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 400.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.75 400.35 Td (196,204) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 68.50 374.78 Td (Liabilities and equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.50 374.70 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 374.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.45 374.35 Td (\(62,895) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.15 374.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.50 374.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.10 374.35 Td (\(15,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.80 374.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.50 374.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.45 374.35 Td (\(124,146) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.15 374.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 374.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.10 374.35 Td (\(41,022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.80 374.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.50 361.70 Td (Total Liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.50 361.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.75 361.35 Td (3,692,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.50 361.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.80 361.35 Td (3,646,896) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.50 348.70 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.75 348.35 Td (1,705,973) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.80 348.35 Td (1,789,861) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.50 335.70 Td (Total liabilities and equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.50 335.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.75 335.35 Td (5,398,553) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.50 335.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.80 335.35 Td (5,436,757) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 291.60 Td (5. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 291.60 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.60 Td (The following table presents debt investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.79 271.60 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.62 271.60 Td ( \(dollars in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 212.10 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 212.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 212.10 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.00 212.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 212.10 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 212.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 212.10 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 212.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 212.10 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 212.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 212.10 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 212.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 212.10 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 212.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 212.10 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 212.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 212.10 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 184.10 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 184.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 184.10 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.00 184.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.00 184.10 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 184.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 184.10 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 184.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 184.10 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.00 184.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 184.10 31.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 184.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 184.10 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 184.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 184.10 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 184.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.00 184.10 45.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 247.10000000000002 m 419 247.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 247.10000000000002 m 423 247.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 247.10000000000002 m 467 247.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 247.10000000000002 m 471 247.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 247.10000000000002 m 522 247.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86 212.10000000000002 m 184 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 212.10000000000002 m 225 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 212.10000000000002 m 278 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 212.10000000000002 m 331 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 212.10000000000002 m 384 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 212.10000000000002 m 419 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 212.10000000000002 m 467 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 212.10000000000002 m 522 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 212.10000000000002 m 571 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 212.10000000000002 m 225 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 212.10000000000002 m 278 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 212.10000000000002 m 331 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 212.10000000000002 m 384 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 212.10000000000002 m 419 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 212.10000000000002 m 467 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 212.10000000000002 m 522 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 212.10000000000002 m 571 212.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 184.10000000000002 m 225 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 184.10000000000002 m 278 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 184.10000000000002 m 331 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 184.10000000000002 m 384 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 184.10000000000002 m 419 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 184.10000000000002 m 467 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 184.10000000000002 m 522 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 184.10000000000002 m 571 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 184.10000000000002 m 225 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 171.10000000000002 m 225 171.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 169.10000000000002 m 225 169.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 184.10000000000002 m 278 184.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 171.10000000000002 m 278 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loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.00 188.35 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.75 188.35 Td (178,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.75 188.35 Td (178,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 188.35 Td (92.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 188.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 188.35 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 188.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.75 188.35 Td (10.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 188.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 188.35 Td (10.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 188.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.75 188.35 Td (58.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 563.80 188.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 174.35 Td (Total/Weighted Average) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.00 174.35 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.50 174.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.75 174.35 Td (193,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.50 174.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.75 174.35 Td (193,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.75 174.35 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 174.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 174.35 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 174.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.75 174.35 Td (9.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 174.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 174.35 Td (10.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 174.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.75 174.35 Td (61.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 563.80 174.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 161.00 Td (__________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 151.40 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 103.50 151.40 Td (Based on principal amount.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 141.80 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 103.50 141.80 Td (Includes a fixed minimum London Interbank Of) Tj ET Q q 0 0 0 rg BT 257.54 141.80 Td (fered Rate \(LIBOR\) rate, as applicable.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 132.20 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 103.50 132.20 Td (Subject to a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.27 132.20 Td (0.3%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.93 132.20 Td ( minimum LIBOR rate \(LIBOR floor\).) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 704.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 704.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 704.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 704.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 185.85 704.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 236.13 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 246.96 704.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.79 704.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 316.37 704.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.37 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.87 704.10 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 371.92 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.20 704.10 Td (thousands\):) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 704.10 Td ( ) Tj ET Q 0.8 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0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 644.6 m 225 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 644.6 m 278 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 644.6 m 331 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 644.6 m 384 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 644.6 m 419 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 644.6 m 467 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 644.6 m 522 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 644.6 m 571 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 644.6 m 225 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 644.6 m 278 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 644.6 m 331 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 644.6 m 384 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 644.6 m 419 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 644.6 m 467 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 644.6 m 522 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 644.6 m 571 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 616.6 m 225 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 616.6 m 278 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 616.6 m 331 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 616.6 m 384 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 616.6 m 419 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 616.6 m 467 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 616.6 m 522 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 616.6 m 571 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 616.6 m 225 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 603.6 m 225 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 601.6 m 225 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 616.6 m 278 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 603.6 m 278 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229 601.6 m 278 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 616.6 m 331 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 603.6 m 331 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 601.6 m 331 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 616.6 m 384 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 603.6 m 384 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 601.6 m 384 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 616.6 m 419 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 603.6 m 419 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 601.6 m 419 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 616.6 m 467 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 603.6 m 467 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 601.6 m 467 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 616.6 m 522 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 603.6 m 522 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 601.6 m 522 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 616.6 m 571 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 603.6 m 571 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 601.6 m 571 601.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.55 683.83 Td (Weighted Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.75 680.83 Td (Floating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.40 672.83 Td (Rate as) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.65 664.83 Td (% of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.20 656.83 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.95 648.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 648.83 Td (Asset Type:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 195.30 648.83 Td (Count) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.20 656.83 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.95 648.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.20 656.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.35 648.83 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.40 671.68 Td (Allocation ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.75 663.68 Td (by ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.85 655.68 Td (Investment ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.55 647.68 Td (T) Tj ET Q q 0 0 0 rg BT 352.29 647.68 Td (ype) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 364.29 651.31 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.40 656.83 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.00 648.83 Td (Rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.30 664.83 Td (Spr) Tj ET Q q 0 0 0 rg BT 444.60 664.83 Td (ead) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 656.83 Td (over) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.55 648.83 Td (LIBOR) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 454.34 652.46 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.25 671.68 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.40 663.68 Td (Unleveraged) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.05 655.68 Td (Current) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.00 647.68 Td (Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 634.85 Td (First mortgage loan) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 151.16 638.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.00 634.85 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.50 634.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.75 634.85 Td (14,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.50 634.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.75 634.85 Td (14,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 634.85 Td (7.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 634.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.80 634.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 634.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.75 634.85 Td (8.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 634.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 634.85 Td (8.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 634.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.75 634.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 563.80 634.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 620.85 Td (Mezzanine loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.00 620.85 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.75 620.85 Td (178,774) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.75 620.85 Td (178,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 620.85 Td (92.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 620.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 620.85 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 620.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.75 620.85 Td (10.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 620.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 620.85 Td (10.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 620.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.75 620.85 Td (58.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 563.80 620.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 606.85 Td (Total/Weighted Average) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.00 606.85 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.50 606.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.75 606.85 Td (193,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.50 606.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.75 606.85 Td (192,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.75 606.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 606.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.80 606.85 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 606.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.75 606.85 Td (9.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 606.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 606.85 Td (10.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 606.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.75 606.85 Td (61.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 563.80 606.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 593.50 Td (__________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 583.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 103.50 583.90 Td (Based on principal amount.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 574.30 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 103.50 574.30 Td (Includes a fixed minimum LIBOR rate, as applicable.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 564.70 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 103.50 564.70 Td (Subject to a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.27 564.70 Td (0.3%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.93 564.70 Td ( minimum LIBOR floor) Tj ET Q q 0 0 0 rg BT 236.16 564.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 544.70 Td (following ) Tj ET Q q 0 0 0 rg BT 108.41 544.70 Td (table ) Tj ET Q q 0 0 0 rg BT 130.09 544.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 165.10 544.70 Td (maturities ) Tj ET Q q 0 0 0 rg BT 207.33 544.70 Td (of ) Tj ET Q q 0 0 0 rg BT 217.90 544.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 237.35 544.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 287.37 544.70 Td (based ) Tj ET Q q 0 0 0 rg BT 312.38 544.70 Td (on ) Tj ET Q q 0 0 0 rg BT 324.62 544.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 362.40 544.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 394.63 544.70 Td (as ) Tj ET Q q 0 0 0 rg BT 405.21 544.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.78 544.70 Td (June30, ) Tj ET Q q 0 0 0 rg BT 451.35 544.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.35 544.70 Td ( ) Tj ET Q q 0 0 0 rg BT 473.59 544.70 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 506.37 544.70 Td (in ) Tj ET Q q 0 0 0 rg BT 516.39 544.70 Td (thousands\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 381.70 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 501.20 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 501.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 501.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 501.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 471.20 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 471.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 471.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 471.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 441.20 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 441.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 441.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 441.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 411.20 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 411.20 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 411.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 411.20 53.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 501.2 m 271 501.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 501.2 m 328 501.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 396.2 m 271 396.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 382.2 m 271 382.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 380.2 m 271 380.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 396.2 m 328 396.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 382.2 m 328 382.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 380.2 m 328 380.2 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.55 513.43 Td (Initial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 228.40 505.43 Td (Maturity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.40 521.43 Td (Maturity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.50 513.43 Td (Including) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.50 505.43 Td (Extensions) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 316.40 509.06 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.50 490.43 Td (July 1 to December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.50 490.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.15 490.45 Td (45,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.50 490.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.15 490.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 94.50 475.43 Td (Years Ending December31:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 460.45 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.15 460.45 Td (73,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.15 460.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 445.45 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.15 445.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.15 445.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 430.45 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.15 430.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.15 430.45 Td (118,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 415.45 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.15 415.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.15 415.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 400.45 Td (Thereafter) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.15 400.45 Td (75,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.15 400.45 Td (75,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 385.45 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.50 385.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.15 385.45 Td (193,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.50 385.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.15 385.45 Td (193,471) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 372.10 Td (____________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 362.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 362.50 Td (Assumes ) Tj ET Q q 0 0 0 rg BT 134.73 362.50 Td (that ) Tj ET Q q 0 0 0 rg BT 149.07 362.50 Td (all ) Tj ET Q q 0 0 0 rg BT 159.41 362.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 175.53 362.50 Td (with ) Tj ET Q q 0 0 0 rg BT 192.09 362.50 Td (extension ) Tj ET Q q 0 0 0 rg BT 225.10 362.50 Td (options ) Tj ET Q q 0 0 0 rg BT 251.00 362.50 Td (will ) Tj ET Q q 0 0 0 rg BT 265.79 362.50 Td (qualify ) Tj ET Q q 0 0 0 rg BT 290.79 362.50 Td (for ) Tj ET Q q 0 0 0 rg BT 302.46 362.50 Td (extension ) Tj ET Q q 0 0 0 rg BT 335.46 362.50 Td (at ) Tj ET Q q 0 0 0 rg BT 343.58 362.50 Td (such ) Tj ET Q q 0 0 0 rg BT 360.58 362.50 Td (maturity ) Tj ET Q q 0 0 0 rg BT 390.03 362.50 Td (according ) Tj ET Q q 0 0 0 rg BT 423.92 362.50 Td (to ) Tj ET Q q 0 0 0 rg BT 432.48 362.50 Td (the ) Tj ET Q q 0 0 0 rg BT 444.60 362.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 480.27 362.50 Td (set ) Tj ET Q q 0 0 0 rg BT 491.50 362.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 509.39 362.50 Td (in ) Tj ET Q q 0 0 0 rg BT 517.96 362.50 Td (the ) Tj ET Q q 0 0 0 rg BT 530.08 362.50 Td (governing ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 352.90 Td (documents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.90 Td (As ) Tj ET Q q 0 0 0 rg BT 63.11 332.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 332.90 Td (June30, ) Tj ET Q q 0 0 0 rg BT 109.77 332.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.77 332.90 Td (, ) Tj ET Q q 0 0 0 rg BT 134.77 332.90 Td (the ) Tj ET Q q 0 0 0 rg BT 149.49 332.90 Td (weighted ) Tj ET Q q 0 0 0 rg BT 188.65 332.90 Td (average ) Tj ET Q q 0 0 0 rg BT 222.23 332.90 Td (maturity) Tj ET Q q 0 0 0 rg BT 255.46 332.90 Td (, ) Tj ET Q q 0 0 0 rg BT 260.46 332.90 Td (including ) Tj ET Q q 0 0 0 rg BT 300.74 332.90 Td (extensions, ) Tj ET Q q 0 0 0 rg BT 347.95 332.90 Td (of ) Tj ET Q q 0 0 0 rg BT 358.78 332.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 378.50 332.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 428.77 332.90 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.82 332.90 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.32 332.90 Td ( ) Tj ET Q q 0 0 0 rg BT 461.82 332.90 Td (years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 312.90 Td (Cr) Tj ET Q q 0 0 0 rg BT 59.69 312.90 Td (edit ) Tj ET Q q 0 0 0 rg BT 77.19 312.90 Td (Quality ) Tj ET Q q 0 0 0 rg BT 109.68 312.90 Td (Monitoring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.90 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.34 292.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 100.97 292.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 151.15 292.90 Td (are ) Tj ET Q q 0 0 0 rg BT 165.77 292.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 198.71 292.90 Td (by ) Tj ET Q q 0 0 0 rg BT 211.12 292.90 Td (direct ) Tj ET Q q 0 0 0 rg BT 236.29 292.90 Td (senior ) Tj ET Q q 0 0 0 rg BT 263.14 292.90 Td (priority ) Tj ET Q q 0 0 0 rg BT 295.54 292.90 Td (liens ) Tj ET Q q 0 0 0 rg BT 316.84 292.90 Td (on ) Tj ET Q q 0 0 0 rg BT 329.25 292.90 Td (real ) Tj ET Q q 0 0 0 rg BT 346.64 292.90 Td (estate ) Tj ET Q q 0 0 0 rg BT 371.81 292.90 Td (properties ) Tj ET Q q 0 0 0 rg BT 414.21 292.90 Td (or ) Tj ET Q q 0 0 0 rg BT 424.95 292.90 Td (by ) Tj ET Q q 0 0 0 rg BT 437.36 292.90 Td (interests ) Tj ET Q q 0 0 0 rg BT 473.09 292.90 Td (in ) Tj ET Q q 0 0 0 rg BT 483.28 292.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 514.57 292.90 Td (that ) Tj ET Q q 0 0 0 rg BT 531.97 292.90 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.90 Td (own ) Tj ET Q q 0 0 0 rg BT 69.71 280.90 Td (real ) Tj ET Q q 0 0 0 rg BT 87.69 280.90 Td (estate ) Tj ET Q q 0 0 0 rg BT 113.45 280.90 Td (properties, ) Tj ET Q q 0 0 0 rg BT 158.92 280.90 Td (which ) Tj ET Q q 0 0 0 rg BT 186.36 280.90 Td (serve ) Tj ET Q q 0 0 0 rg BT 210.45 280.90 Td (as ) Tj ET Q q 0 0 0 rg BT 221.77 280.90 Td (the ) Tj ET Q q 0 0 0 rg BT 236.98 280.90 Td (primary ) Tj ET Q q 0 0 0 rg BT 271.63 280.90 Td (source ) Tj ET Q q 0 0 0 rg BT 300.72 280.90 Td (of ) Tj ET Q q 0 0 0 rg BT 312.04 280.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 332.80 280.90 Td (for ) Tj ET Q q 0 0 0 rg BT 347.45 280.90 Td (the ) Tj ET Q q 0 0 0 rg BT 362.66 280.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 400.09 280.90 Td (of ) Tj ET Q q 0 0 0 rg BT 411.41 280.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 449.94 280.90 Td (and ) Tj ET Q q 0 0 0 rg BT 467.37 280.90 Td (interest. ) Tj ET Q q 0 0 0 rg BT 502.30 280.90 Td ( ) Tj ET Q q 0 0 0 rg BT 505.07 280.90 Td (The ) Tj ET Q q 0 0 0 rg BT 523.61 280.90 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.90 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 89.33 268.90 Td (its ) Tj ET Q q 0 0 0 rg BT 101.40 268.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 121.25 268.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 171.64 268.90 Td (at ) Tj ET Q q 0 0 0 rg BT 181.49 268.90 Td (least ) Tj ET Q q 0 0 0 rg BT 202.44 268.90 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 241.16 268.90 Td (and ) Tj ET Q q 0 0 0 rg BT 258.22 268.90 Td (dif) Tj ET Q q 0 0 0 rg BT 269.15 268.90 Td (ferentiates ) Tj ET Q q 0 0 0 rg BT 313.42 268.90 Td (the ) Tj ET Q q 0 0 0 rg BT 328.26 268.90 Td (relative ) Tj ET Q q 0 0 0 rg BT 360.87 268.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 386.26 268.90 Td (quality ) Tj ET Q q 0 0 0 rg BT 416.66 268.90 Td (principally ) Tj ET Q q 0 0 0 rg BT 462.60 268.90 Td (based ) Tj ET Q q 0 0 0 rg BT 488.00 268.90 Td (on: ) Tj ET Q q 0 0 0 rg BT 503.40 268.90 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 515.46 268.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 550.30 268.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.90 Td (borrower ) Tj ET Q q 0 0 0 rg BT 89.51 256.90 Td (is ) Tj ET Q q 0 0 0 rg BT 99.53 256.90 Td (currently ) Tj ET Q q 0 0 0 rg BT 138.98 256.90 Td (paying ) Tj ET Q q 0 0 0 rg BT 169.56 256.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 217.33 256.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 237.91 256.90 Td (service ) Tj ET Q q 0 0 0 rg BT 269.58 256.90 Td (in ) Tj ET Q q 0 0 0 rg BT 280.72 256.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 329.03 256.90 Td (with ) Tj ET Q q 0 0 0 rg BT 350.17 256.90 Td (its ) Tj ET Q q 0 0 0 rg BT 362.97 256.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 410.75 256.90 Td (terms; ) Tj ET Q q 0 0 0 rg BT 439.10 256.90 Td (and ) Tj ET Q q 0 0 0 rg BT 456.90 256.90 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 472.47 256.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 508.04 256.90 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 256.90 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.90 Td (believes ) Tj ET Q q 0 0 0 rg BT 84.86 244.90 Td (the ) Tj ET Q q 0 0 0 rg BT 99.68 244.90 Td (borrower ) Tj ET Q q 0 0 0 rg BT 138.92 244.90 Td (will ) Tj ET Q q 0 0 0 rg BT 157.08 244.90 Td (be ) Tj ET Q q 0 0 0 rg BT 169.11 244.90 Td (able ) Tj ET Q q 0 0 0 rg BT 188.37 244.90 Td (to ) Tj ET Q q 0 0 0 rg BT 198.74 244.90 Td (perform ) Tj ET Q q 0 0 0 rg BT 233.55 244.90 Td (under ) Tj ET Q q 0 0 0 rg BT 258.91 244.90 Td (its ) Tj ET Q q 0 0 0 rg BT 270.96 244.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 317.98 244.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 342.79 244.90 Td (in ) Tj ET Q q 0 0 0 rg BT 353.17 244.90 Td (the ) Tj ET Q q 0 0 0 rg BT 367.98 244.90 Td (future, ) Tj ET Q q 0 0 0 rg BT 396.96 244.90 Td (as ) Tj ET Q q 0 0 0 rg BT 407.88 244.90 Td (well ) Tj ET Q q 0 0 0 rg BT 427.70 244.90 Td (as ) Tj ET Q q 0 0 0 rg BT 438.63 244.90 Td (the ) Tj ET Q q 0 0 0 rg BT 453.44 244.90 Td (Company) Tj ET Q q 0 0 0 rg BT 495.11 244.90 Td (s ) Tj ET Q q 0 0 0 rg BT 501.59 244.90 Td (expectations ) Tj ET Q q 0 0 0 rg BT 554.17 244.90 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.90 Td (to ) Tj ET Q q 0 0 0 rg BT 59.73 232.90 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 232.90 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 109.62 232.90 Td (recovery ) Tj ET Q q 0 0 0 rg BT 147.05 232.90 Td (of ) Tj ET Q q 0 0 0 rg BT 157.84 232.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 195.83 232.90 Td (at ) Tj ET Q q 0 0 0 rg BT 205.50 232.90 Td (maturity) Tj ET Q q 0 0 0 rg BT 238.74 232.90 Td (. ) Tj ET Q q 0 0 0 rg BT 243.69 232.90 Td ( ) Tj ET Q q 0 0 0 rg BT 245.97 232.90 Td (The ) Tj ET Q q 0 0 0 rg BT 263.97 232.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 305.31 232.90 Td (categorizes ) Tj ET Q q 0 0 0 rg BT 352.73 232.90 Td (a ) Tj ET Q q 0 0 0 rg BT 359.62 232.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 379.29 232.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.63 232.90 Td (for ) Tj ET Q q 0 0 0 rg BT 439.74 232.90 Td (which ) Tj ET Q q 0 0 0 rg BT 466.63 232.90 Td (it ) Tj ET Q q 0 0 0 rg BT 474.65 232.90 Td (expects ) Tj ET Q q 0 0 0 rg BT 507.08 232.90 Td (to ) Tj ET Q q 0 0 0 rg BT 517.32 232.90 Td (receive ) Tj ET Q q 0 0 0 rg BT 548.63 232.90 Td (full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 86.80 220.90 Td (of ) Tj ET Q q 0 0 0 rg BT 97.99 220.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 145.27 220.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 183.68 220.90 Td (and ) Tj ET Q q 0 0 0 rg BT 200.98 220.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 233.28 220.90 Td (payments ) Tj ET Q q 0 0 0 rg BT 274.47 220.90 Td (as ) Tj ET Q q 0 0 0 rg BT 285.66 220.90 Td (performing. ) Tj ET Q q 0 0 0 rg BT 344.89 220.90 Td ( ) Tj ET Q q 0 0 0 rg BT 347.54 220.90 Td (The ) Tj ET Q q 0 0 0 rg BT 365.96 220.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 407.71 220.90 Td (will ) Tj ET Q q 0 0 0 rg BT 426.13 220.90 Td (categorize ) Tj ET Q q 0 0 0 rg BT 470.07 220.90 Td (a ) Tj ET Q q 0 0 0 rg BT 477.37 220.90 Td (weaker ) Tj ET Q q 0 0 0 rg BT 509.10 220.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 534.73 220.90 Td (quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.78 208.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 116.72 208.90 Td (that ) Tj ET Q q 0 0 0 rg BT 134.78 208.90 Td (is ) Tj ET Q q 0 0 0 rg BT 144.51 208.90 Td (currently ) Tj ET Q q 0 0 0 rg BT 183.66 208.90 Td (performing, ) Tj ET Q q 0 0 0 rg BT 234.21 208.90 Td (but ) Tj ET Q q 0 0 0 rg BT 250.04 208.90 Td (for ) Tj ET Q q 0 0 0 rg BT 264.77 208.90 Td (which ) Tj ET Q q 0 0 0 rg BT 292.26 208.90 Td (it ) Tj ET Q q 0 0 0 rg BT 300.88 208.90 Td (believes ) Tj ET Q q 0 0 0 rg BT 336.71 208.90 Td (future ) Tj ET Q q 0 0 0 rg BT 363.64 208.90 Td (collection ) Tj ET Q q 0 0 0 rg BT 406.13 208.90 Td (of ) Tj ET Q q 0 0 0 rg BT 417.52 208.90 Td (all ) Tj ET Q q 0 0 0 rg BT 430.58 208.90 Td (or ) Tj ET Q q 0 0 0 rg BT 441.97 208.90 Td (some ) Tj ET Q q 0 0 0 rg BT 466.14 208.90 Td (portion ) Tj ET Q q 0 0 0 rg BT 498.09 208.90 Td (of ) Tj ET Q q 0 0 0 rg BT 509.48 208.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 548.08 208.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.71 196.90 Td (is ) Tj ET Q q 0 0 0 rg BT 91.17 196.90 Td (in ) Tj ET Q q 0 0 0 rg BT 101.72 196.90 Td (doubt, ) Tj ET Q q 0 0 0 rg BT 129.78 196.90 Td (into ) Tj ET Q q 0 0 0 rg BT 148.12 196.90 Td (a ) Tj ET Q q 0 0 0 rg BT 155.34 196.90 Td (category ) Tj ET Q q 0 0 0 rg BT 192.54 196.90 Td (called ) Tj ET Q q 0 0 0 rg BT 219.20 196.90 Td (performing ) Tj ET Q q 0 0 0 rg BT 271.40 196.90 Td (with ) Tj ET Q q 0 0 0 rg BT 291.96 196.90 Td (a ) Tj ET Q q 0 0 0 rg BT 299.18 196.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 319.18 196.90 Td (loss ) Tj ET Q q 0 0 0 rg BT 337.52 196.90 Td (reserve. ) Tj ET Q q 0 0 0 rg BT 376.11 196.90 Td ( ) Tj ET Q q 0 0 0 rg BT 378.69 196.90 Td (The ) Tj ET Q q 0 0 0 rg BT 397.01 196.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 438.68 196.90 Td (will ) Tj ET Q q 0 0 0 rg BT 457.02 196.90 Td (categorize ) Tj ET Q q 0 0 0 rg BT 500.88 196.90 Td (a ) Tj ET Q q 0 0 0 rg BT 508.10 196.90 Td (weaker ) Tj ET Q q 0 0 0 rg BT 539.75 196.90 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.90 Td (quality ) Tj ET Q q 0 0 0 rg BT 79.98 184.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 99.89 184.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 146.48 184.90 Td (that ) Tj ET Q q 0 0 0 rg BT 164.17 184.90 Td (is ) Tj ET Q q 0 0 0 rg BT 173.55 184.90 Td (not ) Tj ET Q q 0 0 0 rg BT 189.03 184.90 Td (performing, ) Tj ET Q q 0 0 0 rg BT 239.21 184.90 Td (which ) Tj ET Q q 0 0 0 rg BT 266.35 184.90 Td (the ) Tj ET Q q 0 0 0 rg BT 281.27 184.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 322.86 184.90 Td (defines ) Tj ET Q q 0 0 0 rg BT 354.44 184.90 Td (as ) Tj ET Q q 0 0 0 rg BT 365.47 184.90 Td (a ) Tj ET Q q 0 0 0 rg BT 372.61 184.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 392.53 184.90 Td (in ) Tj ET Q q 0 0 0 rg BT 403.01 184.90 Td (maturity ) Tj ET Q q 0 0 0 rg BT 439.59 184.90 Td (default ) Tj ET Q q 0 0 0 rg BT 470.06 184.90 Td (and/or ) Tj ET Q q 0 0 0 rg BT 498.31 184.90 Td (past ) Tj ET Q q 0 0 0 rg BT 517.12 184.90 Td (due ) Tj ET Q q 0 0 0 rg BT 534.26 184.90 Td (at ) Tj ET Q q 0 0 0 rg BT 544.17 184.90 Td (least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.90 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 172.90 Td ( ) Tj ET Q q 0 0 0 rg BT 62.05 172.90 Td (days ) Tj ET Q q 0 0 0 rg BT 82.92 172.90 Td (on ) Tj ET Q q 0 0 0 rg BT 95.47 172.90 Td (its ) Tj ET Q q 0 0 0 rg BT 107.46 172.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 154.42 172.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 174.19 172.90 Td (service ) Tj ET Q q 0 0 0 rg BT 205.05 172.90 Td (payments, ) Tj ET Q q 0 0 0 rg BT 248.42 172.90 Td (as ) Tj ET Q q 0 0 0 rg BT 259.29 172.90 Td (a ) Tj ET Q q 0 0 0 rg BT 266.28 172.90 Td (non-performing ) Tj ET Q q 0 0 0 rg BT 332.14 172.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 351.90 172.90 Td (\(NPL\). ) Tj ET Q q 0 0 0 rg BT 391.37 172.90 Td ( ) Tj ET Q q 0 0 0 rg BT 393.74 172.90 Td (The ) Tj ET Q q 0 0 0 rg BT 411.83 172.90 Td (Company) Tj ET Q q 0 0 0 rg BT 453.49 172.90 Td (s ) Tj ET Q q 0 0 0 rg BT 459.93 172.90 Td (definition ) Tj ET Q q 0 0 0 rg BT 501.36 172.90 Td (of ) Tj ET Q q 0 0 0 rg BT 512.23 172.90 Td (an ) Tj ET Q q 0 0 0 rg BT 524.22 172.90 Td (NPL) Tj ET Q q 0 0 0 rg BT 542.74 172.90 Td ( ) Tj ET Q q 0 0 0 rg BT 545.28 172.90 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.90 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 160.90 Td (fer ) Tj ET Q q 0 0 0 rg BT 74.03 160.90 Td (from ) Tj ET Q q 0 0 0 rg BT 95.96 160.90 Td (that ) Tj ET Q q 0 0 0 rg BT 113.46 160.90 Td (of ) Tj ET Q q 0 0 0 rg BT 124.29 160.90 Td (other ) Tj ET Q q 0 0 0 rg BT 147.34 160.90 Td (companies ) Tj ET Q q 0 0 0 rg BT 192.60 160.90 Td (that ) Tj ET Q q 0 0 0 rg BT 210.10 160.90 Td (track ) Tj ET Q q 0 0 0 rg BT 232.58 160.90 Td (NPLs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.90 Td (As ) Tj ET Q q 0 0 0 rg BT 62.75 140.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.21 140.90 Td (June30, ) Tj ET Q q 0 0 0 rg BT 108.68 140.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.68 140.90 Td (, ) Tj ET Q q 0 0 0 rg BT 133.31 140.90 Td (all ) Tj ET Q q 0 0 0 rg BT 145.44 140.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 164.80 140.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 214.71 140.90 Td (were ) Tj ET Q q 0 0 0 rg BT 236.27 140.90 Td (performing ) Tj ET Q q 0 0 0 rg BT 283.39 140.90 Td (in ) Tj ET Q q 0 0 0 rg BT 293.30 140.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 340.40 140.90 Td (with ) Tj ET Q q 0 0 0 rg BT 360.31 140.90 Td (the ) Tj ET Q q 0 0 0 rg BT 374.67 140.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 421.22 140.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 445.57 140.90 Td (of ) Tj ET Q q 0 0 0 rg BT 456.04 140.90 Td (their ) Tj ET Q q 0 0 0 rg BT 476.50 140.90 Td (governing ) Tj ET Q q 0 0 0 rg BT 519.18 140.90 Td (documents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.90 Td (and ) Tj ET Q q 0 0 0 rg BT 66.03 128.90 Td (were ) Tj ET Q q 0 0 0 rg BT 87.56 128.90 Td (categorized ) Tj ET Q q 0 0 0 rg BT 135.73 128.90 Td (as ) Tj ET Q q 0 0 0 rg BT 146.16 128.90 Td (performing ) Tj ET Q q 0 0 0 rg BT 193.24 128.90 Td (loans. ) Tj ET Q q 0 0 0 rg BT 218.95 128.90 Td ( ) Tj ET Q q 0 0 0 rg BT 221.04 128.90 Td (For ) Tj ET Q q 0 0 0 rg BT 237.03 128.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.34 128.90 Td (six ) Tj ET Q q 0 0 0 rg BT 265.11 128.90 Td (months ) Tj ET Q q 0 0 0 rg BT 296.65 128.90 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.53 128.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.63 128.90 Td (June30, ) Tj ET Q q 0 0 0 rg BT 358.05 128.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.05 128.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 128.90 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.64 128.90 Td ( ) Tj ET Q q 0 0 0 rg BT 404.73 128.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 424.04 128.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 473.91 128.90 Td (each ) Tj ET Q q 0 0 0 rg BT 494.33 128.90 Td (contributed ) Tj ET Q q 0 0 0 rg BT 541.96 128.90 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.90 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.77 116.90 Td (10.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.60 116.90 Td ( ) Tj ET Q q 0 0 0 rg BT 96.64 116.90 Td (of ) Tj ET Q q 0 0 0 rg BT 107.02 116.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 138.50 116.90 Td (income. ) Tj ET Q q 0 0 0 rg BT 172.49 116.90 Td ( ) Tj ET Q q 0 0 0 rg BT 174.08 116.90 Td (As ) Tj ET Q q 0 0 0 rg BT 187.24 116.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.62 116.90 Td (June30, ) Tj ET Q q 0 0 0 rg BT 233.00 116.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 116.90 Td (, ) Tj ET Q q 0 0 0 rg BT 257.55 116.90 Td (one ) Tj ET Q q 0 0 0 rg BT 274.04 116.90 Td (borrower) Tj ET Q q 0 0 0 rg BT 310.29 116.90 Td (, ) Tj ET Q q 0 0 0 rg BT 314.83 116.90 Td (Sava ) Tj ET Q q 0 0 0 rg BT 336.32 116.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 364.48 116.90 Td (Care ) Tj ET Q q 0 0 0 rg BT 385.40 116.90 Td (represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.54 116.90 Td (53.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.37 116.90 Td ( ) Tj ET Q q 0 0 0 rg BT 461.41 116.90 Td (of ) Tj ET Q q 0 0 0 rg BT 471.79 116.90 Td (the ) Tj ET Q q 0 0 0 rg BT 486.06 116.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 526.97 116.90 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 104.90 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 104.90 Td (the ) Tj ET Q q 0 0 0 rg BT 107.54 104.90 Td (Company) Tj ET Q q 0 0 0 rg BT 149.21 104.90 Td (s ) Tj ET Q q 0 0 0 rg BT 155.60 104.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 175.32 104.90 Td (investments.) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (6. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 704.25 Td (Borr) Tj ET Q q 0 0 0 rg BT 87.87 704.25 Td (owings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (The following table presents borrowings as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.85 684.25 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.68 684.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.12 684.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.70 684.25 Td ( \(dollars in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 612.75 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 612.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 612.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 612.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 612.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 612.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 612.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 612.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 612.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 586.75 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 586.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 586.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 586.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 586.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 586.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 586.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 586.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 586.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 560.75 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 560.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 560.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 560.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 560.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 560.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 560.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 560.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 560.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 534.75 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 534.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 534.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 534.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 534.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 534.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 534.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 534.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 534.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 508.75 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 508.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 508.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 508.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 508.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 508.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 508.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 508.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 508.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 482.75 104.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 482.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 482.75 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 482.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 482.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 482.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 482.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 482.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 482.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 455.75 104.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.00 455.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 455.75 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 455.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 455.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 455.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 455.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 455.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 455.75 48.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 645.75 m 401 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 645.75 m 405 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 645.75 m 451 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 645.75 m 502 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 645.75 m 506 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 645.75 m 554 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190 612.75 m 242 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 612.75 m 285 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 612.75 m 351 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 612.75 m 401 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 612.75 m 451 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 612.75 m 502 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 612.75 m 554 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 441.75 m 401 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 441.75 m 451 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 441.75 m 502 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 441.75 m 554 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 429.75 m 401 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 427.75 m 401 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 429.75 m 451 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 427.75 m 451 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 429.75 m 502 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 427.75 m 502 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 429.75 m 554 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 427.75 m 554 427.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 649.98 Td (June 30, 2016 \(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.75 649.98 Td (December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 194.15 632.98 Td (Recourse vs.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.05 624.98 Td (Non-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 199.70 616.98 Td (Recourse) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.10 624.98 Td (Final) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.40 616.98 Td (Maturity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 624.98 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.20 616.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 311.38 616.98 Td (est Rate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 338.70 620.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.70 624.98 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.45 616.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 388.45 620.61 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.70 624.98 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.80 616.98 Td (V) Tj ET Q q 0 0 0 rg BT 419.84 616.98 Td (alue) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 434.07 620.61 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.20 624.98 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.95 616.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 488.95 620.61 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.70 624.98 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.80 616.98 Td (V) Tj ET Q q 0 0 0 rg BT 521.84 616.98 Td (alue) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 536.07 620.61 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 88.50 603.98 Td (Mortgage notes payable, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 591.00 Td (Per) Tj ET Q q 0 0 0 rg BT 99.75 591.00 Td (egrine Portfolio) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 151.08 594.62 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 578.00 Td (Various locations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.70 578.00 Td (Non-recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.20 578.00 Td (Dec-19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.90 578.00 Td (LIBOR + 3.50%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.50 578.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 578.00 Td (24,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.50 578.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 578.00 Td (23,438) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 578.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.75 578.00 Td (24,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 578.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 578.00 Td (23,348) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 565.00 Td (Watermark Aqua Portfolio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 552.00 Td (Denver, CO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.70 552.00 Td (Non-recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.65 552.00 Td (Feb-21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.90 552.00 Td (LIBOR + 2.92%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 552.00 Td (21,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 552.00 Td (21,282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.75 552.00 Td (21,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 552.00 Td (21,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 539.00 Td (Frisco, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.70 539.00 Td (Non-recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.05 539.00 Td (Mar-21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.90 539.00 Td (LIBOR + 3.04%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 539.00 Td (20,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 539.00 Td (19,807) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.75 539.00 Td (20,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 539.00 Td (19,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 526.00 Td (Milford, OH) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 134.94 529.63 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.70 526.00 Td (Non-recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.20 526.00 Td (Dec-18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.90 526.00 Td (LIBOR + 3.35%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 526.00 Td (10,396) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 526.00 Td (10,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.75 526.00 Td (10,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 526.00 Td (10,282) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 513.00 Td (Arbors Portfolio) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 141.62 516.62 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 500.00 Td (Various locations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.70 500.00 Td (Non-recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.65 500.00 Td (Feb-25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.15 500.00 Td (3.99%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.75 500.00 Td (93,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 500.00 Td (91,851) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.75 500.00 Td (93,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 500.00 Td (91,712) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 487.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.43 487.00 Td (atermark Fountains Portfolio) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 189.09 490.62 Td (\(6\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 474.00 Td (Various locations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.70 474.00 Td (Non-recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.10 474.00 Td (Jun-22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.15 474.00 Td (3.92%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 474.00 Td (410,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.75 474.00 Td (405,087) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.75 474.00 Td (410,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.75 474.00 Td (404,605) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 460.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.72 460.00 Td (interfell Portfolio) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 150.94 463.62 Td (\(7\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 446.00 Td (Various locations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.70 446.00 Td (Non-recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.10 446.00 Td (Jun-25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.15 446.00 Td (4.17%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 446.00 Td (648,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.75 446.00 Td (645,009) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.80 446.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.80 446.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 432.98 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.50 433.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.75 433.00 Td (1,227,857) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.50 433.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.75 433.00 Td (1,216,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 433.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.75 433.00 Td (579,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 433.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.75 433.00 Td (570,985) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 419.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 419.65 Td (_____________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 410.05 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 410.05 Td (Floating ) Tj ET Q q 0 0 0 rg BT 132.62 410.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 147.07 410.05 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 185.97 410.05 Td (are ) Tj ET Q q 0 0 0 rg BT 198.19 410.05 Td (comprised ) Tj ET Q q 0 0 0 rg BT 233.97 410.05 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.09 410.05 Td ($41.5 ) Tj ET Q q 0 0 0 rg BT 263.54 410.05 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.66 410.05 Td ( ) Tj ET Q q 0 0 0 rg BT 289.11 410.05 Td (principal ) Tj ET Q q 0 0 0 rg BT 320.00 410.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 346.46 410.05 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.68 410.05 Td (one) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.24 410.05 Td (-month ) Tj ET Q q 0 0 0 rg BT 391.80 410.05 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 418.26 410.05 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.26 410.05 Td ($34.4 ) Tj ET Q q 0 0 0 rg BT 452.72 410.05 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.83 410.05 Td ( ) Tj ET Q q 0 0 0 rg BT 478.29 410.05 Td (principal ) Tj ET Q q 0 0 0 rg BT 509.18 410.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 535.63 410.05 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.86 410.05 Td (three) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.85 410.05 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 400.45 Td (month ) Tj ET Q q 0 0 0 rg BT 125.95 400.45 Td (LIBOR, ) Tj ET Q q 0 0 0 rg BT 153.95 400.45 Td (including ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.16 400.45 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 206.16 400.45 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.28 400.45 Td ( ) Tj ET Q q 0 0 0 rg BT 231.28 400.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 255.94 400.45 Td (to ) Tj ET Q q 0 0 0 rg BT 264.16 400.45 Td (a ) Tj ET Q q 0 0 0 rg BT 269.71 400.45 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 295.71 400.45 Td (floor ) Tj ET Q q 0 0 0 rg BT 313.26 400.45 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.93 400.45 Td (0.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.59 400.45 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 390.85 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 390.85 Td (The ) Tj ET Q q 0 0 0 rg BT 117.94 390.85 Td (dif) Tj ET Q q 0 0 0 rg BT 126.68 390.85 Td (ference ) Tj ET Q q 0 0 0 rg BT 152.21 390.85 Td (between ) Tj ET Q q 0 0 0 rg BT 180.86 390.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 211.30 390.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 237.29 390.85 Td (and ) Tj ET Q q 0 0 0 rg BT 250.84 390.85 Td (carrying ) Tj ET Q q 0 0 0 rg BT 279.50 390.85 Td (value ) Tj ET Q q 0 0 0 rg BT 298.82 390.85 Td (of ) Tj ET Q q 0 0 0 rg BT 307.48 390.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 339.70 390.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 358.58 390.85 Td (payable ) Tj ET Q q 0 0 0 rg BT 385.46 390.85 Td (is ) Tj ET Q q 0 0 0 rg BT 392.79 390.85 Td (attributable ) Tj ET Q q 0 0 0 rg BT 431.22 390.85 Td (to ) Tj ET Q q 0 0 0 rg BT 439.45 390.85 Td (deferred ) Tj ET Q q 0 0 0 rg BT 468.09 390.85 Td (financing ) Tj ET Q q 0 0 0 rg BT 500.30 390.85 Td (costs, ) Tj ET Q q 0 0 0 rg BT 520.30 390.85 Td (net.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 381.25 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 381.25 Td (This ) Tj ET Q q 0 0 0 rg BT 119.56 381.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 151.61 381.25 Td (note ) Tj ET Q q 0 0 0 rg BT 167.21 381.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 209.03 381.25 Td (has ) Tj ET Q q 0 0 0 rg BT 221.53 381.25 Td (a ) Tj ET Q q 0 0 0 rg BT 226.91 381.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 255.40 381.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.90 381.25 Td (up ) Tj ET Q q 0 0 0 rg BT 273.73 381.25 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.79 381.25 Td ($30.0 ) Tj ET Q q 0 0 0 rg BT 301.63 381.25 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.74 381.25 Td (, ) Tj ET Q q 0 0 0 rg BT 328.58 381.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 353.07 381.25 Td (to ) Tj ET Q q 0 0 0 rg BT 361.13 381.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 384.73 381.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 421.90 381.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 448.16 381.25 Td (by ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.00 381.25 Td (four) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.33 381.25 Td ( ) Tj ET Q q 0 0 0 rg BT 473.16 381.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 507.86 381.25 Td (properties. ) Tj ET Q q 0 0 0 rg BT 543.69 381.25 Td ( ) Tj ET Q q 0 0 0 rg BT 545.12 381.25 Td (As ) Tj ET Q q 0 0 0 rg BT 555.84 381.25 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 371.65 Td (June30, ) Tj ET Q q 0 0 0 rg BT 132.29 371.65 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.29 371.65 Td (, ) Tj ET Q q 0 0 0 rg BT 152.42 371.65 Td (the ) Tj ET Q q 0 0 0 rg BT 164.32 371.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 197.56 371.65 Td (has ) Tj ET Q q 0 0 0 rg BT 210.36 371.65 Td (funded ) Tj ET Q q 0 0 0 rg BT 234.70 371.65 Td (approximately ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.04 371.65 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 299.16 371.65 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.28 371.65 Td ( ) Tj ET Q q 0 0 0 rg BT 324.41 371.65 Td (into ) Tj ET Q q 0 0 0 rg BT 338.98 371.65 Td (a ) Tj ET Q q 0 0 0 rg BT 344.66 371.65 Td (lender ) Tj ET Q q 0 0 0 rg BT 366.78 371.65 Td (controlled ) Tj ET Q q 0 0 0 rg BT 401.34 371.65 Td (reserve ) Tj ET Q q 0 0 0 rg BT 426.56 371.65 Td (to ) Tj ET Q q 0 0 0 rg BT 434.91 371.65 Td (comply ) Tj ET Q q 0 0 0 rg BT 461.04 371.65 Td (with ) Tj ET Q q 0 0 0 rg BT 477.39 371.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 501.28 371.65 Td (minimum ) Tj ET Q q 0 0 0 rg BT 534.52 371.65 Td (financial ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 362.05 Td (coverage ) Tj ET Q q 0 0 0 rg BT 134.37 362.05 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 156.14 362.05 Td (which ) Tj ET Q q 0 0 0 rg BT 177.69 362.05 Td (will ) Tj ET Q q 0 0 0 rg BT 192.14 362.05 Td (be ) Tj ET Q q 0 0 0 rg BT 201.69 362.05 Td (released ) Tj ET Q q 0 0 0 rg BT 229.89 362.05 Td (to ) Tj ET Q q 0 0 0 rg BT 238.11 362.05 Td (the ) Tj ET Q q 0 0 0 rg BT 249.89 362.05 Td (Company ) Tj ET Q q 0 0 0 rg BT 283.00 362.05 Td (once ) Tj ET Q q 0 0 0 rg BT 300.10 362.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.86 362.05 Td (conditions ) Tj ET Q q 0 0 0 rg BT 359.19 362.05 Td (are ) Tj ET Q q 0 0 0 rg BT 370.96 362.05 Td (satisfied.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 352.45 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 352.45 Td (The ) Tj ET Q q 0 0 0 rg BT 117.72 352.45 Td (initial ) Tj ET Q q 0 0 0 rg BT 138.16 352.45 Td (maturity ) Tj ET Q q 0 0 0 rg BT 167.04 352.45 Td (is ) Tj ET Q q 0 0 0 rg BT 174.16 352.45 Td (December ) Tj ET Q q 0 0 0 rg BT 208.80 352.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 228.58 352.45 Td (with ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.58 352.45 Td (two) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.58 352.45 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.36 352.45 Td (one) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.91 352.45 Td (-year ) Tj ET Q q 0 0 0 rg BT 288.12 352.45 Td (extensions ) Tj ET Q q 0 0 0 rg BT 323.67 352.45 Td (available ) Tj ET Q q 0 0 0 rg BT 354.32 352.45 Td (at ) Tj ET Q q 0 0 0 rg BT 361.87 352.45 Td (the ) Tj ET Q q 0 0 0 rg BT 373.42 352.45 Td (Company) Tj ET Q q 0 0 0 rg BT 406.75 352.45 Td (s ) Tj ET Q q 0 0 0 rg BT 411.65 352.45 Td (option, ) Tj ET Q q 0 0 0 rg BT 435.87 352.45 Td (which ) Tj ET Q q 0 0 0 rg BT 457.20 352.45 Td (may ) Tj ET Q q 0 0 0 rg BT 472.75 352.45 Td (be ) Tj ET Q q 0 0 0 rg BT 482.08 352.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 506.52 352.45 Td (to ) Tj ET Q q 0 0 0 rg BT 514.52 352.45 Td (the ) Tj ET Q q 0 0 0 rg BT 526.07 352.45 Td (satisfaction ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 342.85 Td (of ) Tj ET Q q 0 0 0 rg BT 112.16 342.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 135.93 342.85 Td (customary ) Tj ET Q q 0 0 0 rg BT 171.25 342.85 Td (conditions ) Tj ET Q q 0 0 0 rg BT 206.58 342.85 Td (set ) Tj ET Q q 0 0 0 rg BT 217.47 342.85 Td (forth ) Tj ET Q q 0 0 0 rg BT 235.02 342.85 Td (in ) Tj ET Q q 0 0 0 rg BT 243.24 342.85 Td (the ) Tj ET Q q 0 0 0 rg BT 255.02 342.85 Td (governing ) Tj ET Q q 0 0 0 rg BT 289.45 342.85 Td (documents.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 333.25 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 333.25 Td (Comprised ) Tj ET Q q 0 0 0 rg BT 140.61 333.25 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.27 333.25 Td (four) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 162.60 333.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.60 333.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 196.81 333.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 215.70 333.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 242.57 333.25 Td (with ) Tj ET Q q 0 0 0 rg BT 258.80 333.25 Td (an ) Tj ET Q q 0 0 0 rg BT 268.35 333.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 301.44 333.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 327.43 333.25 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.10 333.25 Td ($93.8 ) Tj ET Q q 0 0 0 rg BT 356.10 333.25 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.21 333.25 Td (, ) Tj ET Q q 0 0 0 rg BT 383.21 333.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 409.64 333.25 Td (by ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.64 333.25 Td (four) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.97 333.25 Td ( ) Tj ET Q q 0 0 0 rg BT 434.97 333.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 469.83 333.25 Td (real ) Tj ET Q q 0 0 0 rg BT 483.82 333.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 504.03 333.25 Td (properties.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 323.65 Td (\(6\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 323.65 Td (Comprised ) Tj ET Q q 0 0 0 rg BT 140.61 323.65 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.27 323.65 Td ($410.0 ) Tj ET Q q 0 0 0 rg BT 173.27 323.65 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.39 323.65 Td ( ) Tj ET Q q 0 0 0 rg BT 198.39 323.65 Td (principal ) Tj ET Q q 0 0 0 rg BT 228.82 323.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 254.82 323.65 Td (of ) Tj ET Q q 0 0 0 rg BT 263.48 323.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 281.92 323.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 295.91 323.65 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 336.35 323.65 Td (secured ) Tj ET Q q 0 0 0 rg BT 362.78 323.65 Td (by ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.78 323.65 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.78 323.65 Td ( ) Tj ET Q q 0 0 0 rg BT 382.78 323.65 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 417.64 323.65 Td (real ) Tj ET Q q 0 0 0 rg BT 431.63 323.65 Td (estate ) Tj ET Q q 0 0 0 rg BT 451.84 323.65 Td (properties.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 314.05 Td (\(7\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 314.05 Td (Comprised ) Tj ET Q q 0 0 0 rg BT 140.32 314.05 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.69 314.05 Td (32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 156.69 314.05 Td ( ) Tj ET Q q 0 0 0 rg BT 158.40 314.05 Td (individual ) Tj ET Q q 0 0 0 rg BT 192.55 314.05 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 224.47 314.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 243.06 314.05 Td (payable ) Tj ET Q q 0 0 0 rg BT 269.64 314.05 Td (that ) Tj ET Q q 0 0 0 rg BT 283.35 314.05 Td (were ) Tj ET Q q 0 0 0 rg BT 300.60 314.05 Td (assumed ) Tj ET Q q 0 0 0 rg BT 329.86 314.05 Td (as ) Tj ET Q q 0 0 0 rg BT 338.23 314.05 Td (part ) Tj ET Q q 0 0 0 rg BT 352.38 314.05 Td (of ) Tj ET Q q 0 0 0 rg BT 360.75 314.05 Td (the ) Tj ET Q q 0 0 0 rg BT 372.23 314.05 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 409.04 314.05 Td (of ) Tj ET Q q 0 0 0 rg BT 417.41 314.05 Td (the ) Tj ET Q q 0 0 0 rg BT 428.90 314.05 Td (remaining ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.04 314.05 Td (60.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.70 314.05 Td ( ) Tj ET Q q 0 0 0 rg BT 485.41 314.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 510.66 314.05 Td (in ) Tj ET Q q 0 0 0 rg BT 518.59 314.05 Td (the ) Tj ET Q q 0 0 0 rg BT 529.95 314.05 Td (W) Tj ET Q q 0 0 0 rg BT 537.18 314.05 Td (interfell ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 304.45 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 133.50 304.45 Td (on ) Tj ET Q q 0 0 0 rg BT 143.50 304.45 Td (March ) Tj ET Q q 0 0 0 rg BT 166.38 304.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 174.38 304.45 Td (2016. ) Tj ET Q q 0 0 0 rg BT 194.38 304.45 Td ( ) Tj ET Q q 0 0 0 rg BT 196.38 304.45 Td (Refer ) Tj ET Q q 0 0 0 rg BT 216.14 304.45 Td (to ) Tj ET Q q 0 0 0 rg BT 224.36 304.45 Td (Note ) Tj ET Q q 0 0 0 rg BT 241.91 304.45 Td (3 ) Tj ET Q q 0 0 0 rg BT 247.91 304.45 Td (for ) Tj ET Q q 0 0 0 rg BT 259.24 304.45 Td (further ) Tj ET Q q 0 0 0 rg BT 283.01 304.45 Td (discussion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.45 Td (The ) Tj ET Q q 0 0 0 rg BT 67.04 284.45 Td (following ) Tj ET Q q 0 0 0 rg BT 107.92 284.45 Td (table ) Tj ET Q q 0 0 0 rg BT 129.35 284.45 Td (presents ) Tj ET Q q 0 0 0 rg BT 164.11 284.45 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 206.09 284.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 243.63 284.45 Td (on ) Tj ET Q q 0 0 0 rg BT 255.62 284.45 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 303.16 284.45 Td (based ) Tj ET Q q 0 0 0 rg BT 327.93 284.45 Td (on ) Tj ET Q q 0 0 0 rg BT 339.92 284.45 Td (final ) Tj ET Q q 0 0 0 rg BT 360.24 284.45 Td (maturity ) Tj ET Q q 0 0 0 rg BT 396.11 284.45 Td (as ) Tj ET Q q 0 0 0 rg BT 406.44 284.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.76 284.45 Td (June30, ) Tj ET Q q 0 0 0 rg BT 452.09 284.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.09 284.45 Td ( ) Tj ET Q q 0 0 0 rg BT 474.08 284.45 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 506.62 284.45 Td (in ) Tj ET Q q 0 0 0 rg BT 516.39 284.45 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 265.95 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 265.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 265.95 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 239.95 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 239.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 239.95 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 213.95 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 213.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 213.95 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 187.95 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 187.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 187.95 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 174.95000000000005 m 276 174.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 174.95000000000005 m 276 174.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 162.95000000000005 m 276 162.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 160.95000000000005 m 276 160.95000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 257.18 Td (July 1 to December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.50 257.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.80 257.20 Td (128) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 244.18 Td (Years Ending December 31:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 231.20 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.80 231.20 Td (3,516) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 218.20 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.80 218.20 Td (20,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 205.20 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.80 205.20 Td (44,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 192.20 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.80 192.20 Td (22,378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 179.20 Td (Thereafter) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.75 179.20 Td (1,136,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 166.20 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.50 166.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.75 166.20 Td (1,227,857) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.45 Td (As ) Tj ET Q q 0 0 0 rg BT 63.11 142.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 142.45 Td (June30, ) Tj ET Q q 0 0 0 rg BT 109.77 142.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.77 142.45 Td (, ) Tj ET Q q 0 0 0 rg BT 134.77 142.45 Td (the ) Tj ET Q q 0 0 0 rg BT 149.49 142.45 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.88 142.45 Td (was ) Tj ET Q q 0 0 0 rg BT 208.93 142.45 Td (in ) Tj ET Q q 0 0 0 rg BT 219.21 142.45 Td (compliance ) Tj ET Q q 0 0 0 rg BT 267.80 142.45 Td (with ) Tj ET Q q 0 0 0 rg BT 288.07 142.45 Td (all ) Tj ET Q q 0 0 0 rg BT 300.57 142.45 Td (of ) Tj ET Q q 0 0 0 rg BT 311.40 142.45 Td (its ) Tj ET Q q 0 0 0 rg BT 323.35 142.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.83 142.45 Td (covenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 122.45 Td (7. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 122.45 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 128.59 122.45 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 102.45 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.45 Td (Subject ) Tj ET Q q 0 0 0 rg BT 81.48 82.45 Td (to ) Tj ET Q q 0 0 0 rg BT 91.24 82.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 120.42 82.45 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 166.84 82.45 Td (and ) Tj ET Q q 0 0 0 rg BT 183.26 82.45 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 230.52 82.45 Td (the ) Tj ET Q q 0 0 0 rg BT 244.28 82.45 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 278.49 82.45 Td (is ) Tj ET Q q 0 0 0 rg BT 287.14 82.45 Td (responsible ) Tj ET Q q 0 0 0 rg BT 334.67 82.45 Td (for ) Tj ET Q q 0 0 0 rg BT 348.31 82.45 Td (managing ) Tj ET Q q 0 0 0 rg BT 389.73 82.45 Td (the ) Tj ET Q q 0 0 0 rg BT 403.93 82.45 Td (Company) Tj ET Q q 0 0 0 rg BT 445.59 82.45 Td (s ) Tj ET Q q 0 0 0 rg BT 451.46 82.45 Td (af) Tj ET Q q 0 0 0 rg BT 459.05 82.45 Td (fairs ) Tj ET Q q 0 0 0 rg BT 478.80 82.45 Td (on ) Tj ET Q q 0 0 0 rg BT 490.79 82.45 Td (a ) Tj ET Q q 0 0 0 rg BT 497.21 82.45 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 542.50 82.45 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.45 Td (and ) Tj ET Q q 0 0 0 rg BT 66.24 70.45 Td (for ) Tj ET Q q 0 0 0 rg BT 80.20 70.45 Td (identifying, ) Tj ET Q q 0 0 0 rg BT 128.88 70.45 Td (acquiring, ) Tj ET Q q 0 0 0 rg BT 171.44 70.45 Td (originating ) Tj ET Q q 0 0 0 rg BT 217.63 70.45 Td (and ) Tj ET Q q 0 0 0 rg BT 234.36 70.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 256.10 70.45 Td (managing ) Tj ET Q q 0 0 0 rg BT 297.83 70.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 347.91 70.45 Td (on ) Tj ET Q q 0 0 0 rg BT 360.21 70.45 Td (behalf ) Tj ET Q q 0 0 0 rg BT 387.49 70.45 Td (of ) Tj ET Q q 0 0 0 rg BT 398.12 70.45 Td (the ) Tj ET Q q 0 0 0 rg BT 412.64 70.45 Td (Company) Tj ET Q q 0 0 0 rg BT 450.88 70.45 Td (. ) Tj ET Q q 0 0 0 rg BT 455.68 70.45 Td ( ) Tj ET Q q 0 0 0 rg BT 457.81 70.45 Td (The ) Tj ET Q q 0 0 0 rg BT 475.15 70.45 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 509.67 70.45 Td (may ) Tj ET Q q 0 0 0 rg BT 529.19 70.45 Td (delegate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 78.91 58.45 Td (of ) Tj ET Q q 0 0 0 rg BT 89.44 58.45 Td (its ) Tj ET Q q 0 0 0 rg BT 101.09 58.45 Td (obligations ) Tj ET Q q 0 0 0 rg BT 147.74 58.45 Td (to ) Tj ET Q q 0 0 0 rg BT 157.72 58.45 Td (af) Tj ET Q q 0 0 0 rg BT 165.31 58.45 Td (filiated ) Tj ET Q q 0 0 0 rg BT 195.83 58.45 Td (entities, ) Tj ET Q q 0 0 0 rg BT 229.42 58.45 Td (which ) Tj ET Q q 0 0 0 rg BT 256.06 58.45 Td (may ) Tj ET Q q 0 0 0 rg BT 275.48 58.45 Td (be ) Tj ET Q q 0 0 0 rg BT 287.12 58.45 Td (or) Tj ET Q q 0 0 0 rg BT 295.27 58.45 Td (ganized ) Tj ET Q q 0 0 0 rg BT 328.57 58.45 Td (under ) Tj ET Q q 0 0 0 rg BT 353.54 58.45 Td (the ) Tj ET Q q 0 0 0 rg BT 367.96 58.45 Td (laws ) Tj ET Q q 0 0 0 rg BT 388.50 58.45 Td (of ) Tj ET Q q 0 0 0 rg BT 399.03 58.45 Td (the ) Tj ET Q q 0 0 0 rg BT 413.45 58.45 Td (United ) Tj ET Q q 0 0 0 rg BT 442.87 58.45 Td (States ) Tj ET Q q 0 0 0 rg BT 468.96 58.45 Td (or ) Tj ET Q q 0 0 0 rg BT 479.49 58.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 510.57 58.45 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 565.02 58.45 Td ( ) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (References ) Tj ET Q q 0 0 0 rg BT 96.54 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.93 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.19 695.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 156.04 695.10 Td (include ) Tj ET Q q 0 0 0 rg BT 188.09 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.35 695.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 237.19 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.25 695.10 Td (any ) Tj ET Q q 0 0 0 rg BT 271.31 695.10 Td (such ) Tj ET Q q 0 0 0 rg BT 292.26 695.10 Td (af) Tj ET Q q 0 0 0 rg BT 299.85 695.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 330.79 695.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 364.80 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.42 695.10 Td (For ) Tj ET Q q 0 0 0 rg BT 383.93 695.10 Td (such ) Tj ET Q q 0 0 0 rg BT 404.88 695.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 442.21 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.61 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.45 695.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 494.50 695.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 535.44 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 548.06 695.10 Td (law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.74 683.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 116.48 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.88 683.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 165.91 683.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 201.47 683.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 220.37 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.61 683.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 304.29 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.53 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.55 683.10 Td (Company) Tj ET Q q 0 0 0 rg BT 379.79 683.10 Td (. ) Tj ET Q q 0 0 0 rg BT 385.09 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.90 683.10 Td (Below ) Tj ET Q q 0 0 0 rg BT 416.81 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 426.28 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 433.53 683.10 Td (description ) Tj ET Q q 0 0 0 rg BT 480.76 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.01 683.10 Td (table ) Tj ET Q q 0 0 0 rg BT 520.25 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.38 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.40 683.10 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 671.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 132.81 671.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 168.63 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.90 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.07 671.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 224.74 671.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 651.10 Td (In June 2016, the advisory agreement was renewed for an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.96 651.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 651.10 Td (-year term commencing on June 30, 2016, with terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 639.10 Td (identical to those in ef) Tj ET Q q 0 0 0 rg BT 138.18 639.10 Td (fect through June 30, 2016.) 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 49.5 617.7669921875 m 112.2783203125 617.7669921875 l s q 0 0 0 rg BT 49.50 619.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 70.33 619.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.06 619.10 Td (Advisor) 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 49.5 597.7669921875 m 142.80078125 597.7669921875 l s q 0 0 0 rg BT 49.50 599.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.11 599.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 127.82 599.10 Td (Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 579.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.82 579.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 101.32 579.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 136.35 579.10 Td (a ) Tj ET Q q 0 0 0 rg BT 143.07 579.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 178.68 579.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 200.40 579.10 Td (management ) Tj ET Q q 0 0 0 rg BT 253.77 579.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 268.25 579.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 292.18 579.10 Td (to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.96 579.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.24 579.10 Td (one-twelfth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.33 579.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.61 579.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.22 579.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.05 579.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.33 579.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.93 579.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.43 579.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 428.38 579.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.98 579.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.48 579.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 485.75 579.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 515.80 579.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.41 579.10 Td (allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 567.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.99 567.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 117.10 567.10 Td (including ) Tj ET Q q 0 0 0 rg BT 157.70 567.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 196.63 567.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.90 567.10 Td (any ) Tj ET Q q 0 0 0 rg BT 231.17 567.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 271.77 567.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 320.14 567.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.75 567.10 Td (such ) Tj ET Q q 0 0 0 rg BT 351.91 567.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 405.02 567.10 Td (less ) Tj ET Q q 0 0 0 rg BT 422.85 567.10 Td (any ) Tj ET Q q 0 0 0 rg BT 440.12 567.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 478.49 567.10 Td (received ) Tj ET Q q 0 0 0 rg BT 515.19 567.10 Td (on ) Tj ET Q q 0 0 0 rg BT 528.02 567.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 548.07 567.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 555.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 555.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 140.04 555.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 154.20 555.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.91 555.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 225.29 555.10 Td (share ) Tj ET Q q 0 0 0 rg BT 248.88 555.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 279.70 555.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.98 555.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.70 555.10 Td (case ) Tj ET Q q 0 0 0 rg BT 324.40 555.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.23 555.10 Td (an ) Tj ET Q q 0 0 0 rg BT 347.17 555.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 393.55 555.10 Td (made ) Tj ET Q q 0 0 0 rg BT 417.71 555.10 Td (through ) Tj ET Q q 0 0 0 rg BT 451.32 555.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.25 555.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 479.09 555.10 Td (venture\).) 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 49.5 533.7669921875 m 103.6259765625 533.7669921875 l s q 0 0 0 rg BT 49.50 535.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 88.64 535.10 Td (Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.08 515.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 99.63 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.63 515.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 138.95 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.05 515.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 178.25 515.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 229.58 515.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 252.56 515.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.67 515.10 Td (15.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.83 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.48 515.10 Td (net ) Tj ET Q q 0 0 0 rg BT 312.03 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 331.13 515.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 354.68 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.33 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.88 515.10 Td (Company) Tj ET Q q 0 0 0 rg BT 416.12 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 419.94 515.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 453.48 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 474.25 515.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 518.35 515.10 Td (operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 94.83 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.29 503.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 133.02 503.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 180.05 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.50 503.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.96 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 229.42 503.10 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 273.92 503.10 Td (but ) Tj ET Q q 0 0 0 rg BT 289.83 503.10 Td (only ) Tj ET Q q 0 0 0 rg BT 310.74 503.10 Td (after ) Tj ET Q q 0 0 0 rg BT 332.18 503.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 385.85 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 407.86 503.10 Td (received, ) Tj ET Q q 0 0 0 rg BT 447.35 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.25 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.60 503.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 518.09 503.10 Td (cumulative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 102.69 491.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 127.53 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.49 491.10 Td (their ) Tj ET Q q 0 0 0 rg BT 159.99 491.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 196.50 491.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 226.33 491.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 246.19 491.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.81 491.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.64 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.82 491.10 Td (cumulative, ) Tj ET Q q 0 0 0 rg BT 332.93 491.10 Td (non-compounded ) Tj ET Q q 0 0 0 rg BT 406.10 491.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 435.94 491.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 467.44 491.10 Td (return ) Tj ET Q q 0 0 0 rg BT 494.50 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.68 491.10 Td (such ) Tj ET Q q 0 0 0 rg BT 529.19 491.10 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (capital.) 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 49.5 457.7669921875 m 112.537109375 457.7669921875 l s q 0 0 0 rg BT 49.50 459.10 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 97.55 459.10 Td (Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 439.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 102.20 439.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.08 439.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 156.60 439.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 175.47 439.10 Td (for ) Tj ET Q q 0 0 0 rg BT 189.90 439.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 231.56 439.10 Td (structuring, ) Tj ET Q q 0 0 0 rg BT 280.16 439.10 Td (diligence, ) Tj ET Q q 0 0 0 rg BT 322.08 439.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 376.51 439.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 405.37 439.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.58 439.10 Td (related ) Tj ET Q q 0 0 0 rg BT 452.55 439.10 Td (services ) Tj ET Q q 0 0 0 rg BT 487.53 439.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.08 439.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.72 439.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.10 Td (real ) Tj ET Q q 0 0 0 rg BT 66.91 427.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 92.10 427.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 142.29 427.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 166.37 427.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.57 427.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.40 427.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.83 427.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.58 427.10 Td (each ) Tj ET Q q 0 0 0 rg BT 236.32 427.10 Td (real ) Tj ET Q q 0 0 0 rg BT 253.73 427.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 278.91 427.10 Td (property ) Tj ET Q q 0 0 0 rg BT 315.21 427.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 352.06 427.10 Td (by ) Tj ET Q q 0 0 0 rg BT 364.48 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.13 427.10 Td (Company) Tj ET Q q 0 0 0 rg BT 417.36 427.10 Td (, ) Tj ET Q q 0 0 0 rg BT 422.29 427.10 Td (including ) Tj ET Q q 0 0 0 rg BT 462.48 427.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 508.79 427.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 531.21 427.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.07 427.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.39 415.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 137.05 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.96 415.10 Td (an ) Tj ET Q q 0 0 0 rg BT 158.52 415.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 185.65 415.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.65 415.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 245.44 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.78 415.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 315.78 415.10 Td (share ) Tj ET Q q 0 0 0 rg BT 339.01 415.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 369.45 415.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.35 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.70 415.10 Td (case ) Tj ET Q q 0 0 0 rg BT 413.03 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.49 415.10 Td (an ) Tj ET Q q 0 0 0 rg BT 435.05 415.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 467.72 415.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 494.84 415.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 540.85 415.10 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.44 403.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.72 403.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 111.89 403.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 144.71 403.10 Td (or ) Tj ET Q q 0 0 0 rg BT 155.88 403.10 Td (other ) Tj ET Q q 0 0 0 rg BT 179.26 403.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 225.98 403.10 Td (vehicle\) ) Tj ET Q q 0 0 0 rg BT 261.02 403.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.29 403.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.12 403.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.96 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.12 403.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.17 403.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 361.01 403.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 391.61 403.10 Td (or ) Tj ET Q q 0 0 0 rg BT 402.78 403.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 441.70 403.10 Td (by ) Tj ET Q q 0 0 0 rg BT 454.54 403.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.59 403.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 511.31 403.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.93 403.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 554.19 403.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.10 Td (originate ) Tj ET Q q 0 0 0 rg BT 88.01 391.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.19 391.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 161.44 391.10 Td (including ) Tj ET Q q 0 0 0 rg BT 202.18 391.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 249.03 391.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 271.99 391.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.40 391.10 Td (any ) Tj ET Q q 0 0 0 rg BT 306.81 391.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 347.54 391.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 396.04 391.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.79 391.10 Td (such ) Tj ET Q q 0 0 0 rg BT 428.09 391.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 478.83 391.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 493.46 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.64 391.10 Td (proportionate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.10 Td (share ) Tj ET Q q 0 0 0 rg BT 73.15 379.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 104.01 379.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.33 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.09 379.10 Td (case ) Tj ET Q q 0 0 0 rg BT 148.85 379.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.72 379.10 Td (an ) Tj ET Q q 0 0 0 rg BT 171.71 379.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 204.80 379.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 251.23 379.10 Td (made ) Tj ET Q q 0 0 0 rg BT 275.43 379.10 Td (through ) Tj ET Q q 0 0 0 rg BT 309.08 379.10 Td (a ) Tj ET Q q 0 0 0 rg BT 316.07 379.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 336.95 379.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 369.48 379.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.36 379.10 Td (other ) Tj ET Q q 0 0 0 rg BT 403.45 379.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 449.88 379.10 Td (vehicle\). ) Tj ET Q q 0 0 0 rg BT 487.13 379.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.11 379.10 Td (An ) Tj ET Q q 0 0 0 rg BT 503.88 379.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 550.31 379.10 Td (fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 86.28 367.10 Td (related ) Tj ET Q q 0 0 0 rg BT 116.95 367.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.19 367.10 Td (an ) Tj ET Q q 0 0 0 rg BT 141.09 367.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 169.55 367.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 216.90 367.10 Td (is ) Tj ET Q q 0 0 0 rg BT 227.03 367.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 267.70 367.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 308.37 367.10 Td (as ) Tj ET Q q 0 0 0 rg BT 320.16 367.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 359.44 367.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.14 367.10 Td (A) Tj ET Q q 0 0 0 rg BT 368.81 367.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.28 367.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 387.95 367.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 408.63 367.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.87 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.79 367.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 470.48 367.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.72 367.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 529.05 367.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.30 367.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 94.98 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.90 355.10 Td (an ) Tj ET Q q 0 0 0 rg BT 115.93 355.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.52 355.10 Td (or ) Tj ET Q q 0 0 0 rg BT 152.44 355.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 171.25 355.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 216.73 355.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.10 355.10 Td (an ) Tj ET Q q 0 0 0 rg BT 237.13 355.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 299.27 355.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 319.19 355.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 350.77 355.10 Td (is ) Tj ET Q q 0 0 0 rg BT 359.04 355.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 397.83 355.10 Td (included ) Tj ET Q q 0 0 0 rg BT 433.86 355.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.23 355.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 492.60 355.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.97 355.10 Td (unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 85.29 343.10 Td (on ) Tj ET Q q 0 0 0 rg BT 97.20 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.33 343.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.78 343.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 196.22 343.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 222.57 343.10 Td (when ) Tj ET Q q 0 0 0 rg BT 246.14 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.27 343.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 276.06 343.10 Td (value ) Tj ET Q q 0 0 0 rg BT 299.62 343.10 Td (option ) Tj ET Q q 0 0 0 rg BT 327.09 343.10 Td (is ) Tj ET Q q 0 0 0 rg BT 335.67 343.10 Td (not ) Tj ET Q q 0 0 0 rg BT 350.36 343.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 380.58 343.10 Td (for ) Tj ET Q q 0 0 0 rg BT 394.15 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.28 343.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 456.57 343.10 Td (but ) Tj ET Q q 0 0 0 rg BT 471.26 343.10 Td (is ) Tj ET Q q 0 0 0 rg BT 479.84 343.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 518.96 343.10 Td (as ) Tj ET Q q 0 0 0 rg BT 529.20 343.10 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 Td (when ) Tj ET Q q 0 0 0 rg BT 72.99 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.03 331.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 102.73 331.10 Td (value ) Tj ET Q q 0 0 0 rg BT 126.21 331.10 Td (option ) Tj ET Q q 0 0 0 rg BT 153.60 331.10 Td (is ) Tj ET Q q 0 0 0 rg BT 162.09 331.10 Td (elected. ) Tj ET Q q 0 0 0 rg BT 194.73 331.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.15 331.10 Td (A) Tj ET Q q 0 0 0 rg BT 202.82 331.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.65 331.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 218.68 331.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 237.73 331.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.33 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.97 331.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 295.02 331.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.62 331.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 350.32 331.10 Td (with ) Tj ET Q q 0 0 0 rg BT 369.92 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.97 331.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 429.68 331.10 Td (or ) Tj ET Q q 0 0 0 rg BT 439.83 331.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 485.54 331.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.70 331.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 514.74 331.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.27 319.10 Td (included ) Tj ET Q q 0 0 0 rg BT 96.80 319.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.68 319.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 128.00 319.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 181.37 319.10 Td (net ) Tj ET Q q 0 0 0 rg BT 196.69 319.10 Td (on ) Tj ET Q q 0 0 0 rg BT 209.79 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.10 319.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 278.74 319.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 312.38 319.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 339.91 319.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.45 319.10 Td (is ) Tj ET Q q 0 0 0 rg BT 367.22 319.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 410.30 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.18 319.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 453.71 319.10 Td (income ) Tj ET Q q 0 0 0 rg BT 486.25 319.10 Td (over ) Tj ET Q q 0 0 0 rg BT 507.11 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.43 319.10 Td (life ) Tj ET Q q 0 0 0 rg BT 538.86 319.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 319.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.88 307.10 Td (using ) Tj ET Q q 0 0 0 rg BT 120.05 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.77 307.10 Td (ef) Tj ET Q q 0 0 0 rg BT 142.36 307.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 172.06 307.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 203.99 307.10 Td (method.) 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 49.5 285.7669921875 m 113.103515625 285.7669921875 l s q 0 0 0 rg BT 49.50 287.10 Td (Disposition ) Tj ET Q q 0 0 0 rg BT 98.12 287.10 Td (Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.44 267.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 112.25 267.10 Td (assistance ) Tj ET Q q 0 0 0 rg BT 155.28 267.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.11 267.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 213.02 267.10 Td (with ) Tj ET Q q 0 0 0 rg BT 233.85 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.11 267.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 267.70 267.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.07 267.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 329.89 267.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.37 267.10 Td (based ) Tj ET Q q 0 0 0 rg BT 373.19 267.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.23 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.49 267.10 Td (services ) Tj ET Q q 0 0 0 rg BT 436.74 267.10 Td (provided, ) Tj ET Q q 0 0 0 rg BT 477.83 267.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.21 267.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 537.23 267.10 Td (by ) Tj ET Q q 0 0 0 rg BT 550.28 267.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 255.10 Td (s ) Tj ET Q q 0 0 0 rg BT 97.44 255.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 148.70 255.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 188.58 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.65 255.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 237.26 255.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 272.41 255.10 Td (a ) Tj ET Q q 0 0 0 rg BT 279.23 255.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 325.52 255.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 340.11 255.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.83 255.10 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.66 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.05 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.76 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.37 255.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 433.96 255.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 455.78 255.10 Td (price ) Tj ET Q q 0 0 0 rg BT 478.16 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.88 255.10 Td (each ) Tj ET Q q 0 0 0 rg BT 509.58 255.10 Td (property ) Tj ET Q q 0 0 0 rg BT 545.84 255.10 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.13 243.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.96 243.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.15 243.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.67 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.07 243.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 148.46 243.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 170.09 243.10 Td (price ) Tj ET Q q 0 0 0 rg BT 192.26 243.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.78 243.10 Td (each ) Tj ET Q q 0 0 0 rg BT 223.29 243.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 242.69 243.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.76 243.10 Td (sold. ) Tj ET Q q 0 0 0 rg BT 310.12 243.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.15 243.10 Td (The ) Tj ET Q q 0 0 0 rg BT 329.89 243.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.97 243.10 Td (does ) Tj ET Q q 0 0 0 rg BT 391.48 243.10 Td (not ) Tj ET Q q 0 0 0 rg BT 406.45 243.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 423.08 243.10 Td (a ) Tj ET Q q 0 0 0 rg BT 429.71 243.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 475.79 243.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 490.19 243.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 512.38 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.78 243.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 560.02 243.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.10 Td (prepayment, ) Tj ET Q q 0 0 0 rg BT 101.54 231.10 Td (workout, ) Tj ET Q q 0 0 0 rg BT 139.71 231.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 193.14 231.10 Td (or ) Tj ET Q q 0 0 0 rg BT 203.81 231.10 Td (extension ) Tj ET Q q 0 0 0 rg BT 244.47 231.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.13 231.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.91 231.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 281.46 231.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.68 231.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 355.02 231.10 Td (there ) Tj ET Q q 0 0 0 rg BT 377.34 231.10 Td (is ) Tj ET Q q 0 0 0 rg BT 386.35 231.10 Td (a ) Tj ET Q q 0 0 0 rg BT 393.12 231.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 452.66 231.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 467.21 231.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 486.76 231.10 Td (by ) Tj ET Q q 0 0 0 rg BT 499.10 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.65 231.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 549.90 231.10 Td (, ) Tj ET Q q 0 0 0 rg BT 554.74 231.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.67 219.10 Td (case ) Tj ET Q q 0 0 0 rg BT 96.61 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.56 219.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 158.18 219.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 173.12 219.10 Td (is ) Tj ET Q q 0 0 0 rg BT 182.52 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.47 219.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 222.97 219.10 Td (of: ) Tj ET Q q 0 0 0 rg BT 236.81 219.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.98 219.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.81 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.54 219.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.60 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.55 219.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 336.82 219.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 369.55 219.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.61 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.56 219.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 415.50 219.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 462.12 219.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 484.29 219.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.79 219.10 Td (such ) Tj ET Q q 0 0 0 rg BT 515.86 219.10 Td (transaction; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.07 207.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 76.53 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.99 207.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 125.22 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.79 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.25 207.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 167.70 207.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 188.16 207.10 Td (by ) Tj ET Q q 0 0 0 rg BT 201.40 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.86 207.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 256.75 207.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.77 207.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 314.88 207.10 Td (with ) Tj ET Q q 0 0 0 rg BT 335.90 207.10 Td (such ) Tj ET Q q 0 0 0 rg BT 357.47 207.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 407.09 207.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.33 207.10 Td (If ) Tj ET Q q 0 0 0 rg BT 420.23 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.69 207.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 477.82 207.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 501.60 207.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 546.50 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 558.08 207.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.10 Td (property ) Tj ET Q q 0 0 0 rg BT 85.56 195.10 Td (as ) Tj ET Q q 0 0 0 rg BT 96.07 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 102.68 195.10 Td (result ) Tj ET Q q 0 0 0 rg BT 127.08 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.59 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 144.21 195.10 Td (workout ) Tj ET Q q 0 0 0 rg BT 179.72 195.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.22 195.10 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 237.38 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.89 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.51 195.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 273.90 195.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 322.46 195.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.86 195.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.93 195.10 Td (will ) Tj ET Q q 0 0 0 rg BT 395.66 195.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 412.28 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.90 195.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 464.97 195.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 479.36 195.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 501.54 195.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.93 195.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 533.66 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.17 195.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.10 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 183.10 Td (. ) Tj ET Q q 0 0 0 rg BT 87.46 183.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.19 183.10 Td (A) Tj ET Q q 0 0 0 rg BT 95.86 183.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.09 183.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 144.22 183.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 158.65 183.10 Td (from ) Tj ET Q q 0 0 0 rg BT 180.32 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.77 183.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 212.54 183.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.10 183.10 Td (an ) Tj ET Q q 0 0 0 rg BT 234.77 183.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 280.88 183.10 Td (is ) Tj ET Q q 0 0 0 rg BT 289.78 183.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 329.21 183.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 368.65 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.31 183.10 Td (included ) Tj ET Q q 0 0 0 rg BT 421.98 183.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.98 183.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 453.65 183.10 Td (management ) Tj ET Q q 0 0 0 rg BT 506.97 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.64 183.10 Td (other ) Tj ET Q q 0 0 0 rg BT 546.41 183.10 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.10 Td (- ) Tj ET Q q 0 0 0 rg BT 56.15 171.10 Td (related ) Tj ET Q q 0 0 0 rg BT 86.67 171.10 Td (party ) Tj ET Q q 0 0 0 rg BT 110.53 171.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.63 171.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.16 171.10 Td (Company) Tj ET Q q 0 0 0 rg BT 178.83 171.10 Td (s ) Tj ET Q q 0 0 0 rg BT 186.04 171.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 239.90 171.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 285.43 171.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.08 171.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 344.55 171.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.13 171.10 Td (A) Tj ET Q q 0 0 0 rg BT 353.80 171.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.12 171.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 404.34 171.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 419.86 171.10 Td (for ) Tj ET Q q 0 0 0 rg BT 434.84 171.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.60 171.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 463.13 171.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 510.33 171.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 546.96 171.10 Td (in ) Tj ET Q q 0 0 0 rg BT 558.06 171.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 96.21 159.10 Td (other ) Tj ET Q q 0 0 0 rg BT 119.60 159.10 Td (than ) Tj ET Q q 0 0 0 rg BT 139.65 159.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.93 159.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 165.31 159.10 Td (is ) Tj ET Q q 0 0 0 rg BT 174.82 159.10 Td (included ) Tj ET Q q 0 0 0 rg BT 212.09 159.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.71 159.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 242.77 159.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 295.88 159.10 Td (net ) Tj ET Q q 0 0 0 rg BT 310.93 159.10 Td (on ) Tj ET Q q 0 0 0 rg BT 323.77 159.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.83 159.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 392.21 159.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 425.58 159.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 452.85 159.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.13 159.10 Td (is ) Tj ET Q q 0 0 0 rg BT 479.64 159.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 522.46 159.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.07 159.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (income ) Tj ET Q q 0 0 0 rg BT 81.43 147.10 Td (over ) Tj ET Q q 0 0 0 rg BT 101.70 147.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.42 147.10 Td (life ) Tj ET Q q 0 0 0 rg BT 132.24 147.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.07 147.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.79 147.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 204.17 147.10 Td (using ) Tj ET Q q 0 0 0 rg BT 228.34 147.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.06 147.10 Td (ef) Tj ET Q q 0 0 0 rg BT 250.65 147.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 280.35 147.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 312.28 147.10 Td (method.) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 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rg BT 331.36 511.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 365.44 511.10 Td (review ) Tj ET Q q 0 0 0 rg BT 395.08 511.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.29 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.94 511.10 Td (board ) Tj ET Q q 0 0 0 rg BT 445.14 511.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.90 511.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 495.82 511.10 Td (at ) Tj ET Q q 0 0 0 rg BT 505.47 511.10 Td (least ) Tj ET Q q 0 0 0 rg BT 526.22 511.10 Td (annually) Tj ET Q q 0 0 0 rg BT 560.01 511.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.70 499.10 Td (as ) Tj ET Q q 0 0 0 rg BT 75.78 499.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 116.42 499.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 156.49 499.10 Td (by ) Tj ET Q q 0 0 0 rg BT 168.25 499.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.22 499.10 Td (board ) Tj ET Q q 0 0 0 rg BT 206.75 499.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.84 499.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 256.08 499.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.71 499.10 Td (The ) Tj ET Q q 0 0 0 rg BT 275.02 499.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 315.66 499.10 Td (reimburses ) Tj ET Q q 0 0 0 rg BT 361.30 499.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.88 499.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 408.86 499.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 446.71 499.10 Td (for ) Tj ET Q q 0 0 0 rg BT 460.13 499.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 499.65 499.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 521.41 499.10 Td (\(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.99 487.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 85.71 487.10 Td (management ) Tj ET Q q 0 0 0 rg BT 139.08 487.10 Td (fee\) ) Tj ET Q q 0 0 0 rg BT 156.89 487.10 Td (based ) Tj ET Q q 0 0 0 rg BT 181.94 487.10 Td (on ) Tj ET Q q 0 0 0 rg BT 194.22 487.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.93 487.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 247.08 487.10 Td (for ) Tj ET Q q 0 0 0 rg BT 261.02 487.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.51 487.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.17 487.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.45 487.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 336.15 487.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 360.08 487.10 Td (quarters ) Tj ET Q q 0 0 0 rg BT 394.57 487.10 Td (not ) Tj ET Q q 0 0 0 rg BT 409.62 487.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.68 487.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 449.71 487.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.21 487.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 494.24 487.10 Td (of: ) Tj ET Q q 0 0 0 rg BT 507.63 487.10 Td (\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.34 487.10 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.17 487.10 Td ( ) Tj ET Q q 0 0 0 rg BT 542.45 487.10 Td (of ) Tj ET Q q 0 0 0 rg BT 553.06 487.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.10 Td (average ) Tj ET Q q 0 0 0 rg BT 82.51 475.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 117.75 475.10 Td (assets; ) Tj ET Q q 0 0 0 rg BT 145.78 475.10 Td (or ) Tj ET Q q 0 0 0 rg BT 156.03 475.10 Td (\(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.17 475.10 Td (25.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 475.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.92 475.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.17 475.10 Td (its ) Tj ET Q q 0 0 0 rg BT 219.54 475.10 Td (net ) Tj ET Q q 0 0 0 rg BT 233.68 475.10 Td (income ) Tj ET Q q 0 0 0 rg BT 265.04 475.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 311.94 475.10 Td (without ) Tj ET Q q 0 0 0 rg BT 344.42 475.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 384.10 475.10 Td (for ) Tj ET Q q 0 0 0 rg BT 397.68 475.10 Td (any ) Tj ET Q q 0 0 0 rg BT 414.04 475.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 452.63 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.33 475.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 497.01 475.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.59 475.10 Td (depreciation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 69.02 463.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 95.22 463.10 Td (or ) Tj ET Q q 0 0 0 rg BT 105.86 463.10 Td (other ) Tj ET Q q 0 0 0 rg BT 128.71 463.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 158.79 463.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 197.19 463.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 232.26 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.00 463.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 290.74 463.10 Td (any ) Tj ET Q q 0 0 0 rg BT 307.49 463.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 327.01 463.10 Td (from ) Tj ET Q q 0 0 0 rg BT 348.76 463.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.28 463.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 381.13 463.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.77 463.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 417.40 463.10 Td (for ) Tj ET Q q 0 0 0 rg BT 431.37 463.10 Td (that ) Tj ET Q q 0 0 0 rg BT 448.67 463.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 479.02 463.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.33 463.10 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 550.30 463.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 77.45 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.25 451.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.71 451.10 Td (may ) Tj ET Q q 0 0 0 rg BT 150.50 451.10 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 192.06 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.51 451.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 239.31 451.10 Td (for ) Tj ET Q q 0 0 0 rg BT 252.54 451.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 290.22 451.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.57 451.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 327.25 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.15 451.10 Td (this ) Tj ET Q q 0 0 0 rg BT 353.18 451.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 393.64 451.10 Td (if ) Tj ET Q q 0 0 0 rg BT 401.32 451.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.34 451.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 442.80 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.70 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.50 451.10 Td (Company) Tj ET Q q 0 0 0 rg BT 508.16 451.10 Td (s ) Tj ET Q q 0 0 0 rg BT 513.63 451.10 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 86.66 439.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 132.71 439.10 Td (that ) Tj ET Q q 0 0 0 rg BT 149.88 439.10 Td (such ) Tj ET Q q 0 0 0 rg BT 170.38 439.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 198.65 439.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 236.93 439.10 Td (are ) Tj ET Q q 0 0 0 rg BT 251.31 439.10 Td (justified ) Tj ET Q q 0 0 0 rg BT 286.25 439.10 Td (based ) Tj ET Q q 0 0 0 rg BT 311.20 439.10 Td (on ) Tj ET Q q 0 0 0 rg BT 323.37 439.10 Td (unusual ) Tj ET Q q 0 0 0 rg BT 356.65 439.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.27 439.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 430.42 439.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 462.30 439.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.32 439.10 Td (The ) Tj ET Q q 0 0 0 rg BT 482.04 439.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 523.10 439.10 Td (calculates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 427.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 98.92 427.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 161.40 427.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 200.00 427.10 Td (based ) Tj ET Q q 0 0 0 rg BT 225.27 427.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 247.77 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.48 427.10 Td (trailing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.87 427.10 Td (twelve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.52 427.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 351.91 427.10 Td (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 49.5 405.7669921875 m 181.0869140625 405.7669921875 l s q 0 0 0 rg BT 49.50 407.10 Td (Or) Tj ET Q q 0 0 0 rg BT 60.24 407.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 104.97 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.47 407.10 Td (Offering ) Tj ET Q q 0 0 0 rg BT 158.86 407.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.37 387.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 100.29 387.10 Td (was ) Tj ET Q q 0 0 0 rg BT 117.54 387.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 149.22 387.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.70 387.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 189.26 387.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 250.93 387.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.29 387.10 Td (or) Tj ET Q q 0 0 0 rg BT 272.44 387.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 315.79 387.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.92 387.10 Td (of) Tj ET Q q 0 0 0 rg BT 340.07 387.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 365.65 387.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 387.34 387.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 406.26 387.10 Td (on ) Tj ET Q q 0 0 0 rg BT 417.95 387.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 444.64 387.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.66 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.58 387.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 509.16 387.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.63 387.10 Td (connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.56 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.05 375.10 Td (Of) Tj ET Q q 0 0 0 rg BT 94.42 375.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 123.08 375.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.20 375.10 Td (The ) Tj ET Q q 0 0 0 rg BT 143.02 375.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 184.19 375.10 Td (was ) Tj ET Q q 0 0 0 rg BT 202.02 375.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 241.51 375.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.57 375.10 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 293.83 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.82 375.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 339.65 375.10 Td (, ) Tj ET Q q 0 0 0 rg BT 344.43 375.10 Td (as ) Tj ET Q q 0 0 0 rg BT 355.03 375.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 400.90 375.10 Td (for ) Tj ET Q q 0 0 0 rg BT 414.84 375.10 Td (or) Tj ET Q q 0 0 0 rg BT 422.99 375.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 466.92 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.64 375.10 Td (of) Tj ET Q q 0 0 0 rg BT 491.79 375.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 517.94 375.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 540.22 375.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 375.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 76.71 363.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.70 363.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 133.34 363.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.44 363.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 173.88 363.10 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 231.38 363.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 258.58 363.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 295.78 363.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 314.65 363.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.87 363.10 Td (other ) Tj ET Q q 0 0 0 rg BT 355.19 363.10 Td (or) Tj ET Q q 0 0 0 rg BT 363.34 363.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 407.76 363.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.98 363.10 Td (of) Tj ET Q q 0 0 0 rg BT 433.13 363.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 459.78 363.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 482.55 363.10 Td (did ) Tj ET Q q 0 0 0 rg BT 498.11 363.10 Td (not ) Tj ET Q q 0 0 0 rg BT 513.66 363.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.19 363.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.05 351.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 83.38 351.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 121.13 351.10 Td (from ) Tj ET Q q 0 0 0 rg BT 142.79 351.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.22 351.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 191.65 351.10 Td (Of) Tj ET Q q 0 0 0 rg BT 202.02 351.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 230.62 351.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.67 351.10 Td (The ) Tj ET Q q 0 0 0 rg BT 249.95 351.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 284.39 351.10 Td (did ) Tj ET Q q 0 0 0 rg BT 299.38 351.10 Td (not ) Tj ET Q q 0 0 0 rg BT 314.38 351.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 342.69 351.10 Td (reimbursable ) Tj ET Q q 0 0 0 rg BT 397.11 351.10 Td (or) Tj ET Q q 0 0 0 rg BT 405.26 351.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 449.12 351.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.78 351.10 Td (of) Tj ET Q q 0 0 0 rg BT 473.93 351.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 500.02 351.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 524.74 351.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.06 339.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 107.95 339.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.29 339.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 164.73 339.10 Td (with ) Tj ET Q q 0 0 0 rg BT 185.07 339.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.85 339.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 244.09 339.10 Td (Of) Tj ET Q q 0 0 0 rg BT 254.46 339.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 280.90 339.10 Td (but ) Tj ET Q q 0 0 0 rg BT 296.24 339.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 338.24 339.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 367.47 339.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 422.26 339.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.27 339.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 466.25 339.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 503.24 339.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 524.41 339.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.75 339.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.10 Td ($22.5 ) Tj ET Q q 0 0 0 rg BT 74.79 327.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.68 327.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.97 327.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.09 327.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.92 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.71 327.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.83 327.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.84 327.10 Td (total ) Tj ET Q q 0 0 0 rg BT 190.40 327.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 228.73 327.10 Td (available ) Tj ET Q q 0 0 0 rg BT 267.60 327.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.17 327.10 Td (be ) Tj ET Q q 0 0 0 rg BT 290.40 327.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 317.07 327.10 Td (from ) Tj ET Q q 0 0 0 rg BT 339.29 327.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.30 327.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 389.31 327.10 Td (Of) Tj ET Q q 0 0 0 rg BT 399.68 327.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 428.84 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 431.63 327.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 458.86 327.10 Td (on ) Tj ET Q q 0 0 0 rg BT 471.65 327.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 495.55 327.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 533.88 327.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 327.10 Td ($1.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 315.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.73 315.10 Td (from ) Tj ET Q q 0 0 0 rg BT 103.28 315.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.60 315.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 155.93 315.10 Td (Of) Tj ET Q q 0 0 0 rg BT 166.30 315.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 196.79 315.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.12 315.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 256.12 315.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 293.55 315.10 Td (reimbursable ) Tj ET Q q 0 0 0 rg BT 349.86 315.10 Td (or) Tj ET Q q 0 0 0 rg BT 358.01 315.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 410.99 315.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.54 315.10 Td (of) Tj ET Q q 0 0 0 rg BT 437.69 315.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 465.68 315.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 492.29 315.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 535.83 315.10 Td (selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 104.46 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.63 303.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 148.78 303.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 185.94 303.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 207.27 303.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.33 303.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.16 303.10 Td (, ) Tj ET Q q 0 0 0 rg BT 244.40 303.10 Td (which ) Tj ET Q q 0 0 0 rg BT 271.57 303.10 Td (was ) Tj ET Q q 0 0 0 rg BT 289.85 303.10 Td (less ) Tj ET Q q 0 0 0 rg BT 307.58 303.10 Td (than ) Tj ET Q q 0 0 0 rg BT 327.53 303.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.48 303.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.31 303.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.04 303.10 Td (expected. ) Tj ET Q q 0 0 0 rg BT 406.80 303.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.34 303.10 Td (The ) Tj ET Q q 0 0 0 rg BT 427.62 303.10 Td (Company) Tj ET Q q 0 0 0 rg BT 469.28 303.10 Td (s ) Tj ET Q q 0 0 0 rg BT 475.91 303.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 527.51 303.10 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (did ) Tj ET Q q 0 0 0 rg BT 64.78 291.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.06 291.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 122.54 291.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.03 291.10 Td (any ) Tj ET Q q 0 0 0 rg BT 156.97 291.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.80 291.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.52 291.10 Td (or) Tj ET Q q 0 0 0 rg BT 190.67 291.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 234.82 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.76 291.10 Td (of) Tj ET Q q 0 0 0 rg BT 259.91 291.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 286.28 291.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 308.78 291.10 Td (were ) Tj ET Q q 0 0 0 rg BT 330.71 291.10 Td (unfair ) Tj ET Q q 0 0 0 rg BT 357.09 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.03 291.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 431.50 291.10 Td (unreasonable. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 79.77 271.10 Td (Manager) 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 49.5 249.76699218750002 m 239.744140625 249.76699218750002 l s q 0 0 0 rg BT 49.50 251.10 Td (Selling ) Tj ET Q q 0 0 0 rg BT 80.33 251.10 Td (Commissions ) Tj ET Q q 0 0 0 rg BT 137.29 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.23 251.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 183.38 251.10 Td (Manager ) Tj ET Q q 0 0 0 rg BT 221.41 251.10 Td (Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 87.91 231.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.10 231.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.95 231.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 134.78 231.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 172.62 231.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 220.17 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.80 231.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 278.09 231.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 298.72 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.35 231.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 344.40 231.10 Td (Manager ) Tj ET Q q 0 0 0 rg BT 383.35 231.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 413.43 231.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 469.07 231.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.81 231.10 Td (up ) Tj ET Q q 0 0 0 rg BT 494.22 231.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.41 231.10 Td (7.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.24 231.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.65 231.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.39 231.10 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 87.53 219.10 Td (from ) Tj ET Q q 0 0 0 rg BT 109.47 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.19 219.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 158.90 219.10 Td (Of) Tj ET Q q 0 0 0 rg BT 169.27 219.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 198.15 219.10 Td (all ) Tj ET Q q 0 0 0 rg BT 210.64 219.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.47 219.10 Td (which ) Tj ET Q q 0 0 0 rg BT 248.40 219.10 Td (were ) Tj ET Q q 0 0 0 rg BT 270.33 219.10 Td (reallowed ) Tj ET Q q 0 0 0 rg BT 312.25 219.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.52 219.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 375.56 219.10 Td (broker) Tj ET Q q 0 0 0 rg BT 401.46 219.10 Td (-dealers. ) Tj ET Q q 0 0 0 rg BT 438.10 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.60 219.10 Td (In ) Tj ET Q q 0 0 0 rg BT 451.43 219.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 489.20 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.91 219.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 545.30 219.10 Td (paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.85 207.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 94.63 207.10 Td (Manager ) Tj ET Q q 0 0 0 rg BT 133.30 207.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.87 207.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 168.43 207.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 205.99 207.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 221.33 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.79 207.10 Td (up ) Tj ET Q q 0 0 0 rg BT 245.93 207.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.84 207.10 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.67 207.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.80 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.27 207.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 316.51 207.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 355.18 207.10 Td (from ) Tj ET Q q 0 0 0 rg BT 377.76 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.11 207.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 428.46 207.10 Td (Of) Tj ET Q q 0 0 0 rg BT 438.83 207.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 468.34 207.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.91 207.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 507.93 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.40 207.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.97 207.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 86.70 195.10 Td (reallowed ) Tj ET Q q 0 0 0 rg BT 128.33 195.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.32 195.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 191.06 195.10 Td (broker) Tj ET Q q 0 0 0 rg BT 216.96 195.10 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 250.82 195.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.46 195.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 286.89 195.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.88 195.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 326.29 195.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 371.26 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.80 195.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.22 195.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 425.08 195.10 Td (Manager) Tj ET Q q 0 0 0 rg BT 460.06 195.10 Td (. ) Tj ET Q q 0 0 0 rg BT 464.77 195.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.98 195.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.20 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.41 195.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 510.28 195.10 Td (commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 183.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 87.25 183.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 124.18 183.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 142.78 183.10 Td (are ) Tj ET Q q 0 0 0 rg BT 157.48 183.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 177.20 183.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.36 183.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 213.30 183.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 250.24 183.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.52 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.23 183.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 293.58 183.10 Td (.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (28) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Summary ) Tj ET Q q 0 0 0 rg BT 89.77 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.05 695.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 121.43 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.93 695.10 Td (Reimbursements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 675.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 675.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.54 675.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.77 675.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 167.34 675.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.36 675.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 201.26 675.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.50 675.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 285.18 675.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 321.29 675.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.87 675.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.27 675.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 381.30 675.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.54 675.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.56 675.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 443.00 675.10 Td (Manager ) Tj ET Q q 0 0 0 rg BT 481.34 675.10 Td (for ) Tj ET Q q 0 0 0 rg BT 495.80 675.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.82 675.10 Td (three ) Tj ET Q q 0 0 0 rg BT 533.61 675.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.85 675.10 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 663.10 Td (months ) Tj ET Q q 0 0 0 rg BT 81.66 663.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.54 663.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.25 663.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 144.29 663.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.29 663.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.00 663.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.16 663.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.16 663.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.87 663.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.02 663.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.95 663.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 271.66 663.10 Td (due ) Tj ET Q q 0 0 0 rg BT 288.81 663.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.30 663.10 Td (related ) Tj ET Q q 0 0 0 rg BT 329.21 663.10 Td (party ) Tj ET Q q 0 0 0 rg BT 352.47 663.10 Td (as ) Tj ET Q q 0 0 0 rg BT 363.51 663.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.56 663.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 410.60 663.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.60 663.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.31 663.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.46 663.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 509.26 663.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.26 663.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.97 663.10 Td (\(dollars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 651.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 651.10 Td (thousands\):) 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1 rg /GS0 gs 283.50 386.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 386.60 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 386.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 386.60 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 386.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 386.60 39.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 386.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 386.60 52.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 386.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 386.60 52.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 618.6 m 283.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 618.6 m 287.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 618.6 m 328.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 618.6 m 373.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 618.6 m 377.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 618.6 m 416.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 618.6 m 472.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 618.6 m 476.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 618.6 m 528.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 590.6 m 152.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 590.6 m 237.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 590.6 m 283.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 590.6 m 328.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 590.6 m 373.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 590.6 m 416.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 618.6 m 472.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 590.6 m 472.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 618.6 m 528.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 590.6 m 528.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 590.6 m 152.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 590.6 m 237.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 351.6 m 472.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 351.6 m 528.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 351.6 m 472.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 339.6 m 472.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 337.6 m 472.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 351.6 m 528.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 339.6 m 528.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 337.6 m 528.5 337.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.10 630.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.25 622.83 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.40 630.83 Td (Six Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.75 622.83 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.20 622.83 Td (Due to Related Party as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 91.00 602.83 Td (Type of Fee or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 91.00 594.83 Td (Reimbursement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.15 602.83 Td (Financial Statement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.35 594.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.00 594.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.50 594.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 594.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.50 594.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.75 610.68 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 602.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.30 594.68 Td (\(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.75 602.83 Td (December) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.00 594.83 Td (31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 582.55 Td (Fees to Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 569.55 Td (Asset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 561.55 Td (management) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 569.55 Td (Asset management and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 561.55 Td (other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.00 560.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.25 560.85 Td (8,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 560.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.25 560.85 Td (3,651) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.00 560.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.25 560.85 Td (15,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.00 560.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.25 560.85 Td (6,360) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.00 560.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.30 560.85 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.00 560.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 560.85 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 548.55 Td (Acquisition) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 128.33 552.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 548.55 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 540.55 Td (investments, net /) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 532.55 Td (investments in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 524.55 Td (unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 516.55 Td (ventures / asset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 508.55 Td (management and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 500.60 Td (fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 502.85 Td (85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.25 502.85 Td (22,216) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.25 502.85 Td (12,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.25 502.85 Td (22,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.30 502.85 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.30 502.85 Td (378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 490.55 Td (Disposition) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 127.89 494.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 490.55 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 482.55 Td (investments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 481.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.30 481.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 481.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.25 481.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.30 481.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 481.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 469.55 Td (Reimbursements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 461.55 Td (to Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 449.55 Td (Operating costs) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 140.99 453.18 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 449.55 Td (General and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 441.55 Td (administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 433.55 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.25 432.85 Td (8,371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.25 432.85 Td (4,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.25 432.85 Td (15,836) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.25 432.85 Td (6,709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.30 432.85 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.30 432.85 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 420.55 Td (Organization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 420.55 Td (General and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 412.55 Td (administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 404.55 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 403.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.30 403.85 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 403.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.25 403.85 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.30 403.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 403.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 391.55 Td (Offering) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 391.55 Td (Cost of capital) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 205.66 395.18 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 390.85 Td (23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.25 390.85 Td (1,867) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.25 390.85 Td (447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.25 390.85 Td (2,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.30 390.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 390.85 Td (39) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 378.55 Td (Selling) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 370.55 Td (commissions /) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 362.55 Td (Dealer manager) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 354.55 Td (fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 378.55 Td (Cost of capital) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 205.66 382.18 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 355.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.25 355.85 Td (12,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 355.85 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.25 355.85 Td (25,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.30 355.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 355.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 343.55 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.00 343.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.30 343.55 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.00 342.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.30 342.85 Td (443) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 327.10 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 317.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 317.50 Td (Acquisition/disposition ) Tj ET Q q 0 0 0 rg BT 180.00 317.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 194.71 317.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 223.19 317.50 Td (to ) Tj ET Q q 0 0 0 rg BT 231.25 317.50 Td (the ) Tj ET Q q 0 0 0 rg BT 242.45 317.50 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 270.05 317.50 Td (related ) Tj ET Q q 0 0 0 rg BT 293.65 317.50 Td (to ) Tj ET Q q 0 0 0 rg BT 301.70 317.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 317.30 317.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 357.35 317.50 Td (are ) Tj ET Q q 0 0 0 rg BT 368.95 317.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 400.54 317.50 Td (of) Tj ET Q q 0 0 0 rg BT 407.06 317.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 420.44 317.50 Td (by ) Tj ET Q q 0 0 0 rg BT 430.27 317.50 Td (origination/exit ) Tj ET Q q 0 0 0 rg BT 481.42 317.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 496.13 317.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 511.73 317.50 Td (to ) Tj ET Q q 0 0 0 rg BT 519.79 317.50 Td (the ) Tj ET Q q 0 0 0 rg BT 531.39 317.50 Td (Company ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 307.90 Td (by ) Tj ET Q q 0 0 0 rg BT 113.59 307.90 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 148.12 307.90 Td (if ) Tj ET Q q 0 0 0 rg BT 155.10 307.90 Td (such ) Tj ET Q q 0 0 0 rg BT 171.86 307.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 186.83 307.90 Td (are ) Tj ET Q q 0 0 0 rg BT 198.69 307.90 Td (required ) Tj ET Q q 0 0 0 rg BT 227.44 307.90 Td (from ) Tj ET Q q 0 0 0 rg BT 245.08 307.90 Td (the ) Tj ET Q q 0 0 0 rg BT 256.95 307.90 Td (borrower) Tj ET Q q 0 0 0 rg BT 285.83 307.90 Td (. ) Tj ET Q q 0 0 0 rg BT 289.92 307.90 Td ( ) Tj ET Q q 0 0 0 rg BT 291.55 307.90 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 330.98 307.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 345.95 307.90 Td (related ) Tj ET Q q 0 0 0 rg BT 369.81 307.90 Td (to ) Tj ET Q q 0 0 0 rg BT 378.12 307.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 400.21 307.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 440.53 307.90 Td (are ) Tj ET Q q 0 0 0 rg BT 452.39 307.90 Td (included ) Tj ET Q q 0 0 0 rg BT 482.03 307.90 Td (in ) Tj ET Q q 0 0 0 rg BT 490.34 307.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 507.99 307.90 Td (management ) Tj ET Q q 0 0 0 rg BT 550.95 307.90 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 298.30 Td (other ) Tj ET Q q 0 0 0 rg BT 121.75 298.30 Td (fees-related ) Tj ET Q q 0 0 0 rg BT 160.87 298.30 Td (party ) Tj ET Q q 0 0 0 rg BT 179.12 298.30 Td (in ) Tj ET Q q 0 0 0 rg BT 187.15 298.30 Td (the ) Tj ET Q q 0 0 0 rg BT 198.74 298.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 240.98 298.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 276.57 298.30 Td (of ) Tj ET Q q 0 0 0 rg BT 285.04 298.30 Td (operations. ) Tj ET Q q 0 0 0 rg BT 322.18 298.30 Td ( ) Tj ET Q q 0 0 0 rg BT 323.59 298.30 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 362.74 298.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 377.43 298.30 Td (related ) Tj ET Q q 0 0 0 rg BT 401.00 298.30 Td (to ) Tj ET Q q 0 0 0 rg BT 409.04 298.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 449.07 298.30 Td (in ) Tj ET Q q 0 0 0 rg BT 457.10 298.30 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 507.35 298.30 Td (joint ) Tj ET Q q 0 0 0 rg BT 523.83 298.30 Td (ventures ) Tj ET Q q 0 0 0 rg BT 552.74 298.30 Td (are ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 288.70 Td (included ) Tj ET Q q 0 0 0 rg BT 134.13 288.70 Td (in ) Tj ET Q q 0 0 0 rg BT 143.43 288.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 184.73 288.70 Td (in ) Tj ET Q q 0 0 0 rg BT 194.03 288.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 245.54 288.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 275.72 288.70 Td (on ) Tj ET Q q 0 0 0 rg BT 286.80 288.70 Td (the ) Tj ET Q q 0 0 0 rg BT 299.66 288.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 343.17 288.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 370.67 288.70 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 395.31 288.70 Td ( ) Tj ET Q q 0 0 0 rg BT 398.16 288.70 Td (The ) Tj ET Q q 0 0 0 rg BT 413.00 288.70 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 441.86 288.70 Td (may ) Tj ET Q q 0 0 0 rg BT 458.71 288.70 Td (determine ) Tj ET Q q 0 0 0 rg BT 493.77 288.70 Td (to ) Tj ET Q q 0 0 0 rg BT 503.08 288.70 Td (defer ) Tj ET Q q 0 0 0 rg BT 522.58 288.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 538.54 288.70 Td (or ) Tj ET Q q 0 0 0 rg BT 548.29 288.70 Td (seek ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 279.10 Td (reimbursements.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 269.50 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 269.50 Td (As ) Tj ET Q q 0 0 0 rg BT 114.34 269.50 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 122.95 269.50 Td (June30, ) Tj ET Q q 0 0 0 rg BT 151.56 269.50 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.56 269.50 Td (, ) Tj ET Q q 0 0 0 rg BT 171.51 269.50 Td (the ) Tj ET Q q 0 0 0 rg BT 182.80 269.50 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 210.53 269.50 Td (has ) Tj ET Q q 0 0 0 rg BT 223.14 269.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 251.74 269.50 Td (unreimbursed ) Tj ET Q q 0 0 0 rg BT 297.68 269.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 329.84 269.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 347.79 269.50 Td (on ) Tj ET Q q 0 0 0 rg BT 357.73 269.50 Td (behalf ) Tj ET Q q 0 0 0 rg BT 379.67 269.50 Td (of ) Tj ET Q q 0 0 0 rg BT 388.28 269.50 Td (the ) Tj ET Q q 0 0 0 rg BT 400.00 269.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 433.06 269.50 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.67 269.50 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 457.62 269.50 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.74 269.50 Td (, ) Tj ET Q q 0 0 0 rg BT 484.68 269.50 Td (which ) Tj ET Q q 0 0 0 rg BT 506.18 269.50 Td (remain ) Tj ET Q q 0 0 0 rg BT 530.34 269.50 Td (eligible ) Tj ET Q q 0 0 0 rg BT 556.28 269.50 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 259.90 Td (be ) Tj ET Q q 0 0 0 rg BT 113.05 259.90 Td (allocated ) Tj ET Q q 0 0 0 rg BT 143.92 259.90 Td (to ) Tj ET Q q 0 0 0 rg BT 152.14 259.90 Td (the ) Tj ET Q q 0 0 0 rg BT 163.92 259.90 Td (Company) Tj ET Q q 0 0 0 rg BT 194.51 259.90 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 250.30 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 250.30 Td (Cost ) Tj ET Q q 0 0 0 rg BT 120.17 250.30 Td (of ) Tj ET Q q 0 0 0 rg BT 128.84 250.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 152.16 250.30 Td (is ) Tj ET Q q 0 0 0 rg BT 159.49 250.30 Td (included ) Tj ET Q q 0 0 0 rg BT 189.04 250.30 Td (in ) Tj ET Q q 0 0 0 rg BT 197.26 250.30 Td (net ) Tj ET Q q 0 0 0 rg BT 209.04 250.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 239.46 250.30 Td (from ) Tj ET Q q 0 0 0 rg BT 257.02 250.30 Td (issuance ) Tj ET Q q 0 0 0 rg BT 286.12 250.30 Td (of ) Tj ET Q q 0 0 0 rg BT 294.78 250.30 Td (common ) Tj ET Q q 0 0 0 rg BT 324.78 250.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 343.66 250.30 Td (in ) Tj ET Q q 0 0 0 rg BT 351.89 250.30 Td (the ) Tj ET Q q 0 0 0 rg BT 363.66 250.30 Td (Company) Tj ET Q q 0 0 0 rg BT 396.99 250.30 Td (s ) Tj ET Q q 0 0 0 rg BT 402.11 250.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 444.54 250.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 480.31 250.30 Td (of ) Tj ET Q q 0 0 0 rg BT 488.97 250.30 Td (equity) Tj ET Q q 0 0 0 rg BT 508.45 250.30 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 230.30 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 92.01 230.30 Td (Realty ) Tj ET Q q 0 0 0 rg BT 120.05 230.30 Td (Pur) Tj ET Q q 0 0 0 rg BT 134.68 230.30 Td (chase ) Tj ET Q q 0 0 0 rg BT 159.95 230.30 Td (of ) Tj ET Q q 0 0 0 rg BT 170.23 230.30 Td (Common ) Tj ET Q q 0 0 0 rg BT 208.84 230.30 Td (Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.30 Td (In ) Tj ET Q q 0 0 0 rg BT 60.71 210.30 Td (January ) Tj ET Q q 0 0 0 rg BT 94.68 210.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 120.06 210.30 Td (the ) Tj ET Q q 0 0 0 rg BT 135.15 210.30 Td (board ) Tj ET Q q 0 0 0 rg BT 160.79 210.30 Td (of ) Tj ET Q q 0 0 0 rg BT 172.00 210.30 Td (directors ) Tj ET Q q 0 0 0 rg BT 209.86 210.30 Td (of ) Tj ET Q q 0 0 0 rg BT 221.07 210.30 Td (the ) Tj ET Q q 0 0 0 rg BT 236.16 210.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 277.92 210.30 Td (approved ) Tj ET Q q 0 0 0 rg BT 318.01 210.30 Td (an ) Tj ET Q q 0 0 0 rg BT 330.32 210.30 Td (amended ) Tj ET Q q 0 0 0 rg BT 369.29 210.30 Td (and ) Tj ET Q q 0 0 0 rg BT 386.60 210.30 Td (restated ) Tj ET Q q 0 0 0 rg BT 420.57 210.30 Td (distribution ) Tj ET Q q 0 0 0 rg BT 469.56 210.30 Td (support ) Tj ET Q q 0 0 0 rg BT 502.44 210.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 546.96 210.30 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 104.85 198.30 Td (Support ) Tj ET Q q 0 0 0 rg BT 138.52 198.30 Td (Agreement\) ) Tj ET Q q 0 0 0 rg BT 193.29 198.30 Td (extending ) Tj ET Q q 0 0 0 rg BT 235.29 198.30 Td (the ) Tj ET Q q 0 0 0 rg BT 250.08 198.30 Td (term ) Tj ET Q q 0 0 0 rg BT 270.98 198.30 Td (until ) Tj ET Q q 0 0 0 rg BT 291.89 198.30 Td (February ) Tj ET Q q 0 0 0 rg BT 330.56 198.30 Td (6, ) Tj ET Q q 0 0 0 rg BT 340.64 198.30 Td (2017. ) Tj ET Q q 0 0 0 rg BT 365.71 198.30 Td ( ) Tj ET Q q 0 0 0 rg BT 368.28 198.30 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 405.86 198.30 Td (to ) Tj ET Q q 0 0 0 rg BT 416.21 198.30 Td (the ) Tj ET Q q 0 0 0 rg BT 431.00 198.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 481.91 198.30 Td (Support ) Tj ET Q q 0 0 0 rg BT 515.58 198.30 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.30 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 91.27 186.30 Td (Realty ) Tj ET Q q 0 0 0 rg BT 119.71 186.30 Td (committed ) Tj ET Q q 0 0 0 rg BT 164.81 186.30 Td (to ) Tj ET Q q 0 0 0 rg BT 174.92 186.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 212.78 186.30 Td (up ) Tj ET Q q 0 0 0 rg BT 225.12 186.30 Td (to ) Tj ET Q q 0 0 0 rg BT 235.23 186.30 Td (an ) Tj ET Q q 0 0 0 rg BT 247.00 186.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 288.19 186.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.85 186.30 Td ($10.0 ) Tj ET Q q 0 0 0 rg BT 323.68 186.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.57 186.30 Td ( ) Tj ET Q q 0 0 0 rg BT 354.91 186.30 Td (in ) Tj ET Q q 0 0 0 rg BT 365.02 186.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.34 186.30 Td (of ) Tj ET Q q 0 0 0 rg BT 403.00 186.30 Td (the ) Tj ET Q q 0 0 0 rg BT 417.55 186.30 Td (Company) Tj ET Q q 0 0 0 rg BT 459.21 186.30 Td (s ) Tj ET Q q 0 0 0 rg BT 465.44 186.30 Td (common ) Tj ET Q q 0 0 0 rg BT 502.76 186.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 526.20 186.30 Td (at ) Tj ET Q q 0 0 0 rg BT 535.75 186.30 Td (a ) Tj ET Q q 0 0 0 rg BT 542.52 186.30 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.60 174.30 Td ($9.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.10 174.30 Td ( ) Tj ET Q q 0 0 0 rg BT 85.88 174.30 Td (per ) Tj ET Q q 0 0 0 rg BT 101.42 174.30 Td (share ) Tj ET Q q 0 0 0 rg BT 125.29 174.30 Td (during ) Tj ET Q q 0 0 0 rg BT 154.17 174.30 Td (the ) Tj ET Q q 0 0 0 rg BT 169.16 174.30 Td (Initial ) Tj ET Q q 0 0 0 rg BT 195.81 174.30 Td (Of) Tj ET Q q 0 0 0 rg BT 206.18 174.30 Td (fering ) Tj ET Q q 0 0 0 rg BT 232.83 174.30 Td (and ) Tj ET Q q 0 0 0 rg BT 250.04 174.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.03 174.30 Td ($9.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.53 174.30 Td ( ) Tj ET Q q 0 0 0 rg BT 285.30 174.30 Td (per ) Tj ET Q q 0 0 0 rg BT 300.85 174.30 Td (share ) Tj ET Q q 0 0 0 rg BT 324.72 174.30 Td (during ) Tj ET Q q 0 0 0 rg BT 353.60 174.30 Td (the ) Tj ET Q q 0 0 0 rg BT 368.59 174.30 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 413.03 174.30 Td (Of) Tj ET Q q 0 0 0 rg BT 423.40 174.30 Td (fering, ) Tj ET Q q 0 0 0 rg BT 452.55 174.30 Td (if ) Tj ET Q q 0 0 0 rg BT 461.43 174.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 481.97 174.30 Td (distributions ) Tj ET Q q 0 0 0 rg BT 534.75 174.30 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.30 Td (modified ) Tj ET Q q 0 0 0 rg BT 87.39 162.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 111.39 162.30 Td (from ) Tj ET Q q 0 0 0 rg BT 132.61 162.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 176.05 162.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 189.50 162.30 Td (computed ) Tj ET Q q 0 0 0 rg BT 230.71 162.30 Td (in ) Tj ET Q q 0 0 0 rg BT 240.28 162.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 287.02 162.30 Td (with ) Tj ET Q q 0 0 0 rg BT 306.58 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 320.58 162.30 Td (definition ) Tj ET Q q 0 0 0 rg BT 361.25 162.30 Td (established ) Tj ET Q q 0 0 0 rg BT 407.47 162.30 Td (by ) Tj ET Q q 0 0 0 rg BT 419.25 162.30 Td (the ) Tj ET Q q 0 0 0 rg BT 433.25 162.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 479.47 162.30 Td (Program ) Tj ET Q q 0 0 0 rg BT 515.30 162.30 Td (Association ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.49 150.30 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 102.36 150.30 Td (for ) Tj ET Q q 0 0 0 rg BT 116.57 150.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 146.32 150.30 Td (items\) ) Tj ET Q q 0 0 0 rg BT 173.87 150.30 Td (to ) Tj ET Q q 0 0 0 rg BT 184.19 150.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 217.29 150.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 259.83 150.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 284.60 150.30 Td (to ) Tj ET Q q 0 0 0 rg BT 294.92 150.30 Td (support ) Tj ET Q q 0 0 0 rg BT 327.47 150.30 Td (distributions ) Tj ET Q q 0 0 0 rg BT 380.03 150.30 Td (to ) Tj ET Q q 0 0 0 rg BT 390.35 150.30 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 445.95 150.30 Td ( ) Tj ET Q q 0 0 0 rg BT 448.50 150.30 Td (In ) Tj ET Q q 0 0 0 rg BT 459.38 150.30 Td (February ) Tj ET Q q 0 0 0 rg BT 498.03 150.30 Td (2013, ) Tj ET Q q 0 0 0 rg BT 523.07 150.30 Td (NorthStar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.30 Td (Realty ) Tj ET Q q 0 0 0 rg BT 78.07 138.30 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.08 138.30 Td (222,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 138.30 Td ( ) Tj ET Q q 0 0 0 rg BT 156.05 138.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 183.50 138.30 Td (of ) Tj ET Q q 0 0 0 rg BT 194.30 138.30 Td (the ) Tj ET Q q 0 0 0 rg BT 208.99 138.30 Td (Company) Tj ET Q q 0 0 0 rg BT 250.65 138.30 Td (s ) Tj ET Q q 0 0 0 rg BT 257.01 138.30 Td (common ) Tj ET Q q 0 0 0 rg BT 294.48 138.30 Td (stock ) Tj ET Q q 0 0 0 rg BT 318.05 138.30 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.18 138.30 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 352.15 138.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.04 138.30 Td ( ) Tj ET Q q 0 0 0 rg BT 383.51 138.30 Td (under ) Tj ET Q q 0 0 0 rg BT 408.75 138.30 Td (the ) Tj ET Q q 0 0 0 rg BT 423.43 138.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 474.23 138.30 Td (Support ) Tj ET Q q 0 0 0 rg BT 507.83 138.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 554.72 138.30 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.30 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 78.12 126.30 Td (the ) Tj ET Q q 0 0 0 rg BT 92.85 126.30 Td (minimum ) Tj ET Q q 0 0 0 rg BT 134.26 126.30 Td (of) Tj ET Q q 0 0 0 rg BT 142.41 126.30 Td (fering ) Tj ET Q q 0 0 0 rg BT 168.80 126.30 Td (requirement, ) Tj ET Q q 0 0 0 rg BT 222.13 126.30 Td (which ) Tj ET Q q 0 0 0 rg BT 249.08 126.30 Td (reduced ) Tj ET Q q 0 0 0 rg BT 283.24 126.30 Td (the ) Tj ET Q q 0 0 0 rg BT 297.97 126.30 Td (total ) Tj ET Q q 0 0 0 rg BT 318.26 126.30 Td (commitment. ) Tj ET Q q 0 0 0 rg BT 373.82 126.30 Td ( ) Tj ET Q q 0 0 0 rg BT 375.78 126.30 Td (As ) Tj ET Q q 0 0 0 rg BT 389.41 126.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.25 126.30 Td (June30, ) Tj ET Q q 0 0 0 rg BT 436.10 126.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 126.30 Td (, ) Tj ET Q q 0 0 0 rg BT 461.11 126.30 Td (including ) Tj ET Q q 0 0 0 rg BT 501.40 126.30 Td (the ) Tj ET Q q 0 0 0 rg BT 516.13 126.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 554.18 126.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 76.66 114.30 Td (to ) Tj ET Q q 0 0 0 rg BT 86.62 114.30 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 114.90 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 129.29 114.30 Td (minimum ) Tj ET Q q 0 0 0 rg BT 170.36 114.30 Td (of) Tj ET Q q 0 0 0 rg BT 178.51 114.30 Td (fering ) Tj ET Q q 0 0 0 rg BT 204.56 114.30 Td (requirement, ) Tj ET Q q 0 0 0 rg BT 257.54 114.30 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 299.16 114.30 Td (Realty ) Tj ET Q q 0 0 0 rg BT 327.43 114.30 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.14 114.30 Td (588,1) Tj ET Q q 0 0 0 rg BT 392.27 114.30 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.27 114.30 Td ( ) Tj ET Q q 0 0 0 rg BT 404.45 114.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 431.61 114.30 Td (of ) Tj ET Q q 0 0 0 rg BT 442.12 114.30 Td (the ) Tj ET Q q 0 0 0 rg BT 456.51 114.30 Td (Company) Tj ET Q q 0 0 0 rg BT 498.17 114.30 Td (s ) Tj ET Q q 0 0 0 rg BT 504.24 114.30 Td (common ) Tj ET Q q 0 0 0 rg BT 541.41 114.30 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.30 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.34 102.30 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 85.02 102.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.91 102.30 Td (. ) Tj ET Q q 0 0 0 rg BT 119.58 102.30 Td ( ) Tj ET Q q 0 0 0 rg BT 122.06 102.30 Td (As ) Tj ET Q q 0 0 0 rg BT 136.35 102.30 Td (the ) Tj ET Q q 0 0 0 rg BT 151.75 102.30 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 196.59 102.30 Td (Of) Tj ET Q q 0 0 0 rg BT 206.97 102.30 Td (fering ) Tj ET Q q 0 0 0 rg BT 234.02 102.30 Td (has ) Tj ET Q q 0 0 0 rg BT 250.53 102.30 Td (now ) Tj ET Q q 0 0 0 rg BT 270.93 102.30 Td (been ) Tj ET Q q 0 0 0 rg BT 292.98 102.30 Td (completed, ) Tj ET Q q 0 0 0 rg BT 340.31 102.30 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 382.93 102.30 Td (Realty ) Tj ET Q q 0 0 0 rg BT 412.21 102.30 Td (has ) Tj ET Q q 0 0 0 rg BT 428.72 102.30 Td (no ) Tj ET Q q 0 0 0 rg BT 441.89 102.30 Td (further ) Tj ET Q q 0 0 0 rg BT 472.28 102.30 Td (obligation ) Tj ET Q q 0 0 0 rg BT 516.01 102.30 Td (to ) Tj ET Q q 0 0 0 rg BT 526.96 102.30 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.30 Td (shares ) Tj ET Q q 0 0 0 rg BT 76.99 90.30 Td (under ) Tj ET Q q 0 0 0 rg BT 102.26 90.30 Td (the ) Tj ET Q q 0 0 0 rg BT 116.98 90.30 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 167.81 90.30 Td (Support ) Tj ET Q q 0 0 0 rg BT 201.43 90.30 Td (Agreement.) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (29) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 695.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 99.21 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.49 695.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 131.98 695.10 Td (V) Tj ET Q q 0 0 0 rg BT 136.98 695.10 Td (entur) Tj ET Q q 0 0 0 rg BT 157.72 695.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 675.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.92 675.10 Td (May ) Tj ET Q q 0 0 0 rg BT 80.34 675.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 104.93 675.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.24 675.10 Td (Company) Tj ET Q q 0 0 0 rg BT 157.47 675.10 Td (, ) Tj ET Q q 0 0 0 rg BT 162.06 675.10 Td (through ) Tj ET Q q 0 0 0 rg BT 195.26 675.10 Td (a ) Tj ET Q q 0 0 0 rg BT 201.79 675.10 Td (general ) Tj ET Q q 0 0 0 rg BT 233.30 675.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 280.38 675.10 Td (with ) Tj ET Q q 0 0 0 rg BT 300.25 675.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 341.78 675.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 367.23 675.10 Td (, ) Tj ET Q q 0 0 0 rg BT 371.82 675.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 408.33 675.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.86 675.10 Td (5.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.69 675.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.78 675.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 469.30 675.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.17 675.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.48 675.10 Td (Eclipse ) Tj ET Q q 0 0 0 rg BT 525.00 675.10 Td (portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 663.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.22 663.10 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 78.00 663.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.11 663.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.39 663.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 151.75 663.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 192.53 663.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.25 663.10 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.07 663.10 Td ($23.4 ) Tj ET Q q 0 0 0 rg BT 284.85 663.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.74 663.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.02 663.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.63 663.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 349.68 663.10 Td (for ) Tj ET Q q 0 0 0 rg BT 364.62 663.10 Td (its ) Tj ET Q q 0 0 0 rg BT 377.35 663.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 410.06 663.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.12 663.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.62 663.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 486.28 663.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.32 663.10 Td (The ) Tj ET Q q 0 0 0 rg BT 508.15 663.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 546.97 663.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 651.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 89.21 651.10 Td (by ) Tj ET Q q 0 0 0 rg BT 101.71 651.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.42 651.10 Td (Company) Tj ET Q q 0 0 0 rg BT 158.09 651.10 Td (s ) Tj ET Q q 0 0 0 rg BT 164.48 651.10 Td (board ) Tj ET Q q 0 0 0 rg BT 189.75 651.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.58 651.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 240.56 651.10 Td (including ) Tj ET Q q 0 0 0 rg BT 280.84 651.10 Td (all ) Tj ET Q q 0 0 0 rg BT 293.33 651.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.16 651.10 Td (its ) Tj ET Q q 0 0 0 rg BT 316.11 651.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 367.48 651.10 Td (directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 631.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.50 631.10 Td (December ) Tj ET Q q 0 0 0 rg BT 104.24 631.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 129.41 631.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.29 631.10 Td (Company) Tj ET Q q 0 0 0 rg BT 182.53 631.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.69 631.10 Td (through ) Tj ET Q q 0 0 0 rg BT 221.47 631.10 Td (a ) Tj ET Q q 0 0 0 rg BT 228.57 631.10 Td (general ) Tj ET Q q 0 0 0 rg BT 260.66 631.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 308.31 631.10 Td (with ) Tj ET Q q 0 0 0 rg BT 328.75 631.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 370.86 631.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 396.31 631.10 Td (, ) Tj ET Q q 0 0 0 rg BT 401.48 631.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 438.56 631.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.67 631.10 Td (14.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 631.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.16 631.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 506.26 631.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.71 631.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.59 631.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 548.07 631.10 Td (fin-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.10 Td (American ) Tj ET Q q 0 0 0 rg BT 91.89 619.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 129.86 619.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.49 619.10 Td ($187.2 ) Tj ET Q q 0 0 0 rg BT 174.95 619.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.85 619.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.81 619.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.56 619.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 240.80 619.10 Td (including ) Tj ET Q q 0 0 0 rg BT 281.54 619.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.73 619.10 Td (Company) Tj ET Q q 0 0 0 rg BT 338.39 619.10 Td (s ) Tj ET Q q 0 0 0 rg BT 345.25 619.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 361.55 619.10 Td (rata ) Tj ET Q q 0 0 0 rg BT 379.50 619.10 Td (share ) Tj ET Q q 0 0 0 rg BT 403.57 619.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.87 619.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 461.71 619.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 487.18 619.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.94 619.10 Td (The ) Tj ET Q q 0 0 0 rg BT 508.45 619.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 546.96 619.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 89.21 607.10 Td (by ) Tj ET Q q 0 0 0 rg BT 101.71 607.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.42 607.10 Td (Company) Tj ET Q q 0 0 0 rg BT 158.09 607.10 Td (s ) Tj ET Q q 0 0 0 rg BT 164.48 607.10 Td (board ) Tj ET Q q 0 0 0 rg BT 189.75 607.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.58 607.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 240.56 607.10 Td (including ) Tj ET Q q 0 0 0 rg BT 280.84 607.10 Td (all ) Tj ET Q q 0 0 0 rg BT 293.33 607.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.16 607.10 Td (its ) Tj ET Q q 0 0 0 rg BT 316.11 607.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 367.48 607.10 Td (directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.11 587.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 106.25 587.10 Td (with ) Tj ET Q q 0 0 0 rg BT 126.31 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.80 587.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 186.96 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.56 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.05 587.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 228.53 587.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 284.67 587.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 321.94 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 334.22 587.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 375.93 587.10 Td (Realty ) Tj ET Q q 0 0 0 rg BT 404.31 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.02 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.52 587.10 Td (Company) Tj ET Q q 0 0 0 rg BT 473.75 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 478.53 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.02 587.10 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 528.08 587.10 Td (acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 575.10 Td (43.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.83 575.10 Td (, ) Tj ET Q q 0 0 0 rg BT 86.39 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 96.78 575.10 Td (adjusted, ) Tj ET Q q 0 0 0 rg BT 134.67 575.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 178.39 575.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 209.88 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.27 575.10 Td (American ) Tj ET Q q 0 0 0 rg BT 260.75 575.10 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 306.11 575.10 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 347.33 575.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 368.28 575.10 Td (\(AHI\) ) Tj ET Q q 0 0 0 rg BT 403.65 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.15 575.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 431.82 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 436.38 575.10 Td (James ) Tj ET Q q 0 0 0 rg BT 462.88 575.10 Td (F) Tj ET Q q 0 0 0 rg BT 467.64 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 472.20 575.10 Td (Flaherty ) Tj ET Q q 0 0 0 rg BT 507.59 575.10 Td (III, ) Tj ET Q q 0 0 0 rg BT 522.14 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.64 575.10 Td (strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 79.34 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.20 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.94 563.10 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 135.32 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 139.35 563.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 175.30 563.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.26 563.10 Td (12.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.09 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.62 563.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 251.80 563.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 282.76 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.73 563.10 Td (AHI. ) Tj ET Q q 0 0 0 rg BT 313.53 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.72 563.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 334.02 563.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.21 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 348.18 563.10 Td (healthcare-focused ) Tj ET Q q 0 0 0 rg BT 425.21 563.10 Td (real ) Tj ET Q q 0 0 0 rg BT 441.72 563.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 466.01 563.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 511.42 563.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 551.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 68.59 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 85.45 551.10 Td (co-sponsored ) Tj ET Q q 0 0 0 rg BT 140.64 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.95 551.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 189.37 551.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 205.85 551.10 Td (fin-American, ) Tj ET Q q 0 0 0 rg BT 264.08 551.10 Td (until ) Tj ET Q q 0 0 0 rg BT 284.29 551.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 300.76 551.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 356.50 551.10 Td (was ) Tj ET Q q 0 0 0 rg BT 373.92 551.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 410.21 551.10 Td (by ) Tj ET Q q 0 0 0 rg BT 422.08 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.17 551.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 476.93 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.24 551.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 534.54 551.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 560.00 551.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.00 551.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.43 539.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 106.89 539.10 Td (with ) Tj ET Q q 0 0 0 rg BT 127.27 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.08 539.10 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 175.23 539.10 Td () Tj ET Q q 0 0 0 rg BT 178.01 539.10 Td (s ) Tj ET Q q 0 0 0 rg BT 184.50 539.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 230.97 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.90 539.10 Td (an ) Tj ET Q q 0 0 0 rg BT 253.93 539.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 285.96 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.76 539.10 Td (AHI, ) Tj ET Q q 0 0 0 rg BT 318.06 539.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 338.43 539.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 375.46 539.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 405.26 539.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 427.29 539.10 Td (management ) Tj ET Q q 0 0 0 rg BT 480.98 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.01 539.10 Td (related ) Tj ET Q q 0 0 0 rg BT 527.81 539.10 Td (services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.65 527.10 Td (property ) Tj ET Q q 0 0 0 rg BT 125.90 527.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 181.86 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.01 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.08 527.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 237.90 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.77 527.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 284.58 527.10 Td (Realty ) Tj ET Q q 0 0 0 rg BT 313.06 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.87 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.46 527.10 Td (Company) Tj ET Q q 0 0 0 rg BT 382.70 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 387.57 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.42 527.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 409.57 527.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 448.03 527.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 484.84 527.10 Td (such ) Tj ET Q q 0 0 0 rg BT 505.55 527.10 Td (services ) Tj ET Q q 0 0 0 rg BT 540.13 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 527.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.64 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.67 515.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 144.24 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.28 515.10 Td (its ) Tj ET Q q 0 0 0 rg BT 167.98 515.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 200.67 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.70 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.17 515.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 243.65 515.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 300.77 515.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 339.02 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.71 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.95 515.10 Td (W) Tj ET Q q 0 0 0 rg BT 380.98 515.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 415.89 515.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 456.64 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.89 515.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 504.26 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.74 515.10 Td (substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.00 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.94 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.78 503.10 Td (Company) Tj ET Q q 0 0 0 rg BT 163.44 503.10 Td (s ) Tj ET Q q 0 0 0 rg BT 169.95 503.10 Td (Of) Tj ET Q q 0 0 0 rg BT 180.32 503.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 206.81 503.10 Td (proceeds, ) Tj ET Q q 0 0 0 rg BT 246.89 503.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 267.28 503.10 Td (will ) Tj ET Q q 0 0 0 rg BT 285.45 503.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 318.62 503.10 Td (such ) Tj ET Q q 0 0 0 rg BT 339.56 503.10 Td (services ) Tj ET Q q 0 0 0 rg BT 374.39 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.66 503.10 Td (all ) Tj ET Q q 0 0 0 rg BT 401.27 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.22 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.05 503.10 Td (Company) Tj ET Q q 0 0 0 rg BT 468.72 503.10 Td (s ) Tj ET Q q 0 0 0 rg BT 475.23 503.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 501.17 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 524.33 503.10 Td (than ) Tj ET Q q 0 0 0 rg BT 544.17 503.10 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 85.60 491.10 Td (with ) Tj ET Q q 0 0 0 rg BT 105.59 491.10 Td (Formation. ) Tj ET Q q 0 0 0 rg BT 151.98 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.19 491.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 208.54 491.10 Td (, ) Tj ET Q q 0 0 0 rg BT 212.77 491.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 232.76 491.10 Td (assists ) Tj ET Q q 0 0 0 rg BT 260.54 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.48 491.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 308.92 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.92 491.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 360.57 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.01 491.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 391.49 491.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 447.57 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.06 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 473.10 491.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 506.97 491.10 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 548.08 491.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.56 479.10 Td (assist ) Tj ET Q q 0 0 0 rg BT 91.73 479.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.00 479.10 Td (other ) Tj ET Q q 0 0 0 rg BT 135.05 479.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 178.63 479.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 204.46 479.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 233.62 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 246.12 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.84 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 302.22 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.50 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.22 479.10 Td (future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.42 459.10 Td (December ) Tj ET Q q 0 0 0 rg BT 104.09 459.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 129.18 459.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.98 459.10 Td (Company) Tj ET Q q 0 0 0 rg BT 182.22 459.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.31 459.10 Td (through ) Tj ET Q q 0 0 0 rg BT 221.00 459.10 Td (a ) Tj ET Q q 0 0 0 rg BT 228.03 459.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 248.95 459.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 281.53 459.10 Td (with ) Tj ET Q q 0 0 0 rg BT 301.89 459.10 Td (GAHR3, ) Tj ET Q q 0 0 0 rg BT 340.32 459.10 Td (a ) Tj ET Q q 0 0 0 rg BT 347.34 459.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 369.38 459.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.97 459.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 415.11 459.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.13 459.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 465.27 459.10 Td (by ) Tj ET Q q 0 0 0 rg BT 477.28 459.10 Td (AHI, ) Tj ET Q q 0 0 0 rg BT 500.14 459.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 537.16 459.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.18 459.10 Td (29%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.68 447.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.21 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.97 447.10 Td (T) Tj ET Q q 0 0 0 rg BT 112.73 447.10 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 139.37 447.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 179.61 447.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.80 447.10 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 207.04 447.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.16 447.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.90 447.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 279.73 447.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 317.48 447.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.66 447.10 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.95 447.10 Td ($201.7 ) Tj ET Q q 0 0 0 rg BT 413.20 447.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.09 447.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.84 447.10 Td (for ) Tj ET Q q 0 0 0 rg BT 459.25 447.10 Td (its ) Tj ET Q q 0 0 0 rg BT 471.44 447.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 506.13 447.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.67 447.10 Td (The ) Tj ET Q q 0 0 0 rg BT 526.97 447.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.67 435.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 107.49 435.10 Td (by ) Tj ET Q q 0 0 0 rg BT 120.11 435.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.94 435.10 Td (Company) Tj ET Q q 0 0 0 rg BT 176.61 435.10 Td (s ) Tj ET Q q 0 0 0 rg BT 183.11 435.10 Td (board ) Tj ET Q q 0 0 0 rg BT 208.50 435.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.44 435.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 259.55 435.10 Td (including ) Tj ET Q q 0 0 0 rg BT 299.94 435.10 Td (all ) Tj ET Q q 0 0 0 rg BT 312.55 435.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.49 435.10 Td (its ) Tj ET Q q 0 0 0 rg BT 335.56 435.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 387.05 435.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 427.15 435.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.76 435.10 Td (In ) Tj ET Q q 0 0 0 rg BT 440.71 435.10 Td (June ) Tj ET Q q 0 0 0 rg BT 461.66 435.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 486.77 435.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.17 435.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 544.74 435.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.10 Td (its ) Tj ET Q q 0 0 0 rg BT 60.96 423.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 103.51 423.10 Td (under ) Tj ET Q q 0 0 0 rg BT 128.29 423.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.51 423.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 162.85 423.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 194.85 423.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 240.99 423.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.22 423.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 296.11 423.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 325.89 423.10 Td (an ) Tj ET Q q 0 0 0 rg BT 337.33 423.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 379.33 423.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 407.99 423.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 458.88 423.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.21 423.10 Td ($18.8 ) Tj ET Q q 0 0 0 rg BT 493.72 423.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.61 423.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.62 423.10 Td (for ) Tj ET Q q 0 0 0 rg BT 538.28 423.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.73 423.10 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 100.16 411.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 411.10 Td ($220.5 ) Tj ET Q q 0 0 0 rg BT 139.54 411.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.43 411.10 Td (. ) Tj ET Q q 0 0 0 rg BT 172.70 411.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.35 411.10 Td (The ) Tj ET Q q 0 0 0 rg BT 191.67 411.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 233.44 411.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 266.32 411.10 Td (related ) Tj ET Q q 0 0 0 rg BT 295.30 411.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.85 411.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 333.83 411.10 Td (business ) Tj ET Q q 0 0 0 rg BT 369.49 411.10 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 413.21 411.10 Td (including ) Tj ET Q q 0 0 0 rg BT 452.76 411.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.75 411.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 512.40 411.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.51 411.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 76.44 399.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 110.61 399.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.55 399.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 156.71 399.10 Td (nursing ) Tj ET Q q 0 0 0 rg BT 189.21 399.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 226.14 399.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.08 399.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 287.78 399.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.61 399.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 328.31 399.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 377.48 399.10 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.74 379.10 Td (March ) Tj ET Q q 0 0 0 rg BT 87.75 379.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 112.16 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.29 379.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.09 379.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 203.42 379.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 244.77 379.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 273.65 379.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.45 379.10 Td (60.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.28 379.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.19 379.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 338.54 379.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.23 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.22 379.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.25 379.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 404.82 379.10 Td (JV) Tj ET Q q 0 0 0 rg BT 414.64 379.10 Td (, ) Tj ET Q q 0 0 0 rg BT 419.05 379.10 Td (which ) Tj ET Q q 0 0 0 rg BT 445.40 379.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 468.42 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.41 379.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.45 379.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 525.01 379.10 Td (portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.92 367.10 Td (a ) Tj ET Q q 0 0 0 rg BT 71.12 367.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 109.42 367.10 Td (price ) Tj ET Q q 0 0 0 rg BT 132.17 367.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.26 367.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.26 367.10 Td (534.5 ) Tj ET Q q 0 0 0 rg BT 173.53 367.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.42 367.10 Td (, ) Tj ET Q q 0 0 0 rg BT 207.68 367.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 249.88 367.10 Td (escrows ) Tj ET Q q 0 0 0 rg BT 284.85 367.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.05 367.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 333.14 367.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.68 367.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 388.10 367.10 Td (proration ) Tj ET Q q 0 0 0 rg BT 427.52 367.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.72 367.10 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 497.76 367.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.32 367.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.63 367.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.97 355.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 108.10 355.10 Td (by ) Tj ET Q q 0 0 0 rg BT 121.02 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.16 355.10 Td (Company) Tj ET Q q 0 0 0 rg BT 177.83 355.10 Td (s ) Tj ET Q q 0 0 0 rg BT 184.64 355.10 Td (board ) Tj ET Q q 0 0 0 rg BT 210.33 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.58 355.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 261.99 355.10 Td (including ) Tj ET Q q 0 0 0 rg BT 302.68 355.10 Td (all ) Tj ET Q q 0 0 0 rg BT 315.60 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.85 355.10 Td (its ) Tj ET Q q 0 0 0 rg BT 339.22 355.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 391.01 355.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 431.42 355.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.78 355.10 Td (validated ) Tj ET Q q 0 0 0 rg BT 488.35 355.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.27 355.10 Td (an ) Tj ET Q q 0 0 0 rg BT 513.63 355.10 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 94.97 343.10 Td (appraisal ) Tj ET Q q 0 0 0 rg BT 133.76 343.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.12 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.85 343.10 Td (W) Tj ET Q q 0 0 0 rg BT 171.88 343.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 206.24 343.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 246.43 343.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.94 343.10 Td (The ) Tj ET Q q 0 0 0 rg BT 267.19 343.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 308.78 343.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 350.36 343.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 387.48 343.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.63 343.10 Td (40.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.46 343.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.16 343.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 450.85 343.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 482.99 343.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.47 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.19 343.10 Td (W) Tj ET Q q 0 0 0 rg BT 517.23 343.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 551.58 343.10 Td (JV) Tj ET Q q 0 0 0 rg BT 562.51 343.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.88 331.10 Td (May ) Tj ET Q q 0 0 0 rg BT 82.82 331.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 108.92 331.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.27 331.10 Td (The ) Tj ET Q q 0 0 0 rg BT 131.42 331.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 173.91 331.10 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 224.72 331.10 Td (now ) Tj ET Q q 0 0 0 rg BT 245.54 331.10 Td (owns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.26 331.10 Td (100.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.09 331.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.70 331.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.63 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.46 331.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 361.06 331.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.44 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.00 331.10 Td (W) Tj ET Q q 0 0 0 rg BT 397.04 331.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 432.29 331.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 470.89 331.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.83 331.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.76 331.10 Td (March ) Tj ET Q q 0 0 0 rg BT 524.47 331.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 548.07 331.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 102.27 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.82 319.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 158.65 319.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.99 319.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 185.33 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.44 319.10 Td (March ) Tj ET Q q 0 0 0 rg BT 225.88 319.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 251.71 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.27 319.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 309.49 319.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 353.36 319.10 Td (for ) Tj ET Q q 0 0 0 rg BT 368.36 319.10 Td (its ) Tj ET Q q 0 0 0 rg BT 381.14 319.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 409.47 319.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 456.69 319.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.80 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.12 319.10 Td (W) Tj ET Q q 0 0 0 rg BT 492.15 319.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 527.14 319.10 Td (JV) Tj ET Q q 0 0 0 rg BT 538.07 319.10 Td ( ) Tj ET Q q 0 0 0 rg BT 541.41 319.10 Td (as ) Tj ET Q q 0 0 0 rg BT 553.08 319.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 113.21 307.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 146.36 307.10 Td (under ) Tj ET Q q 0 0 0 rg BT 172.30 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.68 307.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 215.85 307.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 251.51 307.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.68 307.10 Td (For ) Tj ET Q q 0 0 0 rg BT 271.74 307.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.12 307.10 Td (three ) Tj ET Q q 0 0 0 rg BT 310.28 307.10 Td (months ) Tj ET Q q 0 0 0 rg BT 342.89 307.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.77 307.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.94 307.10 Td (March ) Tj ET Q q 0 0 0 rg BT 399.20 307.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 414.87 307.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 440.54 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.92 307.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 497.98 307.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 307.10 Td ($1.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 295.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.17 295.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 118.67 295.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.94 295.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 165.32 295.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.26 295.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.62 295.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 238.62 295.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.51 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.01 295.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.28 295.10 Td (distributions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td (Origination ) Tj ET Q q 0 0 0 rg BT 99.23 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.50 275.10 Td (Mezzanine ) Tj ET Q q 0 0 0 rg BT 154.77 275.10 Td (Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.27 255.10 Td (July ) Tj ET Q q 0 0 0 rg BT 79.38 255.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 104.31 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.97 255.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 160.29 255.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 203.27 255.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.15 255.10 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 235.09 255.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.98 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 266.42 255.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 311.60 255.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 331.26 255.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.48 255.10 Td (a ) Tj ET Q q 0 0 0 rg BT 348.35 255.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 391.90 255.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.67 255.10 Td (Espresso, ) Tj ET Q q 0 0 0 rg BT 443.16 255.10 Td (which ) Tj ET Q q 0 0 0 rg BT 470.03 255.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 493.57 255.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 525.44 255.10 Td (at ) Tj ET Q q 0 0 0 rg BT 535.10 255.10 Td (a ) Tj ET Q q 0 0 0 rg BT 541.97 255.10 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.99 243.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.82 243.10 Td (10.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.65 243.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.15 243.10 Td (per ) Tj ET Q q 0 0 0 rg BT 121.41 243.10 Td (year ) Tj ET Q q 0 0 0 rg BT 141.12 243.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.06 243.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 192.21 243.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.49 243.10 Td (January ) Tj ET Q q 0 0 0 rg BT 236.09 243.10 Td (2021.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (8. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 223.10 Td (Equity-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.81 203.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.47 203.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 140.89 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.09 203.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 188.29 203.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 226.71 203.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 248.19 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 258.29 203.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 296.15 203.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 313.46 203.10 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 347.72 203.10 Td (which ) Tj ET Q q 0 0 0 rg BT 373.92 203.10 Td (it ) Tj ET Q q 0 0 0 rg BT 381.25 203.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.23 203.10 Td (use ) Tj ET Q q 0 0 0 rg BT 415.33 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.87 203.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 451.62 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.82 203.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 492.35 203.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 529.66 203.10 Td (of) Tj ET Q q 0 0 0 rg BT 537.81 203.10 Td (ficers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 89.63 191.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 135.04 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.12 191.10 Td (consultants, ) Tj ET Q q 0 0 0 rg BT 202.26 191.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.23 191.10 Td (well ) Tj ET Q q 0 0 0 rg BT 233.09 191.10 Td (as ) Tj ET Q q 0 0 0 rg BT 244.07 191.10 Td (an ) Tj ET Q q 0 0 0 rg BT 256.15 191.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 307.67 191.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 345.30 191.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 403.48 191.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 425.84 191.10 Td (which ) Tj ET Q q 0 0 0 rg BT 452.93 191.10 Td (is ) Tj ET Q q 0 0 0 rg BT 462.24 191.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.32 191.10 Td (component ) Tj ET Q q 0 0 0 rg BT 516.40 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.37 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.23 191.10 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 565.01 191.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 86.78 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.84 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.34 179.10 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 133.90 179.10 Td (as ) Tj ET Q q 0 0 0 rg BT 144.51 179.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.12 179.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 190.74 179.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.74 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 215.52 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.02 179.10 Td (Company) Tj ET Q q 0 0 0 rg BT 271.68 179.10 Td (s ) Tj ET Q q 0 0 0 rg BT 277.85 179.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 329.01 179.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 366.28 179.10 Td (were ) Tj ET Q q 0 0 0 rg BT 387.99 179.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 420.25 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 426.97 179.10 Td (total ) Tj ET Q q 0 0 0 rg BT 447.03 179.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.64 179.10 Td (55,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.14 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.42 179.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 514.69 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.31 179.10 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.19 167.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 110.99 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 125.34 167.10 Td (an ) Tj ET Q q 0 0 0 rg BT 137.47 167.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.02 167.10 Td ($540,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.52 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 221.72 167.10 Td (based ) Tj ET Q q 0 0 0 rg BT 247.18 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.87 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.78 167.10 Td (share ) Tj ET Q q 0 0 0 rg BT 298.57 167.10 Td (price ) Tj ET Q q 0 0 0 rg BT 321.24 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 333.94 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.85 167.10 Td (date ) Tj ET Q q 0 0 0 rg BT 368.19 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.21 167.10 Td (each ) Tj ET Q q 0 0 0 rg BT 400.22 167.10 Td (grant. ) Tj ET Q q 0 0 0 rg BT 425.96 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.46 167.10 Td (The ) Tj ET Q q 0 0 0 rg BT 446.70 167.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 486.59 167.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 510.39 167.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 543.07 167.10 Td (prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 58.96 155.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 80.65 155.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 119.54 155.10 Td (vests ) Tj ET Q q 0 0 0 rg BT 141.22 155.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 179.00 155.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.46 155.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.12 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.81 155.10 Td (years ) Tj ET Q q 0 0 0 rg BT 239.59 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.71 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.62 155.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 308.51 155.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 331.30 155.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 362.97 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.44 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.56 155.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 434.68 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 444.15 155.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 465.83 155.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 504.72 155.10 Td (vests ) Tj ET Q q 0 0 0 rg BT 526.41 155.10 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.82 143.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.82 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.37 143.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 113.53 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.08 143.10 Td (However) Tj ET Q q 0 0 0 rg BT 152.33 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.38 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.15 143.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 195.81 143.10 Td (will ) Tj ET Q q 0 0 0 rg BT 213.92 143.10 Td (become ) Tj ET Q q 0 0 0 rg BT 247.57 143.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 269.01 143.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 297.11 143.10 Td (on ) Tj ET Q q 0 0 0 rg BT 309.66 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.43 143.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 352.51 143.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 398.92 143.10 Td (of: ) Tj ET Q q 0 0 0 rg BT 412.58 143.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 424.57 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.34 143.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 487.99 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.88 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.64 143.10 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.10 Td (director) Tj ET Q q 0 0 0 rg BT 80.96 131.10 Td () Tj ET Q q 0 0 0 rg BT 83.74 131.10 Td (s ) Tj ET Q q 0 0 0 rg BT 90.13 131.10 Td (service ) Tj ET Q q 0 0 0 rg BT 120.95 131.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.78 131.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.72 131.10 Td (director ) Tj ET Q q 0 0 0 rg BT 172.31 131.10 Td (due ) Tj ET Q q 0 0 0 rg BT 189.25 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.53 131.10 Td (his ) Tj ET Q q 0 0 0 rg BT 213.70 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.53 131.10 Td (her ) Tj ET Q q 0 0 0 rg BT 239.80 131.10 Td (death ) Tj ET Q q 0 0 0 rg BT 263.95 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 274.78 131.10 Td (disability; ) Tj ET Q q 0 0 0 rg BT 317.28 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 328.11 131.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 342.83 131.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.77 131.10 Td (change ) Tj ET Q q 0 0 0 rg BT 380.58 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.86 131.10 Td (control ) Tj ET Q q 0 0 0 rg BT 421.69 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.52 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.23 131.10 Td (Company) Tj ET Q q 0 0 0 rg BT 485.47 131.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.40 111.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.63 111.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 154.84 111.10 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 208.28 111.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 266.17 111.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 300.73 111.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.41 111.10 Td ($34,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.91 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.26 111.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.04 111.10 Td ($18,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.54 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.89 111.10 Td (for ) Tj ET Q q 0 0 0 rg BT 411.90 111.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.47 111.10 Td (three ) Tj ET Q q 0 0 0 rg BT 448.80 111.10 Td (months ) Tj ET Q q 0 0 0 rg BT 480.60 111.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.48 111.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.82 111.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 542.50 111.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.11 99.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.11 99.10 Td (, ) Tj ET Q q 0 0 0 rg BT 92.79 99.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.40 99.10 Td ($68,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.90 99.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.07 99.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.68 99.10 Td ($48,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.18 99.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.36 99.10 Td (for ) Tj ET Q q 0 0 0 rg BT 214.19 99.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.58 99.10 Td (six ) Tj ET Q q 0 0 0 rg BT 244.43 99.10 Td (months ) Tj ET Q q 0 0 0 rg BT 277.05 99.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.93 99.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 99.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 340.60 99.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.60 99.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.78 99.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.39 99.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.39 99.10 Td (, ) Tj ET Q q 0 0 0 rg BT 407.06 99.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 454.72 99.10 Td (, ) Tj ET Q q 0 0 0 rg BT 460.40 99.10 Td (related ) Tj ET Q q 0 0 0 rg BT 490.77 99.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.73 99.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.12 99.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 554.17 99.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 90.32 87.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.05 87.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.44 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.28 87.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 194.77 87.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 235.87 87.10 Td (which ) Tj ET Q q 0 0 0 rg BT 263.93 87.10 Td (was ) Tj ET Q q 0 0 0 rg BT 283.10 87.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 321.69 87.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.09 87.10 Td (general ) Tj ET Q q 0 0 0 rg BT 366.13 87.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.19 87.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 445.01 87.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 484.73 87.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.13 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 87.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 75.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.04 75.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 151.70 75.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.20 75.10 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 194.47 75.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 221.96 75.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.67 75.10 Td (29,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.17 75.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.67 75.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.61 75.10 Td (21,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.11 75.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.61 75.10 Td (as ) Tj ET Q q 0 0 0 rg BT 339.44 75.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.27 75.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 386.10 75.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.10 75.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.60 75.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.54 75.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 484.12 75.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.12 75.10 Td (, ) Tj ET Q q 0 0 0 rg BT 509.12 75.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 556.78 75.10 Td (.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (9. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 704.25 Td (Stockholders) Tj ET Q q 0 0 0 rg BT 125.65 704.25 Td ( Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (Common ) Tj ET Q q 0 0 0 rg BT 88.11 684.25 Td (Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.93 664.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.70 664.25 Td (stopped ) Tj ET Q q 0 0 0 rg BT 143.70 664.25 Td (accepting ) Tj ET Q q 0 0 0 rg BT 184.89 664.25 Td (subscriptions ) Tj ET Q q 0 0 0 rg BT 240.55 664.25 Td (for ) Tj ET Q q 0 0 0 rg BT 255.10 664.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.20 664.25 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 314.76 664.25 Td (Of) Tj ET Q q 0 0 0 rg BT 325.13 664.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 351.89 664.25 Td (on ) Tj ET Q q 0 0 0 rg BT 364.77 664.25 Td (December ) Tj ET Q q 0 0 0 rg BT 408.74 664.25 Td (17, ) Tj ET Q q 0 0 0 rg BT 424.13 664.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 447.01 664.25 Td (and ) Tj ET Q q 0 0 0 rg BT 464.33 664.25 Td (all ) Tj ET Q q 0 0 0 rg BT 477.21 664.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.43 664.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.53 664.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 531.41 664.25 Td (initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 91.79 652.25 Td (for ) Tj ET Q q 0 0 0 rg BT 106.32 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.41 652.25 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 165.95 652.25 Td (Of) Tj ET Q q 0 0 0 rg BT 176.32 652.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 203.06 652.25 Td (were ) Tj ET Q q 0 0 0 rg BT 225.36 652.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 253.23 652.25 Td (on ) Tj ET Q q 0 0 0 rg BT 266.10 652.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.30 652.25 Td (before ) Tj ET Q q 0 0 0 rg BT 305.70 652.25 Td (January ) Tj ET Q q 0 0 0 rg BT 339.67 652.25 Td (19, ) Tj ET Q q 0 0 0 rg BT 355.04 652.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 380.41 652.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.27 652.25 Td (For ) Tj ET Q q 0 0 0 rg BT 400.03 652.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.12 652.25 Td (six ) Tj ET Q q 0 0 0 rg BT 429.66 652.25 Td (months ) Tj ET Q q 0 0 0 rg BT 461.98 652.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.85 652.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.72 652.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 524.92 652.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.92 652.25 Td (, ) Tj ET Q q 0 0 0 rg BT 550.29 652.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.28 640.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.17 640.25 Td (0.1 ) Tj ET Q q 0 0 0 rg BT 131.56 640.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.45 640.25 Td ( ) Tj ET Q q 0 0 0 rg BT 162.34 640.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 189.22 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.44 640.25 Td (common ) Tj ET Q q 0 0 0 rg BT 236.32 640.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 259.32 640.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 303.41 640.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 326.41 640.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 363.84 640.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.06 640.25 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 393.45 640.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.34 640.25 Td (. ) Tj ET Q q 0 0 0 rg BT 426.73 640.25 Td ( ) Tj ET Q q 0 0 0 rg BT 428.62 640.25 Td (For ) Tj ET Q q 0 0 0 rg BT 444.40 640.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.51 640.25 Td (six ) Tj ET Q q 0 0 0 rg BT 472.07 640.25 Td (months ) Tj ET Q q 0 0 0 rg BT 503.41 640.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.28 640.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.17 640.25 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 628.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.98 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 90.18 628.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 132.04 628.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.02 628.25 Td (25.9 ) Tj ET Q q 0 0 0 rg BT 180.50 628.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.40 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 212.38 628.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 240.35 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.66 628.25 Td (common ) Tj ET Q q 0 0 0 rg BT 289.63 628.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 313.72 628.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 358.90 628.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 382.99 628.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 421.51 628.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.82 628.25 Td ($260.3 ) Tj ET Q q 0 0 0 rg BT 463.30 628.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.19 628.25 Td (. ) Tj ET Q q 0 0 0 rg BT 497.67 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 500.65 628.25 Td (From ) Tj ET Q q 0 0 0 rg BT 525.30 628.25 Td (inception ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.42 616.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 119.56 616.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.56 616.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.87 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.90 616.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.59 616.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.40 616.25 Td (173.4 ) Tj ET Q q 0 0 0 rg BT 254.71 616.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.60 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.41 616.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 314.21 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.35 616.25 Td (common ) Tj ET Q q 0 0 0 rg BT 363.16 616.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 387.08 616.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 432.09 616.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 456.01 616.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 494.36 616.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 616.25 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 525.81 616.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.92 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 616.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 604.25 Td (Primary ) Tj ET Q q 0 0 0 rg BT 98.93 604.25 Td (Of) Tj ET Q q 0 0 0 rg BT 109.30 604.25 Td (fering.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 100.90 584.25 Td (Reinvestment ) Tj ET Q q 0 0 0 rg BT 156.71 584.25 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 564.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.12 564.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 144.87 564.25 Td (a ) Tj ET Q q 0 0 0 rg BT 152.41 564.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 171.49 564.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.58 564.25 Td (through ) Tj ET Q q 0 0 0 rg BT 208.79 564.25 Td (which ) Tj ET Q q 0 0 0 rg BT 236.32 564.25 Td (common ) Tj ET Q q 0 0 0 rg BT 274.41 564.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 328.05 564.25 Td (may ) Tj ET Q q 0 0 0 rg BT 348.36 564.25 Td (elect ) Tj ET Q q 0 0 0 rg BT 370.33 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.20 564.25 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 415.95 564.25 Td (an ) Tj ET Q q 0 0 0 rg BT 428.49 564.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 461.58 564.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 486.33 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 497.20 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.51 564.25 Td (distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 85.51 552.25 Td (on ) Tj ET Q q 0 0 0 rg BT 97.65 552.25 Td (their ) Tj ET Q q 0 0 0 rg BT 118.12 552.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 145.25 552.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.17 552.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 197.31 552.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 224.44 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.92 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.28 552.25 Td (Company) Tj ET Q q 0 0 0 rg BT 290.94 552.25 Td (s ) Tj ET Q q 0 0 0 rg BT 296.98 552.25 Td (common ) Tj ET Q q 0 0 0 rg BT 334.11 552.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 357.37 552.25 Td (in ) Tj ET Q q 0 0 0 rg BT 367.29 552.25 Td (lieu ) Tj ET Q q 0 0 0 rg BT 384.43 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.90 552.25 Td (receiving ) Tj ET Q q 0 0 0 rg BT 434.25 552.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 454.16 552.25 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 508.81 552.25 Td ( ) Tj ET Q q 0 0 0 rg BT 510.95 552.25 Td (In ) Tj ET Q q 0 0 0 rg BT 521.42 552.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 75.08 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 90.38 540.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 132.35 540.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 174.85 540.25 Td (an ) Tj ET Q q 0 0 0 rg BT 187.37 540.25 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.44 540.25 Td (30.0 ) Tj ET Q q 0 0 0 rg BT 251.02 540.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.92 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 283.00 540.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 311.07 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.93 540.25 Td (be ) Tj ET Q q 0 0 0 rg BT 334.45 540.25 Td (of) Tj ET Q q 0 0 0 rg BT 342.60 540.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 366.21 540.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 403.73 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.59 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.89 540.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 448.97 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 452.05 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.57 540.25 Td (continues ) Tj ET Q q 0 0 0 rg BT 510.98 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.84 540.25 Td (of) Tj ET Q q 0 0 0 rg BT 529.99 540.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 544.17 540.25 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (shares. ) Tj ET Q q 0 0 0 rg BT 79.49 528.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 508.25 Td (April ) Tj ET Q q 0 0 0 rg BT 84.53 508.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 110.18 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.54 508.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 144.62 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.76 508.25 Td (was ) Tj ET Q q 0 0 0 rg BT 166.46 508.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 205.69 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.28 508.25 Td (restated ) Tj ET Q q 0 0 0 rg BT 257.51 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 268.44 508.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 302.13 508.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 322.76 508.25 Td (ef) Tj ET Q q 0 0 0 rg BT 330.35 508.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 360.70 508.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.84 508.25 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.06 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 389.20 508.25 Td (days) Tj ET Q q 0 0 0 rg BT 410.12 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 413.26 508.25 Td (notice, ) Tj ET Q q 0 0 0 rg BT 443.34 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.70 508.25 Td (price ) Tj ET Q q 0 0 0 rg BT 481.83 508.25 Td (per ) Tj ET Q q 0 0 0 rg BT 497.74 508.25 Td (share ) Tj ET Q q 0 0 0 rg BT 521.98 508.25 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 86.32 496.25 Td (to ) Tj ET Q q 0 0 0 rg BT 96.48 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.08 496.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 130.16 496.25 Td ( ) Tj ET Q q 0 0 0 rg BT 132.54 496.25 Td (was ) Tj ET Q q 0 0 0 rg BT 150.48 496.25 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.48 496.25 Td (8.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.98 496.25 Td (, ) Tj ET Q q 0 0 0 rg BT 177.86 496.25 Td (which ) Tj ET Q q 0 0 0 rg BT 204.68 496.25 Td (is ) Tj ET Q q 0 0 0 rg BT 213.73 496.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 237.77 496.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.93 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.53 496.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 303.23 496.25 Td (value ) Tj ET Q q 0 0 0 rg BT 327.27 496.25 Td (per ) Tj ET Q q 0 0 0 rg BT 342.42 496.25 Td (share ) Tj ET Q q 0 0 0 rg BT 365.90 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.61 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.21 496.25 Td (Company) Tj ET Q q 0 0 0 rg BT 432.87 496.25 Td (s ) Tj ET Q q 0 0 0 rg BT 439.15 496.25 Td (common ) Tj ET Q q 0 0 0 rg BT 476.52 496.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 500.01 496.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.72 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.44 496.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.13 484.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 88.75 484.25 Td (until ) Tj ET Q q 0 0 0 rg BT 109.21 484.25 Td (such ) Tj ET Q q 0 0 0 rg BT 129.67 484.25 Td (time ) Tj ET Q q 0 0 0 rg BT 149.57 484.25 Td (as ) Tj ET Q q 0 0 0 rg BT 160.02 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.36 484.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 215.38 484.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 260.83 484.25 Td (a ) Tj ET Q q 0 0 0 rg BT 267.39 484.25 Td (new ) Tj ET Q q 0 0 0 rg BT 286.18 484.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 326.62 484.25 Td (per ) Tj ET Q q 0 0 0 rg BT 341.52 484.25 Td (share ) Tj ET Q q 0 0 0 rg BT 364.74 484.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 391.02 484.25 Td (at ) Tj ET Q q 0 0 0 rg BT 400.36 484.25 Td (which ) Tj ET Q q 0 0 0 rg BT 426.93 484.25 Td (time ) Tj ET Q q 0 0 0 rg BT 446.83 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.17 484.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 498.83 484.25 Td (price ) Tj ET Q q 0 0 0 rg BT 520.94 484.25 Td (will ) Tj ET Q q 0 0 0 rg BT 538.62 484.25 Td (adjust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.25 472.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.58 472.25 Td ( ) Tj ET Q q 0 0 0 rg BT 84.54 472.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.84 472.25 Td (such ) Tj ET Q q 0 0 0 rg BT 115.14 472.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 155.43 472.25 Td (value ) Tj ET Q q 0 0 0 rg BT 179.05 472.25 Td (per ) Tj ET Q q 0 0 0 rg BT 193.79 472.25 Td (share. ) Tj ET Q q 0 0 0 rg BT 219.35 472.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.18 472.25 Td (The ) Tj ET Q q 0 0 0 rg BT 238.69 472.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 279.55 472.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 311.50 472.25 Td (that ) Tj ET Q q 0 0 0 rg BT 328.46 472.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.65 472.25 Td (next ) Tj ET Q q 0 0 0 rg BT 361.83 472.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 402.12 472.25 Td (value ) Tj ET Q q 0 0 0 rg BT 425.74 472.25 Td (per ) Tj ET Q q 0 0 0 rg BT 440.48 472.25 Td (share ) Tj ET Q q 0 0 0 rg BT 463.55 472.25 Td (will ) Tj ET Q q 0 0 0 rg BT 481.07 472.25 Td (be ) Tj ET Q q 0 0 0 rg BT 492.48 472.25 Td (based ) Tj ET Q q 0 0 0 rg BT 517.21 472.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 539.18 472.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.18 460.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 105.64 460.25 Td (as ) Tj ET Q q 0 0 0 rg BT 116.21 460.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.79 460.25 Td (December ) Tj ET Q q 0 0 0 rg BT 170.11 460.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 184.86 460.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 209.60 460.25 Td ( ) Tj ET Q q 0 0 0 rg BT 211.84 460.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 234.08 460.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.10 460.25 Td (this ) Tj ET Q q 0 0 0 rg BT 260.80 460.25 Td (amendment, ) Tj ET Q q 0 0 0 rg BT 312.19 460.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.65 460.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 364.43 460.25 Td (price ) Tj ET Q q 0 0 0 rg BT 386.66 460.25 Td (per ) Tj ET Q q 0 0 0 rg BT 401.67 460.25 Td (share ) Tj ET Q q 0 0 0 rg BT 425.01 460.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 461.69 460.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.71 460.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.17 460.25 Td (Initial ) Tj ET Q q 0 0 0 rg BT 512.29 460.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 531.38 460.25 Td ( ) Tj ET Q q 0 0 0 rg BT 533.62 460.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 460.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 93.67 448.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 112.75 448.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.25 448.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.30 448.25 Td ($9.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.80 448.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.30 448.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.24 448.25 Td ($9.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.74 448.25 Td (, ) Tj ET Q q 0 0 0 rg BT 202.74 448.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 250.40 448.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (No ) Tj ET Q q 0 0 0 rg BT 64.99 428.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 94.93 428.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 150.43 428.25 Td (or ) Tj ET Q q 0 0 0 rg BT 162.03 428.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 189.72 428.25 Td (manager ) Tj ET Q q 0 0 0 rg BT 227.42 428.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 246.79 428.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.27 428.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 282.76 428.25 Td (on ) Tj ET Q q 0 0 0 rg BT 296.03 428.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 324.29 428.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 352.56 428.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 390.27 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.32 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.81 428.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 435.15 428.25 Td (. ) Tj ET Q q 0 0 0 rg BT 440.93 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 443.96 428.25 Td (The ) Tj ET Q q 0 0 0 rg BT 462.78 428.25 Td (board ) Tj ET Q q 0 0 0 rg BT 488.82 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.42 428.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 538.68 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 428.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.28 416.25 Td (may ) Tj ET Q q 0 0 0 rg BT 109.39 416.25 Td (amend, ) Tj ET Q q 0 0 0 rg BT 140.43 416.25 Td (suspend ) Tj ET Q q 0 0 0 rg BT 174.54 416.25 Td (or ) Tj ET Q q 0 0 0 rg BT 184.77 416.25 Td (terminate ) Tj ET Q q 0 0 0 rg BT 224.42 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.52 416.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 257.61 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 259.50 416.25 Td (for ) Tj ET Q q 0 0 0 rg BT 273.05 416.25 Td (any ) Tj ET Q q 0 0 0 rg BT 289.38 416.25 Td (reason ) Tj ET Q q 0 0 0 rg BT 317.37 416.25 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.26 416.25 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.48 416.25 Td (-days) Tj ET Q q 0 0 0 rg BT 375.72 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 377.61 416.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 403.94 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.61 416.25 Td (participants, ) Tj ET Q q 0 0 0 rg BT 464.65 416.25 Td (except ) Tj ET Q q 0 0 0 rg BT 492.64 416.25 Td (that ) Tj ET Q q 0 0 0 rg BT 509.52 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 416.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 404.25 Td (not ) Tj ET Q q 0 0 0 rg BT 84.50 404.25 Td (amend ) Tj ET Q q 0 0 0 rg BT 113.65 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.37 404.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 147.45 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.95 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 160.23 404.25 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 199.93 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 206.87 404.25 Td (participant) Tj ET Q q 0 0 0 rg BT 252.41 404.25 Td (s ) Tj ET Q q 0 0 0 rg BT 258.80 404.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 286.85 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 297.13 404.25 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 337.40 404.25 Td (from ) Tj ET Q q 0 0 0 rg BT 359.34 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.06 404.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 392.40 404.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.25 Td (For ) Tj ET Q q 0 0 0 rg BT 65.78 384.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.39 384.25 Td (six ) Tj ET Q q 0 0 0 rg BT 94.45 384.25 Td (months ) Tj ET Q q 0 0 0 rg BT 126.28 384.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.16 384.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.55 384.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 188.27 384.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.27 384.25 Td (, ) Tj ET Q q 0 0 0 rg BT 213.16 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.76 384.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 269.04 384.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.43 384.25 Td (3.6 ) Tj ET Q q 0 0 0 rg BT 311.32 384.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.21 384.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.60 384.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 369.98 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.70 384.25 Td (common ) Tj ET Q q 0 0 0 rg BT 418.08 384.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 441.58 384.25 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.52 384.25 Td ($33.7 ) Tj ET Q q 0 0 0 rg BT 499.41 384.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 384.25 Td ( ) Tj ET Q q 0 0 0 rg BT 530.69 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.41 384.25 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 372.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 83.46 372.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 120.92 372.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 157.29 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.00 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.14 372.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 199.49 372.25 Td (. ) Tj ET Q q 0 0 0 rg BT 203.91 372.25 Td ( ) Tj ET Q q 0 0 0 rg BT 205.84 372.25 Td (For ) Tj ET Q q 0 0 0 rg BT 221.66 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.81 372.25 Td (year ) Tj ET Q q 0 0 0 rg BT 254.94 372.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.75 372.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 338.76 372.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.76 372.25 Td (, ) Tj ET Q q 0 0 0 rg BT 363.19 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.34 372.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 418.15 372.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.08 372.25 Td (4.8 ) Tj ET Q q 0 0 0 rg BT 459.51 372.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 372.25 Td ( ) Tj ET Q q 0 0 0 rg BT 490.33 372.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 517.25 372.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.51 372.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 72.75 360.25 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.45 360.25 Td ($46.4 ) Tj ET Q q 0 0 0 rg BT 130.10 360.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.99 360.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.13 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.61 360.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 194.87 360.25 Td (of) Tj ET Q q 0 0 0 rg BT 203.01 360.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 229.04 360.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 266.72 360.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 303.30 360.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.23 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.59 360.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 345.93 360.25 Td (. ) Tj ET Q q 0 0 0 rg BT 350.58 360.25 Td ( ) Tj ET Q q 0 0 0 rg BT 352.72 360.25 Td (From ) Tj ET Q q 0 0 0 rg BT 376.54 360.25 Td (inception ) Tj ET Q q 0 0 0 rg BT 415.89 360.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 360.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 484.62 360.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.62 360.25 Td (, ) Tj ET Q q 0 0 0 rg BT 509.27 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 360.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 348.25 Td (9.8 ) Tj ET Q q 0 0 0 rg BT 92.00 348.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.89 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.39 348.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 150.88 348.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.71 348.25 Td (common ) Tj ET Q q 0 0 0 rg BT 199.21 348.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 225.32 348.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 270.02 348.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 293.63 348.25 Td (of) Tj ET Q q 0 0 0 rg BT 301.78 348.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 328.16 348.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 366.19 348.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.02 348.25 Td ($92.8 ) Tj ET Q q 0 0 0 rg BT 402.02 348.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.92 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.42 348.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 470.35 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 480.63 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.35 348.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 513.69 348.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 104.63 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.32 308.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 168.77 308.25 Td (are ) Tj ET Q q 0 0 0 rg BT 183.89 308.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 220.66 308.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 259.66 308.25 Td (by ) Tj ET Q q 0 0 0 rg BT 272.57 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.69 308.25 Td (board ) Tj ET Q q 0 0 0 rg BT 313.37 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.61 308.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 362.50 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 373.74 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.86 308.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 430.66 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.00 308.25 Td (are ) Tj ET Q q 0 0 0 rg BT 463.12 308.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 483.24 308.25 Td (monthly ) Tj ET Q q 0 0 0 rg BT 519.49 308.25 Td (based ) Tj ET Q q 0 0 0 rg BT 545.16 308.25 Td (on ) Tj ET Q q 0 0 0 rg BT 558.07 308.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 72.98 296.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 106.46 296.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.27 296.25 Td ($0.00184426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.77 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.25 296.25 Td (per ) Tj ET Q q 0 0 0 rg BT 190.50 296.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 217.58 296.25 Td (which ) Tj ET Q q 0 0 0 rg BT 245.51 296.25 Td (is ) Tj ET Q q 0 0 0 rg BT 255.66 296.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 300.79 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 312.05 296.25 Td (an ) Tj ET Q q 0 0 0 rg BT 324.98 296.25 Td (annualized ) Tj ET Q q 0 0 0 rg BT 371.77 296.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 421.36 296.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 454.84 296.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.66 296.25 Td ($0.675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.16 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 497.64 296.25 Td (per ) Tj ET Q q 0 0 0 rg BT 513.89 296.25 Td (share ) Tj ET Q q 0 0 0 rg BT 538.47 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 296.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 284.25 Td (s ) Tj ET Q q 0 0 0 rg BT 97.57 284.25 Td (common ) Tj ET Q q 0 0 0 rg BT 135.08 284.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 161.21 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.72 284.25 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 218.47 284.25 Td (are ) Tj ET Q q 0 0 0 rg BT 233.19 284.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 272.91 284.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 292.64 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.94 284.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 356.00 284.25 Td (on ) Tj ET Q q 0 0 0 rg BT 368.52 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.25 284.25 Td (first ) Tj ET Q q 0 0 0 rg BT 401.87 284.25 Td (business ) Tj ET Q q 0 0 0 rg BT 438.28 284.25 Td (day ) Tj ET Q q 0 0 0 rg BT 455.23 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 466.08 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.81 284.25 Td (month ) Tj ET Q q 0 0 0 rg BT 508.89 284.25 Td (following ) Tj ET Q q 0 0 0 rg BT 550.29 284.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (month ) Tj ET Q q 0 0 0 rg BT 77.56 272.25 Td (for ) Tj ET Q q 0 0 0 rg BT 91.72 272.25 Td (which ) Tj ET Q q 0 0 0 rg BT 118.66 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.37 272.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 181.99 272.25 Td (has ) Tj ET Q q 0 0 0 rg BT 197.82 272.25 Td (accrued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 252.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 252.25 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 252.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 252.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 218.64 252.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 255.00 252.25 Td (for ) Tj ET Q q 0 0 0 rg BT 269.16 252.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.88 252.25 Td (six ) Tj ET Q q 0 0 0 rg BT 298.05 252.25 Td (months ) Tj ET Q q 0 0 0 rg BT 330.00 252.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.88 252.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.38 252.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 392.21 252.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.21 252.25 Td ( ) Tj ET Q q 0 0 0 rg BT 414.71 252.25 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 447.75 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.03 252.25 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 216.75 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 216.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 216.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 216.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 216.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 216.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 216.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 188.75 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 188.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 188.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 188.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 188.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 188.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 188.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 160.75 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 160.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 160.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 160.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 160.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 160.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 160.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 132.75 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 132.75 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 132.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 132.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 132.75 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 132.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 132.75 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 228.75 m 287 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 228.75 m 291 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 228.75 m 337 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 228.75 m 341 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 228.75 m 387 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 228.75 m 287 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 216.75 m 287 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 228.75 m 337 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 216.75 m 337 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 228.75 m 387 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 216.75 m 387 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 216.75 m 287 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 216.75 m 337 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 132.75 m 287 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 132.75 m 337 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 132.75 m 287 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 119.75 m 287 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 117.75 m 287 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 132.75 m 337 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 119.75 m 337 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 117.75 m 337 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 132.75 m 387 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 119.75 m 387 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 117.75 m 387 117.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.00 232.98 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 332.90 236.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 88.5 219.580078125 m 111.16015625 219.580078125 l s q 0 0 0 rg BT 88.50 220.83 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.80 220.83 Td (Cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.50 220.83 Td (DRP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.75 220.83 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 207.00 Td (January) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.50 207.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.75 207.00 Td (4,538) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.50 207.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 207.00 Td (5,735) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.50 207.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 207.00 Td (10,273) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 193.00 Td (February) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.75 193.00 Td (4,258) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 193.00 Td (5,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.75 193.00 Td (9,633) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 179.00 Td (March) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.75 179.00 Td (4,612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 179.00 Td (5,717) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 179.00 Td (10,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 165.00 Td (April) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.75 165.00 Td (4,466) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 165.00 Td (5,562) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 165.00 Td (10,028) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 151.00 Td (May) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.75 151.00 Td (4,619) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 151.00 Td (5,762) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 151.00 Td (10,381) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 137.00 Td (June) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.75 137.00 Td (4,495) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 137.00 Td (5,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 137.00 Td (10,086) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 123.00 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.50 123.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.75 123.00 Td (26,988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.50 123.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 123.00 Td (33,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.50 123.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 123.00 Td (60,730) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 109.65 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 100.05 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 100.05 Td (Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 90.45 Td (period.) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.02 704.10 Td (e ) Tj ET Q q 0 0 0 rg BT 74.96 704.10 Td (Repur) Tj ET Q q 0 0 0 rg BT 99.03 704.10 Td (chase ) Tj ET Q q 0 0 0 rg BT 124.29 704.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 133.92 704.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.96 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.76 684.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 144.33 684.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.68 684.10 Td (share ) Tj ET Q q 0 0 0 rg BT 175.70 684.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 221.92 684.10 Td (program ) Tj ET Q q 0 0 0 rg BT 258.71 684.10 Td (that ) Tj ET Q q 0 0 0 rg BT 276.62 684.10 Td (may ) Tj ET Q q 0 0 0 rg BT 296.75 684.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 325.75 684.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 379.22 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.91 684.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 406.71 684.10 Td (their ) Tj ET Q q 0 0 0 rg BT 427.95 684.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 455.85 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.54 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.68 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 523.48 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 534.17 684.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 108.38 672.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 126.17 672.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 155.61 672.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 204.50 672.10 Td (Program\). ) Tj ET Q q 0 0 0 rg BT 251.44 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.52 672.10 Td (The ) Tj ET Q q 0 0 0 rg BT 271.30 672.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 312.43 672.10 Td (may ) Tj ET Q q 0 0 0 rg BT 331.88 672.10 Td (not ) Tj ET Q q 0 0 0 rg BT 346.90 672.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 392.45 672.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 419.68 672.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 446.91 672.10 Td (a ) Tj ET Q q 0 0 0 rg BT 453.59 672.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 502.49 672.10 Td (has ) Tj ET Q q 0 0 0 rg BT 518.05 672.10 Td (held ) Tj ET Q q 0 0 0 rg BT 537.51 672.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.72 660.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.16 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.72 660.10 Td (year) Tj ET Q q 0 0 0 rg BT 97.37 660.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.43 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.99 660.10 Td (However) Tj ET Q q 0 0 0 rg BT 141.24 660.10 Td (, ) Tj ET Q q 0 0 0 rg BT 146.30 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.08 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 202.53 660.10 Td (may ) Tj ET Q q 0 0 0 rg BT 222.30 660.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 268.17 660.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 295.72 660.10 Td (held ) Tj ET Q q 0 0 0 rg BT 315.50 660.10 Td (less ) Tj ET Q q 0 0 0 rg BT 333.06 660.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.83 660.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.27 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.83 660.10 Td (year ) Tj ET Q q 0 0 0 rg BT 389.60 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.94 660.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 446.37 660.10 Td (with ) Tj ET Q q 0 0 0 rg BT 466.71 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 473.71 660.10 Td (stockholder) Tj ET Q q 0 0 0 rg BT 520.73 660.10 Td () Tj ET Q q 0 0 0 rg BT 523.51 660.10 Td (s ) Tj ET Q q 0 0 0 rg BT 529.96 660.10 Td (death ) Tj ET Q q 0 0 0 rg BT 554.18 660.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 93.40 648.10 Td (disability) Tj ET Q q 0 0 0 rg BT 129.97 648.10 Td (. ) Tj ET Q q 0 0 0 rg BT 135.26 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.86 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 156.20 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 197.88 648.10 Td (is ) Tj ET Q q 0 0 0 rg BT 207.34 648.10 Td (not ) Tj ET Q q 0 0 0 rg BT 222.92 648.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 262.92 648.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.50 648.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 319.60 648.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 347.38 648.10 Td (under ) Tj ET Q q 0 0 0 rg BT 372.94 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.95 648.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 413.52 648.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 462.96 648.10 Td (Program. ) Tj ET Q q 0 0 0 rg BT 502.69 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.28 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.62 648.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.39 636.10 Td (amend, ) Tj ET Q q 0 0 0 rg BT 99.22 636.10 Td (suspend ) Tj ET Q q 0 0 0 rg BT 133.11 636.10 Td (or ) Tj ET Q q 0 0 0 rg BT 143.11 636.10 Td (terminate ) Tj ET Q q 0 0 0 rg BT 182.54 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.43 636.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 220.87 636.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 269.19 636.10 Td (Program ) Tj ET Q q 0 0 0 rg BT 305.30 636.10 Td (at ) Tj ET Q q 0 0 0 rg BT 314.19 636.10 Td (its ) Tj ET Q q 0 0 0 rg BT 325.31 636.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 366.42 636.10 Td (at ) Tj ET Q q 0 0 0 rg BT 375.31 636.10 Td (any ) Tj ET Q q 0 0 0 rg BT 391.42 636.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 413.36 636.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 443.36 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.81 636.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 481.69 636.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 507.79 636.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 565.00 636.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.34 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 624.10 Td (six ) Tj ET Q q 0 0 0 rg BT 93.12 624.10 Td (months ) Tj ET Q q 0 0 0 rg BT 124.52 624.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.39 624.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.34 624.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 185.62 624.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.62 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 210.06 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.23 624.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 265.06 624.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.32 624.10 Td (550,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.82 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.76 624.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 376.70 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.98 624.10 Td (common ) Tj ET Q q 0 0 0 rg BT 423.92 624.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 446.98 624.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.58 624.10 Td ($5.2 ) Tj ET Q q 0 0 0 rg BT 480.03 624.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.92 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.87 624.10 Td (at ) Tj ET Q q 0 0 0 rg BT 520.03 624.10 Td (an ) Tj ET Q q 0 0 0 rg BT 531.42 624.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (price ) Tj ET Q q 0 0 0 rg BT 71.84 612.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.52 612.10 Td ($9.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.02 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.37 612.10 Td (per ) Tj ET Q q 0 0 0 rg BT 122.49 612.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 148.45 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.80 612.10 Td (For ) Tj ET Q q 0 0 0 rg BT 167.04 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.61 612.10 Td (year ) Tj ET Q q 0 0 0 rg BT 201.17 612.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.40 612.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 285.84 612.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.84 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 310.69 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.26 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 366.50 612.10 Td (repurchased ) Tj ET 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(per ) Tj ET Q q 0 0 0 rg BT 235.07 600.10 Td (share ) Tj ET Q q 0 0 0 rg BT 258.51 600.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 295.29 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.41 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.96 600.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 345.07 600.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 394.06 600.10 Td (Program. ) Tj ET Q q 0 0 0 rg BT 433.34 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.51 600.10 Td (The ) Tj ET Q q 0 0 0 rg BT 453.40 600.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 494.63 600.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 519.19 600.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 85.13 588.10 Td (received ) Tj ET Q q 0 0 0 rg BT 121.85 588.10 Td (during ) Tj ET Q q 0 0 0 rg BT 150.82 588.10 Td (a ) Tj ET Q q 0 0 0 rg BT 158.12 588.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 189.29 588.10 Td (with ) Tj ET Q q 0 0 0 rg BT 209.93 588.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 248.33 588.10 Td (set ) Tj ET Q q 0 0 0 rg BT 262.30 588.10 Td (aside ) Tj ET Q q 0 0 0 rg BT 285.71 588.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.23 588.10 Td (that ) Tj ET Q q 0 0 0 rg BT 318.08 588.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 352.60 588.10 Td (which ) Tj ET Q q 0 0 0 rg BT 379.90 588.10 Td (are ) Tj ET Q q 0 0 0 rg BT 394.97 588.10 Td (not ) Tj ET Q q 0 0 0 rg BT 410.61 588.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 449.00 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.64 588.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 490.25 588.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 528.65 588.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.44 576.10 Td (its ) Tj ET Q q 0 0 0 rg BT 83.39 576.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 101.73 576.10 Td (. ) Tj ET Q q 0 0 0 rg BT 106.73 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.68 576.10 Td (As ) Tj ET Q q 0 0 0 rg BT 122.29 576.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.12 576.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 168.95 576.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.95 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 193.95 576.10 Td (there ) Tj ET Q q 0 0 0 rg BT 216.44 576.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.37 576.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.37 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.87 576.10 Td (unfulfilled ) Tj ET Q q 0 0 0 rg BT 295.58 576.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 341.38 576.10 Td (requests.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (10. ) Tj ET Q q 0 0 0 rg BT 67.50 556.10 Td (Non-contr) Tj ET Q q 0 0 0 rg BT 111.20 556.10 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 159.08 556.10 Td (ests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.11 536.10 Td (Partnership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (Non-controlling ) Tj ET Q q 0 0 0 rg BT 116.09 516.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 151.57 516.10 Td (include ) Tj ET Q q 0 0 0 rg BT 183.16 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.53 516.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 238.55 516.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 269.03 516.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 316.17 516.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 351.65 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.58 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.96 516.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 418.10 516.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 465.80 516.10 Td (held ) Tj ET Q q 0 0 0 rg BT 485.17 516.10 Td (by ) Tj ET Q q 0 0 0 rg BT 497.32 516.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 527.81 516.10 Td (partners, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.97 504.10 Td (than ) Tj ET Q q 0 0 0 rg BT 93.11 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.24 504.10 Td (Company) Tj ET Q q 0 0 0 rg BT 146.48 504.10 Td (. ) Tj ET Q q 0 0 0 rg BT 151.90 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.82 504.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 187.73 504.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 212.87 504.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 261.33 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.03 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.17 504.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 352.30 504.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 388.55 504.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.14 504.10 Td (based ) Tj ET Q q 0 0 0 rg BT 423.83 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 436.75 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.89 504.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 483.14 504.10 Td (partners) Tj ET Q q 0 0 0 rg BT 517.94 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.86 504.10 Td (ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 95.79 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.12 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.33 492.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 165.31 492.10 Td (Partnership. ) Tj ET Q q 0 0 0 rg BT 216.35 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.34 492.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 252.32 492.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 277.53 492.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 316.61 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.39 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.60 492.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 385.57 492.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 434.11 492.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 499.32 492.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 535.64 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 492.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (three ) Tj ET Q q 0 0 0 rg BT 71.99 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.92 480.10 Td (six ) Tj ET Q q 0 0 0 rg BT 103.09 480.10 Td (months ) Tj ET Q q 0 0 0 rg BT 135.04 480.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.92 480.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.42 480.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 197.25 480.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.25 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.75 480.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.69 480.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.69 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 259.19 480.10 Td (was ) Tj ET Q q 0 0 0 rg BT 277.24 480.10 Td (de ) Tj ET Q q 0 0 0 rg BT 289.18 480.10 Td (minimis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 74.07 440.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 138.09 440.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 173.22 440.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 211.66 440.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 256.23 440.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 283.03 440.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 318.16 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.74 440.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 363.42 440.10 Td (that ) Tj ET Q q 0 0 0 rg BT 380.22 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 394.23 440.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 446.57 440.10 Td (with ) Tj ET Q q 0 0 0 rg BT 466.15 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.17 440.10 Td (Company) Tj ET Q q 0 0 0 rg BT 521.84 440.10 Td (s ) Tj ET Q q 0 0 0 rg BT 527.53 440.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 97.12 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.02 428.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 117.37 428.10 Td (income ) Tj ET Q q 0 0 0 rg BT 149.71 428.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 174.83 428.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 223.27 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.96 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.08 428.10 Td (other ) Tj ET Q q 0 0 0 rg BT 272.53 428.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 337.65 428.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 373.88 428.10 Td (was ) Tj ET Q q 0 0 0 rg BT 392.34 428.10 Td (de ) Tj ET Q q 0 0 0 rg BT 404.68 428.10 Td (minimis ) Tj ET Q q 0 0 0 rg BT 440.37 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.71 428.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.06 428.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 485.46 428.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.35 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 517.26 428.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 535.73 428.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 428.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (three ) Tj ET Q q 0 0 0 rg BT 71.98 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.91 416.10 Td (six ) Tj ET Q q 0 0 0 rg BT 103.08 416.10 Td (months ) Tj ET Q q 0 0 0 rg BT 135.02 416.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.90 416.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.39 416.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 197.21 416.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.21 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 222.21 416.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 269.87 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 274.86 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.80 416.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.73 416.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 318.72 416.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.61 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.11 416.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 368.16 416.10 Td (for ) Tj ET Q q 0 0 0 rg BT 382.32 416.10 Td (both ) Tj ET Q q 0 0 0 rg BT 402.59 416.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 416.10 Td (three ) Tj ET Q q 0 0 0 rg BT 439.78 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.71 416.10 Td (six ) Tj ET Q q 0 0 0 rg BT 470.88 416.10 Td (months ) Tj ET Q q 0 0 0 rg BT 502.82 416.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.70 416.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.19 416.10 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 404.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (1) Tj ET Q q 0 0 0 rg BT 53.95 384.10 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 384.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 85.64 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.96 384.10 Td (V) Tj ET Q q 0 0 0 rg BT 94.27 384.10 Td (alue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.78 364.10 Td (V) Tj ET Q q 0 0 0 rg BT 74.78 364.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 94.50 364.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 124.68 364.10 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.18 344.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.19 344.10 Td (value ) Tj ET Q q 0 0 0 rg BT 106.97 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.43 344.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.55 344.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 203.34 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 212.14 344.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 260.35 344.10 Td (based ) Tj ET Q q 0 0 0 rg BT 285.25 344.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.39 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.73 344.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 343.86 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.32 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.67 344.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 395.25 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.16 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.51 344.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 458.85 344.10 Td (technique ) Tj ET Q q 0 0 0 rg BT 499.85 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.42 344.10 Td (categorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (into ) Tj ET Q q 0 0 0 rg BT 67.94 332.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.25 332.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.24 332.10 Td (-level ) Tj ET Q q 0 0 0 rg BT 120.88 332.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 137.63 332.10 Td (value ) Tj ET Q q 0 0 0 rg BT 162.17 332.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 199.27 332.10 Td (. ) Tj ET Q q 0 0 0 rg BT 204.65 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.32 332.10 Td (The ) Tj ET Q q 0 0 0 rg BT 225.75 332.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 242.50 332.10 Td (value ) Tj ET Q q 0 0 0 rg BT 267.04 332.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 307.67 332.10 Td (gives ) Tj ET Q q 0 0 0 rg BT 331.66 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.75 332.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 378.52 332.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 411.39 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.05 332.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 452.14 332.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 478.90 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.55 332.10 Td (active ) Tj ET Q q 0 0 0 rg BT 516.30 332.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 550.84 332.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 86.43 320.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 112.27 320.10 Td (or ) Tj ET Q q 0 0 0 rg BT 123.10 320.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 162.82 320.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 191.42 320.10 Td (1\) ) Tj ET Q q 0 0 0 rg BT 202.25 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.20 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.92 320.10 Td (lowest ) Tj ET Q q 0 0 0 rg BT 262.53 320.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 295.03 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.31 320.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 361.13 320.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 388.08 320.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 416.68 320.10 Td (3\). ) Tj ET Q q 0 0 0 rg BT 430.01 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.52 320.10 Td (If ) Tj ET Q q 0 0 0 rg BT 441.68 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.40 320.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 483.35 320.10 Td (used ) Tj ET Q q 0 0 0 rg BT 504.19 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.47 320.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 550.29 320.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.98 308.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.15 308.10 Td (fall ) Tj ET Q q 0 0 0 rg BT 154.97 308.10 Td (within ) Tj ET Q q 0 0 0 rg BT 184.03 308.10 Td (dif) Tj ET Q q 0 0 0 rg BT 194.96 308.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 221.77 308.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 248.60 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.43 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.14 308.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 313.25 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 319.25 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.96 308.10 Td (categorization ) Tj ET Q q 0 0 0 rg BT 395.10 308.10 Td (is ) Tj ET Q q 0 0 0 rg BT 405.27 308.10 Td (based ) Tj ET Q q 0 0 0 rg BT 431.54 308.10 Td (on ) Tj ET Q q 0 0 0 rg BT 445.04 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.75 308.10 Td (lowest ) Tj ET Q q 0 0 0 rg BT 490.36 308.10 Td (level ) Tj ET Q q 0 0 0 rg BT 513.30 308.10 Td (input ) Tj ET Q q 0 0 0 rg BT 537.35 308.10 Td (that ) Tj ET Q q 0 0 0 rg BT 555.85 308.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.21 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.49 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.21 296.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 135.58 296.10 Td (value ) Tj ET Q q 0 0 0 rg BT 159.74 296.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 215.55 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.38 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.10 296.10 Td (instrument.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.09 276.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 114.81 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.63 276.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 171.22 276.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 208.58 276.10 Td (at ) Tj ET Q q 0 0 0 rg BT 218.18 276.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 234.44 276.10 Td (value ) Tj ET Q q 0 0 0 rg BT 258.48 276.10 Td (on ) Tj ET Q q 0 0 0 rg BT 270.86 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.46 276.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 338.38 276.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 371.29 276.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 398.12 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 412.70 276.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 461.17 276.10 Td (based ) Tj ET Q q 0 0 0 rg BT 486.32 276.10 Td (on ) Tj ET Q q 0 0 0 rg BT 498.70 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.30 276.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 540.13 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 276.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 89.21 264.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 134.48 264.10 Td (as ) Tj ET Q q 0 0 0 rg BT 145.31 264.10 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 244.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 119.76 244.10 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 244.10 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 162.44 244.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 188.82 244.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.98 244.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 239.90 244.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.73 244.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.56 244.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 316.28 244.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.56 244.10 Td (an ) Tj ET Q q 0 0 0 rg BT 338.50 244.10 Td (active ) Tj ET Q q 0 0 0 rg BT 364.87 244.10 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 224.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 119.76 224.10 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 224.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 170.21 224.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 196.04 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.98 224.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 252.70 224.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 280.75 224.10 Td (values ) Tj ET Q q 0 0 0 rg BT 308.80 224.10 Td (are ) Tj ET Q q 0 0 0 rg BT 323.50 224.10 Td (based ) Tj ET Q q 0 0 0 rg BT 348.77 224.10 Td (on ) Tj ET Q q 0 0 0 rg BT 361.27 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.99 224.10 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 204.10 Td (a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 204.10 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 189.44 204.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 215.82 204.10 Td (for ) Tj ET Q q 0 0 0 rg BT 229.98 204.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 260.25 204.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 286.08 204.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.91 204.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 336.63 204.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.90 204.10 Td (active ) Tj ET Q q 0 0 0 rg BT 373.28 204.10 Td (markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 184.10 Td (b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 184.10 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 189.44 184.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 215.82 184.10 Td (for ) Tj ET Q q 0 0 0 rg BT 229.98 184.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 266.90 184.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.73 184.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 308.01 184.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 333.84 184.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.67 184.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 384.38 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.66 184.10 Td (non-active ) Tj ET Q q 0 0 0 rg BT 439.37 184.10 Td (markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 164.10 Td (c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 164.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 188.89 164.10 Td (models ) Tj ET Q q 0 0 0 rg BT 220.27 164.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 248.33 164.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 275.27 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 289.98 164.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 335.80 164.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.96 164.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 403.01 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.72 164.10 Td (full ) Tj ET Q q 0 0 0 rg BT 434.11 164.10 Td (term ) Tj ET Q q 0 0 0 rg BT 454.94 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.77 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.48 164.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 502.42 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 513.25 164.10 Td (liability) Tj ET Q q 0 0 0 rg BT 543.71 164.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 144.10 Td (d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 144.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 189.09 144.10 Td (models ) Tj ET Q q 0 0 0 rg BT 220.68 144.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 248.93 144.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 276.08 144.10 Td (are ) Tj ET Q q 0 0 0 rg BT 290.99 144.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 323.68 144.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 369.70 144.10 Td (from ) Tj ET Q q 0 0 0 rg BT 391.85 144.10 Td (or ) Tj ET Q q 0 0 0 rg BT 402.88 144.10 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 456.67 144.10 Td (by ) Tj ET Q q 0 0 0 rg BT 469.37 144.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 515.39 144.10 Td (market ) Tj ET Q q 0 0 0 rg BT 545.85 144.10 Td (data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 132.10 Td (for ) Tj ET Q q 0 0 0 rg BT 171.66 132.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 224.71 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.43 132.10 Td (full ) Tj ET Q q 0 0 0 rg BT 255.82 132.10 Td (term ) Tj ET Q q 0 0 0 rg BT 276.64 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.47 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.19 132.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 324.13 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 334.96 132.10 Td (liability) Tj ET Q q 0 0 0 rg BT 365.42 132.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 112.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 119.76 112.10 Td (3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 112.10 Td (Prices ) Tj ET Q q 0 0 0 rg BT 157.78 112.10 Td (or ) Tj ET Q q 0 0 0 rg BT 168.95 112.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 209.01 112.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 254.61 112.10 Td (based ) Tj ET Q q 0 0 0 rg BT 280.22 112.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.06 112.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 320.35 112.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.19 112.10 Td (are ) Tj ET Q q 0 0 0 rg BT 353.24 112.10 Td (both ) Tj ET Q q 0 0 0 rg BT 373.86 112.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 430.02 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.30 112.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 492.35 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.97 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.03 112.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 548.63 112.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 100.10 Td (value ) Tj ET Q q 0 0 0 rg BT 154.66 100.10 Td (measurement.) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.78 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 74.78 704.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 94.50 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.77 704.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 146.16 704.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 69.92 684.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 96.78 684.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.41 684.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 134.26 684.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 177.44 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.41 684.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 204.92 684.10 Td (value ) Tj ET Q q 0 0 0 rg BT 229.21 684.10 Td (about ) Tj ET Q q 0 0 0 rg BT 254.07 684.10 Td (all ) Tj ET Q q 0 0 0 rg BT 266.70 684.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.31 684.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 356.12 684.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.56 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 376.75 684.10 Td (following ) Tj ET Q q 0 0 0 rg BT 418.27 684.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 461.45 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.42 684.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 513.38 684.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.89 684.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.18 684.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 85.80 672.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 133.78 672.10 Td (was ) Tj ET Q q 0 0 0 rg BT 150.65 672.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 196.94 672.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.26 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.79 672.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.99 672.10 Td (using ) Tj ET Q q 0 0 0 rg BT 284.98 672.10 Td (available ) Tj ET Q q 0 0 0 rg BT 322.38 672.10 Td (market ) Tj ET Q q 0 0 0 rg BT 351.46 672.10 Td (information ) Tj ET Q q 0 0 0 rg BT 399.99 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.75 672.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 462.59 672.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 501.12 672.10 Td (methodologies. ) Tj ET Q q 0 0 0 rg BT 565.00 672.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (Considerable ) Tj ET Q q 0 0 0 rg BT 103.98 660.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 143.47 660.10 Td (is ) Tj ET Q q 0 0 0 rg BT 151.86 660.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 192.45 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.95 660.10 Td (interpret ) Tj ET Q q 0 0 0 rg BT 237.54 660.10 Td (market ) Tj ET Q q 0 0 0 rg BT 267.02 660.10 Td (data ) Tj ET Q q 0 0 0 rg BT 285.39 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.55 660.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 334.92 660.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 374.96 660.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 390.56 660.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 416.43 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.77 660.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 467.11 660.10 Td (, ) Tj ET Q q 0 0 0 rg BT 471.33 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.26 660.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 524.19 660.10 Td (presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 77.16 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.04 648.10 Td (not ) Tj ET Q q 0 0 0 rg BT 107.50 648.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 154.60 648.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 196.70 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.71 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.60 648.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 259.16 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.06 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 315.62 648.10 Td (could ) Tj ET Q q 0 0 0 rg BT 340.51 648.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 369.83 648.10 Td (on ) Tj ET Q q 0 0 0 rg BT 382.50 648.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 429.08 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.08 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.97 648.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.63 648.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 544.47 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.95 648.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (use ) Tj ET Q q 0 0 0 rg BT 65.33 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 636.10 Td (dif) Tj ET Q q 0 0 0 rg BT 87.09 636.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 112.90 636.10 Td (market ) Tj ET Q q 0 0 0 rg BT 143.17 636.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 195.12 636.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 223.16 636.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 267.32 636.10 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 328.70 636.10 Td (may ) Tj ET Q q 0 0 0 rg BT 348.42 636.10 Td (have ) Tj ET Q q 0 0 0 rg BT 369.80 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.74 636.10 Td (material ) Tj ET Q q 0 0 0 rg BT 412.00 636.10 Td (ef) Tj ET Q q 0 0 0 rg BT 419.58 636.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 437.07 636.10 Td (on ) Tj ET Q q 0 0 0 rg BT 449.57 636.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 490.39 636.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 506.77 636.10 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.15 616.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.15 616.10 Td (table ) Tj ET Q q 0 0 0 rg BT 132.69 616.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 168.56 616.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.89 616.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 222.54 616.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 258.14 616.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 294.56 616.10 Td (value ) Tj ET Q q 0 0 0 rg BT 319.32 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.87 616.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 353.85 616.10 Td (value ) Tj ET Q q 0 0 0 rg BT 378.61 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.05 616.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.36 616.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.45 616.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 484.88 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.43 616.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 542.75 616.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.19 616.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 85.33 604.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.33 604.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.83 604.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.77 604.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 183.35 604.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.35 604.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.85 604.10 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 238.90 604.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.18 604.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 560.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 560.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 560.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 560.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 560.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 560.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 560.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 560.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 534.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 534.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 534.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 534.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 534.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 534.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 534.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 534.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 534.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 534.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 534.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 534.60 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201 578.6 m 256 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 578.6 m 260 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 578.6 m 315 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 578.6 m 319 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 578.6 m 374 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 578.6 m 433 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 578.6 m 437 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 578.6 m 492 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 578.6 m 496 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 578.6 m 551 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201 578.6 m 256 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201 560.6 m 256 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 578.6 m 315 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 560.6 m 315 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 578.6 m 374 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 560.6 m 374 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 560.6 m 433 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 560.6 m 492 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 560.6 m 551 560.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.10 582.83 Td (June 30, 2016 \(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.75 582.83 Td (December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.20 570.68 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.95 562.73 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.20 570.68 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.35 562.73 Td (V) Tj ET Q q 0 0 0 rg BT 282.39 562.73 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.70 570.68 Td (Fair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.35 562.73 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.20 570.68 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.95 562.73 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.20 570.68 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.35 562.73 Td (V) Tj ET Q q 0 0 0 rg BT 459.39 562.73 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.70 570.68 Td (Fair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.35 562.73 Td (V) Tj ET Q q 0 0 0 rg BT 518.39 562.73 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 551.83 Td (Financial assets:) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 144.72 555.46 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 538.85 Td (Real estate debt investments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.50 538.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.75 538.85 Td (193,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.50 538.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.75 538.85 Td (193,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.50 538.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.75 538.85 Td (197,911) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.50 538.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 538.85 Td (193,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.50 538.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.75 538.85 Td (192,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 538.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.75 538.85 Td (194,277) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 525.83 Td (Financial liabilities:) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 156.28 529.46 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 512.85 Td (Mortgage notes payable, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.50 512.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.75 512.85 Td (1,227,857) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.50 512.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.75 512.85 Td (1,216,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.50 512.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.75 512.85 Td (1,194,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.50 512.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 512.85 Td (579,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.50 512.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.75 512.85 Td (570,985) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 512.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.75 512.85 Td (576,106) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 497.10 Td (_____________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 487.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 487.50 Td (The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.50 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 94.48 467.50 Td (about ) Tj ET Q q 0 0 0 rg BT 118.91 467.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 135.00 467.50 Td (value ) Tj ET Q q 0 0 0 rg BT 158.87 467.50 Td (of ) Tj ET Q q 0 0 0 rg BT 169.41 467.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.61 467.50 Td (instruments ) Tj ET Q q 0 0 0 rg BT 255.49 467.50 Td (is ) Tj ET Q q 0 0 0 rg BT 264.37 467.50 Td (based ) Tj ET Q q 0 0 0 rg BT 289.35 467.50 Td (on ) Tj ET Q q 0 0 0 rg BT 301.57 467.50 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 339.32 467.50 Td (information ) Tj ET Q q 0 0 0 rg BT 388.75 467.50 Td (available ) Tj ET Q q 0 0 0 rg BT 427.05 467.50 Td (to ) Tj ET Q q 0 0 0 rg BT 437.04 467.50 Td (management ) Tj ET Q q 0 0 0 rg BT 490.34 467.50 Td (as ) Tj ET Q q 0 0 0 rg BT 500.89 467.50 Td (of ) Tj ET Q q 0 0 0 rg BT 511.43 467.50 Td (the ) Tj ET Q q 0 0 0 rg BT 525.86 467.50 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.50 Td (date. ) Tj ET Q q 0 0 0 rg BT 71.61 455.50 Td ( ) Tj ET Q q 0 0 0 rg BT 73.91 455.50 Td (Although ) Tj ET Q q 0 0 0 rg BT 114.63 455.50 Td (management ) Tj ET Q q 0 0 0 rg BT 168.67 455.50 Td (is ) Tj ET Q q 0 0 0 rg BT 178.29 455.50 Td (not ) Tj ET Q q 0 0 0 rg BT 194.02 455.50 Td (aware ) Tj ET Q q 0 0 0 rg BT 220.84 455.50 Td (of ) Tj ET Q q 0 0 0 rg BT 232.12 455.50 Td (any ) Tj ET Q q 0 0 0 rg BT 249.51 455.50 Td (factors ) Tj ET Q q 0 0 0 rg BT 279.67 455.50 Td (that ) Tj ET Q q 0 0 0 rg BT 297.61 455.50 Td (would ) Tj ET Q q 0 0 0 rg BT 325.57 455.50 Td (significantly ) Tj ET Q q 0 0 0 rg BT 378.51 455.50 Td (af) Tj ET Q q 0 0 0 rg BT 386.09 455.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 404.03 455.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 420.86 455.50 Td (value, ) Tj ET Q q 0 0 0 rg BT 447.96 455.50 Td (such ) Tj ET Q q 0 0 0 rg BT 469.24 455.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 506.08 455.50 Td (have ) Tj ET Q q 0 0 0 rg BT 527.91 455.50 Td (not ) Tj ET Q q 0 0 0 rg BT 543.64 455.50 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.50 Td (comprehensively ) Tj ET Q q 0 0 0 rg BT 119.60 443.50 Td (revalued ) Tj ET Q q 0 0 0 rg BT 155.81 443.50 Td (for ) Tj ET Q q 0 0 0 rg BT 169.26 443.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 206.60 443.50 Td (of ) Tj ET Q q 0 0 0 rg BT 216.72 443.50 Td (these ) Tj ET Q q 0 0 0 rg BT 239.06 443.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 291.39 443.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.16 443.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 372.16 443.50 Td (since ) Tj ET Q q 0 0 0 rg BT 394.50 443.50 Td (that ) Tj ET Q q 0 0 0 rg BT 411.28 443.50 Td (date ) Tj ET Q q 0 0 0 rg BT 429.73 443.50 Td (and ) Tj ET Q q 0 0 0 rg BT 445.96 443.50 Td (current ) Tj ET Q q 0 0 0 rg BT 476.06 443.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 515.06 443.50 Td (of ) Tj ET Q q 0 0 0 rg BT 525.18 443.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 443.50 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.50 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 431.50 Td (dif) Tj ET Q q 0 0 0 rg BT 80.14 431.50 Td (fer ) Tj ET Q q 0 0 0 rg BT 93.74 431.50 Td (significantly ) Tj ET Q q 0 0 0 rg BT 146.23 431.50 Td (from ) Tj ET Q q 0 0 0 rg BT 168.17 431.50 Td (the ) Tj ET Q q 0 0 0 rg BT 182.89 431.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 219.28 431.50 Td (presented ) Tj ET Q q 0 0 0 rg BT 260.09 431.50 Td (herein.) 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 49.5 410.1669921875 m 167.5224609375 410.1669921875 l s q 0 0 0 rg BT 49.50 411.50 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.33 411.50 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.26 411.50 Td (Debt ) Tj ET Q q 0 0 0 rg BT 119.20 411.50 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.50 Td (For ) Tj ET Q q 0 0 0 rg BT 65.30 391.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 84.42 391.50 Td (investments, ) Tj ET Q q 0 0 0 rg BT 136.60 391.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 152.38 391.50 Td (value ) Tj ET Q q 0 0 0 rg BT 175.94 391.50 Td (was ) Tj ET Q q 0 0 0 rg BT 193.40 391.50 Td (approximated ) Tj ET Q q 0 0 0 rg BT 250.29 391.50 Td (by ) Tj ET Q q 0 0 0 rg BT 262.19 391.50 Td (comparing ) Tj ET Q q 0 0 0 rg BT 306.86 391.50 Td (the ) Tj ET Q q 0 0 0 rg BT 320.98 391.50 Td (current ) Tj ET Q q 0 0 0 rg BT 351.21 391.50 Td (yield ) Tj ET Q q 0 0 0 rg BT 373.11 391.50 Td (to ) Tj ET Q q 0 0 0 rg BT 382.79 391.50 Td (the ) Tj ET Q q 0 0 0 rg BT 396.91 391.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 437.14 391.50 Td (yield ) Tj ET Q q 0 0 0 rg BT 459.04 391.50 Td (for ) Tj ET Q q 0 0 0 rg BT 472.61 391.50 Td (newly ) Tj ET Q q 0 0 0 rg BT 498.95 391.50 Td (originated ) Tj ET Q q 0 0 0 rg BT 541.40 391.50 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.50 Td (with ) Tj ET Q q 0 0 0 rg BT 70.69 379.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 101.88 379.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 128.05 379.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 146.47 379.50 Td (or ) Tj ET Q q 0 0 0 rg BT 158.21 379.50 Td (the ) Tj ET Q q 0 0 0 rg BT 173.84 379.50 Td (market ) Tj ET Q q 0 0 0 rg BT 205.02 379.50 Td (yield ) Tj ET Q q 0 0 0 rg BT 228.43 379.50 Td (at ) Tj ET Q q 0 0 0 rg BT 239.06 379.50 Td (which ) Tj ET Q q 0 0 0 rg BT 266.91 379.50 Td (a ) Tj ET Q q 0 0 0 rg BT 274.76 379.50 Td (third ) Tj ET Q q 0 0 0 rg BT 297.06 379.50 Td (party ) Tj ET Q q 0 0 0 rg BT 321.02 379.50 Td (might ) Tj ET Q q 0 0 0 rg BT 347.77 379.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 377.27 379.50 Td (to ) Tj ET Q q 0 0 0 rg BT 388.46 379.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 427.42 379.50 Td (such ) Tj ET Q q 0 0 0 rg BT 449.16 379.50 Td (investment. ) Tj ET Q q 0 0 0 rg BT 498.95 379.50 Td ( ) Tj ET Q q 0 0 0 rg BT 502.37 379.50 Td (Fair ) Tj ET Q q 0 0 0 rg BT 521.89 379.50 Td (value ) Tj ET Q q 0 0 0 rg BT 546.96 379.50 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 98.36 367.50 Td (assuming ) Tj ET Q q 0 0 0 rg BT 140.01 367.50 Td (fully-extended ) Tj ET Q q 0 0 0 rg BT 202.20 367.50 Td (maturities ) Tj ET Q q 0 0 0 rg BT 246.07 367.50 Td (regardless ) Tj ET Q q 0 0 0 rg BT 290.48 367.50 Td (of ) Tj ET Q q 0 0 0 rg BT 302.69 367.50 Td (structural ) Tj ET Q q 0 0 0 rg BT 344.33 367.50 Td (or ) Tj ET Q q 0 0 0 rg BT 356.54 367.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 399.29 367.50 Td (tests ) Tj ET Q q 0 0 0 rg BT 420.94 367.50 Td (required ) Tj ET Q q 0 0 0 rg BT 458.13 367.50 Td (to ) Tj ET Q q 0 0 0 rg BT 469.79 367.50 Td (achieve ) Tj ET Q q 0 0 0 rg BT 504.20 367.50 Td (such ) Tj ET Q q 0 0 0 rg BT 526.40 367.50 Td (extended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.50 Td (maturities. ) Tj ET Q q 0 0 0 rg BT 94.06 355.50 Td ( ) Tj ET Q q 0 0 0 rg BT 95.98 355.50 Td (These ) Tj ET Q q 0 0 0 rg BT 121.93 355.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 137.88 355.50 Td (value ) Tj ET Q q 0 0 0 rg BT 161.60 355.50 Td (measurements ) Tj ET Q q 0 0 0 rg BT 220.87 355.50 Td (of ) Tj ET Q q 0 0 0 rg BT 231.27 355.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 250.56 355.50 Td (are ) Tj ET Q q 0 0 0 rg BT 264.84 355.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 304.11 355.50 Td (based ) Tj ET Q q 0 0 0 rg BT 328.95 355.50 Td (on ) Tj ET Q q 0 0 0 rg BT 341.02 355.50 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 396.41 355.50 Td (inputs ) Tj ET Q q 0 0 0 rg BT 422.92 355.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 441.93 355.50 Td (as ) Tj ET Q q 0 0 0 rg BT 452.33 355.50 Td (such, ) Tj ET Q q 0 0 0 rg BT 475.23 355.50 Td (are ) Tj ET Q q 0 0 0 rg BT 489.51 355.50 Td (classified ) Tj ET Q q 0 0 0 rg BT 529.35 355.50 Td (as ) Tj ET Q q 0 0 0 rg BT 539.75 355.50 Td (Level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.50 Td (3 ) Tj ET Q q 0 0 0 rg BT 57.00 343.50 Td (of ) Tj ET Q q 0 0 0 rg BT 67.83 343.50 Td (the ) Tj ET Q q 0 0 0 rg BT 82.55 343.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.92 343.50 Td (value ) Tj ET Q q 0 0 0 rg BT 123.08 343.50 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 160.18 343.50 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 49.5 322.1669921875 m 167.80078125 322.1669921875 l s q 0 0 0 rg BT 49.50 323.50 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 90.88 323.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 116.71 323.50 Td (Payable, ) Tj ET Q q 0 0 0 rg BT 153.36 323.50 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.50 Td (For ) Tj ET Q q 0 0 0 rg BT 65.72 303.50 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 105.81 303.50 Td (notes ) Tj ET Q q 0 0 0 rg BT 129.24 303.50 Td (payable, ) Tj ET Q q 0 0 0 rg BT 165.16 303.50 Td (the ) Tj ET Q q 0 0 0 rg BT 179.70 303.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.92 303.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 260.45 303.50 Td (uses ) Tj ET Q q 0 0 0 rg BT 280.00 303.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 301.20 303.50 Td (currently ) Tj ET Q q 0 0 0 rg BT 339.62 303.50 Td (available ) Tj ET Q q 0 0 0 rg BT 378.04 303.50 Td (with ) Tj ET Q q 0 0 0 rg BT 398.14 303.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 428.24 303.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 452.78 303.50 Td (and ) Tj ET Q q 0 0 0 rg BT 469.55 303.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 512.41 303.50 Td (maturities ) Tj ET Q q 0 0 0 rg BT 554.73 303.50 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 84.57 291.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 100.19 291.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 126.09 291.50 Td ( ) Tj ET Q q 0 0 0 rg BT 127.71 291.50 Td (These ) Tj ET Q q 0 0 0 rg BT 153.33 291.50 Td (measurements ) Tj ET Q q 0 0 0 rg BT 212.28 291.50 Td (are ) Tj ET Q q 0 0 0 rg BT 226.23 291.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 272.96 291.50 Td (using ) Tj ET Q q 0 0 0 rg BT 296.37 291.50 Td (comparable ) Tj ET Q q 0 0 0 rg BT 344.76 291.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 364.16 291.50 Td (T) Tj ET Q q 0 0 0 rg BT 369.92 291.50 Td (reasury ) Tj ET Q q 0 0 0 rg BT 401.09 291.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 421.72 291.50 Td (as ) Tj ET Q q 0 0 0 rg BT 431.79 291.50 Td (of ) Tj ET Q q 0 0 0 rg BT 441.87 291.50 Td (the ) Tj ET Q q 0 0 0 rg BT 455.83 291.50 Td (end ) Tj ET Q q 0 0 0 rg BT 472.01 291.50 Td (of ) Tj ET Q q 0 0 0 rg BT 482.09 291.50 Td (the ) Tj ET Q q 0 0 0 rg BT 496.05 291.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 534.45 291.50 Td (period. ) Tj ET Q q 0 0 0 rg BT 565.00 291.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.50 Td (These ) Tj ET Q q 0 0 0 rg BT 75.88 279.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 92.25 279.50 Td (value ) Tj ET Q q 0 0 0 rg BT 116.41 279.50 Td (measurements ) Tj ET Q q 0 0 0 rg BT 176.11 279.50 Td (are ) Tj ET Q q 0 0 0 rg BT 190.82 279.50 Td (based ) Tj ET Q q 0 0 0 rg BT 216.09 279.50 Td (on ) Tj ET Q q 0 0 0 rg BT 228.59 279.50 Td (observable ) Tj ET Q q 0 0 0 rg BT 274.40 279.50 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 303.85 279.50 Td (and ) Tj ET Q q 0 0 0 rg BT 320.79 279.50 Td (as ) Tj ET Q q 0 0 0 rg BT 331.62 279.50 Td (such, ) Tj ET Q q 0 0 0 rg BT 354.95 279.50 Td (are ) Tj ET Q q 0 0 0 rg BT 369.66 279.50 Td (classified ) Tj ET Q q 0 0 0 rg BT 409.92 279.50 Td (as ) Tj ET Q q 0 0 0 rg BT 420.75 279.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 446.01 279.50 Td (2 ) Tj ET Q q 0 0 0 rg BT 453.51 279.50 Td (of ) Tj ET Q q 0 0 0 rg BT 464.34 279.50 Td (the ) Tj ET Q q 0 0 0 rg BT 479.06 279.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 495.44 279.50 Td (value ) Tj ET Q q 0 0 0 rg BT 519.59 279.50 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 556.70 279.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.50 Td (12. ) Tj ET Q q 0 0 0 rg BT 64.50 259.50 Td ( ) Tj ET Q q 0 0 0 rg BT 67.00 259.50 Td ( ) Tj ET Q q 0 0 0 rg BT 69.50 259.50 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 259.50 Td (Segment ) Tj ET Q q 0 0 0 rg BT 111.16 259.50 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.50 Td (The ) Tj ET Q q 0 0 0 rg BT 68.45 239.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.74 239.50 Td (conducts ) Tj ET Q q 0 0 0 rg BT 149.69 239.50 Td (its ) Tj ET Q q 0 0 0 rg BT 162.54 239.50 Td (business ) Tj ET Q q 0 0 0 rg BT 199.83 239.50 Td (through ) Tj ET Q q 0 0 0 rg BT 234.34 239.50 Td (the ) Tj ET Q q 0 0 0 rg BT 249.96 239.50 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.25 239.50 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.91 239.50 Td ( ) Tj ET Q q 0 0 0 rg BT 312.31 239.50 Td (segments, ) Tj ET Q q 0 0 0 rg BT 355.43 239.50 Td (which ) Tj ET Q q 0 0 0 rg BT 383.27 239.50 Td (are ) Tj ET Q q 0 0 0 rg BT 398.88 239.50 Td (based ) Tj ET Q q 0 0 0 rg BT 425.05 239.50 Td (on ) Tj ET Q q 0 0 0 rg BT 438.46 239.50 Td (how ) Tj ET Q q 0 0 0 rg BT 459.08 239.50 Td (management ) Tj ET Q q 0 0 0 rg BT 513.57 239.50 Td (reviews ) Tj ET Q q 0 0 0 rg BT 548.07 239.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.50 Td (manages ) Tj ET Q q 0 0 0 rg BT 86.99 227.50 Td (its ) Tj ET Q q 0 0 0 rg BT 98.93 227.50 Td (business:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 207.50 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 207.50 Td (Real ) Tj ET Q q 0 0 0 rg BT 106.30 207.50 Td (Estate ) Tj ET Q q 0 0 0 rg BT 133.78 207.50 Td (Equity ) Tj ET Q q 0 0 0 rg BT 162.36 207.50 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.69 207.50 Td ( ) Tj ET Q q 0 0 0 rg BT 168.17 207.50 Td (Focused ) Tj ET Q q 0 0 0 rg BT 203.98 207.50 Td (on ) Tj ET Q q 0 0 0 rg BT 216.46 207.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 243.94 207.50 Td (investments, ) Tj ET Q q 0 0 0 rg BT 296.69 207.50 Td (directly ) Tj ET Q q 0 0 0 rg BT 329.71 207.50 Td (or ) Tj ET Q q 0 0 0 rg BT 340.52 207.50 Td (through ) Tj ET Q q 0 0 0 rg BT 374.11 207.50 Td (joint ) Tj ET Q q 0 0 0 rg BT 394.92 207.50 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 433.78 207.50 Td (with ) Tj ET Q q 0 0 0 rg BT 454.04 207.50 Td (a ) Tj ET Q q 0 0 0 rg BT 460.95 207.50 Td (focus ) Tj ET Q q 0 0 0 rg BT 485.09 207.50 Td (on ) Tj ET Q q 0 0 0 rg BT 497.57 207.50 Td (properties ) Tj ET Q q 0 0 0 rg BT 540.04 207.50 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 207.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 195.50 Td (mid-acuity ) Tj ET Q q 0 0 0 rg BT 130.55 195.50 Td (senior ) Tj ET Q q 0 0 0 rg BT 156.72 195.50 Td (housing ) Tj ET Q q 0 0 0 rg BT 190.13 195.50 Td (sector) Tj ET Q q 0 0 0 rg BT 213.60 195.50 Td (, ) Tj ET Q q 0 0 0 rg BT 217.83 195.50 Td (which ) Tj ET Q q 0 0 0 rg BT 244.01 195.50 Td (the ) Tj ET Q q 0 0 0 rg BT 257.96 195.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 298.57 195.50 Td (defines ) Tj ET Q q 0 0 0 rg BT 329.18 195.50 Td (as ) Tj ET Q q 0 0 0 rg BT 338.86 195.50 Td (ALF) Tj ET Q q 0 0 0 rg BT 356.95 195.50 Td (, ) Tj ET Q q 0 0 0 rg BT 361.19 195.50 Td (MCF) Tj ET Q q 0 0 0 rg BT 381.51 195.50 Td (, ) Tj ET Q q 0 0 0 rg BT 385.74 195.50 Td (SNF) Tj ET Q q 0 0 0 rg BT 403.29 195.50 Td (, ) Tj ET Q q 0 0 0 rg BT 407.52 195.50 Td (ILF ) Tj ET Q q 0 0 0 rg BT 424.25 195.50 Td (and ) Tj ET Q q 0 0 0 rg BT 440.42 195.50 Td (CCRC. ) Tj ET Q q 0 0 0 rg BT 471.33 195.50 Td ( ) Tj ET Q q 0 0 0 rg BT 472.94 195.50 Td (The ) Tj ET Q q 0 0 0 rg BT 490.22 195.50 Td (Company) Tj ET Q q 0 0 0 rg BT 531.88 195.50 Td (s ) Tj ET Q q 0 0 0 rg BT 537.51 195.50 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 183.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 135.60 183.50 Td (may ) Tj ET Q q 0 0 0 rg BT 155.15 183.50 Td (also ) Tj ET Q q 0 0 0 rg BT 173.58 183.50 Td (include ) Tj ET Q q 0 0 0 rg BT 205.34 183.50 Td (MOB, ) Tj ET Q q 0 0 0 rg BT 232.96 183.50 Td (hospitals, ) Tj ET Q q 0 0 0 rg BT 273.34 183.50 Td (rehabilitation ) Tj ET Q q 0 0 0 rg BT 328.98 183.50 Td (facilities ) Tj ET Q q 0 0 0 rg BT 365.74 183.50 Td (and ) Tj ET Q q 0 0 0 rg BT 382.51 183.50 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 419.82 183.50 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 463.22 183.50 Td (services ) Tj ET Q q 0 0 0 rg BT 497.76 183.50 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 544.81 183.50 Td ( ) Tj ET Q q 0 0 0 rg BT 546.97 183.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 171.50 Td (Company) Tj ET Q q 0 0 0 rg BT 127.17 171.50 Td (s ) Tj ET Q q 0 0 0 rg BT 133.63 171.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.97 171.50 Td (are ) Tj ET Q q 0 0 0 rg BT 198.75 171.50 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 259.64 171.50 Td (in ) Tj ET Q q 0 0 0 rg BT 269.99 171.50 Td (the ) Tj ET Q q 0 0 0 rg BT 284.78 171.50 Td (United ) Tj ET Q q 0 0 0 rg BT 314.56 171.50 Td (States, ) Tj ET Q q 0 0 0 rg BT 343.52 171.50 Td (but ) Tj ET Q q 0 0 0 rg BT 358.87 171.50 Td (it ) Tj ET Q q 0 0 0 rg BT 367.00 171.50 Td (also ) Tj ET Q q 0 0 0 rg BT 385.68 171.50 Td (selectively ) Tj ET Q q 0 0 0 rg BT 431.01 171.50 Td (makes ) Tj ET Q q 0 0 0 rg BT 459.13 171.50 Td (international ) Tj ET Q q 0 0 0 rg BT 512.23 171.50 Td (investments. ) Tj ET Q q 0 0 0 rg BT 565.01 171.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 159.50 Td (The ) Tj ET Q q 0 0 0 rg BT 105.32 159.50 Td (Company) Tj ET Q q 0 0 0 rg BT 146.98 159.50 Td (s ) Tj ET Q q 0 0 0 rg BT 155.14 159.50 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 200.49 159.50 Td (properties ) Tj ET Q q 0 0 0 rg BT 244.75 159.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 286.22 159.50 Td (operate ) Tj ET Q q 0 0 0 rg BT 319.91 159.50 Td (under ) Tj ET Q q 0 0 0 rg BT 346.95 159.50 Td (net ) Tj ET Q q 0 0 0 rg BT 363.44 159.50 Td (leases ) Tj ET Q q 0 0 0 rg BT 391.58 159.50 Td (or ) Tj ET Q q 0 0 0 rg BT 404.18 159.50 Td (through ) Tj ET Q q 0 0 0 rg BT 439.56 159.50 Td (management ) Tj ET Q q 0 0 0 rg BT 494.92 159.50 Td (agreements ) Tj ET Q q 0 0 0 rg BT 544.72 159.50 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 147.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 136.87 147.50 Td (third-party ) Tj ET Q q 0 0 0 rg BT 182.14 147.50 Td (operators.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 127.50 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 127.50 Td (Real ) Tj ET Q q 0 0 0 rg BT 106.62 127.50 Td (Estate ) Tj ET Q q 0 0 0 rg BT 134.40 127.50 Td (Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.84 127.50 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.63 127.50 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.76 127.50 Td (Focused ) Tj ET Q q 0 0 0 rg BT 198.88 127.50 Td (on ) Tj ET Q q 0 0 0 rg BT 211.67 127.50 Td (originating, ) Tj ET Q q 0 0 0 rg BT 260.84 127.50 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 301.40 127.50 Td (and ) Tj ET Q q 0 0 0 rg BT 318.63 127.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 340.86 127.50 Td (managing ) Tj ET Q q 0 0 0 rg BT 383.09 127.50 Td (healthcare-related ) Tj ET Q q 0 0 0 rg BT 457.49 127.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 477.50 127.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 528.06 127.50 Td (and ) Tj ET Q q 0 0 0 rg BT 545.29 127.50 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 115.50 Td (include ) Tj ET Q q 0 0 0 rg BT 116.27 115.50 Td (first ) Tj ET Q q 0 0 0 rg BT 133.72 115.50 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 172.82 115.50 Td (loans, ) Tj ET Q q 0 0 0 rg BT 197.76 115.50 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 245.75 115.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 280.42 115.50 Td (and ) Tj ET Q q 0 0 0 rg BT 296.19 115.50 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 340.28 115.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 362.72 115.50 Td (and ) Tj ET Q q 0 0 0 rg BT 378.50 115.50 Td (participations ) Tj ET Q q 0 0 0 rg BT 434.26 115.50 Td (in ) Tj ET Q q 0 0 0 rg BT 443.38 115.50 Td (such ) Tj ET Q q 0 0 0 rg BT 463.05 115.50 Td (loans, ) Tj ET Q q 0 0 0 rg BT 487.99 115.50 Td (as ) Tj ET Q q 0 0 0 rg BT 497.66 115.50 Td (well ) Tj ET Q q 0 0 0 rg BT 516.21 115.50 Td (as ) Tj ET Q q 0 0 0 rg BT 525.88 115.50 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 103.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 113.00 103.50 Td (interests.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 83.50 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 83.50 Td (Healthcar) Tj ET Q q 0 0 0 rg BT 125.68 83.50 Td (e-Related ) Tj ET Q q 0 0 0 rg BT 167.99 83.50 Td (Securities ) Tj ET Q q 0 0 0 rg BT 211.43 83.50 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.76 83.50 Td ( ) Tj ET Q q 0 0 0 rg BT 218.77 83.50 Td (Focused ) Tj ET Q q 0 0 0 rg BT 256.11 83.50 Td (on ) Tj ET Q q 0 0 0 rg BT 270.11 83.50 Td (investing ) Tj ET Q q 0 0 0 rg BT 310.79 83.50 Td (in ) Tj ET Q q 0 0 0 rg BT 322.57 83.50 Td (and ) Tj ET Q q 0 0 0 rg BT 341.02 83.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 364.46 83.50 Td (managing ) Tj ET Q q 0 0 0 rg BT 407.90 83.50 Td (healthcare-related ) Tj ET Q q 0 0 0 rg BT 483.52 83.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 525.29 83.50 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 71.50 Td (consisting ) Tj ET Q q 0 0 0 rg BT 127.68 71.50 Td (of ) Tj ET Q q 0 0 0 rg BT 137.64 71.50 Td (commercial ) Tj ET Q q 0 0 0 rg BT 186.46 71.50 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 257.49 71.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 296.88 71.50 Td (and ) Tj ET Q q 0 0 0 rg BT 312.95 71.50 Td (other ) Tj ET Q q 0 0 0 rg BT 335.12 71.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 374.51 71.50 Td (backed ) Tj ET Q q 0 0 0 rg BT 404.45 71.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 443.28 71.50 Td (by ) Tj ET Q q 0 0 0 rg BT 454.91 71.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 477.64 71.50 Td (secured ) Tj ET Q q 0 0 0 rg BT 509.80 71.50 Td (by ) Tj ET Q q 0 0 0 rg BT 521.43 71.50 Td (healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 59.50 Td (properties.) 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0 rg BT 478.04 660.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.68 660.10 Td (six ) Tj ET Q q 0 0 0 rg BT 506.76 660.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 660.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 84.62 648.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.62 648.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.91 648.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 131.81 648.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 169.13 648.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.36 648.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.36 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.15 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.27 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.27 648.10 Td (Company) Tj ET Q q 0 0 0 rg BT 272.94 648.10 Td (s ) Tj ET Q q 0 0 0 rg BT 278.62 648.10 Td (operators, ) Tj ET Q q 0 0 0 rg BT 319.99 648.10 Td (W) Tj ET Q q 0 0 0 rg BT 328.62 648.10 Td (atermark ) Tj ET Q q 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Tj ET Q q 0 0 0 rg BT 343.40 636.10 Td (following ) Tj ET Q q 0 0 0 rg BT 384.31 636.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 409.66 636.10 Td (present ) Tj ET Q q 0 0 0 rg BT 440.57 636.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 475.92 636.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 514.60 636.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.28 636.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 636.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 624.10 Td (six ) Tj ET Q q 0 0 0 rg BT 80.61 624.10 Td (months ) Tj ET Q q 0 0 0 rg BT 112.56 624.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.43 624.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.93 624.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 174.76 624.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.76 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.76 624.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.70 624.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 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1 rg /GS0 gs 363.00 439.60 5.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 439.60 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 439.60 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 439.60 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 399.60 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 399.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 399.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 399.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 399.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 399.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 399.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 399.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 399.60 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 571.6 m 299 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 571.6 m 363 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 571.6 m 428 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 571.6 m 492 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 571.6 m 299 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 571.6 m 363 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 571.6 m 428 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 439.6 m 299 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 439.6 m 363 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 439.6 m 428 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 439.6 m 492 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 386.6 m 299 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 386.6 m 363 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 386.6 m 428 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 386.6 m 492 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 374.6 m 299 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 372.6 m 299 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 374.6 m 363 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 372.6 m 363 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 374.6 m 428 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 372.6 m 428 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 374.6 m 492 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 372.6 m 492 372.6 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52.5 595.580078125 m 138.70703125 595.580078125 l s q 0 0 0 rg BT 52.50 596.83 Td (Statement of Operations:) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52.5 574.580078125 m 173.703125 574.580078125 l s q 0 0 0 rg BT 52.50 575.83 Td (Three Months Ended June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.05 583.83 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.90 575.83 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.05 583.83 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.25 575.83 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.65 575.83 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 412.19 579.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 575.83 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 562.85 Td (Rental and resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.50 562.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 562.85 Td (62,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.50 562.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 562.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.50 562.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 562.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.50 562.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 562.85 Td (62,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 549.85 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.80 549.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 549.85 Td (5,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 549.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.80 549.85 Td (5,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 534.85 Td (Other revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 534.85 Td (194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 534.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 534.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 534.85 Td (194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 521.85 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 521.85 Td (\(34,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 521.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 521.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 521.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 521.85 Td (\(34,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 521.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 508.85 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 508.85 Td (\(13,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 508.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 508.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 508.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 508.85 Td (\(13,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 508.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 495.85 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.10 495.85 Td (\(249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 495.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 495.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 495.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.10 495.85 Td (\(249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 495.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 482.85 Td (Asset management and other fees - related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.80 482.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 482.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.10 482.85 Td (\(8,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 482.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 482.85 Td (\(8,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 482.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 469.85 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.10 469.85 Td (\(247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 469.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.10 469.85 Td (\(25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.80 469.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.10 469.85 Td (\(8,450) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 469.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 469.85 Td (\(8,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 469.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 456.85 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 456.85 Td (\(13,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 456.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 456.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 456.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 456.85 Td (\(13,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 456.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 443.85 Td (Realized gain \(loss\) on investments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 443.85 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 443.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 443.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 443.85 Td (411) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 431.68 Td (Income \(loss\) before equity in earnings \(losses\) of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 423.68 Td (unconsolidated ventures and income tax benefit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 415.68 Td (\(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 416.85 Td (1,484) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 416.85 Td (4,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 416.85 Td (\(16,902) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 416.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 416.85 Td (\(10,438) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 416.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 403.85 Td (Equity in earnings \(losses\) of unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 403.85 Td (\(17,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 403.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 403.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 403.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 403.85 Td (\(17,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 403.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 390.85 Td (Income tax benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.10 390.85 Td (\(33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 390.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 390.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 390.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.10 390.85 Td (\(33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 390.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 377.83 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.50 377.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 377.85 Td (\(15,981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 377.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.50 377.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 377.85 Td (4,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.50 377.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 377.85 Td (\(16,902) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 377.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.50 377.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 377.85 Td (\(27,903) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 377.85 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 364.50 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 354.90 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 354.90 Td (Includes unallocated asset management fee-related party and general and administrative expenses.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 302.40 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 302.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 302.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 302.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 302.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 302.40 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 302.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 302.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 302.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 276.40 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 276.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 276.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 276.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 276.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 276.40 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 276.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 276.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 276.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 250.40 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 250.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 250.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 250.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 250.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 250.40 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 250.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 250.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 250.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 224.40 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 224.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 224.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 224.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 224.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 224.40 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 224.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 224.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 224.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 198.40 185.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 198.40 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 198.40 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 198.40 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 198.40 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 198.40 5.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 198.40 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 198.40 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 198.40 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 158.40 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 158.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 158.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 158.40 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 158.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 158.40 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 158.40 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 158.40 4.00 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162.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 162.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 162.65 Td (\(5,351) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 162.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 149.65 Td (Income tax benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 149.65 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 149.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 149.65 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 149.65 Td (208) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 136.63 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.50 136.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 136.65 Td (\(7,099) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 136.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.50 136.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 136.65 Td (3,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.50 136.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 136.65 Td (\(22,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 136.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.50 136.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 136.65 Td (\(25,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 136.65 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 123.30 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 113.70 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 113.70 Td (Includes unallocated asset management fee-related party and general and administrative expenses.) 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1 rg /GS0 gs 363.00 544.50 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 544.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 544.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 544.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 504.50 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 504.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 504.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 504.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 504.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 504.50 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 504.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 504.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 504.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 478.50 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 478.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 478.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 478.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 478.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 478.50 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 478.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 478.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 478.50 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 676.5 m 299 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 676.5 m 363 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 676.5 m 428 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 676.5 m 492 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 676.5 m 299 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 676.5 m 363 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 676.5 m 428 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 531.5 m 299 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 531.5 m 363 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 531.5 m 428 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 531.5 m 299 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 531.5 m 363 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 531.5 m 428 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 531.5 m 492 531.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 478.5 m 299 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 478.5 m 363 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 478.5 m 428 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 478.5 m 492 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 466.5 m 299 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 464.5 m 299 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 466.5 m 363 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 464.5 m 363 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 466.5 m 428 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 464.5 m 428 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 466.5 m 492 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 464.5 m 492 464.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52.5 700.480078125 m 138.70703125 700.480078125 l s q 0 0 0 rg BT 52.50 701.73 Td (Statement of Operations:) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52.5 679.480078125 m 164.08203125 679.480078125 l s q 0 0 0 rg BT 52.50 680.73 Td (Six Months Ended June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.05 688.73 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.90 680.73 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.05 688.73 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.25 680.73 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.65 680.73 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 412.19 684.36 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 680.73 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 667.75 Td (Rental and resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.50 667.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 667.75 Td (106,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.50 667.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 667.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.50 667.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 667.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.50 667.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 667.75 Td (106,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 654.75 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.80 654.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 654.75 Td (10,040) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 654.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 654.75 Td (10,040) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 639.75 Td (Other revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 639.75 Td (469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 639.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 639.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 639.75 Td (469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 626.75 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 626.75 Td (\(58,379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 626.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 626.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 626.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 626.75 Td (\(58,379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 626.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 613.75 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 613.75 Td (\(21,527) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 613.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 613.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 613.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 613.75 Td (\(21,527) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 613.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 600.75 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 600.75 Td (\(1,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 600.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 600.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 600.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 600.75 Td (\(1,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 600.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 587.75 Td (Asset management and other fees - related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.80 587.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 587.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 587.75 Td (\(28,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 587.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 587.75 Td (\(28,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 587.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 574.75 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.10 574.75 Td (\(505) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 574.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.10 574.75 Td (\(49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.80 574.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 574.75 Td (\(16,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 574.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 574.75 Td (\(16,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 574.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 561.75 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 561.75 Td (\(25,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 561.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 561.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 561.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 561.75 Td (\(25,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 561.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 548.75 Td (Realized gain \(loss\) on investments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 548.75 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 548.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 548.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 548.75 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 535.75 Td (Gain \(loss\) on consolidation of unconsolidated venture) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 535.75 Td (6,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 535.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 535.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.80 535.75 Td (6,408) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 523.58 Td (Income \(loss\) before equity in earnings \(losses\) of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 515.58 Td (unconsolidated ventures and income tax benefit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 507.58 Td (\(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 508.75 Td (6,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 508.75 Td (9,991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 508.75 Td (\(44,084) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 508.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 508.75 Td (\(27,693) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 508.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 495.75 Td (Equity in earnings \(losses\) of unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 495.75 Td (\(31,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 495.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 495.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 495.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 495.75 Td (\(31,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 495.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 482.75 Td (Income tax benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 482.75 Td (\(7,124) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 482.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 482.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 482.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 482.75 Td (\(7,124) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 482.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 469.73 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.50 469.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 469.75 Td (\(32,193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 469.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.50 469.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 469.75 Td (9,991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.50 469.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 469.75 Td (\(44,084) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 469.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.50 469.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 469.75 Td (\(66,286) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 469.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 456.40 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 438.80 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 438.80 Td (Includes unallocated asset management fee-related party and general and administrative expenses.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 386.30 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 386.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 386.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 386.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 386.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 386.30 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 386.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 386.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 386.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 360.30 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 360.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 360.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 360.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 360.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 360.30 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 360.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 360.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 360.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.30 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 334.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 334.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 334.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 334.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 334.30 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 334.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 334.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 334.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 308.30 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 308.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 308.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 308.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 308.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 308.30 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 308.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 308.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 308.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 282.30 185.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 282.30 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 282.30 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 282.30 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 282.30 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 282.30 5.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 282.30 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 282.30 4.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 282.30 60.00 -27.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 242.30 185.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 242.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 242.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 242.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 242.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.00 242.30 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 242.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 242.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 242.30 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 386.29999999999995 m 299 386.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 386.29999999999995 m 363 386.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 386.29999999999995 m 428 386.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 386.29999999999995 m 492 386.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 386.29999999999995 m 299 386.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 386.29999999999995 m 363 386.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 386.29999999999995 m 428 386.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 282.29999999999995 m 299 282.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 282.29999999999995 m 363 282.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 282.29999999999995 m 428 282.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 282.29999999999995 m 492 282.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 229.29999999999995 m 299 229.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 229.29999999999995 m 363 229.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 229.29999999999995 m 428 229.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 229.29999999999995 m 492 229.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 217.29999999999995 m 299 217.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 215.29999999999995 m 299 215.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 217.29999999999995 m 363 217.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 215.29999999999995 m 363 215.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 217.29999999999995 m 428 217.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 215.29999999999995 m 428 215.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 217.29999999999995 m 492 217.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 215.29999999999995 m 492 215.29999999999995 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52.5 410.28007812499993 m 138.70703125 410.28007812499993 l s q 0 0 0 rg BT 52.50 411.53 Td (Statement of Operations:) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52.5 389.28007812499993 m 164.08203125 389.28007812499993 l s q 0 0 0 rg BT 52.50 390.53 Td (Six Months Ended June 30, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.05 398.53 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.90 390.53 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.05 398.53 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.25 390.53 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.65 390.53 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 412.19 394.16 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 390.53 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 377.55 Td (Rental and resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.50 377.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 377.55 Td (25,627) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.50 377.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 377.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.50 377.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 377.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.50 377.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 377.55 Td (25,627) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 364.55 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.80 364.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 364.55 Td (7,208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 364.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.80 364.55 Td (7,208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 351.55 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 351.55 Td (\(11,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 351.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 351.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 351.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 351.55 Td (\(11,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 351.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 338.55 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 338.55 Td (\(4,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 338.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 338.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.10 338.55 Td (\(401) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 338.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 338.55 Td (\(5,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 338.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 325.55 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 325.55 Td (\(4,542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 325.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 325.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 325.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 325.55 Td (\(4,542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 325.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 312.55 Td (Asset management and other fees - related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.80 312.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 312.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 312.55 Td (\(20,543) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 312.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 312.55 Td (\(20,543) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 312.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 299.55 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.10 299.55 Td (\(50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 299.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.10 299.55 Td (\(39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.80 299.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.10 299.55 Td (\(7,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 299.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 299.55 Td (\(7,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 299.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 286.55 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 286.55 Td (\(6,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 286.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 286.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 286.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 286.55 Td (\(6,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 286.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 274.38 Td (Income \(loss\) before equity in earnings \(losses\) of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 266.38 Td (unconsolidated ventures and income tax benefit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 258.38 Td (\(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 259.55 Td (\(1,510) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 259.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 259.55 Td (7,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 259.55 Td (\(27,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 259.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 259.55 Td (\(22,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 259.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 246.55 Td (Equity in earnings \(losses\) of unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 246.55 Td (\(8,941) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 246.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 246.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 246.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.10 246.55 Td (\(8,941) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 246.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 233.55 Td (Income tax benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 233.55 Td (553) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 233.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 233.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 233.55 Td (553) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 220.53 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.50 220.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.10 220.55 Td (\(9,898) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.80 220.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.50 220.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.80 220.55 Td (7,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.50 220.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.10 220.55 Td (\(27,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.80 220.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.50 220.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 220.55 Td (\(30,685) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.80 220.55 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 207.20 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 197.60 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 197.60 Td (Includes unallocated asset management fee-related party and general and administrative expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (The following table presents total assets by segment as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.22 177.60 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.05 177.60 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.49 177.60 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.08 177.60 Td ( \(dollars in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 146.10 150.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 146.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.00 146.10 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.00 146.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 146.10 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 146.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 146.10 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 146.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 146.10 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 120.10 150.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 120.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.00 120.10 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.00 120.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.00 120.10 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 120.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 120.10 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 120.10 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 120.10 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204 146.10000000000002 m 264 146.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 146.10000000000002 m 328 146.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 146.10000000000002 m 392 146.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 146.10000000000002 m 456 146.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268 146.10000000000002 m 328 146.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 146.10000000000002 m 392 146.10000000000002 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52.5 149.080078125 m 106.05078125 149.080078125 l s q 0 0 0 rg BT 52.50 150.33 Td (Balance Sheets:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.05 158.33 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.90 150.33 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.05 158.33 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.25 150.33 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.65 150.33 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 376.19 153.96 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.75 150.33 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 137.33 Td (June 30, 2016 \(Unaudited\):) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 124.33 Td (Total Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.50 124.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.75 124.35 Td (2,240,747) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.50 124.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 124.35 Td (194,508) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.50 124.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.80 124.35 Td (128,110) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.50 124.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.75 124.35 Td (2,563,365) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 111.33 Td (December 31, 2015:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 98.33 Td (Total Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.50 98.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.75 98.35 Td (1,460,392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.50 98.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 98.35 Td (194,451) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.50 98.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.80 98.35 Td (347,385) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.50 98.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.75 98.35 Td (2,002,228) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 85.00 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 75.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 75.40 Td (Primarily includes unrestricted cash balances.) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 745.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 745.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 745.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 745.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 745.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 745.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 745.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 727.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (13. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 704.25 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 100.90 684.25 Td (Reinvestment ) Tj ET Q q 0 0 0 rg BT 156.71 684.25 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (For ) Tj ET Q q 0 0 0 rg BT 65.32 664.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.46 664.25 Td (period ) Tj ET Q q 0 0 0 rg BT 106.93 664.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.29 664.25 Td (July ) Tj ET Q q 0 0 0 rg BT 146.88 664.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 156.31 664.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.31 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 178.23 664.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.84 664.25 Td (August5, ) Tj ET Q q 0 0 0 rg BT 251.65 664.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.65 664.25 Td (, ) Tj ET Q q 0 0 0 rg BT 276.08 664.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.22 664.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 331.03 664.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.95 664.25 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 372.38 664.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.27 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.19 664.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 430.11 664.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 466.47 664.25 Td (to ) Tj ET Q q 0 0 0 rg BT 476.17 664.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.31 664.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 508.66 664.25 Td (, ) Tj ET Q q 0 0 0 rg BT 513.08 664.25 Td (representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 73.11 652.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 111.15 652.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.98 652.25 Td ($1) Tj ET Q q 0 0 0 rg BT 131.61 652.25 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 146.61 652.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 652.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.31 612.25 Td (August ) Tj ET Q q 0 0 0 rg BT 96.51 612.25 Td (10, ) Tj ET Q q 0 0 0 rg BT 112.33 612.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.33 612.25 Td (, ) Tj ET Q q 0 0 0 rg BT 138.15 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.68 612.25 Td (board ) Tj ET Q q 0 0 0 rg BT 179.77 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.41 612.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 229.72 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.36 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.90 612.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 299.10 612.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 339.63 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 347.38 612.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 370.69 612.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 391.78 612.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 441.21 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.85 612.25 Td ($0.001844262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.35 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 513.67 612.25 Td (per ) Tj ET Q q 0 0 0 rg BT 529.76 612.25 Td (share ) Tj ET Q q 0 0 0 rg BT 554.17 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (common ) Tj ET Q q 0 0 0 rg BT 87.38 600.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 111.36 600.25 Td (for ) Tj ET Q q 0 0 0 rg BT 125.90 600.25 Td (each ) Tj ET Q q 0 0 0 rg BT 147.10 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.31 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.41 600.25 Td (three ) Tj ET Q q 0 0 0 rg BT 196.27 600.25 Td (months ) Tj ET Q q 0 0 0 rg BT 228.60 600.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.36 600.25 Td (December ) Tj ET Q q 0 0 0 rg BT 299.32 600.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 314.70 600.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.70 600.25 Td (. ) Tj ET Q q 0 0 0 rg BT 340.08 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.96 600.25 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 398.07 600.25 Td (are ) Tj ET Q q 0 0 0 rg BT 413.15 600.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 453.23 600.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 473.33 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.99 600.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 537.42 600.25 Td (on ) Tj ET Q q 0 0 0 rg BT 550.30 600.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (first ) Tj ET Q q 0 0 0 rg BT 68.11 588.25 Td (business ) Tj ET Q q 0 0 0 rg BT 104.50 588.25 Td (day ) Tj ET Q q 0 0 0 rg BT 121.44 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.27 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.99 588.25 Td (month ) Tj ET Q q 0 0 0 rg BT 175.04 588.25 Td (following ) Tj ET Q q 0 0 0 rg BT 216.43 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.15 588.25 Td (month ) Tj ET Q q 0 0 0 rg BT 259.20 588.25 Td (for ) Tj ET Q q 0 0 0 rg BT 273.36 588.25 Td (which ) Tj ET Q q 0 0 0 rg BT 300.30 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.02 588.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 363.63 588.25 Td (was ) Tj ET Q q 0 0 0 rg BT 381.68 588.25 Td (accrued.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.02 568.25 Td (e ) Tj ET Q q 0 0 0 rg BT 74.96 568.25 Td (Repur) Tj ET Q q 0 0 0 rg BT 99.03 568.25 Td (chases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.62 548.25 Td (July ) Tj ET Q q 0 0 0 rg BT 92.74 548.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 102.68 548.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.68 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.13 548.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.15 548.25 Td (August5, ) Tj ET Q q 0 0 0 rg BT 199.49 548.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.49 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 224.43 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.10 548.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 280.43 548.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.19 548.25 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 346.13 548.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.03 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 377.47 548.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 404.91 548.25 Td (for ) Tj ET Q q 0 0 0 rg BT 419.02 548.25 Td (a ) Tj ET Q q 0 0 0 rg BT 425.91 548.25 Td (total ) Tj ET Q q 0 0 0 rg BT 446.13 548.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 548.25 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 476.85 548.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.74 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 508.19 548.25 Td (or ) Tj ET Q q 0 0 0 rg BT 518.97 548.25 Td (a ) Tj ET Q q 0 0 0 rg BT 525.86 548.25 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (average ) Tj ET Q q 0 0 0 rg BT 82.53 536.25 Td (price ) Tj ET Q q 0 0 0 rg BT 104.47 536.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.75 536.25 Td ($8.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.25 536.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.20 536.25 Td (per ) Tj ET Q q 0 0 0 rg BT 153.92 536.25 Td (share ) Tj ET Q q 0 0 0 rg BT 176.97 536.25 Td (under ) Tj ET Q q 0 0 0 rg BT 201.69 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.86 536.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 240.58 536.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 289.17 536.25 Td (Program ) Tj ET Q q 0 0 0 rg BT 325.56 536.25 Td (that ) Tj ET Q q 0 0 0 rg BT 342.51 536.25 Td (enables ) Tj ET Q q 0 0 0 rg BT 374.44 536.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 426.94 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.67 536.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 452.51 536.25 Td (their ) Tj ET Q q 0 0 0 rg BT 472.78 536.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 499.72 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 509.45 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 536.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.19 524.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.31 524.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 152.37 524.25 Td (including ) Tj ET Q q 0 0 0 rg BT 193.06 524.25 Td (death ) Tj ET Q q 0 0 0 rg BT 217.63 524.25 Td (or ) Tj ET Q q 0 0 0 rg BT 228.88 524.25 Td (a ) Tj ET Q q 0 0 0 rg BT 236.23 524.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 280.25 524.25 Td (disability) Tj ET Q q 0 0 0 rg BT 316.83 524.25 Td (. ) Tj ET Q q 0 0 0 rg BT 322.24 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 324.95 524.25 Td (The ) Tj ET Q q 0 0 0 rg BT 343.41 524.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 385.21 524.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 410.35 524.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 456.58 524.25 Td (requests ) Tj ET Q q 0 0 0 rg BT 492.26 524.25 Td (received ) Tj ET Q q 0 0 0 rg BT 529.04 524.25 Td (during ) Tj ET Q q 0 0 0 rg BT 558.06 524.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.32 512.25 Td (with ) Tj ET Q q 0 0 0 rg BT 100.59 512.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 138.63 512.25 Td (set ) Tj ET Q q 0 0 0 rg BT 152.24 512.25 Td (aside ) Tj ET Q q 0 0 0 rg BT 175.29 512.25 Td (for ) Tj ET Q q 0 0 0 rg BT 189.45 512.25 Td (that ) Tj ET Q q 0 0 0 rg BT 206.94 512.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 241.10 512.25 Td (which ) Tj ET Q q 0 0 0 rg BT 268.04 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 282.75 512.25 Td (not ) Tj ET Q q 0 0 0 rg BT 298.03 512.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 336.06 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 346.34 512.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 376.59 512.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 414.63 512.25 Td (received ) Tj ET Q q 0 0 0 rg BT 450.99 512.25 Td (from ) Tj ET Q q 0 0 0 rg BT 472.93 512.25 Td (its ) Tj ET Q q 0 0 0 rg BT 484.88 512.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 503.22 512.25 Td (.) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 2.Management) Tj ET Q q 0 0 0 rg BT 149.05 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 221.03 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.09 722.25 Td (following ) Tj ET Q q 0 0 0 rg BT 109.52 722.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 153.73 722.25 Td (should ) Tj ET Q q 0 0 0 rg BT 182.95 722.25 Td (be ) Tj ET Q q 0 0 0 rg BT 194.93 722.25 Td (read ) Tj ET Q q 0 0 0 rg BT 214.68 722.25 Td (in ) Tj ET Q q 0 0 0 rg BT 225.00 722.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 274.75 722.25 Td (with ) Tj ET Q q 0 0 0 rg BT 295.07 722.25 Td (our ) Tj ET Q q 0 0 0 rg BT 310.95 722.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 364.03 722.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 401.56 722.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 446.31 722.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.29 722.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 486.94 722.25 Td (thereto ) Tj ET Q q 0 0 0 rg BT 517.25 722.25 Td (included ) Tj ET Q q 0 0 0 rg BT 554.23 722.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 70.92 710.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 81.02 710.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 125.27 710.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 176.19 710.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.11 710.25 Td (this ) Tj ET Q q 0 0 0 rg BT 204.16 710.25 Td (report. ) Tj ET Q q 0 0 0 rg BT 233.13 710.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.73 710.25 Td (References ) Tj ET Q q 0 0 0 rg BT 282.74 710.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.12 710.25 Td (we, ) Tj ET Q q 0 0 0 rg BT 318.75 710.25 Td (us ) Tj ET Q q 0 0 0 rg BT 339.12 710.25 Td (or ) Tj ET Q q 0 0 0 rg BT 350.05 710.25 Td (our ) Tj ET Q q 0 0 0 rg BT 374.85 710.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 396.32 710.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.69 710.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 448.73 710.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 494.63 710.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 529.71 710.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 547.58 710.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.25 Td (its ) Tj ET Q q 0 0 0 rg BT 61.95 698.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 111.67 698.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 139.17 698.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.88 698.25 Td (context ) Tj ET Q q 0 0 0 rg BT 185.82 698.25 Td (specifically ) Tj ET Q q 0 0 0 rg BT 234.40 698.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 269.11 698.25 Td (otherwise.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (Intr) Tj ET Q q 0 0 0 rg BT 67.04 678.25 Td (oduction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 658.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.50 658.25 Td (were ) Tj ET Q q 0 0 0 rg BT 85.35 658.25 Td (formed ) Tj ET Q q 0 0 0 rg BT 115.64 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 124.84 658.25 Td (acquire, ) Tj ET Q q 0 0 0 rg BT 158.19 658.25 Td (originate ) Tj ET Q q 0 0 0 rg BT 195.15 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.01 658.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 231.87 658.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 264.38 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 270.24 658.25 Td (diversified ) Tj ET Q q 0 0 0 rg BT 314.43 658.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 350.84 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.60 658.25 Td (equity) Tj ET Q q 0 0 0 rg BT 384.94 658.25 Td (, ) Tj ET Q q 0 0 0 rg BT 388.86 658.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 407.50 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.36 658.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 462.54 658.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 511.74 658.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.94 658.25 Td (healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (real ) Tj ET Q q 0 0 0 rg BT 67.74 646.25 Td (estate, ) Tj ET Q q 0 0 0 rg BT 95.75 646.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 129.05 646.25 Td (or ) Tj ET Q q 0 0 0 rg BT 140.13 646.25 Td (through ) Tj ET Q q 0 0 0 rg BT 173.99 646.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 195.08 646.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 234.21 646.25 Td (with ) Tj ET Q q 0 0 0 rg BT 254.74 646.25 Td (a ) Tj ET Q q 0 0 0 rg BT 261.93 646.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 286.35 646.25 Td (on ) Tj ET Q q 0 0 0 rg BT 299.10 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.07 646.25 Td (mid-acuity ) Tj ET Q q 0 0 0 rg BT 360.14 646.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 387.33 646.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 421.76 646.25 Td (sector) Tj ET Q q 0 0 0 rg BT 445.23 646.25 Td (, ) Tj ET Q q 0 0 0 rg BT 450.49 646.25 Td (which ) Tj ET Q q 0 0 0 rg BT 477.68 646.25 Td (we ) Tj ET Q q 0 0 0 rg BT 492.09 646.25 Td (define ) Tj ET Q q 0 0 0 rg BT 519.83 646.25 Td (as ) Tj ET Q q 0 0 0 rg BT 530.91 646.25 Td (assisted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (living, ) Tj ET Q q 0 0 0 rg BT 77.80 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 87.67 634.25 Td (ALF) Tj ET Q q 0 0 0 rg BT 105.76 634.25 Td (, ) Tj ET Q q 0 0 0 rg BT 110.23 634.25 Td (memory ) Tj ET Q q 0 0 0 rg BT 145.52 634.25 Td (care, ) Tj ET Q q 0 0 0 rg BT 166.64 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 176.94 634.25 Td (MCF) Tj ET Q q 0 0 0 rg BT 197.26 634.25 Td (, ) Tj ET Q q 0 0 0 rg BT 201.73 634.25 Td (skilled ) Tj ET Q q 0 0 0 rg BT 230.36 634.25 Td (nursing, ) Tj ET Q q 0 0 0 rg BT 264.83 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 275.13 634.25 Td (SNF) Tj ET Q q 0 0 0 rg BT 292.68 634.25 Td (, ) Tj ET Q q 0 0 0 rg BT 297.15 634.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 347.99 634.25 Td (living, ) Tj ET Q q 0 0 0 rg BT 375.79 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 386.09 634.25 Td (ILF) Tj ET Q q 0 0 0 rg BT 400.29 634.25 Td (, ) Tj ET Q q 0 0 0 rg BT 404.76 634.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 441.16 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.56 634.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 502.31 634.25 Td (care ) Tj ET Q q 0 0 0 rg BT 520.92 634.25 Td (retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (communities, ) Tj ET Q q 0 0 0 rg BT 106.90 622.25 Td (or ) Tj ET Q q 0 0 0 rg BT 117.97 622.25 Td (CCRC, ) Tj ET Q q 0 0 0 rg BT 149.88 622.25 Td (which ) Tj ET Q q 0 0 0 rg BT 177.06 622.25 Td (may ) Tj ET Q q 0 0 0 rg BT 197.02 622.25 Td (have ) Tj ET Q q 0 0 0 rg BT 218.63 622.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 270.24 622.25 Td (living, ) Tj ET Q q 0 0 0 rg BT 298.82 622.25 Td (assisted ) Tj ET Q q 0 0 0 rg BT 332.66 622.25 Td (living, ) Tj ET Q q 0 0 0 rg BT 361.24 622.25 Td (skilled ) Tj ET Q q 0 0 0 rg BT 390.64 622.25 Td (nursing ) Tj ET Q q 0 0 0 rg BT 423.38 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 440.55 622.25 Td (memory ) Tj ET Q q 0 0 0 rg BT 476.62 622.25 Td (care ) Tj ET Q q 0 0 0 rg BT 496.00 622.25 Td (available ) Tj ET Q q 0 0 0 rg BT 534.83 622.25 Td (on ) Tj ET Q q 0 0 0 rg BT 547.57 622.25 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (campus. ) Tj ET Q q 0 0 0 rg BT 85.51 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 87.80 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 96.44 610.25 Td (e ) Tj ET Q q 0 0 0 rg BT 103.34 610.25 Td (also ) Tj ET Q q 0 0 0 rg BT 121.91 610.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 148.26 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 158.51 610.25 Td (other ) Tj ET Q q 0 0 0 rg BT 181.52 610.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 225.06 610.25 Td (property ) Tj ET Q q 0 0 0 rg BT 261.40 610.25 Td (types, ) Tj ET Q q 0 0 0 rg BT 287.48 610.25 Td (including ) Tj ET Q q 0 0 0 rg BT 327.72 610.25 Td (medical ) Tj ET Q q 0 0 0 rg BT 361.83 610.25 Td (of) Tj ET Q q 0 0 0 rg BT 369.98 610.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 387.43 610.25 Td (buildings, ) Tj ET Q q 0 0 0 rg BT 429.62 610.25 Td (or ) Tj ET Q q 0 0 0 rg BT 440.42 610.25 Td (MOB, ) Tj ET Q q 0 0 0 rg BT 468.17 610.25 Td (hospitals, ) Tj ET Q q 0 0 0 rg BT 508.69 610.25 Td (rehabilitation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 88.08 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.18 598.25 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 144.82 598.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 189.55 598.25 Td (services ) Tj ET Q q 0 0 0 rg BT 225.42 598.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 273.79 598.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.45 598.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 296.66 598.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 348.09 598.25 Td (are ) Tj ET Q q 0 0 0 rg BT 363.95 598.25 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 425.93 598.25 Td (in ) Tj ET Q q 0 0 0 rg BT 437.36 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.23 598.25 Td (United ) Tj ET Q q 0 0 0 rg BT 484.11 598.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 514.15 598.25 Td (but ) Tj ET Q q 0 0 0 rg BT 530.58 598.25 Td (we ) Tj ET Q q 0 0 0 rg BT 545.90 598.25 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (selectively ) Tj ET Q q 0 0 0 rg BT 94.13 586.25 Td (make ) Tj ET Q q 0 0 0 rg BT 117.16 586.25 Td (international ) Tj ET Q q 0 0 0 rg BT 169.07 586.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 220.72 586.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.00 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 230.64 586.25 Td (e ) Tj ET Q q 0 0 0 rg BT 236.45 586.25 Td (were ) Tj ET Q q 0 0 0 rg BT 257.25 586.25 Td (formed ) Tj ET Q q 0 0 0 rg BT 287.50 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.66 586.25 Td (October ) Tj ET Q q 0 0 0 rg BT 330.24 586.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 351.61 586.25 Td (as ) Tj ET Q q 0 0 0 rg BT 361.32 586.25 Td (a ) Tj ET Q q 0 0 0 rg BT 367.13 586.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 407.38 586.25 Td (corporation ) Tj ET Q q 0 0 0 rg BT 454.85 586.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.66 586.25 Td (commenced ) Tj ET Q q 0 0 0 rg BT 520.35 586.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.16 574.25 Td (February ) Tj ET Q q 0 0 0 rg BT 98.65 574.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 123.53 574.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.74 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 134.38 574.25 Td (e ) Tj ET Q q 0 0 0 rg BT 141.20 574.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 171.90 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.06 574.25 Td (be ) Tj ET Q q 0 0 0 rg BT 193.88 574.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 217.92 574.25 Td (as ) Tj ET Q q 0 0 0 rg BT 228.64 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 235.46 574.25 Td (real ) Tj ET Q q 0 0 0 rg BT 252.83 574.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 277.98 574.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 324.24 574.25 Td (trust, ) Tj ET Q q 0 0 0 rg BT 346.91 574.25 Td (or ) Tj ET Q q 0 0 0 rg BT 357.62 574.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 379.09 574.25 Td (, ) Tj ET Q q 0 0 0 rg BT 383.98 574.25 Td (under ) Tj ET Q q 0 0 0 rg BT 409.13 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.73 574.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 457.21 574.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 494.58 574.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 518.07 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.79 574.25 Td (1986, ) Tj ET Q q 0 0 0 rg BT 553.67 574.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 90.48 562.25 Td (or ) Tj ET Q q 0 0 0 rg BT 100.70 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.81 562.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 147.79 562.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 184.67 562.25 Td (Code, ) Tj ET Q q 0 0 0 rg BT 210.17 562.25 Td (commencing ) Tj ET Q q 0 0 0 rg BT 263.71 562.25 Td (with ) Tj ET Q q 0 0 0 rg BT 283.37 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.48 562.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 328.24 562.25 Td (year ) Tj ET Q q 0 0 0 rg BT 347.34 562.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 373.11 562.25 Td (December ) Tj ET Q q 0 0 0 rg BT 416.08 562.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 430.47 562.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 454.86 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 456.61 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 465.25 562.25 Td (e ) Tj ET Q q 0 0 0 rg BT 471.58 562.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 505.12 562.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.34 562.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (so ) Tj ET Q q 0 0 0 rg BT 61.39 550.25 Td (as ) Tj ET Q q 0 0 0 rg BT 72.22 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.50 550.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 119.43 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.71 550.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 160.54 550.25 Td (as ) Tj ET Q q 0 0 0 rg BT 171.37 550.25 Td (a ) Tj ET Q q 0 0 0 rg BT 178.31 550.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 200.34 550.25 Td ( ) Tj ET Q q 0 0 0 rg BT 202.84 550.25 Td (for ) Tj ET Q q 0 0 0 rg BT 217.00 550.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 237.29 550.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 267.54 550.25 Td (income ) Tj ET Q q 0 0 0 rg BT 299.47 550.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 314.19 550.25 Td (purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.64 530.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 96.72 530.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 147.59 530.25 Td (are ) Tj ET Q q 0 0 0 rg BT 162.88 530.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 203.17 530.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 247.34 530.25 Td (properties, ) Tj ET Q q 0 0 0 rg BT 292.91 530.25 Td (which ) Tj ET Q q 0 0 0 rg BT 320.44 530.25 Td (are ) Tj ET Q q 0 0 0 rg BT 335.73 530.25 Td (either ) Tj ET Q q 0 0 0 rg BT 361.59 530.25 Td (structured ) Tj ET Q q 0 0 0 rg BT 404.66 530.25 Td (as ) Tj ET Q q 0 0 0 rg BT 416.08 530.25 Td (net ) Tj ET Q q 0 0 0 rg BT 431.38 530.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 458.35 530.25 Td (to ) Tj ET Q q 0 0 0 rg BT 469.22 530.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 513.38 530.25 Td (operators ) Tj ET Q q 0 0 0 rg BT 553.68 530.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (operated ) Tj ET Q q 0 0 0 rg BT 86.38 518.25 Td (through ) Tj ET Q q 0 0 0 rg BT 119.44 518.25 Td (management ) Tj ET Q q 0 0 0 rg BT 172.49 518.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 219.98 518.25 Td (with ) Tj ET Q q 0 0 0 rg BT 239.71 518.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 290.54 518.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 335.26 518.25 Td (operators, ) Tj ET Q q 0 0 0 rg BT 376.92 518.25 Td (where ) Tj ET Q q 0 0 0 rg BT 403.30 518.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 446.35 518.25 Td (through ) Tj ET Q q 0 0 0 rg BT 479.41 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.58 518.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 515.62 518.25 Td ( ) Tj ET Q q 0 0 0 rg BT 517.58 518.25 Td (Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (Diversification ) Tj ET Q q 0 0 0 rg BT 112.36 506.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.18 506.25 Td (Empowerment ) Tj ET Q q 0 0 0 rg BT 189.91 506.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 206.73 506.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.44 506.25 Td (2007, ) Tj ET Q q 0 0 0 rg BT 242.32 506.25 Td (or ) Tj ET Q q 0 0 0 rg BT 253.04 506.25 Td (RIDEA, ) Tj ET Q q 0 0 0 rg BT 288.47 506.25 Td (structures ) Tj ET Q q 0 0 0 rg BT 329.73 506.25 Td (that ) Tj ET Q q 0 0 0 rg BT 347.11 506.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 375.59 506.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 389.36 506.25 Td (through ) Tj ET Q q 0 0 0 rg BT 422.85 506.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 454.11 506.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 476.15 506.25 Td ( ) Tj ET Q q 0 0 0 rg BT 478.53 506.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 530.63 506.25 Td (or ) Tj ET Q q 0 0 0 rg BT 541.17 506.25 Td (TRS, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.60 494.25 Td (have ) Tj ET Q q 0 0 0 rg BT 80.29 494.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 104.87 494.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 142.79 494.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.39 494.25 Td (resident ) Tj ET Q q 0 0 0 rg BT 185.86 494.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 199.88 494.25 Td (income ) Tj ET Q q 0 0 0 rg BT 231.13 494.25 Td (and ) Tj ET Q q 0 0 0 rg BT 247.39 494.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 269.76 494.25 Td (related ) Tj ET Q q 0 0 0 rg BT 298.78 494.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 338.36 494.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 378.77 494.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.59 494.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 397.96 494.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 417.00 494.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 466.59 494.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 496.18 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 506.33 494.25 Td (first ) Tj ET Q q 0 0 0 rg BT 524.26 494.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 73.61 482.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.55 482.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 135.80 482.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 161.90 482.25 Td ( ) Tj ET Q q 0 0 0 rg BT 163.85 482.25 Td (As ) Tj ET Q q 0 0 0 rg BT 177.47 482.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.30 482.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 224.13 482.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.13 482.25 Td (, ) Tj ET Q q 0 0 0 rg BT 249.13 482.25 Td (we ) Tj ET Q q 0 0 0 rg BT 263.29 482.25 Td (did ) Tj ET Q q 0 0 0 rg BT 278.56 482.25 Td (not ) Tj ET Q q 0 0 0 rg BT 293.84 482.25 Td (own ) Tj ET Q q 0 0 0 rg BT 313.56 482.25 Td (any ) Tj ET Q q 0 0 0 rg BT 330.50 482.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 370.77 482.25 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 462.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.33 462.25 Td (are ) Tj ET Q q 0 0 0 rg BT 79.79 462.25 Td (externally ) Tj ET Q q 0 0 0 rg BT 122.02 462.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 160.37 462.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.06 462.25 Td (have ) Tj ET Q q 0 0 0 rg BT 198.19 462.25 Td (no ) Tj ET Q q 0 0 0 rg BT 210.44 462.25 Td (employees. ) Tj ET Q q 0 0 0 rg BT 257.96 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 260.21 462.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 282.46 462.25 Td (to ) Tj ET Q q 0 0 0 rg BT 292.49 462.25 Td (June ) Tj ET Q q 0 0 0 rg BT 313.07 462.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 327.83 462.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 352.58 462.25 Td (we ) Tj ET Q q 0 0 0 rg BT 366.49 462.25 Td (were ) Tj ET Q q 0 0 0 rg BT 388.17 462.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 426.52 462.25 Td (by ) Tj ET Q q 0 0 0 rg BT 438.77 462.25 Td (an ) Tj ET Q q 0 0 0 rg BT 450.46 462.25 Td (af) Tj ET Q q 0 0 0 rg BT 458.05 462.25 Td (filiate ) Tj ET Q q 0 0 0 rg BT 483.62 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.21 462.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 535.90 462.25 Td (Realty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (Finance ) Tj ET Q q 0 0 0 rg BT 84.93 450.25 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 110.70 450.25 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 146.19 450.25 Td (NRF\), ) Tj ET Q q 0 0 0 rg BT 174.75 450.25 Td (or ) Tj ET Q q 0 0 0 rg BT 186.35 450.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 229.06 450.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 254.51 450.25 Td (. ) Tj ET Q q 0 0 0 rg BT 260.28 450.25 Td ( ) Tj ET Q q 0 0 0 rg BT 263.55 450.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 272.81 450.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 303.29 450.25 Td (June ) Tj ET Q q 0 0 0 rg BT 324.89 450.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 340.66 450.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 366.43 450.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 409.14 450.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 438.52 450.25 Td (spun-of) Tj ET Q q 0 0 0 rg BT 468.89 450.25 Td (f ) Tj ET Q q 0 0 0 rg BT 475.49 450.25 Td (its ) Tj ET Q q 0 0 0 rg BT 488.21 450.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 510.92 450.25 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (business ) Tj ET Q q 0 0 0 rg BT 85.89 438.25 Td (into ) Tj ET Q q 0 0 0 rg BT 103.45 438.25 Td (a ) Tj ET Q q 0 0 0 rg BT 109.88 438.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 144.63 438.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 179.41 438.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 206.39 438.25 Td (company) Tj ET Q q 0 0 0 rg BT 242.40 438.25 Td (, ) Tj ET Q q 0 0 0 rg BT 246.90 438.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 287.89 438.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 312.11 438.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 366.31 438.25 Td (Group ) Tj ET Q q 0 0 0 rg BT 393.86 438.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 411.13 438.25 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 445.35 438.25 Td (NSAM\), ) Tj ET Q q 0 0 0 rg BT 482.07 438.25 Td (or ) Tj ET Q q 0 0 0 rg BT 492.40 438.25 Td (our ) Tj ET Q q 0 0 0 rg BT 507.73 438.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 539.96 438.25 Td (. ) Tj ET Q q 0 0 0 rg BT 544.46 438.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 438.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 85.65 426.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.96 426.25 Td (its ) Tj ET Q q 0 0 0 rg BT 115.28 426.25 Td (af) Tj ET Q q 0 0 0 rg BT 122.87 426.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 152.95 426.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 186.37 426.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 208.68 426.25 Td (management ) Tj ET Q q 0 0 0 rg BT 262.63 426.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.94 426.25 Td (other ) Tj ET Q q 0 0 0 rg BT 303.36 426.25 Td (services ) Tj ET Q q 0 0 0 rg BT 338.44 426.25 Td (to ) Tj ET Q q 0 0 0 rg BT 349.09 426.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 363.35 426.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 405.66 426.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 431.11 426.25 Td (, ) Tj ET Q q 0 0 0 rg BT 436.48 426.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 478.79 426.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 507.76 426.25 Td (Europe ) Tj ET Q q 0 0 0 rg BT 539.51 426.25 Td (Corp. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (\(NYSE: ) Tj ET Q q 0 0 0 rg BT 85.72 414.25 Td (NRE\), ) Tj ET Q q 0 0 0 rg BT 115.04 414.25 Td (other ) Tj ET Q q 0 0 0 rg BT 139.08 414.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 183.13 414.25 Td (public ) Tj ET Q q 0 0 0 rg BT 211.62 414.25 Td (retail-focused ) Tj ET Q q 0 0 0 rg BT 270.09 414.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 316.35 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.28 414.25 Td (any ) Tj ET Q q 0 0 0 rg BT 352.21 414.25 Td (other ) Tj ET Q q 0 0 0 rg BT 376.25 414.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 422.51 414.25 Td (our ) Tj ET Q q 0 0 0 rg BT 439.34 414.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 475.62 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.55 414.25 Td (its ) Tj ET Q q 0 0 0 rg BT 506.49 414.25 Td (af) Tj ET Q q 0 0 0 rg BT 514.08 414.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 544.79 414.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 82.99 402.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.66 402.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.78 402.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 135.05 402.25 Td (or ) Tj ET Q q 0 0 0 rg BT 145.28 402.25 Td (collectively ) Tj ET Q q 0 0 0 rg BT 193.82 402.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.93 402.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 238.72 402.25 Td (Managed ) Tj ET Q q 0 0 0 rg BT 277.83 402.25 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 327.22 402.25 Td (both ) Tj ET Q q 0 0 0 rg BT 346.89 402.25 Td (in ) Tj ET Q q 0 0 0 rg BT 356.57 402.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.68 402.25 Td (United ) Tj ET Q q 0 0 0 rg BT 399.79 402.25 Td (States ) Tj ET Q q 0 0 0 rg BT 425.57 402.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.91 402.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 499.57 402.25 Td (. ) Tj ET Q q 0 0 0 rg BT 503.97 402.25 Td ( ) Tj ET Q q 0 0 0 rg BT 505.45 402.25 Td (As ) Tj ET Q q 0 0 0 rg BT 518.46 402.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.68 402.25 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 390.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.97 390.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 106.33 390.25 Td (had ) Tj ET Q q 0 0 0 rg BT 123.24 390.25 Td (an ) Tj ET Q q 0 0 0 rg BT 135.14 390.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 176.47 390.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.27 390.25 Td ($40.0 ) Tj ET Q q 0 0 0 rg BT 212.24 390.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.35 390.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.82 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.61 390.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.41 390.25 Td (under ) Tj ET Q q 0 0 0 rg BT 302.65 390.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 358.70 390.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 394.50 390.25 Td (for ) Tj ET Q q 0 0 0 rg BT 408.62 390.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 465.53 390.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.78 390.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 507.67 390.25 Td (or ) Tj ET Q q 0 0 0 rg BT 518.46 390.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 534.82 390.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.10 378.25 Td (by ) Tj ET Q q 0 0 0 rg BT 112.43 378.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 143.65 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.42 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.97 378.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 206.19 378.25 Td (Managed ) Tj ET Q q 0 0 0 rg BT 245.73 378.25 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 295.55 378.25 Td ( ) Tj ET Q q 0 0 0 rg BT 297.88 378.25 Td (Concurrent ) Tj ET Q q 0 0 0 rg BT 345.19 378.25 Td (with ) Tj ET Q q 0 0 0 rg BT 365.30 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.84 378.25 Td (spin-of) Tj ET Q q 0 0 0 rg BT 407.99 378.25 Td (f, ) Tj ET Q q 0 0 0 rg BT 416.15 378.25 Td (af) Tj ET Q q 0 0 0 rg BT 423.74 378.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 453.28 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 463.94 378.25 Td (our ) Tj ET Q q 0 0 0 rg BT 479.59 378.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 514.71 378.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 546.46 378.25 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.30 366.25 Td (new ) Tj ET Q q 0 0 0 rg BT 74.81 366.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 111.11 366.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 154.61 366.25 Td (with ) Tj ET Q q 0 0 0 rg BT 174.24 366.25 Td (us ) Tj ET Q q 0 0 0 rg BT 184.99 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.28 366.25 Td (each ) Tj ET Q q 0 0 0 rg BT 221.46 366.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.64 366.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.72 366.25 Td (other ) Tj ET Q q 0 0 0 rg BT 268.12 366.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 298.88 366.25 Td (Managed ) Tj ET Q q 0 0 0 rg BT 337.94 366.25 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 387.29 366.25 Td ( ) Tj ET Q q 0 0 0 rg BT 389.15 366.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 426.00 366.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.64 366.25 Td (our ) Tj ET Q q 0 0 0 rg BT 450.83 366.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 487.12 366.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 533.12 366.25 Td (NSAM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (J-NSHC ) Tj ET Q q 0 0 0 rg BT 85.73 354.25 Td (Ltd, ) Tj ET Q q 0 0 0 rg BT 103.96 354.25 Td (an ) Tj ET Q q 0 0 0 rg BT 115.23 354.25 Td (af) Tj ET Q q 0 0 0 rg BT 122.82 354.25 Td (filiate ) Tj ET Q q 0 0 0 rg BT 147.98 354.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.15 354.25 Td (our ) Tj ET Q q 0 0 0 rg BT 173.31 354.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 205.70 354.25 Td (, ) Tj ET Q q 0 0 0 rg BT 210.03 354.25 Td (or ) Tj ET Q q 0 0 0 rg BT 220.20 354.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.96 354.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 266.79 354.25 Td (, ) Tj ET Q q 0 0 0 rg BT 271.12 354.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 299.61 354.25 Td (to ) Tj ET Q q 0 0 0 rg BT 309.22 354.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 342.15 354.25 Td (our ) Tj ET Q q 0 0 0 rg BT 357.32 354.25 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 402.47 354.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 445.97 354.25 Td (on ) Tj ET Q q 0 0 0 rg BT 457.80 354.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 481.86 354.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 534.25 354.25 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.29 342.25 Td (those ) Tj ET Q q 0 0 0 rg BT 81.90 342.25 Td (set ) Tj ET Q q 0 0 0 rg BT 94.52 342.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 115.46 342.25 Td (in ) Tj ET Q q 0 0 0 rg BT 124.75 342.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.59 342.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 160.54 342.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 196.48 342.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 239.63 342.25 Td (with ) Tj ET Q q 0 0 0 rg BT 258.92 342.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 299.86 342.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 344.67 342.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 375.83 342.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 407.65 342.25 Td (, ) Tj ET Q q 0 0 0 rg BT 411.66 342.25 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 434.55 342.25 Td (or ) Tj ET Q q 0 0 0 rg BT 444.39 342.25 Td (our ) Tj ET Q q 0 0 0 rg BT 459.23 342.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 480.41 342.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 512.08 342.25 Td (. ) Tj ET Q q 0 0 0 rg BT 516.08 342.25 Td ( ) Tj ET Q q 0 0 0 rg BT 517.59 342.25 Td (References ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.58 330.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.72 330.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 98.91 330.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 133.94 330.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 161.73 330.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 183.40 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.99 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.01 330.25 Td (services ) Tj ET Q q 0 0 0 rg BT 244.02 330.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 288.48 330.25 Td (by ) Tj ET Q q 0 0 0 rg BT 301.28 330.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.53 330.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 337.43 330.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 357.46 330.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.70 330.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 408.59 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 419.18 330.25 Td (our ) Tj ET Q q 0 0 0 rg BT 435.31 330.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 457.50 330.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 492.53 330.25 Td (during ) Tj ET Q q 0 0 0 rg BT 521.45 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.47 330.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 71.94 318.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.22 318.25 Td (June ) Tj ET Q q 0 0 0 rg BT 103.05 318.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 118.05 318.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 143.05 318.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.37 318.25 Td (The ) Tj ET Q q 0 0 0 rg BT 163.41 318.25 Td (spin-of) Tj ET Q q 0 0 0 rg BT 191.56 318.25 Td (f ) Tj ET Q q 0 0 0 rg BT 197.39 318.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.22 318.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 250.16 318.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 279.04 318.25 Td (s ) Tj ET Q q 0 0 0 rg BT 285.43 318.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 307.37 318.25 Td (management ) Tj ET Q q 0 0 0 rg BT 360.96 318.25 Td (business ) Tj ET Q q 0 0 0 rg BT 397.35 318.25 Td (had ) Tj ET Q q 0 0 0 rg BT 414.29 318.25 Td (no ) Tj ET Q q 0 0 0 rg BT 426.79 318.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 456.50 318.25 Td (on ) Tj ET Q q 0 0 0 rg BT 469.00 318.25 Td (our ) Tj ET Q q 0 0 0 rg BT 484.83 318.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.27 298.25 Td (June ) Tj ET Q q 0 0 0 rg BT 80.53 298.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 104.97 298.25 Td (our ) Tj ET Q q 0 0 0 rg BT 120.23 298.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 154.95 298.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 200.20 298.25 Td (that ) Tj ET Q q 0 0 0 rg BT 217.13 298.25 Td (it ) Tj ET Q q 0 0 0 rg BT 224.62 298.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 255.98 298.25 Td (into ) Tj ET Q q 0 0 0 rg BT 273.47 298.25 Td (a ) Tj ET Q q 0 0 0 rg BT 279.85 298.25 Td (definitive ) Tj ET Q q 0 0 0 rg BT 320.10 298.25 Td (mer) Tj ET Q q 0 0 0 rg BT 335.47 298.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 350.17 298.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 393.75 298.25 Td (with ) Tj ET Q q 0 0 0 rg BT 413.46 298.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 454.83 298.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 482.87 298.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.25 298.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 530.63 298.25 Td (Capital, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 70.47 286.25 Td (or ) Tj ET Q q 0 0 0 rg BT 81.51 286.25 Td (Colony) Tj ET Q q 0 0 0 rg BT 110.31 286.25 Td (, ) Tj ET Q q 0 0 0 rg BT 115.51 286.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 157.10 286.25 Td (for ) Tj ET Q q 0 0 0 rg BT 171.46 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.39 286.25 Td (combination ) Tj ET Q q 0 0 0 rg BT 239.08 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.11 286.25 Td (our ) Tj ET Q q 0 0 0 rg BT 266.15 286.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 298.53 286.25 Td (, ) Tj ET Q q 0 0 0 rg BT 303.74 286.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 345.88 286.25 Td (Realty ) Tj ET Q q 0 0 0 rg BT 374.69 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.83 286.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 423.98 286.25 Td (into ) Tj ET Q q 0 0 0 rg BT 442.24 286.25 Td (a ) Tj ET Q q 0 0 0 rg BT 449.38 286.25 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 509.86 286.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 553.67 286.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.63 274.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 98.01 274.25 Td (, ) Tj ET Q q 0 0 0 rg BT 102.80 274.25 Td (as ) Tj ET Q q 0 0 0 rg BT 113.43 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.94 274.25 Td (surviving ) Tj ET Q q 0 0 0 rg BT 168.01 274.25 Td (publicly-traded ) Tj ET Q q 0 0 0 rg BT 231.40 274.25 Td (company ) Tj ET Q q 0 0 0 rg BT 270.35 274.25 Td (for ) Tj ET Q q 0 0 0 rg BT 284.30 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.81 274.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 340.54 274.25 Td (or) Tj ET Q q 0 0 0 rg BT 348.69 274.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 392.64 274.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 412.43 274.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 434.72 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.46 274.25 Td (following ) Tj ET Q q 0 0 0 rg BT 492.64 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.15 274.25 Td (ef) Tj ET Q q 0 0 0 rg BT 514.74 274.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 544.23 274.25 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.66 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.20 262.25 Td (mer) Tj ET Q q 0 0 0 rg BT 90.56 262.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 112.05 262.25 Td (will ) Tj ET Q q 0 0 0 rg BT 129.93 262.25 Td (be ) Tj ET Q q 0 0 0 rg BT 141.70 262.25 Td (named ) Tj ET Q q 0 0 0 rg BT 170.68 262.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 202.45 262.25 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 241.49 262.25 Td (, ) Tj ET Q q 0 0 0 rg BT 246.32 262.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 266.41 262.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.07 262.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 308.84 262.25 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 347.73 262.25 Td (. ) Tj ET Q q 0 0 0 rg BT 352.55 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 354.36 262.25 Td (As ) Tj ET Q q 0 0 0 rg BT 367.80 262.25 Td (a ) Tj ET Q q 0 0 0 rg BT 374.57 262.25 Td (result ) Tj ET Q q 0 0 0 rg BT 399.11 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.77 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.31 262.25 Td (mer) Tj ET Q q 0 0 0 rg BT 439.67 262.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 461.16 262.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 492.93 262.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 534.70 262.25 Td (will ) Tj ET Q q 0 0 0 rg BT 552.58 262.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (an ) Tj ET Q q 0 0 0 rg BT 62.21 250.25 Td (internally-managed ) Tj ET Q q 0 0 0 rg BT 142.72 250.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.48 250.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 191.96 250.25 Td (, ) Tj ET Q q 0 0 0 rg BT 197.23 250.25 Td (with ) Tj ET Q q 0 0 0 rg BT 217.77 250.25 Td (a ) Tj ET Q q 0 0 0 rg BT 224.98 250.25 Td (diversified ) Tj ET Q q 0 0 0 rg BT 270.51 250.25 Td (real ) Tj ET Q q 0 0 0 rg BT 288.27 250.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 313.80 250.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.01 250.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.66 250.25 Td (management ) Tj ET Q q 0 0 0 rg BT 431.51 250.25 Td (platform. ) Tj ET Q q 0 0 0 rg BT 471.22 250.25 Td ( ) Tj ET Q q 0 0 0 rg BT 473.98 250.25 Td (In ) Tj ET Q q 0 0 0 rg BT 485.08 250.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 523.13 250.25 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 238.25 Td (mer) Tj ET Q q 0 0 0 rg BT 79.91 238.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 101.39 238.25 Td (our ) Tj ET Q q 0 0 0 rg BT 116.53 238.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 151.08 238.25 Td (will ) Tj ET Q q 0 0 0 rg BT 168.96 238.25 Td (be ) Tj ET Q q 0 0 0 rg BT 180.72 238.25 Td (a ) Tj ET Q q 0 0 0 rg BT 187.48 238.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 230.92 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.57 238.25 Td (Colony ) Tj ET Q q 0 0 0 rg BT 273.34 238.25 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 312.23 238.25 Td (. ) Tj ET Q q 0 0 0 rg BT 317.06 238.25 Td ( ) Tj ET Q q 0 0 0 rg BT 319.21 238.25 Td (This ) Tj ET Q q 0 0 0 rg BT 339.31 238.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 385.51 238.25 Td (is ) Tj ET Q q 0 0 0 rg BT 394.50 238.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 432.36 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.46 238.25 Td (close ) Tj ET Q q 0 0 0 rg BT 465.33 238.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.44 238.25 Td (January ) Tj ET Q q 0 0 0 rg BT 508.86 238.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 533.68 238.25 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.87 226.25 Td (customary ) Tj ET Q q 0 0 0 rg BT 103.62 226.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 134.60 226.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 180.86 226.25 Td (including ) Tj ET Q q 0 0 0 rg BT 220.73 226.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 263.92 226.25 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 307.39 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 323.93 226.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 361.01 226.25 Td (by ) Tj ET Q q 0 0 0 rg BT 373.10 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 388.53 226.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 421.68 226.25 Td () Tj ET Q q 0 0 0 rg BT 424.46 226.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 432.94 226.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 474.48 226.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 503.36 226.25 Td (s ) Tj ET Q q 0 0 0 rg BT 509.35 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.88 226.25 Td (Colony) Tj ET Q q 0 0 0 rg BT 558.11 226.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 93.71 214.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 149.92 214.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.86 214.25 Td (There ) Tj ET Q q 0 0 0 rg BT 179.35 214.25 Td (is ) Tj ET Q q 0 0 0 rg BT 189.19 214.25 Td (no ) Tj ET Q q 0 0 0 rg BT 202.37 214.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 244.40 214.25 Td (this ) Tj ET Q q 0 0 0 rg BT 262.03 214.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 309.07 214.25 Td (will ) Tj ET Q q 0 0 0 rg BT 327.80 214.25 Td (close ) Tj ET Q q 0 0 0 rg BT 351.52 214.25 Td (on ) Tj ET Q q 0 0 0 rg BT 364.70 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 380.09 214.25 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 437.13 214.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 462.52 214.25 Td (or ) Tj ET Q q 0 0 0 rg BT 474.02 214.25 Td (within ) Tj ET Q q 0 0 0 rg BT 502.75 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.14 214.25 Td (anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (timeframe, ) Tj ET Q q 0 0 0 rg BT 96.09 202.25 Td (or ) Tj ET Q q 0 0 0 rg BT 106.92 202.25 Td (at ) Tj ET Q q 0 0 0 rg BT 116.64 202.25 Td (all. ) Tj ET Q q 0 0 0 rg BT 131.63 202.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.95 202.25 Td (W) Tj ET Q q 0 0 0 rg BT 142.59 202.25 Td (e ) Tj ET Q q 0 0 0 rg BT 149.53 202.25 Td (do ) Tj ET Q q 0 0 0 rg BT 162.03 202.25 Td (not ) Tj ET Q q 0 0 0 rg BT 177.30 202.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 205.90 202.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.39 202.25 Td (this ) Tj ET Q q 0 0 0 rg BT 240.34 202.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 286.71 202.25 Td (will ) Tj ET Q q 0 0 0 rg BT 304.77 202.25 Td (have ) Tj ET Q q 0 0 0 rg BT 326.15 202.25 Td (a ) Tj ET Q q 0 0 0 rg BT 333.09 202.25 Td (material ) Tj ET Q q 0 0 0 rg BT 368.34 202.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 398.06 202.25 Td (on ) Tj ET Q q 0 0 0 rg BT 410.56 202.25 Td (our ) Tj ET Q q 0 0 0 rg BT 426.39 202.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.05 182.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 102.21 182.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 148.59 182.25 Td (types ) Tj ET Q q 0 0 0 rg BT 172.20 182.25 Td (are ) Tj ET Q q 0 0 0 rg BT 186.90 182.25 Td (as ) Tj ET Q q 0 0 0 rg BT 197.73 182.25 Td (follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 162.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 162.25 Td (Real ) Tj ET Q q 0 0 0 rg BT 107.43 162.25 Td (Estate ) Tj ET Q q 0 0 0 rg BT 135.53 162.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 164.74 162.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.07 162.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.17 162.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 189.83 162.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 217.93 162.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 271.31 162.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 304.95 162.25 Td (or ) Tj ET Q q 0 0 0 rg BT 316.39 162.25 Td (through ) Tj ET Q q 0 0 0 rg BT 350.60 162.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 372.04 162.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 411.52 162.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 436.29 162.25 Td (on ) Tj ET Q q 0 0 0 rg BT 449.39 162.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 492.48 162.25 Td (in ) Tj ET Q q 0 0 0 rg BT 503.36 162.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.68 162.25 Td (mid-acuity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 150.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 113.17 150.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 147.58 150.25 Td (sector) Tj ET Q q 0 0 0 rg BT 171.05 150.25 Td (, ) Tj ET Q q 0 0 0 rg BT 176.29 150.25 Td (which ) Tj ET Q q 0 0 0 rg BT 203.46 150.25 Td (we ) Tj ET Q q 0 0 0 rg BT 217.86 150.25 Td (define ) Tj ET Q q 0 0 0 rg BT 245.58 150.25 Td (as ) Tj ET Q q 0 0 0 rg BT 256.04 150.25 Td (ALF) Tj ET Q q 0 0 0 rg BT 274.13 150.25 Td (, ) Tj ET Q q 0 0 0 rg BT 279.36 150.25 Td (MCF) Tj ET Q q 0 0 0 rg BT 299.68 150.25 Td (, ) Tj ET Q q 0 0 0 rg BT 304.92 150.25 Td (SNF) Tj ET Q q 0 0 0 rg BT 322.46 150.25 Td (, ) Tj ET Q q 0 0 0 rg BT 327.70 150.25 Td (ILF ) Tj ET Q q 0 0 0 rg BT 345.43 150.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.60 150.25 Td (CCRC. ) Tj ET Q q 0 0 0 rg BT 394.52 150.25 Td ( ) Tj ET Q q 0 0 0 rg BT 397.25 150.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 415.54 150.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 443.27 150.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 493.78 150.25 Td (may ) Tj ET Q q 0 0 0 rg BT 513.73 150.25 Td (also ) Tj ET Q q 0 0 0 rg BT 532.57 150.25 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 138.25 Td (MOB, ) Tj ET Q q 0 0 0 rg BT 113.10 138.25 Td (hospitals, ) Tj ET Q q 0 0 0 rg BT 152.98 138.25 Td (rehabilitation ) Tj ET Q q 0 0 0 rg BT 208.11 138.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 244.36 138.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.62 138.25 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 297.42 138.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 340.31 138.25 Td (services ) Tj ET Q q 0 0 0 rg BT 374.34 138.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 420.88 138.25 Td ( ) Tj ET Q q 0 0 0 rg BT 422.70 138.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 440.07 138.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 489.66 138.25 Td (are ) Tj ET Q q 0 0 0 rg BT 503.69 138.25 Td (predominantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 126.25 Td (in ) Tj ET Q q 0 0 0 rg BT 95.87 126.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.17 126.25 Td (United ) Tj ET Q q 0 0 0 rg BT 139.47 126.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 167.95 126.25 Td (but ) Tj ET Q q 0 0 0 rg BT 182.81 126.25 Td (we ) Tj ET Q q 0 0 0 rg BT 196.56 126.25 Td (also ) Tj ET Q q 0 0 0 rg BT 214.76 126.25 Td (selectively ) Tj ET Q q 0 0 0 rg BT 259.60 126.25 Td (make ) Tj ET Q q 0 0 0 rg BT 283.35 126.25 Td (international ) Tj ET Q q 0 0 0 rg BT 335.97 126.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 388.33 126.25 Td ( ) Tj ET Q q 0 0 0 rg BT 390.42 126.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 408.06 126.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 451.22 126.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 493.30 126.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 532.59 126.25 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 114.25 Td (under ) Tj ET Q q 0 0 0 rg BT 111.27 114.25 Td (net ) Tj ET Q q 0 0 0 rg BT 125.99 114.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 152.36 114.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.19 114.25 Td (through ) Tj ET Q q 0 0 0 rg BT 196.80 114.25 Td (management ) Tj ET Q q 0 0 0 rg BT 250.39 114.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 298.42 114.25 Td (with ) Tj ET Q q 0 0 0 rg BT 318.70 114.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 370.07 114.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 415.34 114.25 Td (operators.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 94.25 Td (Real ) Tj ET Q q 0 0 0 rg BT 106.35 94.25 Td (Estate ) Tj ET Q q 0 0 0 rg BT 133.36 94.25 Td (Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.80 94.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 154.82 94.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.15 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 160.17 94.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 177.75 94.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 196.99 94.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 242.89 94.25 Td (business ) Tj ET Q q 0 0 0 rg BT 278.80 94.25 Td (focuses ) Tj ET Q q 0 0 0 rg BT 310.81 94.25 Td (on ) Tj ET Q q 0 0 0 rg BT 322.84 94.25 Td (originating, ) Tj ET Q q 0 0 0 rg BT 371.24 94.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 411.02 94.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.48 94.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 448.94 94.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 490.40 94.25 Td (healthcare-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 105.72 82.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 155.99 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.93 82.25 Td (may ) Tj ET Q q 0 0 0 rg BT 192.65 82.25 Td (include ) Tj ET Q q 0 0 0 rg BT 224.59 82.25 Td (first ) Tj ET Q q 0 0 0 rg BT 243.20 82.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 283.46 82.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 309.57 82.25 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 358.73 82.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 394.55 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.49 82.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 456.75 82.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 480.35 82.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.29 82.25 Td (participations ) Tj ET Q q 0 0 0 rg BT 554.23 82.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td (such ) Tj ET Q q 0 0 0 rg BT 106.83 70.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 132.94 70.25 Td (as ) Tj ET Q q 0 0 0 rg BT 143.77 70.25 Td (well ) Tj ET Q q 0 0 0 rg BT 163.49 70.25 Td (as ) Tj ET Q q 0 0 0 rg BT 174.32 70.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 213.45 70.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 240.95 70.25 Td (interests.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Healthcar) Tj ET Q q 0 0 0 rg BT 126.18 742.10 Td (e-Related ) Tj ET Q q 0 0 0 rg BT 168.29 742.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 211.52 742.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.85 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.65 742.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 238.00 742.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 279.57 742.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 331.14 742.10 Td (may ) Tj ET Q q 0 0 0 rg BT 352.16 742.10 Td (include ) Tj ET Q q 0 0 0 rg BT 385.40 742.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 436.39 742.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 509.60 742.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 553.67 742.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (CMBS, ) Tj ET Q q 0 0 0 rg BT 118.79 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.73 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 158.78 730.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 199.04 730.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 229.86 730.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.57 730.10 Td (by ) Tj ET Q q 0 0 0 rg BT 282.07 730.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 305.68 730.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 338.71 730.10 Td (by ) Tj ET Q q 0 0 0 rg BT 351.21 730.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 394.79 730.10 Td (properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 710.10 Td (e ) Tj ET Q q 0 0 0 rg BT 67.28 710.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 100.36 710.10 Td (that ) Tj ET Q q 0 0 0 rg BT 119.56 710.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.09 710.10 Td (tar) Tj ET Q q 0 0 0 rg BT 147.46 710.10 Td (geted ) Tj ET Q q 0 0 0 rg BT 173.32 710.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 221.41 710.10 Td (types ) Tj ET Q q 0 0 0 rg BT 246.72 710.10 Td (are ) Tj ET Q q 0 0 0 rg BT 263.13 710.10 Td (complementary ) Tj ET Q q 0 0 0 rg BT 329.54 710.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.52 710.10 Td (each ) Tj ET Q q 0 0 0 rg BT 364.04 710.10 Td (other ) Tj ET Q q 0 0 0 rg BT 388.79 710.10 Td (due ) Tj ET Q q 0 0 0 rg BT 407.43 710.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.42 710.10 Td (overlapping ) Tj ET Q q 0 0 0 rg BT 471.39 710.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 505.58 710.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.12 710.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 107.30 698.10 Td (common ) Tj ET Q q 0 0 0 rg BT 144.32 698.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 177.99 698.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.01 698.10 Td (real ) Tj ET Q q 0 0 0 rg BT 207.03 698.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 231.82 698.10 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 287.71 698.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.18 698.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 331.76 698.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.56 698.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 365.81 698.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 395.61 698.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 432.63 698.10 Td (management ) Tj ET Q q 0 0 0 rg BT 485.74 698.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.21 698.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 540.89 698.10 Td (skills ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 686.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 102.21 686.10 Td (value ) Tj ET Q q 0 0 0 rg BT 126.36 686.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.30 686.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.58 686.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 183.84 686.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 215.49 686.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 666.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.06 666.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 100.16 666.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 142.57 666.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.34 666.10 Td (of) Tj ET Q q 0 0 0 rg BT 161.49 666.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 175.57 666.10 Td (up ) Tj ET Q q 0 0 0 rg BT 188.56 666.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.32 666.10 Td (100.0 ) Tj ET Q q 0 0 0 rg BT 224.81 666.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.70 666.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.69 666.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 284.67 666.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 322.09 666.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.86 666.10 Td (our ) Tj ET Q q 0 0 0 rg BT 349.18 666.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 383.82 666.10 Td (of) Tj ET Q q 0 0 0 rg BT 391.97 666.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 418.83 666.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.60 666.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.80 666.10 Td (public, ) Tj ET Q q 0 0 0 rg BT 475.29 666.10 Td (or ) Tj ET Q q 0 0 0 rg BT 486.60 666.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.92 666.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 529.79 666.10 Td (Primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 654.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 90.47 654.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.62 654.10 Td (up ) Tj ET Q q 0 0 0 rg BT 122.34 654.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.83 654.10 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 155.05 654.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.94 654.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.66 654.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 216.37 654.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 254.52 654.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.02 654.10 Td (our ) Tj ET Q q 0 0 0 rg BT 283.07 654.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 332.90 654.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 388.26 654.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 411.70 654.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.75 654.10 Td (our ) Tj ET Q q 0 0 0 rg BT 440.79 654.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 468.39 654.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 486.74 654.10 Td (, ) Tj ET Q q 0 0 0 rg BT 492.95 654.10 Td (which ) Tj ET Q q 0 0 0 rg BT 521.11 654.10 Td (are ) Tj ET Q q 0 0 0 rg BT 537.03 654.10 Td (herein ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 98.71 642.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 132.41 642.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.25 642.10 Td (as ) Tj ET Q q 0 0 0 rg BT 152.64 642.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.03 642.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 193.98 642.10 Td (Of) Tj ET Q q 0 0 0 rg BT 204.35 642.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 232.79 642.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.85 642.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 252.47 642.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 278.41 642.10 Td (Of) Tj ET Q q 0 0 0 rg BT 288.78 642.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 314.72 642.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 357.89 642.10 Td (8.6 ) Tj ET Q q 0 0 0 rg BT 372.45 642.10 Td (million ) Tj ET Q q 0 0 0 rg BT 403.41 642.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 430.46 642.10 Td (reallocated ) Tj ET Q q 0 0 0 rg BT 476.38 642.10 Td (from ) Tj ET Q q 0 0 0 rg BT 497.88 642.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.28 642.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 539.22 642.10 Td (DRP\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.08 630.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 112.27 630.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.80 630.10 Td (February ) Tj ET Q q 0 0 0 rg BT 163.43 630.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 173.47 630.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.47 630.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.00 630.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.53 630.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 238.28 630.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 261.93 630.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 300.00 630.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.86 630.10 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 330.90 630.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.01 630.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.04 630.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.02 630.10 Td (All ) Tj ET Q q 0 0 0 rg BT 379.33 630.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.19 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.94 630.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 432.47 630.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 466.11 630.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 508.06 630.10 Td (for ) Tj ET Q q 0 0 0 rg BT 522.26 630.10 Td (our ) Tj ET Q q 0 0 0 rg BT 538.12 630.10 Td (Initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 618.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 86.75 618.10 Td (were ) Tj ET Q q 0 0 0 rg BT 108.68 618.10 Td (issued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.12 598.10 Td (February6, ) Tj ET Q q 0 0 0 rg BT 116.12 598.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.12 598.10 Td (, ) Tj ET Q q 0 0 0 rg BT 142.52 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 159.75 598.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 209.19 598.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 251.41 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 265.31 598.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 290.88 598.10 Td (S-1) Tj ET Q q 0 0 0 rg BT 304.40 598.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 313.30 598.10 Td (was ) Tj ET Q q 0 0 0 rg BT 332.75 598.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 370.52 598.10 Td (ef) Tj ET Q q 0 0 0 rg BT 378.10 598.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 409.21 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 423.11 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.22 598.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 460.91 598.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 504.24 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.58 598.10 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 105.72 586.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.69 586.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 140.18 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 154.49 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 161.58 586.10 Td (follow-on ) Tj ET Q q 0 0 0 rg BT 203.67 586.10 Td (public ) Tj ET Q q 0 0 0 rg BT 231.31 586.10 Td (of) Tj ET Q q 0 0 0 rg BT 239.46 586.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 268.49 586.10 Td (or ) Tj ET Q q 0 0 0 rg BT 279.47 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 295.44 586.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 339.76 586.10 Td (Of) Tj ET Q q 0 0 0 rg BT 350.13 586.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 379.16 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.14 586.10 Td (up ) Tj ET Q q 0 0 0 rg BT 402.79 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.22 586.10 Td ($700.0 ) Tj ET Q q 0 0 0 rg BT 443.36 586.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 477.40 586.10 Td (which ) Tj ET Q q 0 0 0 rg BT 504.49 586.10 Td (included ) Tj ET Q q 0 0 0 rg BT 541.57 586.10 Td (up ) Tj ET Q q 0 0 0 rg BT 554.22 586.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td ($500.0 ) Tj ET Q q 0 0 0 rg BT 79.65 574.10 Td (million ) Tj ET Q q 0 0 0 rg BT 110.68 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 120.61 574.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 147.74 574.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 184.33 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.25 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.73 574.10 Td (follow-on ) Tj ET Q q 0 0 0 rg BT 251.31 574.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 285.11 574.10 Td (of) Tj ET Q q 0 0 0 rg BT 293.26 574.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 321.79 574.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.26 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.74 574.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 391.56 574.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 425.92 574.10 Td (Of) Tj ET Q q 0 0 0 rg BT 436.29 574.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 464.81 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.40 574.10 Td (up ) Tj ET Q q 0 0 0 rg BT 493.54 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.47 574.10 Td ($200.0 ) Tj ET Q q 0 0 0 rg BT 533.11 574.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.57 562.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 88.36 562.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 125.59 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.17 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.29 562.10 Td (follow-on ) Tj ET Q q 0 0 0 rg BT 194.53 562.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 243.44 562.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 297.88 562.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 320.39 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 331.52 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.64 562.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 392.11 562.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 410.45 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 415.75 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 418.34 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 426.98 562.10 Td (e ) Tj ET Q q 0 0 0 rg BT 434.21 562.10 Td (stopped ) Tj ET Q q 0 0 0 rg BT 468.12 562.10 Td (accepting ) Tj ET Q q 0 0 0 rg BT 509.22 562.10 Td (subscriptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.62 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 80.91 550.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 125.53 550.10 Td (Of) Tj ET Q q 0 0 0 rg BT 135.91 550.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 162.74 550.10 Td (on ) Tj ET Q q 0 0 0 rg BT 175.70 550.10 Td (December ) Tj ET Q q 0 0 0 rg BT 219.74 550.10 Td (17, ) Tj ET Q q 0 0 0 rg BT 235.20 550.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 258.16 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.55 550.10 Td (all ) Tj ET Q q 0 0 0 rg BT 288.51 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.79 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.97 550.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 342.92 550.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 376.98 550.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 419.37 550.10 Td (\(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.43 550.10 Td ($159.5 ) Tj ET Q q 0 0 0 rg BT 493.88 550.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.78 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.73 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.02 550.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (reallocated ) Tj ET Q q 0 0 0 rg BT 96.55 538.10 Td (from ) Tj ET Q q 0 0 0 rg BT 118.68 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 134.71 538.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 179.07 538.10 Td (DRP\) ) Tj ET Q q 0 0 0 rg BT 204.55 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 218.91 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 234.93 538.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 279.29 538.10 Td (Of) Tj ET Q q 0 0 0 rg BT 289.67 538.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 316.24 538.10 Td (were ) Tj ET Q q 0 0 0 rg BT 338.36 538.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 366.05 538.10 Td (on ) Tj ET Q q 0 0 0 rg BT 378.75 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 389.77 538.10 Td (before ) Tj ET Q q 0 0 0 rg BT 418.00 538.10 Td (January ) Tj ET Q q 0 0 0 rg BT 451.80 538.10 Td (19, ) Tj ET Q q 0 0 0 rg BT 466.99 538.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 492.19 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.69 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 503.32 538.10 Td (e ) Tj ET Q q 0 0 0 rg BT 510.46 538.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 552.57 538.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.46 526.10 Td (30.0 ) Tj ET Q q 0 0 0 rg BT 112.44 526.10 Td (million ) Tj ET Q q 0 0 0 rg BT 143.81 526.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 171.27 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.52 526.10 Td (be ) Tj ET Q q 0 0 0 rg BT 193.44 526.10 Td (of) Tj ET Q q 0 0 0 rg BT 201.59 526.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 224.60 526.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 261.51 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.76 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.57 526.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 306.65 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.13 526.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 341.04 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.73 526.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 403.19 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.00 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.80 526.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 473.95 526.10 Td (Of) Tj ET Q q 0 0 0 rg BT 484.32 526.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 510.67 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.58 526.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 514.10 Td (of) Tj ET Q q 0 0 0 rg BT 68.43 514.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 82.03 514.10 Td (such ) Tj ET Q q 0 0 0 rg BT 102.86 514.10 Td (shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 494.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 95.66 494.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 130.99 494.10 Td (Of) Tj ET Q q 0 0 0 rg BT 141.36 494.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 168.36 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.91 494.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.35 494.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 247.14 494.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 282.47 494.10 Td (Of) Tj ET Q q 0 0 0 rg BT 292.84 494.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 319.83 494.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.15 494.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 384.91 494.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 419.66 494.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.55 494.10 Td (as ) Tj ET Q q 0 0 0 rg BT 442.00 494.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.44 494.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 493.77 494.10 Td (Of) Tj ET Q q 0 0 0 rg BT 504.14 494.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 531.14 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.69 494.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 98.41 482.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 152.36 482.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 174.38 482.10 Td (including ) Tj ET Q q 0 0 0 rg BT 214.45 482.10 Td (but ) Tj ET Q q 0 0 0 rg BT 229.53 482.10 Td (not ) Tj ET Q q 0 0 0 rg BT 244.60 482.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 275.23 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.31 482.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.94 482.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 327.12 482.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 346.20 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.50 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.24 482.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 409.21 482.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 428.29 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.59 482.10 Td (are ) Tj ET Q q 0 0 0 rg BT 445.09 482.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 494.04 482.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 527.97 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 538.05 482.10 Td (as ) Tj ET Q q 0 0 0 rg BT 548.68 482.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 68.34 470.10 Td (. ) Tj ET Q q 0 0 0 rg BT 73.02 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.72 470.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 124.62 470.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.29 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.80 470.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 179.19 470.10 Td (Of) Tj ET Q q 0 0 0 rg BT 189.56 470.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 215.61 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.23 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.73 470.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 273.79 470.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 292.87 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.05 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.66 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.17 470.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 371.01 470.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 390.09 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.27 470.10 Td (are ) Tj ET Q q 0 0 0 rg BT 406.65 470.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 455.47 470.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 489.28 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.24 470.10 Td (as ) Tj ET Q q 0 0 0 rg BT 509.74 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.25 470.10 Td (Of) Tj ET Q q 0 0 0 rg BT 535.62 470.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 92.56 450.10 Td (Securities, ) Tj ET Q q 0 0 0 rg BT 137.61 450.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 162.12 450.10 Td (or ) Tj ET Q q 0 0 0 rg BT 173.57 450.10 Td (our ) Tj ET Q q 0 0 0 rg BT 190.02 450.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 219.79 450.10 Td (Manager) Tj ET Q q 0 0 0 rg BT 254.92 450.10 Td (, ) Tj ET Q q 0 0 0 rg BT 260.54 450.10 Td (formerly ) Tj ET Q q 0 0 0 rg BT 298.65 450.10 Td (a ) Tj ET Q q 0 0 0 rg BT 306.21 450.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 350.43 450.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.88 450.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 404.44 450.10 Td (Realty ) Tj ET Q q 0 0 0 rg BT 433.67 450.10 Td (that ) Tj ET Q q 0 0 0 rg BT 451.78 450.10 Td (became ) Tj ET Q q 0 0 0 rg BT 485.43 450.10 Td (a ) Tj ET Q q 0 0 0 rg BT 492.99 450.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 537.22 450.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.67 450.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 85.28 438.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 107.78 438.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 155.27 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.10 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.82 438.10 Td (spin-of) Tj ET Q q 0 0 0 rg BT 208.97 438.10 Td (f, ) Tj ET Q q 0 0 0 rg BT 217.30 438.10 Td (served ) Tj ET Q q 0 0 0 rg BT 245.90 438.10 Td (as ) Tj ET Q q 0 0 0 rg BT 256.73 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.45 438.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 298.37 438.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 335.29 438.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.45 438.10 Td (our ) Tj ET Q q 0 0 0 rg BT 365.28 438.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 400.00 438.10 Td (Of) Tj ET Q q 0 0 0 rg BT 410.37 438.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (From ) Tj ET Q q 0 0 0 rg BT 74.17 418.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 113.88 418.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.94 418.10 Td (August5, ) Tj ET Q q 0 0 0 rg BT 188.33 418.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.33 418.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.33 418.10 Td (we ) Tj ET Q q 0 0 0 rg BT 227.49 418.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 253.87 418.10 Td (total ) Tj ET Q q 0 0 0 rg BT 274.14 418.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 297.75 418.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 335.79 418.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.62 418.10 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 366.62 418.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.73 418.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 398.10 Td ( Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 378.10 Td (following ) Tj ET Q q 0 0 0 rg BT 107.85 378.10 Td (table ) Tj ET Q q 0 0 0 rg BT 129.00 378.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 163.48 378.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.52 378.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 228.00 378.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.04 378.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.08 378.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 283.12 378.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.12 378.10 Td (, ) Tj ET Q q 0 0 0 rg BT 307.33 378.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 342.37 378.10 Td (for ) Tj ET Q q 0 0 0 rg BT 355.74 378.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 411.89 378.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.38 378.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 452.51 378.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 481.42 378.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 530.91 378.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (August5, ) Tj ET Q q 0 0 0 rg BT 91.39 366.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.39 366.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.89 366.10 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 146.94 366.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.22 366.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 310.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 310.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 310.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 310.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 310.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 310.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 310.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 310.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 310.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 310.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 310.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 310.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 284.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 284.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 284.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 284.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 284.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 284.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 284.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 284.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 284.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 284.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 284.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 284.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 258.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 258.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 258.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 258.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 258.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 258.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 258.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 258.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 258.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 258.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 258.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 258.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 232.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 232.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 232.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 232.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 232.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 232.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 232.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 232.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 232.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 232.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 232.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 232.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 206.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 206.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 206.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 206.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 206.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 206.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 206.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 206.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 206.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 206.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 206.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 206.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 180.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 180.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 180.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 180.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 180.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 180.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 180.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 180.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 154.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 154.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 154.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 154.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 154.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 154.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 154.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 154.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 128.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 128.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 128.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 128.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 128.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 128.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 128.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 128.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 128.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 128.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 128.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 128.60 80.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 102.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 102.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 102.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 102.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 102.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 102.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 102.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 102.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 102.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 102.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 102.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 102.60 80.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 310.6 m 257.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 310.6 m 317.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 310.6 m 372.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 310.6 m 426.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 310.6 m 471.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 310.6 m 555.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 180.60000000000002 m 257.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 180.60000000000002 m 317.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 180.60000000000002 m 372.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 115.60000000000002 m 317.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 115.60000000000002 m 372.5 115.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 102.60000000000002 m 372.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 102.60000000000002 m 317.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 90.60000000000002 m 317.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 88.60000000000002 m 317.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 102.60000000000002 m 372.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 90.60000000000002 m 372.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 88.60000000000002 m 372.5 88.60000000000002 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 89 313.580078125 m 148.48046875 313.580078125 l s q 0 0 0 rg BT 89.00 314.83 Td (Investment Type:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.50 322.83 Td (Number of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.30 314.83 Td (Properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.90 314.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 296.90 318.46 Td (\(1\)\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.45 314.83 Td (% of Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.15 314.83 Td (Capacity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.85 314.83 Td (Primary Locations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 301.83 Td (Real estate equity) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 149.43 305.46 Td (\(3\)) Tj ET Q BT /F1 7.50 Tf ET 0 0 0 RG /GS0 gs 0.37 w 0 i [] 0 d 1 J 1 j 3 M 89 287.75004882812505 m 106.087890625 287.75004882812505 l s q 0 0 0 rg BT 89.00 288.75 Td (MOB) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 288.85 Td (148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 288.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 288.85 Td (315,237) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 288.85 Td (9.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 288.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.85 288.85 Td (6.0 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.00 288.85 Td (square feet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 288.85 Td (IN, ) Tj ET Q q 0 0 0 rg BT 490.30 288.85 Td (TX, NY) Tj ET Q q 0 0 0 rg BT 515.48 288.85 Td (, GA, ) Tj ET Q q 0 0 0 rg BT 534.89 288.85 Td (TN) Tj ET Q BT /F1 7.50 Tf ET 0 0 0 RG /GS0 gs 0.37 w 0 i [] 0 d 1 J 1 j 3 M 89 274.75004882812505 m 116.69482421875 274.75004882812505 l s q 0 0 0 rg BT 89.00 275.75 Td (Net lease) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 262.85 Td (Senior housing facilities) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 172.77 266.48 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 262.85 Td (109) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 262.85 Td (568,981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 262.85 Td (16.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 262.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.25 262.85 Td (6,096) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.00 262.85 Td (units) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 262.85 Td (NY) Tj ET Q q 0 0 0 rg BT 488.52 262.85 Td (, CA, FL, UK, ) Tj ET Q q 0 0 0 rg BT 536.38 262.85 Td (W) Tj ET Q q 0 0 0 rg BT 543.05 262.85 Td (A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 249.85 Td (SNF) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 249.85 Td (244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 249.85 Td (454,702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 249.85 Td (13.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 249.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 249.85 Td (26,438) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.00 249.85 Td (beds) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 249.85 Td (P) Tj ET Q q 0 0 0 rg BT 481.71 249.85 Td (A, MI, KY) Tj ET Q q 0 0 0 rg BT 515.79 249.85 Td (, IN, ) Tj ET Q q 0 0 0 rg BT 532.09 249.85 Td (WI) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 236.85 Td (Hospital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 236.85 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 236.85 Td (40,772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 236.85 Td (1.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 236.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.30 236.85 Td (817) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.00 236.85 Td (beds) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 236.85 Td (CA, ) Tj ET Q q 0 0 0 rg BT 492.97 236.85 Td (TX, MO, UT) Tj ET Q q 0 0 0 rg BT 534.59 236.85 Td (, GA) Tj ET Q BT /F1 7.50 Tf ET 0 0 0 RG /GS0 gs 0.37 w 0 i [] 0 d 1 J 1 j 3 M 89 222.75004882812505 m 118.990234375 222.75004882812505 l s q 0 0 0 rg BT 89.00 223.75 Td (Operating) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 210.85 Td (Senior housing facilities) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 172.77 214.48 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.00 210.85 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.25 210.85 Td (1,502,752) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 210.85 Td (43.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 210.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 210.85 Td (11,809) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.00 210.85 Td (units) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 210.85 Td (CA, TX, WA, NY, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 197.85 Td (SNF) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.00 197.85 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 197.85 Td (344,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 197.85 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 197.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.25 197.85 Td (6,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.00 197.85 Td (beds) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 197.85 Td (IN, OH, MI, KY, MA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 184.85 Td (Ancillary) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 125.21 188.48 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.85 184.85 Td (NA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 184.85 Td (14,731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 184.85 Td (0.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 184.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 184.85 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.00 184.85 Td (IN, OH, MI, KY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 171.83 Td (Total real estate equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.00 171.85 Td (680) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.25 171.85 Td (3,241,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 171.85 Td (94.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 171.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 145.83 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 132.85 Td (First mortgage loan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 132.85 Td (14,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 132.85 Td (0.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 132.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 119.85 Td (Mezzanine loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 119.85 Td (178,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 119.85 Td (5.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 119.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 106.83 Td (Total real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 106.85 Td (193,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 106.85 Td (5.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 106.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 93.83 Td (Total investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 93.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.25 93.85 Td (3,434,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.25 93.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 93.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 78.10 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 68.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 68.50 Td (Based ) Tj ET Q q 0 0 0 rg BT 125.35 68.50 Td (on ) Tj ET Q q 0 0 0 rg BT 135.14 68.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 149.83 68.50 Td (for ) Tj ET Q q 0 0 0 rg BT 160.95 68.50 Td (real ) Tj ET Q q 0 0 0 rg BT 174.74 68.50 Td (estate ) Tj ET Q q 0 0 0 rg BT 194.75 68.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 216.54 68.50 Td (investments, ) Tj ET Q q 0 0 0 rg BT 258.55 68.50 Td (which ) Tj ET Q q 0 0 0 rg BT 279.90 68.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 308.36 68.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 338.59 68.50 Td (price ) Tj ET Q q 0 0 0 rg BT 356.37 68.50 Td (allocations ) Tj ET Q q 0 0 0 rg BT 392.82 68.50 Td (related ) Tj ET Q q 0 0 0 rg BT 416.38 68.50 Td (to ) Tj ET Q q 0 0 0 rg BT 424.40 68.50 Td (net ) Tj ET Q q 0 0 0 rg BT 435.97 68.50 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 474.88 68.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 503.32 68.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 523.11 68.50 Td (other ) Tj ET Q q 0 0 0 rg BT 541.35 68.50 Td (assets, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 58.90 Td (if ) Tj ET Q q 0 0 0 rg BT 110.89 58.90 Td (any) Tj ET Q q 0 0 0 rg BT 121.92 58.90 Td (, ) Tj ET Q q 0 0 0 rg BT 125.92 58.90 Td (and ) Tj ET Q q 0 0 0 rg BT 139.47 58.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 168.13 58.90 Td (for ) Tj ET Q q 0 0 0 rg BT 179.46 58.90 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 217.01 58.90 Td (capital ) Tj ET Q q 0 0 0 rg BT 240.33 58.90 Td (expenditures. ) Tj ET Q q 0 0 0 rg BT 285.20 58.90 Td ( ) Tj ET Q q 0 0 0 rg BT 287.20 58.90 Td (For ) Tj ET Q q 0 0 0 rg BT 300.32 58.90 Td (real ) Tj ET Q q 0 0 0 rg BT 314.30 58.90 Td (estate ) Tj ET Q q 0 0 0 rg BT 334.52 58.90 Td (debt, ) Tj ET Q q 0 0 0 rg BT 352.29 58.90 Td (based ) Tj ET Q q 0 0 0 rg BT 372.50 58.90 Td (on ) Tj ET Q q 0 0 0 rg BT 382.50 58.90 Td (principal ) Tj ET Q q 0 0 0 rg BT 412.94 58.90 Td (amount.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 49.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 49.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 133.10 49.30 Td (our ) Tj ET Q q 0 0 0 rg BT 145.77 49.30 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 190.86 49.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 216.41 49.30 Td (in ) Tj ET Q q 0 0 0 rg BT 224.63 49.30 Td (real ) Tj ET Q q 0 0 0 rg BT 238.62 49.30 Td (estate ) Tj ET Q q 0 0 0 rg BT 258.83 49.30 Td (held ) Tj ET Q q 0 0 0 rg BT 274.61 49.30 Td (through ) Tj ET Q q 0 0 0 rg BT 301.49 49.30 Td (joint ) Tj ET Q q 0 0 0 rg BT 318.16 49.30 Td (ventures ) Tj ET Q q 0 0 0 rg BT 347.26 49.30 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.93 49.30 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 371.93 49.30 Td (billion) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.82 49.30 Td (.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 743.50 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 743.50 Td (Classification ) Tj ET Q q 0 0 0 rg BT 149.99 743.50 Td (of ) Tj ET Q q 0 0 0 rg BT 158.66 743.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.76 743.50 Td (type ) Tj ET Q q 0 0 0 rg BT 211.54 743.50 Td (based ) Tj ET Q q 0 0 0 rg BT 231.75 743.50 Td (on ) Tj ET Q q 0 0 0 rg BT 241.75 743.50 Td (predominant ) Tj ET Q q 0 0 0 rg BT 284.18 743.50 Td (services ) Tj ET Q q 0 0 0 rg BT 311.95 743.50 Td (provided, ) Tj ET Q q 0 0 0 rg BT 344.39 743.50 Td (but ) Tj ET Q q 0 0 0 rg BT 356.61 743.50 Td (may ) Tj ET Q q 0 0 0 rg BT 372.38 743.50 Td (include ) Tj ET Q q 0 0 0 rg BT 397.93 743.50 Td (other ) Tj ET Q q 0 0 0 rg BT 416.37 743.50 Td (services. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 733.90 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 733.90 Td (Includes ) Tj ET Q q 0 0 0 rg BT 132.66 733.90 Td (ALF) Tj ET Q q 0 0 0 rg BT 147.13 733.90 Td (, ) Tj ET Q q 0 0 0 rg BT 151.13 733.90 Td (MCF) Tj ET Q q 0 0 0 rg BT 167.39 733.90 Td (, ) Tj ET Q q 0 0 0 rg BT 171.39 733.90 Td (ILF ) Tj ET Q q 0 0 0 rg BT 185.39 733.90 Td (and ) Tj ET Q q 0 0 0 rg BT 198.94 733.90 Td (CCRC.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 724.30 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 724.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 133.10 724.30 Td (institutional ) Tj ET Q q 0 0 0 rg BT 173.32 724.30 Td (pharmacy ) Tj ET Q q 0 0 0 rg BT 206.86 724.30 Td (and ) Tj ET Q q 0 0 0 rg BT 220.41 724.30 Td (therapy ) Tj ET Q q 0 0 0 rg BT 246.40 724.30 Td (businesses ) Tj ET Q q 0 0 0 rg BT 282.18 724.30 Td (and ) Tj ET Q q 0 0 0 rg BT 295.73 724.30 Td (lease ) Tj ET Q q 0 0 0 rg BT 313.72 724.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 344.15 724.30 Td (buy-out ) Tj ET Q q 0 0 0 rg BT 371.04 724.30 Td (options ) Tj ET Q q 0 0 0 rg BT 396.59 724.30 Td (in ) Tj ET Q q 0 0 0 rg BT 404.82 724.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 441.91 724.30 Td (with ) Tj ET Q q 0 0 0 rg BT 458.14 724.30 Td (the ) Tj ET Q q 0 0 0 rg BT 469.77 724.30 Td (T) Tj ET Q q 0 0 0 rg BT 474.37 724.30 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 495.48 724.30 Td (investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.30 Td (For ) Tj ET Q q 0 0 0 rg BT 68.04 704.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.16 704.30 Td (information ) Tj ET Q q 0 0 0 rg BT 158.51 704.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 200.97 704.30 Td (our ) Tj ET Q q 0 0 0 rg BT 218.45 704.30 Td (reportable ) Tj ET Q q 0 0 0 rg BT 263.12 704.30 Td (segments, ) Tj ET Q q 0 0 0 rg BT 306.98 704.30 Td (refer ) Tj ET Q q 0 0 0 rg BT 329.99 704.30 Td (to ) Tj ET Q q 0 0 0 rg BT 341.92 704.30 Td (Note ) Tj ET Q q 0 0 0 rg BT 365.50 704.30 Td (12. ) Tj ET Q q 0 0 0 rg BT 382.14 704.30 Td (Segment ) Tj ET Q q 0 0 0 rg BT 425.72 704.30 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 474.30 704.30 Td (in ) Tj ET Q q 0 0 0 rg BT 486.22 704.30 Td (our ) Tj ET Q q 0 0 0 rg BT 503.69 704.30 Td (accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.04 692.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.52 692.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 185.23 692.30 Td (included ) Tj ET Q q 0 0 0 rg BT 222.17 692.30 Td (in ) Tj ET Q q 0 0 0 rg BT 232.45 692.30 Td (Part ) Tj ET Q q 0 0 0 rg BT 251.05 692.30 Td (I ) Tj ET Q q 0 0 0 rg BT 256.88 692.30 Td (Item ) Tj ET Q q 0 0 0 rg BT 277.71 692.30 Td (1. ) Tj ET Q q 0 0 0 rg BT 287.71 692.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 331.86 692.30 Td (Statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 672.30 Td (Underwriting Pr) Tj ET Q q 0 0 0 rg BT 116.58 672.30 Td (ocess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 652.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.81 652.30 Td (use ) Tj ET Q q 0 0 0 rg BT 81.87 652.30 Td (a ) Tj ET Q q 0 0 0 rg BT 89.04 652.30 Td (rigorous ) Tj ET Q q 0 0 0 rg BT 125.10 652.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 171.71 652.30 Td (and ) Tj ET Q q 0 0 0 rg BT 188.88 652.30 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 243.27 652.30 Td (process ) Tj ET Q q 0 0 0 rg BT 275.99 652.30 Td (that ) Tj ET Q q 0 0 0 rg BT 293.71 652.30 Td (has ) Tj ET Q q 0 0 0 rg BT 309.78 652.30 Td (been ) Tj ET Q q 0 0 0 rg BT 331.38 652.30 Td (developed ) Tj ET Q q 0 0 0 rg BT 375.21 652.30 Td (and ) Tj ET Q q 0 0 0 rg BT 392.38 652.30 Td (utilized ) Tj ET Q q 0 0 0 rg BT 425.10 652.30 Td (by ) Tj ET Q q 0 0 0 rg BT 437.83 652.30 Td (our ) Tj ET Q q 0 0 0 rg BT 453.29 652.30 Td (Advisor) Tj ET Q q 0 0 0 rg BT 485.88 652.30 Td () Tj ET Q q 0 0 0 rg BT 488.66 652.30 Td (s ) Tj ET Q q 0 0 0 rg BT 495.28 652.30 Td (and ) Tj ET Q q 0 0 0 rg BT 512.45 652.30 Td (its ) Tj ET Q q 0 0 0 rg BT 524.63 652.30 Td (af) Tj ET Q q 0 0 0 rg BT 532.22 652.30 Td (filiates) Tj ET Q q 0 0 0 rg BT 562.02 652.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.30 Td (senior ) Tj ET Q q 0 0 0 rg BT 77.43 640.30 Td (management ) Tj ET Q q 0 0 0 rg BT 131.50 640.30 Td (teams ) Tj ET Q q 0 0 0 rg BT 157.81 640.30 Td (leveraging ) Tj ET Q q 0 0 0 rg BT 203.00 640.30 Td (their ) Tj ET Q q 0 0 0 rg BT 224.32 640.30 Td (extensive ) Tj ET Q q 0 0 0 rg BT 265.07 640.30 Td (commercial ) Tj ET Q q 0 0 0 rg BT 315.25 640.30 Td (and ) Tj ET Q q 0 0 0 rg BT 332.68 640.30 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 376.74 640.30 Td (real ) Tj ET Q q 0 0 0 rg BT 394.72 640.30 Td (estate ) Tj ET Q q 0 0 0 rg BT 420.47 640.30 Td (expertise ) Tj ET Q q 0 0 0 rg BT 459.55 640.30 Td (over ) Tj ET Q q 0 0 0 rg BT 480.30 640.30 Td (many ) Tj ET Q q 0 0 0 rg BT 505.51 640.30 Td (years ) Tj ET Q q 0 0 0 rg BT 529.59 640.30 Td (and ) Tj ET Q q 0 0 0 rg BT 547.02 640.30 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.30 Td (estate ) Tj ET Q q 0 0 0 rg BT 76.58 628.30 Td (cycles, ) Tj ET Q q 0 0 0 rg BT 107.87 628.30 Td (which ) Tj ET Q q 0 0 0 rg BT 136.12 628.30 Td (focuses ) Tj ET Q q 0 0 0 rg BT 169.93 628.30 Td (on ) Tj ET Q q 0 0 0 rg BT 183.74 628.30 Td (some ) Tj ET Q q 0 0 0 rg BT 208.66 628.30 Td (or ) Tj ET Q q 0 0 0 rg BT 220.80 628.30 Td (all ) Tj ET Q q 0 0 0 rg BT 234.61 628.30 Td (of ) Tj ET Q q 0 0 0 rg BT 246.75 628.30 Td (the ) Tj ET Q q 0 0 0 rg BT 262.78 628.30 Td (following ) Tj ET Q q 0 0 0 rg BT 305.48 628.30 Td (factors ) Tj ET Q q 0 0 0 rg BT 336.50 628.30 Td (designed ) Tj ET Q q 0 0 0 rg BT 375.85 628.30 Td (to ) Tj ET Q q 0 0 0 rg BT 387.45 628.30 Td (ensure ) Tj ET Q q 0 0 0 rg BT 417.36 628.30 Td (each ) Tj ET Q q 0 0 0 rg BT 439.48 628.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 487.18 628.30 Td (is ) Tj ET Q q 0 0 0 rg BT 497.66 628.30 Td (being ) Tj ET Q q 0 0 0 rg BT 523.69 628.30 Td (evaluated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.30 Td (appropriately: ) Tj ET Q q 0 0 0 rg BT 108.16 616.30 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 119.67 616.30 Td (the ) Tj ET Q q 0 0 0 rg BT 133.96 616.30 Td (historical, ) Tj ET Q q 0 0 0 rg BT 175.75 616.30 Td (projected ) Tj ET Q q 0 0 0 rg BT 215.02 616.30 Td (and ) Tj ET Q q 0 0 0 rg BT 231.53 616.30 Td (overall ) Tj ET Q q 0 0 0 rg BT 261.37 616.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 298.43 616.30 Td (return ) Tj ET Q q 0 0 0 rg BT 324.38 616.30 Td (of ) Tj ET Q q 0 0 0 rg BT 334.79 616.30 Td (the ) Tj ET Q q 0 0 0 rg BT 349.07 616.30 Td (investment; ) Tj ET Q q 0 0 0 rg BT 397.81 616.30 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 412.10 616.30 Td (the ) Tj ET Q q 0 0 0 rg BT 426.39 616.30 Td (property) Tj ET Q q 0 0 0 rg BT 463.04 616.30 Td (s ) Tj ET Q q 0 0 0 rg BT 469.01 616.30 Td (historical ) Tj ET Q q 0 0 0 rg BT 508.29 616.30 Td (and ) Tj ET Q q 0 0 0 rg BT 524.80 616.30 Td (projected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.04 604.30 Td (revenues ) Tj ET Q q 0 0 0 rg BT 127.85 604.30 Td (and ) Tj ET Q q 0 0 0 rg BT 144.57 604.30 Td (expenses; ) Tj ET Q q 0 0 0 rg BT 185.72 604.30 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 203.00 604.30 Td (the ) Tj ET Q q 0 0 0 rg BT 217.49 604.30 Td (manager) Tj ET Q q 0 0 0 rg BT 252.28 604.30 Td () Tj ET Q q 0 0 0 rg BT 255.06 604.30 Td (s ) Tj ET Q q 0 0 0 rg BT 261.23 604.30 Td (and ) Tj ET Q q 0 0 0 rg BT 277.95 604.30 Td (tenant) Tj ET Q q 0 0 0 rg BT 305.16 604.30 Td (s ) Tj ET Q q 0 0 0 rg BT 311.33 604.30 Td (expertise, ) Tj ET Q q 0 0 0 rg BT 352.20 604.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 389.45 604.30 Td (strength ) Tj ET Q q 0 0 0 rg BT 423.95 604.30 Td (and ) Tj ET Q q 0 0 0 rg BT 440.66 604.30 Td (reputation; ) Tj ET Q q 0 0 0 rg BT 486.26 604.30 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 502.98 604.30 Td (a ) Tj ET Q q 0 0 0 rg BT 509.69 604.30 Td (review ) Tj ET Q q 0 0 0 rg BT 539.18 604.30 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 604.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.30 Td (existing ) Tj ET Q q 0 0 0 rg BT 84.32 592.30 Td (and ) Tj ET Q q 0 0 0 rg BT 101.42 592.30 Td (projected ) Tj ET Q q 0 0 0 rg BT 141.28 592.30 Td (competition ) Tj ET Q q 0 0 0 rg BT 191.71 592.30 Td (within ) Tj ET Q q 0 0 0 rg BT 219.92 592.30 Td (the ) Tj ET Q q 0 0 0 rg BT 234.79 592.30 Td (market; ) Tj ET Q q 0 0 0 rg BT 267.99 592.30 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 282.31 592.30 Td (an ) Tj ET Q q 0 0 0 rg BT 294.41 592.30 Td (analysis ) Tj ET Q q 0 0 0 rg BT 329.28 592.30 Td (of ) Tj ET Q q 0 0 0 rg BT 340.27 592.30 Td (the ) Tj ET Q q 0 0 0 rg BT 355.14 592.30 Td (current ) Tj ET Q q 0 0 0 rg BT 386.12 592.30 Td (and ) Tj ET Q q 0 0 0 rg BT 403.21 592.30 Td (projected ) Tj ET Q q 0 0 0 rg BT 443.07 592.30 Td (valuation ) Tj ET Q q 0 0 0 rg BT 482.94 592.30 Td (of ) Tj ET Q q 0 0 0 rg BT 493.93 592.30 Td (the ) Tj ET Q q 0 0 0 rg BT 508.81 592.30 Td (building; ) Tj ET Q q 0 0 0 rg BT 547.58 592.30 Td (\(vi\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.30 Td (an ) Tj ET Q q 0 0 0 rg BT 62.11 580.30 Td (assessment ) Tj ET Q q 0 0 0 rg BT 109.21 580.30 Td (of ) Tj ET Q q 0 0 0 rg BT 120.21 580.30 Td (the ) Tj ET Q q 0 0 0 rg BT 135.10 580.30 Td (physical ) Tj ET Q q 0 0 0 rg BT 171.09 580.30 Td (condition ) Tj ET Q q 0 0 0 rg BT 211.53 580.30 Td (of ) Tj ET Q q 0 0 0 rg BT 222.53 580.30 Td (the ) Tj ET Q q 0 0 0 rg BT 237.42 580.30 Td (building; ) Tj ET Q q 0 0 0 rg BT 276.20 580.30 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 296.08 580.30 Td (the ) Tj ET Q q 0 0 0 rg BT 310.97 580.30 Td (overall ) Tj ET Q q 0 0 0 rg BT 341.40 580.30 Td (legal ) Tj ET Q q 0 0 0 rg BT 363.50 580.30 Td (structure ) Tj ET Q q 0 0 0 rg BT 401.16 580.30 Td (of ) Tj ET Q q 0 0 0 rg BT 412.16 580.30 Td (the ) Tj ET Q q 0 0 0 rg BT 427.04 580.30 Td (investment; ) Tj ET Q q 0 0 0 rg BT 476.37 580.30 Td (\(viii\) ) Tj ET Q q 0 0 0 rg BT 499.03 580.30 Td (the ) Tj ET Q q 0 0 0 rg BT 513.92 580.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 538.80 580.30 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 580.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 87.07 568.30 Td (and ) Tj ET Q q 0 0 0 rg BT 103.04 568.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 120.11 568.30 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 165.78 568.30 Td (management ) Tj ET Q q 0 0 0 rg BT 218.40 568.30 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 264.07 568.30 Td (joint ) Tj ET Q q 0 0 0 rg BT 283.94 568.30 Td (venture ) Tj ET Q q 0 0 0 rg BT 315.45 568.30 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 361.12 568.30 Td (lease ) Tj ET Q q 0 0 0 rg BT 382.64 568.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 425.81 568.30 Td (and ) Tj ET Q q 0 0 0 rg BT 441.78 568.30 Td (other ) Tj ET Q q 0 0 0 rg BT 463.85 568.30 Td (transactional ) Tj ET Q q 0 0 0 rg BT 516.47 568.30 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.30 Td (and ) Tj ET Q q 0 0 0 rg BT 67.95 556.30 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 118.69 556.30 Td (\(ix\) ) Tj ET Q q 0 0 0 rg BT 136.64 556.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.37 556.30 Td (availability) Tj ET Q q 0 0 0 rg BT 196.70 556.30 Td (, ) Tj ET Q q 0 0 0 rg BT 202.72 556.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 228.45 556.30 Td (and ) Tj ET Q q 0 0 0 rg BT 246.40 556.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 294.36 556.30 Td (of ) Tj ET Q q 0 0 0 rg BT 306.20 556.30 Td (third-party ) Tj ET Q q 0 0 0 rg BT 352.48 556.30 Td (project ) Tj ET Q q 0 0 0 rg BT 383.75 556.30 Td (financing; ) Tj ET Q q 0 0 0 rg BT 427.81 556.30 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 442.98 556.30 Td (a ) Tj ET Q q 0 0 0 rg BT 450.93 556.30 Td (third-party) Tj ET Q q 0 0 0 rg BT 496.47 556.30 Td (s ) Tj ET Q q 0 0 0 rg BT 503.88 556.30 Td (opinion ) Tj ET Q q 0 0 0 rg BT 537.95 556.30 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 556.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.30 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 92.24 544.30 Td (physical ) Tj ET Q q 0 0 0 rg BT 128.09 544.30 Td (condition ) Tj ET Q q 0 0 0 rg BT 168.40 544.30 Td (and ) Tj ET Q q 0 0 0 rg BT 185.36 544.30 Td (environmental ) Tj ET Q q 0 0 0 rg BT 245.65 544.30 Td (assessment ) Tj ET Q q 0 0 0 rg BT 292.62 544.30 Td (of ) Tj ET Q q 0 0 0 rg BT 303.47 544.30 Td (the ) Tj ET Q q 0 0 0 rg BT 318.22 544.30 Td (building; ) Tj ET Q q 0 0 0 rg BT 356.86 544.30 Td (\(xi\) ) Tj ET Q q 0 0 0 rg BT 373.83 544.30 Td (the ) Tj ET Q q 0 0 0 rg BT 388.57 544.30 Td (state ) Tj ET Q q 0 0 0 rg BT 409.43 544.30 Td (or ) Tj ET Q q 0 0 0 rg BT 420.29 544.30 Td (federal ) Tj ET Q q 0 0 0 rg BT 450.57 544.30 Td (regulations ) Tj ET Q q 0 0 0 rg BT 497.53 544.30 Td (that ) Tj ET Q q 0 0 0 rg BT 515.05 544.30 Td (may ) Tj ET Q q 0 0 0 rg BT 534.80 544.30 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.30 Td (the ) Tj ET Q q 0 0 0 rg BT 65.38 532.30 Td (local ) Tj ET Q q 0 0 0 rg BT 87.99 532.30 Td (workforce ) Tj ET Q q 0 0 0 rg BT 132.24 532.30 Td (and ) Tj ET Q q 0 0 0 rg BT 149.85 532.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 187.45 532.30 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 250.60 532.30 Td (such ) Tj ET Q q 0 0 0 rg BT 272.10 532.30 Td (as ) Tj ET Q q 0 0 0 rg BT 283.60 532.30 Td (Medicaid ) Tj ET Q q 0 0 0 rg BT 324.53 532.30 Td (and ) Tj ET Q q 0 0 0 rg BT 342.13 532.30 Td (Medicare; ) Tj ET Q q 0 0 0 rg BT 385.83 532.30 Td (\(xii\) ) Tj ET Q q 0 0 0 rg BT 406.22 532.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.60 532.30 Td (building) Tj ET Q q 0 0 0 rg BT 457.72 532.30 Td (s ) Tj ET Q q 0 0 0 rg BT 464.78 532.30 Td (and ) Tj ET Q q 0 0 0 rg BT 482.38 532.30 Td (operator) Tj ET Q q 0 0 0 rg BT 516.07 532.30 Td () Tj ET Q q 0 0 0 rg BT 518.85 532.30 Td (s ) Tj ET Q q 0 0 0 rg BT 525.91 532.30 Td (licensing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.30 Td (survey ) Tj ET Q q 0 0 0 rg BT 78.13 520.30 Td (results; ) Tj ET Q q 0 0 0 rg BT 108.49 520.30 Td (\(xiii\) ) Tj ET Q q 0 0 0 rg BT 129.96 520.30 Td (the ) Tj ET Q q 0 0 0 rg BT 143.65 520.30 Td (insurance ) Tj ET Q q 0 0 0 rg BT 183.44 520.30 Td (coverages, ) Tj ET Q q 0 0 0 rg BT 227.39 520.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 268.86 520.30 Td (and ) Tj ET Q q 0 0 0 rg BT 284.77 520.30 Td (claims ) Tj ET Q q 0 0 0 rg BT 312.35 520.30 Td (history ) Tj ET Q q 0 0 0 rg BT 341.60 520.30 Td (of ) Tj ET Q q 0 0 0 rg BT 351.41 520.30 Td (the ) Tj ET Q q 0 0 0 rg BT 365.10 520.30 Td (property ) Tj ET Q q 0 0 0 rg BT 400.45 520.30 Td (and ) Tj ET Q q 0 0 0 rg BT 416.36 520.30 Td (operator; ) Tj ET Q q 0 0 0 rg BT 453.93 520.30 Td (\(xiv\) ) Tj ET Q q 0 0 0 rg BT 474.84 520.30 Td (the ) Tj ET Q q 0 0 0 rg BT 488.53 520.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 502.22 520.30 Td (and ) Tj ET Q q 0 0 0 rg BT 518.13 520.30 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.85 508.30 Td (of ) Tj ET Q q 0 0 0 rg BT 90.82 508.30 Td (the ) Tj ET Q q 0 0 0 rg BT 105.67 508.30 Td (transaction; ) Tj ET Q q 0 0 0 rg BT 154.96 508.30 Td (\(xv\) ) Tj ET Q q 0 0 0 rg BT 174.25 508.30 Td (a ) Tj ET Q q 0 0 0 rg BT 181.33 508.30 Td (review ) Tj ET Q q 0 0 0 rg BT 211.17 508.30 Td (of ) Tj ET Q q 0 0 0 rg BT 222.14 508.30 Td (any ) Tj ET Q q 0 0 0 rg BT 239.21 508.30 Td (contingent ) Tj ET Q q 0 0 0 rg BT 284.06 508.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 323.92 508.30 Td (in ) Tj ET Q q 0 0 0 rg BT 334.33 508.30 Td (the ) Tj ET Q q 0 0 0 rg BT 349.18 508.30 Td (transaction; ) Tj ET Q q 0 0 0 rg BT 398.47 508.30 Td (\(xvi\) ) Tj ET Q q 0 0 0 rg BT 420.55 508.30 Td (the ) Tj ET Q q 0 0 0 rg BT 435.40 508.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 473.57 508.30 Td (ability ) Tj ET Q q 0 0 0 rg BT 501.76 508.30 Td (to ) Tj ET Q q 0 0 0 rg BT 512.17 508.30 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 549.80 508.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.19 496.30 Td (through ) Tj ET Q q 0 0 0 rg BT 129.61 496.30 Td (a ) Tj ET Q q 0 0 0 rg BT 136.36 496.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 154.21 496.30 Td (or ) Tj ET Q q 0 0 0 rg BT 164.85 496.30 Td (refinancing; ) Tj ET Q q 0 0 0 rg BT 215.47 496.30 Td (\(xvii\) ) Tj ET Q q 0 0 0 rg BT 240.00 496.30 Td (the ) Tj ET Q q 0 0 0 rg BT 254.53 496.30 Td (appropriateness ) Tj ET Q q 0 0 0 rg BT 319.59 496.30 Td (and ) Tj ET Q q 0 0 0 rg BT 336.34 496.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 354.76 496.30 Td (of ) Tj ET Q q 0 0 0 rg BT 365.40 496.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.92 496.30 Td (business ) Tj ET Q q 0 0 0 rg BT 416.12 496.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 435.65 496.30 Td (with ) Tj ET Q q 0 0 0 rg BT 455.74 496.30 Td (repositioning ) Tj ET Q q 0 0 0 rg BT 510.82 496.30 Td (the ) Tj ET Q q 0 0 0 rg BT 525.35 496.30 Td (property; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.30 Td (and ) Tj ET Q q 0 0 0 rg BT 66.68 484.30 Td (\(xviii\) ) Tj ET Q q 0 0 0 rg BT 93.93 484.30 Td (for ) Tj ET Q q 0 0 0 rg BT 107.83 484.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 127.29 484.30 Td (investments, ) Tj ET Q q 0 0 0 rg BT 179.81 484.30 Td (the ) Tj ET Q q 0 0 0 rg BT 194.28 484.30 Td (borrower) Tj ET Q q 0 0 0 rg BT 231.30 484.30 Td () Tj ET Q q 0 0 0 rg BT 234.08 484.30 Td (s ) Tj ET Q q 0 0 0 rg BT 240.21 484.30 Td (credit, ) Tj ET Q q 0 0 0 rg BT 267.72 484.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 287.19 484.30 Td (agreement ) Tj ET Q q 0 0 0 rg BT 331.07 484.30 Td (terms, ) Tj ET Q q 0 0 0 rg BT 358.04 484.30 Td (collateral ) Tj ET Q q 0 0 0 rg BT 397.48 484.30 Td (securing ) Tj ET Q q 0 0 0 rg BT 433.60 484.30 Td (the ) Tj ET Q q 0 0 0 rg BT 448.07 484.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 467.53 484.30 Td (and ) Tj ET Q q 0 0 0 rg BT 484.21 484.30 Td (the ) Tj ET Q q 0 0 0 rg BT 498.68 484.30 Td (expected ) Tj ET Q q 0 0 0 rg BT 536.46 484.30 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 472.30 Td (pay ) Tj ET Q q 0 0 0 rg BT 77.22 472.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 96.93 472.30 Td (service.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.35 452.30 Td (following ) Tj ET Q q 0 0 0 rg BT 110.04 452.30 Td (section ) Tj ET Q q 0 0 0 rg BT 141.17 452.30 Td (describes ) Tj ET Q q 0 0 0 rg BT 181.18 452.30 Td (the ) Tj ET Q q 0 0 0 rg BT 196.20 452.30 Td (major ) Tj ET Q q 0 0 0 rg BT 222.32 452.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 244.57 452.30 Td (classes ) Tj ET Q q 0 0 0 rg BT 275.14 452.30 Td (in ) Tj ET Q q 0 0 0 rg BT 285.72 452.30 Td (which ) Tj ET Q q 0 0 0 rg BT 312.96 452.30 Td (we ) Tj ET Q q 0 0 0 rg BT 327.42 452.30 Td (may ) Tj ET Q q 0 0 0 rg BT 347.44 452.30 Td (invest ) Tj ET Q q 0 0 0 rg BT 374.13 452.30 Td (and ) Tj ET Q q 0 0 0 rg BT 391.37 452.30 Td (actively ) Tj ET Q q 0 0 0 rg BT 425.83 452.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 459.72 452.30 Td (to ) Tj ET Q q 0 0 0 rg BT 470.30 452.30 Td (maximize ) Tj ET Q q 0 0 0 rg BT 512.53 452.30 Td (value ) Tj ET Q q 0 0 0 rg BT 536.99 452.30 Td (and ) Tj ET Q q 0 0 0 rg BT 554.23 452.30 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.30 Td (protect ) Tj ET Q q 0 0 0 rg BT 80.26 440.30 Td (capital.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 418.73505859375 m 130 418.73505859375 l s q 0 0 0 rg BT 50.00 420.30 Td (Real Estate Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 400.30 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.06 380.30 Td (real ) Tj ET Q q 0 0 0 rg BT 87.56 380.30 Td (estate ) Tj ET Q q 0 0 0 rg BT 113.83 380.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.33 380.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 189.73 380.30 Td (strategy ) Tj ET Q q 0 0 0 rg BT 224.89 380.30 Td (is ) Tj ET Q q 0 0 0 rg BT 235.07 380.30 Td (focused ) Tj ET Q q 0 0 0 rg BT 269.68 380.30 Td (on ) Tj ET Q q 0 0 0 rg BT 283.19 380.30 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 324.46 380.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 361.30 380.30 Td (in ) Tj ET Q q 0 0 0 rg BT 372.59 380.30 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 417.17 380.30 Td (properties, ) Tj ET Q q 0 0 0 rg BT 463.17 380.30 Td (directly ) Tj ET Q q 0 0 0 rg BT 497.22 380.30 Td (or ) Tj ET Q q 0 0 0 rg BT 509.06 380.30 Td (through ) Tj ET Q q 0 0 0 rg BT 543.68 380.30 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.30 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 89.30 368.30 Td (with ) Tj ET Q q 0 0 0 rg BT 110.00 368.30 Td (a ) Tj ET Q q 0 0 0 rg BT 117.37 368.30 Td (focus ) Tj ET Q q 0 0 0 rg BT 141.95 368.30 Td (on ) Tj ET Q q 0 0 0 rg BT 154.87 368.30 Td (the ) Tj ET Q q 0 0 0 rg BT 170.01 368.30 Td (mid-acuity ) Tj ET Q q 0 0 0 rg BT 216.26 368.30 Td (senior ) Tj ET Q q 0 0 0 rg BT 243.62 368.30 Td (housing ) Tj ET Q q 0 0 0 rg BT 278.21 368.30 Td (sector) Tj ET Q q 0 0 0 rg BT 301.69 368.30 Td (, ) Tj ET Q q 0 0 0 rg BT 307.11 368.30 Td (which ) Tj ET Q q 0 0 0 rg BT 334.48 368.30 Td (we ) Tj ET Q q 0 0 0 rg BT 349.06 368.30 Td (define ) Tj ET Q q 0 0 0 rg BT 376.97 368.30 Td (as ) Tj ET Q q 0 0 0 rg BT 387.58 368.30 Td (ALF) Tj ET Q q 0 0 0 rg BT 405.67 368.30 Td (, ) Tj ET Q q 0 0 0 rg BT 411.09 368.30 Td (MCF) Tj ET Q q 0 0 0 rg BT 431.42 368.30 Td (, ) Tj ET Q q 0 0 0 rg BT 436.84 368.30 Td (SNF) Tj ET Q q 0 0 0 rg BT 454.38 368.30 Td (, ) Tj ET Q q 0 0 0 rg BT 459.81 368.30 Td (ILF ) Tj ET Q q 0 0 0 rg BT 477.73 368.30 Td (and ) Tj ET Q q 0 0 0 rg BT 495.09 368.30 Td (CCRC. ) Tj ET Q q 0 0 0 rg BT 527.20 368.30 Td ( ) Tj ET Q q 0 0 0 rg BT 529.91 368.30 Td (W) Tj ET Q q 0 0 0 rg BT 538.55 368.30 Td (e ) Tj ET Q q 0 0 0 rg BT 545.91 368.30 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.30 Td (invest ) Tj ET Q q 0 0 0 rg BT 77.43 356.30 Td (in ) Tj ET Q q 0 0 0 rg BT 88.76 356.30 Td (other ) Tj ET Q q 0 0 0 rg BT 112.85 356.30 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 157.48 356.30 Td (property ) Tj ET Q q 0 0 0 rg BT 194.90 356.30 Td (types, ) Tj ET Q q 0 0 0 rg BT 222.06 356.30 Td (including ) Tj ET Q q 0 0 0 rg BT 263.38 356.30 Td (MOB, ) Tj ET Q q 0 0 0 rg BT 292.21 356.30 Td (hospitals, ) Tj ET Q q 0 0 0 rg BT 333.82 356.30 Td (rehabilitation ) Tj ET Q q 0 0 0 rg BT 390.68 356.30 Td (facilities ) Tj ET Q q 0 0 0 rg BT 428.65 356.30 Td (and ) Tj ET Q q 0 0 0 rg BT 446.64 356.30 Td (ancillary ) Tj ET Q q 0 0 0 rg BT 485.17 356.30 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 529.79 356.30 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.30 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 97.22 344.30 Td ( ) Tj ET Q q 0 0 0 rg BT 99.72 344.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 117.77 344.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 168.05 344.30 Td (are ) Tj ET Q q 0 0 0 rg BT 182.75 344.30 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 243.57 344.30 Td (in ) Tj ET Q q 0 0 0 rg BT 253.85 344.30 Td (the ) Tj ET Q q 0 0 0 rg BT 268.57 344.30 Td (United ) Tj ET Q q 0 0 0 rg BT 298.29 344.30 Td (States, ) Tj ET Q q 0 0 0 rg BT 327.17 344.30 Td (but ) Tj ET Q q 0 0 0 rg BT 342.45 344.30 Td (we ) Tj ET Q q 0 0 0 rg BT 356.61 344.30 Td (also ) Tj ET Q q 0 0 0 rg BT 375.22 344.30 Td (selectively ) Tj ET Q q 0 0 0 rg BT 420.48 344.30 Td (make ) Tj ET Q q 0 0 0 rg BT 444.63 344.30 Td (international ) Tj ET Q q 0 0 0 rg BT 497.67 344.30 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.64 324.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 96.72 324.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 147.59 324.30 Td (are ) Tj ET Q q 0 0 0 rg BT 162.88 324.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 203.17 324.30 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 247.34 324.30 Td (properties, ) Tj ET Q q 0 0 0 rg BT 292.91 324.30 Td (which ) Tj ET Q q 0 0 0 rg BT 320.44 324.30 Td (are ) Tj ET Q q 0 0 0 rg BT 335.73 324.30 Td (either ) Tj ET Q q 0 0 0 rg BT 361.59 324.30 Td (structured ) Tj ET Q q 0 0 0 rg BT 404.66 324.30 Td (as ) Tj ET Q q 0 0 0 rg BT 416.08 324.30 Td (net ) Tj ET Q q 0 0 0 rg BT 431.38 324.30 Td (leases ) Tj ET Q q 0 0 0 rg BT 458.35 324.30 Td (to ) Tj ET Q q 0 0 0 rg BT 469.22 324.30 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 513.38 324.30 Td (operators ) Tj ET Q q 0 0 0 rg BT 553.68 324.30 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.30 Td (operated ) Tj ET Q q 0 0 0 rg BT 86.94 312.30 Td (through ) Tj ET Q q 0 0 0 rg BT 120.57 312.30 Td (management ) Tj ET Q q 0 0 0 rg BT 174.18 312.30 Td (agreements ) Tj ET Q q 0 0 0 rg BT 222.23 312.30 Td (with ) Tj ET Q q 0 0 0 rg BT 242.52 312.30 Td (independent ) Tj ET Q q 0 0 0 rg BT 293.92 312.30 Td (third-party ) Tj ET Q q 0 0 0 rg BT 339.20 312.30 Td (operators, ) Tj ET Q q 0 0 0 rg BT 381.42 312.30 Td (where ) Tj ET Q q 0 0 0 rg BT 408.37 312.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 451.98 312.30 Td (under ) Tj ET Q q 0 0 0 rg BT 477.26 312.30 Td (the ) Tj ET Q q 0 0 0 rg BT 492.00 312.30 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 522.00 312.30 Td ( ) Tj ET Q q 0 0 0 rg BT 524.52 312.30 Td (structure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.30 Td (whereby ) Tj ET Q q 0 0 0 rg BT 85.90 300.30 Td (we ) Tj ET Q q 0 0 0 rg BT 99.03 300.30 Td (participate ) Tj ET Q q 0 0 0 rg BT 142.70 300.30 Td (directly ) Tj ET Q q 0 0 0 rg BT 174.71 300.30 Td (in ) Tj ET Q q 0 0 0 rg BT 183.96 300.30 Td (the ) Tj ET Q q 0 0 0 rg BT 197.65 300.30 Td (operational ) Tj ET Q q 0 0 0 rg BT 244.10 300.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 263.34 300.30 Td (flow ) Tj ET Q q 0 0 0 rg BT 283.14 300.30 Td (of ) Tj ET Q q 0 0 0 rg BT 292.94 300.30 Td (a ) Tj ET Q q 0 0 0 rg BT 298.85 300.30 Td (property) Tj ET Q q 0 0 0 rg BT 332.08 300.30 Td (, ) Tj ET Q q 0 0 0 rg BT 336.05 300.30 Td (generate ) Tj ET Q q 0 0 0 rg BT 371.39 300.30 Td (resident ) Tj ET Q q 0 0 0 rg BT 404.51 300.30 Td (level ) Tj ET Q q 0 0 0 rg BT 425.42 300.30 Td (income ) Tj ET Q q 0 0 0 rg BT 456.32 300.30 Td (from ) Tj ET Q q 0 0 0 rg BT 477.23 300.30 Td (short-term ) Tj ET Q q 0 0 0 rg BT 520.36 300.30 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (agreements ) Tj ET Q q 0 0 0 rg BT 98.03 288.30 Td (and ) Tj ET Q q 0 0 0 rg BT 114.97 288.30 Td (incur ) Tj ET Q q 0 0 0 rg BT 138.02 288.30 Td (customary ) Tj ET Q q 0 0 0 rg BT 182.17 288.30 Td (related ) Tj ET Q q 0 0 0 rg BT 211.88 288.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 252.14 288.30 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 268.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.23 268.30 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.25 268.30 Td (that ) Tj ET Q q 0 0 0 rg BT 113.40 268.30 Td (mid-acuity ) Tj ET Q q 0 0 0 rg BT 158.87 268.30 Td (senior ) Tj ET Q q 0 0 0 rg BT 185.46 268.30 Td (housing ) Tj ET Q q 0 0 0 rg BT 219.29 268.30 Td (facilities ) Tj ET Q q 0 0 0 rg BT 255.87 268.30 Td (may ) Tj ET Q q 0 0 0 rg BT 275.24 268.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 307.94 268.30 Td (an ) Tj ET Q q 0 0 0 rg BT 319.53 268.30 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 368.34 268.30 Td (to ) Tj ET Q q 0 0 0 rg BT 378.27 268.30 Td (generate ) Tj ET Q q 0 0 0 rg BT 414.29 268.30 Td (attractive ) Tj ET Q q 0 0 0 rg BT 453.64 268.30 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 507.45 268.30 Td (returns. ) Tj ET Q q 0 0 0 rg BT 539.87 268.30 Td ( ) Tj ET Q q 0 0 0 rg BT 542.02 268.30 Td (Mid-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.30 Td (acuity ) Tj ET Q q 0 0 0 rg BT 76.97 256.30 Td (senior ) Tj ET Q q 0 0 0 rg BT 103.94 256.30 Td (housing ) Tj ET Q q 0 0 0 rg BT 138.14 256.30 Td (facilities ) Tj ET Q q 0 0 0 rg BT 175.10 256.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 205.39 256.30 Td (from ) Tj ET Q q 0 0 0 rg BT 227.36 256.30 Td (positive ) Tj ET Q q 0 0 0 rg BT 261.56 256.30 Td (demographic ) Tj ET Q q 0 0 0 rg BT 316.29 256.30 Td (and ) Tj ET Q q 0 0 0 rg BT 333.26 256.30 Td (economic ) Tj ET Q q 0 0 0 rg BT 374.67 256.30 Td (trends ) Tj ET Q q 0 0 0 rg BT 401.64 256.30 Td (and ) Tj ET Q q 0 0 0 rg BT 418.61 256.30 Td (generally ) Tj ET Q q 0 0 0 rg BT 458.34 256.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 491.42 256.30 Td (the ) Tj ET Q q 0 0 0 rg BT 506.17 256.30 Td (broadest ) Tj ET Q q 0 0 0 rg BT 542.58 256.30 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.43 244.30 Td (services ) Tj ET Q q 0 0 0 rg BT 94.74 244.30 Td (to ) Tj ET Q q 0 0 0 rg BT 104.62 244.30 Td (residents ) Tj ET Q q 0 0 0 rg BT 142.27 244.30 Td (in ) Tj ET Q q 0 0 0 rg BT 152.15 244.30 Td (a ) Tj ET Q q 0 0 0 rg BT 158.69 244.30 Td (cost-ef) Tj ET Q q 0 0 0 rg BT 185.71 244.30 Td (fective ) Tj ET Q q 0 0 0 rg BT 215.02 244.30 Td (setting ) Tj ET Q q 0 0 0 rg BT 243.78 244.30 Td (resulting ) Tj ET Q q 0 0 0 rg BT 280.88 244.30 Td (in ) Tj ET Q q 0 0 0 rg BT 290.76 244.30 Td (a ) Tj ET Q q 0 0 0 rg BT 297.30 244.30 Td (longer ) Tj ET Q q 0 0 0 rg BT 324.94 244.30 Td (length ) Tj ET Q q 0 0 0 rg BT 352.04 244.30 Td (of ) Tj ET Q q 0 0 0 rg BT 362.47 244.30 Td (stay ) Tj ET Q q 0 0 0 rg BT 380.68 244.30 Td (for ) Tj ET Q q 0 0 0 rg BT 394.44 244.30 Td (residents ) Tj ET Q q 0 0 0 rg BT 432.09 244.30 Td (and ) Tj ET Q q 0 0 0 rg BT 448.63 244.30 Td (less ) Tj ET Q q 0 0 0 rg BT 465.73 244.30 Td (turnover ) Tj ET Q q 0 0 0 rg BT 501.71 244.30 Td (in ) Tj ET Q q 0 0 0 rg BT 511.59 244.30 Td (tenancy ) Tj ET Q q 0 0 0 rg BT 544.78 244.30 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.30 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 232.30 Td (some ) Tj ET Q q 0 0 0 rg BT 83.89 232.30 Td (other ) Tj ET Q q 0 0 0 rg BT 106.93 232.30 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 150.51 232.30 Td (settings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 212.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.61 212.30 Td (Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.30 Td (As ) Tj ET Q q 0 0 0 rg BT 65.10 192.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.42 192.30 Td (June30, ) Tj ET Q q 0 0 0 rg BT 114.75 192.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.75 192.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.24 192.30 Td ($3.2 ) Tj ET Q q 0 0 0 rg BT 162.73 192.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.84 192.30 Td (, ) Tj ET Q q 0 0 0 rg BT 195.33 192.30 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.65 192.30 Td (94.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.48 192.30 Td ( ) Tj ET Q q 0 0 0 rg BT 237.47 192.30 Td (of ) Tj ET Q q 0 0 0 rg BT 249.79 192.30 Td (our ) Tj ET Q q 0 0 0 rg BT 267.11 192.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 318.88 192.30 Td (were ) Tj ET Q q 0 0 0 rg BT 342.30 192.30 Td (invested ) Tj ET Q q 0 0 0 rg BT 379.61 192.30 Td (in ) Tj ET Q q 0 0 0 rg BT 391.38 192.30 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 436.45 192.30 Td (real ) Tj ET Q q 0 0 0 rg BT 455.43 192.30 Td (estate ) Tj ET Q q 0 0 0 rg BT 482.18 192.30 Td (equity) Tj ET Q q 0 0 0 rg BT 506.53 192.30 Td (, ) Tj ET Q q 0 0 0 rg BT 513.02 192.30 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 550.34 192.30 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.30 Td (commitments ) Tj ET Q q 0 0 0 rg BT 107.92 180.30 Td (to ) Tj ET Q q 0 0 0 rg BT 119.17 180.30 Td (acquire ) Tj ET Q q 0 0 0 rg BT 152.07 180.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 182.75 180.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 234.01 180.30 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.83 180.30 Td (August5, ) Tj ET Q q 0 0 0 rg BT 310.19 180.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.19 180.30 Td (. ) Tj ET Q q 0 0 0 rg BT 336.17 180.30 Td ( ) Tj ET Q q 0 0 0 rg BT 339.40 180.30 Td (The ) Tj ET Q q 0 0 0 rg BT 358.42 180.30 Td (following ) Tj ET Q q 0 0 0 rg BT 400.79 180.30 Td (presents ) Tj ET Q q 0 0 0 rg BT 437.04 180.30 Td (our ) Tj ET Q q 0 0 0 rg BT 453.84 180.30 Td (real ) Tj ET Q q 0 0 0 rg BT 472.31 180.30 Td (estate ) Tj ET Q q 0 0 0 rg BT 498.55 180.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 527.02 180.30 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.30 Td (diversity ) Tj ET Q q 0 0 0 rg BT 87.50 168.30 Td (across ) Tj ET Q q 0 0 0 rg BT 114.99 168.30 Td (property ) Tj ET Q q 0 0 0 rg BT 151.36 168.30 Td (type ) Tj ET Q q 0 0 0 rg BT 171.08 168.30 Td (and ) Tj ET Q q 0 0 0 rg BT 188.02 168.30 Td (geographic ) Tj ET Q q 0 0 0 rg BT 234.94 168.30 Td (location ) Tj ET Q q 0 0 0 rg BT 269.65 168.30 Td (based ) Tj ET Q q 0 0 0 rg BT 294.92 168.30 Td (on ) Tj ET Q q 0 0 0 rg BT 307.42 168.30 Td (cost:) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.70 738.73 Td (Real Estate Equity by Pr) Tj ET Q q 0 0 0 rg BT 199.63 738.73 Td (operty ) Tj ET Q q 0 0 0 rg BT 229.72 738.73 Td (T) Tj ET Q q 0 0 0 rg BT 235.64 738.73 Td (ype) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 250.64 743.26 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.05 738.73 Td (Real Estate Equity by Geographic Location) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 557.00 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 547.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 547.40 Td (Classification based on predominant services provided, but may include other services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.40 Td (The following table presents a summary of our real estate equity investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.13 527.40 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.96 527.40 Td (, adjusted for commitments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.40 Td (acquire certain investments through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.96 515.40 Td (August5, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.35 515.40 Td ( \(dollars in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 462.90 490.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.90 84.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 424.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 424.90 75.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 424.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 424.90 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 424.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 424.90 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 424.90 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 424.90 28.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 424.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 424.90 29.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 424.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 424.90 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 424.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 424.90 29.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 424.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 424.90 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 424.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 424.90 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 393.90 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 393.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 393.90 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 393.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 393.90 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 393.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 393.90 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 393.90 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 393.90 28.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 393.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 393.90 29.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 393.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 393.90 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 393.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 393.90 29.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 393.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 393.90 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 393.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 393.90 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 362.90 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 362.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 362.90 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 362.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 362.90 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 362.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 362.90 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 362.90 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 362.90 28.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 362.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 362.90 29.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 362.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 362.90 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 362.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 362.90 29.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 362.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 362.90 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 362.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 362.90 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 337.90 490.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 306.90 84.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 306.90 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 306.90 75.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 306.90 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 306.90 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 306.90 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 306.90 40.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 306.90 5.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 306.90 28.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 306.90 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 306.90 29.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 306.90 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 306.90 35.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 306.90 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 306.90 29.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 306.90 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 306.90 38.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 306.90 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 306.90 47.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 258.90 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 258.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 258.90 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 258.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 258.90 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 258.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 258.90 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 258.90 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 258.90 28.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 258.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 258.90 29.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 258.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 258.90 35.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 258.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 258.90 29.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 258.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 258.90 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 258.90 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 258.90 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 234.90 84.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 234.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 234.90 75.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 234.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 234.90 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 234.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 234.90 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 234.90 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 234.90 28.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 234.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 234.90 29.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 234.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 234.90 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 234.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 234.90 29.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 234.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 234.90 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 234.90 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 234.90 47.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 491.9 m 309.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 491.9 m 314.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 491.9 m 342.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 491.9 m 346.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 491.9 m 375.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 491.9 m 379.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 491.9 m 414.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 491.9 m 418.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 491.9 m 447.5 491.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 462.9 m 134.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 462.9 m 213.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 462.9 m 265.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 462.9 m 309.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 462.9 m 342.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 462.9 m 375.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 462.9 m 414.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 462.9 m 447.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 462.9 m 489.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 462.9 m 540.5 462.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 350.9 m 265.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 350.9 m 309.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 350.9 m 342.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 350.9 m 375.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 350.9 m 414.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 350.9 m 265.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 337.9 m 265.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 350.9 m 309.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 337.9 m 309.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 350.9 m 342.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 337.9 m 342.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 350.9 m 375.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 337.9 m 375.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 350.9 m 414.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 337.9 m 414.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 350.9 m 447.5 350.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 337.9 m 447.5 337.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 234.89999999999998 m 265.5 234.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 234.89999999999998 m 309.5 234.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 234.89999999999998 m 342.5 234.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 234.89999999999998 m 375.5 234.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 234.89999999999998 m 414.5 234.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 215.89999999999998 m 265.5 215.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 234.89999999999998 m 309.5 234.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 215.89999999999998 m 309.5 215.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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204.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 202.89999999999998 m 414.5 202.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 215.89999999999998 m 447.5 215.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 204.89999999999998 m 447.5 204.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 202.89999999999998 m 447.5 202.89999999999998 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 339.85 495.96 Td (Pr) Tj ET Q q 0 0 0 rg BT 347.11 495.96 Td (operties) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 370.82 499.13 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 78.75 466.96 Td (Portfolio) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 143.55 466.96 Td (Investment Structure) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 226.05 466.96 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 250.55 470.13 Td (\(2\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.30 480.96 Td (Senior) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 276.55 473.96 Td (Housing) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.55 466.96 Td (Facilities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.60 466.96 Td (MOB) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 354.00 466.96 Td (SNF) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.45 466.96 Td (Hospitals) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.80 466.96 Td (Total) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 457.35 473.96 Td (Primary) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.40 466.96 Td (Locations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.95 473.96 Td (Ownership) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.90 466.96 Td (Inter) Tj ET Q q 0 0 0 rg BT 519.94 466.96 Td (est) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 53.00 454.96 Td (Direct Investments) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 107.25 458.13 Td (\(3\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 428.95 Td (Watermark Aqua) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 428.95 Td (Operating Facilities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 220.00 428.95 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.90 428.95 Td (108,111) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.25 428.95 Td (3) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 428.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 428.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 428.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 430.75 428.95 Td (3) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 462.10 442.95 Td (West/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.40 435.95 Td (Southwest/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.75 428.95 Td (Midwest) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 507.45 428.95 Td (97.0%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 409.95 Td (Peregrine) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 409.95 Td (Net Lease) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 409.95 Td (36,498) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.25 409.95 Td (4) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 409.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 409.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 409.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 430.75 409.95 Td (4) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 455.40 416.95 Td (Northeast/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 456.35 409.95 Td (Southeast) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.70 409.95 Td (100.0%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 397.95 Td (Kansas City) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 397.95 Td (Net Lease) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 397.95 Td (15,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.25 397.95 Td (2) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 397.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 397.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 397.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 430.75 397.95 Td (2) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.75 397.95 Td (Midwest) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.70 397.95 Td (100.0%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 385.95 Td (Arbors) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 385.95 Td (Net Lease) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.90 385.95 Td (126,612) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.25 385.95 Td (4) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 385.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 385.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 385.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 430.75 385.95 Td (4) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 456.35 385.95 Td (Northeast) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.70 385.95 Td (100.0%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 366.95 Td (W) Tj ET Q q 0 0 0 rg BT 59.05 366.95 Td (atermark Fountains) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 113.28 370.12 Td (\(4\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 373.95 Td (Net Lease/Operating) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 366.95 Td (Facilities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.90 366.95 Td (656,037) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 285.50 366.95 Td (16) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 366.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 366.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 366.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.00 366.95 Td (16) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.30 366.95 Td (Various) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.80 366.95 Td (Various) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 354.95 Td (W) Tj ET Q q 0 0 0 rg BT 59.33 354.95 Td (interfell) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 81.48 358.12 Td ( \(5\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 354.95 Td (Operating Facilities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.90 354.95 Td (904,985) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 285.50 354.95 Td (32) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 354.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 354.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 354.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.00 354.95 Td (32) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.30 354.95 Td (Various) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 505.70 354.95 Td (100.0%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 341.95 Td (Total Direct Investments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 234.65 341.95 Td (1,847,243) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 285.50 341.95 Td (61) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 341.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 341.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 341.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.00 341.95 Td (61) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 53.00 329.96 Td (Joint V) Tj ET Q q 0 0 0 rg BT 73.43 329.96 Td (enture Investments) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 128.46 333.13 Td (\(6\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 310.95 Td (Eclipse) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 317.95 Td (Net Lease/Operating) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 310.95 Td (Facilities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 310.95 Td (59,816) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 285.50 310.95 Td (44) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 310.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 310.95 Td (36) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 310.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.00 310.95 Td (80) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.30 310.95 Td (Various) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 509.20 310.95 Td (5.6%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 284.95 Td (Envoy) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 284.95 Td (Net Lease) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 284.95 Td (16,472) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 285.50 284.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 284.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 284.95 Td (14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 284.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.00 284.95 Td (14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 462.10 298.95 Td (Mid -) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.75 291.95 Td (Atlantic/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 456.35 284.95 Td (Northeast) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 507.45 284.95 Td (11.4%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 262.95 Td (Griffin-American) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 269.95 Td (Net Lease/Operating) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 262.95 Td (Facilities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.90 262.95 Td (605,418) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 285.50 262.95 Td (90) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.75 262.95 Td (148) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 262.95 Td (45) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 262.95 Td (14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 427.25 262.95 Td (297) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.30 262.95 Td (Various) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 507.45 262.95 Td (14.3%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 250.95 Td (Espresso) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 250.95 Td (Net Lease) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.90 250.95 Td (326,475) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.25 250.95 Td (6) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 250.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 355.25 250.95 Td (152) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 250.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 427.25 250.95 Td (158) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.30 250.95 Td (Various) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 507.45 250.95 Td (36.7%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 238.95 Td (T) Tj ET Q q 0 0 0 rg BT 57.03 238.95 Td (rilogy) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 73.75 242.12 Td (\(7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 141.00 238.95 Td (Operating Facilities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.90 238.95 Td (385,999) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.25 238.95 Td (6) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.50 238.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 357.00 238.95 Td (64) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 238.95 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.00 238.95 Td (70) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 459.30 238.95 Td (Various) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 507.45 238.95 Td (29.0%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 226.95 Td (Total Joint Venture) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 219.95 Td (Investments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 234.65 219.95 Td (1,394,180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 283.75 219.95 Td (146) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.75 219.95 Td (148) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 355.25 219.95 Td (311) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 219.95 Td (14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 427.25 219.95 Td (619) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 207.95 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 220.00 207.95 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 234.65 207.95 Td (3,241,423) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 283.75 207.95 Td (207) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.75 207.95 Td (148) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 355.25 207.95 Td (311) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 393.00 207.95 Td (14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 427.25 207.95 Td (680) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.00 Tf ET q 0 0 0 rg BT 50.00 197.20 Td (_______________________________________ ) Tj ET Q q 0 0 0 rg BT 194.00 197.20 Td ( ) Tj ET Q q 0 0 0 rg BT 230.00 197.20 Td ( ) Tj ET Q q 0 0 0 rg BT 266.00 197.20 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 187.60 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 187.60 Td (Classification based on predominant services provided, but may include other services.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 178.00 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 68.00 178.00 Td (Includes purchase price allocations related to net intangibles, deferred costs, other assets, if any) Tj ET Q q 0 0 0 rg BT 372.70 178.00 Td (, and adjusted for subsequent capital expenditures.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 168.40 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 68.00 168.40 Td (The net lease properties are leased to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.16 168.40 Td (four) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.49 168.40 Td ( operators, which collectively have an ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.78 168.40 Td (eight) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.77 168.40 Td ( year weighted average remaining lease term. ) Tj ET Q q 0 0 0 rg BT 489.67 168.40 Td (The weighted average ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 158.80 Td (resident occupancy of our direct investments was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.73 158.80 Td (89.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.39 158.80 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 149.20 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 68.00 149.20 Td (W) Tj ET Q q 0 0 0 rg BT 74.91 149.20 Td (atermark Fountains portfolio consists of six wholly-owned properties and ten properties in which we own a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.17 149.20 Td (97.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.84 149.20 Td ( interest. One of these properties ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 139.60 Td (consists of 19 condominium units in which we hold future interests, or the Remainder Interests.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 130.00 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 68.00 130.00 Td (W) Tj ET Q q 0 0 0 rg BT 75.23 130.00 Td (interfell portfolio ownership increased to 100% on March 1, 2016. Refer to Note 3 of the notes to consolidated financial statements.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 120.40 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 68.00 120.40 Td (Represents our proportionate interest in real estate assets held through unconsolidated joint ventures.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 110.80 Td (\(7\) ) Tj ET Q q 0 0 0 rg BT 68.00 110.80 Td (Includes institutional pharmacy and therapy businesses and lease purchase buy-out options, which are not subject to property count.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.80 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 90.80 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 90.80 Td (, our unconsolidated joint venture investments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.79 90.80 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.90 90.80 Td (, comprised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.06 90.80 Td (43.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.89 90.80 Td ( of our total real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.80 Td (equity investments portfolio and represented an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.72 78.80 Td (18.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.55 78.80 Td ( indirect exposure to over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.24 78.80 Td ($7.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.36 78.80 Td ( in real estate equity investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.80 Td (alongside our joint venture partners. ) Tj ET Q q 0 0 0 rg BT 199.13 66.80 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.57 66.80 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.40 66.80 Td (, our unconsolidated joint venture investments included the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 46.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.80 Td (Eclipse Joint ) Tj ET Q q 0 0 0 rg BT 139.70 46.80 Td (V) Tj ET Q q 0 0 0 rg BT 145.81 46.80 Td (enture, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.74 46.80 Td (5.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.57 46.80 Td ( interest in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.22 46.80 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.33 46.80 Td ( portfolio.) Tj ET Q /GS0 gs q 208.04 0 0 155.00 71.95 576.02 cm /I11 Do Q /GS0 gs q 209.94 0 0 155.00 329.00 576.02 cm /I12 Do Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Envoy Joint ) Tj ET Q q 0 0 0 rg BT 136.38 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 142.49 742.10 Td (enture, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.41 742.10 Td (1) Tj ET Q q 0 0 0 rg BT 184.04 742.10 Td (1.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.87 742.10 Td ( interest in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.52 742.10 Td ($145.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.41 742.10 Td ( portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 722.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 722.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 102.48 722.10 Td (fin-American Joint ) Tj ET Q q 0 0 0 rg BT 180.61 722.10 Td (V) Tj ET Q q 0 0 0 rg BT 186.72 722.10 Td (enture, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.65 722.10 Td (14.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.48 722.10 Td ( interest in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.13 722.10 Td ($4.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.24 722.10 Td ( portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 702.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 702.10 Td (Espresso Joint ) Tj ET Q q 0 0 0 rg BT 145.82 702.10 Td (V) Tj ET Q q 0 0 0 rg BT 151.93 702.10 Td (enture, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.86 702.10 Td (36.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.69 702.10 Td ( interest in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.34 702.10 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.45 702.10 Td ( portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.76 682.10 Td (rilogy Joint ) Tj ET Q q 0 0 0 rg BT 139.91 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 146.02 682.10 Td (enture, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.95 682.10 Td (29.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.78 682.10 Td ( interest in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.43 682.10 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.54 682.10 Td ( portfolio.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 660.53505859375 m 121.650390625 660.53505859375 l s q 0 0 0 rg BT 50.00 662.10 Td (Real Estate Debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.33 622.10 Td (real ) Tj ET Q q 0 0 0 rg BT 84.10 622.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 108.64 622.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 127.64 622.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 173.31 622.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 206.74 622.10 Td (is ) Tj ET Q q 0 0 0 rg BT 215.19 622.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 248.07 622.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.85 622.10 Td (originating, ) Tj ET Q q 0 0 0 rg BT 308.02 622.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 347.56 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.78 622.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 385.00 622.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 426.22 622.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 447.71 622.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 480.03 622.10 Td (by ) Tj ET Q q 0 0 0 rg BT 491.81 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.81 622.10 Td (same ) Tj ET Q q 0 0 0 rg BT 528.14 622.10 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (types ) Tj ET Q q 0 0 0 rg BT 73.86 610.10 Td (that ) Tj ET Q q 0 0 0 rg BT 91.61 610.10 Td (we ) Tj ET Q q 0 0 0 rg BT 106.02 610.10 Td (tar) Tj ET Q q 0 0 0 rg BT 116.39 610.10 Td (get ) Tj ET Q q 0 0 0 rg BT 131.36 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 145.77 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 161.85 610.10 Td (real ) Tj ET Q q 0 0 0 rg BT 179.59 610.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 205.11 610.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 232.86 610.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 285.88 610.10 Td (including ) Tj ET Q q 0 0 0 rg BT 326.41 610.10 Td (first ) Tj ET Q q 0 0 0 rg BT 345.27 610.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 385.79 610.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 412.15 610.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 461.56 610.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 502.07 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.27 610.10 Td (mezzanine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 73.61 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.55 598.10 Td (participations ) Tj ET Q q 0 0 0 rg BT 147.48 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.75 598.10 Td (such ) Tj ET Q q 0 0 0 rg BT 178.58 598.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 202.19 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.13 598.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 258.27 598.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 285.76 598.10 Td (interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 578.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.70 578.10 Td (emphasize ) Tj ET Q q 0 0 0 rg BT 110.52 578.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 135.91 578.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 182.41 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.36 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.32 578.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 229.16 578.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 279.55 578.10 Td (as ) Tj ET Q q 0 0 0 rg BT 290.50 578.10 Td (this ) Tj ET Q q 0 0 0 rg BT 307.57 578.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 336.30 578.10 Td (us ) Tj ET Q q 0 0 0 rg BT 347.82 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.88 578.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 385.25 578.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 414.52 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.47 578.10 Td (control ) Tj ET Q q 0 0 0 rg BT 456.42 578.10 Td (over ) Tj ET Q q 0 0 0 rg BT 476.81 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.65 578.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 516.49 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.44 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.28 578.10 Td (loan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.89 566.10 Td (any ) Tj ET Q q 0 0 0 rg BT 106.44 566.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 152.44 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.99 566.10 Td (other ) Tj ET Q q 0 0 0 rg BT 191.65 566.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 209.86 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.42 566.10 Td (how ) Tj ET Q q 0 0 0 rg BT 245.75 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.08 566.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 306.08 566.10 Td (is ) Tj ET Q q 0 0 0 rg BT 314.86 566.10 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 368.07 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.62 566.10 Td (structured, ) Tj ET Q q 0 0 0 rg BT 429.22 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.78 566.10 Td (it ) Tj ET Q q 0 0 0 rg BT 453.45 566.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 490.00 566.10 Td (us ) Tj ET Q q 0 0 0 rg BT 501.01 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.34 566.10 Td (opportunity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.56 554.10 Td (syndicate ) Tj ET Q q 0 0 0 rg BT 99.11 554.10 Td (all ) Tj ET Q q 0 0 0 rg BT 110.88 554.10 Td (or ) Tj ET Q q 0 0 0 rg BT 121.00 554.10 Td (a ) Tj ET Q q 0 0 0 rg BT 127.22 554.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 157.89 554.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 177.71 554.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 203.94 554.10 Td (or ) Tj ET Q q 0 0 0 rg BT 214.05 554.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 262.49 554.10 Td (interests\) ) Tj ET Q q 0 0 0 rg BT 300.92 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.04 554.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.26 554.10 Td (loan, ) Tj ET Q q 0 0 0 rg BT 338.75 554.10 Td (if ) Tj ET Q q 0 0 0 rg BT 346.65 554.10 Td (desired. ) Tj ET Q q 0 0 0 rg BT 379.80 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.59 554.10 Td (Further) Tj ET Q q 0 0 0 rg BT 410.63 554.10 Td (, ) Tj ET Q q 0 0 0 rg BT 414.91 554.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 439.45 554.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 485.12 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.23 554.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 514.23 554.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 86.94 542.10 Td (for ) Tj ET Q q 0 0 0 rg BT 101.10 542.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.04 542.10 Td (closer ) Tj ET Q q 0 0 0 rg BT 134.41 542.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 184.13 542.10 Td (with ) Tj ET Q q 0 0 0 rg BT 204.40 542.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.23 542.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 263.28 542.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.21 542.10 Td (operators ) Tj ET Q q 0 0 0 rg BT 319.92 542.10 Td (which ) Tj ET Q q 0 0 0 rg BT 346.86 542.10 Td (helps ) Tj ET Q q 0 0 0 rg BT 370.47 542.10 Td (us ) Tj ET Q q 0 0 0 rg BT 381.86 542.10 Td (proactively ) Tj ET Q q 0 0 0 rg BT 429.34 542.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 451.28 542.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 484.87 542.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.59 542.10 Td (investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.61 522.10 Td (Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.44 502.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.10 502.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 109.76 502.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.76 502.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.59 502.10 Td ($193.5 ) Tj ET Q q 0 0 0 rg BT 164.42 502.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.31 502.10 Td (, ) Tj ET Q q 0 0 0 rg BT 198.14 502.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.80 502.10 Td (5.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.63 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.96 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.62 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.28 502.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 310.88 502.10 Td (was ) Tj ET Q q 0 0 0 rg BT 328.76 502.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 364.41 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.52 502.10 Td (real ) Tj ET Q q 0 0 0 rg BT 391.84 502.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 416.93 502.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 436.47 502.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 469.34 502.10 Td (by ) Tj ET Q q 0 0 0 rg BT 481.67 502.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 525.08 502.10 Td (facilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 93.34 490.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.46 490.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.12 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.90 490.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 147.79 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.36 490.10 Td (an ) Tj ET Q q 0 0 0 rg BT 180.58 490.10 Td (average ) Tj ET Q q 0 0 0 rg BT 214.45 490.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 261.12 490.10 Td (size ) Tj ET Q q 0 0 0 rg BT 279.45 490.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.56 490.10 Td ($48.4 ) Tj ET Q q 0 0 0 rg BT 315.85 490.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.74 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 350.02 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.61 490.10 Td (The ) Tj ET Q q 0 0 0 rg BT 370.94 490.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 410.38 490.10 Td (average ) Tj ET Q q 0 0 0 rg BT 444.25 490.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 483.12 490.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 519.79 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.91 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 547.02 490.10 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 75.26 478.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 94.98 478.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 132.48 478.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.65 478.10 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.15 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.65 478.10 Td (years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (The following table presents a summary of our debt investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 458.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.43 458.10 Td ( \(dollars in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 395.60 79.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 395.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 395.60 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 395.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 395.60 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 395.60 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 395.60 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 395.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 395.60 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 395.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 395.60 39.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 395.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 395.60 44.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 395.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 395.60 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 395.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 395.60 42.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 361.60 79.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 361.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 361.60 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 361.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 361.60 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 361.60 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 361.60 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 361.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 361.60 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 361.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 361.60 39.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 361.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 361.60 44.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 361.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 361.60 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 361.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 361.60 42.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 436.6 m 450.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 436.6 m 454.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 436.6 m 504.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 395.6 m 165.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 395.6 m 204.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 395.6 m 253.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 395.6 m 310.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 395.6 m 359.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 395.6 m 402.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 395.6 m 450.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 395.6 m 504.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 395.6 m 550.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 395.6 m 204.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 395.6 m 253.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 395.6 m 310.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 395.6 m 359.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 395.6 m 402.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 395.6 m 450.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 395.6 m 504.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 395.6 m 550.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 361.6 m 204.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 361.6 m 253.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 361.6 m 310.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 361.6 m 359.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 361.6 m 402.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 361.6 m 450.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 361.6 m 504.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 361.6 m 550.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 361.6 m 204.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 343.6 m 204.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 341.6 m 204.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 361.6 m 253.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 343.6 m 253.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 341.6 m 253.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 343.6 m 310.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 341.6 m 310.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 361.6 m 359.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 343.6 m 359.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 341.6 m 359.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 361.6 m 402.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 343.6 m 402.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 341.6 m 402.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 361.6 m 450.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 343.6 m 450.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 341.6 m 450.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 361.6 m 504.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 343.6 m 504.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 341.6 m 504.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 361.6 m 550.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 343.6 m 550.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 341.6 m 550.5 341.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.05 439.68 Td (Weighted Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.75 431.83 Td (Floating ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.00 423.83 Td (Rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.10 415.83 Td (as % of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.20 407.83 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.95 399.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 399.83 Td (Investment Type:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.80 399.83 Td (Count) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.70 407.83 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.45 399.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.20 407.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.35 399.83 Td (V) Tj ET Q q 0 0 0 rg BT 279.39 399.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.90 423.83 Td (Allocation ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 415.83 Td (by) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.35 407.83 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.05 399.83 Td (T) Tj ET Q q 0 0 0 rg BT 329.79 399.83 Td (ype) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 341.79 403.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.90 407.83 Td (Fixed ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 399.83 Td (Rate ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.80 415.83 Td (Spr) Tj ET Q q 0 0 0 rg BT 428.10 415.83 Td (ead) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.50 407.83 Td (over) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.05 399.83 Td (LIBOR) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 437.84 403.46 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.25 423.83 Td (T) Tj ET Q q 0 0 0 rg BT 474.85 423.83 Td (otal ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.40 415.83 Td (Unleveraged) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.05 407.83 Td (Curr) Tj ET Q q 0 0 0 rg BT 482.23 407.83 Td (ent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.00 399.83 Td (Y) Tj ET Q q 0 0 0 rg BT 475.48 399.83 Td (ield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 380.85 Td (First mortgage loan) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 151.66 384.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.50 380.85 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 380.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.25 380.85 Td (14,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.00 380.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.25 380.85 Td (14,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.25 380.85 Td (7.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 380.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 380.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 380.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.25 380.85 Td (8.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 380.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 380.85 Td (8.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.30 380.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.30 380.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 380.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 365.85 Td (Mezzanine loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.50 365.85 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.25 365.85 Td (178,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.25 365.85 Td (178,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.25 365.85 Td (92.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 365.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 365.85 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 365.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.25 365.85 Td (10.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 365.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 365.85 Td (10.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.30 365.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 365.85 Td (58.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 365.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 353.55 Td (Total/Weighted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 345.55 Td (average) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.50 346.85 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 346.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.25 346.85 Td (193,471) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.00 346.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.25 346.85 Td (193,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.25 346.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 346.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 346.85 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.30 346.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.25 346.85 Td (9.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 346.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 346.85 Td (10.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.30 346.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 346.85 Td (61.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 346.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 335.10 Td (___________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 327.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 104.00 327.10 Td (Based on principal amount.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 317.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 104.00 317.50 Td (Includes a fixed minimum London Interbank Of) Tj ET Q q 0 0 0 rg BT 258.04 317.50 Td (fered Rate \(LIBOR\) rate, or LIBOR floor) Tj ET Q q 0 0 0 rg BT 397.44 317.50 Td (, as applicable.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 307.90 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 104.00 307.90 Td (Subject to a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.77 307.90 Td (0.3%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.43 307.90 Td ( minimum LIBOR rate.) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The following presents our real estate debt portfolio diversity across investment type, property type and geographic location ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (based on principal amount:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.85 701.83 Td (Real Estate Debt by Investment Type) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.65 508.83 Td (Real Estate Debt by Pr) Tj ET Q q 0 0 0 rg BT 194.23 508.83 Td (operty ) Tj ET Q q 0 0 0 rg BT 224.32 508.83 Td (T) Tj ET Q q 0 0 0 rg BT 230.24 508.83 Td (ype ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 247.74 513.36 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.25 508.83 Td (Real Estate Debt by Geographic Location) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 317.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 317.50 Td (Classification based on predominant services provided, but may include other services.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 295.93505859375 m 177.275390625 295.93505859375 l s q 0 0 0 rg BT 50.00 297.50 Td (Healthcar) Tj ET Q q 0 0 0 rg BT 92.58 297.50 Td (e-Related Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.35 277.50 Td (healthcare-related ) Tj ET Q q 0 0 0 rg BT 140.75 277.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 180.31 277.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 225.98 277.50 Td (strategy ) Tj ET Q q 0 0 0 rg BT 259.43 277.50 Td (may ) Tj ET Q q 0 0 0 rg BT 278.44 277.50 Td (include ) Tj ET Q q 0 0 0 rg BT 309.67 277.50 Td (investing ) Tj ET Q q 0 0 0 rg BT 348.13 277.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 387.13 277.50 Td (in ) Tj ET Q q 0 0 0 rg BT 396.70 277.50 Td (CMBS, ) Tj ET Q q 0 0 0 rg BT 428.79 277.50 Td (and ) Tj ET Q q 0 0 0 rg BT 445.02 277.50 Td (may ) Tj ET Q q 0 0 0 rg BT 464.03 277.50 Td (include ) Tj ET Q q 0 0 0 rg BT 495.26 277.50 Td (other ) Tj ET Q q 0 0 0 rg BT 517.60 277.50 Td (healthcare-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.50 Td (related ) Tj ET Q q 0 0 0 rg BT 79.63 265.50 Td (securities, ) Tj ET Q q 0 0 0 rg BT 122.32 265.50 Td (backed ) Tj ET Q q 0 0 0 rg BT 153.06 265.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 192.70 265.50 Td (by ) Tj ET Q q 0 0 0 rg BT 205.13 265.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 228.66 265.50 Td (secured ) Tj ET Q q 0 0 0 rg BT 261.63 265.50 Td (by ) Tj ET Q q 0 0 0 rg BT 274.05 265.50 Td (a ) Tj ET Q q 0 0 0 rg BT 280.92 265.50 Td (variety ) Tj ET Q q 0 0 0 rg BT 311.11 265.50 Td (of ) Tj ET Q q 0 0 0 rg BT 321.87 265.50 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 365.37 265.50 Td (properties. ) Tj ET Q q 0 0 0 rg BT 410.28 265.50 Td ( ) Tj ET Q q 0 0 0 rg BT 412.53 265.50 Td (W) Tj ET Q q 0 0 0 rg BT 421.17 265.50 Td (e ) Tj ET Q q 0 0 0 rg BT 428.04 265.50 Td (expect ) Tj ET Q q 0 0 0 rg BT 456.56 265.50 Td (that ) Tj ET Q q 0 0 0 rg BT 473.98 265.50 Td (this ) Tj ET Q q 0 0 0 rg BT 490.85 265.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 512.72 265.50 Td (class ) Tj ET Q q 0 0 0 rg BT 534.59 265.50 Td (will ) Tj ET Q q 0 0 0 rg BT 552.57 265.50 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.50 Td (less ) Tj ET Q q 0 0 0 rg BT 67.50 253.50 Td (than ) Tj ET Q q 0 0 0 rg BT 87.22 253.50 Td (10% ) Tj ET Q q 0 0 0 rg BT 108.05 253.50 Td (of ) Tj ET Q q 0 0 0 rg BT 118.88 253.50 Td (our ) Tj ET Q q 0 0 0 rg BT 134.71 253.50 Td (total ) Tj ET Q q 0 0 0 rg BT 154.98 253.50 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 194.98 253.50 Td ( ) Tj ET Q q 0 0 0 rg BT 196.92 253.50 Td (As ) Tj ET Q q 0 0 0 rg BT 210.54 253.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.37 253.50 Td (June30, ) Tj ET Q q 0 0 0 rg BT 257.20 253.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.20 253.50 Td (, ) Tj ET Q q 0 0 0 rg BT 282.20 253.50 Td (we ) Tj ET Q q 0 0 0 rg BT 296.36 253.50 Td (did ) Tj ET Q q 0 0 0 rg BT 311.64 253.50 Td (not ) Tj ET Q q 0 0 0 rg BT 326.91 253.50 Td (own ) Tj ET Q q 0 0 0 rg BT 346.64 253.50 Td (any ) Tj ET Q q 0 0 0 rg BT 363.57 253.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 403.84 253.50 Td (investments.) Tj ET Q /GS0 gs q 218.65 0 0 155.00 324.65 346.12 cm /I13 Do Q /GS0 gs q 243.74 0 0 155.00 54.10 346.12 cm /I14 Do Q /GS0 gs q 247.00 0 0 147.87 181.50 543.77 cm /I15 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 233.50 Td (Sour) Tj ET Q q 0 0 0 rg BT 70.38 233.50 Td (ces of Operating Revenues and Cash Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 213.50 Td (e ) Tj ET Q q 0 0 0 rg BT 64.58 213.50 Td (generate ) Tj ET Q q 0 0 0 rg BT 99.94 213.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 136.98 213.50 Td (from ) Tj ET Q q 0 0 0 rg BT 157.93 213.50 Td (resident ) Tj ET Q q 0 0 0 rg BT 191.08 213.50 Td (fees, ) Tj ET Q q 0 0 0 rg BT 211.19 213.50 Td (rental ) Tj ET Q q 0 0 0 rg BT 235.45 213.50 Td (income ) Tj ET Q q 0 0 0 rg BT 266.39 213.50 Td (and ) Tj ET Q q 0 0 0 rg BT 282.33 213.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 313.27 213.50 Td (income. ) Tj ET Q q 0 0 0 rg BT 346.70 213.50 Td ( ) Tj ET Q q 0 0 0 rg BT 348.21 213.50 Td (Resident ) Tj ET Q q 0 0 0 rg BT 384.70 213.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 398.41 213.50 Td (income ) Tj ET Q q 0 0 0 rg BT 429.35 213.50 Td (from ) Tj ET Q q 0 0 0 rg BT 450.29 213.50 Td (our ) Tj ET Q q 0 0 0 rg BT 465.13 213.50 Td (senior ) Tj ET Q q 0 0 0 rg BT 491.07 213.50 Td (housing ) Tj ET Q q 0 0 0 rg BT 524.24 213.50 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.50 Td (facilities ) Tj ET Q q 0 0 0 rg BT 86.92 201.50 Td (is ) Tj ET Q q 0 0 0 rg BT 96.08 201.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 133.54 201.50 Td (when ) Tj ET Q q 0 0 0 rg BT 157.70 201.50 Td (services ) Tj ET Q q 0 0 0 rg BT 192.39 201.50 Td (are ) Tj ET Q q 0 0 0 rg BT 207.09 201.50 Td (rendered ) Tj ET Q q 0 0 0 rg BT 244.56 201.50 Td (and ) Tj ET Q q 0 0 0 rg BT 261.48 201.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 297.30 201.50 Td (resident ) Tj ET Q q 0 0 0 rg BT 331.45 201.50 Td (room ) Tj ET Q q 0 0 0 rg BT 355.04 201.50 Td (and ) Tj ET Q q 0 0 0 rg BT 371.97 201.50 Td (care ) Tj ET Q q 0 0 0 rg BT 391.11 201.50 Td (char) Tj ET Q q 0 0 0 rg BT 408.13 201.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 423.96 201.50 Td (and ) Tj ET Q q 0 0 0 rg BT 440.88 201.50 Td (other ) Tj ET Q q 0 0 0 rg BT 463.92 201.50 Td (resident ) Tj ET Q q 0 0 0 rg BT 498.07 201.50 Td (char) Tj ET Q q 0 0 0 rg BT 515.09 201.50 Td (ges. ) Tj ET Q q 0 0 0 rg BT 533.41 201.50 Td ( ) Tj ET Q q 0 0 0 rg BT 535.90 201.50 Td (Rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.50 Td (income ) Tj ET Q q 0 0 0 rg BT 81.73 189.50 Td (is ) Tj ET Q q 0 0 0 rg BT 90.69 189.50 Td (generated ) Tj ET Q q 0 0 0 rg BT 131.84 189.50 Td (from ) Tj ET Q q 0 0 0 rg BT 153.57 189.50 Td (our ) Tj ET Q q 0 0 0 rg BT 169.19 189.50 Td (real ) Tj ET Q q 0 0 0 rg BT 186.47 189.50 Td (estate ) Tj ET Q q 0 0 0 rg BT 211.52 189.50 Td (for ) Tj ET Q q 0 0 0 rg BT 225.48 189.50 Td (the ) Tj ET Q q 0 0 0 rg BT 239.98 189.50 Td (leasing ) Tj ET Q q 0 0 0 rg BT 270.60 189.50 Td (of ) Tj ET Q q 0 0 0 rg BT 281.22 189.50 Td (space ) Tj ET Q q 0 0 0 rg BT 305.72 189.50 Td (to ) Tj ET Q q 0 0 0 rg BT 315.79 189.50 Td (various ) Tj ET Q q 0 0 0 rg BT 347.52 189.50 Td (types ) Tj ET Q q 0 0 0 rg BT 370.92 189.50 Td (of ) Tj ET Q q 0 0 0 rg BT 381.54 189.50 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 424.91 189.50 Td (operators/tenants. ) Tj ET Q q 0 0 0 rg BT 498.01 189.50 Td ( ) Tj ET Q q 0 0 0 rg BT 500.31 189.50 Td (Interest ) Tj ET Q q 0 0 0 rg BT 532.58 189.50 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.50 Td (is ) Tj ET Q q 0 0 0 rg BT 60.71 177.50 Td (generated ) Tj ET Q q 0 0 0 rg BT 103.61 177.50 Td (from ) Tj ET Q q 0 0 0 rg BT 127.09 177.50 Td (our ) Tj ET Q q 0 0 0 rg BT 144.46 177.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 165.72 177.50 Td (investments. ) Tj ET Q q 0 0 0 rg BT 220.03 177.50 Td ( ) Tj ET Q q 0 0 0 rg BT 223.18 177.50 Td (Additionally) Tj ET Q q 0 0 0 rg BT 273.08 177.50 Td (, ) Tj ET Q q 0 0 0 rg BT 279.62 177.50 Td (we ) Tj ET Q q 0 0 0 rg BT 295.32 177.50 Td (report ) Tj ET Q q 0 0 0 rg BT 323.24 177.50 Td (our ) Tj ET Q q 0 0 0 rg BT 340.61 177.50 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 398.52 177.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 432.00 177.50 Td (of ) Tj ET Q q 0 0 0 rg BT 444.37 177.50 Td (revenues ) Tj ET Q q 0 0 0 rg BT 483.94 177.50 Td (and ) Tj ET Q q 0 0 0 rg BT 502.42 177.50 Td (expenses ) Tj ET Q q 0 0 0 rg BT 542.56 177.50 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.50 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 113.04 165.50 Td (joint ) Tj ET Q q 0 0 0 rg BT 133.88 165.50 Td (ventures ) Tj ET Q q 0 0 0 rg BT 170.25 165.50 Td (which ) Tj ET Q q 0 0 0 rg BT 197.19 165.50 Td (own ) Tj ET Q q 0 0 0 rg BT 216.91 165.50 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 260.49 165.50 Td (real ) Tj ET Q q 0 0 0 rg BT 277.98 165.50 Td (estate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.50 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 145.50 Td (ofitability and Performance Metrics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 125.50 Td (e ) Tj ET Q q 0 0 0 rg BT 64.45 125.50 Td (calculate ) Tj ET Q q 0 0 0 rg BT 101.34 125.50 Td (FFO ) Tj ET Q q 0 0 0 rg BT 121.06 125.50 Td (and ) Tj ET Q q 0 0 0 rg BT 136.87 125.50 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 165.47 125.50 Td (\(see ) Tj ET Q q 0 0 0 rg BT 182.94 125.50 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 234.79 125.50 Td ( ) Tj ET Q q 0 0 0 rg BT 236.15 125.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 274.74 125.50 Td (Measures ) Tj ET Q q 0 0 0 rg BT 314.43 125.50 Td ( ) Tj ET Q q 0 0 0 rg BT 320.80 125.50 Td (Funds ) Tj ET Q q 0 0 0 rg BT 346.62 125.50 Td (from ) Tj ET Q q 0 0 0 rg BT 367.43 125.50 Td (Operations ) Tj ET Q q 0 0 0 rg BT 412.67 125.50 Td (and ) Tj ET Q q 0 0 0 rg BT 428.48 125.50 Td (Modified ) Tj ET Q q 0 0 0 rg BT 467.07 125.50 Td (Funds ) Tj ET Q q 0 0 0 rg BT 492.89 125.50 Td (from ) Tj ET Q q 0 0 0 rg BT 513.70 125.50 Td (Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.50 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 113.50 Td (a ) Tj ET Q q 0 0 0 rg BT 71.10 113.50 Td (description ) Tj ET Q q 0 0 0 rg BT 118.03 113.50 Td (of ) Tj ET Q q 0 0 0 rg BT 128.86 113.50 Td (these ) Tj ET Q q 0 0 0 rg BT 151.91 113.50 Td (metrics\) ) Tj ET Q q 0 0 0 rg BT 187.17 113.50 Td (to ) Tj ET Q q 0 0 0 rg BT 197.45 113.50 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 233.26 113.50 Td (the ) Tj ET Q q 0 0 0 rg BT 247.98 113.50 Td (profitability ) Tj ET Q q 0 0 0 rg BT 298.25 113.50 Td (and ) Tj ET Q q 0 0 0 rg BT 315.19 113.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 368.21 113.50 Td (of ) Tj ET Q q 0 0 0 rg BT 379.04 113.50 Td (our ) Tj ET Q q 0 0 0 rg BT 394.87 113.50 Td (business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 93.50 Td (Outlook and Recent ) Tj ET Q q 0 0 0 rg BT 137.88 93.50 Td (T) Tj ET Q q 0 0 0 rg BT 143.81 93.50 Td (r) Tj ET Q q 0 0 0 rg BT 148.07 93.50 Td (ends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.50 Td (The ) Tj ET Q q 0 0 0 rg BT 67.19 73.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 86.63 73.50 Td (economy ) Tj ET Q q 0 0 0 rg BT 124.93 73.50 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 180.45 73.50 Td (improvement ) Tj ET Q q 0 0 0 rg BT 235.42 73.50 Td (in ) Tj ET Q q 0 0 0 rg BT 244.84 73.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 268.99 73.50 Td (which ) Tj ET Q q 0 0 0 rg BT 295.08 73.50 Td (prompted ) Tj ET Q q 0 0 0 rg BT 335.05 73.50 Td (the ) Tj ET Q q 0 0 0 rg BT 348.92 73.50 Td (Federal ) Tj ET Q q 0 0 0 rg BT 380.55 73.50 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 414.40 73.50 Td (in ) Tj ET Q q 0 0 0 rg BT 423.83 73.50 Td (December ) Tj ET Q q 0 0 0 rg BT 466.56 73.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 488.21 73.50 Td (to ) Tj ET Q q 0 0 0 rg BT 497.64 73.50 Td (raise ) Tj ET Q q 0 0 0 rg BT 518.16 73.50 Td (the ) Tj ET Q q 0 0 0 rg BT 532.03 73.50 Td (Federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.50 Td (Funds ) Tj ET Q q 0 0 0 rg BT 76.85 61.50 Td (Rate ) Tj ET Q q 0 0 0 rg BT 97.57 61.50 Td (for ) Tj ET Q q 0 0 0 rg BT 111.63 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 126.25 61.50 Td (first ) Tj ET Q q 0 0 0 rg BT 144.75 61.50 Td (time ) Tj ET Q q 0 0 0 rg BT 164.92 61.50 Td (in ) Tj ET Q q 0 0 0 rg BT 175.10 61.50 Td (nine ) Tj ET Q q 0 0 0 rg BT 194.71 61.50 Td (years. ) Tj ET Q q 0 0 0 rg BT 220.71 61.50 Td ( ) Tj ET Q q 0 0 0 rg BT 222.93 61.50 Td (The ) Tj ET Q q 0 0 0 rg BT 240.88 61.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 261.06 61.50 Td (economy ) Tj ET Q q 0 0 0 rg BT 300.11 61.50 Td (continues ) Tj ET Q q 0 0 0 rg BT 340.83 61.50 Td (to ) Tj ET Q q 0 0 0 rg BT 351.01 61.50 Td (show ) Tj ET Q q 0 0 0 rg BT 374.52 61.50 Td (strength ) Tj ET Q q 0 0 0 rg BT 409.13 61.50 Td (through ) Tj ET Q q 0 0 0 rg BT 442.64 61.50 Td (the ) Tj ET Q q 0 0 0 rg BT 457.25 61.50 Td (first ) Tj ET Q q 0 0 0 rg BT 475.76 61.50 Td (half ) Tj ET Q q 0 0 0 rg BT 493.70 61.50 Td (of ) Tj ET Q q 0 0 0 rg BT 504.43 61.50 Td (2016 ) Tj ET Q q 0 0 0 rg BT 526.83 61.50 Td (with ) Tj ET Q q 0 0 0 rg BT 547.00 61.50 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.50 Td (than ) Tj ET Q q 0 0 0 rg BT 70.05 49.50 Td (5% ) Tj ET Q q 0 0 0 rg BT 86.21 49.50 Td (unemployment ) Tj ET Q q 0 0 0 rg BT 149.04 49.50 Td (and ) Tj ET Q q 0 0 0 rg BT 166.31 49.50 Td (improvement ) Tj ET Q q 0 0 0 rg BT 222.46 49.50 Td (in ) Tj ET Q q 0 0 0 rg BT 233.08 49.50 Td (the ) Tj ET Q q 0 0 0 rg BT 248.13 49.50 Td (housing ) Tj ET Q q 0 0 0 rg BT 282.63 49.50 Td (market. ) Tj ET Q q 0 0 0 rg BT 315.73 49.50 Td ( ) Tj ET Q q 0 0 0 rg BT 318.56 49.50 Td (Despite ) Tj ET Q q 0 0 0 rg BT 351.94 49.50 Td (this, ) Tj ET Q q 0 0 0 rg BT 371.72 49.50 Td (concerns ) Tj ET Q q 0 0 0 rg BT 410.09 49.50 Td (still ) Tj ET Q q 0 0 0 rg BT 427.93 49.50 Td (remain ) Tj ET Q q 0 0 0 rg BT 458.53 49.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 499.68 49.50 Td (low ) Tj ET Q q 0 0 0 rg BT 517.51 49.50 Td (inflation ) Tj ET Q q 0 0 0 rg BT 554.23 49.50 Td (in ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.12 742.10 Td (United ) Tj ET Q q 0 0 0 rg BT 95.24 742.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 124.53 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.88 742.10 Td (stronger ) Tj ET Q q 0 0 0 rg BT 167.55 742.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 188.24 742.10 Td (dollar) Tj ET Q q 0 0 0 rg BT 211.16 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 216.57 742.10 Td (oil ) Tj ET Q q 0 0 0 rg BT 230.03 742.10 Td (price ) Tj ET Q q 0 0 0 rg BT 252.92 742.10 Td (instability) Tj ET Q q 0 0 0 rg BT 292.27 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 297.67 742.10 Td (slow ) Tj ET Q q 0 0 0 rg BT 319.47 742.10 Td (global ) Tj ET Q q 0 0 0 rg BT 347.37 742.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 378.60 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.94 742.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 439.94 742.10 Td (international ) Tj ET Q q 0 0 0 rg BT 493.38 742.10 Td (market ) Tj ET Q q 0 0 0 rg BT 524.05 742.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 559.51 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.51 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 75.74 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 98.70 730.10 Td (global ) Tj ET Q q 0 0 0 rg BT 126.11 730.10 Td (central ) Tj ET Q q 0 0 0 rg BT 155.73 730.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 181.47 730.10 Td (have ) Tj ET Q q 0 0 0 rg BT 202.76 730.10 Td (been ) Tj ET Q q 0 0 0 rg BT 224.05 730.10 Td (easing ) Tj ET Q q 0 0 0 rg BT 252.01 730.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 292.19 730.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 319.60 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.79 730.10 Td (combat ) Tj ET Q q 0 0 0 rg BT 361.64 730.10 Td (low ) Tj ET Q q 0 0 0 rg BT 379.05 730.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 415.35 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.20 730.10 Td (stagnant ) Tj ET Q q 0 0 0 rg BT 467.94 730.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 498.68 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.53 730.10 Td (it ) Tj ET Q q 0 0 0 rg BT 523.50 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 532.59 730.10 Td (unclear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (when ) Tj ET Q q 0 0 0 rg BT 74.63 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 85.93 718.10 Td (if ) Tj ET Q q 0 0 0 rg BT 95.00 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.19 718.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 143.14 718.10 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 178.32 718.10 Td (will ) Tj ET Q q 0 0 0 rg BT 196.85 718.10 Td (further ) Tj ET Q q 0 0 0 rg BT 227.02 718.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 253.88 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.06 718.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 302.02 718.10 Td (Funds ) Tj ET Q q 0 0 0 rg BT 329.44 718.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 350.73 718.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 393.68 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.43 718.10 Td (light ) Tj ET Q q 0 0 0 rg BT 425.73 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.03 718.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 467.20 718.10 Td (global ) Tj ET Q q 0 0 0 rg BT 495.17 718.10 Td (events ) Tj ET Q q 0 0 0 rg BT 523.68 718.10 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.41 686.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.16 686.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.46 686.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 162.97 686.10 Td (are ) Tj ET Q q 0 0 0 rg BT 177.04 686.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 219.99 686.10 Td (on ) Tj ET Q q 0 0 0 rg BT 231.85 686.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.93 686.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 294.99 686.10 Td (real ) Tj ET Q q 0 0 0 rg BT 311.83 686.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 336.45 686.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 371.09 686.10 Td (generally) Tj ET Q q 0 0 0 rg BT 407.64 686.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.00 686.10 Td (which ) Tj ET Q q 0 0 0 rg BT 438.30 686.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.94 686.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 465.91 686.10 Td (is ) Tj ET Q q 0 0 0 rg BT 474.44 686.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 517.39 686.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 539.25 686.10 Td (broad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 91.37 674.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 135.54 674.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.82 674.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.54 674.10 Td (United ) Tj ET Q q 0 0 0 rg BT 190.26 674.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 219.14 674.10 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 253.02 674.10 Td (China ) Tj ET Q q 0 0 0 rg BT 279.41 674.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.35 674.10 Td (elsewhere. ) Tj ET Q q 0 0 0 rg BT 341.33 674.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.83 674.10 Td (Recently) Tj ET Q q 0 0 0 rg BT 378.72 674.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.72 674.10 Td (concerns ) Tj ET Q q 0 0 0 rg BT 421.76 674.10 Td (over ) Tj ET Q q 0 0 0 rg BT 442.03 674.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.75 674.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 477.04 674.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 517.30 674.10 Td (market ) Tj ET Q q 0 0 0 rg BT 547.57 674.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (sustainability ) Tj ET Q q 0 0 0 rg BT 105.61 662.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.22 662.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 157.93 662.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 188.54 662.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.60 662.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.10 662.10 Td (real ) Tj ET Q q 0 0 0 rg BT 230.37 662.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 255.41 662.10 Td (market ) Tj ET Q q 0 0 0 rg BT 285.45 662.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.51 662.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.01 662.10 Td (United ) Tj ET Q q 0 0 0 rg BT 339.51 662.10 Td (States ) Tj ET Q q 0 0 0 rg BT 365.67 662.10 Td (have ) Tj ET Q q 0 0 0 rg BT 386.83 662.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 434.65 662.10 Td (to ) Tj ET Q q 0 0 0 rg BT 444.71 662.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 484.75 662.10 Td (domestic ) Tj ET Q q 0 0 0 rg BT 523.13 662.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 97.48 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.42 650.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.14 650.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 166.63 650.10 Td (for ) Tj ET Q q 0 0 0 rg BT 180.79 650.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.72 650.10 Td (recessionary ) Tj ET Q q 0 0 0 rg BT 240.20 650.10 Td (environment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.79 630.10 Td (June ) Tj ET Q q 0 0 0 rg BT 81.59 630.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 106.55 630.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.46 630.10 Td (non-binding ) Tj ET Q q 0 0 0 rg BT 164.81 630.10 Td (referendum ) Tj ET Q q 0 0 0 rg BT 213.36 630.10 Td (was ) Tj ET Q q 0 0 0 rg BT 231.38 630.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 260.50 630.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.74 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.42 630.10 Td (United ) Tj ET Q q 0 0 0 rg BT 315.11 630.10 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 355.35 630.10 Td (supporting ) Tj ET Q q 0 0 0 rg BT 400.59 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.27 630.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 432.73 630.10 Td (from ) Tj ET Q q 0 0 0 rg BT 454.64 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.32 630.10 Td (European ) Tj ET Q q 0 0 0 rg BT 510.10 630.10 Td (Union ) Tj ET Q q 0 0 0 rg BT 537.56 630.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.77 618.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 77.87 618.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 111.51 618.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.28 618.10 Td (considerable ) Tj ET Q q 0 0 0 rg BT 173.80 618.10 Td (instability ) Tj ET Q q 0 0 0 rg BT 215.79 618.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.56 618.10 Td (global ) Tj ET Q q 0 0 0 rg BT 252.54 618.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 286.19 618.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.62 618.10 Td (currencies, ) Tj ET Q q 0 0 0 rg BT 348.19 618.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 390.16 618.10 Td (European ) Tj ET Q q 0 0 0 rg BT 430.47 618.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 466.61 618.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.82 618.10 Td (U.K.) Tj ET Q q 0 0 0 rg BT 503.04 618.10 Td (s ) Tj ET Q q 0 0 0 rg BT 508.92 618.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 547.57 618.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.89 606.10 Td (British ) Tj ET Q q 0 0 0 rg BT 94.78 606.10 Td (Pound ) Tj ET Q q 0 0 0 rg BT 123.01 606.10 Td (Sterling. ) Tj ET Q q 0 0 0 rg BT 159.85 606.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.52 606.10 Td (In ) Tj ET Q q 0 0 0 rg BT 173.52 606.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 211.46 606.10 Td (dramatic ) Tj ET Q q 0 0 0 rg BT 249.11 606.10 Td (political ) Tj ET Q q 0 0 0 rg BT 284.55 606.10 Td (change ) Tj ET Q q 0 0 0 rg BT 315.54 606.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.99 606.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.87 606.10 Td (United ) Tj ET Q q 0 0 0 rg BT 370.76 606.10 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 411.21 606.10 Td (has ) Tj ET Q q 0 0 0 rg BT 427.21 606.10 Td (resulted, ) Tj ET Q q 0 0 0 rg BT 464.03 606.10 Td (including ) Tj ET Q q 0 0 0 rg BT 504.48 606.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.36 606.10 Td (election ) Tj ET Q q 0 0 0 rg BT 553.68 606.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.40 594.10 Td (new ) Tj ET Q q 0 0 0 rg BT 77.02 594.10 Td (Prime ) Tj ET Q q 0 0 0 rg BT 103.87 594.10 Td (Minister ) Tj ET Q q 0 0 0 rg BT 140.72 594.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.46 594.10 Td (July ) Tj ET Q q 0 0 0 rg BT 171.10 594.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 196.56 594.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.52 594.10 Td (Much ) Tj ET Q q 0 0 0 rg BT 225.82 594.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 273.76 594.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 308.38 594.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.67 594.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.41 594.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.59 594.10 Td (process ) Tj ET Q q 0 0 0 rg BT 378.54 594.10 Td (for ) Tj ET Q q 0 0 0 rg BT 393.17 594.10 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 430.00 594.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.40 594.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.58 594.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 504.98 594.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 539.05 594.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.79 594.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (global, ) Tj ET Q q 0 0 0 rg BT 80.21 582.10 Td (European ) Tj ET Q q 0 0 0 rg BT 121.24 582.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.39 582.10 Td (British ) Tj ET Q q 0 0 0 rg BT 168.33 582.10 Td (economies. ) Tj ET Q q 0 0 0 rg BT 216.31 582.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.43 582.10 Td (All ) Tj ET Q q 0 0 0 rg BT 233.92 582.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.97 582.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.90 582.10 Td (major ) Tj ET Q q 0 0 0 rg BT 285.94 582.10 Td (European ) Tj ET Q q 0 0 0 rg BT 326.97 582.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 353.01 582.10 Td (have ) Tj ET Q q 0 0 0 rg BT 374.61 582.10 Td (been ) Tj ET Q q 0 0 0 rg BT 396.20 582.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 430.56 582.10 Td (easing ) Tj ET Q q 0 0 0 rg BT 458.82 582.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 499.30 582.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 527.01 582.10 Td (resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.31 570.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.28 570.10 Td (very ) Tj ET Q q 0 0 0 rg BT 87.58 570.10 Td (low) Tj ET Q q 0 0 0 rg BT 101.93 570.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.96 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.93 570.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.24 570.10 Td (some ) Tj ET Q q 0 0 0 rg BT 157.88 570.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 181.51 570.10 Td (negative, ) Tj ET Q q 0 0 0 rg BT 220.42 570.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 252.38 570.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 269.90 570.10 Td (environment. ) Tj ET Q q 0 0 0 rg BT 325.47 570.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.82 570.10 Td (This ) Tj ET Q q 0 0 0 rg BT 348.13 570.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 383.81 570.10 Td (The ) Tj ET Q q 0 0 0 rg BT 401.88 570.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 425.52 570.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.39 570.10 Td (England, ) Tj ET Q q 0 0 0 rg BT 474.74 570.10 Td (which ) Tj ET Q q 0 0 0 rg BT 501.71 570.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 535.90 570.10 Td (poised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.33 558.10 Td (further ) Tj ET Q q 0 0 0 rg BT 94.21 558.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 134.65 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.76 558.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.41 558.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 217.08 558.10 Td (action ) Tj ET Q q 0 0 0 rg BT 244.19 558.10 Td (should ) Tj ET Q q 0 0 0 rg BT 273.53 558.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.42 558.10 Td (U.K.) Tj ET Q q 0 0 0 rg BT 310.64 558.10 Td (s ) Tj ET Q q 0 0 0 rg BT 317.20 558.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 356.53 558.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 379.19 558.10 Td (a ) Tj ET Q q 0 0 0 rg BT 386.30 558.10 Td (downturn. ) Tj ET Q q 0 0 0 rg BT 429.80 558.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.47 558.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 465.69 558.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.58 558.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 528.79 558.10 Td (result ) Tj ET Q q 0 0 0 rg BT 553.68 558.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.81 546.10 Td (referendum, ) Tj ET Q q 0 0 0 rg BT 115.98 546.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 150.23 546.10 Td (have ) Tj ET Q q 0 0 0 rg BT 171.69 546.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 211.49 546.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 253.51 546.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.88 546.10 Td (function ) Tj ET Q q 0 0 0 rg BT 299.79 546.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 336.26 546.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.29 546.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.66 546.10 Td (some ) Tj ET Q q 0 0 0 rg BT 387.36 546.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 411.05 546.10 Td (recovered ) Tj ET Q q 0 0 0 rg BT 453.05 546.10 Td (from ) Tj ET Q q 0 0 0 rg BT 475.08 546.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.89 546.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 515.81 546.10 Td (shock ) Tj ET Q q 0 0 0 rg BT 541.73 546.10 Td (\(e.g., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.18 534.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 97.57 534.10 Td (markets\). ) Tj ET Q q 0 0 0 rg BT 137.46 534.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.68 534.10 Td (The ) Tj ET Q q 0 0 0 rg BT 157.62 534.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 195.01 534.10 Td (for ) Tj ET Q q 0 0 0 rg BT 209.07 534.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 244.25 534.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 282.75 534.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.59 534.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 346.97 534.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 384.36 534.10 Td (from ) Tj ET Q q 0 0 0 rg BT 406.19 534.10 Td (Brexit ) Tj ET Q q 0 0 0 rg BT 442.46 534.10 Td (may ) Tj ET Q q 0 0 0 rg BT 462.08 534.10 Td (have ) Tj ET Q q 0 0 0 rg BT 483.35 534.10 Td (a ) Tj ET Q q 0 0 0 rg BT 490.19 534.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 534.80 534.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.50 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.22 522.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 107.48 522.10 Td (global ) Tj ET Q q 0 0 0 rg BT 134.98 522.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 176.35 522.10 Td (environment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 100.88 502.10 Td (real ) Tj ET Q q 0 0 0 rg BT 117.32 502.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 141.53 502.10 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 196.86 502.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 226.07 502.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 265.28 502.10 Td (healthy ) Tj ET Q q 0 0 0 rg BT 296.17 502.10 Td (across ) Tj ET Q q 0 0 0 rg BT 322.61 502.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 341.84 502.10 Td (property ) Tj ET Q q 0 0 0 rg BT 377.17 502.10 Td (types. ) Tj ET Q q 0 0 0 rg BT 402.23 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.68 502.10 Td (Investor ) Tj ET Q q 0 0 0 rg BT 437.90 502.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 471.01 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 480.24 502.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 501.69 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.81 502.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (real ) Tj ET Q q 0 0 0 rg BT 68.27 490.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 94.31 490.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 135.34 490.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 182.50 490.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 215.77 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.49 490.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 260.64 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 272.25 490.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 291.08 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.80 490.10 Td (vacancy ) Tj ET Q q 0 0 0 rg BT 344.83 490.10 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 401.99 490.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 443.59 490.10 Td (across ) Tj ET Q q 0 0 0 rg BT 471.86 490.10 Td (most ) Tj ET Q q 0 0 0 rg BT 494.59 490.10 Td (property ) Tj ET Q q 0 0 0 rg BT 531.75 490.10 Td (sectors. ) Tj ET Q q 0 0 0 rg BT 564.52 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 80.99 478.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 110.31 478.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 156.86 478.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 196.73 478.10 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 241.60 478.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 288.16 478.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 310.83 478.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 330.43 478.10 Td (although ) Tj ET Q q 0 0 0 rg BT 368.09 478.10 Td (public ) Tj ET Q q 0 0 0 rg BT 395.76 478.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 430.08 478.10 Td (slowed ) Tj ET Q q 0 0 0 rg BT 461.08 478.10 Td (at ) Tj ET Q q 0 0 0 rg BT 470.96 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.85 478.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 528.51 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.51 478.10 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 91.44 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.22 466.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 130.99 466.10 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 175.20 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.98 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.20 466.10 Td (first ) Tj ET Q q 0 0 0 rg BT 217.32 466.10 Td (half ) Tj ET Q q 0 0 0 rg BT 234.87 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.20 466.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 269.71 466.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 301.15 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.93 466.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 352.37 466.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 403.79 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 413.57 466.10 Td (real ) Tj ET Q q 0 0 0 rg BT 430.56 466.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 455.33 466.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 485.38 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.39 466.10 Td (However) Tj ET Q q 0 0 0 rg BT 523.64 466.10 Td (, ) Tj ET Q q 0 0 0 rg BT 528.14 466.10 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.95 454.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 125.33 454.10 Td (has ) Tj ET Q q 0 0 0 rg BT 141.62 454.10 Td (slowed ) Tj ET Q q 0 0 0 rg BT 172.92 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.32 454.10 Td (there ) Tj ET Q q 0 0 0 rg BT 213.27 454.10 Td (is ) Tj ET Q q 0 0 0 rg BT 222.90 454.10 Td (speculation ) Tj ET Q q 0 0 0 rg BT 271.40 454.10 Td (that ) Tj ET Q q 0 0 0 rg BT 289.36 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.54 454.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 339.16 454.10 Td (may ) Tj ET Q q 0 0 0 rg BT 359.34 454.10 Td (be ) Tj ET Q q 0 0 0 rg BT 371.74 454.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 407.47 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.65 454.10 Td (late ) Tj ET Q q 0 0 0 rg BT 440.04 454.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 463.55 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.85 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.03 454.10 Td (current ) Tj ET Q q 0 0 0 rg BT 521.30 454.10 Td (real ) Tj ET Q q 0 0 0 rg BT 539.25 454.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 73.61 442.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 93.06 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.36 442.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 133.08 442.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 169.75 442.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 187.81 442.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 218.66 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.61 442.10 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 291.99 442.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 309.49 442.10 Td (compression ) Tj ET Q q 0 0 0 rg BT 362.56 442.10 Td (has ) Tj ET Q q 0 0 0 rg BT 378.40 442.10 Td (started ) Tj ET Q q 0 0 0 rg BT 407.57 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.87 442.10 Td (slow) Tj ET Q q 0 0 0 rg BT 436.11 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 441.13 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.64 442.10 Td (In ) Tj ET Q q 0 0 0 rg BT 454.49 442.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 492.28 442.10 Td (one ) Tj ET Q q 0 0 0 rg BT 509.23 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.08 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.81 442.10 Td (factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.87 430.10 Td (may ) Tj ET Q q 0 0 0 rg BT 87.96 430.10 Td (contribute ) Tj ET Q q 0 0 0 rg BT 131.37 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.03 430.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 177.66 430.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 216.65 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.30 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.39 430.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 292.46 430.10 Td (real ) Tj ET Q q 0 0 0 rg BT 310.32 430.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 335.95 430.10 Td (market ) Tj ET Q q 0 0 0 rg BT 366.59 430.10 Td (is ) Tj ET Q q 0 0 0 rg BT 376.14 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.23 430.10 Td (lar) Tj ET Q q 0 0 0 rg BT 401.59 430.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 413.90 430.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 446.77 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.98 430.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 496.95 430.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 547.02 430.10 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 75.26 418.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 94.98 418.10 Td (that ) Tj ET Q q 0 0 0 rg BT 112.48 418.10 Td (may ) Tj ET Q q 0 0 0 rg BT 132.19 418.10 Td (have ) Tj ET Q q 0 0 0 rg BT 153.57 418.10 Td (dif) Tj ET Q q 0 0 0 rg BT 164.50 418.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 199.21 418.10 Td (being ) Tj ET Q q 0 0 0 rg BT 223.93 418.10 Td (refinanced. ) Tj ET Q q 0 0 0 rg BT 271.12 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 112.80 398.10 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 132.55 398.10 Td (trillion ) Tj ET Q q 0 0 0 rg BT 162.03 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.61 398.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 222.07 398.10 Td (real ) Tj ET Q q 0 0 0 rg BT 239.31 398.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 264.32 398.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 283.80 398.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.83 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.30 398.10 Td (United ) Tj ET Q q 0 0 0 rg BT 337.77 398.10 Td (States ) Tj ET Q q 0 0 0 rg BT 363.91 398.10 Td (is ) Tj ET Q q 0 0 0 rg BT 372.84 398.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 415.08 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.11 398.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 455.13 398.10 Td (through ) Tj ET Q q 0 0 0 rg BT 488.49 398.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 513.25 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.34 398.10 Td (While ) Tj ET Q q 0 0 0 rg BT 542.03 398.10 Td (there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (appears ) Tj ET Q q 0 0 0 rg BT 82.82 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.87 386.10 Td (be ) Tj ET Q q 0 0 0 rg BT 104.59 386.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.31 386.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 140.26 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.87 386.10 Td (available ) Tj ET Q q 0 0 0 rg BT 189.24 386.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 225.41 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.46 386.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 263.85 386.10 Td (many ) Tj ET Q q 0 0 0 rg BT 288.35 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.96 386.10 Td (these ) Tj ET Q q 0 0 0 rg BT 321.78 386.10 Td (maturities, ) Tj ET Q q 0 0 0 rg BT 366.05 386.10 Td (April ) Tj ET Q q 0 0 0 rg BT 389.44 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.16 386.10 Td (June ) Tj ET Q q 0 0 0 rg BT 426.77 386.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 449.04 386.10 Td (were ) Tj ET Q q 0 0 0 rg BT 470.75 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.25 386.10 Td (two ) Tj ET Q q 0 0 0 rg BT 502.53 386.10 Td (lowest ) Tj ET Q q 0 0 0 rg BT 530.92 386.10 Td (private-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (label ) Tj ET Q q 0 0 0 rg BT 71.62 374.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 101.59 374.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 147.66 374.10 Td (months ) Tj ET Q q 0 0 0 rg BT 179.29 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 189.26 374.10 Td (four ) Tj ET Q q 0 0 0 rg BT 208.10 374.10 Td (years ) Tj ET Q q 0 0 0 rg BT 231.38 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.00 374.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 282.97 374.10 Td (experts ) Tj ET Q q 0 0 0 rg BT 314.03 374.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 349.53 374.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.16 374.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 395.54 374.10 Td (total ) Tj ET Q q 0 0 0 rg BT 415.50 374.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 461.56 374.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 493.74 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.26 374.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td ($65 ) Tj ET Q q 0 0 0 rg BT 67.55 362.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 96.21 362.10 Td (for ) Tj ET Q q 0 0 0 rg BT 110.41 362.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 132.96 362.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 161.06 362.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 193.60 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.48 362.10 Td ($95 ) Tj ET Q q 0 0 0 rg BT 222.02 362.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 250.68 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.01 362.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 286.05 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.41 362.10 Td (This ) Tj ET Q q 0 0 0 rg BT 308.74 362.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 331.83 362.10 Td (is ) Tj ET Q q 0 0 0 rg BT 341.05 362.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 386.36 362.10 Td (one ) Tj ET Q q 0 0 0 rg BT 403.35 362.10 Td (symptom ) Tj ET Q q 0 0 0 rg BT 443.12 362.10 Td (that ) Tj ET Q q 0 0 0 rg BT 460.66 362.10 Td (could ) Tj ET Q q 0 0 0 rg BT 485.43 362.10 Td (point ) Tj ET Q q 0 0 0 rg BT 508.53 362.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.85 362.10 Td (dif) Tj ET Q q 0 0 0 rg BT 529.78 362.10 Td (ficulties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.68 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.81 350.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 101.26 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.50 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.62 350.10 Td (market ) Tj ET Q q 0 0 0 rg BT 155.29 350.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.98 350.10 Td (refinance ) Tj ET Q q 0 0 0 rg BT 204.07 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.20 350.10 Td (lar) Tj ET Q q 0 0 0 rg BT 228.56 350.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 239.91 350.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 271.81 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.04 350.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 320.05 350.10 Td (real ) Tj ET Q q 0 0 0 rg BT 336.94 350.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 361.61 350.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 380.74 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.08 350.10 Td (may ) Tj ET Q q 0 0 0 rg BT 416.20 350.10 Td (have ) Tj ET Q q 0 0 0 rg BT 436.99 350.10 Td (a ) Tj ET Q q 0 0 0 rg BT 443.33 350.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 479.11 350.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 508.23 350.10 Td (on ) Tj ET Q q 0 0 0 rg BT 520.13 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.25 350.10 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (real ) Tj ET Q q 0 0 0 rg BT 67.49 338.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 92.75 338.10 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 318.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.16 318.10 Td (return ) Tj ET Q q 0 0 0 rg BT 85.53 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.80 318.10 Td (weak ) Tj ET Q q 0 0 0 rg BT 119.39 318.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 160.76 318.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 204.92 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.19 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.90 318.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 258.77 318.10 Td (such ) Tj ET Q q 0 0 0 rg BT 279.59 318.10 Td (as ) Tj ET Q q 0 0 0 rg BT 290.41 318.10 Td (those ) Tj ET Q q 0 0 0 rg BT 314.01 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.84 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.55 318.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 364.80 318.10 Td (crisis ) Tj ET Q q 0 0 0 rg BT 388.40 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.23 318.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 424.22 318.10 Td (could ) Tj ET Q q 0 0 0 rg BT 448.93 318.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 478.07 318.10 Td (a ) Tj ET Q q 0 0 0 rg BT 485.00 318.10 Td (tenant) Tj ET Q q 0 0 0 rg BT 512.21 318.10 Td (s/operator) Tj ET Q q 0 0 0 rg BT 552.57 318.10 Td () Tj ET Q q 0 0 0 rg BT 555.34 318.10 Td (s/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (resident) Tj ET Q q 0 0 0 rg BT 84.43 306.10 Td (s ) Tj ET Q q 0 0 0 rg BT 91.10 306.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 119.43 306.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.98 306.10 Td (make ) Tj ET Q q 0 0 0 rg BT 154.41 306.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 195.52 306.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.07 306.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 253.81 306.10 Td (with ) Tj ET Q q 0 0 0 rg BT 274.36 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.35 306.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 336.55 306.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 361.54 306.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.75 306.10 Td (could ) Tj ET Q q 0 0 0 rg BT 403.75 306.10 Td (weaken ) Tj ET Q q 0 0 0 rg BT 437.06 306.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 471.49 306.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.93 306.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 531.47 306.10 Td (to ) Tj ET Q q 0 0 0 rg BT 542.02 306.10 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.62 294.10 Td (occupy ) Tj ET Q q 0 0 0 rg BT 91.79 294.10 Td (new ) Tj ET Q q 0 0 0 rg BT 110.75 294.10 Td (space. ) Tj ET Q q 0 0 0 rg BT 137.75 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.88 294.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.29 294.10 Td (o ) Tj ET Q q 0 0 0 rg BT 152.58 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.09 294.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 193.82 294.10 Td (that ) Tj ET Q q 0 0 0 rg BT 211.11 294.10 Td (market ) Tj ET Q q 0 0 0 rg BT 241.17 294.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 266.22 294.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.96 294.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 328.00 294.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 349.18 294.10 Td (weaken, ) Tj ET Q q 0 0 0 rg BT 384.51 294.10 Td (property-level ) Tj ET Q q 0 0 0 rg BT 443.44 294.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 463.50 294.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 484.13 294.10 Td (could ) Tj ET Q q 0 0 0 rg BT 508.64 294.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.37 294.10 Td (negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 282.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 84.51 282.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.45 282.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 142.53 282.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 171.68 282.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.51 282.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 215.56 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.84 282.10 Td (make ) Tj ET Q q 0 0 0 rg BT 250.00 282.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 302.50 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.78 282.10 Td (stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (Non-traded ) Tj ET Q q 0 0 0 rg BT 98.04 258.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 120.08 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.58 258.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 151.74 258.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 181.46 258.10 Td (was ) Tj ET Q q 0 0 0 rg BT 199.52 258.10 Td (down ) Tj ET Q q 0 0 0 rg BT 224.24 258.10 Td (year ) Tj ET Q q 0 0 0 rg BT 243.96 258.10 Td (over ) Tj ET Q q 0 0 0 rg BT 264.23 258.10 Td (year ) Tj ET Q q 0 0 0 rg BT 283.94 258.10 Td (by ) Tj ET Q q 0 0 0 rg BT 296.45 258.10 Td (20% ) Tj ET Q q 0 0 0 rg BT 317.28 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.56 258.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 350.07 258.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 373.68 258.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 433.95 258.10 Td ($16 ) Tj ET Q q 0 0 0 rg BT 451.45 258.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 480.07 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.35 258.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 517.85 258.10 Td (raised\) ) Tj ET Q q 0 0 0 rg BT 547.56 258.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 72.09 246.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 93.61 246.10 Td (were ) Tj ET Q q 0 0 0 rg BT 115.13 246.10 Td (down ) Tj ET Q q 0 0 0 rg BT 139.43 246.10 Td (36% ) Tj ET Q q 0 0 0 rg BT 159.85 246.10 Td (year ) Tj ET Q q 0 0 0 rg BT 179.14 246.10 Td (over ) Tj ET Q q 0 0 0 rg BT 199.00 246.10 Td (year ) Tj ET Q q 0 0 0 rg BT 218.29 246.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 259.80 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.67 246.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 294.25 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.34 246.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 328.97 246.10 Td (this ) Tj ET Q q 0 0 0 rg BT 345.51 246.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 384.81 246.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 419.67 246.10 Td (trend, ) Tj ET Q q 0 0 0 rg BT 444.81 246.10 Td (our ) Tj ET Q q 0 0 0 rg BT 460.22 246.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 493.42 246.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 534.94 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.81 246.10 Td (gain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.12 234.10 Td (share ) Tj ET Q q 0 0 0 rg BT 103.58 234.10 Td (with ) Tj ET Q q 0 0 0 rg BT 123.72 234.10 Td (our ) Tj ET Q q 0 0 0 rg BT 139.40 234.10 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 185.08 234.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 206.60 234.10 Td (s ) Tj ET Q q 0 0 0 rg BT 212.85 234.10 Td (having ) Tj ET Q q 0 0 0 rg BT 242.42 234.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.22 234.10 Td (7% ) Tj ET Q q 0 0 0 rg BT 264.91 234.10 Td (market ) Tj ET Q q 0 0 0 rg BT 295.03 234.10 Td (share ) Tj ET Q q 0 0 0 rg BT 318.49 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.62 234.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 350.98 234.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 394.43 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.57 234.10 Td (13% ) Tj ET Q q 0 0 0 rg BT 425.26 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.40 234.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 457.75 234.10 Td (despite ) Tj ET Q q 0 0 0 rg BT 488.44 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.01 234.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 533.13 234.10 Td (decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.59 222.10 Td (this ) Tj ET Q q 0 0 0 rg BT 75.85 222.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 107.93 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.75 222.10 Td (In ) Tj ET Q q 0 0 0 rg BT 119.49 222.10 Td (April ) Tj ET Q q 0 0 0 rg BT 142.41 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.56 222.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 176.87 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.90 222.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 213.26 222.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 247.85 222.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 297.96 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.99 222.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 376.57 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.72 222.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 416.17 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.98 222.10 Td (15-02 ) Tj ET Q q 0 0 0 rg BT 443.13 222.10 Td (related ) Tj ET Q q 0 0 0 rg BT 472.14 222.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.74 222.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 524.10 222.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.91 222.10 Td (broker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 77.46 210.10 Td (account ) Tj ET Q q 0 0 0 rg BT 111.58 210.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 156.83 210.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.30 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.55 210.10 Td (final ) Tj ET Q q 0 0 0 rg BT 210.90 210.10 Td (ruling ) Tj ET Q q 0 0 0 rg BT 237.82 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.18 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.43 210.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 285.25 210.10 Td (Department ) Tj ET Q q 0 0 0 rg BT 335.48 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.85 210.10 Td (Labor) Tj ET Q q 0 0 0 rg BT 371.09 210.10 Td () Tj ET Q q 0 0 0 rg BT 373.87 210.10 Td (s ) Tj ET Q q 0 0 0 rg BT 380.80 210.10 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 428.80 210.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 465.71 210.10 Td (for ) Tj ET Q q 0 0 0 rg BT 480.40 210.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 524.52 210.10 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 564.51 210.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 90.57 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.57 198.10 Td (final ) Tj ET Q q 0 0 0 rg BT 126.68 198.10 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 165.57 198.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 183.90 198.10 Td (was ) Tj ET Q q 0 0 0 rg BT 202.24 198.10 Td (more ) Tj ET Q q 0 0 0 rg BT 225.58 198.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 266.12 198.10 Td (than ) Tj ET Q q 0 0 0 rg BT 286.12 198.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 312.24 198.10 Td (proposals, ) Tj ET Q q 0 0 0 rg BT 355.86 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.86 198.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 400.86 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.98 198.10 Td (both ) Tj ET Q q 0 0 0 rg BT 432.55 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.67 198.10 Td (these ) Tj ET Q q 0 0 0 rg BT 467.00 198.10 Td (events ) Tj ET Q q 0 0 0 rg BT 495.34 198.10 Td (has ) Tj ET Q q 0 0 0 rg BT 511.46 198.10 Td (been ) Tj ET Q q 0 0 0 rg BT 533.12 198.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.35 198.10 Td (sharp ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 80.94 186.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.78 186.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 119.49 186.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 148.77 186.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.61 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.89 186.10 Td (retail ) Tj ET Q q 0 0 0 rg BT 195.50 186.10 Td (market ) Tj ET Q q 0 0 0 rg BT 225.32 186.10 Td (as ) Tj ET Q q 0 0 0 rg BT 235.72 186.10 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 278.31 186.10 Td (by ) Tj ET Q q 0 0 0 rg BT 290.37 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.65 186.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 334.48 186.10 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 379.86 186.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 401.89 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.96 186.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 432.67 186.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 461.95 186.10 Td (being ) Tj ET Q q 0 0 0 rg BT 486.23 186.10 Td (down ) Tj ET Q q 0 0 0 rg BT 510.52 186.10 Td (57% ) Tj ET Q q 0 0 0 rg BT 530.91 186.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (June ) Tj ET Q q 0 0 0 rg BT 70.83 174.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 93.33 174.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 135.25 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.53 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.25 174.10 Td (first ) Tj ET Q q 0 0 0 rg BT 178.86 174.10 Td (half ) Tj ET Q q 0 0 0 rg BT 196.90 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.73 174.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 89.74 154.10 Td (these ) Tj ET Q q 0 0 0 rg BT 112.24 154.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 169.74 154.10 Td (may ) Tj ET Q q 0 0 0 rg BT 188.92 154.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 232.52 154.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 261.69 154.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 291.42 154.10 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 336.69 154.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 363.64 154.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 387.54 154.10 Td (these ) Tj ET Q q 0 0 0 rg BT 410.04 154.10 Td (dynamics ) Tj ET Q q 0 0 0 rg BT 450.33 154.10 Td (are ) Tj ET Q q 0 0 0 rg BT 464.49 154.10 Td (not ) Tj ET Q q 0 0 0 rg BT 479.23 154.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 525.05 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.79 154.10 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 142.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.10 142.10 Td (as ) Tj ET Q q 0 0 0 rg BT 116.93 142.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.09 142.10 Td (are ) Tj ET Q q 0 0 0 rg BT 145.80 142.10 Td (no ) Tj ET Q q 0 0 0 rg BT 158.30 142.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 186.35 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.63 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.46 142.10 Td (of) Tj ET Q q 0 0 0 rg BT 220.61 142.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 246.98 142.10 Td (period.) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) 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 50 740.7669921875 m 128.5693359375 740.7669921875 l s q 0 0 0 rg BT 50.00 742.10 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 95.80 742.10 Td (Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 722.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 110.74 722.10 Td (real ) Tj ET Q q 0 0 0 rg BT 127.78 722.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 152.60 722.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 179.65 722.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.14 722.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 227.62 722.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 261.33 722.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 280.61 722.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.44 722.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 317.48 722.10 Td (new ) Tj ET Q q 0 0 0 rg BT 336.19 722.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 363.24 722.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.74 722.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 399.01 722.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 427.71 722.10 Td (more ) Tj ET Q q 0 0 0 rg BT 450.32 722.10 Td (slowly ) Tj ET Q q 0 0 0 rg BT 479.04 722.10 Td (than ) Tj ET Q q 0 0 0 rg BT 498.32 722.10 Td (more ) Tj ET Q q 0 0 0 rg BT 520.92 722.10 Td (traditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 100.39 710.10 Td (real ) Tj ET Q q 0 0 0 rg BT 118.57 710.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 144.53 710.10 Td (property ) Tj ET Q q 0 0 0 rg BT 181.60 710.10 Td (types ) Tj ET Q q 0 0 0 rg BT 205.90 710.10 Td (because ) Tj ET Q q 0 0 0 rg BT 240.74 710.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.26 710.10 Td (barriers ) Tj ET Q q 0 0 0 rg BT 285.99 710.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.96 710.10 Td (entry ) Tj ET Q q 0 0 0 rg BT 320.70 710.10 Td (for ) Tj ET Q q 0 0 0 rg BT 335.56 710.10 Td (new ) Tj ET Q q 0 0 0 rg BT 355.41 710.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 394.71 710.10 Td (or ) Tj ET Q q 0 0 0 rg BT 406.24 710.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 438.31 710.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.28 710.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 493.55 710.10 Td (property ) Tj ET Q q 0 0 0 rg BT 530.62 710.10 Td (owners. ) Tj ET Q q 0 0 0 rg BT 564.50 710.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 88.74 698.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.04 698.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.00 698.10 Td (lending ) Tj ET Q q 0 0 0 rg BT 145.51 698.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.81 698.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.55 698.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 211.15 698.10 Td (real ) Tj ET Q q 0 0 0 rg BT 227.66 698.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 251.94 698.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 277.34 698.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 311.07 698.10 Td (an ) Tj ET Q q 0 0 0 rg BT 322.03 698.10 Td (in-depth ) Tj ET Q q 0 0 0 rg BT 356.87 698.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 415.05 698.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.90 698.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.64 698.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 484.58 698.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 511.08 698.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.94 698.10 Td (healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 80.94 686.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 125.22 686.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.28 686.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.12 686.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 200.82 686.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 244.54 686.10 Td (environment. ) Tj ET Q q 0 0 0 rg BT 300.20 686.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.63 686.10 Td (While ) Tj ET Q q 0 0 0 rg BT 329.69 686.10 Td (these ) Tj ET Q q 0 0 0 rg BT 352.86 686.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 402.69 686.10 Td (constraints ) Tj ET Q q 0 0 0 rg BT 448.63 686.10 Td (may ) Tj ET Q q 0 0 0 rg BT 468.47 686.10 Td (create ) Tj ET Q q 0 0 0 rg BT 494.96 686.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 550.35 686.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 89.43 674.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 139.43 674.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.43 674.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.88 674.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 207.19 674.10 Td (property ) Tj ET Q q 0 0 0 rg BT 243.29 674.10 Td (sector) Tj ET Q q 0 0 0 rg BT 266.77 674.10 Td (, ) Tj ET Q q 0 0 0 rg BT 271.49 674.10 Td (they ) Tj ET Q q 0 0 0 rg BT 290.94 674.10 Td (may ) Tj ET Q q 0 0 0 rg BT 310.38 674.10 Td (also ) Tj ET Q q 0 0 0 rg BT 328.72 674.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 361.50 674.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 405.93 674.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.59 674.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 443.71 674.10 Td (when ) Tj ET Q q 0 0 0 rg BT 467.60 674.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 500.38 674.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 539.80 674.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 662.10 Td (our ) Tj ET Q q 0 0 0 rg BT 79.99 662.10 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 642.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.18 642.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.16 642.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 127.14 642.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.69 642.10 Td (operators ) Tj ET Q q 0 0 0 rg BT 183.00 642.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.43 642.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 219.98 642.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 253.75 642.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 290.28 642.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.83 642.10 Td (other ) Tj ET Q q 0 0 0 rg BT 329.48 642.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 372.66 642.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 414.75 642.10 Td (are ) Tj ET Q q 0 0 0 rg BT 429.06 642.10 Td (benefiting ) Tj ET Q q 0 0 0 rg BT 471.71 642.10 Td (from ) Tj ET Q q 0 0 0 rg BT 493.25 642.10 Td (demographic ) Tj ET Q q 0 0 0 rg BT 547.56 642.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 91.73 630.10 Td (trends, ) Tj ET Q q 0 0 0 rg BT 121.52 630.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 170.46 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.53 630.10 Td (aging ) Tj ET Q q 0 0 0 rg BT 210.60 630.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.78 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.85 630.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 257.49 630.10 Td (population ) Tj ET Q q 0 0 0 rg BT 303.11 630.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 339.77 630.10 Td (Americans ) Tj ET Q q 0 0 0 rg BT 385.93 630.10 Td (aged ) Tj ET Q q 0 0 0 rg BT 407.66 630.10 Td (65 ) Tj ET Q q 0 0 0 rg BT 420.52 630.10 Td (years ) Tj ET Q q 0 0 0 rg BT 444.47 630.10 Td (old ) Tj ET Q q 0 0 0 rg BT 460.10 630.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.39 630.10 Td (older ) Tj ET Q q 0 0 0 rg BT 500.79 630.10 Td (are ) Tj ET Q q 0 0 0 rg BT 515.85 630.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 554.24 630.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 85.23 618.10 Td (from ) Tj ET Q q 0 0 0 rg BT 107.14 618.10 Td (47.8 ) Tj ET Q q 0 0 0 rg BT 127.12 618.10 Td (million ) Tj ET Q q 0 0 0 rg BT 158.49 618.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.74 618.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 191.22 618.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.47 618.10 Td (79.2 ) Tj ET Q q 0 0 0 rg BT 221.45 618.10 Td (million ) Tj ET Q q 0 0 0 rg BT 252.81 618.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.07 618.10 Td (2035 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.54 618.10 Td (\(sour) Tj ET Q q 0 0 0 rg BT 306.28 618.10 Td (ce: ) Tj ET Q q 0 0 0 rg BT 320.97 618.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 340.66 618.10 Td (Census ) Tj ET Q q 0 0 0 rg BT 372.03 618.10 Td (Bur) Tj ET Q q 0 0 0 rg BT 386.66 618.10 Td (eau ) Tj ET Q q 0 0 0 rg BT 403.57 618.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 426.05 618.10 Td (National ) Tj ET Q q 0 0 0 rg BT 463.53 618.10 Td (Population ) Tj ET Q q 0 0 0 rg BT 510.45 618.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 520.08 618.10 Td (ojections\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 618.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.33 606.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.43 606.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 126.41 606.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 160.95 606.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.50 606.10 Td (care ) Tj ET Q q 0 0 0 rg BT 195.03 606.10 Td (for ) Tj ET Q q 0 0 0 rg BT 209.58 606.10 Td (seniors ) Tj ET Q q 0 0 0 rg BT 240.80 606.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 272.57 606.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.79 606.10 Td (their ) Tj ET Q q 0 0 0 rg BT 305.00 606.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 334.00 606.10 Td (as ) Tj ET Q q 0 0 0 rg BT 345.21 606.10 Td (well ) Tj ET Q q 0 0 0 rg BT 365.32 606.10 Td (as ) Tj ET Q q 0 0 0 rg BT 376.54 606.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.64 606.10 Td (need ) Tj ET Q q 0 0 0 rg BT 413.40 606.10 Td (for ) Tj ET Q q 0 0 0 rg BT 427.95 606.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 446.95 606.10 Td (ef) Tj ET Q q 0 0 0 rg BT 454.53 606.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 482.96 606.10 Td (care. ) Tj ET Q q 0 0 0 rg BT 505.00 606.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.25 606.10 Td (As ) Tj ET Q q 0 0 0 rg BT 521.25 606.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.57 606.10 Td (result ) Tj ET Q q 0 0 0 rg BT 553.68 606.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.84 594.10 Td (demographic ) Tj ET Q q 0 0 0 rg BT 129.33 594.10 Td (trends, ) Tj ET Q q 0 0 0 rg BT 159.55 594.10 Td (we ) Tj ET Q q 0 0 0 rg BT 174.50 594.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 203.88 594.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 248.25 594.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 271.54 594.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.61 594.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 318.65 594.10 Td (at ) Tj ET Q q 0 0 0 rg BT 329.16 594.10 Td (a ) Tj ET Q q 0 0 0 rg BT 336.88 594.10 Td (faster ) Tj ET Q q 0 0 0 rg BT 362.38 594.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 380.65 594.10 Td (than ) Tj ET Q q 0 0 0 rg BT 401.16 594.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.66 594.10 Td (available ) Tj ET Q q 0 0 0 rg BT 456.04 594.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 490.44 594.10 Td (from ) Tj ET Q q 0 0 0 rg BT 513.16 594.10 Td (both ) Tj ET Q q 0 0 0 rg BT 534.23 594.10 Td (private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 81.69 582.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.82 582.10 Td (government-sponsored ) Tj ET Q q 0 0 0 rg BT 191.16 582.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 233.94 582.10 Td (programs. ) Tj ET Q q 0 0 0 rg BT 275.90 582.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.60 582.10 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 322.59 582.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 360.40 582.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.87 582.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.78 582.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 403.26 582.10 Td (is ) Tj ET Q q 0 0 0 rg BT 411.63 582.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 450.53 582.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.00 582.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 494.45 582.10 Td (from ) Tj ET Q q 0 0 0 rg BT 515.58 582.10 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 534.78 582.10 Td (trillion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.06 570.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 82.33 570.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.39 570.10 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 112.17 570.10 Td (trillion ) Tj ET Q q 0 0 0 rg BT 141.67 570.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.72 570.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 174.00 570.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 177.33 570.10 Td (sour) Tj ET Q q 0 0 0 rg BT 194.74 570.10 Td (ce: ) Tj ET Q q 0 0 0 rg BT 209.23 570.10 Td (CMS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.23 570.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 234.84 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.55 570.10 Td (as ) Tj ET Q q 0 0 0 rg BT 262.16 570.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 305.52 570.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 327.80 570.10 Td (increase, ) Tj ET Q q 0 0 0 rg BT 365.33 570.10 Td (insurers, ) Tj ET Q q 0 0 0 rg BT 401.77 570.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 448.49 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.20 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.70 570.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 499.76 570.10 Td (government ) Tj ET Q q 0 0 0 rg BT 549.80 570.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 87.04 558.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 111.85 558.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 130.00 558.10 Td (options ) Tj ET Q q 0 0 0 rg BT 161.49 558.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.19 558.10 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 220.80 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.28 558.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 263.76 558.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 297.47 558.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 336.44 558.10 Td (such ) Tj ET Q q 0 0 0 rg BT 356.81 558.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.73 558.10 Td (ALF) Tj ET Q q 0 0 0 rg BT 384.82 558.10 Td (, ) Tj ET Q q 0 0 0 rg BT 389.36 558.10 Td (MCF) Tj ET Q q 0 0 0 rg BT 409.68 558.10 Td (, ) Tj ET Q q 0 0 0 rg BT 414.22 558.10 Td (SNF ) Tj ET Q q 0 0 0 rg BT 434.61 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.09 558.10 Td (ILF) Tj ET Q q 0 0 0 rg BT 465.29 558.10 Td (, ) Tj ET Q q 0 0 0 rg BT 469.83 558.10 Td (are ) Tj ET Q q 0 0 0 rg BT 484.07 558.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 523.32 558.10 Td (more ) Tj ET Q q 0 0 0 rg BT 545.90 558.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 546.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.21 546.10 Td (than ) Tj ET Q q 0 0 0 rg BT 106.84 546.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 134.81 546.10 Td (acuity ) Tj ET Q q 0 0 0 rg BT 161.66 546.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 205.16 546.10 Td (settings, ) Tj ET Q q 0 0 0 rg BT 240.63 546.10 Td (such ) Tj ET Q q 0 0 0 rg BT 261.38 546.10 Td (as ) Tj ET Q q 0 0 0 rg BT 272.13 546.10 Td (short ) Tj ET Q q 0 0 0 rg BT 294.55 546.10 Td (or ) Tj ET Q q 0 0 0 rg BT 305.30 546.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 347.15 546.10 Td (acute-care ) Tj ET Q q 0 0 0 rg BT 390.64 546.10 Td (hospitals, ) Tj ET Q q 0 0 0 rg BT 431.11 546.10 Td (in-patient ) Tj ET Q q 0 0 0 rg BT 471.85 546.10 Td (rehabilitation ) Tj ET Q q 0 0 0 rg BT 527.59 546.10 Td (facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (and ) Tj ET Q q 0 0 0 rg BT 68.05 534.10 Td (other ) Tj ET Q q 0 0 0 rg BT 92.21 534.10 Td (post-acute ) Tj ET Q q 0 0 0 rg BT 136.92 534.10 Td (care ) Tj ET Q q 0 0 0 rg BT 157.17 534.10 Td (settings. ) Tj ET Q q 0 0 0 rg BT 193.84 534.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.46 534.10 Td (For ) Tj ET Q q 0 0 0 rg BT 214.96 534.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 254.94 534.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 282.98 534.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 327.69 534.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 363.50 534.10 Td (have ) Tj ET Q q 0 0 0 rg BT 385.99 534.10 Td (created ) Tj ET Q q 0 0 0 rg BT 418.47 534.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 462.62 534.10 Td (for ) Tj ET Q q 0 0 0 rg BT 477.90 534.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 520.94 534.10 Td (acute-care ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (hospitals ) Tj ET Q q 0 0 0 rg BT 87.69 522.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.27 522.10 Td (in-patient ) Tj ET Q q 0 0 0 rg BT 144.72 522.10 Td (rehabilitation ) Tj ET Q q 0 0 0 rg BT 200.17 522.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 236.74 522.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.65 522.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 286.55 522.10 Td (patient ) Tj ET Q q 0 0 0 rg BT 315.90 522.10 Td (lengths ) Tj ET Q q 0 0 0 rg BT 346.92 522.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.39 522.10 Td (stay ) Tj ET Q q 0 0 0 rg BT 375.63 522.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.21 522.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 420.43 522.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 445.35 522.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.49 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.84 522.10 Td (type ) Tj ET Q q 0 0 0 rg BT 491.19 522.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.66 522.10 Td (patient ) Tj ET Q q 0 0 0 rg BT 531.00 522.10 Td (that ) Tj ET Q q 0 0 0 rg BT 548.13 522.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.69 510.10 Td (admitted ) Tj ET Q q 0 0 0 rg BT 98.94 510.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.97 510.10 Td (these ) Tj ET Q q 0 0 0 rg BT 131.78 510.10 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 170.96 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.05 510.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.86 510.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 221.44 510.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.48 510.10 Td (total ) Tj ET Q q 0 0 0 rg BT 251.51 510.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 285.42 510.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.33 510.10 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 345.17 510.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 370.19 510.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 390.23 510.10 Td (demographic ) Tj ET Q q 0 0 0 rg BT 444.69 510.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 479.15 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.85 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.32 510.10 Td (shift ) Tj ET Q q 0 0 0 rg BT 530.35 510.10 Td (towards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.61 498.10 Td (ef) Tj ET Q q 0 0 0 rg BT 76.20 498.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 105.90 498.10 Td (community-based ) Tj ET Q q 0 0 0 rg BT 180.05 498.10 Td (settings ) Tj ET Q q 0 0 0 rg BT 213.11 498.10 Td (is ) Tj ET Q q 0 0 0 rg BT 222.28 498.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 259.77 498.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.05 498.10 Td (dynamic ) Tj ET Q q 0 0 0 rg BT 306.98 498.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 341.69 498.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.97 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.68 498.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 410.26 498.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 445.53 498.10 Td (system.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.41 474.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 99.93 474.10 Td (nursing ) Tj ET Q q 0 0 0 rg BT 133.78 474.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 165.96 474.10 Td (operators ) Tj ET Q q 0 0 0 rg BT 207.02 474.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.31 474.10 Td (some ) Tj ET Q q 0 0 0 rg BT 250.28 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.46 474.10 Td (our ) Tj ET Q q 0 0 0 rg BT 279.65 474.10 Td (assisted ) Tj ET Q q 0 0 0 rg BT 314.61 474.10 Td (living ) Tj ET Q q 0 0 0 rg BT 341.80 474.10 Td (tenants ) Tj ET Q q 0 0 0 rg BT 373.98 474.10 Td (may ) Tj ET Q q 0 0 0 rg BT 395.05 474.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 427.77 474.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.06 474.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 468.80 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.99 474.10 Td (their ) Tj ET Q q 0 0 0 rg BT 503.17 474.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 542.56 474.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 108.18 462.10 Td (payors, ) Tj ET Q q 0 0 0 rg BT 140.54 462.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 180.95 462.10 Td (Medicare ) Tj ET Q q 0 0 0 rg BT 221.90 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.54 462.10 Td (Medicaid. ) Tj ET Q q 0 0 0 rg BT 283.00 462.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.20 462.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 323.83 462.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.81 462.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 397.99 462.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 420.06 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.70 462.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 463.68 462.10 Td (on ) Tj ET Q q 0 0 0 rg BT 476.88 462.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.29 462.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 518.26 462.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.79 462.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 97.52 450.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.83 450.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 137.03 450.10 Td (nursing ) Tj ET Q q 0 0 0 rg BT 169.57 450.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 206.53 450.10 Td (could ) Tj ET Q q 0 0 0 rg BT 231.28 450.10 Td (have ) Tj ET Q q 0 0 0 rg BT 252.69 450.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.66 450.10 Td (material ) Tj ET Q q 0 0 0 rg BT 294.96 450.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 324.70 450.10 Td (on ) Tj ET Q q 0 0 0 rg BT 337.24 450.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.99 450.10 Td (operators) Tj ET Q q 0 0 0 rg BT 391.78 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.32 450.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 430.74 450.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.71 450.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 485.23 450.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 528.04 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.57 450.10 Td (On ) Tj ET Q q 0 0 0 rg BT 545.33 450.10 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (29, ) Tj ET Q q 0 0 0 rg BT 64.75 438.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 89.49 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.95 438.10 Td (Centers ) Tj ET Q q 0 0 0 rg BT 136.74 438.10 Td (for ) Tj ET Q q 0 0 0 rg BT 150.65 438.10 Td (Medicare ) Tj ET Q q 0 0 0 rg BT 190.65 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.33 438.10 Td (Medicaid ) Tj ET Q q 0 0 0 rg BT 247.34 438.10 Td (Services, ) Tj ET Q q 0 0 0 rg BT 285.96 438.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.54 438.10 Td (CMS, ) Tj ET Q q 0 0 0 rg BT 322.41 438.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 349.65 438.10 Td (its ) Tj ET Q q 0 0 0 rg BT 361.34 438.10 Td (final ) Tj ET Q q 0 0 0 rg BT 381.92 438.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 399.71 438.10 Td (for ) Tj ET Q q 0 0 0 rg BT 413.61 438.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 437.51 438.10 Td (year ) Tj ET Q q 0 0 0 rg BT 456.96 438.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 479.21 438.10 Td (stating ) Tj ET Q q 0 0 0 rg BT 508.12 438.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.80 438.10 Td (net ) Tj ET Q q 0 0 0 rg BT 529.27 438.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.46 426.10 Td (2.4% ) Tj ET Q q 0 0 0 rg BT 83.41 426.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.32 426.10 Td (Medicare ) Tj ET Q q 0 0 0 rg BT 133.20 426.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 195.31 426.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 216.31 426.10 Td (for ) Tj ET Q q 0 0 0 rg BT 230.10 426.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 258.89 426.10 Td (nursing ) Tj ET Q q 0 0 0 rg BT 291.01 426.10 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 330.07 426.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.19 426.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 363.76 426.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 385.32 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.89 426.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 445.11 426.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 481.94 426.10 Td (if ) Tj ET Q q 0 0 0 rg BT 490.18 426.10 Td (implemented, ) Tj ET Q q 0 0 0 rg BT 547.01 426.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.71 414.10 Td (being ) Tj ET Q q 0 0 0 rg BT 87.44 414.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 125.60 414.10 Td (by ) Tj ET Q q 0 0 0 rg BT 137.11 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.83 414.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 180.09 414.10 Td (government ) Tj ET Q q 0 0 0 rg BT 229.36 414.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.65 414.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 273.48 414.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 302.76 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.60 414.10 Td (care ) Tj ET Q q 0 0 0 rg BT 330.75 414.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.69 414.10 Td (control ) Tj ET Q q 0 0 0 rg BT 376.52 414.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 419.11 414.10 Td (spending, ) Tj ET Q q 0 0 0 rg BT 459.22 414.10 Td (may ) Tj ET Q q 0 0 0 rg BT 477.95 414.10 Td (af) Tj ET Q q 0 0 0 rg BT 485.53 414.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 502.03 414.10 Td (reimbursement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.66 402.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 103.64 402.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 144.63 402.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 167.86 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.86 402.10 Td (our ) Tj ET Q q 0 0 0 rg BT 195.42 402.10 Td (operators ) Tj ET Q q 0 0 0 rg BT 235.85 402.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.51 402.10 Td (tenants ) Tj ET Q q 0 0 0 rg BT 285.06 402.10 Td (as ) Tj ET Q q 0 0 0 rg BT 296.62 402.10 Td (they ) Tj ET Q q 0 0 0 rg BT 317.06 402.10 Td (will ) Tj ET Q q 0 0 0 rg BT 335.84 402.10 Td (be ) Tj ET Q q 0 0 0 rg BT 348.50 402.10 Td (required ) Tj ET Q q 0 0 0 rg BT 385.04 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.05 402.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 441.47 402.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.47 402.10 Td (order ) Tj ET Q q 0 0 0 rg BT 476.80 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.80 402.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 525.46 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.46 402.10 Td (access ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (Medicare ) Tj ET Q q 0 0 0 rg BT 90.07 390.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.83 390.10 Td (Medicaid ) Tj ET Q q 0 0 0 rg BT 146.91 390.10 Td (funding. ) Tj ET Q q 0 0 0 rg BT 182.84 390.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.16 390.10 Td (In ) Tj ET Q q 0 0 0 rg BT 195.80 390.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 233.40 390.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.93 390.10 Td (government ) Tj ET Q q 0 0 0 rg BT 298.01 390.10 Td (is ) Tj ET Q q 0 0 0 rg BT 307.00 390.10 Td (proposing ) Tj ET Q q 0 0 0 rg BT 349.32 390.10 Td (further ) Tj ET Q q 0 0 0 rg BT 378.85 390.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 441.14 390.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 475.67 390.10 Td (via ) Tj ET Q q 0 0 0 rg BT 490.21 390.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 528.62 390.10 Td (care ) Tj ET Q q 0 0 0 rg BT 547.58 390.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (pooled ) Tj ET Q q 0 0 0 rg BT 78.94 378.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 111.78 378.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.28 378.10 Td (order ) Tj ET Q q 0 0 0 rg BT 144.11 378.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.61 378.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 185.33 378.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.83 378.10 Td (control ) Tj ET Q q 0 0 0 rg BT 224.88 378.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 242.72 378.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.88 378.10 Td (share ) Tj ET Q q 0 0 0 rg BT 281.71 378.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 343.41 378.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 360.14 378.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.64 378.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 422.45 378.10 Td (providers. ) Tj ET Q q 0 0 0 rg BT 464.44 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.04 378.10 Td (W) Tj ET Q q 0 0 0 rg BT 474.68 378.10 Td (e ) Tj ET Q q 0 0 0 rg BT 480.85 378.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 530.33 378.10 Td (monitor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 80.06 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 96.81 366.10 Td (state ) Tj ET Q q 0 0 0 rg BT 117.45 366.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 179.74 366.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 219.82 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.57 366.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 263.33 366.10 Td (any ) Tj ET Q q 0 0 0 rg BT 280.08 366.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 309.60 366.10 Td (that ) Tj ET Q q 0 0 0 rg BT 326.90 366.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 361.42 366.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.51 366.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 433.80 366.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 459.44 366.10 Td (or ) Tj ET Q q 0 0 0 rg BT 470.08 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.61 366.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 513.03 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.67 366.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.72 354.10 Td (have ) Tj ET Q q 0 0 0 rg BT 91.09 354.10 Td (on ) Tj ET Q q 0 0 0 rg BT 103.59 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.31 354.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 146.36 354.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.19 354.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.02 354.10 Td (tenants/operators ) Tj ET Q q 0 0 0 rg BT 243.83 354.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.11 354.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 276.04 354.10 Td (their ) Tj ET Q q 0 0 0 rg BT 296.87 354.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 333.80 354.10 Td (obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 82.62 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.91 330.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 127.31 330.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.16 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.45 330.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 186.30 330.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.81 330.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 242.64 330.10 Td (market ) Tj ET Q q 0 0 0 rg BT 272.48 330.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 316.22 330.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.73 330.10 Td (demographics, ) Tj ET Q q 0 0 0 rg BT 393.39 330.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 434.34 330.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 481.39 330.10 Td (may ) Tj ET Q q 0 0 0 rg BT 500.68 330.10 Td (have ) Tj ET Q q 0 0 0 rg BT 521.63 330.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.14 330.10 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 83.26 318.10 Td (weakening ) Tj ET Q q 0 0 0 rg BT 130.12 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.88 318.10 Td (market) Tj ET Q q 0 0 0 rg BT 176.42 318.10 Td (s ) Tj ET Q q 0 0 0 rg BT 183.86 318.10 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 241.27 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.26 318.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 303.35 318.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 341.88 318.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.86 318.10 Td (tenant) Tj ET Q q 0 0 0 rg BT 377.08 318.10 Td (s/operator) Tj ET Q q 0 0 0 rg BT 417.43 318.10 Td () Tj ET Q q 0 0 0 rg BT 420.21 318.10 Td (s ) Tj ET Q q 0 0 0 rg BT 427.65 318.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 456.74 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.07 318.10 Td (make ) Tj ET Q q 0 0 0 rg BT 493.27 318.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 512.36 318.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 554.23 318.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 97.13 306.10 Td (with ) Tj ET Q q 0 0 0 rg BT 117.08 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.46 306.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 178.05 306.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 202.43 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.93 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.31 306.10 Td (lease, ) Tj ET Q q 0 0 0 rg BT 251.97 306.10 Td (as ) Tj ET Q q 0 0 0 rg BT 262.47 306.10 Td (well ) Tj ET Q q 0 0 0 rg BT 281.85 306.10 Td (as ) Tj ET Q q 0 0 0 rg BT 292.35 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.73 306.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 350.58 306.10 Td (for ) Tj ET Q q 0 0 0 rg BT 364.40 306.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 398.22 306.10 Td (income ) Tj ET Q q 0 0 0 rg BT 429.82 306.10 Td (for ) Tj ET Q q 0 0 0 rg BT 443.65 306.10 Td (our ) Tj ET Q q 0 0 0 rg BT 459.15 306.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 499.08 306.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 551.52 306.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.69 306.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.71 294.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 127.89 294.10 Td (development ) Tj ET Q q 0 0 0 rg BT 181.97 294.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.84 294.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 248.48 294.10 Td (pressures ) Tj ET Q q 0 0 0 rg BT 288.13 294.10 Td (may ) Tj ET Q q 0 0 0 rg BT 307.77 294.10 Td (have ) Tj ET Q q 0 0 0 rg BT 329.08 294.10 Td (an ) Tj ET Q q 0 0 0 rg BT 340.95 294.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 370.60 294.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.03 294.10 Td (some ) Tj ET Q q 0 0 0 rg BT 406.57 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.33 294.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.09 294.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 461.35 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 463.25 294.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 503.46 294.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 530.33 294.10 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (average ) Tj ET Q q 0 0 0 rg BT 82.61 282.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 126.88 282.10 Td (has ) Tj ET Q q 0 0 0 rg BT 141.74 282.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 180.46 282.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 219.74 282.10 Td (stable ) Tj ET Q q 0 0 0 rg BT 244.59 282.10 Td (since ) Tj ET Q q 0 0 0 rg BT 266.66 282.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 288.18 282.10 Td (at ) Tj ET Q q 0 0 0 rg BT 296.92 282.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 356.20 282.10 Td (90% ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 376.05 282.10 Td (\(sour) Tj ET Q q 0 0 0 rg BT 396.80 282.10 Td (ce: ) Tj ET Q q 0 0 0 rg BT 410.53 282.10 Td (NIC ) Tj ET Q q 0 0 0 rg BT 428.72 282.10 Td (MAP) Tj ET Q q 0 0 0 rg BT 449.08 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.61 282.10 Td (2Q16 ) Tj ET Q q 0 0 0 rg BT 474.35 282.10 Td (Data ) Tj ET Q q 0 0 0 rg BT 495.87 282.10 Td (Release ) Tj ET Q q 0 0 0 rg BT 528.49 282.10 Td (W) Tj ET Q q 0 0 0 rg BT 535.90 282.10 Td (ebinar ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (& ) Tj ET Q q 0 0 0 rg BT 59.95 270.10 Td (Discussion\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.17 270.10 Td (, ) Tj ET Q q 0 0 0 rg BT 111.84 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.79 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.17 270.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 162.78 270.10 Td (that ) Tj ET Q q 0 0 0 rg BT 179.94 270.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 224.86 270.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.47 270.10 Td (market ) Tj ET Q q 0 0 0 rg BT 271.40 270.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 296.34 270.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 317.38 270.10 Td (decline, ) Tj ET Q q 0 0 0 rg BT 350.93 270.10 Td (property-level ) Tj ET Q q 0 0 0 rg BT 409.74 270.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 429.67 270.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 450.17 270.10 Td (could ) Tj ET Q q 0 0 0 rg BT 474.56 270.10 Td (be ) Tj ET Q q 0 0 0 rg BT 486.17 270.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 529.99 270.10 Td (af) Tj ET Q q 0 0 0 rg BT 537.58 270.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.77 258.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 94.87 258.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 121.19 258.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 148.05 258.10 Td (at ) Tj ET Q q 0 0 0 rg BT 157.71 258.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 182.91 258.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 204.23 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.11 258.10 Td (over ) Tj ET Q q 0 0 0 rg BT 241.31 258.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 269.30 258.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 301.17 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.94 258.10 Td (time ) Tj ET Q q 0 0 0 rg BT 332.15 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.03 258.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 390.88 258.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 411.09 258.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 431.86 258.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.07 258.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 460.62 258.10 Td (could ) Tj ET Q q 0 0 0 rg BT 485.27 258.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 514.92 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.58 258.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.67 258.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 95.83 246.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 138.31 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.25 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.97 246.10 Td (borrowers) Tj ET Q q 0 0 0 rg BT 213.10 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.60 246.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 243.65 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.93 246.10 Td (service ) Tj ET Q q 0 0 0 rg BT 284.74 246.10 Td (their ) Tj ET Q q 0 0 0 rg BT 305.57 246.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 354.73 246.10 Td (loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 83.11 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.89 226.10 Td (barriers ) Tj ET Q q 0 0 0 rg BT 131.00 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.00 226.10 Td (constraints ) Tj ET Q q 0 0 0 rg BT 193.89 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 204.23 226.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 243.46 226.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.81 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.59 226.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 295.59 226.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 329.83 226.10 Td (sector) Tj ET Q q 0 0 0 rg BT 353.30 226.10 Td (, ) Tj ET Q q 0 0 0 rg BT 358.37 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.15 226.10 Td (demographics ) Tj ET Q q 0 0 0 rg BT 431.81 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.81 226.10 Td (other ) Tj ET Q q 0 0 0 rg BT 471.92 226.10 Td (market ) Tj ET Q q 0 0 0 rg BT 502.25 226.10 Td (dynamics ) Tj ET Q q 0 0 0 rg BT 543.14 226.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 85.73 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.58 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.87 214.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 141.82 214.10 Td (becoming ) Tj ET Q q 0 0 0 rg BT 185.33 214.10 Td (more ) Tj ET Q q 0 0 0 rg BT 209.95 214.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 251.22 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.07 214.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 305.76 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.83 214.10 Td (Supply ) Tj ET Q q 0 0 0 rg BT 342.24 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.75 214.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 396.48 214.10 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 454.43 214.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 493.50 214.10 Td (from ) Tj ET Q q 0 0 0 rg BT 517.01 214.10 Td (compelling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (demographics, ) Tj ET Q q 0 0 0 rg BT 110.80 202.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 138.55 202.10 Td (by ) Tj ET Q q 0 0 0 rg BT 150.75 202.10 Td (need ) Tj ET Q q 0 0 0 rg BT 171.83 202.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.70 202.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 228.98 202.10 Td (services ) Tj ET Q q 0 0 0 rg BT 263.39 202.10 Td (by ) Tj ET Q q 0 0 0 rg BT 275.59 202.10 Td (an ) Tj ET Q q 0 0 0 rg BT 287.23 202.10 Td (aging ) Tj ET Q q 0 0 0 rg BT 311.66 202.10 Td (population ) Tj ET Q q 0 0 0 rg BT 356.63 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.27 202.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 408.26 202.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 464.34 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.88 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.30 202.10 Td (fragmented ) Tj ET Q q 0 0 0 rg BT 537.03 202.10 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 190.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 102.56 190.10 Td (real ) Tj ET Q q 0 0 0 rg BT 119.13 190.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 143.47 190.10 Td (ownership, ) Tj ET Q q 0 0 0 rg BT 189.20 190.10 Td (create ) Tj ET Q q 0 0 0 rg BT 214.64 190.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 253.42 190.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 298.88 190.10 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 355.73 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.30 190.10 Td (Mer) Tj ET Q q 0 0 0 rg BT 373.78 190.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 388.13 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.15 190.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 449.60 190.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 481.17 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.53 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.32 190.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 530.34 190.10 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (real ) Tj ET Q q 0 0 0 rg BT 67.49 178.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 92.75 178.10 Td (market ) Tj ET Q q 0 0 0 rg BT 123.01 178.10 Td (is ) Tj ET Q q 0 0 0 rg BT 132.18 178.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 170.78 178.10 Td (robust ) Tj ET Q q 0 0 0 rg BT 198.28 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.21 178.10 Td (we ) Tj ET Q q 0 0 0 rg BT 229.38 178.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 257.97 178.10 Td (it ) Tj ET Q q 0 0 0 rg BT 266.03 178.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.30 178.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 306.57 178.10 Td (so ) Tj ET Q q 0 0 0 rg BT 317.96 178.10 Td (into ) Tj ET Q q 0 0 0 rg BT 336.02 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.73 178.10 Td (near ) Tj ET Q q 0 0 0 rg BT 370.44 178.10 Td (term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 158.10 Td ( Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.97 138.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 100.54 138.10 Td (business ) Tj ET Q q 0 0 0 rg BT 136.35 138.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 178.80 138.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.93 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.62 138.10 Td (make ) Tj ET Q q 0 0 0 rg BT 226.19 138.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 275.88 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.57 138.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.82 138.10 Td (tar) Tj ET Q q 0 0 0 rg BT 311.18 138.10 Td (geted ) Tj ET Q q 0 0 0 rg BT 334.76 138.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 360.00 138.10 Td (that ) Tj ET Q q 0 0 0 rg BT 376.91 138.10 Td (we ) Tj ET Q q 0 0 0 rg BT 390.49 138.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 418.50 138.10 Td (will ) Tj ET Q q 0 0 0 rg BT 435.97 138.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 471.75 138.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 510.86 138.10 Td (risk-adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (returns, ) Tj ET Q q 0 0 0 rg BT 82.11 126.10 Td (stable ) Tj ET Q q 0 0 0 rg BT 107.78 126.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 127.89 126.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 148.57 126.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.57 126.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 214.92 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.70 126.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 264.59 126.10 Td (downside ) Tj ET Q q 0 0 0 rg BT 305.27 126.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 348.15 126.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.27 126.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.95 126.10 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 429.34 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 431.51 126.10 Td (W) Tj ET Q q 0 0 0 rg BT 440.15 126.10 Td (e ) Tj ET Q q 0 0 0 rg BT 446.93 126.10 Td (will ) Tj ET Q q 0 0 0 rg BT 464.83 126.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 484.95 126.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.07 126.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 524.05 126.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 554.73 126.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.46 114.10 Td (value ) Tj ET Q q 0 0 0 rg BT 86.86 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.93 114.10 Td (our ) Tj ET Q q 0 0 0 rg BT 112.00 114.10 Td (real ) Tj ET Q q 0 0 0 rg BT 128.73 114.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 153.24 114.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 179.98 114.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 229.50 114.10 Td (through ) Tj ET Q q 0 0 0 rg BT 262.35 114.10 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 313.51 114.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 340.80 114.10 Td (by ) Tj ET Q q 0 0 0 rg BT 352.54 114.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 380.40 114.10 Td (their ) Tj ET Q q 0 0 0 rg BT 400.47 114.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 417.76 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.28 114.10 Td (maximize ) Tj ET Q q 0 0 0 rg BT 468.45 114.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 494.35 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.97 114.10 Td (W) Tj ET Q q 0 0 0 rg BT 504.60 114.10 Td (e ) Tj ET Q q 0 0 0 rg BT 510.79 114.10 Td (will ) Tj ET Q q 0 0 0 rg BT 528.08 114.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 102.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 93.39 102.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 129.77 102.10 Td (development ) Tj ET Q q 0 0 0 rg BT 183.92 102.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 239.20 102.10 Td (for ) Tj ET Q q 0 0 0 rg BT 253.37 102.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.20 102.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 303.37 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.32 102.10 Td (future ) Tj ET Q q 0 0 0 rg BT 346.70 102.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 396.98 102.10 Td (that ) Tj ET Q q 0 0 0 rg BT 414.48 102.10 Td (may ) Tj ET Q q 0 0 0 rg BT 434.20 102.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 466.70 102.10 Td (replacing, ) Tj ET Q q 0 0 0 rg BT 508.90 102.10 Td (converting ) Tj ET Q q 0 0 0 rg BT 554.17 102.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (renovating ) Tj ET Q q 0 0 0 rg BT 94.58 90.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 131.33 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.43 90.10 Td (our ) Tj ET Q q 0 0 0 rg BT 157.08 90.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 194.39 90.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 223.65 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 233.75 90.10 Td (turn, ) Tj ET Q q 0 0 0 rg BT 254.68 90.10 Td (would ) Tj ET Q q 0 0 0 rg BT 282.00 90.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 306.53 90.10 Td (us ) Tj ET Q q 0 0 0 rg BT 317.74 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.84 90.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 360.71 90.10 Td (an ) Tj ET Q q 0 0 0 rg BT 372.46 90.10 Td (optimal ) Tj ET Q q 0 0 0 rg BT 405.33 90.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 423.21 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.86 90.10 Td (services ) Tj ET Q q 0 0 0 rg BT 468.39 90.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.14 90.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 520.22 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.75 90.10 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (value ) Tj ET Q q 0 0 0 rg BT 73.76 78.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.69 78.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.62 78.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 129.06 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.47 78.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.11 78.10 Td (e ) Tj ET Q q 0 0 0 rg BT 147.15 78.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 178.62 78.10 Td (that ) Tj ET Q q 0 0 0 rg BT 196.22 78.10 Td (our ) Tj ET Q q 0 0 0 rg BT 211.58 78.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 246.40 78.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.44 78.10 Td (its ) Tj ET Q q 0 0 0 rg BT 275.50 78.10 Td (af) Tj ET Q q 0 0 0 rg BT 283.08 78.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 312.90 78.10 Td (have ) Tj ET Q q 0 0 0 rg BT 334.38 78.10 Td (a ) Tj ET Q q 0 0 0 rg BT 341.42 78.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 378.45 78.10 Td (that ) Tj ET Q q 0 0 0 rg BT 396.05 78.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 427.53 78.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.57 78.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 472.17 78.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 521.98 78.10 Td (advantage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.22 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.73 66.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 138.00 66.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.62 66.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 196.70 66.10 Td (proven ) Tj ET Q q 0 0 0 rg BT 226.76 66.10 Td (track ) Tj ET Q q 0 0 0 rg BT 249.03 66.10 Td (record ) Tj ET Q q 0 0 0 rg BT 276.85 66.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.46 66.10 Td (successfully ) Tj ET Q q 0 0 0 rg BT 338.63 66.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 380.34 66.10 Td (public ) Tj ET Q q 0 0 0 rg BT 407.63 66.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 455.17 66.10 Td (deep ) Tj ET Q q 0 0 0 rg BT 476.34 66.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 511.40 66.10 Td (relationships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.09 54.10 Td (market-leading ) Tj ET Q q 0 0 0 rg BT 128.77 54.10 Td (real ) Tj ET Q q 0 0 0 rg BT 145.91 54.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 170.83 54.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 195.75 54.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 249.55 54.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.15 54.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 294.95 54.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 328.76 54.10 Td (expertise ) Tj ET Q q 0 0 0 rg BT 367.00 54.10 Td (which ) Tj ET Q q 0 0 0 rg BT 393.60 54.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 425.74 54.10 Td (us ) Tj ET Q q 0 0 0 rg BT 436.78 54.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.71 54.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 479.96 54.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 504.88 54.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.03 54.10 Td (across ) Tj ET Q q 0 0 0 rg BT 549.17 54.10 Td (our ) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 101.81 742.10 Td (as ) Tj ET Q q 0 0 0 rg BT 114.67 742.10 Td (well ) Tj ET Q q 0 0 0 rg BT 136.42 742.10 Td (as ) Tj ET Q q 0 0 0 rg BT 149.29 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.60 742.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 201.12 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.09 742.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 254.05 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.91 742.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 299.77 742.10 Td (ef) Tj ET Q q 0 0 0 rg BT 307.36 742.10 Td (ficiently) Tj ET Q q 0 0 0 rg BT 340.03 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 347.07 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.27 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 359.91 742.10 Td (e ) Tj ET Q q 0 0 0 rg BT 368.88 742.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 402.29 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 421.82 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.68 742.10 Td (tar) Tj ET Q q 0 0 0 rg BT 450.05 742.10 Td (geted ) Tj ET Q q 0 0 0 rg BT 476.24 742.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 524.65 742.10 Td (types ) Tj ET Q q 0 0 0 rg BT 550.29 742.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (complementary ) Tj ET Q q 0 0 0 rg BT 113.48 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.03 730.10 Td (each ) Tj ET Q q 0 0 0 rg BT 143.13 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 165.45 730.10 Td (due ) Tj ET Q q 0 0 0 rg BT 181.67 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.23 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486.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 410.39 486.50 Td (completion ) Tj ET Q q 0 0 0 rg BT 447.55 486.50 Td (of ) Tj ET Q q 0 0 0 rg BT 455.40 486.50 Td (the ) Tj ET Q q 0 0 0 rg BT 466.35 486.50 Td (final ) Tj ET Q q 0 0 0 rg BT 482.18 486.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 511.79 486.50 Td (price ) Tj ET Q q 0 0 0 rg BT 528.95 486.50 Td (allocation.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 476.90 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 476.90 Td (Represents ) Tj ET Q q 0 0 0 rg BT 141.12 476.90 Td (the ) Tj ET Q q 0 0 0 rg BT 153.41 476.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 191.03 476.90 Td (of ) Tj ET Q q 0 0 0 rg BT 200.21 476.90 Td (the ) Tj ET Q q 0 0 0 rg BT 212.51 476.90 Td (remaining ) Tj ET Q q 0 0 0 rg BT 247.46 476.90 Td (60.0% ) Tj ET Q q 0 0 0 rg BT 270.64 476.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 293.15 476.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 319.22 476.90 Td (in ) Tj ET Q q 0 0 0 rg BT 327.96 476.90 Td (the ) Tj ET Q q 0 0 0 rg BT 340.07 476.90 Td (W) Tj ET Q q 0 0 0 rg BT 347.30 476.90 Td (interfell ) Tj ET Q q 0 0 0 rg BT 375.13 476.90 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 405.65 476.90 Td (and ) Tj ET Q q 0 0 0 rg BT 419.72 476.90 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 457.34 476.90 Td (of ) Tj ET Q q 0 0 0 rg BT 466.52 476.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 501.03 476.90 Td (senior ) Tj ET Q q 0 0 0 rg BT 523.10 476.90 Td (housing ) Tj ET Q q 0 0 0 rg BT 550.95 476.90 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 467.30 Td (skilled ) Tj ET Q q 0 0 0 rg BT 126.83 467.30 Td (nursing ) Tj ET Q q 0 0 0 rg BT 152.83 467.30 Td (facilities ) Tj ET Q q 0 0 0 rg BT 182.38 467.30 Td (in ) Tj ET Q q 0 0 0 rg BT 190.60 467.30 Td (the ) Tj ET Q q 0 0 0 rg BT 202.23 467.30 Td (T) Tj ET Q q 0 0 0 rg BT 206.83 467.30 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 227.94 467.30 Td (portfolio.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 457.70 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 457.70 Td (Includes ) Tj ET Q q 0 0 0 rg BT 132.60 457.70 Td (our ) Tj ET Q q 0 0 0 rg BT 145.27 457.70 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 190.36 457.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 215.91 457.70 Td (in ) Tj ET Q q 0 0 0 rg BT 224.13 457.70 Td (real ) Tj ET Q q 0 0 0 rg BT 238.12 457.70 Td (estate ) Tj ET Q q 0 0 0 rg BT 258.33 457.70 Td (held ) Tj ET Q q 0 0 0 rg BT 274.11 457.70 Td (through ) Tj ET Q q 0 0 0 rg BT 300.99 457.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 317.66 457.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 346.76 457.70 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.43 457.70 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 371.43 457.70 Td (billion) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.32 457.70 Td ( ) Tj ET Q q 0 0 0 rg BT 394.32 457.70 Td (as ) Tj ET Q q 0 0 0 rg BT 402.98 457.70 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.64 457.70 Td (June30, ) Tj ET Q q 0 0 0 rg BT 440.31 457.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.31 457.70 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.70 Td (Financing Strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 417.70 Td (e ) Tj ET Q q 0 0 0 rg BT 65.21 417.70 Td (use ) Tj ET Q q 0 0 0 rg BT 80.68 417.70 Td (asset-level ) Tj ET Q q 0 0 0 rg BT 125.02 417.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 164.92 417.70 Td (as ) Tj ET Q q 0 0 0 rg BT 175.38 417.70 Td (part ) Tj ET Q q 0 0 0 rg BT 193.07 417.70 Td (of ) Tj ET Q q 0 0 0 rg BT 203.53 417.70 Td (our ) Tj ET Q q 0 0 0 rg BT 219.00 417.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 265.02 417.70 Td (strategy ) Tj ET Q q 0 0 0 rg BT 298.81 417.70 Td (to ) Tj ET Q q 0 0 0 rg BT 308.72 417.70 Td (prudently ) Tj ET Q q 0 0 0 rg BT 349.18 417.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 385.18 417.70 Td (our ) Tj ET Q q 0 0 0 rg BT 400.65 417.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 450.56 417.70 Td (while ) Tj ET Q q 0 0 0 rg BT 474.91 417.70 Td (managing ) Tj ET Q q 0 0 0 rg BT 516.48 417.70 Td (refinancing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.70 Td (and ) Tj ET Q q 0 0 0 rg BT 67.06 405.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 99.11 405.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 116.71 405.70 Td (risk. ) Tj ET Q q 0 0 0 rg BT 136.83 405.70 Td ( ) Tj ET Q q 0 0 0 rg BT 139.45 405.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 157.04 405.70 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 191.88 405.70 Td (is ) Tj ET Q q 0 0 0 rg BT 201.17 405.70 Td (responsible ) Tj ET Q q 0 0 0 rg BT 249.34 405.70 Td (for ) Tj ET Q q 0 0 0 rg BT 263.62 405.70 Td (managing ) Tj ET Q q 0 0 0 rg BT 305.67 405.70 Td (such ) Tj ET Q q 0 0 0 rg BT 326.62 405.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 367.00 405.70 Td (and ) Tj ET Q q 0 0 0 rg BT 384.06 405.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 416.11 405.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 433.71 405.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 451.33 405.70 Td (on ) Tj ET Q q 0 0 0 rg BT 463.95 405.70 Td (our ) Tj ET Q q 0 0 0 rg BT 479.90 405.70 Td (behalf. ) Tj ET Q q 0 0 0 rg BT 510.00 405.70 Td ( ) Tj ET Q q 0 0 0 rg BT 512.43 405.70 Td (W) Tj ET Q q 0 0 0 rg BT 521.07 405.70 Td (e ) Tj ET Q q 0 0 0 rg BT 528.13 405.70 Td (consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.90 393.70 Td (variety ) Tj ET Q q 0 0 0 rg BT 87.13 393.70 Td (of ) Tj ET Q q 0 0 0 rg BT 97.92 393.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 138.15 393.70 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 194.48 393.70 Td (such ) Tj ET Q q 0 0 0 rg BT 215.27 393.70 Td (as ) Tj ET Q q 0 0 0 rg BT 226.06 393.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 266.29 393.70 Td (notes, ) Tj ET Q q 0 0 0 rg BT 292.36 393.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 317.59 393.70 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 356.98 393.70 Td (securitization ) Tj ET Q q 0 0 0 rg BT 413.31 393.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 453.54 393.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 503.76 393.70 Td (and ) Tj ET Q q 0 0 0 rg BT 520.67 393.70 Td (other ) Tj ET Q q 0 0 0 rg BT 543.68 393.70 Td (term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.70 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 100.40 381.70 Td ( ) Tj ET Q q 0 0 0 rg BT 102.58 381.70 Td (W) Tj ET Q q 0 0 0 rg BT 111.22 381.70 Td (e ) Tj ET Q q 0 0 0 rg BT 118.01 381.70 Td (continue ) Tj ET Q q 0 0 0 rg BT 154.79 381.70 Td (to ) Tj ET Q q 0 0 0 rg BT 164.92 381.70 Td (seek ) Tj ET Q q 0 0 0 rg BT 185.04 381.70 Td (and ) Tj ET Q q 0 0 0 rg BT 201.83 381.70 Td (prefer ) Tj ET Q q 0 0 0 rg BT 228.04 381.70 Td (long-term, ) Tj ET Q q 0 0 0 rg BT 272.33 381.70 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 326.88 381.70 Td (financing. ) Tj ET Q q 0 0 0 rg BT 369.49 381.70 Td ( ) Tj ET Q q 0 0 0 rg BT 371.67 381.70 Td (W) Tj ET Q q 0 0 0 rg BT 380.31 381.70 Td (e ) Tj ET Q q 0 0 0 rg BT 387.10 381.70 Td (may) Tj ET Q q 0 0 0 rg BT 403.66 381.70 Td (, ) Tj ET Q q 0 0 0 rg BT 408.51 381.70 Td (as ) Tj ET Q q 0 0 0 rg BT 419.19 381.70 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 478.18 381.70 Td (warrant, ) Tj ET Q q 0 0 0 rg BT 513.57 381.70 Td (utilize ) Tj ET Q q 0 0 0 rg BT 540.91 381.70 Td (some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.70 Td (level ) Tj ET Q q 0 0 0 rg BT 71.93 369.70 Td (of ) Tj ET Q q 0 0 0 rg BT 82.76 369.70 Td (recourse ) Tj ET Q q 0 0 0 rg BT 119.13 369.70 Td (financing. ) Tj ET Q q 0 0 0 rg BT 161.89 369.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.74 349.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 107.69 349.70 Td (strategy ) Tj ET Q q 0 0 0 rg BT 141.54 349.70 Td (for ) Tj ET Q q 0 0 0 rg BT 155.39 349.70 Td (our ) Tj ET Q q 0 0 0 rg BT 170.91 349.70 Td (real ) Tj ET Q q 0 0 0 rg BT 188.08 349.70 Td (estate ) Tj ET Q q 0 0 0 rg BT 213.03 349.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 240.22 349.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 290.18 349.70 Td (is ) Tj ET Q q 0 0 0 rg BT 299.04 349.70 Td (typically ) Tj ET Q q 0 0 0 rg BT 336.22 349.70 Td (to ) Tj ET Q q 0 0 0 rg BT 346.18 349.70 Td (seek ) Tj ET Q q 0 0 0 rg BT 366.14 349.70 Td (long-term, ) Tj ET Q q 0 0 0 rg BT 410.26 349.70 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 464.65 349.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 504.60 349.70 Td (loans. ) Tj ET Q q 0 0 0 rg BT 530.40 349.70 Td ( ) Tj ET Q q 0 0 0 rg BT 532.59 349.70 Td (For ) Tj ET Q q 0 0 0 rg BT 548.67 349.70 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 70.14 337.70 Td (and ) Tj ET Q q 0 0 0 rg BT 87.50 337.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 128.18 337.70 Td (investments, ) Tj ET Q q 0 0 0 rg BT 181.37 337.70 Td (we ) Tj ET Q q 0 0 0 rg BT 195.95 337.70 Td (seek ) Tj ET Q q 0 0 0 rg BT 216.64 337.70 Td (to ) Tj ET Q q 0 0 0 rg BT 227.34 337.70 Td (obtain ) Tj ET Q q 0 0 0 rg BT 255.25 337.70 Td (match-funded ) Tj ET Q q 0 0 0 rg BT 313.71 337.70 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 362.18 337.70 Td (whenever ) Tj ET Q q 0 0 0 rg BT 403.96 337.70 Td (possible ) Tj ET Q q 0 0 0 rg BT 439.66 337.70 Td (at ) Tj ET Q q 0 0 0 rg BT 449.80 337.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 471.60 337.70 Td (that ) Tj ET Q q 0 0 0 rg BT 489.51 337.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 522.98 337.70 Td (a ) Tj ET Q q 0 0 0 rg BT 530.34 337.70 Td (positive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.70 Td (net ) Tj ET Q q 0 0 0 rg BT 63.52 325.70 Td (spread, ) Tj ET Q q 0 0 0 rg BT 93.43 325.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 131.93 325.70 Td (using ) Tj ET Q q 0 0 0 rg BT 154.91 325.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 178.98 325.70 Td (facilities ) Tj ET Q q 0 0 0 rg BT 214.71 325.70 Td (and ) Tj ET Q q 0 0 0 rg BT 230.45 325.70 Td (securitization ) Tj ET Q q 0 0 0 rg BT 285.63 325.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 324.70 325.70 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 376.26 325.70 Td ( ) Tj ET Q q 0 0 0 rg BT 377.57 325.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 394.43 325.70 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 437.39 325.70 Td (levels ) Tj ET Q q 0 0 0 rg BT 462.02 325.70 Td (and ) Tj ET Q q 0 0 0 rg BT 477.77 325.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 501.29 325.70 Td (vary ) Tj ET Q q 0 0 0 rg BT 520.36 325.70 Td (depending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.50 313.70 Td (the ) Tj ET Q q 0 0 0 rg BT 87.22 313.70 Td (nature ) Tj ET Q q 0 0 0 rg BT 114.70 313.70 Td (of ) Tj ET Q q 0 0 0 rg BT 125.53 313.70 Td (the ) Tj ET Q q 0 0 0 rg BT 140.25 313.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 166.08 313.70 Td (and ) Tj ET Q q 0 0 0 rg BT 183.02 313.70 Td (the ) Tj ET Q q 0 0 0 rg BT 197.73 313.70 Td (related ) Tj ET Q q 0 0 0 rg BT 227.44 313.70 Td (financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.70 Td (Although ) Tj ET Q q 0 0 0 rg BT 90.94 293.70 Td (we ) Tj ET Q q 0 0 0 rg BT 105.75 293.70 Td (have ) Tj ET Q q 0 0 0 rg BT 127.79 293.70 Td (a ) Tj ET Q q 0 0 0 rg BT 135.39 293.70 Td (limitation ) Tj ET Q q 0 0 0 rg BT 177.43 293.70 Td (on ) Tj ET Q q 0 0 0 rg BT 190.59 293.70 Td (the ) Tj ET Q q 0 0 0 rg BT 205.96 293.70 Td (maximum ) Tj ET Q q 0 0 0 rg BT 249.67 293.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 286.70 293.70 Td (for ) Tj ET Q q 0 0 0 rg BT 301.51 293.70 Td (our ) Tj ET Q q 0 0 0 rg BT 318.00 293.70 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 358.66 293.70 Td (which ) Tj ET Q q 0 0 0 rg BT 386.25 293.70 Td (approximates ) Tj ET Q q 0 0 0 rg BT 443.28 293.70 Td (75% ) Tj ET Q q 0 0 0 rg BT 464.77 293.70 Td (of ) Tj ET Q q 0 0 0 rg BT 476.26 293.70 Td (our ) Tj ET Q q 0 0 0 rg BT 492.75 293.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 519.24 293.70 Td (\(excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.70 Td (indirect ) Tj ET Q q 0 0 0 rg BT 83.31 281.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 119.95 281.70 Td (held ) Tj ET Q q 0 0 0 rg BT 139.94 281.70 Td (through ) Tj ET Q q 0 0 0 rg BT 173.82 281.70 Td (our ) Tj ET Q q 0 0 0 rg BT 189.92 281.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 253.24 281.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 274.34 281.70 Td (venture ) Tj ET Q q 0 0 0 rg BT 307.10 281.70 Td (investments\), ) Tj ET Q q 0 0 0 rg BT 363.48 281.70 Td (other ) Tj ET Q q 0 0 0 rg BT 386.80 281.70 Td (than ) Tj ET Q q 0 0 0 rg BT 406.79 281.70 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 455.94 281.70 Td (before ) Tj ET Q q 0 0 0 rg BT 484.25 281.70 Td (deducting ) Tj ET Q q 0 0 0 rg BT 526.46 281.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 546.45 281.70 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.70 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 88.06 269.70 Td (other ) Tj ET Q q 0 0 0 rg BT 111.41 269.70 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 150.31 269.70 Td (reserves ) Tj ET Q q 0 0 0 rg BT 185.87 269.70 Td (and ) Tj ET Q q 0 0 0 rg BT 203.11 269.70 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 257.83 269.70 Td (we ) Tj ET Q q 0 0 0 rg BT 272.29 269.70 Td (do ) Tj ET Q q 0 0 0 rg BT 285.09 269.70 Td (not ) Tj ET Q q 0 0 0 rg BT 300.67 269.70 Td (have ) Tj ET Q q 0 0 0 rg BT 322.35 269.70 Td (a ) Tj ET Q q 0 0 0 rg BT 329.59 269.70 Td (tar) Tj ET Q q 0 0 0 rg BT 339.96 269.70 Td (geted ) Tj ET Q q 0 0 0 rg BT 364.42 269.70 Td (debt-to-equity ) Tj ET Q q 0 0 0 rg BT 423.87 269.70 Td (ratio ) Tj ET Q q 0 0 0 rg BT 445.00 269.70 Td (on ) Tj ET Q q 0 0 0 rg BT 457.80 269.70 Td (an ) Tj ET Q q 0 0 0 rg BT 470.04 269.70 Td (asset-by-asset ) Tj ET Q q 0 0 0 rg BT 528.38 269.70 Td (basis, ) Tj ET Q q 0 0 0 rg BT 553.68 269.70 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.70 Td (we ) Tj ET Q q 0 0 0 rg BT 63.69 257.70 Td (believe ) Tj ET Q q 0 0 0 rg BT 94.60 257.70 Td (the ) Tj ET Q q 0 0 0 rg BT 108.85 257.70 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 156.42 257.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 192.31 257.70 Td (for ) Tj ET Q q 0 0 0 rg BT 206.01 257.70 Td (the ) Tj ET Q q 0 0 0 rg BT 220.26 257.70 Td (particular ) Tj ET Q q 0 0 0 rg BT 260.60 257.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.96 257.70 Td (we ) Tj ET Q q 0 0 0 rg BT 299.66 257.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 331.12 257.70 Td (depends ) Tj ET Q q 0 0 0 rg BT 365.92 257.70 Td (on ) Tj ET Q q 0 0 0 rg BT 377.95 257.70 Td (the ) Tj ET Q q 0 0 0 rg BT 392.20 257.70 Td (specific ) Tj ET Q q 0 0 0 rg BT 425.33 257.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 450.13 257.70 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 509.35 257.70 Td (of ) Tj ET Q q 0 0 0 rg BT 519.71 257.70 Td (each ) Tj ET Q q 0 0 0 rg BT 540.06 257.70 Td (asset. ) Tj ET Q q 0 0 0 rg BT 564.50 257.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 245.70 Td (e ) Tj ET Q q 0 0 0 rg BT 65.52 245.70 Td (use ) Tj ET Q q 0 0 0 rg BT 81.29 245.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 117.60 245.70 Td (for ) Tj ET Q q 0 0 0 rg BT 131.70 245.70 Td (the ) Tj ET Q q 0 0 0 rg BT 146.36 245.70 Td (sole ) Tj ET Q q 0 0 0 rg BT 164.91 245.70 Td (purpose ) Tj ET Q q 0 0 0 rg BT 199.01 245.70 Td (of ) Tj ET Q q 0 0 0 rg BT 209.79 245.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 249.99 245.70 Td (our ) Tj ET Q q 0 0 0 rg BT 265.77 245.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 315.98 245.70 Td (and ) Tj ET Q q 0 0 0 rg BT 332.86 245.70 Td (diversifying ) Tj ET Q q 0 0 0 rg BT 383.63 245.70 Td (our ) Tj ET Q q 0 0 0 rg BT 399.41 245.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 426.84 245.70 Td (and ) Tj ET Q q 0 0 0 rg BT 443.72 245.70 Td (we ) Tj ET Q q 0 0 0 rg BT 457.83 245.70 Td (do ) Tj ET Q q 0 0 0 rg BT 470.27 245.70 Td (not ) Tj ET Q q 0 0 0 rg BT 485.49 245.70 Td (employ ) Tj ET Q q 0 0 0 rg BT 517.93 245.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 554.23 245.70 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.70 Td (speculate ) Tj ET Q q 0 0 0 rg BT 88.91 233.70 Td (on ) Tj ET Q q 0 0 0 rg BT 100.62 233.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 134.54 233.70 Td (in ) Tj ET Q q 0 0 0 rg BT 144.03 233.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 175.17 233.70 Td (rates. ) Tj ET Q q 0 0 0 rg BT 198.26 233.70 Td ( ) Tj ET Q q 0 0 0 rg BT 199.85 233.70 Td (W) Tj ET Q q 0 0 0 rg BT 208.48 233.70 Td (e ) Tj ET Q q 0 0 0 rg BT 214.63 233.70 Td (also ) Tj ET Q q 0 0 0 rg BT 232.45 233.70 Td (seek ) Tj ET Q q 0 0 0 rg BT 251.93 233.70 Td (assignable ) Tj ET Q q 0 0 0 rg BT 295.30 233.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 334.77 233.70 Td (when ) Tj ET Q q 0 0 0 rg BT 358.14 233.70 Td (available. ) Tj ET Q q 0 0 0 rg BT 398.44 233.70 Td ( ) Tj ET Q q 0 0 0 rg BT 400.15 233.70 Td (Once ) Tj ET Q q 0 0 0 rg BT 422.96 233.70 Td (we ) Tj ET Q q 0 0 0 rg BT 436.33 233.70 Td (have ) Tj ET Q q 0 0 0 rg BT 456.92 233.70 Td (fully ) Tj ET Q q 0 0 0 rg BT 477.52 233.70 Td (invested ) Tj ET Q q 0 0 0 rg BT 512.55 233.70 Td (the ) Tj ET Q q 0 0 0 rg BT 526.48 233.70 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.70 Td (of ) Tj ET Q q 0 0 0 rg BT 61.06 221.70 Td (our ) Tj ET Q q 0 0 0 rg BT 77.11 221.70 Td (Of) Tj ET Q q 0 0 0 rg BT 87.48 221.70 Td (fering, ) Tj ET Q q 0 0 0 rg BT 116.59 221.70 Td (we ) Tj ET Q q 0 0 0 rg BT 130.97 221.70 Td (expect ) Tj ET Q q 0 0 0 rg BT 159.79 221.70 Td (that ) Tj ET Q q 0 0 0 rg BT 177.51 221.70 Td (our ) Tj ET Q q 0 0 0 rg BT 193.57 221.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 234.06 221.70 Td (may ) Tj ET Q q 0 0 0 rg BT 254.00 221.70 Td (approximate ) Tj ET Q q 0 0 0 rg BT 306.71 221.70 Td (50% ) Tj ET Q q 0 0 0 rg BT 327.77 221.70 Td (of ) Tj ET Q q 0 0 0 rg BT 338.82 221.70 Td (the ) Tj ET Q q 0 0 0 rg BT 353.76 221.70 Td (cost ) Tj ET Q q 0 0 0 rg BT 372.60 221.70 Td (of ) Tj ET Q q 0 0 0 rg BT 383.65 221.70 Td (our ) Tj ET Q q 0 0 0 rg BT 399.71 221.70 Td (investments, ) Tj ET Q q 0 0 0 rg BT 452.71 221.70 Td (excluding ) Tj ET Q q 0 0 0 rg BT 494.87 221.70 Td (indirect ) Tj ET Q q 0 0 0 rg BT 528.14 221.70 Td (leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.70 Td (held ) Tj ET Q q 0 0 0 rg BT 69.72 209.70 Td (through ) Tj ET Q q 0 0 0 rg BT 103.33 209.70 Td (our ) Tj ET Q q 0 0 0 rg BT 119.16 209.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 182.20 209.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 203.03 209.70 Td (venture ) Tj ET Q q 0 0 0 rg BT 235.52 209.70 Td (investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.70 Td (Portfolio Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.29 169.70 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 101.73 169.70 Td (and ) Tj ET Q q 0 0 0 rg BT 118.39 169.70 Td (its ) Tj ET Q q 0 0 0 rg BT 130.07 169.70 Td (af) Tj ET Q q 0 0 0 rg BT 137.65 169.70 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 169.59 169.70 Td (directly ) Tj ET Q q 0 0 0 rg BT 202.36 169.70 Td (or ) Tj ET Q q 0 0 0 rg BT 212.91 169.70 Td (together ) Tj ET Q q 0 0 0 rg BT 247.90 169.70 Td (with ) Tj ET Q q 0 0 0 rg BT 267.90 169.70 Td (third ) Tj ET Q q 0 0 0 rg BT 289.01 169.70 Td (party ) Tj ET Q q 0 0 0 rg BT 311.78 169.70 Td (sub-advisors, ) Tj ET Q q 0 0 0 rg BT 367.06 169.70 Td (maintain ) Tj ET Q q 0 0 0 rg BT 404.27 169.70 Td (a ) Tj ET Q q 0 0 0 rg BT 410.94 169.70 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 473.69 169.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 510.91 169.70 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.70 Td (process ) Tj ET Q q 0 0 0 rg BT 81.64 157.70 Td (that ) Tj ET Q q 0 0 0 rg BT 98.28 157.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 137.13 157.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 172.10 157.70 Td (oversight ) Tj ET Q q 0 0 0 rg BT 210.96 157.70 Td (by ) Tj ET Q q 0 0 0 rg BT 222.61 157.70 Td (the ) Tj ET Q q 0 0 0 rg BT 236.48 157.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 257.56 157.70 Td (management ) Tj ET Q q 0 0 0 rg BT 310.30 157.70 Td (team, ) Tj ET Q q 0 0 0 rg BT 333.88 157.70 Td (regular ) Tj ET Q q 0 0 0 rg BT 363.84 157.70 Td (management ) Tj ET Q q 0 0 0 rg BT 416.58 157.70 Td (meetings ) Tj ET Q q 0 0 0 rg BT 454.33 157.70 Td (and ) Tj ET Q q 0 0 0 rg BT 470.41 157.70 Td (an ) Tj ET Q q 0 0 0 rg BT 481.50 157.70 Td (exhaustive ) Tj ET Q q 0 0 0 rg BT 525.91 157.70 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.85 145.70 Td (review ) Tj ET Q q 0 0 0 rg BT 106.14 145.70 Td (process. ) Tj ET Q q 0 0 0 rg BT 141.72 145.70 Td ( ) Tj ET Q q 0 0 0 rg BT 144.58 145.70 Td (These ) Tj ET Q q 0 0 0 rg BT 171.54 145.70 Td (processes ) Tj ET Q q 0 0 0 rg BT 212.95 145.70 Td (are ) Tj ET Q q 0 0 0 rg BT 228.24 145.70 Td (designed ) Tj ET Q q 0 0 0 rg BT 266.88 145.70 Td (to ) Tj ET Q q 0 0 0 rg BT 277.74 145.70 Td (enable ) Tj ET Q q 0 0 0 rg BT 306.92 145.70 Td (management ) Tj ET Q q 0 0 0 rg BT 361.10 145.70 Td (to ) Tj ET Q q 0 0 0 rg BT 371.96 145.70 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 408.36 145.70 Td (and ) Tj ET Q q 0 0 0 rg BT 425.88 145.70 Td (proactively ) Tj ET Q q 0 0 0 rg BT 473.95 145.70 Td (identify ) Tj ET Q q 0 0 0 rg BT 508.14 145.70 Td (asset-specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 76.00 133.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 103.12 133.70 Td (and ) Tj ET Q q 0 0 0 rg BT 120.79 133.70 Td (trends ) Tj ET Q q 0 0 0 rg BT 148.46 133.70 Td (on ) Tj ET Q q 0 0 0 rg BT 161.69 133.70 Td (a ) Tj ET Q q 0 0 0 rg BT 169.37 133.70 Td (portfolio-wide, ) Tj ET Q q 0 0 0 rg BT 232.86 133.70 Td (sub-portfolio ) Tj ET Q q 0 0 0 rg BT 288.31 133.70 Td (or ) Tj ET Q q 0 0 0 rg BT 299.87 133.70 Td (by ) Tj ET Q q 0 0 0 rg BT 313.11 133.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 335.78 133.70 Td (type ) Tj ET Q q 0 0 0 rg BT 356.23 133.70 Td (basis. ) Tj ET Q q 0 0 0 rg BT 381.96 133.70 Td ( ) Tj ET Q q 0 0 0 rg BT 385.19 133.70 Td (Nevertheless, ) Tj ET Q q 0 0 0 rg BT 442.57 133.70 Td (we ) Tj ET Q q 0 0 0 rg BT 457.46 133.70 Td (cannot ) Tj ET Q q 0 0 0 rg BT 487.35 133.70 Td (be ) Tj ET Q q 0 0 0 rg BT 500.02 133.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 530.45 133.70 Td (that ) Tj ET Q q 0 0 0 rg BT 548.68 133.70 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.70 Td (Advisor) Tj ET Q q 0 0 0 rg BT 82.59 121.70 Td () Tj ET Q q 0 0 0 rg BT 85.37 121.70 Td (s ) Tj ET Q q 0 0 0 rg BT 92.15 121.70 Td (review) Tj ET Q q 0 0 0 rg BT 118.71 121.70 Td (, ) Tj ET Q q 0 0 0 rg BT 124.10 121.70 Td (or ) Tj ET Q q 0 0 0 rg BT 135.32 121.70 Td (any ) Tj ET Q q 0 0 0 rg BT 152.65 121.70 Td (third ) Tj ET Q q 0 0 0 rg BT 174.43 121.70 Td (parties ) Tj ET Q q 0 0 0 rg BT 203.97 121.70 Td (acting ) Tj ET Q q 0 0 0 rg BT 231.30 121.70 Td (on ) Tj ET Q q 0 0 0 rg BT 244.19 121.70 Td (our ) Tj ET Q q 0 0 0 rg BT 260.41 121.70 Td (or ) Tj ET Q q 0 0 0 rg BT 271.63 121.70 Td (our ) Tj ET Q q 0 0 0 rg BT 287.21 121.70 Td (Advisor) Tj ET Q q 0 0 0 rg BT 319.81 121.70 Td () Tj ET Q q 0 0 0 rg BT 322.58 121.70 Td (s ) Tj ET Q q 0 0 0 rg BT 329.37 121.70 Td (behalf, ) Tj ET Q q 0 0 0 rg BT 359.74 121.70 Td (will ) Tj ET Q q 0 0 0 rg BT 378.19 121.70 Td (identify ) Tj ET Q q 0 0 0 rg BT 412.18 121.70 Td (all ) Tj ET Q q 0 0 0 rg BT 425.07 121.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 451.85 121.70 Td (within ) Tj ET Q q 0 0 0 rg BT 480.30 121.70 Td (our ) Tj ET Q q 0 0 0 rg BT 496.52 121.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 534.41 121.70 Td (due ) Tj ET Q q 0 0 0 rg BT 551.73 121.70 Td (to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.70 Td (among ) Tj ET Q q 0 0 0 rg BT 79.89 109.70 Td (other ) Tj ET Q q 0 0 0 rg BT 103.12 109.70 Td (things, ) Tj ET Q q 0 0 0 rg BT 132.74 109.70 Td (adverse ) Tj ET Q q 0 0 0 rg BT 165.95 109.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 207.50 109.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 251.84 109.70 Td (or ) Tj ET Q q 0 0 0 rg BT 262.85 109.70 Td (events ) Tj ET Q q 0 0 0 rg BT 291.07 109.70 Td (adversely ) Tj ET Q q 0 0 0 rg BT 332.06 109.70 Td (af) Tj ET Q q 0 0 0 rg BT 339.65 109.70 Td (fecting ) Tj ET Q q 0 0 0 rg BT 370.09 109.70 Td (specific ) Tj ET Q q 0 0 0 rg BT 403.86 109.70 Td (assets; ) Tj ET Q q 0 0 0 rg BT 432.64 109.70 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 473.90 109.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 511.57 109.70 Td (future ) Tj ET Q q 0 0 0 rg BT 538.12 109.70 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.70 Td (may ) Tj ET Q q 0 0 0 rg BT 69.72 97.70 Td (also ) Tj ET Q q 0 0 0 rg BT 88.33 97.70 Td (stem ) Tj ET Q q 0 0 0 rg BT 109.71 97.70 Td (from ) Tj ET Q q 0 0 0 rg BT 131.65 97.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 158.04 97.70 Td (that ) Tj ET Q q 0 0 0 rg BT 175.54 97.70 Td (are ) Tj ET Q q 0 0 0 rg BT 190.24 97.70 Td (not ) Tj ET Q q 0 0 0 rg BT 205.52 97.70 Td (identified ) Tj ET Q q 0 0 0 rg BT 246.34 97.70 Td (during ) Tj ET Q q 0 0 0 rg BT 274.95 97.70 Td (these ) Tj ET Q q 0 0 0 rg BT 298.00 97.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 323.26 97.70 Td (reviews. ) Tj ET Q q 0 0 0 rg BT 359.36 97.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.07 77.70 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 101.23 77.70 Td (has ) Tj ET Q q 0 0 0 rg BT 116.50 77.70 Td (delegated ) Tj ET Q q 0 0 0 rg BT 156.76 77.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 185.90 77.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 207.29 77.70 Td (management ) Tj ET Q q 0 0 0 rg BT 260.32 77.70 Td (functions ) Tj ET Q q 0 0 0 rg BT 299.48 77.70 Td (in ) Tj ET Q q 0 0 0 rg BT 309.20 77.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 355.02 77.70 Td (with ) Tj ET Q q 0 0 0 rg BT 374.74 77.70 Td (our ) Tj ET Q q 0 0 0 rg BT 390.01 77.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 426.95 77.70 Td (to ) Tj ET Q q 0 0 0 rg BT 436.24 77.70 Td (American ) Tj ET Q q 0 0 0 rg BT 477.61 77.70 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 522.85 77.70 Td (Investors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.70 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 73.77 65.70 Td (or ) Tj ET Q q 0 0 0 rg BT 83.96 65.70 Td (AHI. ) Tj ET Q q 0 0 0 rg BT 106.62 65.70 Td ( ) Tj ET Q q 0 0 0 rg BT 108.47 65.70 Td (As ) Tj ET Q q 0 0 0 rg BT 121.97 65.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.69 65.70 Td (June30, ) Tj ET Q q 0 0 0 rg BT 168.40 65.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.40 65.70 Td (, ) Tj ET Q q 0 0 0 rg BT 192.76 65.70 Td (AHI ) Tj ET Q q 0 0 0 rg BT 212.92 65.70 Td (provides ) Tj ET Q q 0 0 0 rg BT 249.74 65.70 Td (these ) Tj ET Q q 0 0 0 rg BT 272.67 65.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 294.49 65.70 Td (management ) Tj ET Q q 0 0 0 rg BT 347.97 65.70 Td (services ) Tj ET Q q 0 0 0 rg BT 382.56 65.70 Td (in ) Tj ET Q q 0 0 0 rg BT 392.72 65.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 438.98 65.70 Td (with ) Tj ET Q q 0 0 0 rg BT 459.14 65.70 Td (our ) Tj ET Q q 0 0 0 rg BT 474.85 65.70 Td (Grif) Tj ET Q q 0 0 0 rg BT 491.33 65.70 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 547.58 65.70 Td (and ) Tj ET Q q 0 0 0 rg BT 564.52 65.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.70 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 53.70 Td (interfell ) Tj ET Q q 0 0 0 rg BT 93.28 53.70 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 134.76 53.70 Td (and ) Tj ET Q q 0 0 0 rg BT 151.79 53.70 Td (we ) Tj ET Q q 0 0 0 rg BT 166.04 53.70 Td (expect ) Tj ET Q q 0 0 0 rg BT 194.16 53.70 Td (AHI ) Tj ET Q q 0 0 0 rg BT 214.53 53.70 Td (to ) Tj ET Q q 0 0 0 rg BT 224.90 53.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 258.04 53.70 Td (these ) Tj ET Q q 0 0 0 rg BT 281.18 53.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 303.21 53.70 Td (management ) Tj ET Q q 0 0 0 rg BT 356.89 53.70 Td (services ) Tj ET Q q 0 0 0 rg BT 391.69 53.70 Td (for ) Tj ET Q q 0 0 0 rg BT 405.94 53.70 Td (the ) Tj ET Q q 0 0 0 rg BT 420.75 53.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 453.88 53.70 Td (of ) Tj ET Q q 0 0 0 rg BT 464.80 53.70 Td (our ) Tj ET Q q 0 0 0 rg BT 480.72 53.70 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 518.31 53.70 Td (\(other ) Tj ET Q q 0 0 0 rg BT 544.78 53.70 Td (than ) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 70.59 742.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 106.73 742.10 Td (with ) Tj ET Q q 0 0 0 rg BT 126.77 742.10 Td (Formation ) Tj ET Q q 0 0 0 rg BT 170.69 742.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 201.83 742.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 225.47 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.06 742.10 Td (Formation\) ) Tj ET Q q 0 0 0 rg BT 283.32 742.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 325.57 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.61 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.08 742.10 Td (second ) Tj ET Q q 0 0 0 rg BT 380.11 742.10 Td (half ) Tj ET Q q 0 0 0 rg BT 397.91 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.50 742.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 433.26 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.52 742.10 Td (In ) Tj ET Q q 0 0 0 rg BT 446.11 742.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 483.64 742.10 Td (Formation ) Tj ET Q q 0 0 0 rg BT 527.56 742.10 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 80.23 730.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 102.13 730.10 Td (management ) Tj ET Q q 0 0 0 rg BT 155.68 730.10 Td (services ) Tj ET Q q 0 0 0 rg BT 190.35 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.59 730.10 Td (us ) Tj ET Q q 0 0 0 rg BT 211.94 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.18 730.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 268.51 730.10 Td (with ) Tj ET Q q 0 0 0 rg BT 288.75 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.42 730.10 Td (Eclipse, ) Tj ET Q q 0 0 0 rg BT 337.82 730.10 Td (Espresso ) Tj ET Q q 0 0 0 rg BT 375.83 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.73 730.10 Td (Envoy ) Tj ET Q q 0 0 0 rg BT 421.29 730.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 442.09 730.10 Td (ventures. ) Tj ET Q q 0 0 0 rg BT 480.93 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.39 730.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 500.86 730.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 533.45 730.10 Td () Tj ET Q q 0 0 0 rg BT 536.23 730.10 Td (s ) Tj ET Q q 0 0 0 rg BT 542.58 730.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.34 718.10 Td (team, ) Tj ET Q q 0 0 0 rg BT 127.52 718.10 Td (under ) Tj ET Q q 0 0 0 rg BT 152.54 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.00 718.10 Td (direction ) Tj ET Q q 0 0 0 rg BT 204.79 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.37 718.10 Td (its ) Tj ET Q q 0 0 0 rg BT 227.07 718.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 273.20 718.10 Td (committee, ) Tj ET Q q 0 0 0 rg BT 320.15 718.10 Td (supervises ) Tj ET Q q 0 0 0 rg BT 363.57 718.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 383.59 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.28 718.10 Td (Formation ) Tj ET Q q 0 0 0 rg BT 444.19 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.88 718.10 Td (retains ) Tj ET Q q 0 0 0 rg BT 489.78 718.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 524.80 718.10 Td (oversight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 706.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 123.88 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 138.04 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.76 706.10 Td (management ) Tj ET Q q 0 0 0 rg BT 206.35 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.18 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.01 706.10 Td (portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.31 686.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 99.90 686.10 Td () Tj ET Q q 0 0 0 rg BT 102.68 686.10 Td (s ) Tj ET Q q 0 0 0 rg BT 108.82 686.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 130.51 686.10 Td (management ) Tj ET Q q 0 0 0 rg BT 183.85 686.10 Td (team, ) Tj ET Q q 0 0 0 rg BT 208.03 686.10 Td (together ) Tj ET Q q 0 0 0 rg BT 243.04 686.10 Td (with ) Tj ET Q q 0 0 0 rg BT 262.57 686.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 282.60 686.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.18 686.10 Td (Formation, ) Tj ET Q q 0 0 0 rg BT 339.59 686.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 359.06 686.10 Td (many ) Tj ET Q q 0 0 0 rg BT 383.53 686.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 419.67 686.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.70 686.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 463.60 686.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 496.94 686.10 Td (our ) Tj ET Q q 0 0 0 rg BT 512.52 686.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 534.21 686.10 Td (base ) Tj ET Q q 0 0 0 rg BT 554.23 686.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 86.06 674.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.71 674.10 Td (preserve ) Tj ET Q q 0 0 0 rg BT 134.88 674.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.52 674.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 186.77 674.10 Td (value ) Tj ET Q q 0 0 0 rg BT 211.73 674.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.48 674.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 261.94 674.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.25 674.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 283.39 674.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 315.21 674.10 Td (, ) Tj ET Q q 0 0 0 rg BT 321.02 674.10 Td (together ) Tj ET Q q 0 0 0 rg BT 357.09 674.10 Td (with ) Tj ET Q q 0 0 0 rg BT 377.45 674.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 398.53 674.10 Td (or ) Tj ET Q q 0 0 0 rg BT 410.17 674.10 Td (Formation, ) Tj ET Q q 0 0 0 rg BT 457.65 674.10 Td (seeks ) Tj ET Q q 0 0 0 rg BT 482.62 674.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.71 674.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 528.12 674.10 Td (strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (development ) Tj ET Q q 0 0 0 rg BT 103.96 662.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 159.04 662.10 Td (for ) Tj ET Q q 0 0 0 rg BT 173.01 662.10 Td (our ) Tj ET Q q 0 0 0 rg BT 188.65 662.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 222.63 662.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.38 662.10 Td (future ) Tj ET Q q 0 0 0 rg BT 265.56 662.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 315.64 662.10 Td (that ) Tj ET Q q 0 0 0 rg BT 332.95 662.10 Td (may ) Tj ET Q q 0 0 0 rg BT 352.48 662.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 384.78 662.10 Td (replacing, ) Tj ET Q q 0 0 0 rg BT 426.79 662.10 Td (converting ) Tj ET Q q 0 0 0 rg BT 471.87 662.10 Td (or ) Tj ET Q q 0 0 0 rg BT 482.50 662.10 Td (renovating ) Tj ET Q q 0 0 0 rg BT 527.58 662.10 Td (facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.07 650.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.69 650.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 112.97 650.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 142.20 650.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.27 650.10 Td (turn, ) Tj ET Q q 0 0 0 rg BT 173.16 650.10 Td (would ) Tj ET Q q 0 0 0 rg BT 200.45 650.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 224.96 650.10 Td (us ) Tj ET Q q 0 0 0 rg BT 236.14 650.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.21 650.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 279.04 650.10 Td (optimal ) Tj ET Q q 0 0 0 rg BT 311.88 650.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 329.73 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.35 650.10 Td (services ) Tj ET Q q 0 0 0 rg BT 374.84 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.57 650.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 426.61 650.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.12 650.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 471.17 650.10 Td (value ) Tj ET Q q 0 0 0 rg BT 495.12 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.74 650.10 Td (our ) Tj ET Q q 0 0 0 rg BT 521.36 650.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 549.47 650.10 Td ( ) Tj ET Q q 0 0 0 rg BT 551.60 650.10 Td (T) Tj ET Q q 0 0 0 rg BT 557.01 650.10 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 83.85 638.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 104.10 638.10 Td (frequent ) Tj ET Q q 0 0 0 rg BT 140.17 638.10 Td (review ) Tj ET Q q 0 0 0 rg BT 170.13 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.32 638.10 Td (dialogue ) Tj ET Q q 0 0 0 rg BT 224.51 638.10 Td (with ) Tj ET Q q 0 0 0 rg BT 245.04 638.10 Td (operators/managers/borrowers ) Tj ET Q q 0 0 0 rg BT 369.42 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.61 638.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 417.68 638.10 Td (inspections ) Tj ET Q q 0 0 0 rg BT 465.43 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.51 638.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.60 638.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 522.01 638.10 Td (properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.02 626.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 106.80 626.10 Td (have ) Tj ET Q q 0 0 0 rg BT 128.27 626.10 Td (proven ) Tj ET Q q 0 0 0 rg BT 158.62 626.10 Td (to ) Tj ET Q q 0 0 0 rg BT 168.98 626.10 Td (be ) Tj ET Q q 0 0 0 rg BT 181.00 626.10 Td (an ) Tj ET Q q 0 0 0 rg BT 193.03 626.10 Td (ef) Tj ET Q q 0 0 0 rg BT 200.62 626.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 230.40 626.10 Td (process ) Tj ET Q q 0 0 0 rg BT 262.98 626.10 Td (for ) Tj ET Q q 0 0 0 rg BT 277.22 626.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 323.69 626.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 350.16 626.10 Td (early) Tj ET Q q 0 0 0 rg BT 369.50 626.10 Td (. ) Tj ET Q q 0 0 0 rg BT 374.58 626.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.17 626.10 Td (In ) Tj ET Q q 0 0 0 rg BT 388.08 626.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 425.94 626.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.29 626.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 473.11 626.10 Td (, ) Tj ET Q q 0 0 0 rg BT 478.19 626.10 Td (together ) Tj ET Q q 0 0 0 rg BT 513.54 626.10 Td (with ) Tj ET Q q 0 0 0 rg BT 533.33 626.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 553.69 626.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (Formation, ) Tj ET Q q 0 0 0 rg BT 96.87 614.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 137.34 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.26 614.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 182.17 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.21 614.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 237.00 614.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 271.91 614.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.61 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.53 614.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 352.76 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.79 614.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.82 614.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 420.02 614.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.72 614.10 Td (During ) Tj ET Q q 0 0 0 rg BT 453.76 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.68 614.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 507.47 614.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 532.94 614.10 Td (review) Tj ET Q q 0 0 0 rg BT 559.50 614.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.94 602.10 Td (more ) Tj ET Q q 0 0 0 rg BT 86.10 602.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 130.81 602.10 Td (as ) Tj ET Q q 0 0 0 rg BT 142.75 602.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 180.97 602.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.08 602.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 238.47 602.10 Td (are ) Tj ET Q q 0 0 0 rg BT 254.29 602.10 Td (put ) Tj ET Q q 0 0 0 rg BT 270.68 602.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.30 602.10 Td (highly-monitored ) Tj ET Q q 0 0 0 rg BT 357.90 602.10 Td (status, ) Tj ET Q q 0 0 0 rg BT 386.79 602.10 Td (as ) Tj ET Q q 0 0 0 rg BT 398.74 602.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 450.38 602.10 Td (based ) Tj ET Q q 0 0 0 rg BT 476.76 602.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 500.38 602.10 Td (several ) Tj ET Q q 0 0 0 rg BT 532.30 602.10 Td (factors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.17 590.10 Td (missed ) Tj ET Q q 0 0 0 rg BT 120.35 590.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.08 590.10 Td (late ) Tj ET Q q 0 0 0 rg BT 147.92 590.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 194.73 590.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 237.96 590.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 282.57 590.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 317.73 590.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.91 590.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 380.83 590.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.67 590.10 Td (other ) Tj ET Q q 0 0 0 rg BT 420.62 590.10 Td (data ) Tj ET Q q 0 0 0 rg BT 439.68 590.10 Td (which ) Tj ET Q q 0 0 0 rg BT 466.51 590.10 Td (may ) Tj ET Q q 0 0 0 rg BT 486.13 590.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 520.18 590.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.02 590.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 73.00 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.77 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.10 578.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 128.64 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.42 578.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 172.39 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 188.71 578.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 225.03 578.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 254.68 578.10 Td (from ) Tj ET Q q 0 0 0 rg BT 277.11 578.10 Td (an ) Tj ET Q q 0 0 0 rg BT 289.55 578.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 338.93 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.92 578.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 364.90 578.10 Td (situation ) Tj ET Q q 0 0 0 rg BT 402.34 578.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 438.11 578.10 Td (on ) Tj ET Q q 0 0 0 rg BT 451.10 578.10 Td (many ) Tj ET Q q 0 0 0 rg BT 476.31 578.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 509.02 578.10 Td (including ) Tj ET Q q 0 0 0 rg BT 549.79 578.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (number ) Tj ET Q q 0 0 0 rg BT 82.08 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.94 566.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 135.95 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.70 566.10 Td (type ) Tj ET Q q 0 0 0 rg BT 168.44 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.30 566.10 Td (property) Tj ET Q q 0 0 0 rg BT 211.53 566.10 Td (, ) Tj ET Q q 0 0 0 rg BT 215.56 566.10 Td (macro ) Tj ET Q q 0 0 0 rg BT 242.08 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.05 566.10 Td (local ) Tj ET Q q 0 0 0 rg BT 279.01 566.10 Td (market ) Tj ET Q q 0 0 0 rg BT 308.30 566.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 351.50 566.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 393.02 566.10 Td (supply/demand, ) Tj ET Q q 0 0 0 rg BT 458.15 566.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 477.45 566.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 497.31 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.28 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.02 566.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 89.76 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.07 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.39 554.10 Td (operators/managers/borrowers. ) Tj ET Q q 0 0 0 rg BT 241.49 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.48 554.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 260.58 554.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 292.40 554.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.88 554.10 Td (together ) Tj ET Q q 0 0 0 rg BT 331.63 554.10 Td (with ) Tj ET Q q 0 0 0 rg BT 350.96 554.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 370.72 554.10 Td (or ) Tj ET Q q 0 0 0 rg BT 381.03 554.10 Td (Formation, ) Tj ET Q q 0 0 0 rg BT 427.18 554.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.50 554.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 483.07 554.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 502.28 554.10 Td (an ) Tj ET Q q 0 0 0 rg BT 513.70 554.10 Td (experienced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.94 542.10 Td (management ) Tj ET Q q 0 0 0 rg BT 125.53 542.10 Td (team ) Tj ET Q q 0 0 0 rg BT 147.46 542.10 Td (that ) Tj ET Q q 0 0 0 rg BT 164.96 542.10 Td (monitors ) Tj ET Q q 0 0 0 rg BT 203.01 542.10 Td (these ) Tj ET Q q 0 0 0 rg BT 226.06 542.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 255.77 542.10 Td (on ) Tj ET Q q 0 0 0 rg BT 268.27 542.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.10 542.10 Td (behalf.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.67 522.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 117.55 522.10 Td (are ) Tj ET Q q 0 0 0 rg BT 131.88 522.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 170.63 522.10 Td (on ) Tj ET Q q 0 0 0 rg BT 182.75 522.10 Td (a ) Tj ET Q q 0 0 0 rg BT 189.30 522.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 227.51 522.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 252.12 522.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.57 522.10 Td (more ) Tj ET Q q 0 0 0 rg BT 285.23 522.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 328.44 522.10 Td (as ) Tj ET Q q 0 0 0 rg BT 338.88 522.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 377.10 522.10 Td (, ) Tj ET Q q 0 0 0 rg BT 381.71 522.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.61 522.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 418.16 522.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 452.49 522.10 Td (there ) Tj ET Q q 0 0 0 rg BT 474.58 522.10 Td (are ) Tj ET Q q 0 0 0 rg BT 488.91 522.10 Td (any ) Tj ET Q q 0 0 0 rg BT 505.46 522.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 547.01 522.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.12 510.10 Td (value ) Tj ET Q q 0 0 0 rg BT 89.69 510.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.93 510.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.16 510.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 167.84 510.10 Td (may ) Tj ET Q q 0 0 0 rg BT 187.97 510.10 Td (be ) Tj ET Q q 0 0 0 rg BT 200.31 510.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 238.76 510.10 Td (or ) Tj ET Q q 0 0 0 rg BT 250.00 510.10 Td (that ) Tj ET Q q 0 0 0 rg BT 267.91 510.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 304.13 510.10 Td (value ) Tj ET Q q 0 0 0 rg BT 328.69 510.10 Td (may ) Tj ET Q q 0 0 0 rg BT 348.82 510.10 Td (not ) Tj ET Q q 0 0 0 rg BT 364.50 510.10 Td (be ) Tj ET Q q 0 0 0 rg BT 376.85 510.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 428.89 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 431.79 510.10 Td (In ) Tj ET Q q 0 0 0 rg BT 443.03 510.10 Td (conducting ) Tj ET Q q 0 0 0 rg BT 490.37 510.10 Td (these ) Tj ET Q q 0 0 0 rg BT 513.83 510.10 Td (reviews, ) Tj ET Q q 0 0 0 rg BT 550.33 510.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 86.81 498.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 153.60 498.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 186.25 498.10 Td (including ) Tj ET Q q 0 0 0 rg BT 226.95 498.10 Td (real ) Tj ET Q q 0 0 0 rg BT 244.87 498.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 270.57 498.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 297.38 498.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 344.48 498.10 Td (together ) Tj ET Q q 0 0 0 rg BT 380.18 498.10 Td (with ) Tj ET Q q 0 0 0 rg BT 400.89 498.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 423.27 498.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.64 498.10 Td (market ) Tj ET Q q 0 0 0 rg BT 471.34 498.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 505.37 498.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (among ) Tj ET Q q 0 0 0 rg BT 79.53 486.10 Td (other ) Tj ET Q q 0 0 0 rg BT 102.38 486.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 134.40 486.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.54 486.10 Td (T) Tj ET Q q 0 0 0 rg BT 141.95 486.10 Td (o ) Tj ET Q q 0 0 0 rg BT 149.26 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.79 486.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 190.53 486.10 Td (an ) Tj ET Q q 0 0 0 rg BT 202.28 486.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 250.69 486.10 Td (has ) Tj ET Q q 0 0 0 rg BT 266.33 486.10 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 306.11 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.64 486.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 338.51 486.10 Td (will ) Tj ET Q q 0 0 0 rg BT 356.38 486.10 Td (be ) Tj ET Q q 0 0 0 rg BT 368.12 486.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 408.75 486.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.39 486.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 461.12 486.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.21 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.74 486.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 521.36 486.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 553.67 486.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.82 474.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 113.81 474.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.85 474.10 Td (An ) Tj ET Q q 0 0 0 rg BT 130.67 474.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 173.81 474.10 Td (for ) Tj ET Q q 0 0 0 rg BT 188.08 474.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.13 474.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 231.62 474.10 Td (account ) Tj ET Q q 0 0 0 rg BT 265.32 474.10 Td (for ) Tj ET Q q 0 0 0 rg BT 279.59 474.10 Td (a ) Tj ET Q q 0 0 0 rg BT 286.64 474.10 Td (tenant/operator/resident ) Tj ET Q q 0 0 0 rg BT 384.20 474.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 427.89 474.10 Td (is ) Tj ET Q q 0 0 0 rg BT 437.17 474.10 Td (established ) Tj ET Q q 0 0 0 rg BT 484.21 474.10 Td (based ) Tj ET Q q 0 0 0 rg BT 509.59 474.10 Td (on ) Tj ET Q q 0 0 0 rg BT 522.19 474.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.24 474.10 Td (periodic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (review ) Tj ET Q q 0 0 0 rg BT 79.95 462.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.02 462.10 Td (aged ) Tj ET Q q 0 0 0 rg BT 112.64 462.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 160.36 462.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 198.10 462.10 Td (from ) Tj ET Q q 0 0 0 rg BT 220.28 462.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 261.34 462.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 287.98 462.10 Td (due ) Tj ET Q q 0 0 0 rg BT 305.16 462.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.68 462.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.64 462.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 366.71 462.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.79 462.10 Td (tenant/operator/resident ) Tj ET Q q 0 0 0 rg BT 475.49 462.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.01 462.10 Td (make ) Tj ET Q q 0 0 0 rg BT 510.41 462.10 Td (required ) Tj ET Q q 0 0 0 rg BT 546.47 462.10 Td (rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.02 450.10 Td (other ) Tj ET Q q 0 0 0 rg BT 90.16 450.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 131.07 450.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 185.85 450.10 Td (due. ) Tj ET Q q 0 0 0 rg BT 205.37 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.39 450.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 257.29 450.10 Td (, ) Tj ET Q q 0 0 0 rg BT 262.38 450.10 Td (we ) Tj ET Q q 0 0 0 rg BT 276.62 450.10 Td (establish, ) Tj ET Q q 0 0 0 rg BT 316.70 450.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.29 450.10 Td (a ) Tj ET Q q 0 0 0 rg BT 336.31 450.10 Td (current ) Tj ET Q q 0 0 0 rg BT 367.21 450.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 392.30 450.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 435.42 450.10 Td (for ) Tj ET Q q 0 0 0 rg BT 449.66 450.10 Td (future ) Tj ET Q q 0 0 0 rg BT 476.12 450.10 Td (operator/tenant ) Tj ET Q q 0 0 0 rg BT 539.24 450.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 76.39 438.10 Td (on ) Tj ET Q q 0 0 0 rg BT 88.89 438.10 Td (unbilled ) Tj ET Q q 0 0 0 rg BT 124.17 438.10 Td (rents ) Tj ET Q q 0 0 0 rg BT 146.10 438.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 189.68 438.10 Td (based ) Tj ET Q q 0 0 0 rg BT 214.95 438.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 237.45 438.10 Td (an ) Tj ET Q q 0 0 0 rg BT 249.39 438.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 293.54 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.37 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.09 438.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 373.79 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.62 438.10 Td (such ) Tj ET Q q 0 0 0 rg BT 405.45 438.10 Td (amounts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (One ) Tj ET Q q 0 0 0 rg BT 68.87 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.40 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 94.94 418.10 Td (operators, ) Tj ET Q q 0 0 0 rg BT 136.85 418.10 Td (which ) Tj ET Q q 0 0 0 rg BT 163.50 418.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 200.69 418.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.55 418.10 Td (1.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.38 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.59 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.13 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.55 418.10 Td (total ) Tj ET Q q 0 0 0 rg BT 282.53 418.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.38 418.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 364.12 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.11 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.64 418.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 414.61 418.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 467.09 418.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 501.50 418.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 526.47 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.46 418.10 Td (timely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 66.82 406.10 Td (its ) Tj ET Q q 0 0 0 rg BT 78.64 406.10 Td (full ) Tj ET Q q 0 0 0 rg BT 94.90 406.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 120.04 406.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 169.37 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.22 406.10 Td (As ) Tj ET Q q 0 0 0 rg BT 184.71 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.52 406.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 218.62 406.10 Td (we ) Tj ET Q q 0 0 0 rg BT 232.65 406.10 Td (were ) Tj ET Q q 0 0 0 rg BT 254.46 406.10 Td (required ) Tj ET Q q 0 0 0 rg BT 290.15 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.31 406.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 321.01 406.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 363.38 406.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 398.52 406.10 Td (under ) Tj ET Q q 0 0 0 rg BT 423.66 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.26 406.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 478.40 406.10 Td (note ) Tj ET Q q 0 0 0 rg BT 497.99 406.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 531.46 406.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.51 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.46 394.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 115.69 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.23 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 126.86 394.10 Td (e ) Tj ET Q q 0 0 0 rg BT 134.04 394.10 Td (have ) Tj ET Q q 0 0 0 rg BT 155.65 394.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 187.80 394.10 Td (into ) Tj ET Q q 0 0 0 rg BT 206.09 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.27 394.10 Td (new ) Tj ET Q q 0 0 0 rg BT 232.66 394.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 255.38 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.55 394.10 Td (related ) Tj ET Q q 0 0 0 rg BT 302.48 394.10 Td (documents ) Tj ET Q q 0 0 0 rg BT 348.54 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 369.06 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.23 394.10 Td (new ) Tj ET Q q 0 0 0 rg BT 395.62 394.10 Td (operator ) Tj ET Q q 0 0 0 rg BT 431.67 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.18 394.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 488.79 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 509.30 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.25 394.10 Td (transition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.19 382.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 108.21 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.86 382.10 Td (T) Tj ET Q q 0 0 0 rg BT 116.27 382.10 Td (wo ) Tj ET Q q 0 0 0 rg BT 131.35 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.54 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.62 382.10 Td (four ) Tj ET Q q 0 0 0 rg BT 177.14 382.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 219.99 382.10 Td (within ) Tj ET Q q 0 0 0 rg BT 248.40 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.48 382.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 301.33 382.10 Td (have ) Tj ET Q q 0 0 0 rg BT 323.07 382.10 Td (transitioned ) Tj ET Q q 0 0 0 rg BT 373.14 382.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 417.66 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.30 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.38 382.10 Td (new ) Tj ET Q q 0 0 0 rg BT 462.90 382.10 Td (operator ) Tj ET Q q 0 0 0 rg BT 499.07 382.10 Td (during ) Tj ET Q q 0 0 0 rg BT 528.04 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.12 382.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.82 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.65 370.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 116.65 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 136.92 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.64 370.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 194.68 370.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 237.17 370.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 275.76 370.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 313.79 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.07 370.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 364.35 370.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 408.50 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.78 370.10 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.33 350.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 350.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 109.43 350.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.43 350.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.15 350.10 Td (except ) Tj ET Q q 0 0 0 rg BT 162.46 350.10 Td (as ) Tj ET Q q 0 0 0 rg BT 173.01 350.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 213.56 350.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 242.16 350.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.71 350.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 282.69 350.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 332.68 350.10 Td (were ) Tj ET Q q 0 0 0 rg BT 354.33 350.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 401.54 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.53 350.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 458.71 350.10 Td (with ) Tj ET Q q 0 0 0 rg BT 478.71 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.15 350.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 539.79 350.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.78 338.10 Td (their ) Tj ET Q q 0 0 0 rg BT 81.55 338.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 124.55 338.10 Td (documents, ) Tj ET Q q 0 0 0 rg BT 172.82 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.04 338.10 Td (all ) Tj ET Q q 0 0 0 rg BT 195.49 338.10 Td (material ) Tj ET Q q 0 0 0 rg BT 230.69 338.10 Td (respects. ) Tj ET Q q 0 0 0 rg BT 267.85 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.30 338.10 Td (However) Tj ET Q q 0 0 0 rg BT 306.55 338.10 Td (, ) Tj ET Q q 0 0 0 rg BT 311.49 338.10 Td (there ) Tj ET Q q 0 0 0 rg BT 333.93 338.10 Td (can ) Tj ET Q q 0 0 0 rg BT 350.25 338.10 Td (be ) Tj ET Q q 0 0 0 rg BT 362.14 338.10 Td (no ) Tj ET Q q 0 0 0 rg BT 374.59 338.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 415.90 338.10 Td (that ) Tj ET Q q 0 0 0 rg BT 433.34 338.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.12 338.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 499.34 338.10 Td (will ) Tj ET Q q 0 0 0 rg BT 517.35 338.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 554.23 338.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 84.78 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.14 326.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 142.67 326.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.03 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.82 326.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 224.81 326.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 249.61 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.51 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.31 326.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 318.43 326.10 Td (documents ) Tj ET Q q 0 0 0 rg BT 364.33 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.23 326.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 429.47 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.48 326.10 Td (we ) Tj ET Q q 0 0 0 rg BT 460.72 326.10 Td (may) Tj ET Q q 0 0 0 rg BT 477.28 326.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.36 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.71 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.50 326.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 536.46 326.10 Td (record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 101.10 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 111.93 314.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 162.46 314.10 Td (if ) Tj ET Q q 0 0 0 rg BT 171.07 314.10 Td (required.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 294.10 Td (Accounting Policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.63 254.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 120.25 254.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.31 254.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 201.60 254.10 Td (include ) Tj ET Q q 0 0 0 rg BT 233.11 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.40 254.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 284.47 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.87 254.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 308.34 254.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.75 254.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 363.59 254.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 410.65 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.17 254.10 Td (our ) Tj ET Q q 0 0 0 rg BT 442.58 254.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 495.20 254.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 546.99 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.92 254.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.56 254.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 97.37 242.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 131.40 242.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 162.66 242.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 195.87 242.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.90 242.10 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 230.77 242.10 Td (where ) Tj ET Q q 0 0 0 rg BT 257.03 242.10 Td (we ) Tj ET Q q 0 0 0 rg BT 270.52 242.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.55 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.60 242.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 332.08 242.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 378.88 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.15 242.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 422.53 242.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 453.79 242.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 484.50 242.10 Td (which ) Tj ET Q q 0 0 0 rg BT 510.77 242.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.80 242.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 86.38 230.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 115.54 230.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.37 230.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 167.75 230.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 210.79 230.10 Td (by ) Tj ET Q q 0 0 0 rg BT 223.29 230.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 237.18 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.13 230.10 Td (All ) Tj ET Q q 0 0 0 rg BT 254.41 230.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 299.12 230.10 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 356.60 230.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 393.53 230.10 Td (are ) Tj ET Q q 0 0 0 rg BT 408.23 230.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 452.94 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.22 230.10 Td (consolidation.) 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 50 208.76699218750002 m 148.8525390625 208.76699218750002 l s q 0 0 0 rg BT 50.00 210.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 210.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 85.82 210.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 118.30 210.10 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.85 210.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.04 190.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 78.26 190.10 Td (is ) Tj ET Q q 0 0 0 rg BT 87.48 190.10 Td (an ) Tj ET Q q 0 0 0 rg BT 99.48 190.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 124.81 190.10 Td (that ) Tj ET Q q 0 0 0 rg BT 142.36 190.10 Td (lacks ) Tj ET Q q 0 0 0 rg BT 165.46 190.10 Td (one ) Tj ET Q q 0 0 0 rg BT 182.46 190.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.34 190.10 Td (more ) Tj ET Q q 0 0 0 rg BT 216.45 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.33 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.11 190.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 301.85 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.74 190.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.73 190.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 347.84 190.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 379.83 190.10 Td (entity) Tj ET Q q 0 0 0 rg BT 401.96 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 407.01 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.00 190.10 Td (A) Tj ET Q q 0 0 0 rg BT 415.67 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 418.05 190.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 437.26 190.10 Td (is ) Tj ET Q q 0 0 0 rg BT 446.49 190.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 479.03 190.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.92 190.10 Td (an ) Tj ET Q q 0 0 0 rg BT 501.91 190.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 527.24 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.58 190.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.86 178.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 116.83 178.10 Td (do ) Tj ET Q q 0 0 0 rg BT 129.69 178.10 Td (not ) Tj ET Q q 0 0 0 rg BT 145.33 178.10 Td (have ) Tj ET Q q 0 0 0 rg BT 167.07 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.15 178.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 242.20 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.40 178.10 Td (a ) Tj ET Q q 0 0 0 rg BT 260.70 178.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 307.44 178.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.28 178.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 377.58 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.77 178.10 Td (do ) Tj ET Q q 0 0 0 rg BT 401.64 178.10 Td (not ) Tj ET Q q 0 0 0 rg BT 417.28 178.10 Td (have ) Tj ET Q q 0 0 0 rg BT 439.02 178.10 Td (suf) Tj ET Q q 0 0 0 rg BT 451.06 178.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 479.46 178.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 507.32 178.10 Td (at ) Tj ET Q q 0 0 0 rg BT 517.40 178.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 535.26 178.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 178.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 75.05 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.11 166.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 116.81 166.10 Td (its ) Tj ET Q q 0 0 0 rg BT 128.53 166.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 166.91 166.10 Td (without ) Tj ET Q q 0 0 0 rg BT 199.74 166.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 242.01 166.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 295.94 166.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.20 166.10 Td (support ) Tj ET Q q 0 0 0 rg BT 365.47 166.10 Td (from ) Tj ET Q q 0 0 0 rg BT 387.19 166.10 Td (other ) Tj ET Q q 0 0 0 rg BT 410.01 166.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 441.44 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.56 166.10 Td (The ) Tj ET Q q 0 0 0 rg BT 461.38 166.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 519.19 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.80 166.10 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.33 154.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 86.00 154.10 Td (is ) Tj ET Q q 0 0 0 rg BT 94.56 154.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.75 154.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 119.30 154.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 154.52 154.10 Td (both ) Tj ET Q q 0 0 0 rg BT 174.19 154.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.52 154.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 224.62 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.95 154.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 290.05 154.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 326.66 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.42 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 337.05 154.10 Td (e ) Tj ET Q q 0 0 0 rg BT 343.38 154.10 Td (base ) Tj ET Q q 0 0 0 rg BT 363.04 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.15 154.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 421.25 154.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 455.36 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.25 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.48 154.10 Td (review ) Tj ET Q q 0 0 0 rg BT 511.57 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.80 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.91 154.10 Td (design ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.62 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.13 142.10 Td (entity) Tj ET Q q 0 0 0 rg BT 97.26 142.10 Td (, ) Tj ET Q q 0 0 0 rg BT 102.05 142.10 Td (its ) Tj ET Q q 0 0 0 rg BT 113.79 142.10 Td (or) Tj ET Q q 0 0 0 rg BT 121.94 142.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 173.10 142.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 210.38 142.10 Td (including ) Tj ET Q q 0 0 0 rg BT 250.44 142.10 Td (decision-making ) Tj ET Q q 0 0 0 rg BT 319.38 142.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 347.23 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.96 142.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 398.45 142.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.73 142.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 483.55 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.28 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.79 142.10 Td (quantitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 84.66 130.10 Td (on ) Tj ET Q q 0 0 0 rg BT 97.11 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.77 130.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 155.30 130.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 175.52 130.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 196.29 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.07 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.73 130.10 Td (entity) Tj ET Q q 0 0 0 rg BT 243.86 130.10 Td (. ) Tj ET Q q 0 0 0 rg BT 248.80 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.07 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.71 130.10 Td (e ) Tj ET Q q 0 0 0 rg BT 266.60 130.10 Td (reassess ) Tj ET Q q 0 0 0 rg BT 301.25 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.92 130.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 341.69 130.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 385.79 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.57 130.10 Td (an ) Tj ET Q q 0 0 0 rg BT 408.45 130.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 433.67 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 444.45 130.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.16 130.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 470.26 130.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 492.71 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.37 130.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 553.67 130.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.70 118.10 Td (reconsideration ) Tj ET Q q 0 0 0 rg BT 143.84 118.10 Td (events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 98.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.57 98.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 77.28 98.10 Td (must ) Tj ET Q q 0 0 0 rg BT 98.78 98.10 Td (be ) Tj ET Q q 0 0 0 rg BT 110.26 98.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 162.85 98.10 Td (only ) Tj ET Q q 0 0 0 rg BT 182.68 98.10 Td (by ) Tj ET Q q 0 0 0 rg BT 194.73 98.10 Td (its ) Tj ET Q q 0 0 0 rg BT 206.22 98.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 239.93 98.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 284.25 98.10 Td (, ) Tj ET Q q 0 0 0 rg BT 288.80 98.10 Td (which ) Tj ET Q q 0 0 0 rg BT 315.28 98.10 Td (is ) Tj ET Q q 0 0 0 rg BT 324.00 98.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 356.04 98.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.41 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.68 98.10 Td (party ) Tj ET Q q 0 0 0 rg BT 403.27 98.10 Td (who, ) Tj ET Q q 0 0 0 rg BT 425.04 98.10 Td (along ) Tj ET Q q 0 0 0 rg BT 449.31 98.10 Td (with ) Tj ET Q q 0 0 0 rg BT 469.14 98.10 Td (its ) Tj ET Q q 0 0 0 rg BT 480.63 98.10 Td (af) Tj ET Q q 0 0 0 rg BT 488.22 98.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 517.48 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.97 98.10 Td (agents, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.76 86.10 Td (both ) Tj ET Q q 0 0 0 rg BT 85.97 86.10 Td (the: ) Tj ET Q q 0 0 0 rg BT 103.40 86.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 115.27 86.10 Td (power ) Tj ET Q q 0 0 0 rg BT 142.70 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.91 86.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 178.11 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.76 86.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 231.29 86.10 Td (that ) Tj ET Q q 0 0 0 rg BT 248.72 86.10 Td (most ) Tj ET Q q 0 0 0 rg BT 270.60 86.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 323.02 86.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 352.67 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.14 86.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 386.58 86.10 Td (s ) Tj ET Q q 0 0 0 rg BT 392.90 86.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 434.21 86.10 Td (performance; ) Tj ET Q q 0 0 0 rg BT 489.94 86.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.81 86.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 521.46 86.10 Td (obligation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.45 74.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 87.78 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.67 74.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 127.23 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.23 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.00 74.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 169.33 74.10 Td (or ) Tj ET Q q 0 0 0 rg BT 179.33 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.22 74.10 Td (right ) Tj ET Q q 0 0 0 rg BT 213.78 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.23 74.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 253.76 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.65 74.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 300.98 74.10 Td (from ) Tj ET Q q 0 0 0 rg BT 322.09 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.86 74.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 356.69 74.10 Td (which ) Tj ET Q q 0 0 0 rg BT 382.80 74.10 Td (could ) Tj ET Q q 0 0 0 rg BT 406.69 74.10 Td (be ) Tj ET Q q 0 0 0 rg BT 417.79 74.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 461.68 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.13 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.90 74.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 505.73 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.28 74.10 Td (W) Tj ET Q q 0 0 0 rg BT 515.91 74.10 Td (e ) Tj ET Q q 0 0 0 rg BT 522.02 74.10 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.46 62.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.38 62.10 Td (are ) Tj ET Q q 0 0 0 rg BT 112.85 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.32 62.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 161.23 62.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 208.46 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.05 62.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.58 62.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 244.50 62.10 Td (by ) Tj ET Q q 0 0 0 rg BT 256.76 62.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 305.67 62.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 350.13 62.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.83 62.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 416.29 62.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 448.26 62.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 490.79 62.10 Td (but ) Tj ET Q q 0 0 0 rg BT 505.82 62.10 Td (not ) Tj ET Q q 0 0 0 rg BT 520.86 62.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 551.45 62.10 Td (to: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.88 50.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 115.41 50.10 Td (most ) Tj ET Q q 0 0 0 rg BT 137.29 50.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 189.72 50.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 219.37 50.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.85 50.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 253.29 50.10 Td (s ) Tj ET Q q 0 0 0 rg BT 259.61 50.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 300.92 50.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 353.88 50.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.76 50.10 Td (which ) Tj ET Q q 0 0 0 rg BT 397.63 50.10 Td (party ) Tj ET Q q 0 0 0 rg BT 420.61 50.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 455.27 50.10 Td (such ) Tj ET Q q 0 0 0 rg BT 476.03 50.10 Td (activities; ) Tj ET Q q 0 0 0 rg BT 517.35 50.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.00 50.10 Td (amount ) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.19 742.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 125.13 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.22 742.10 Td (its ) Tj ET Q q 0 0 0 rg BT 146.42 742.10 Td (investment; ) Tj ET Q q 0 0 0 rg BT 194.84 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.81 742.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 251.11 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.20 742.10 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 303.50 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 316.92 742.10 Td (us ) Tj ET Q q 0 0 0 rg BT 327.56 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 337.65 742.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.95 742.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 395.03 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.56 742.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 436.86 742.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 473.60 742.10 Td (support; ) Tj ET Q q 0 0 0 rg BT 508.13 742.10 Td (consideration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.25 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.24 730.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 93.68 730.10 Td (s ) Tj ET Q q 0 0 0 rg BT 99.48 730.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 133.06 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.41 730.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 179.94 730.10 Td (including ) Tj ET Q q 0 0 0 rg BT 219.63 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.76 730.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 254.57 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.56 730.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 287.14 730.10 Td (was ) Tj ET Q q 0 0 0 rg BT 304.60 730.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 342.07 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.76 730.10 Td (create ) Tj ET Q q 0 0 0 rg BT 377.54 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.89 730.10 Td (pass ) Tj ET Q q 0 0 0 rg BT 413.03 730.10 Td (through ) Tj ET Q q 0 0 0 rg BT 446.05 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.75 730.10 Td (its ) Tj ET Q q 0 0 0 rg BT 467.11 730.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 501.23 730.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 532.58 730.10 Td (holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.55 718.10 Td (similarity ) Tj ET Q q 0 0 0 rg BT 120.83 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 140.55 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.94 718.10 Td (significance ) Tj ET Q q 0 0 0 rg BT 207.20 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 216.92 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 232.20 718.10 Td (business ) Tj ET Q q 0 0 0 rg BT 268.04 718.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 306.08 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.47 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.63 718.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.13 718.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 396.90 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.71 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 407.34 718.10 Td (e ) Tj ET Q q 0 0 0 rg BT 413.73 718.10 Td (reassess ) Tj ET Q q 0 0 0 rg BT 447.89 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.05 718.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 519.54 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.81 718.10 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.84 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 80.22 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.61 706.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 130.44 706.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 178.59 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.09 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 197.48 706.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 217.31 706.10 Td (each ) Tj ET Q q 0 0 0 rg BT 238.80 706.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 278.63 706.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 309.85 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.03 706.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 360.09 706.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 404.93 706.10 Td (related ) Tj ET Q q 0 0 0 rg BT 435.31 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.26 706.10 Td (these ) Tj ET Q q 0 0 0 rg BT 469.98 706.10 Td (determinations ) Tj ET Q q 0 0 0 rg BT 532.58 706.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 88.96 694.10 Td (about ) Tj ET Q q 0 0 0 rg BT 112.92 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.88 694.10 Td (current ) Tj ET Q q 0 0 0 rg BT 156.94 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.12 694.10 Td (future ) Tj ET Q q 0 0 0 rg BT 198.74 694.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 214.37 694.10 Td (value ) Tj ET Q q 0 0 0 rg BT 237.77 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.95 694.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 306.22 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.29 694.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 365.81 694.10 Td (held ) Tj ET Q q 0 0 0 rg BT 384.77 694.10 Td (by ) Tj ET Q q 0 0 0 rg BT 396.51 694.10 Td (these ) Tj ET Q q 0 0 0 rg BT 418.68 694.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 440.98 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.16 694.10 Td (general ) Tj ET Q q 0 0 0 rg BT 488.33 694.10 Td (market ) Tj ET Q q 0 0 0 rg BT 517.84 694.10 Td (conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 674.10 Td (e ) Tj ET Q q 0 0 0 rg BT 67.08 674.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 104.40 674.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.74 674.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 173.52 674.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.97 674.10 Td (financings, ) Tj ET Q q 0 0 0 rg BT 240.13 674.10 Td (including ) Tj ET Q q 0 0 0 rg BT 281.91 674.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 333.69 674.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.48 674.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 410.03 674.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 447.91 674.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.36 674.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 524.24 674.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 102.57 662.10 Td (if ) Tj ET Q q 0 0 0 rg BT 110.99 662.10 Td (any) Tj ET Q q 0 0 0 rg BT 124.78 662.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.59 662.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.68 662.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 181.97 662.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 216.48 662.10 Td (each ) Tj ET Q q 0 0 0 rg BT 237.11 662.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 283.30 662.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.94 662.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 334.01 662.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.99 662.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.57 662.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 371.04 662.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.19 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.82 662.10 Td (e ) Tj ET Q q 0 0 0 rg BT 388.57 662.10 Td (analyze ) Tj ET Q q 0 0 0 rg BT 421.41 662.10 Td (new ) Tj ET Q q 0 0 0 rg BT 440.38 662.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 490.47 662.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.21 662.10 Td (financings, ) Tj ET Q q 0 0 0 rg BT 553.68 662.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (well ) Tj ET Q q 0 0 0 rg BT 69.43 650.10 Td (as ) Tj ET Q q 0 0 0 rg BT 79.98 650.10 Td (reconsideration ) Tj ET Q q 0 0 0 rg BT 143.84 650.10 Td (events ) Tj ET Q q 0 0 0 rg BT 171.60 650.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.48 650.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 219.36 650.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 269.35 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.01 650.10 Td (financings, ) Tj ET Q q 0 0 0 rg BT 332.38 650.10 Td (which ) Tj ET Q q 0 0 0 rg BT 359.03 650.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 379.02 650.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 422.89 650.10 Td (on ) Tj ET Q q 0 0 0 rg BT 435.11 650.10 Td (type ) Tj ET Q q 0 0 0 rg BT 454.54 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.09 650.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 511.19 650.10 Td (or ) Tj ET Q q 0 0 0 rg BT 521.73 650.10 Td (financing. ) 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 50 628.7669921875 m 142.0263671875 628.7669921875 l s q 0 0 0 rg BT 50.00 630.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.93 630.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 78.99 630.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 111.47 630.10 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.67 610.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 88.22 610.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 120.65 610.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 146.43 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.09 610.10 Td (an ) Tj ET Q q 0 0 0 rg BT 168.53 610.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 194.30 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.08 610.10 Td (which ) Tj ET Q q 0 0 0 rg BT 232.51 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.73 610.10 Td (total ) Tj ET Q q 0 0 0 rg BT 268.50 610.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 296.49 610.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 343.37 610.10 Td (at ) Tj ET Q q 0 0 0 rg BT 353.59 610.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 371.59 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 381.25 610.10 Td (suf) Tj ET Q q 0 0 0 rg BT 393.30 610.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 421.84 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.61 610.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 461.70 610.10 Td (it ) Tj ET Q q 0 0 0 rg BT 470.26 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.04 610.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 513.46 610.10 Td (its ) Tj ET Q q 0 0 0 rg BT 525.90 610.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 108.45 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.69 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.71 598.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 165.51 598.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 196.75 598.10 Td (have ) Tj ET Q q 0 0 0 rg BT 217.43 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.45 598.10 Td (power ) Tj ET Q q 0 0 0 rg BT 258.24 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.82 598.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 292.38 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.40 598.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 344.30 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.43 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.45 598.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 393.03 598.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.82 598.10 Td (most ) Tj ET Q q 0 0 0 rg BT 431.07 598.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 482.87 598.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 511.88 598.10 Td (its ) Tj ET Q q 0 0 0 rg BT 523.13 598.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 105.50 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.19 586.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 163.21 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.46 586.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 202.60 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.29 586.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 243.65 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.45 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.14 586.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 294.39 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.30 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.99 586.10 Td (right ) Tj ET Q q 0 0 0 rg BT 347.35 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.60 586.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 388.94 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.63 586.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 437.76 586.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 468.00 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.80 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.49 586.10 Td (entity) Tj ET Q q 0 0 0 rg BT 515.62 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.59 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.88 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 540.90 586.10 Td (usual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 90.76 574.10 Td (for ) Tj ET Q q 0 0 0 rg BT 105.41 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.84 574.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 159.71 574.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.68 574.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 230.10 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.86 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.29 574.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 276.84 574.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 309.26 574.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 335.02 574.10 Td (is ) Tj ET Q q 0 0 0 rg BT 344.68 574.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 389.33 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.64 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.07 574.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 444.94 574.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 473.49 574.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 508.41 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.40 574.10 Td (If ) Tj ET Q q 0 0 0 rg BT 521.04 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 535.69 574.10 Td (have ) Tj ET Q q 0 0 0 rg BT 557.56 574.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 85.80 562.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 113.28 562.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 144.64 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.34 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 160.70 562.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 188.18 562.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 219.54 562.10 Td (entity) Tj ET Q q 0 0 0 rg BT 241.66 562.10 Td (, ) Tj ET Q q 0 0 0 rg BT 246.09 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.23 562.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 284.92 562.10 Td (will ) Tj ET Q q 0 0 0 rg BT 302.40 562.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 341.53 562.10 Td (be ) Tj ET Q q 0 0 0 rg BT 352.89 562.10 Td (consolidated. ) Tj ET Q q 0 0 0 rg BT 407.85 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.64 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 418.27 562.10 Td (e ) Tj ET Q q 0 0 0 rg BT 424.64 562.10 Td (do ) Tj ET Q q 0 0 0 rg BT 436.56 562.10 Td (not ) Tj ET Q q 0 0 0 rg BT 451.26 562.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 498.72 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.09 562.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 532.56 562.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 75.99 550.10 Td (if ) Tj ET Q q 0 0 0 rg BT 85.32 550.10 Td (there ) Tj ET Q q 0 0 0 rg BT 108.52 550.10 Td (are ) Tj ET Q q 0 0 0 rg BT 123.95 550.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 172.16 550.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 225.91 550.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 251.91 550.10 Td (by ) Tj ET Q q 0 0 0 rg BT 265.13 550.10 Td (other ) Tj ET Q q 0 0 0 rg BT 288.89 550.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 318.76 550.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 347.53 550.10 Td (kick-out ) Tj ET Q q 0 0 0 rg BT 384.07 550.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 410.07 550.10 Td (by ) Tj ET Q q 0 0 0 rg BT 423.29 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.94 550.10 Td (single ) Tj ET Q q 0 0 0 rg BT 458.05 550.10 Td (party ) Tj ET Q q 0 0 0 rg BT 481.81 550.10 Td (or ) Tj ET Q q 0 0 0 rg BT 493.36 550.10 Td (through ) Tj ET Q q 0 0 0 rg BT 527.69 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 535.34 550.10 Td (simple ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 86.38 538.10 Td (vote.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 518.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.79 518.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 100.72 518.10 Td (on-going ) Tj ET Q q 0 0 0 rg BT 139.54 518.10 Td (reassessments ) Tj ET Q q 0 0 0 rg BT 198.36 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.41 518.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 244.33 518.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 275.93 518.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 320.86 518.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 361.89 518.10 Td (under ) Tj ET Q q 0 0 0 rg BT 387.38 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.31 518.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 430.59 518.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 462.74 518.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 509.32 518.10 Td (have ) Tj ET Q q 0 0 0 rg BT 530.92 518.10 Td (become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 75.55 506.10 Td (based ) Tj ET Q q 0 0 0 rg BT 100.82 506.10 Td (on ) Tj ET Q q 0 0 0 rg BT 113.32 506.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 143.02 506.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 173.57 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.51 506.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 229.09 506.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 259.92 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.20 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.73 506.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 303.89 506.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 360.27 506.10 Td (framework.) 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 50 484.7669921875 m 211.1767578125 484.7669921875 l s q 0 0 0 rg BT 50.00 486.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.83 486.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.10 486.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 176.19 486.10 Td (V) Tj ET Q q 0 0 0 rg BT 182.30 486.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.18 466.10 Td (non-controlling, ) Tj ET Q q 0 0 0 rg BT 126.40 466.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 189.45 466.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 233.62 466.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 265.57 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.85 466.10 Td (an ) Tj ET Q q 0 0 0 rg BT 287.80 466.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 313.09 466.10 Td (may ) Tj ET Q q 0 0 0 rg BT 332.81 466.10 Td (be ) Tj ET Q q 0 0 0 rg BT 344.76 466.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 387.80 466.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.97 466.10 Td (using ) Tj ET Q q 0 0 0 rg BT 426.15 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.88 466.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 468.38 466.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 503.39 466.10 Td (at ) Tj ET Q q 0 0 0 rg BT 513.12 466.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.50 466.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.67 466.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 454.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 83.33 454.10 Td (method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 77.95 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.13 434.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 121.09 434.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 156.55 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.73 434.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 218.57 434.10 Td (is ) Tj ET Q q 0 0 0 rg BT 228.21 434.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 264.49 434.10 Td (each ) Tj ET Q q 0 0 0 rg BT 285.77 434.10 Td (period ) Tj ET Q q 0 0 0 rg BT 314.28 434.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.91 434.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 358.52 434.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 414.25 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.66 434.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 484.62 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.03 434.10 Td (its ) Tj ET Q q 0 0 0 rg BT 514.44 434.10 Td (share ) Tj ET Q q 0 0 0 rg BT 538.50 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 434.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (entity) Tj ET Q q 0 0 0 rg BT 75.55 422.10 Td (s ) Tj ET Q q 0 0 0 rg BT 82.12 422.10 Td (net ) Tj ET Q q 0 0 0 rg BT 97.02 422.10 Td (income ) Tj ET Q q 0 0 0 rg BT 129.14 422.10 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 156.54 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.22 422.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 190.78 422.10 Td (contributions, ) Tj ET Q q 0 0 0 rg BT 248.74 422.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 301.42 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.54 422.10 Td (net ) Tj ET Q q 0 0 0 rg BT 333.44 422.10 Td (income ) Tj ET Q q 0 0 0 rg BT 365.55 422.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 390.45 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.46 422.10 Td (such ) Tj ET Q q 0 0 0 rg BT 422.48 422.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 454.04 422.10 Td (are ) Tj ET Q q 0 0 0 rg BT 468.93 422.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 506.58 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.04 422.10 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.30 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.03 410.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 109.77 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.62 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.36 410.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 178.42 410.10 Td (documents. ) Tj ET Q q 0 0 0 rg BT 226.77 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.73 410.10 Td (An ) Tj ET Q q 0 0 0 rg BT 243.47 410.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 285.42 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.27 410.10 Td (net ) Tj ET Q q 0 0 0 rg BT 311.01 410.10 Td (income ) Tj ET Q q 0 0 0 rg BT 342.96 410.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 367.70 410.10 Td (may ) Tj ET Q q 0 0 0 rg BT 387.44 410.10 Td (dif) Tj ET Q q 0 0 0 rg BT 398.36 410.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 411.98 410.10 Td (from ) Tj ET Q q 0 0 0 rg BT 433.94 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.68 410.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 474.52 410.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 518.70 410.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.06 398.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.47 398.10 Td (such ) Tj ET Q q 0 0 0 rg BT 113.42 398.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 138.82 398.10 Td (as ) Tj ET Q q 0 0 0 rg BT 149.78 398.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.85 398.10 Td (result ) Tj ET Q q 0 0 0 rg BT 181.69 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.65 398.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 231.91 398.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 262.30 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.37 398.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 321.43 398.10 Td (formulas, ) Tj ET Q q 0 0 0 rg BT 362.10 398.10 Td (if ) Tj ET Q q 0 0 0 rg BT 370.83 398.10 Td (any) Tj ET Q q 0 0 0 rg BT 384.62 398.10 Td (, ) Tj ET Q q 0 0 0 rg BT 389.75 398.10 Td (as ) Tj ET Q q 0 0 0 rg BT 400.71 398.10 Td (described ) Tj ET Q q 0 0 0 rg BT 441.65 398.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.06 398.10 Td (such ) Tj ET Q q 0 0 0 rg BT 473.01 398.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 516.19 398.10 Td (documents. ) Tj ET Q q 0 0 0 rg BT 564.51 398.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.25 386.10 Td (method ) Tj ET Q q 0 0 0 rg BT 111.84 386.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 162.20 386.10 Td (are ) Tj ET Q q 0 0 0 rg BT 176.99 386.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 223.44 386.10 Td (using ) Tj ET Q q 0 0 0 rg BT 247.70 386.10 Td (a ) Tj ET Q q 0 0 0 rg BT 254.73 386.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 273.42 386.10 Td (accumulation ) Tj ET Q q 0 0 0 rg BT 329.88 386.10 Td (model ) Tj ET Q q 0 0 0 rg BT 357.46 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.83 386.10 Td (which ) Tj ET Q q 0 0 0 rg BT 394.85 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.66 386.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 456.13 386.10 Td (is ) Tj ET Q q 0 0 0 rg BT 465.39 386.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 511.84 386.10 Td (based ) Tj ET Q q 0 0 0 rg BT 537.19 386.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.78 386.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.73 374.10 Td (to ) Tj ET Q q 0 0 0 rg BT 79.13 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.97 374.10 Td (investor) Tj ET Q q 0 0 0 rg BT 125.79 374.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.91 374.10 Td (which ) Tj ET Q q 0 0 0 rg BT 157.97 374.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 193.92 374.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 240.42 374.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 261.64 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.07 374.10 Td (W) Tj ET Q q 0 0 0 rg BT 272.71 374.10 Td (e ) Tj ET Q q 0 0 0 rg BT 279.77 374.10 Td (record ) Tj ET Q q 0 0 0 rg BT 307.93 374.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.88 374.10 Td (an ) Tj ET Q q 0 0 0 rg BT 330.94 374.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 365.77 374.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 395.60 374.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 442.10 374.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 464.72 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.78 374.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 500.50 374.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 544.22 374.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.34 362.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 151.91 362.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 184.81 362.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.38 362.10 Td (be ) Tj ET Q q 0 0 0 rg BT 205.62 362.10 Td (business ) Tj ET Q q 0 0 0 rg BT 241.31 362.10 Td (combinations ) Tj ET Q q 0 0 0 rg BT 296.99 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.23 362.10 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 353.34 362.10 Td (these ) Tj ET Q q 0 0 0 rg BT 375.68 362.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 397.48 362.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.94 362.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 460.52 362.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 493.41 362.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.99 362.10 Td (be ) Tj ET Q q 0 0 0 rg BT 514.22 362.10 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 350.10 Td (an ) Tj ET Q q 0 0 0 rg BT 72.77 350.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 97.21 350.10 Td (including ) Tj ET Q q 0 0 0 rg BT 137.48 350.10 Td (an ) Tj ET Q q 0 0 0 rg BT 149.42 350.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 176.91 350.10 Td (method ) Tj ET Q q 0 0 0 rg BT 209.41 350.10 Td (investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 330.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.34 330.10 Td (may ) Tj ET Q q 0 0 0 rg BT 84.82 330.10 Td (account ) Tj ET Q q 0 0 0 rg BT 118.17 330.10 Td (for ) Tj ET Q q 0 0 0 rg BT 132.10 330.10 Td (an ) Tj ET Q q 0 0 0 rg BT 143.80 330.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 189.94 330.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.98 330.10 Td (an ) Tj ET Q q 0 0 0 rg BT 211.68 330.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 274.49 330.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 299.52 330.10 Td (at ) Tj ET Q q 0 0 0 rg BT 309.00 330.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 325.14 330.10 Td (value ) Tj ET Q q 0 0 0 rg BT 349.06 330.10 Td (by ) Tj ET Q q 0 0 0 rg BT 361.32 330.10 Td (electing ) Tj ET Q q 0 0 0 rg BT 395.23 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.71 330.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 425.85 330.10 Td (value ) Tj ET Q q 0 0 0 rg BT 449.77 330.10 Td (option. ) Tj ET Q q 0 0 0 rg BT 480.09 330.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.19 330.10 Td (W) Tj ET Q q 0 0 0 rg BT 490.82 330.10 Td (e ) Tj ET Q q 0 0 0 rg BT 497.52 330.10 Td (may ) Tj ET Q q 0 0 0 rg BT 517.00 330.10 Td (account ) Tj ET Q q 0 0 0 rg BT 550.36 330.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.68 318.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 107.81 318.10 Td (that ) Tj ET Q q 0 0 0 rg BT 125.05 318.10 Td (does ) Tj ET Q q 0 0 0 rg BT 145.62 318.10 Td (not ) Tj ET Q q 0 0 0 rg BT 160.64 318.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 191.21 318.10 Td (for ) Tj ET Q q 0 0 0 rg BT 205.11 318.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 232.35 318.10 Td (method ) Tj ET Q q 0 0 0 rg BT 264.59 318.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 310.71 318.10 Td (or ) Tj ET Q q 0 0 0 rg BT 321.28 318.10 Td (for ) Tj ET Q q 0 0 0 rg BT 335.19 318.10 Td (which ) Tj ET Q q 0 0 0 rg BT 361.87 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.33 318.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 392.45 318.10 Td (value ) Tj ET Q q 0 0 0 rg BT 416.35 318.10 Td (option ) Tj ET Q q 0 0 0 rg BT 444.15 318.10 Td (was ) Tj ET Q q 0 0 0 rg BT 461.94 318.10 Td (not ) Tj ET Q q 0 0 0 rg BT 476.97 318.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 507.52 318.10 Td (using ) Tj ET Q q 0 0 0 rg BT 531.43 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.89 318.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (method ) Tj ET Q q 0 0 0 rg BT 82.32 306.10 Td (if ) Tj ET Q q 0 0 0 rg BT 90.76 306.10 Td (we ) Tj ET Q q 0 0 0 rg BT 104.75 306.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 147.06 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.60 306.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 207.81 306.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.92 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.46 306.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 295.33 306.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 320.43 306.10 Td (is ) Tj ET Q q 0 0 0 rg BT 329.43 306.10 Td (insignificant. ) Tj ET Q q 0 0 0 rg BT 384.25 306.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.58 306.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 413.90 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.44 306.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 446.88 306.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 481.70 306.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 509.03 306.10 Td (in ) Tj ET Q q 0 0 0 rg BT 519.13 306.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 555.34 306.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 87.84 294.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.04 294.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 140.79 294.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.86 294.10 Td (received ) Tj ET Q q 0 0 0 rg BT 192.59 294.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.24 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.32 294.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 245.62 294.10 Td (they ) Tj ET Q q 0 0 0 rg BT 265.70 294.10 Td (are ) Tj ET Q q 0 0 0 rg BT 280.78 294.10 Td (not ) Tj ET Q q 0 0 0 rg BT 296.42 294.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 342.60 294.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.91 294.10 Td (return ) Tj ET Q q 0 0 0 rg BT 376.65 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.85 294.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 419.86 294.10 Td (which ) Tj ET Q q 0 0 0 rg BT 447.17 294.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.70 294.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 494.55 294.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.74 294.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.05 294.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 553.68 294.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.61 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.44 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.16 282.10 Td (investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.61 262.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 114.43 262.10 Td (Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 242.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.66 242.10 Td (account ) Tj ET Q q 0 0 0 rg BT 99.34 242.10 Td (for ) Tj ET Q q 0 0 0 rg BT 113.59 242.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 155.61 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.52 242.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 206.87 242.10 Td (real ) Tj ET Q q 0 0 0 rg BT 224.45 242.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 249.80 242.10 Td (that ) Tj ET Q q 0 0 0 rg BT 267.38 242.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 298.29 242.10 Td (as ) Tj ET Q q 0 0 0 rg BT 309.21 242.10 Td (business ) Tj ET Q q 0 0 0 rg BT 345.69 242.10 Td (combinations ) Tj ET Q q 0 0 0 rg BT 402.16 242.10 Td (using ) Tj ET Q q 0 0 0 rg BT 426.41 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.22 242.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 487.68 242.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 522.77 242.10 Td (where ) Tj ET Q q 0 0 0 rg BT 549.78 242.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 88.78 230.10 Td (price ) Tj ET Q q 0 0 0 rg BT 112.02 230.10 Td (is ) Tj ET Q q 0 0 0 rg BT 121.93 230.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 161.27 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.29 230.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 207.75 230.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 234.33 230.10 Td (such ) Tj ET Q q 0 0 0 rg BT 255.91 230.10 Td (as ) Tj ET Q q 0 0 0 rg BT 267.49 230.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 290.45 230.10 Td (building, ) Tj ET Q q 0 0 0 rg BT 329.53 230.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 367.76 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.45 230.10 Td (fixtures, ) Tj ET Q q 0 0 0 rg BT 421.74 230.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 482.20 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.89 230.10 Td (other ) Tj ET 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BT 538.51 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 218.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.46 206.10 Td (are ) Tj ET Q q 0 0 0 rg BT 85.68 206.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 131.01 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.47 206.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 195.56 206.10 Td (over ) Tj ET Q q 0 0 0 rg BT 215.35 206.10 Td (their ) Tj ET Q q 0 0 0 rg BT 235.70 206.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 262.15 206.10 Td (life. ) Tj ET Q q 0 0 0 rg BT 280.00 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.02 206.10 Td (Ordinary ) Tj ET Q q 0 0 0 rg BT 320.13 206.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 349.36 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.82 206.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 418.36 206.10 Td (are ) Tj ET Q q 0 0 0 rg BT 432.59 206.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 471.82 206.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.17 206.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 520.00 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.02 206.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (real ) Tj ET Q q 0 0 0 rg BT 67.72 194.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 93.21 194.10 Td (is ) Tj ET Q q 0 0 0 rg BT 102.61 194.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 133.10 194.10 Td (at ) Tj ET Q q 0 0 0 rg BT 143.04 194.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 182.99 194.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 201.83 194.10 Td (less ) Tj ET Q q 0 0 0 rg BT 219.56 194.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 272.82 194.10 Td (depreciation. ) Tj ET Q q 0 0 0 rg BT 327.47 194.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.20 194.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 372.91 194.10 Td (real ) Tj ET Q q 0 0 0 rg BT 390.63 194.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 416.12 194.10 Td (is ) Tj ET Q q 0 0 0 rg BT 425.52 194.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 474.33 194.10 Td (using ) Tj ET Q q 0 0 0 rg BT 498.74 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.68 194.10 Td (straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (method ) Tj ET Q q 0 0 0 rg BT 82.02 182.10 Td (over ) Tj ET Q q 0 0 0 rg BT 101.82 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.07 182.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 156.42 182.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 182.88 182.10 Td (life ) Tj ET Q q 0 0 0 rg BT 198.24 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.60 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.84 182.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 250.70 182.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.73 182.10 Td (Construction ) Tj ET Q q 0 0 0 rg BT 306.42 182.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 328.45 182.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 363.80 182.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.60 182.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 419.50 182.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.31 182.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.67 182.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 504.47 182.10 Td (are ) Tj ET Q q 0 0 0 rg BT 518.71 182.10 Td (capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.66 170.10 Td (included ) Tj ET Q q 0 0 0 rg BT 103.31 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.31 170.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 153.29 170.10 Td (real ) Tj ET Q q 0 0 0 rg BT 170.50 170.10 Td (estate, ) Tj ET Q q 0 0 0 rg BT 197.98 170.10 Td (net ) Tj ET Q q 0 0 0 rg BT 212.41 170.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.63 170.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.18 170.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 292.94 170.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 325.70 170.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 354.85 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.07 170.10 Td (Construction ) Tj ET Q q 0 0 0 rg BT 410.96 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.95 170.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 457.06 170.10 Td (is ) Tj ET Q q 0 0 0 rg BT 465.94 170.10 Td (not ) Tj ET Q q 0 0 0 rg BT 480.94 170.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 529.24 170.10 Td (until 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Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.83 742.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 98.32 742.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 120.26 742.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 71.77 722.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.88 722.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.43 722.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 175.97 722.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 212.74 722.10 Td (to ) Tj ET Q q 0 0 0 rg BT 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(commitments. ) Tj ET Q q 0 0 0 rg BT 245.21 710.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.92 710.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 270.07 710.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 320.56 710.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.27 710.10 Td (are ) Tj ET Q q 0 0 0 rg BT 353.19 710.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 387.00 710.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.49 710.10 Td (be ) Tj ET Q q 0 0 0 rg BT 409.64 710.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 447.90 710.10 Td (are ) Tj ET Q q 0 0 0 rg BT 462.82 710.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 493.29 710.10 Td (at ) Tj ET Q q 0 0 0 rg BT 503.22 710.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 545.91 710.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (less ) Tj ET Q q 0 0 0 rg BT 67.23 698.10 Td (a ) Tj ET Q q 0 0 0 rg BT 73.91 698.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 93.36 698.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 111.15 698.10 Td (reserve, ) Tj ET Q q 0 0 0 rg BT 144.75 698.10 Td (if ) Tj ET Q q 0 0 0 rg BT 153.10 698.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 186.42 698.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 236.69 698.10 Td (which ) Tj ET Q q 0 0 0 rg BT 263.36 698.10 Td (approximates ) Tj ET Q q 0 0 0 rg BT 319.47 698.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 335.58 698.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 361.97 698.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.20 698.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 385.87 698.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 435.88 698.10 Td (where ) Tj ET Q q 0 0 0 rg BT 462.54 698.10 Td (we ) Tj ET Q q 0 0 0 rg BT 476.44 698.10 Td (do ) Tj ET Q q 0 0 0 rg BT 488.67 698.10 Td (not ) Tj ET Q q 0 0 0 rg BT 503.68 698.10 Td (have ) Tj ET Q q 0 0 0 rg BT 524.79 698.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.25 698.10 Td (intent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.42 686.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 80.85 686.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.71 686.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 115.58 686.10 Td (for ) Tj ET Q q 0 0 0 rg BT 129.88 686.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.75 686.10 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 192.92 686.10 Td (future ) Tj ET Q q 0 0 0 rg BT 219.44 686.10 Td (or ) Tj ET Q q 0 0 0 rg BT 230.42 686.10 Td (until ) Tj ET Q q 0 0 0 rg BT 251.40 686.10 Td (its ) Tj ET Q q 0 0 0 rg BT 263.49 686.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 301.67 686.10 Td (payof) Tj ET Q q 0 0 0 rg BT 324.26 686.10 Td (f ) Tj ET Q q 0 0 0 rg BT 330.23 686.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.09 686.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 385.50 686.10 Td (as ) Tj ET Q q 0 0 0 rg BT 396.47 686.10 Td (held ) Tj ET Q q 0 0 0 rg BT 416.34 686.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.64 686.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 448.84 686.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.92 686.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 503.54 686.10 Td (at ) Tj ET Q q 0 0 0 rg BT 513.41 686.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.27 686.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 553.69 686.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.61 674.10 Td (or ) Tj ET Q q 0 0 0 rg BT 79.44 674.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 120.26 674.10 Td (value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.83 654.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 98.32 654.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 634.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.03 634.10 Td (classify ) Tj ET Q q 0 0 0 rg BT 99.54 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.82 634.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 156.54 634.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 207.27 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 218.56 634.10 Td (available ) Tj ET Q q 0 0 0 rg BT 257.60 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 272.22 634.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 290.73 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 303.68 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.85 634.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 365.69 634.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 387.81 634.10 Td (which ) Tj ET Q q 0 0 0 rg BT 415.20 634.10 Td (are ) Tj ET Q q 0 0 0 rg BT 430.36 634.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 461.07 634.10 Td (at ) Tj ET Q q 0 0 0 rg BT 471.25 634.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 488.08 634.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 515.19 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 518.15 634.10 Td (Unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 73.59 622.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 106.62 622.10 Td (are ) Tj ET Q q 0 0 0 rg BT 121.31 622.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 158.76 622.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.58 622.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.49 622.10 Td (component ) Tj ET Q q 0 0 0 rg BT 223.41 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.22 622.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 287.23 622.10 Td (other ) Tj ET Q q 0 0 0 rg BT 310.25 622.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 373.27 622.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 407.68 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 418.49 622.10 Td (OCI, ) Tj ET Q q 0 0 0 rg BT 440.69 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 450.95 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.76 622.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.79 622.10 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.20 610.10 Td (equity) Tj ET Q q 0 0 0 rg BT 84.55 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.92 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.79 610.10 Td (However) Tj ET Q q 0 0 0 rg BT 127.04 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.42 610.10 Td (we ) Tj ET Q q 0 0 0 rg BT 144.95 610.10 Td (may ) Tj ET Q q 0 0 0 rg BT 164.04 610.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 184.78 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.87 610.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 214.62 610.10 Td (value ) Tj ET Q q 0 0 0 rg BT 238.15 610.10 Td (option ) Tj ET Q q 0 0 0 rg BT 265.58 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 279.11 610.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 308.19 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.39 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.59 610.10 Td (available ) Tj ET Q q 0 0 0 rg BT 371.55 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 385.09 610.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 402.50 610.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 444.64 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.95 610.10 Td (as ) Tj ET Q q 0 0 0 rg BT 471.15 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.47 610.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 504.06 610.10 Td (any ) Tj ET Q q 0 0 0 rg BT 520.37 610.10 Td (unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 73.39 598.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 106.21 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 118.49 598.10 Td (such ) Tj ET Q q 0 0 0 rg BT 139.10 598.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 179.14 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 193.62 598.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 230.87 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.93 598.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 284.85 598.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 304.34 598.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 328.84 598.10 Td (on ) Tj ET Q q 0 0 0 rg BT 341.12 598.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 391.17 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.88 598.10 Td (other ) Tj ET Q q 0 0 0 rg BT 430.71 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.76 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.37 598.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 509.19 598.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 553.68 598.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.66 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.60 586.10 Td (As ) Tj ET Q q 0 0 0 rg BT 112.22 586.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.05 586.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 158.88 586.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.88 586.10 Td (, ) Tj ET Q q 0 0 0 rg BT 183.88 586.10 Td (we ) Tj ET Q q 0 0 0 rg BT 198.04 586.10 Td (do ) Tj ET Q q 0 0 0 rg BT 210.54 586.10 Td (not ) Tj ET Q q 0 0 0 rg BT 225.82 586.10 Td (own ) Tj ET Q q 0 0 0 rg BT 245.54 586.10 Td (any ) Tj ET Q q 0 0 0 rg BT 262.48 586.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 302.74 586.10 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 86.36 566.10 Td (Recognition) 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 50 544.7669921875 m 137.744140625 544.7669921875 l s q 0 0 0 rg BT 50.00 546.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 92.49 546.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 113.31 546.10 Td (Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Rental ) Tj ET Q q 0 0 0 rg BT 79.00 526.10 Td (income ) Tj ET Q q 0 0 0 rg BT 111.32 526.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 147.54 526.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 173.20 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.53 526.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 233.40 526.10 Td (income ) Tj ET Q q 0 0 0 rg BT 265.73 526.10 Td (from ) Tj ET Q q 0 0 0 rg BT 288.06 526.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 328.72 526.10 Td (real ) Tj ET Q q 0 0 0 rg BT 346.60 526.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 372.25 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.58 526.10 Td (is ) Tj ET Q q 0 0 0 rg BT 399.15 526.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 432.03 526.10 Td (from ) Tj ET Q q 0 0 0 rg BT 454.36 526.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 485.58 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.80 526.10 Td (space ) Tj ET Q q 0 0 0 rg BT 521.90 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.57 526.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (types ) Tj ET Q q 0 0 0 rg BT 73.41 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.03 514.10 Td (tenants ) Tj ET Q q 0 0 0 rg BT 114.66 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.39 514.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 174.77 514.10 Td (operators. ) Tj ET Q q 0 0 0 rg BT 216.77 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.07 514.10 Td (Rental ) Tj ET Q q 0 0 0 rg BT 247.47 514.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 281.41 514.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 329.25 514.10 Td (commences ) Tj ET Q q 0 0 0 rg BT 378.75 514.10 Td (when ) Tj ET Q q 0 0 0 rg BT 402.71 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.22 514.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 443.96 514.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 466.80 514.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 511.88 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.51 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.02 514.10 Td (leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (space ) Tj ET Q q 0 0 0 rg BT 74.11 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.45 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.56 502.10 Td (leased ) Tj ET Q q 0 0 0 rg BT 131.45 502.10 Td (space ) Tj ET Q q 0 0 0 rg BT 155.56 502.10 Td (is ) Tj ET Q q 0 0 0 rg BT 164.13 502.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 216.58 502.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 240.69 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 254.25 502.10 Td (its ) Tj ET Q q 0 0 0 rg BT 265.60 502.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 301.94 502.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 319.67 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.43 502.10 Td (The ) Tj ET Q q 0 0 0 rg BT 338.88 502.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 364.65 502.10 Td (are ) Tj ET Q q 0 0 0 rg BT 378.76 502.10 Td (for ) Tj ET Q q 0 0 0 rg BT 392.32 502.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 414.77 502.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 438.89 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.12 502.10 Td (varying ) Tj ET Q q 0 0 0 rg BT 481.57 502.10 Td (length ) Tj ET Q q 0 0 0 rg BT 508.46 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.80 502.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 82.14 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 95.39 490.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 123.63 490.10 Td (rentals ) Tj ET Q q 0 0 0 rg BT 151.88 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.90 490.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 201.70 490.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 267.16 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.53 490.10 Td (be ) Tj ET Q q 0 0 0 rg BT 287.56 490.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 306.36 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.73 490.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 350.65 490.10 Td (installments. ) Tj ET Q q 0 0 0 rg BT 403.07 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.66 490.10 Td (Rental ) Tj ET Q q 0 0 0 rg BT 432.36 490.10 Td (income ) Tj ET Q q 0 0 0 rg BT 463.38 490.10 Td (from ) Tj ET Q q 0 0 0 rg BT 484.41 490.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 509.87 490.10 Td (is ) Tj ET Q q 0 0 0 rg BT 518.13 490.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 63.11 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.65 478.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 122.08 478.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 145.19 478.10 Td (over ) Tj ET Q q 0 0 0 rg BT 166.06 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.39 478.10 Td (term ) Tj ET Q q 0 0 0 rg BT 202.82 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.25 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.58 478.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 273.22 478.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 302.70 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.58 478.10 Td (The ) Tj ET Q q 0 0 0 rg BT 324.24 478.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 353.44 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.88 478.10 Td (rents ) Tj ET Q q 0 0 0 rg BT 387.43 478.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 434.40 478.10 Td (over ) Tj ET Q q 0 0 0 rg BT 455.27 478.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 492.26 478.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 547.57 478.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 87.28 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.91 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.97 466.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 159.14 466.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 185.86 466.10 Td (are ) Tj ET Q q 0 0 0 rg BT 200.91 466.10 Td (included ) Tj ET Q q 0 0 0 rg BT 238.19 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.81 466.10 Td (unbilled ) Tj ET Q q 0 0 0 rg BT 284.43 466.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 302.82 466.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 346.74 466.10 Td (on ) Tj ET Q q 0 0 0 rg BT 359.58 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.65 466.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 428.03 466.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 461.41 466.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 491.19 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 493.83 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 502.47 466.10 Td (e ) Tj ET Q q 0 0 0 rg BT 509.75 466.10 Td (amortize ) Tj ET Q q 0 0 0 rg BT 547.58 466.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 77.60 454.10 Td (inducements ) Tj ET Q q 0 0 0 rg BT 131.32 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 142.82 454.10 Td (a ) Tj ET Q q 0 0 0 rg BT 150.43 454.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 191.36 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.86 454.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 237.68 454.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 274.18 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.56 454.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 341.05 454.10 Td (method ) Tj ET Q q 0 0 0 rg BT 374.22 454.10 Td (over ) Tj ET Q q 0 0 0 rg BT 395.16 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.55 454.10 Td (term ) Tj ET Q q 0 0 0 rg BT 432.04 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.54 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.93 454.10 Td (lease. ) Tj ET Q q 0 0 0 rg BT 484.59 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.76 454.10 Td (Escalation ) Tj ET Q q 0 0 0 rg BT 532.58 454.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 93.34 442.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 127.80 442.10 Td (from ) Tj ET Q q 0 0 0 rg BT 150.04 442.10 Td (tenant/operator ) Tj ET Q q 0 0 0 rg BT 213.38 442.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 240.06 442.10 Td (which ) Tj ET Q q 0 0 0 rg BT 267.30 442.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 300.66 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 315.12 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.15 442.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 367.93 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.07 442.10 Td (all ) Tj ET Q q 0 0 0 rg BT 391.87 442.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.00 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.25 442.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 441.94 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.08 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.10 442.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 508.67 442.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 547.58 442.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (real ) Tj ET Q q 0 0 0 rg BT 67.65 430.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 93.07 430.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 116.28 430.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 136.16 430.10 Td (by ) Tj ET Q q 0 0 0 rg BT 148.83 430.10 Td (us ) Tj ET Q q 0 0 0 rg BT 160.38 430.10 Td (on ) Tj ET Q q 0 0 0 rg BT 173.04 430.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 200.69 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.68 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.56 430.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 269.76 430.10 Td (property) Tj ET Q q 0 0 0 rg BT 302.98 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 308.15 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.62 430.10 Td (This ) Tj ET Q q 0 0 0 rg BT 331.06 430.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 365.37 430.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.70 430.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 408.45 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.89 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.77 430.10 Td (same ) Tj ET Q q 0 0 0 rg BT 456.98 430.10 Td (period ) Tj ET Q q 0 0 0 rg BT 485.18 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 496.18 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.06 430.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 549.82 430.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 398.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.56 398.10 Td (also ) Tj ET Q q 0 0 0 rg BT 86.15 398.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 123.49 398.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 164.73 398.10 Td (income ) Tj ET Q q 0 0 0 rg BT 197.65 398.10 Td (from ) Tj ET Q q 0 0 0 rg BT 220.57 398.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 261.81 398.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 306.37 398.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 352.33 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.82 398.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 394.28 398.10 Td (related ) Tj ET Q q 0 0 0 rg BT 424.96 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.22 398.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 477.47 398.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 522.03 398.10 Td (properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 84.84 386.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 118.00 386.10 Td (room ) Tj ET Q q 0 0 0 rg BT 140.62 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.57 386.10 Td (care ) Tj ET Q q 0 0 0 rg BT 174.72 386.10 Td (char) Tj ET Q q 0 0 0 rg BT 191.75 386.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 206.59 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.54 386.10 Td (other ) Tj ET Q q 0 0 0 rg BT 244.60 386.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 277.76 386.10 Td (service ) Tj ET Q q 0 0 0 rg BT 307.59 386.10 Td (char) Tj ET Q q 0 0 0 rg BT 324.61 386.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 341.95 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.46 386.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 379.96 386.10 Td (is ) Tj ET Q q 0 0 0 rg BT 388.14 386.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 433.51 386.10 Td (when ) Tj ET Q q 0 0 0 rg BT 456.68 386.10 Td (such ) Tj ET Q q 0 0 0 rg BT 476.52 386.10 Td (services ) Tj ET Q q 0 0 0 rg BT 510.24 386.10 Td (are ) Tj ET Q q 0 0 0 rg BT 523.96 386.10 Td (provided, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 88.84 374.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 120.47 374.10 Td (per ) Tj ET Q q 0 0 0 rg BT 134.88 374.10 Td (their ) Tj ET Q q 0 0 0 rg BT 154.84 374.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 188.14 374.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 231.42 374.10 Td (as ) Tj ET Q q 0 0 0 rg BT 241.39 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.25 374.10 Td (date ) Tj ET Q q 0 0 0 rg BT 273.54 374.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 295.19 374.10 Td (which ) Tj ET Q q 0 0 0 rg BT 321.26 374.10 Td (a ) Tj ET Q q 0 0 0 rg BT 327.34 374.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 360.64 374.10 Td (occupies ) Tj ET Q q 0 0 0 rg BT 397.27 374.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.34 374.10 Td (room ) Tj ET Q q 0 0 0 rg BT 426.09 374.10 Td (or ) Tj ET Q q 0 0 0 rg BT 436.06 374.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 454.93 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.78 374.10 Td (services ) Tj ET Q q 0 0 0 rg BT 502.63 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.71 374.10 Td (is ) Tj ET Q q 0 0 0 rg BT 527.02 374.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 362.10 Td (resident ) Tj ET Q q 0 0 0 rg BT 94.43 362.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 109.14 362.10 Td (income ) Tj ET Q q 0 0 0 rg BT 141.07 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.35 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.07 362.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 219.11 362.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.82 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.65 362.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.24 342.10 Td (a ) Tj ET Q q 0 0 0 rg BT 66.59 342.10 Td (situation ) Tj ET Q q 0 0 0 rg BT 102.94 342.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.63 342.10 Td (which ) Tj ET Q q 0 0 0 rg BT 138.98 342.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.33 342.10 Td (lease\(s\) ) Tj ET Q q 0 0 0 rg BT 177.78 342.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 220.78 342.10 Td (with ) Tj ET Q q 0 0 0 rg BT 240.47 342.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.82 342.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 290.94 342.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 317.29 342.10 Td (have ) Tj ET Q q 0 0 0 rg BT 338.08 342.10 Td (been, ) Tj ET Q q 0 0 0 rg BT 361.36 342.10 Td (or ) Tj ET Q q 0 0 0 rg BT 371.60 342.10 Td (are ) Tj ET Q q 0 0 0 rg BT 385.72 342.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 423.16 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.85 342.10 Td (be, ) Tj ET Q q 0 0 0 rg BT 446.70 342.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 491.37 342.10 Td (early) Tj ET Q q 0 0 0 rg BT 510.71 342.10 Td (, ) Tj ET Q q 0 0 0 rg BT 515.12 342.10 Td (we ) Tj ET Q q 0 0 0 rg BT 528.69 342.10 Td (evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.95 330.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 108.23 330.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 135.41 330.10 Td (life ) Tj ET Q q 0 0 0 rg BT 151.47 330.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.54 330.10 Td (depreciable ) Tj ET Q q 0 0 0 rg BT 211.35 330.10 Td (or ) Tj ET Q q 0 0 0 rg BT 222.42 330.10 Td (amortizable ) Tj ET Q q 0 0 0 rg BT 272.35 330.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 298.42 330.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.94 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.89 330.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 346.06 330.10 Td (group ) Tj ET Q q 0 0 0 rg BT 372.13 330.10 Td (related ) Tj ET Q q 0 0 0 rg BT 402.07 330.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.59 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.54 330.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 450.26 330.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.99 330.10 Td (will ) Tj ET Q q 0 0 0 rg BT 486.29 330.10 Td (be ) Tj ET Q q 0 0 0 rg BT 498.46 330.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 543.96 330.10 Td (\(i.e., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (tenant ) Tj ET Q q 0 0 0 rg BT 77.21 318.10 Td (improvements, ) Tj ET Q q 0 0 0 rg BT 139.70 318.10 Td (above- ) Tj ET Q q 0 0 0 rg BT 169.68 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.89 318.10 Td (below-market ) Tj ET Q q 0 0 0 rg BT 245.20 318.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 267.96 318.10 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 317.12 318.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 352.10 318.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 374.86 318.10 Td (value ) Tj ET Q q 0 0 0 rg BT 399.29 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.51 318.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 452.59 318.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 483.69 318.10 Td (costs\). ) Tj ET Q q 0 0 0 rg BT 514.79 318.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 542.01 318.10 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 106.99 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.44 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.77 306.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 155.77 306.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.32 306.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 233.08 306.10 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 284.53 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.86 306.10 Td (termination, ) Tj ET Q q 0 0 0 rg BT 351.58 306.10 Td (we ) Tj ET Q q 0 0 0 rg BT 366.36 306.10 Td (may ) Tj ET Q q 0 0 0 rg BT 386.69 306.10 Td (write-of) Tj ET Q q 0 0 0 rg BT 418.72 306.10 Td (f ) Tj ET Q q 0 0 0 rg BT 425.17 306.10 Td (or ) Tj ET Q q 0 0 0 rg BT 436.61 306.10 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 479.69 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.02 306.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 547.56 306.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 102.44 294.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 145.44 294.10 Td (with ) Tj ET Q q 0 0 0 rg BT 165.13 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.25 294.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 200.59 294.10 Td (group. ) Tj ET Q q 0 0 0 rg BT 230.83 294.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 252.73 294.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 288.53 294.10 Td (are ) Tj ET Q q 0 0 0 rg BT 302.64 294.10 Td (included ) Tj ET Q q 0 0 0 rg BT 338.98 294.10 Td (within ) Tj ET Q q 0 0 0 rg BT 366.44 294.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 417.77 294.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.11 294.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 486.55 294.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.24 294.10 Td (our ) Tj ET Q q 0 0 0 rg BT 511.47 294.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.71 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.54 282.10 Td (operations.) 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 50 260.7669921875 m 168.0224609375 260.7669921875 l s q 0 0 0 rg BT 50.00 262.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.83 262.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.76 262.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 119.70 262.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 82.00 242.10 Td (income ) Tj ET Q q 0 0 0 rg BT 113.45 242.10 Td (is ) Tj ET Q q 0 0 0 rg BT 122.14 242.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 168.02 242.10 Td (on ) Tj ET Q q 0 0 0 rg BT 180.03 242.10 Td (an ) Tj ET Q q 0 0 0 rg BT 191.49 242.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 222.37 242.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 244.38 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.84 242.10 Td (any ) Tj ET Q q 0 0 0 rg BT 277.29 242.10 Td (related ) Tj ET Q q 0 0 0 rg BT 306.51 242.10 Td (premium, ) Tj ET Q q 0 0 0 rg BT 347.13 242.10 Td (discount, ) Tj ET Q q 0 0 0 rg BT 385.54 242.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 431.44 242.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 453.45 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.91 242.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 488.02 242.10 Td (are ) Tj ET Q q 0 0 0 rg BT 502.25 242.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.24 242.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.49 230.10 Td (life ) Tj ET Q q 0 0 0 rg BT 80.09 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.70 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.19 230.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.35 230.10 Td (using ) Tj ET Q q 0 0 0 rg BT 175.29 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.79 230.10 Td (ef) Tj ET Q q 0 0 0 rg BT 197.37 230.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 226.85 230.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 258.56 230.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 293.33 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.44 230.10 Td (The ) Tj ET Q q 0 0 0 rg BT 313.26 230.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 366.08 230.10 Td (is ) Tj ET Q q 0 0 0 rg BT 375.02 230.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 412.27 230.10 Td (as ) Tj ET Q q 0 0 0 rg BT 422.87 230.10 Td (an ) Tj ET Q q 0 0 0 rg BT 434.59 230.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 480.74 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.80 230.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 522.51 230.10 Td (income ) Tj ET Q q 0 0 0 rg BT 554.22 230.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.71 218.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 118.63 218.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 163.23 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.94 218.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 220.47 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.68 218.10 Td (The ) Tj ET Q q 0 0 0 rg BT 240.61 218.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 293.52 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.23 218.10 Td (a ) Tj ET Q q 0 0 0 rg BT 311.05 218.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 349.54 218.10 Td (or ) Tj ET Q q 0 0 0 rg BT 360.25 218.10 Td (accretion ) Tj ET Q q 0 0 0 rg BT 399.27 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.98 218.10 Td (a ) Tj ET Q q 0 0 0 rg BT 416.80 218.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 453.07 218.10 Td (is ) Tj ET Q q 0 0 0 rg BT 462.12 218.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 515.60 218.10 Td (if ) Tj ET Q q 0 0 0 rg BT 524.09 218.10 Td (such ) Tj ET Q q 0 0 0 rg BT 544.80 218.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 206.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 107.20 206.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.48 206.10 Td (held ) Tj ET Q q 0 0 0 rg BT 137.20 206.10 Td (for ) Tj ET Q q 0 0 0 rg BT 151.36 206.10 Td (sale.) 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 50 184.76699218750002 m 137.1923828125 184.76699218750002 l s q 0 0 0 rg BT 50.00 186.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.83 186.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.76 186.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 82.97 166.10 Td (income ) Tj ET Q q 0 0 0 rg BT 115.38 166.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.04 166.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 171.88 166.10 Td (using ) Tj ET Q q 0 0 0 rg BT 196.53 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.73 166.10 Td (ef) Tj ET Q q 0 0 0 rg BT 219.32 166.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 249.50 166.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 281.92 166.10 Td (method ) Tj ET Q q 0 0 0 rg BT 314.90 166.10 Td (with ) Tj ET Q q 0 0 0 rg BT 335.66 166.10 Td (any ) Tj ET Q q 0 0 0 rg BT 353.08 166.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 392.17 166.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.48 166.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 440.35 166.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 483.31 166.10 Td (or ) Tj ET Q q 0 0 0 rg BT 494.62 166.10 Td (accreted ) Tj ET Q q 0 0 0 rg BT 530.91 166.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 86.84 154.10 Td (based ) Tj ET Q q 0 0 0 rg BT 112.57 154.10 Td (on ) Tj ET Q q 0 0 0 rg BT 125.53 154.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 164.02 154.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 184.75 154.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 206.04 154.10 Td (through ) Tj ET Q q 0 0 0 rg BT 240.11 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.29 154.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 293.79 154.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 330.63 154.10 Td (date ) Tj ET Q q 0 0 0 rg BT 350.25 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.54 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.72 154.10 Td (security) Tj ET Q q 0 0 0 rg BT 407.72 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.18 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.15 154.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 453.54 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.28 154.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 502.78 154.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.51 154.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 544.80 154.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (result ) Tj ET Q q 0 0 0 rg BT 75.30 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 86.16 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.68 142.10 Td (change ) Tj ET Q q 0 0 0 rg BT 125.07 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.93 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.23 142.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 174.31 142.10 Td (which ) Tj ET Q q 0 0 0 rg BT 201.83 142.10 Td (is ) Tj ET Q q 0 0 0 rg BT 211.58 142.10 Td (then ) Tj ET Q q 0 0 0 rg BT 231.88 142.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 264.39 142.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 326.89 142.10 Td (for ) Tj ET Q q 0 0 0 rg BT 341.63 142.10 Td (high-credit ) Tj ET Q q 0 0 0 rg BT 388.58 142.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 419.44 142.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 460.28 142.10 Td (that ) Tj ET Q q 0 0 0 rg BT 478.36 142.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 508.10 142.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.62 142.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 553.68 142.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 91.25 130.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 119.74 130.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.89 130.10 Td (such ) Tj ET Q q 0 0 0 rg BT 150.60 130.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.42 130.10 Td (way ) Tj ET Q q 0 0 0 rg BT 176.46 130.10 Td (that ) Tj ET Q q 0 0 0 rg BT 193.83 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.42 130.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 236.35 130.10 Td (would ) Tj ET Q q 0 0 0 rg BT 263.73 130.10 Td (not ) Tj ET Q q 0 0 0 rg BT 278.88 130.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 311.24 130.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 364.17 130.10 Td (all ) Tj ET Q q 0 0 0 rg BT 376.54 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.25 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.84 130.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 448.10 130.10 Td (or ) Tj ET Q q 0 0 0 rg BT 458.81 130.10 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 515.06 130.10 Td (for ) Tj ET Q q 0 0 0 rg BT 529.10 130.10 Td (all ) Tj ET Q q 0 0 0 rg BT 541.47 130.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 90.26 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.54 118.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 141.90 118.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.84 118.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 208.27 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.22 118.10 Td (As ) Tj ET Q q 0 0 0 rg BT 223.83 118.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.66 118.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 270.49 118.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.49 118.10 Td (, ) Tj ET Q q 0 0 0 rg BT 295.49 118.10 Td (we ) Tj ET Q q 0 0 0 rg BT 309.65 118.10 Td (do ) Tj ET Q q 0 0 0 rg BT 322.15 118.10 Td (not ) Tj ET Q q 0 0 0 rg BT 337.43 118.10 Td (own ) Tj ET Q q 0 0 0 rg BT 357.15 118.10 Td (any ) Tj ET Q q 0 0 0 rg BT 374.09 118.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 414.36 118.10 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.19 98.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 77.69 98.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 106.86 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.36 98.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 173.52 98.10 Td (on ) Tj ET Q q 0 0 0 rg BT 186.02 98.10 Td (Investments) 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 50 76.76699218750002 m 137.744140625 76.76699218750002 l s q 0 0 0 rg BT 50.00 78.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 92.49 78.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 113.31 78.10 Td (Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.35 58.10 Td (real ) Tj ET Q q 0 0 0 rg BT 84.14 58.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 108.71 58.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 145.51 58.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.98 58.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 192.43 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.23 58.10 Td (a ) Tj ET Q q 0 0 0 rg BT 210.48 58.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 248.37 58.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 272.68 58.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.81 58.10 Td (more ) Tj ET Q q 0 0 0 rg BT 305.16 58.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 348.06 58.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.19 58.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 396.41 58.10 Td (, ) Tj ET Q q 0 0 0 rg BT 400.71 58.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.29 58.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 436.54 58.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 470.55 58.10 Td (there ) Tj ET Q q 0 0 0 rg BT 492.34 58.10 Td (are ) Tj ET Q q 0 0 0 rg BT 506.35 58.10 Td (any ) Tj ET Q q 0 0 0 rg BT 522.59 58.10 Td (indicators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.57 46.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.36 46.10 Td (value ) Tj ET Q q 0 0 0 rg BT 106.58 46.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.49 46.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.39 46.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.72 46.10 Td (real ) Tj ET Q q 0 0 0 rg BT 191.28 46.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 216.62 46.10 Td (may ) Tj ET Q q 0 0 0 rg BT 236.41 46.10 Td (be ) Tj ET Q q 0 0 0 rg BT 248.42 46.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 286.53 46.10 Td (or ) Tj ET Q q 0 0 0 rg BT 297.43 46.10 Td (that ) Tj ET Q q 0 0 0 rg BT 315.00 46.10 Td (its ) Tj ET Q q 0 0 0 rg BT 327.02 46.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 362.91 46.10 Td (value ) Tj ET Q q 0 0 0 rg BT 387.14 46.10 Td (may ) Tj ET Q q 0 0 0 rg BT 406.93 46.10 Td (not ) Tj ET Q q 0 0 0 rg BT 422.28 46.10 Td (be ) Tj ET Q q 0 0 0 rg BT 434.29 46.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 485.99 46.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.00 46.10 Td (A) Tj ET Q q 0 0 0 rg BT 494.67 46.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.24 46.10 Td (property) Tj ET Q q 0 0 0 rg BT 533.89 46.10 Td (s ) Tj ET Q q 0 0 0 rg BT 540.36 46.10 Td (value ) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.20 742.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 103.05 742.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 140.13 742.10 Td (if ) Tj ET Q q 0 0 0 rg BT 147.77 742.10 Td (management) Tj ET Q q 0 0 0 rg BT 201.64 742.10 Td (s ) Tj ET Q q 0 0 0 rg BT 207.07 742.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 241.92 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.79 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.54 742.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 305.94 742.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 343.00 742.10 Td (future ) Tj ET Q q 0 0 0 rg BT 368.41 742.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 423.27 742.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 442.58 742.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 462.44 742.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 502.84 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 514.37 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.13 742.10 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.71 730.10 Td (less ) Tj ET Q q 0 0 0 rg BT 77.76 730.10 Td (than ) Tj ET Q q 0 0 0 rg BT 98.02 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.28 730.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 149.64 730.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 176.83 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.88 730.10 Td (In ) Tj ET Q q 0 0 0 rg BT 191.25 730.10 Td (conducting ) Tj ET Q q 0 0 0 rg BT 238.73 730.10 Td (this ) Tj ET Q q 0 0 0 rg BT 256.22 730.10 Td (review) Tj ET Q q 0 0 0 rg BT 282.78 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 288.32 730.10 Td (management ) Tj ET Q q 0 0 0 rg BT 342.45 730.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 383.27 730.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 404.09 730.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 470.99 730.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 503.74 730.10 Td (real ) Tj ET Q q 0 0 0 rg BT 521.77 730.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 547.58 730.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 93.55 718.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 119.90 718.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 166.54 718.10 Td (together ) Tj ET Q q 0 0 0 rg BT 201.77 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 222.02 718.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 243.93 718.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 277.50 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.41 718.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.43 718.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 349.61 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.90 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 357.31 718.10 Td (o ) Tj ET Q q 0 0 0 rg BT 364.79 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.47 718.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 406.38 718.10 Td (an ) Tj ET Q q 0 0 0 rg BT 418.29 718.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 466.86 718.10 Td (has ) Tj ET Q q 0 0 0 rg BT 482.66 718.10 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 522.61 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.30 718.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 555.33 718.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 90.33 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.67 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.89 706.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 143.00 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.34 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.57 706.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 202.90 706.10 Td (value ) Tj ET Q q 0 0 0 rg BT 226.56 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.91 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.13 706.10 Td (property ) Tj ET Q q 0 0 0 rg BT 287.02 706.10 Td (over ) Tj ET Q q 0 0 0 rg BT 306.80 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.03 706.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 361.36 706.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 377.25 706.10 Td (value ) Tj ET Q q 0 0 0 rg BT 400.91 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.36 706.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 454.35 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.14 706.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 512.25 706.10 Td (on ) Tj ET Q q 0 0 0 rg BT 524.26 706.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (real ) Tj ET Q q 0 0 0 rg BT 67.49 694.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 92.75 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.03 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.86 694.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.90 694.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 216.61 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.44 694.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (An ) Tj ET Q q 0 0 0 rg BT 65.03 674.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 108.37 674.10 Td (for ) Tj ET Q q 0 0 0 rg BT 122.84 674.10 Td (a ) Tj ET Q q 0 0 0 rg BT 130.08 674.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 166.78 674.10 Td (account ) Tj ET Q q 0 0 0 rg BT 200.68 674.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.15 674.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.39 674.10 Td (tenant/operator/resident ) Tj ET Q q 0 0 0 rg BT 320.16 674.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 364.05 674.10 Td (is ) Tj ET Q q 0 0 0 rg BT 373.53 674.10 Td (established ) Tj ET Q q 0 0 0 rg BT 420.77 674.10 Td (based ) Tj ET Q q 0 0 0 rg BT 446.34 674.10 Td (on ) Tj ET Q q 0 0 0 rg BT 459.15 674.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.40 674.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 501.97 674.10 Td (review ) Tj ET Q q 0 0 0 rg BT 531.98 674.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.12 674.10 Td (aged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 96.60 662.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 133.23 662.10 Td (from ) Tj ET Q q 0 0 0 rg BT 154.30 662.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 194.25 662.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 219.77 662.10 Td (due ) Tj ET Q q 0 0 0 rg BT 235.84 662.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.25 662.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.10 662.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 294.06 662.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.02 662.10 Td (tenant/operator/resident ) Tj ET Q q 0 0 0 rg BT 400.61 662.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.02 662.10 Td (make ) Tj ET Q q 0 0 0 rg BT 433.31 662.10 Td (required ) Tj ET Q q 0 0 0 rg BT 468.25 662.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 485.43 662.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.50 662.10 Td (other ) Tj ET Q q 0 0 0 rg BT 523.68 662.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 104.52 650.10 Td (due. ) Tj ET Q q 0 0 0 rg BT 123.78 650.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.59 650.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 175.49 650.10 Td (, ) Tj ET Q q 0 0 0 rg BT 180.31 650.10 Td (we ) Tj ET Q q 0 0 0 rg BT 194.29 650.10 Td (establish, ) Tj ET Q q 0 0 0 rg BT 234.11 650.10 Td (on ) Tj ET Q q 0 0 0 rg BT 246.43 650.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.19 650.10 Td (current ) Tj ET Q q 0 0 0 rg BT 283.82 650.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 308.64 650.10 Td (an ) Tj ET Q q 0 0 0 rg BT 320.40 650.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 363.26 650.10 Td (for ) Tj ET Q q 0 0 0 rg BT 377.24 650.10 Td (future ) Tj ET Q q 0 0 0 rg BT 403.43 650.10 Td (tenant/operator/resident ) Tj ET Q q 0 0 0 rg BT 500.72 650.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 525.80 650.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 552.01 650.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (unbilled ) Tj ET Q q 0 0 0 rg BT 84.97 638.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 102.72 638.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 146.00 638.10 Td (based ) Tj ET Q q 0 0 0 rg BT 170.97 638.10 Td (on ) Tj ET Q q 0 0 0 rg BT 183.17 638.10 Td (an ) Tj ET Q q 0 0 0 rg BT 194.80 638.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 238.65 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.18 638.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.60 638.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 318.00 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.53 638.10 Td (such ) Tj ET Q q 0 0 0 rg BT 349.06 638.10 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 387.65 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.69 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 398.33 638.10 Td (e ) Tj ET Q q 0 0 0 rg BT 404.97 638.10 Td (had ) Tj ET Q q 0 0 0 rg BT 421.60 638.10 Td (an ) Tj ET Q q 0 0 0 rg BT 433.24 638.10 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 478.76 638.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 510.95 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.48 638.10 Td (allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 626.10 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 100.55 626.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 138.03 626.10 Td (as ) Tj ET Q q 0 0 0 rg BT 148.86 626.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.69 626.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 195.52 626.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.52 626.10 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 50 604.7669921875 m 168.0224609375 604.7669921875 l s q 0 0 0 rg BT 50.00 606.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.83 606.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.76 606.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 119.70 606.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 77.24 586.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.25 586.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 138.37 586.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 176.71 586.10 Td (when, ) Tj ET Q q 0 0 0 rg BT 203.67 586.10 Td (based ) Tj ET Q q 0 0 0 rg BT 229.24 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 242.04 586.10 Td (current ) Tj ET Q q 0 0 0 rg BT 273.16 586.10 Td (information ) Tj ET Q q 0 0 0 rg BT 323.17 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.42 586.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 371.26 586.10 Td (it ) Tj ET Q q 0 0 0 rg BT 379.62 586.10 Td (is ) Tj ET Q q 0 0 0 rg BT 389.09 586.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 426.88 586.10 Td (that ) Tj ET Q q 0 0 0 rg BT 444.68 586.10 Td (we ) Tj ET Q q 0 0 0 rg BT 459.14 586.10 Td (will ) Tj ET Q q 0 0 0 rg BT 477.50 586.10 Td (not ) Tj ET Q q 0 0 0 rg BT 493.08 586.10 Td (be ) Tj ET Q q 0 0 0 rg BT 505.32 586.10 Td (able ) Tj ET Q q 0 0 0 rg BT 524.78 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.36 586.10 Td (collect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.94 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.77 574.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 136.60 574.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 172.88 574.10 Td (due ) Tj ET Q q 0 0 0 rg BT 189.71 574.10 Td (according ) Tj ET Q q 0 0 0 rg BT 231.53 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.70 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.31 574.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 303.12 574.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 330.23 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.46 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 341.09 574.10 Td (e ) Tj ET Q q 0 0 0 rg BT 347.93 574.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 374.76 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.37 574.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.53 574.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 444.70 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.42 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.03 574.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 507.42 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.26 574.10 Td (adequacy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.49 562.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 79.86 562.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 97.58 562.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 132.50 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 144.65 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.25 562.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 189.50 562.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 211.66 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 222.14 562.10 Td (more ) Tj ET Q q 0 0 0 rg BT 244.85 562.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 288.10 562.10 Td (as ) Tj ET Q q 0 0 0 rg BT 298.59 562.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 336.80 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 341.46 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.62 562.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 389.66 562.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 429.59 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.08 562.10 Td (management ) Tj ET Q q 0 0 0 rg BT 493.32 562.10 Td (is ) Tj ET Q q 0 0 0 rg BT 502.15 562.10 Td (required ) Tj ET Q q 0 0 0 rg BT 537.62 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 547.56 562.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 86.98 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.08 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.72 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.42 550.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 140.56 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.03 550.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 195.62 550.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.10 550.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 258.99 550.10 Td (value ) Tj ET Q q 0 0 0 rg BT 282.91 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.50 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.98 550.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 327.46 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 338.05 550.10 Td (well ) Tj ET Q q 0 0 0 rg BT 357.53 550.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.12 550.10 Td (other ) Tj ET Q q 0 0 0 rg BT 390.93 550.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 422.90 550.10 Td (including ) Tj ET Q q 0 0 0 rg BT 462.93 550.10 Td (but ) Tj ET Q q 0 0 0 rg BT 477.97 550.10 Td (not ) Tj ET Q q 0 0 0 rg BT 493.02 550.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 523.61 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.65 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.13 550.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.30 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.28 538.10 Td (any ) Tj ET Q q 0 0 0 rg BT 102.37 538.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 144.72 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.58 538.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 192.23 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.31 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.18 538.10 Td (status ) Tj ET Q q 0 0 0 rg BT 249.61 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.59 538.10 Td (any ) Tj ET Q q 0 0 0 rg BT 277.67 538.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 304.76 538.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 327.13 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.99 538.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 372.41 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.50 538.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 427.13 538.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 467.55 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.53 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.40 538.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 532.70 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.79 538.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 99.44 526.10 Td (situation ) Tj ET Q q 0 0 0 rg BT 136.12 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.68 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.13 526.10 Td (area ) Tj ET Q q 0 0 0 rg BT 180.01 526.10 Td (where ) Tj ET Q q 0 0 0 rg BT 206.67 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.13 526.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 266.68 526.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 306.12 526.10 Td (is ) Tj ET Q q 0 0 0 rg BT 315.02 526.10 Td (located. ) Tj ET Q q 0 0 0 rg BT 348.63 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.86 526.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 386.41 526.10 Td (this ) Tj ET Q q 0 0 0 rg BT 403.09 526.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 460.86 526.10 Td (is ) Tj ET Q q 0 0 0 rg BT 469.77 526.10 Td (based ) Tj ET Q q 0 0 0 rg BT 494.77 526.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.00 526.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 553.67 526.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.49 514.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 117.98 514.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 148.64 514.10 Td (which ) Tj ET Q q 0 0 0 rg BT 175.69 514.10 Td (are ) Tj ET Q q 0 0 0 rg BT 190.52 514.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 233.67 514.10 Td (subjective, ) Tj ET Q q 0 0 0 rg BT 279.33 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.16 514.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 326.77 514.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 369.93 514.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 404.19 514.10 Td (may ) Tj ET Q q 0 0 0 rg BT 424.02 514.10 Td (dif) Tj ET Q q 0 0 0 rg BT 434.95 514.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 448.66 514.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 491.81 514.10 Td (from ) Tj ET Q q 0 0 0 rg BT 513.86 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.70 514.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.31 502.10 Td (as ) Tj ET Q q 0 0 0 rg BT 85.29 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.27 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.13 502.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 144.32 502.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 167.51 502.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 189.32 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.97 502.10 Td (If ) Tj ET Q q 0 0 0 rg BT 201.28 502.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 223.93 502.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 271.57 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.55 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.42 502.10 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 347.01 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.88 502.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 402.85 502.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 419.37 502.10 Td (value ) Tj ET Q q 0 0 0 rg BT 443.68 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.66 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.53 502.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 515.50 502.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 555.35 502.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (less ) Tj ET Q q 0 0 0 rg BT 66.99 490.10 Td (than ) Tj ET Q q 0 0 0 rg BT 86.19 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.39 490.10 Td (net ) Tj ET Q q 0 0 0 rg BT 114.60 490.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 149.90 490.10 Td (value ) Tj ET Q q 0 0 0 rg BT 173.54 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.86 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.06 490.10 Td (loan, ) Tj ET Q q 0 0 0 rg BT 219.76 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.19 490.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 245.39 490.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 262.94 490.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 293.79 490.10 Td (is ) Tj ET Q q 0 0 0 rg BT 302.45 490.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 339.41 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 359.17 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 365.60 490.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 424.79 490.10 Td (char) Tj ET Q q 0 0 0 rg BT 441.82 490.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 453.24 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.01 490.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 502.77 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 516.42 490.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 535.62 490.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 564.51 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.07 478.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 87.81 478.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 105.90 478.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 137.29 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 151.47 478.10 Td (each ) Tj ET Q q 0 0 0 rg BT 172.31 478.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 192.06 478.10 Td (is ) Tj ET Q q 0 0 0 rg BT 201.25 478.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 248.20 478.10 Td (at ) Tj ET Q q 0 0 0 rg BT 257.94 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 264.91 478.10 Td (level ) Tj ET Q q 0 0 0 rg BT 286.87 478.10 Td (that ) Tj ET Q q 0 0 0 rg BT 304.38 478.10 Td (is ) Tj ET Q q 0 0 0 rg BT 313.58 478.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 361.08 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.39 478.10 Td (be ) Tj ET Q q 0 0 0 rg BT 383.35 478.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 421.41 478.10 Td (by ) Tj ET Q q 0 0 0 rg BT 433.93 478.10 Td (management ) Tj ET Q q 0 0 0 rg BT 487.54 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.85 478.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 527.03 478.10 Td (probable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 82.46 446.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 130.48 446.10 Td (is ) Tj ET Q q 0 0 0 rg BT 139.62 446.10 Td (suspended ) Tj ET Q q 0 0 0 rg BT 183.76 446.10 Td (for ) Tj ET Q q 0 0 0 rg BT 197.89 446.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.80 446.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 224.50 446.10 Td (at ) Tj ET Q q 0 0 0 rg BT 234.19 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.88 446.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 276.88 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.69 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.38 446.10 Td (date ) Tj ET Q q 0 0 0 rg BT 321.51 446.10 Td (at ) Tj ET Q q 0 0 0 rg BT 331.20 446.10 Td (which ) Tj ET Q q 0 0 0 rg BT 358.12 446.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 398.92 446.10 Td (become ) Tj ET Q q 0 0 0 rg BT 432.48 446.10 Td (90-days ) Tj ET Q q 0 0 0 rg BT 466.62 446.10 Td (past ) Tj ET Q q 0 0 0 rg BT 485.20 446.10 Td (due ) Tj ET Q q 0 0 0 rg BT 502.11 446.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.92 446.10 Td (when, ) Tj ET Q q 0 0 0 rg BT 539.55 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.81 446.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (opinion ) Tj ET Q q 0 0 0 rg BT 82.14 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.05 434.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 147.23 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.25 434.10 Td (full ) Tj ET Q q 0 0 0 rg BT 168.72 434.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 205.28 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.19 434.10 Td (income ) Tj ET Q q 0 0 0 rg BT 246.21 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.23 434.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 299.36 434.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 335.92 434.10 Td (doubtful. ) Tj ET Q q 0 0 0 rg BT 373.89 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.36 434.10 Td (When ) Tj ET Q q 0 0 0 rg BT 400.82 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.62 434.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 448.98 434.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 502.76 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.68 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.48 434.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.65 422.10 Td (an ) Tj ET Q q 0 0 0 rg BT 70.40 422.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 107.26 422.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 125.79 422.10 Td (is ) Tj ET Q q 0 0 0 rg BT 133.78 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.87 422.10 Td (doubt, ) Tj ET Q q 0 0 0 rg BT 169.47 422.10 Td (all ) Tj ET Q q 0 0 0 rg BT 180.78 422.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 220.42 422.10 Td (are ) Tj ET Q q 0 0 0 rg BT 233.94 422.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 264.69 422.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.78 422.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 310.64 422.10 Td (under ) Tj ET Q q 0 0 0 rg BT 334.73 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.26 422.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 365.68 422.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 401.98 422.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 435.79 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.01 422.10 Td (When ) Tj ET Q q 0 0 0 rg BT 462.20 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.73 422.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 509.82 422.10 Td (collectability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.05 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.99 410.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 114.26 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.31 410.10 Td (an ) Tj ET Q q 0 0 0 rg BT 137.48 410.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 175.74 410.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 195.68 410.10 Td (is ) Tj ET Q q 0 0 0 rg BT 205.08 410.10 Td (not ) Tj ET Q q 0 0 0 rg BT 220.58 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.08 410.10 Td (doubt, ) Tj ET Q q 0 0 0 rg BT 259.08 410.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 306.22 410.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 338.38 410.10 Td (is ) Tj ET Q q 0 0 0 rg BT 347.77 410.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 385.47 410.10 Td (as ) Tj ET Q q 0 0 0 rg BT 396.53 410.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 428.68 410.10 Td (income ) Tj ET Q q 0 0 0 rg BT 460.84 410.10 Td (when ) Tj ET Q q 0 0 0 rg BT 485.23 410.10 Td (received, ) Tj ET Q q 0 0 0 rg BT 524.31 410.10 Td (under ) Tj ET Q q 0 0 0 rg BT 549.80 410.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.39 398.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 93.01 398.10 Td (method ) Tj ET Q q 0 0 0 rg BT 125.63 398.10 Td (until ) Tj ET Q q 0 0 0 rg BT 146.58 398.10 Td (an ) Tj ET Q q 0 0 0 rg BT 158.64 398.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 190.13 398.10 Td (is ) Tj ET Q q 0 0 0 rg BT 199.42 398.10 Td (resumed ) Tj ET Q q 0 0 0 rg BT 235.92 398.10 Td (when ) Tj ET Q q 0 0 0 rg BT 260.20 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.03 398.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 294.87 398.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 332.48 398.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 387.30 398.10 Td (current ) Tj ET Q q 0 0 0 rg BT 418.23 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.29 398.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 488.44 398.10 Td (is ) Tj ET Q q 0 0 0 rg BT 497.73 398.10 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 554.22 398.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.79 386.10 Td (resumed. ) Tj ET Q q 0 0 0 rg BT 100.52 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.35 386.10 Td (A) Tj ET Q q 0 0 0 rg BT 109.02 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.38 386.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 130.95 386.10 Td (is ) Tj ET Q q 0 0 0 rg BT 139.97 386.10 Td (written ) Tj ET Q q 0 0 0 rg BT 170.65 386.10 Td (of) Tj ET Q q 0 0 0 rg BT 178.79 386.10 Td (f ) Tj ET Q q 0 0 0 rg BT 184.48 386.10 Td (when ) Tj ET Q q 0 0 0 rg BT 208.49 386.10 Td (it ) Tj ET Q q 0 0 0 rg BT 216.40 386.10 Td (is ) Tj ET Q q 0 0 0 rg BT 225.42 386.10 Td (no ) Tj ET Q q 0 0 0 rg BT 237.77 386.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 265.67 386.10 Td (realizable ) Tj ET Q q 0 0 0 rg BT 306.88 386.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 334.78 386.10 Td (legally ) Tj ET Q q 0 0 0 rg BT 364.35 386.10 Td (dischar) Tj ET Q q 0 0 0 rg BT 393.04 386.10 Td (ged. ) Tj ET Q q 0 0 0 rg BT 412.33 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 414.17 386.10 Td (As ) Tj ET Q q 0 0 0 rg BT 427.63 386.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.32 386.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 474.00 386.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 386.10 Td (, ) Tj ET Q q 0 0 0 rg BT 498.85 386.10 Td (we ) Tj ET Q q 0 0 0 rg BT 512.86 386.10 Td (did ) Tj ET Q q 0 0 0 rg BT 528.00 386.10 Td (not ) Tj ET Q q 0 0 0 rg BT 543.13 386.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.94 374.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 104.98 374.10 Td (real ) Tj ET Q q 0 0 0 rg BT 122.47 374.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 147.73 374.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 167.45 374.10 Td (investments.) 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 50 352.7669921875 m 211.1767578125 352.7669921875 l s q 0 0 0 rg BT 50.00 354.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.83 354.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.10 354.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 176.19 354.10 Td (V) Tj ET Q q 0 0 0 rg BT 182.30 354.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 334.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.01 334.10 Td (review ) Tj ET Q q 0 0 0 rg BT 96.15 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 112.41 334.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 163.12 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.83 334.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 237.30 334.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 274.11 334.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.70 334.10 Td (which ) Tj ET Q q 0 0 0 rg BT 316.07 334.10 Td (we ) Tj ET Q q 0 0 0 rg BT 330.66 334.10 Td (did ) Tj ET Q q 0 0 0 rg BT 346.37 334.10 Td (not ) Tj ET Q q 0 0 0 rg BT 362.08 334.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 383.89 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.04 334.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 415.85 334.10 Td (value ) Tj ET Q q 0 0 0 rg BT 440.43 334.10 Td (option ) Tj ET Q q 0 0 0 rg BT 468.92 334.10 Td (on ) Tj ET Q q 0 0 0 rg BT 481.86 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 489.23 334.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 528.25 334.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 553.68 334.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (more ) Tj ET Q q 0 0 0 rg BT 73.02 322.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 116.59 322.10 Td (as ) Tj ET Q q 0 0 0 rg BT 127.40 322.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 165.62 322.10 Td (, ) Tj ET Q q 0 0 0 rg BT 170.60 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.85 322.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 207.77 322.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 242.46 322.10 Td (there ) Tj ET Q q 0 0 0 rg BT 264.92 322.10 Td (are ) Tj ET Q q 0 0 0 rg BT 279.60 322.10 Td (any ) Tj ET Q q 0 0 0 rg BT 296.52 322.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 338.43 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 355.90 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.60 322.10 Td (value ) Tj ET Q q 0 0 0 rg BT 394.73 322.10 Td (may ) Tj ET Q q 0 0 0 rg BT 414.42 322.10 Td (be ) Tj ET Q q 0 0 0 rg BT 426.34 322.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 464.36 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 475.16 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 492.64 322.10 Td (its ) Tj ET Q q 0 0 0 rg BT 504.56 322.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 540.35 322.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.42 310.10 Td (not ) Tj ET Q q 0 0 0 rg BT 84.40 310.10 Td (be ) Tj ET Q q 0 0 0 rg BT 96.04 310.10 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 147.37 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.09 310.10 Td (An ) Tj ET Q q 0 0 0 rg BT 163.51 310.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 209.60 310.10 Td (is ) Tj ET Q q 0 0 0 rg BT 218.47 310.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 263.99 310.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 301.73 310.10 Td (if ) Tj ET Q q 0 0 0 rg BT 310.04 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.46 310.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 363.86 310.10 Td (net ) Tj ET Q q 0 0 0 rg BT 378.28 310.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 427.12 310.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 459.31 310.10 Td (over ) Tj ET Q q 0 0 0 rg BT 479.28 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.70 310.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 531.44 310.10 Td (holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (period ) Tj ET Q q 0 0 0 rg BT 77.76 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 86.64 298.10 Td (less ) Tj ET Q q 0 0 0 rg BT 103.85 298.10 Td (than ) Tj ET Q q 0 0 0 rg BT 123.28 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.71 298.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 173.23 298.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 199.60 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.81 298.10 Td (In ) Tj ET Q q 0 0 0 rg BT 212.35 298.10 Td (conducting ) Tj ET Q q 0 0 0 rg BT 258.99 298.10 Td (this ) Tj ET Q q 0 0 0 rg BT 275.65 298.10 Td (review) Tj ET Q q 0 0 0 rg BT 302.21 298.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.92 298.10 Td (we ) Tj ET Q q 0 0 0 rg BT 320.79 298.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 356.88 298.10 Td (global ) Tj ET Q q 0 0 0 rg BT 384.09 298.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 450.16 298.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 482.07 298.10 Td (including ) Tj ET Q q 0 0 0 rg BT 522.06 298.10 Td (real ) Tj ET Q q 0 0 0 rg BT 539.25 298.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 75.91 286.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 122.10 286.10 Td (together ) Tj ET Q q 0 0 0 rg BT 156.90 286.10 Td (with ) Tj ET Q q 0 0 0 rg BT 176.71 286.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 222.62 286.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 255.74 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.21 286.10 Td (other ) Tj ET Q q 0 0 0 rg BT 294.79 286.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 326.52 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.41 286.10 Td (T) Tj ET Q q 0 0 0 rg BT 333.82 286.10 Td (o ) Tj ET Q q 0 0 0 rg BT 340.85 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.10 286.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 381.56 286.10 Td (an ) Tj ET Q q 0 0 0 rg BT 393.03 286.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 441.16 286.10 Td (has ) Tj ET Q q 0 0 0 rg BT 456.52 286.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 493.52 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.99 286.10 Td (is ) Tj ET Q q 0 0 0 rg BT 518.69 286.10 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.99 274.10 Td (be ) Tj ET Q q 0 0 0 rg BT 71.64 274.10 Td (other ) Tj ET Q q 0 0 0 rg BT 94.40 274.10 Td (than ) Tj ET Q q 0 0 0 rg BT 113.83 274.10 Td (temporary) Tj ET Q q 0 0 0 rg BT 154.28 274.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.99 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.42 274.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 191.20 274.10 Td (is ) Tj ET Q q 0 0 0 rg BT 200.08 274.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 240.61 274.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.15 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.58 274.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 293.89 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.44 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.87 274.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 354.40 274.10 Td (value ) Tj ET Q q 0 0 0 rg BT 378.27 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.81 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.24 274.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 449.33 274.10 Td (over ) Tj ET Q q 0 0 0 rg BT 469.32 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.75 274.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 524.28 274.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.37 274.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 262.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 104.41 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.69 262.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.19 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.47 262.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 188.84 262.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 221.89 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.72 262.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 295.77 262.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 332.14 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.42 262.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.25 262.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 411.29 262.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 456.01 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.84 262.10 Td (operations.) 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 50 240.76699218750002 m 137.1923828125 240.76699218750002 l s q 0 0 0 rg BT 50.00 242.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 70.83 242.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 97.76 242.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.26 222.10 Td (for ) Tj ET Q q 0 0 0 rg BT 104.74 222.10 Td (which ) Tj ET Q q 0 0 0 rg BT 131.00 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.04 222.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 160.74 222.10 Td (value ) Tj ET Q q 0 0 0 rg BT 184.22 222.10 Td (option ) Tj ET Q q 0 0 0 rg BT 211.60 222.10 Td (is ) Tj ET Q q 0 0 0 rg BT 220.09 222.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 250.22 222.10 Td (are ) Tj ET Q q 0 0 0 rg BT 264.25 222.10 Td (not ) Tj ET Q q 0 0 0 rg BT 278.85 222.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 318.99 222.10 Td (for ) Tj ET Q q 0 0 0 rg BT 332.47 222.10 Td (other) Tj ET Q q 0 0 0 rg BT 352.82 222.10 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 419.61 222.10 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 470.03 222.10 Td (or ) Tj ET Q q 0 0 0 rg BT 480.18 222.10 Td (OTTI, ) Tj ET Q q 0 0 0 rg BT 507.28 222.10 Td (as ) Tj ET Q q 0 0 0 rg BT 517.43 222.10 Td (any ) Tj ET Q q 0 0 0 rg BT 533.69 222.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.71 210.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 75.51 210.10 Td (value ) Tj ET Q q 0 0 0 rg BT 99.10 210.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.70 210.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 144.60 210.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.31 210.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.57 210.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 222.04 210.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 266.18 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.44 210.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 322.52 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.45 210.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 361.36 210.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 387.18 210.10 Td (on ) Tj ET Q q 0 0 0 rg BT 399.11 210.10 Td (such ) Tj ET Q q 0 0 0 rg BT 419.37 210.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.06 210.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.19 210.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 520.65 210.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.36 210.10 Td (realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 69.72 198.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 94.44 198.10 Td (on ) Tj ET Q q 0 0 0 rg BT 106.94 198.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 157.21 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.15 198.10 Td (other ) Tj ET Q q 0 0 0 rg BT 197.20 198.10 Td (as ) Tj ET Q q 0 0 0 rg BT 208.03 198.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 234.42 198.10 Td (occur) Tj ET Q q 0 0 0 rg BT 256.07 198.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.88 178.10 Td (for ) Tj ET Q q 0 0 0 rg BT 105.99 178.10 Td (which ) Tj ET Q q 0 0 0 rg BT 132.88 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.55 178.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 163.88 178.10 Td (value ) Tj ET Q q 0 0 0 rg BT 187.98 178.10 Td (option ) Tj ET Q q 0 0 0 rg BT 215.99 178.10 Td (is ) Tj ET Q q 0 0 0 rg BT 225.11 178.10 Td (not ) Tj ET Q q 0 0 0 rg BT 240.34 178.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 271.10 178.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.76 178.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 326.52 178.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.63 178.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 365.85 178.10 Td (quarterly) Tj ET Q q 0 0 0 rg BT 401.29 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.24 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.69 178.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 457.79 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.57 178.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.46 178.10 Td (security ) Tj ET Q q 0 0 0 rg BT 509.57 178.10 Td (is ) Tj ET Q q 0 0 0 rg BT 518.69 178.10 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.96 166.10 Td (be ) Tj ET Q q 0 0 0 rg BT 71.58 166.10 Td (other) Tj ET Q q 0 0 0 rg BT 91.92 166.10 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 159.07 166.10 Td (when: ) Tj ET Q q 0 0 0 rg BT 185.69 166.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 197.31 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.71 166.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 239.44 166.10 Td (has ) Tj ET Q q 0 0 0 rg BT 254.95 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.34 166.10 Td (intent ) Tj ET Q q 0 0 0 rg BT 294.30 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.26 166.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 320.32 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.72 166.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 372.44 166.10 Td (security; ) Tj ET Q q 0 0 0 rg BT 409.06 166.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 423.45 166.10 Td (it ) Tj ET Q q 0 0 0 rg BT 431.19 166.10 Td (is ) Tj ET Q q 0 0 0 rg BT 440.04 166.10 Td (more ) Tj ET Q q 0 0 0 rg BT 462.77 166.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 487.72 166.10 Td (than ) Tj ET Q q 0 0 0 rg BT 507.12 166.10 Td (not ) Tj ET Q q 0 0 0 rg BT 522.08 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.47 166.10 Td (holder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.08 154.10 Td (be ) Tj ET Q q 0 0 0 rg BT 80.04 154.10 Td (required ) Tj ET Q q 0 0 0 rg BT 115.88 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.18 154.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 142.59 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.32 154.10 Td (security; ) Tj ET Q q 0 0 0 rg BT 194.28 154.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.13 154.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 222.65 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.39 154.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 265.46 154.10 Td (does ) Tj ET Q q 0 0 0 rg BT 286.31 154.10 Td (not ) Tj ET Q q 0 0 0 rg BT 301.61 154.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 330.22 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.52 154.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 373.02 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.76 154.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 413.05 154.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 455.55 154.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 474.18 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.03 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.77 154.10 Td (security) Tj ET Q q 0 0 0 rg BT 530.78 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 535.80 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.14 154.10 Td (When ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.19 142.10 Td (security ) Tj ET Q q 0 0 0 rg BT 91.59 142.10 Td (has ) Tj ET Q q 0 0 0 rg BT 107.66 142.10 Td (been ) Tj ET Q q 0 0 0 rg BT 129.29 142.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 163.13 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.65 142.10 Td (be ) Tj ET Q q 0 0 0 rg BT 185.84 142.10 Td (other) Tj ET Q q 0 0 0 rg BT 206.18 142.10 Td (-than-temporarily ) Tj ET Q q 0 0 0 rg BT 279.46 142.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 317.75 142.10 Td (due ) Tj ET Q q 0 0 0 rg BT 334.93 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.46 142.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 357.64 142.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.72 142.10 Td (\(ii\), ) Tj ET Q q 0 0 0 rg BT 386.18 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.15 142.10 Td (security ) Tj ET Q q 0 0 0 rg BT 435.55 142.10 Td (is ) Tj ET Q q 0 0 0 rg BT 444.96 142.10 Td (written ) Tj ET Q q 0 0 0 rg BT 476.04 142.10 Td (down ) Tj ET Q q 0 0 0 rg BT 501.00 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.53 142.10 Td (its ) Tj ET Q q 0 0 0 rg BT 523.72 142.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.35 142.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.63 130.10 Td (an ) Tj ET Q q 0 0 0 rg BT 78.27 130.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 103.23 130.10 Td (is ) Tj ET Q q 0 0 0 rg BT 112.10 130.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 158.16 130.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.13 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.66 130.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 236.40 130.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 280.81 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.33 130.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 337.68 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.88 130.10 Td (In ) Tj ET Q q 0 0 0 rg BT 350.41 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.82 130.10 Td (case ) Tj ET Q q 0 0 0 rg BT 384.22 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.75 130.10 Td (\(iii\), ) Tj ET Q q 0 0 0 rg BT 414.44 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.85 130.10 Td (security ) Tj ET Q q 0 0 0 rg BT 462.71 130.10 Td (is ) Tj ET Q q 0 0 0 rg BT 471.57 130.10 Td (written ) Tj ET Q q 0 0 0 rg BT 502.09 130.10 Td (down ) Tj ET Q q 0 0 0 rg BT 526.51 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.49 130.10 Td (its ) Tj ET Q q 0 0 0 rg BT 548.13 130.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (value ) Tj ET Q q 0 0 0 rg BT 73.98 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.74 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.28 118.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.59 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.24 118.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 173.33 118.10 Td (is ) Tj ET Q q 0 0 0 rg BT 182.33 118.10 Td (then ) Tj ET Q q 0 0 0 rg BT 201.87 118.10 Td (bifurcated ) Tj ET Q q 0 0 0 rg BT 244.72 118.10 Td (into: ) Tj ET Q q 0 0 0 rg BT 265.38 118.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 278.80 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.33 118.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 325.65 118.10 Td (related ) Tj ET Q q 0 0 0 rg BT 355.18 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.28 118.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 403.13 118.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.22 118.10 Td (losses; ) Tj ET Q q 0 0 0 rg BT 457.21 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.97 118.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 487.95 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.49 118.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 534.80 118.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.21 106.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 76.51 106.10 Td (value ) Tj ET Q q 0 0 0 rg BT 100.59 106.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 150.79 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.00 106.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 189.52 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.28 106.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 238.24 106.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 263.43 106.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 292.25 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.50 106.10 Td (The ) Tj ET Q q 0 0 0 rg BT 312.47 106.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 343.78 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.54 106.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 379.74 106.10 Td (related ) Tj ET Q q 0 0 0 rg BT 409.37 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.57 106.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 457.53 106.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 482.72 106.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 509.04 106.10 Td (is ) Tj ET Q q 0 0 0 rg BT 518.14 106.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.40 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 74.36 94.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 126.53 94.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 170.37 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.32 94.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 226.10 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.61 94.10 Td (The ) Tj ET Q q 0 0 0 rg BT 244.78 94.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 286.95 94.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 311.35 94.10 Td (related ) Tj ET Q q 0 0 0 rg BT 340.18 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.58 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.42 94.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 402.26 94.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 447.77 94.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.06 94.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 501.55 94.10 Td (as ) Tj ET Q q 0 0 0 rg BT 511.51 94.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.57 94.10 Td (component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.64 82.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 113.47 82.10 Td (OCI ) Tj ET Q q 0 0 0 rg BT 133.00 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.09 82.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.72 82.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 211.57 82.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 256.09 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.73 82.10 Td (equity) Tj ET Q q 0 0 0 rg BT 291.07 82.10 Td (. ) Tj ET Q q 0 0 0 rg BT 295.88 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.02 82.10 Td (The ) Tj ET Q q 0 0 0 rg BT 315.88 82.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 347.07 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.71 82.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 382.78 82.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 428.95 82.10 Td (through ) Tj ET Q q 0 0 0 rg BT 462.37 82.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 498.55 82.10 Td (is ) Tj ET Q q 0 0 0 rg BT 507.53 82.10 Td (accreted ) Tj ET Q q 0 0 0 rg BT 543.14 82.10 Td (back ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.92 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.29 70.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 116.41 70.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 134.67 70.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 156.81 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.29 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.65 70.10 Td (security ) Tj ET Q q 0 0 0 rg BT 215.45 70.10 Td (through ) Tj ET Q q 0 0 0 rg BT 248.71 70.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 280.29 70.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 314.37 70.10 Td (while ) Tj ET Q q 0 0 0 rg BT 338.73 70.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 374.76 70.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 420.77 70.10 Td (through ) Tj ET Q q 0 0 0 rg BT 454.03 70.10 Td (OCI ) Tj ET Q q 0 0 0 rg BT 473.39 70.10 Td (are ) Tj ET Q q 0 0 0 rg BT 487.75 70.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 529.87 70.10 Td (over ) Tj ET Q q 0 0 0 rg BT 549.79 70.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (life ) Tj ET Q q 0 0 0 rg BT 65.76 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.53 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.18 58.10 Td (security ) Tj ET Q q 0 0 0 rg BT 125.27 58.10 Td (with ) Tj ET Q q 0 0 0 rg BT 145.48 58.10 Td (no ) Tj ET Q q 0 0 0 rg BT 157.92 58.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 187.57 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.00 58.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 238.81 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.25 58.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 262.01 58.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 287.21 58.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 327.41 58.10 Td (which ) Tj ET Q q 0 0 0 rg BT 354.28 58.10 Td (are ) Tj ET Q q 0 0 0 rg BT 368.93 58.10 Td (not ) Tj ET Q q 0 0 0 rg BT 384.14 58.10 Td (high-credit ) Tj ET Q q 0 0 0 rg BT 430.45 58.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 460.66 58.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.30 58.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 521.05 58.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.26 58.10 Td (have ) Tj ET Q q 0 0 0 rg BT 552.58 58.10 Td (an ) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 75.27 742.10 Td (if ) Tj ET Q q 0 0 0 rg BT 83.88 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.59 742.10 Td (security ) Tj ET Q q 0 0 0 rg BT 132.75 742.10 Td (has ) Tj ET Q q 0 0 0 rg BT 148.57 742.10 Td (an ) Tj ET Q q 0 0 0 rg BT 160.51 742.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 204.65 742.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 222.71 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.65 742.10 Td (there ) Tj ET Q q 0 0 0 rg BT 262.13 742.10 Td (has ) Tj ET Q q 0 0 0 rg BT 277.96 742.10 Td (been ) Tj ET Q q 0 0 0 rg BT 299.34 742.10 Td (an ) Tj ET Q q 0 0 0 rg BT 311.28 742.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 344.31 742.10 Td (change ) Tj ET Q q 0 0 0 rg BT 375.13 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 385.40 742.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 423.44 742.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 443.70 742.10 Td (flow) Tj ET Q q 0 0 0 rg BT 461.38 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.38 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.70 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 486.75 742.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 519.24 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.07 742.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 555.34 742.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (then ) Tj ET Q q 0 0 0 rg BT 69.72 730.10 Td (bifurcated ) Tj ET Q q 0 0 0 rg BT 112.75 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 123.58 730.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 164.41 730.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 193.29 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.23 730.10 Td (As ) Tj ET Q q 0 0 0 rg BT 208.85 730.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.68 730.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 255.51 730.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.51 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 280.51 730.10 Td (we ) Tj ET Q q 0 0 0 rg BT 294.67 730.10 Td (did ) Tj ET Q q 0 0 0 rg BT 309.95 730.10 Td (not ) Tj ET Q q 0 0 0 rg BT 325.22 730.10 Td (own ) Tj ET Q q 0 0 0 rg BT 344.95 730.10 Td (any ) Tj ET Q q 0 0 0 rg BT 361.88 730.10 Td (real ) Tj ET Q q 0 0 0 rg BT 379.37 730.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 404.63 730.10 Td (securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 79.52 710.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 127.56 710.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 137.19 710.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 690.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.35 690.10 Td (May ) Tj ET Q q 0 0 0 rg BT 80.70 690.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 105.22 690.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.46 690.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 158.25 690.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 206.92 690.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 248.38 690.10 Td (Board, ) Tj ET Q q 0 0 0 rg BT 277.34 690.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.69 690.10 Td (F) Tj ET Q q 0 0 0 rg BT 292.51 690.10 Td (ASB, ) Tj ET Q q 0 0 0 rg BT 316.48 690.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 343.50 690.10 Td (an ) Tj ET Q q 0 0 0 rg BT 354.96 690.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 400.85 690.10 Td (update ) Tj ET Q q 0 0 0 rg BT 429.53 690.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 468.21 690.10 Td (a ) Tj ET Q q 0 0 0 rg BT 474.67 690.10 Td (company ) Tj ET Q q 0 0 0 rg BT 513.34 690.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.14 690.10 Td (recognize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.95 678.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 95.21 678.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.04 678.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 142.65 678.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.60 678.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 210.09 678.10 Td (it ) Tj ET Q q 0 0 0 rg BT 218.26 678.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 250.86 678.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.26 678.10 Td (be ) Tj ET Q q 0 0 0 rg BT 273.31 678.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 305.92 678.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.31 678.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.71 678.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 373.19 678.10 Td (with ) Tj ET Q q 0 0 0 rg BT 393.59 678.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.42 678.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 441.58 678.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.52 678.10 Td (promised ) Tj ET Q q 0 0 0 rg BT 492.35 678.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 518.86 678.10 Td (or ) Tj ET Q q 0 0 0 rg BT 529.81 678.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.27 666.10 Td (customers. ) Tj ET Q q 0 0 0 rg BT 103.81 666.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.19 666.10 Td (The ) Tj ET Q q 0 0 0 rg BT 122.23 666.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 167.59 666.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 202.96 666.10 Td (update ) Tj ET Q q 0 0 0 rg BT 231.10 666.10 Td (will ) Tj ET Q q 0 0 0 rg BT 248.15 666.10 Td (replace ) Tj ET Q q 0 0 0 rg BT 278.50 666.10 Td (most ) Tj ET Q q 0 0 0 rg BT 299.44 666.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.26 666.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.97 666.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 356.13 666.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 389.26 666.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 436.30 666.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 473.88 666.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 511.46 666.10 Td (promulgated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.93 654.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 109.73 654.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 152.09 654.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 192.22 654.10 Td (accepted ) Tj ET Q q 0 0 0 rg BT 230.11 654.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.82 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.96 654.10 Td (United ) Tj ET Q q 0 0 0 rg BT 286.11 654.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 315.42 654.10 Td (or ) Tj ET Q q 0 0 0 rg BT 326.68 654.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 347.39 654.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 373.51 654.10 Td (. ) Tj ET Q q 0 0 0 rg BT 378.94 654.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.86 654.10 Td (In ) Tj ET Q q 0 0 0 rg BT 393.12 654.10 Td (July ) Tj ET Q q 0 0 0 rg BT 412.72 654.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 438.14 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.29 654.10 Td (F) Tj ET Q q 0 0 0 rg BT 458.11 654.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 480.49 654.10 Td (decided ) Tj ET Q q 0 0 0 rg BT 514.51 654.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.21 654.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 549.80 654.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 642.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.31 642.10 Td (date ) Tj ET Q q 0 0 0 rg BT 106.49 642.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.35 642.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.09 642.10 Td (new ) Tj ET Q q 0 0 0 rg BT 151.27 642.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 185.44 642.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 221.84 642.10 Td (by ) Tj ET Q q 0 0 0 rg BT 234.36 642.10 Td (one ) Tj ET Q q 0 0 0 rg BT 251.32 642.10 Td (year) Tj ET Q q 0 0 0 rg BT 267.98 642.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.00 642.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.34 642.10 Td (The ) Tj ET Q q 0 0 0 rg BT 293.41 642.10 Td (ef) Tj ET Q q 0 0 0 rg BT 301.00 642.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 330.73 642.10 Td (date ) Tj ET Q q 0 0 0 rg BT 349.91 642.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.76 642.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.50 642.10 Td (new ) Tj ET Q q 0 0 0 rg BT 394.68 642.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 428.85 642.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 465.25 642.10 Td (for ) Tj ET Q q 0 0 0 rg BT 479.44 642.10 Td (us ) Tj ET Q q 0 0 0 rg BT 490.85 642.10 Td (will ) Tj ET Q q 0 0 0 rg BT 508.93 642.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.89 642.10 Td (January ) Tj ET Q q 0 0 0 rg BT 554.52 642.10 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 75.91 630.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.07 630.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.71 630.10 Td (e ) Tj ET Q q 0 0 0 rg BT 95.55 630.10 Td (are ) Tj ET Q q 0 0 0 rg BT 111.17 630.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.35 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.98 630.10 Td (process ) Tj ET Q q 0 0 0 rg BT 171.37 630.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.11 630.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 228.17 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.79 630.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 276.91 630.10 Td (if ) Tj ET Q q 0 0 0 rg BT 286.43 630.10 Td (any) Tj ET Q q 0 0 0 rg BT 300.22 630.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.12 630.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.86 630.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.48 630.10 Td (update ) Tj ET Q q 0 0 0 rg BT 363.55 630.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.95 630.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.69 630.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 447.64 630.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.03 630.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 524.16 630.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.68 630.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.16 618.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.09 618.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.57 618.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 189.39 618.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.71 598.10 Td (February ) Tj ET Q q 0 0 0 rg BT 97.20 598.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 121.08 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.68 598.10 Td (F) Tj ET Q q 0 0 0 rg BT 139.50 598.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 160.34 598.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 186.72 598.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 219.76 598.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 257.24 598.10 Td (that ) Tj ET Q q 0 0 0 rg BT 273.62 598.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 307.21 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.81 598.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 341.64 598.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 381.34 598.10 Td (consolidation. ) Tj ET Q q 0 0 0 rg BT 439.10 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.39 598.10 Td (The ) Tj ET Q q 0 0 0 rg BT 457.32 598.10 Td (pronouncement ) Tj ET Q q 0 0 0 rg BT 520.90 598.10 Td (eliminates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 96.88 586.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 135.44 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 149.56 586.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 180.36 586.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 231.70 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.60 586.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 278.84 586.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 300.73 586.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 332.08 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.98 586.10 Td (removes ) Tj ET Q q 0 0 0 rg BT 385.32 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.00 586.10 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 440.78 586.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 474.33 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 488.45 586.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 518.12 586.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 76.56 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.27 574.10 Td (The ) Tj ET Q q 0 0 0 rg BT 95.66 574.10 Td (new ) Tj ET Q q 0 0 0 rg BT 114.16 574.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 152.10 574.10 Td (is ) Tj ET Q q 0 0 0 rg BT 160.61 574.10 Td (ef) Tj ET Q q 0 0 0 rg BT 168.20 574.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 197.25 574.10 Td (for ) Tj ET Q q 0 0 0 rg BT 210.75 574.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 239.25 574.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 270.53 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.81 574.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 317.53 574.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 348.81 574.10 Td (within ) Tj ET Q q 0 0 0 rg BT 376.21 574.10 Td (those ) Tj ET Q q 0 0 0 rg BT 399.16 574.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 427.66 574.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 458.94 574.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 500.78 574.10 Td (after ) Tj ET Q q 0 0 0 rg BT 520.93 574.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 63.78 562.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 87.55 562.10 Td (with ) Tj ET Q q 0 0 0 rg BT 106.61 562.10 Td (early ) Tj ET Q q 0 0 0 rg BT 127.87 562.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 164.14 562.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 206.24 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.42 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 216.06 562.10 Td (e ) Tj ET Q q 0 0 0 rg BT 221.78 562.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 254.71 562.10 Td (this ) Tj ET Q q 0 0 0 rg BT 270.44 562.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 307.81 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.86 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.35 562.10 Td (first ) Tj ET Q q 0 0 0 rg BT 347.74 562.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 377.33 562.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 398.61 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.32 562.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 460.58 562.10 Td (our ) Tj ET Q q 0 0 0 rg BT 475.19 562.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 516.45 562.10 Td (Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.60 550.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 103.85 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.08 550.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 131.17 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.96 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 141.60 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 147.97 550.10 Td (are ) Tj ET Q q 0 0 0 rg BT 162.11 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.25 550.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 209.84 550.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 256.74 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.00 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.01 550.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 302.10 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.11 550.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 335.55 550.10 Td (s ) Tj ET Q q 0 0 0 rg BT 341.37 550.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 366.63 550.10 Td (can ) Tj ET Q q 0 0 0 rg BT 382.44 550.10 Td (be ) Tj ET Q q 0 0 0 rg BT 393.81 550.10 Td (used ) Tj ET Q q 0 0 0 rg BT 414.07 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 427.66 550.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 465.15 550.10 Td (other ) Tj ET Q q 0 0 0 rg BT 487.63 550.10 Td (than ) Tj ET Q q 0 0 0 rg BT 506.77 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.92 550.10 Td (settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.02 538.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 95.46 538.10 Td (s ) Tj ET Q q 0 0 0 rg BT 102.20 538.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 149.48 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.76 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 182.93 538.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 230.76 538.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.04 538.10 Td (is ) Tj ET Q q 0 0 0 rg BT 272.55 538.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 318.71 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.99 538.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 362.71 538.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 391.11 538.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 425.88 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.10 538.10 Td (As ) Tj ET Q q 0 0 0 rg BT 442.05 538.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 465.73 538.10 Td (this ) Tj ET Q q 0 0 0 rg BT 483.02 538.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 519.73 538.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 554.23 538.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.90 526.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 120.90 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.91 526.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 174.39 526.10 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 200.12 526.10 Td (however ) Tj ET Q q 0 0 0 rg BT 237.23 526.10 Td (it ) Tj ET Q q 0 0 0 rg BT 245.47 526.10 Td (did ) Tj ET Q q 0 0 0 rg BT 260.93 526.10 Td (not ) Tj ET Q q 0 0 0 rg BT 276.39 526.10 Td (have ) Tj ET Q q 0 0 0 rg BT 297.95 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.07 526.10 Td (material ) Tj ET Q q 0 0 0 rg BT 340.51 526.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 370.41 526.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.09 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 399.10 526.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 452.32 526.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 489.99 526.10 Td (position ) Tj ET Q q 0 0 0 rg BT 524.90 526.10 Td (or ) Tj ET Q q 0 0 0 rg BT 535.91 526.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 514.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.56 494.10 Td (January ) Tj ET Q q 0 0 0 rg BT 93.89 494.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 118.62 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.06 494.10 Td (F) Tj ET Q q 0 0 0 rg BT 137.88 494.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 159.56 494.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 186.79 494.10 Td (an ) Tj ET Q q 0 0 0 rg BT 198.46 494.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 244.56 494.10 Td (update ) Tj ET Q q 0 0 0 rg BT 273.44 494.10 Td (that ) Tj ET Q q 0 0 0 rg BT 290.67 494.10 Td (addresses ) Tj ET Q q 0 0 0 rg BT 331.22 494.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 360.65 494.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 391.76 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.31 494.10 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 452.59 494.10 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 510.63 494.10 Td (presentation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.34 482.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 110.78 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.01 482.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.89 482.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 211.95 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.64 482.10 Td (The ) Tj ET Q q 0 0 0 rg BT 233.08 482.10 Td (new ) Tj ET Q q 0 0 0 rg BT 252.64 482.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 291.63 482.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.20 482.10 Td (ef) Tj ET Q q 0 0 0 rg BT 308.79 482.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 338.89 482.10 Td (for ) Tj ET Q q 0 0 0 rg BT 353.45 482.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 378.00 482.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 404.50 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.83 482.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 453.61 482.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 485.95 482.10 Td (within ) Tj ET Q q 0 0 0 rg BT 514.40 482.10 Td (those ) Tj ET Q q 0 0 0 rg BT 538.41 482.10 Td (years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 92.46 470.10 Td (after ) Tj ET Q q 0 0 0 rg BT 113.25 470.10 Td (December ) Tj ET Q q 0 0 0 rg BT 156.80 470.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 171.77 470.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 196.74 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.03 470.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.66 470.10 Td (e ) Tj ET Q q 0 0 0 rg BT 214.57 470.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.25 470.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 267.81 470.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 307.50 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.18 470.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 354.36 470.10 Td (if ) Tj ET Q q 0 0 0 rg BT 362.94 470.10 Td (any) Tj ET Q q 0 0 0 rg BT 376.73 470.10 Td (, ) Tj ET Q q 0 0 0 rg BT 381.70 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.50 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.18 470.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 445.74 470.10 Td (on ) Tj ET Q q 0 0 0 rg BT 458.21 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.01 470.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.02 470.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 87.23 458.10 Td (results ) Tj ET Q q 0 0 0 rg BT 115.83 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.67 458.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 170.82 458.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.76 458.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 225.24 458.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 266.06 458.10 Td (disclosures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.10 438.10 Td (February ) Tj ET Q q 0 0 0 rg BT 99.96 438.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 125.23 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.22 438.10 Td (F) Tj ET Q q 0 0 0 rg BT 145.04 438.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.26 438.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 195.02 438.10 Td (an ) Tj ET Q q 0 0 0 rg BT 207.23 438.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 253.87 438.10 Td (update ) Tj ET Q q 0 0 0 rg BT 283.29 438.10 Td (that ) Tj ET Q q 0 0 0 rg BT 301.05 438.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 336.03 438.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 366.57 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.11 438.10 Td (present ) Tj ET Q q 0 0 0 rg BT 408.76 438.10 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 458.73 438.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 484.83 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.03 438.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 524.79 438.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.52 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.26 426.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 110.31 426.10 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 135.87 426.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.21 426.10 Td (The ) Tj ET Q q 0 0 0 rg BT 156.28 426.10 Td (new ) Tj ET Q q 0 0 0 rg BT 175.46 426.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 214.07 426.10 Td (is ) Tj ET Q q 0 0 0 rg BT 223.26 426.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.56 426.10 Td (be ) Tj ET Q q 0 0 0 rg BT 245.52 426.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 277.47 426.10 Td (using ) Tj ET Q q 0 0 0 rg BT 301.66 426.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.62 426.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 347.24 426.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 401.40 426.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 440.56 426.10 Td (at ) Tj ET Q q 0 0 0 rg BT 450.30 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.04 426.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 507.55 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.40 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.14 426.10 Td (earliest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (comparative ) Tj ET Q q 0 0 0 rg BT 102.79 414.10 Td (period ) Tj ET Q q 0 0 0 rg BT 131.72 414.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.87 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.46 414.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.82 414.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 242.41 414.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.22 414.10 Td (is ) Tj ET Q q 0 0 0 rg BT 270.27 414.10 Td (ef) Tj ET Q q 0 0 0 rg BT 277.85 414.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 308.43 414.10 Td (for ) Tj ET Q q 0 0 0 rg BT 323.47 414.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 348.50 414.10 Td (years ) Tj ET Q q 0 0 0 rg BT 372.97 414.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 416.34 414.10 Td (after ) Tj ET Q q 0 0 0 rg BT 438.03 414.10 Td (December ) Tj ET Q q 0 0 0 rg BT 482.49 414.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 498.37 414.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 524.24 414.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 81.79 402.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 114.13 402.10 Td (within ) Tj ET Q q 0 0 0 rg BT 142.60 402.10 Td (those ) Tj ET Q q 0 0 0 rg BT 166.61 402.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 191.17 402.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 217.68 402.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.59 402.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 245.15 402.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 283.05 402.10 Td (is ) Tj ET Q q 0 0 0 rg BT 292.63 402.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 336.35 402.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.05 402.10 Td (W) Tj ET Q q 0 0 0 rg BT 347.69 402.10 Td (e ) Tj ET Q q 0 0 0 rg BT 355.03 402.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.15 402.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 414.70 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.83 402.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 462.45 402.10 Td (if ) Tj ET Q q 0 0 0 rg BT 471.46 402.10 Td (any) Tj ET Q q 0 0 0 rg BT 485.25 402.10 Td (, ) Tj ET Q q 0 0 0 rg BT 490.66 402.10 Td (that ) Tj ET Q q 0 0 0 rg BT 508.56 402.10 Td (this ) Tj ET Q q 0 0 0 rg BT 525.91 402.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.06 390.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.43 390.10 Td (on ) Tj ET Q q 0 0 0 rg BT 101.93 390.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.76 390.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 170.81 390.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.29 390.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 245.51 390.10 Td (results ) Tj ET Q q 0 0 0 rg BT 274.12 390.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.95 390.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 329.11 390.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.04 390.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.53 390.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 424.35 390.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.68 370.10 Td (March ) Tj ET Q q 0 0 0 rg BT 91.14 370.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 116.99 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.56 370.10 Td (F) Tj ET Q q 0 0 0 rg BT 137.38 370.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 160.19 370.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 188.54 370.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 227.99 370.10 Td (which ) Tj ET Q q 0 0 0 rg BT 255.79 370.10 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 300.24 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.81 370.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 367.48 370.10 Td (for ) Tj ET Q q 0 0 0 rg BT 382.49 370.10 Td (an ) Tj ET Q q 0 0 0 rg BT 395.28 370.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 430.85 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.99 370.10 Td (retroactively ) Tj ET Q q 0 0 0 rg BT 495.87 370.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 521.44 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.01 370.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (method ) Tj ET Q q 0 0 0 rg BT 82.88 358.10 Td (when ) Tj ET Q q 0 0 0 rg BT 107.43 358.10 Td (its ) Tj ET Q q 0 0 0 rg BT 119.77 358.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 155.41 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.08 358.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 210.63 358.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 242.95 358.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 257.50 358.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 287.03 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.25 358.10 Td (influence\) ) Tj ET Q q 0 0 0 rg BT 341.67 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.33 358.10 Td (an ) Tj ET Q q 0 0 0 rg BT 364.66 358.10 Td (investee ) Tj ET Q q 0 0 0 rg BT 400.31 358.10 Td (triggers ) Tj ET Q q 0 0 0 rg BT 433.75 358.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 461.63 358.10 Td (method ) Tj ET Q q 0 0 0 rg BT 494.51 358.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 543.77 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 358.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (update ) Tj ET Q q 0 0 0 rg BT 78.90 346.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 113.35 346.10 Td (that ) Tj ET Q q 0 0 0 rg BT 130.60 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.06 346.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 172.30 346.10 Td (method ) Tj ET Q q 0 0 0 rg BT 204.54 346.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 239.00 346.10 Td (add ) Tj ET Q q 0 0 0 rg BT 255.69 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.15 346.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 288.51 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.08 346.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 339.09 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.55 346.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 395.79 346.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 427.47 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.50 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.96 346.10 Td (investee ) Tj ET Q q 0 0 0 rg BT 486.97 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.99 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 346.10 Td (current ) Tj ET Q q 0 0 0 rg BT 542.02 346.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.45 334.10 Td (investor) Tj ET Q q 0 0 0 rg BT 107.04 334.10 Td () Tj ET Q q 0 0 0 rg BT 109.81 334.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.66 334.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 159.82 334.10 Td (held ) Tj ET Q q 0 0 0 rg BT 178.99 334.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 210.38 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.77 334.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 250.93 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.10 334.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 292.05 334.10 Td (method ) Tj ET Q q 0 0 0 rg BT 323.99 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.27 334.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 380.10 334.10 Td (as ) Tj ET Q q 0 0 0 rg BT 390.38 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.66 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.82 334.10 Td (date ) Tj ET Q q 0 0 0 rg BT 433.43 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.60 334.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 493.43 334.10 Td (become ) Tj ET Q q 0 0 0 rg BT 526.47 334.10 Td (qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.44 322.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 92.22 322.10 Td (method ) Tj ET Q q 0 0 0 rg BT 124.99 322.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 174.15 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.73 322.10 Td (The ) Tj ET Q q 0 0 0 rg BT 195.05 322.10 Td (update ) Tj ET Q q 0 0 0 rg BT 224.49 322.10 Td (should ) Tj ET Q q 0 0 0 rg BT 253.94 322.10 Td (be ) Tj ET Q q 0 0 0 rg BT 266.16 322.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 298.37 322.10 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 355.03 322.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 377.81 322.10 Td (their ) Tj ET Q q 0 0 0 rg BT 398.91 322.10 Td (ef) Tj ET Q q 0 0 0 rg BT 406.50 322.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 436.48 322.10 Td (date ) Tj ET Q q 0 0 0 rg BT 455.92 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.48 322.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 505.90 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.46 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.46 322.10 Td (level ) Tj ET Q q 0 0 0 rg BT 553.68 322.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 94.33 310.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 130.33 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 141.34 310.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 170.66 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.67 310.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 221.54 310.10 Td (that ) Tj ET Q q 0 0 0 rg BT 239.21 310.10 Td (results ) Tj ET Q q 0 0 0 rg BT 268.00 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.45 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.34 310.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 331.01 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.01 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.91 310.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.58 310.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 419.75 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.23 310.10 Td (The ) Tj ET Q q 0 0 0 rg BT 440.45 310.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 479.22 310.10 Td (is ) Tj ET Q q 0 0 0 rg BT 488.56 310.10 Td (ef) Tj ET Q q 0 0 0 rg BT 496.15 310.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 526.03 310.10 Td (for ) Tj ET Q q 0 0 0 rg BT 540.36 310.10 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (years ) Tj ET Q q 0 0 0 rg BT 74.36 298.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 117.61 298.10 Td (after ) Tj ET Q q 0 0 0 rg BT 139.18 298.10 Td (December ) Tj ET Q q 0 0 0 rg BT 183.52 298.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 199.28 298.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 222.53 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.23 298.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 272.37 298.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 305.06 298.10 Td (within ) Tj ET Q q 0 0 0 rg BT 333.88 298.10 Td (those ) Tj ET Q q 0 0 0 rg BT 358.24 298.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 383.15 298.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 410.01 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.27 298.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 438.18 298.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 476.43 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 486.36 298.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 530.43 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.46 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 542.09 298.10 Td (e ) Tj ET Q q 0 0 0 rg BT 549.79 298.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 93.60 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.76 286.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 139.42 286.10 Td (if ) Tj ET Q q 0 0 0 rg BT 147.47 286.10 Td (any) Tj ET Q q 0 0 0 rg BT 161.26 286.10 Td (, ) Tj ET Q q 0 0 0 rg BT 165.71 286.10 Td (that ) Tj ET Q q 0 0 0 rg BT 182.65 286.10 Td (this ) Tj ET Q q 0 0 0 rg BT 199.04 286.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 237.08 286.10 Td (will ) Tj ET Q q 0 0 0 rg BT 254.58 286.10 Td (have ) Tj ET Q q 0 0 0 rg BT 275.41 286.10 Td (on ) Tj ET Q q 0 0 0 rg BT 287.35 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.63 286.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 355.11 286.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 392.04 286.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 428.71 286.10 Td (results ) Tj ET Q q 0 0 0 rg BT 456.77 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.04 286.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 510.64 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.03 286.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.82 274.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.30 254.10 Td (March ) Tj ET Q q 0 0 0 rg BT 88.36 254.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 112.83 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.02 254.10 Td (F) Tj ET Q q 0 0 0 rg BT 131.84 254.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 153.26 254.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 180.22 254.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 218.29 254.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.69 254.10 Td (amends ) Tj ET Q q 0 0 0 rg BT 277.21 254.10 Td (several ) Tj ET Q q 0 0 0 rg BT 307.49 254.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 338.33 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.63 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.82 254.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 408.66 254.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.29 254.10 Td (equity-based ) Tj ET Q q 0 0 0 rg BT 475.35 254.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 511.75 254.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.99 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.43 242.10 Td (income ) Tj ET Q q 0 0 0 rg BT 136.08 242.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 150.52 242.10 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 210.21 242.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 265.19 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.74 242.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 306.28 242.10 Td (as ) Tj ET Q q 0 0 0 rg BT 316.83 242.10 Td (either ) Tj ET Q q 0 0 0 rg BT 341.81 242.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 369.03 242.10 Td (or ) Tj ET Q q 0 0 0 rg BT 379.58 242.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 421.51 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.17 242.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 493.15 242.10 Td (on ) Tj ET Q q 0 0 0 rg BT 505.37 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.80 242.10 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.24 230.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 81.91 230.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 109.54 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.24 230.10 Td (The ) Tj ET Q q 0 0 0 rg BT 130.69 230.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 169.69 230.10 Td (is ) Tj ET Q q 0 0 0 rg BT 179.27 230.10 Td (ef) Tj ET Q q 0 0 0 rg BT 186.86 230.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 216.96 230.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.53 230.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 263.32 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.67 230.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 310.23 230.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 349.79 230.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 382.13 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.82 230.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 417.38 230.10 Td (years ) Tj ET Q q 0 0 0 rg BT 441.39 230.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 484.29 230.10 Td (after ) Tj ET Q q 0 0 0 rg BT 505.51 230.10 Td (December ) Tj ET Q q 0 0 0 rg BT 549.50 230.10 Td (15, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 74.34 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.06 218.10 Td (W) Tj ET Q q 0 0 0 rg BT 84.69 218.10 Td (e ) Tj ET Q q 0 0 0 rg BT 90.98 218.10 Td (are ) Tj ET Q q 0 0 0 rg BT 105.03 218.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 148.52 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.59 218.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 194.14 218.10 Td (if ) Tj ET Q q 0 0 0 rg BT 202.10 218.10 Td (any) Tj ET Q q 0 0 0 rg BT 215.88 218.10 Td (, ) Tj ET Q q 0 0 0 rg BT 220.23 218.10 Td (that ) Tj ET Q q 0 0 0 rg BT 237.07 218.10 Td (this ) Tj ET Q q 0 0 0 rg BT 253.36 218.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 291.30 218.10 Td (will ) Tj ET Q q 0 0 0 rg BT 308.70 218.10 Td (have ) Tj ET Q q 0 0 0 rg BT 329.42 218.10 Td (on ) Tj ET Q q 0 0 0 rg BT 341.27 218.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.44 218.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 408.83 218.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 445.65 218.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 482.23 218.10 Td (results ) Tj ET Q q 0 0 0 rg BT 510.18 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.35 218.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 206.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.42 206.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 145.24 206.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.13 186.10 Td (June ) Tj ET Q q 0 0 0 rg BT 80.25 186.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 104.55 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.56 186.10 Td (F) Tj ET Q q 0 0 0 rg BT 123.38 186.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 144.63 186.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 171.43 186.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 209.32 186.10 Td (which ) Tj ET Q q 0 0 0 rg BT 235.56 186.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 269.56 186.10 Td (how ) Tj ET Q q 0 0 0 rg BT 288.58 186.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 319.26 186.10 Td (will ) Tj ET Q q 0 0 0 rg BT 336.61 186.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 371.72 186.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 396.28 186.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 421.97 186.10 Td (for ) Tj ET Q q 0 0 0 rg BT 435.43 186.10 Td (most ) Tj ET Q q 0 0 0 rg BT 456.67 186.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 493.45 186.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 518.58 186.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.81 186.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.82 174.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 121.77 174.10 Td (that ) Tj ET Q q 0 0 0 rg BT 139.04 174.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.53 174.10 Td (not ) Tj ET Q q 0 0 0 rg BT 168.58 174.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 209.17 174.10 Td (at ) Tj ET Q q 0 0 0 rg BT 218.67 174.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 234.82 174.10 Td (value ) Tj ET Q q 0 0 0 rg BT 258.76 174.10 Td (through ) Tj ET Q q 0 0 0 rg BT 292.14 174.10 Td (net ) Tj ET Q q 0 0 0 rg BT 306.64 174.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 340.85 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.62 174.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 392.53 174.10 Td (, ) Tj ET Q q 0 0 0 rg BT 397.30 174.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 428.46 174.10 Td (will ) Tj ET Q q 0 0 0 rg BT 446.30 174.10 Td (have ) Tj ET Q q 0 0 0 rg BT 467.45 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.51 174.10 Td (disclose ) Tj ET Q q 0 0 0 rg BT 512.00 174.10 Td (significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (more ) Tj ET Q q 0 0 0 rg BT 73.41 162.10 Td (information ) Tj ET Q q 0 0 0 rg BT 123.48 162.10 Td (including ) Tj ET Q q 0 0 0 rg BT 164.12 162.10 Td (information ) Tj ET Q q 0 0 0 rg BT 214.20 162.10 Td (used ) Tj ET Q q 0 0 0 rg BT 235.39 162.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.03 162.10 Td (track ) Tj ET Q q 0 0 0 rg BT 268.88 162.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 294.50 162.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 325.14 162.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.00 162.10 Td (year ) Tj ET Q q 0 0 0 rg BT 358.07 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.27 162.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 416.01 162.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.53 162.10 Td (most ) Tj ET Q q 0 0 0 rg BT 452.84 162.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 493.47 162.10 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 543.80 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.46 162.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (new ) Tj ET Q q 0 0 0 rg BT 69.91 150.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 109.26 150.10 Td (is ) Tj ET Q q 0 0 0 rg BT 119.18 150.10 Td (ef) Tj ET Q q 0 0 0 rg BT 126.77 150.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 157.23 150.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.14 150.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 197.05 150.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 223.90 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.59 150.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 273.73 150.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 306.42 150.10 Td (within ) Tj ET Q q 0 0 0 rg BT 335.23 150.10 Td (those ) Tj ET Q q 0 0 0 rg BT 359.59 150.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 386.44 150.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 429.69 150.10 Td (after ) Tj ET Q q 0 0 0 rg BT 451.26 150.10 Td (December ) Tj ET Q q 0 0 0 rg BT 495.60 150.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 511.35 150.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 537.11 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.36 150.10 Td (Early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 87.74 138.10 Td (is ) Tj ET Q q 0 0 0 rg BT 97.16 138.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 140.72 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.27 138.10 Td (W) Tj ET Q q 0 0 0 rg BT 151.91 138.10 Td (e ) Tj ET Q q 0 0 0 rg BT 159.09 138.10 Td (are ) Tj ET Q q 0 0 0 rg BT 174.04 138.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 218.44 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.40 138.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 265.86 138.10 Td (if ) Tj ET Q q 0 0 0 rg BT 274.71 138.10 Td (any) Tj ET Q q 0 0 0 rg BT 288.50 138.10 Td (, ) Tj ET Q q 0 0 0 rg BT 293.75 138.10 Td (that ) Tj ET Q q 0 0 0 rg BT 311.49 138.10 Td (this ) Tj ET Q q 0 0 0 rg BT 328.68 138.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 367.52 138.10 Td (will ) Tj ET Q q 0 0 0 rg BT 385.82 138.10 Td (have ) Tj ET Q q 0 0 0 rg BT 407.45 138.10 Td (on ) Tj ET Q q 0 0 0 rg BT 420.19 138.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.27 138.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 489.56 138.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 527.28 138.10 Td (position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (results ) Tj ET Q q 0 0 0 rg BT 78.61 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.44 126.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 133.59 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.53 126.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.01 126.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 228.83 126.10 Td (disclosures.) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (Comparison of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.76 722.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 148.25 722.25 Td (ee Months Ended June 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.27 722.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.60 722.25 Td (June30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.66 722.25 Td ( \(dollars in thousands\):) Tj ET Q 0.8 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453.50 625.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 599.75 171.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 599.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 599.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 599.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 599.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 599.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 599.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 599.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 599.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 573.75 171.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 573.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 573.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 573.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 573.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 573.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 573.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 573.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 573.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 547.75 171.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 547.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 547.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 547.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 547.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 547.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 547.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 547.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 547.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 521.75 171.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 521.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 521.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 521.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 521.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 521.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 521.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 521.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 521.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 495.75 171.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 495.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 495.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 495.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 495.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 495.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 495.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 495.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 495.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 469.75 171.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 469.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 469.75 63.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 469.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 469.75 63.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 469.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 469.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 469.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 469.75 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 421.75 171.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 421.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 421.75 63.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 421.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 421.75 63.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 421.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 421.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 421.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 421.75 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 389.75 171.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 389.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 389.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 389.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 389.75 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 389.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 389.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 389.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 389.75 47.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 690.75 m 324.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 690.75 m 328.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 690.75 m 391.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 690.75 m 449.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 690.75 m 453.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 690.75 m 500.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 690.75 m 324.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 677.75 m 324.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 690.75 m 328.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 690.75 m 391.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 677.75 m 391.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 690.75 m 449.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 677.75 m 449.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 690.75 m 500.5 690.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 677.75 m 500.5 677.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 612.75 m 324.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 612.75 m 324.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 599.75 m 324.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 612.75 m 391.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 599.75 m 391.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 612.75 m 449.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 599.75 m 449.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 612.75 m 500.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 599.75 m 500.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 495.75 m 324.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 495.75 m 324.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 482.75 m 324.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 495.75 m 391.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 482.75 m 391.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 495.75 m 449.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 482.75 m 449.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 495.75 m 500.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 482.75 m 500.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 450.75 m 324.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 450.75 m 391.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 450.75 m 449.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 450.75 m 500.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 389.75 m 324.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 389.75 m 391.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 389.75 m 500.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 389.75 m 324.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 377.75 m 324.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 375.75 m 324.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 377.75 m 391.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 375.75 m 391.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 389.75 m 449.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 377.75 m 449.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 375.75 m 449.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 377.75 m 500.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 375.75 m 500.5 375.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.35 694.98 Td (Three Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.20 694.98 Td (Increase \(Decrease\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.50 681.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.50 681.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.95 681.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.50 681.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 668.98 Td (Revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 656.00 Td (Resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 656.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 656.00 Td (25,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.00 656.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 656.00 Td (12,132) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.00 656.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 656.00 Td (13,112) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 656.00 Td (108.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 656.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 643.00 Td (Rental income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 643.00 Td (37,586) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 643.00 Td (5,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 643.00 Td (31,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 643.00 Td (554.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 643.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 630.00 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 630.00 Td (5,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 630.00 Td (3,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 630.00 Td (1,357) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.65 630.00 Td (37.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 630.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 617.00 Td (Other revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.30 617.00 Td (194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 617.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.30 617.00 Td (194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 617.00 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 604.00 Td (Total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 604.00 Td (68,029) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 604.00 Td (21,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 604.00 Td (46,509) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 604.00 Td (216.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 604.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 577.98 Td (Expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 565.00 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 565.00 Td (34,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 565.00 Td (8,739) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 565.00 Td (26,243) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 565.00 Td (300.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 565.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 552.00 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 552.00 Td (13,044) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 552.00 Td (3,431) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 552.00 Td (9,613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 552.00 Td (280.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 552.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 539.00 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.30 539.00 Td (249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 539.00 Td (3,127) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 539.00 Td (\(2,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 539.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.95 539.00 Td (\(92.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.65 539.00 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 526.00 Td (Asset management and other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 526.00 Td (8,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 526.00 Td (17,829) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 526.00 Td (\(9,377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 526.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.95 526.00 Td (\(52.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.65 526.00 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 513.00 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 513.00 Td (8,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 513.00 Td (4,224) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 513.00 Td (4,498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 513.00 Td (106.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 513.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 500.00 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 500.00 Td (13,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 500.00 Td (4,697) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 500.00 Td (8,732) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 500.00 Td (185.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 500.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 487.00 Td (Total expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 487.00 Td (78,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 487.00 Td (42,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 487.00 Td (36,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.65 487.00 Td (87.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 487.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 473.98 Td (Other income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 455.00 Td (Realized gain \(loss\) on investments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.30 455.00 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 455.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.30 455.00 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 455.00 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 441.98 Td (Income \(loss\) before equity in earnings \(losses\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 433.98 Td (of unconsolidated ventures and income tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 425.98 Td (benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.60 426.00 Td (\(10,438) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 426.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.60 426.00 Td (\(20,527) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.30 426.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 426.00 Td (10,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.95 426.00 Td (\(49.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.65 426.00 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 413.70 Td (Equity in earnings \(losses\) of unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 405.70 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.60 407.00 Td (\(17,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 407.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.60 407.00 Td (\(5,351) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.30 407.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 407.00 Td (\(12,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 407.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 407.00 Td (225.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 407.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 394.00 Td (Income tax benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 394.00 Td (\(33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 394.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.30 394.00 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.60 394.00 Td (\(241) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 394.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.95 394.00 Td (\(115.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.65 394.00 Td (\)%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 380.98 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 381.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.60 381.00 Td (\(27,903) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 381.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.00 381.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.60 381.00 Td (\(25,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.30 381.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.00 381.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 381.00 Td (\(2,233) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 381.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.65 381.00 Td (8.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 381.00 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (Resident ) Tj ET Q q 0 0 0 rg BT 86.93 337.25 Td (Fee ) Tj ET Q q 0 0 0 rg BT 104.42 337.25 Td (Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (Resident ) Tj ET Q q 0 0 0 rg BT 86.95 317.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 101.11 317.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 317.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.25 317.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.20 317.25 Td ($13.1 ) Tj ET Q q 0 0 0 rg BT 196.66 317.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.55 317.25 Td (, ) Tj ET Q q 0 0 0 rg BT 230.00 317.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.17 317.25 Td (as ) Tj ET Q q 0 0 0 rg BT 279.45 317.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.84 317.25 Td (result ) Tj ET Q q 0 0 0 rg BT 310.01 317.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.29 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.46 317.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 380.30 317.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.58 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.75 317.25 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 446.15 317.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 483.10 317.25 Td (in ) Tj ET Q q 0 0 0 rg BT 492.83 317.25 Td (June ) Tj ET Q q 0 0 0 rg BT 513.12 317.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 537.57 317.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.25 Td (included ) Tj ET Q q 0 0 0 rg BT 87.55 305.25 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 117.55 305.25 Td ( ) Tj ET Q q 0 0 0 rg BT 120.66 305.25 Td (properties, ) Tj ET Q q 0 0 0 rg BT 166.25 305.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.80 305.25 Td (an ) Tj ET Q q 0 0 0 rg BT 196.35 305.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 232.22 305.25 Td (in ) Tj ET Q q 0 0 0 rg BT 243.11 305.25 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 288.98 305.25 Td (for ) Tj ET Q q 0 0 0 rg BT 303.75 305.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.08 305.25 Td (three ) Tj ET Q q 0 0 0 rg BT 342.17 305.25 Td (months ) Tj ET Q q 0 0 0 rg BT 374.73 305.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.61 305.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.72 305.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 438.17 305.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.17 305.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.28 305.25 Td (as ) Tj ET Q q 0 0 0 rg BT 472.72 305.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 515.25 305.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.14 305.25 Td (the ) Tj ET Q q 0 0 0 rg BT 541.47 305.25 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.25 Td (period ) Tj ET Q q 0 0 0 rg BT 78.05 293.25 Td (in ) Tj ET Q q 0 0 0 rg BT 88.33 293.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 110.83 293.25 Td (for ) Tj ET Q q 0 0 0 rg BT 124.99 293.25 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 154.99 293.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.49 293.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 199.97 293.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 229.13 293.25 Td (during ) Tj ET Q q 0 0 0 rg BT 257.74 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.46 293.25 Td (entirety ) Tj ET Q q 0 0 0 rg BT 305.50 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.33 293.25 Td (both ) Tj ET Q q 0 0 0 rg BT 336.61 293.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 368.54 293.25 Td (presented.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 273.25 Td (Rental ) Tj ET Q q 0 0 0 rg BT 78.60 273.25 Td (Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (Rental ) Tj ET Q q 0 0 0 rg BT 78.81 253.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.94 253.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.70 253.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.40 253.25 Td ($31.8 ) Tj ET Q q 0 0 0 rg BT 176.60 253.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.49 253.25 Td (, ) Tj ET Q q 0 0 0 rg BT 210.70 253.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 250.61 253.25 Td (as ) Tj ET Q q 0 0 0 rg BT 261.64 253.25 Td (a ) Tj ET Q q 0 0 0 rg BT 268.78 253.25 Td (result ) Tj ET Q q 0 0 0 rg BT 293.70 253.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.74 253.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.66 253.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 366.24 253.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.27 253.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.19 253.25 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.44 253.25 Td (60.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.27 253.25 Td ( ) Tj ET Q q 0 0 0 rg BT 463.97 253.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 496.11 253.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.59 253.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.31 253.25 Td (W) Tj ET Q q 0 0 0 rg BT 530.35 253.25 Td (interfell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 86.82 241.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.42 241.25 Td (March ) Tj ET Q q 0 0 0 rg BT 124.34 241.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 148.66 241.25 Td (which ) Tj ET Q q 0 0 0 rg BT 174.92 241.25 Td (is ) Tj ET Q q 0 0 0 rg BT 183.41 241.25 Td (now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.45 241.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.78 241.25 Td ( ) Tj ET Q q 0 0 0 rg BT 227.60 241.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 256.08 241.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.34 241.25 Td (consolidated, ) Tj ET Q q 0 0 0 rg BT 327.21 241.25 Td (as ) Tj ET Q q 0 0 0 rg BT 337.36 241.25 Td (well ) Tj ET Q q 0 0 0 rg BT 356.40 241.25 Td (as ) Tj ET Q q 0 0 0 rg BT 366.55 241.25 Td (the ) Tj ET Q q 0 0 0 rg BT 380.59 241.25 Td (net ) Tj ET Q q 0 0 0 rg BT 394.62 241.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 416.43 241.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 458.24 241.25 Td (included ) Tj ET Q q 0 0 0 rg BT 494.49 241.25 Td (in ) Tj ET Q q 0 0 0 rg BT 504.09 241.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 241.25 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 229.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 229.25 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 117.50 229.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 154.99 229.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.27 229.25 Td (June ) Tj ET Q q 0 0 0 rg BT 186.10 229.25 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 209.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.68 209.25 Td (Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 82.39 189.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.24 189.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.99 189.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.40 189.25 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 174.31 189.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.20 189.25 Td (, ) Tj ET Q q 0 0 0 rg BT 208.11 189.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 247.73 189.25 Td (as ) Tj ET Q q 0 0 0 rg BT 258.47 189.25 Td (a ) Tj ET Q q 0 0 0 rg BT 265.31 189.25 Td (result ) Tj ET Q q 0 0 0 rg BT 289.94 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.68 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.30 189.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 361.59 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.33 189.25 Td (one ) Tj ET Q q 0 0 0 rg BT 389.18 189.25 Td (new ) Tj ET Q q 0 0 0 rg BT 408.25 189.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 427.88 189.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 476.67 189.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 512.39 189.25 Td (of) Tj ET Q q 0 0 0 rg BT 520.54 189.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 537.39 189.25 Td (by ) Tj ET Q q 0 0 0 rg BT 549.80 189.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (repayment ) Tj ET Q q 0 0 0 rg BT 94.70 177.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.53 177.25 Td (two ) Tj ET Q q 0 0 0 rg BT 123.03 177.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 142.75 177.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.02 177.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.30 177.25 Td (2015. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.83 157.25 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.20 137.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 109.27 137.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.02 137.25 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 139.95 137.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.84 137.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.27 137.25 Td (for ) Tj ET Q q 0 0 0 rg BT 185.36 137.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.00 137.25 Td (three ) Tj ET Q q 0 0 0 rg BT 222.41 137.25 Td (months ) Tj ET Q q 0 0 0 rg BT 254.29 137.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.16 137.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.59 137.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 316.35 137.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 137.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.77 137.25 Td (was ) Tj ET Q q 0 0 0 rg BT 356.75 137.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.62 137.25 Td (result ) Tj ET Q q 0 0 0 rg BT 388.26 137.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.02 137.25 Td (community ) Tj ET Q q 0 0 0 rg BT 447.00 137.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 465.52 137.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.39 137.25 Td (other ) Tj ET Q q 0 0 0 rg BT 505.36 137.25 Td (miscellaneous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.60 125.25 Td (from ) Tj ET Q q 0 0 0 rg BT 90.54 125.25 Td (our ) Tj ET Q q 0 0 0 rg BT 106.37 125.25 Td (real ) Tj ET Q q 0 0 0 rg BT 123.85 125.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 149.12 125.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 176.61 125.25 Td (segment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 105.25 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.63 85.25 Td (operty ) Tj ET Q q 0 0 0 rg BT 87.68 85.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 131.28 85.25 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (Property ) Tj ET Q q 0 0 0 rg BT 88.04 65.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 129.41 65.25 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.12 65.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.87 65.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.48 65.25 Td ($26.2 ) Tj ET Q q 0 0 0 rg BT 236.58 65.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.48 65.25 Td (, ) Tj ET Q q 0 0 0 rg BT 271.58 65.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 312.40 65.25 Td (as ) Tj ET Q q 0 0 0 rg BT 324.34 65.25 Td (a ) Tj ET Q q 0 0 0 rg BT 332.38 65.25 Td (result ) Tj ET Q q 0 0 0 rg BT 358.20 65.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.14 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.96 65.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 433.45 65.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.39 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.21 65.25 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 491.21 65.25 Td ( ) Tj ET Q q 0 0 0 rg BT 494.81 65.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 538.41 65.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 65.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.25 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 91.95 53.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 129.44 53.25 Td (in ) Tj ET Q q 0 0 0 rg BT 139.72 53.25 Td (June ) Tj ET Q q 0 0 0 rg BT 160.55 53.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 183.05 53.25 Td (and ) Tj ET Q q 0 0 0 rg BT 199.99 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.71 53.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 257.75 53.25 Td (60% ) Tj ET Q q 0 0 0 rg BT 278.58 53.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 310.51 53.25 Td (in ) Tj ET Q q 0 0 0 rg BT 320.79 53.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.33 53.25 Td (W) Tj ET Q q 0 0 0 rg BT 344.37 53.25 Td (interfell ) Tj ET Q q 0 0 0 rg BT 378.52 53.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 416.01 53.25 Td (in ) Tj ET Q q 0 0 0 rg BT 426.29 53.25 Td (March ) Tj ET Q q 0 0 0 rg BT 454.89 53.25 Td (2016.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 742.10 Td (est ) Tj ET Q q 0 0 0 rg BT 82.68 742.10 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 82.58 722.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.39 722.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.14 722.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.74 722.10 Td ($9.6 ) Tj ET Q q 0 0 0 rg BT 177.84 722.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.73 722.10 Td (, ) Tj ET Q q 0 0 0 rg BT 211.83 722.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 251.64 722.10 Td (as ) Tj ET Q q 0 0 0 rg BT 262.57 722.10 Td (a ) Tj ET Q q 0 0 0 rg BT 269.61 722.10 Td (result ) Tj ET Q q 0 0 0 rg BT 294.43 722.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.36 722.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.17 722.10 Td (new ) Tj ET Q q 0 0 0 rg BT 339.43 722.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 379.79 722.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 403.50 722.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 437.19 722.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 469.22 722.10 Td (into ) Tj ET Q q 0 0 0 rg BT 487.37 722.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.75 722.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.22 722.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.23 710.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 110.12 710.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.46 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.69 710.10 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 176.15 710.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 213.16 710.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.95 710.10 Td (June ) Tj ET Q q 0 0 0 rg BT 243.29 710.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 265.30 710.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.75 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.98 710.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 335.76 710.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 358.88 710.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 391.98 710.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 428.43 710.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.22 710.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 484.11 710.10 Td (with ) Tj ET Q q 0 0 0 rg BT 503.90 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 710.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 698.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.37 698.10 Td (W) Tj ET Q q 0 0 0 rg BT 84.40 698.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 118.55 698.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 156.05 698.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.33 698.10 Td (March ) Tj ET Q q 0 0 0 rg BT 194.93 698.10 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.01 678.10 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 100.29 678.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 658.10 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 99.38 658.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 121.92 658.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 161.67 658.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 200.84 658.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 252.26 658.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 270.89 658.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 314.52 658.10 Td (with ) Tj ET Q q 0 0 0 rg BT 334.83 658.10 Td (new ) Tj ET Q q 0 0 0 rg BT 354.02 658.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 406.83 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.18 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 414.94 658.10 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 458.57 658.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 481.10 658.10 Td (for ) Tj ET Q q 0 0 0 rg BT 495.30 658.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.05 658.10 Td (three ) Tj ET Q q 0 0 0 rg BT 532.57 658.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.78 646.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 111.01 646.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.01 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 646.10 Td (are ) Tj ET Q q 0 0 0 rg BT 147.01 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.35 646.10 Td (result ) Tj ET Q q 0 0 0 rg BT 177.47 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.70 646.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 238.47 646.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 256.47 646.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 291.68 646.10 Td (related ) Tj ET Q q 0 0 0 rg BT 320.79 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.46 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.58 646.10 Td (finalization ) Tj ET Q q 0 0 0 rg BT 392.02 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.25 646.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 431.35 646.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 468.78 646.10 Td (price ) Tj ET Q q 0 0 0 rg BT 490.67 646.10 Td (allocations ) Tj ET Q q 0 0 0 rg BT 535.89 646.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.48 634.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 92.25 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 97.01 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.11 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 104.87 634.10 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 148.23 634.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 170.50 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.42 634.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.90 634.10 Td (three ) Tj ET Q q 0 0 0 rg BT 221.15 634.10 Td (months ) Tj ET Q q 0 0 0 rg BT 252.87 634.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 279.01 634.10 Td (June ) Tj ET Q q 0 0 0 rg BT 299.61 634.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 314.37 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.37 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.64 634.10 Td (are ) Tj ET Q q 0 0 0 rg BT 351.11 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.81 634.10 Td (result ) Tj ET Q q 0 0 0 rg BT 382.30 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.89 634.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 415.16 634.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 458.52 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 478.56 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.04 634.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 539.19 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 634.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 91.95 622.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 129.44 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.72 622.10 Td (June ) Tj ET Q q 0 0 0 rg BT 160.55 622.10 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.61 602.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 128.32 602.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.82 602.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 171.65 602.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 193.02 602.10 Td (- ) Tj ET Q q 0 0 0 rg BT 198.85 602.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 231.89 602.10 Td (Party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.80 582.10 Td (management ) Tj ET Q q 0 0 0 rg BT 128.47 582.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.49 582.10 Td (other ) Tj ET Q q 0 0 0 rg BT 168.62 582.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 187.30 582.10 Td (- ) Tj ET Q q 0 0 0 rg BT 193.21 582.10 Td (related ) Tj ET Q q 0 0 0 rg BT 222.99 582.10 Td (party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.12 582.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.53 582.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.11 582.10 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 308.19 582.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.08 582.10 Td (, ) Tj ET Q q 0 0 0 rg BT 342.17 582.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 381.96 582.10 Td (as ) Tj ET Q q 0 0 0 rg BT 392.87 582.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.89 582.10 Td (result ) Tj ET Q q 0 0 0 rg BT 424.69 582.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.60 582.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.39 582.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 496.86 582.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.77 582.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.56 582.10 Td (Fountains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 87.35 570.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.48 570.10 Td (June ) Tj ET Q q 0 0 0 rg BT 118.16 570.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 140.52 570.10 Td (with ) Tj ET Q q 0 0 0 rg BT 160.65 570.10 Td (no ) Tj ET Q q 0 0 0 rg BT 173.00 570.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 222.00 570.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 254.34 570.10 Td (during ) Tj ET Q q 0 0 0 rg BT 282.80 570.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.37 570.10 Td (three ) Tj ET Q q 0 0 0 rg BT 319.71 570.10 Td (months ) Tj ET Q q 0 0 0 rg BT 351.51 570.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.39 570.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.74 570.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 413.43 570.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.43 570.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.28 570.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.46 570.10 Td (This ) Tj ET Q q 0 0 0 rg BT 460.60 570.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 497.36 570.10 Td (was ) Tj ET Q q 0 0 0 rg BT 515.27 570.10 Td (of) Tj ET Q q 0 0 0 rg BT 523.42 570.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 540.21 570.10 Td (by ) Tj ET Q q 0 0 0 rg BT 552.56 570.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 85.25 558.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.53 558.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 117.47 558.10 Td (management ) Tj ET Q q 0 0 0 rg BT 171.06 558.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 189.66 558.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.49 558.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.43 558.10 Td (result ) Tj ET Q q 0 0 0 rg BT 232.14 558.10 Td (from ) Tj ET Q q 0 0 0 rg BT 254.08 558.10 Td (an ) Tj ET Q q 0 0 0 rg BT 266.02 558.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 301.27 558.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.55 558.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.38 558.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 363.21 558.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 389.04 558.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 435.98 558.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.25 558.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 482.08 558.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.08 558.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (General ) Tj ET Q q 0 0 0 rg BT 85.27 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.59 538.10 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 163.97 538.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (General ) Tj ET Q q 0 0 0 rg BT 84.13 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.05 518.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 160.74 518.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 199.33 518.10 Td (are ) Tj ET Q q 0 0 0 rg BT 214.02 518.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 249.82 518.10 Td (at ) Tj ET Q q 0 0 0 rg BT 259.52 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.22 518.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 314.46 518.10 Td (level ) Tj ET Q q 0 0 0 rg BT 336.38 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.30 518.10 Td (include ) Tj ET Q q 0 0 0 rg BT 385.22 518.10 Td (auditing ) Tj ET Q q 0 0 0 rg BT 420.48 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.40 518.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 488.76 518.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 509.84 518.10 Td (director ) Tj ET Q q 0 0 0 rg BT 543.42 518.10 Td (fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 506.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 101.98 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.59 506.10 Td (other ) Tj ET Q q 0 0 0 rg BT 141.32 506.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 163.49 506.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 206.76 506.10 Td (with ) Tj ET Q q 0 0 0 rg BT 226.72 506.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 266.66 506.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.17 506.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 320.73 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.91 506.10 Td (General ) Tj ET Q q 0 0 0 rg BT 356.73 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.35 506.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 432.73 506.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.01 506.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.76 506.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.94 506.10 Td ($4.5 ) Tj ET Q q 0 0 0 rg BT 530.61 506.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 506.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.71 494.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.54 494.10 Td (a ) Tj ET Q q 0 0 0 rg BT 107.48 494.10 Td (result ) Tj ET Q q 0 0 0 rg BT 132.20 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.03 494.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 183.28 494.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.54 494.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 246.04 494.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 283.54 494.10 Td (from ) Tj ET Q q 0 0 0 rg BT 305.48 494.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 345.73 494.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 392.11 494.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 424.60 494.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 471.54 494.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.82 494.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 517.65 494.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 494.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 70.18 474.10 Td (eciation ) Tj ET Q q 0 0 0 rg BT 104.89 474.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.21 474.10 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 104.28 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.37 454.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 174.55 454.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.40 454.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.15 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.79 454.10 Td ($8.7 ) Tj ET Q q 0 0 0 rg BT 269.94 454.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.83 454.10 Td (, ) Tj ET Q q 0 0 0 rg BT 303.97 454.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 343.83 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 354.80 454.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.88 454.10 Td (result ) Tj ET Q q 0 0 0 rg BT 386.74 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.71 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.57 454.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 459.10 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.07 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.93 454.10 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 527.02 454.10 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 442.10 Td (June ) Tj ET Q q 0 0 0 rg BT 81.11 442.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 103.61 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.55 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.26 442.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 178.31 442.10 Td (60% ) Tj ET Q q 0 0 0 rg BT 199.14 442.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 231.07 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.35 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.88 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 264.92 442.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 299.07 442.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 336.57 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.85 442.10 Td (March ) Tj ET Q q 0 0 0 rg BT 375.44 442.10 Td (2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 76.39 422.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 110.00 422.10 Td (\(Loss\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 86.93 402.10 Td (Gain ) Tj ET Q q 0 0 0 rg BT 109.43 402.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 136.94 402.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.44 402.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 199.15 402.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.65 402.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 87.30 382.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 106.84 382.10 Td (on ) Tj ET Q q 0 0 0 rg BT 119.17 382.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 169.26 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.03 382.10 Td (other ) Tj ET Q q 0 0 0 rg BT 208.90 382.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.55 382.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 239.37 382.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.26 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.59 382.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.57 382.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.11 382.10 Td (three ) Tj ET Q q 0 0 0 rg BT 321.42 382.10 Td (months ) Tj ET Q q 0 0 0 rg BT 353.19 382.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.07 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.39 382.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 415.04 382.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.04 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.37 382.10 Td (was ) Tj ET Q q 0 0 0 rg BT 455.24 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.00 382.10 Td (result ) Tj ET Q q 0 0 0 rg BT 486.54 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.20 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 503.96 382.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 523.50 382.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.82 382.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 553.69 382.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (one ) Tj ET Q q 0 0 0 rg BT 66.94 370.10 Td (Remainder ) Tj ET Q q 0 0 0 rg BT 113.31 370.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 145.80 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.07 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.61 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.25 370.10 Td (atermark ) Tj ET Q q 0 0 0 rg BT 217.28 370.10 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 259.23 370.10 Td (portfolio.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.73 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.57 350.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 131.42 350.10 Td (\(Losses\) ) Tj ET Q q 0 0 0 rg BT 167.80 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.63 350.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 245.58 350.10 Td (V) Tj ET Q q 0 0 0 rg BT 251.14 350.10 Td (entures ) Tj ET Q q 0 0 0 rg BT 284.20 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.27 350.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 335.87 350.10 Td (T) Tj ET Q q 0 0 0 rg BT 341.06 350.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 353.56 350.10 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 386.06 350.10 Td (\(Expense\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.60 330.10 Td (in ) Tj ET Q q 0 0 0 rg BT 88.88 330.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 128.05 330.10 Td (\(Losses\) ) Tj ET Q q 0 0 0 rg BT 163.89 330.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.17 330.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 239.99 330.10 Td (V) Tj ET Q q 0 0 0 rg BT 244.99 330.10 Td (entur) Tj ET Q q 0 0 0 rg BT 265.73 330.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.70 310.10 Td (in ) Tj ET Q q 0 0 0 rg BT 88.52 310.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 114.45 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.82 310.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 187.40 310.10 Td (ventures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.32 310.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.07 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.11 310.10 Td ($12.1 ) Tj ET Q q 0 0 0 rg BT 287.65 310.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.54 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.58 310.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 357.83 310.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.20 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.67 310.10 Td (result ) Tj ET Q q 0 0 0 rg BT 398.93 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.30 310.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 460.75 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.23 310.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 529.81 310.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (from ) Tj ET Q q 0 0 0 rg BT 70.96 298.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 115.81 298.10 Td (real ) Tj ET Q q 0 0 0 rg BT 132.32 298.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 156.61 298.10 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 197.02 298.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 232.96 298.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 278.93 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.23 298.10 Td (June ) Tj ET Q q 0 0 0 rg BT 308.08 298.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 322.10 298.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 346.13 298.10 Td (via ) Tj ET Q q 0 0 0 rg BT 359.87 298.10 Td (two ) Tj ET Q q 0 0 0 rg BT 376.39 298.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 410.67 298.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 430.53 298.10 Td (ventures. ) Tj ET Q q 0 0 0 rg BT 468.43 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.95 298.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 512.58 298.10 Td (depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.19 286.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 120.49 286.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.57 286.10 Td ($22.9 ) Tj ET Q q 0 0 0 rg BT 156.83 286.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.72 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.47 286.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.89 286.10 Td (all ) Tj ET Q q 0 0 0 rg BT 215.64 286.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 278.94 286.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 318.07 286.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 345.82 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.35 286.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 392.99 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.07 286.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 467.37 286.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 504.00 286.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.51 286.10 Td ($3.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.35 274.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 121.03 274.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.82 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.73 274.10 Td (result ) Tj ET Q q 0 0 0 rg BT 163.41 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.20 274.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 214.43 274.10 Td (income ) Tj ET Q q 0 0 0 rg BT 246.32 274.10 Td (from ) Tj ET Q q 0 0 0 rg BT 268.23 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.91 274.10 Td (two ) Tj ET Q q 0 0 0 rg BT 300.37 274.10 Td (post-June ) Tj ET Q q 0 0 0 rg BT 341.16 274.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 356.13 274.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 378.59 274.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 399.39 274.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 438.23 274.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 495.67 274.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 542.00 274.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 85.66 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.79 262.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 118.14 262.10 Td (with ) Tj ET Q q 0 0 0 rg BT 138.26 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.83 262.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 199.06 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.73 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.52 262.10 Td (40% ) Tj ET Q q 0 0 0 rg BT 237.20 262.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 268.98 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.11 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.50 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 302.54 262.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 336.54 262.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 376.38 262.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 412.05 262.10 Td (of) Tj ET Q q 0 0 0 rg BT 420.20 262.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 436.98 262.10 Td (by ) Tj ET Q q 0 0 0 rg BT 449.33 262.10 Td (an ) Tj ET Q q 0 0 0 rg BT 461.12 262.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 505.10 262.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 523.01 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.14 262.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 87.48 250.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 127.73 250.10 Td (at ) Tj ET Q q 0 0 0 rg BT 137.45 250.10 Td (one ) Tj ET Q q 0 0 0 rg BT 154.38 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.21 250.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.04 250.10 Td (portfolios.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 81.93 230.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.57 230.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 98.51 230.10 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 129.33 230.10 Td (\(Expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.40 210.10 Td (income ) Tj ET Q q 0 0 0 rg BT 100.69 210.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.77 210.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 150.83 210.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.35 210.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.42 210.10 Td (three ) Tj ET Q q 0 0 0 rg BT 203.26 210.10 Td (months ) Tj ET Q q 0 0 0 rg BT 235.57 210.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.44 210.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.30 210.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 298.49 210.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.49 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.34 210.10 Td (was ) Tj ET Q q 0 0 0 rg BT 339.75 210.10 Td (less ) Tj ET Q q 0 0 0 rg BT 357.61 210.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.68 210.10 Td ($0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.18 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.04 210.10 Td (million ) Tj ET Q q 0 0 0 rg BT 429.79 210.10 Td (related ) Tj ET Q q 0 0 0 rg BT 459.84 210.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.48 210.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.67 210.10 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 516.67 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.52 210.10 Td (properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.65 198.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 108.28 198.10 Td (through ) Tj ET Q q 0 0 0 rg BT 141.43 198.10 Td (TRS. ) Tj ET Q q 0 0 0 rg BT 164.48 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.53 198.10 Td (The ) Tj ET Q q 0 0 0 rg BT 184.28 198.10 Td (income ) Tj ET Q q 0 0 0 rg BT 215.92 198.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 230.34 198.10 Td (net ) Tj ET Q q 0 0 0 rg BT 244.77 198.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 274.74 198.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.61 198.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.03 198.10 Td (three ) Tj ET Q q 0 0 0 rg BT 325.22 198.10 Td (months ) Tj ET Q q 0 0 0 rg BT 356.88 198.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.75 198.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.96 198.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 418.50 198.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.50 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.71 198.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.46 198.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 478.17 198.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.06 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.27 198.10 Td (related ) Tj ET Q q 0 0 0 rg BT 538.68 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.67 198.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 80.00 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.50 186.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 127.49 186.10 Td (which ) Tj ET Q q 0 0 0 rg BT 154.42 186.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 186.35 186.10 Td (through ) Tj ET Q q 0 0 0 rg BT 219.78 186.10 Td (TRS.) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Comparison of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.94 742.25 Td (Six Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.86 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.36 742.25 Td (June30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.42 742.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.75 742.25 Td (June30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.81 742.25 Td ( \(dollars in thousands\):) Tj ET Q 0.8 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d 0 J 0 j 3 M 261.5 710.75 m 324.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 697.75 m 324.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 710.75 m 328.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 710.75 m 391.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 697.75 m 391.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 710.75 m 449.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 697.75 m 449.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 710.75 m 500.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 697.75 m 500.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 632.75 m 324.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 619.75 m 324.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 632.75 m 391.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 619.75 m 391.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 632.75 m 449.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 619.75 m 449.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 632.75 m 500.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 619.75 m 500.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 515.75 m 324.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 502.75 m 324.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 515.75 m 391.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 502.75 m 391.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 515.75 m 449.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 502.75 m 449.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 515.75 m 500.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 502.75 m 500.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 451.75 m 324.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 451.75 m 391.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 451.75 m 449.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 451.75 m 500.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 390.75 m 324.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 390.75 m 391.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 390.75 m 500.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 390.75 m 324.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 378.75 m 324.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 376.75 m 324.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 378.75 m 391.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 376.75 m 391.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 390.75 m 449.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 378.75 m 449.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 376.75 m 449.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 378.75 m 500.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 376.75 m 500.5 376.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.20 714.98 Td (Six Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.20 714.98 Td (Increase \(Decrease\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.50 701.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.50 701.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.95 701.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.50 701.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 688.98 Td (Revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 676.00 Td (Resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 676.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 676.00 Td (50,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.00 676.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 676.00 Td (15,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.00 676.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 676.00 Td (34,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 676.00 Td (214.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 676.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 663.00 Td (Rental income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 663.00 Td (56,021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 663.00 Td (9,647) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 663.00 Td (46,374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 663.00 Td (480.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 663.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 650.00 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 650.00 Td (10,040) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 650.00 Td (7,208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 650.00 Td (2,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.65 650.00 Td (39.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 650.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 637.00 Td (Other revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.30 637.00 Td (469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 637.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.30 637.00 Td (469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 637.00 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 624.00 Td (Total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.30 624.00 Td (116,815) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 624.00 Td (32,835) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 624.00 Td (83,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 624.00 Td (255.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 624.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 597.98 Td (Expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 585.00 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 585.00 Td (58,379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 585.00 Td (11,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 585.00 Td (46,893) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 585.00 Td (408.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 585.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 572.00 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 572.00 Td (21,527) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 572.00 Td (5,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 572.00 Td (16,449) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 572.00 Td (323.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 572.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 559.00 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 559.00 Td (1,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 559.00 Td (4,542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 559.00 Td (\(3,011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 559.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.95 559.00 Td (\(66.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.65 559.00 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 546.00 Td (Asset management and other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 546.00 Td (28,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 546.00 Td (20,543) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 546.00 Td (7,537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.65 546.00 Td (36.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 546.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 533.00 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 533.00 Td (16,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 533.00 Td (7,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 533.00 Td (9,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 533.00 Td (133.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 533.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 520.00 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.30 520.00 Td (25,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 520.00 Td (6,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 520.00 Td (18,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 520.00 Td (295.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 520.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 507.00 Td (Total expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.30 507.00 Td (151,327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 507.00 Td (55,132) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 507.00 Td (96,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 507.00 Td (174.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 507.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 493.98 Td (Other income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 475.00 Td (Realized gain \(loss\) on investments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.30 475.00 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 475.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.30 475.00 Td (411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 475.00 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 462.70 Td (Gain \(loss\) on consolidation of unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 454.70 Td (venture) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 456.00 Td (6,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 456.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 456.00 Td (6,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.65 456.00 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 442.98 Td (Income \(loss\) before equity in earnings \(losses\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 434.98 Td (of unconsolidated ventures and income tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 426.98 Td (benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.60 427.00 Td (\(27,693) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 427.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.60 427.00 Td (\(22,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.30 427.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 427.00 Td (\(5,396) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 427.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.65 427.00 Td (24.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 427.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 414.70 Td (Equity in earnings \(losses\) of unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 406.70 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.60 408.00 Td (\(31,469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 408.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.60 408.00 Td (\(8,941) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.30 408.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 408.00 Td (\(22,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 408.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 408.00 Td (252.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 408.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 395.00 Td (Income tax benefit \(expense\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 395.00 Td (\(7,124) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 395.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.30 395.00 Td (553) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 395.00 Td (\(7,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 395.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.95 395.00 Td (\(1,388.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.65 395.00 Td (\)%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 381.98 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 382.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.60 382.00 Td (\(66,286) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 382.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.00 382.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.60 382.00 Td (\(30,685) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.30 382.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.00 382.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 382.00 Td (\(35,601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 382.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.65 382.00 Td (116.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 382.00 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (Resident ) Tj ET Q q 0 0 0 rg BT 86.93 338.25 Td (Fee ) Tj ET Q q 0 0 0 rg BT 104.42 338.25 Td (Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (Resident ) Tj ET Q q 0 0 0 rg BT 86.95 318.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 101.11 318.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 318.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.25 318.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.20 318.25 Td ($34.3 ) Tj ET Q q 0 0 0 rg BT 196.66 318.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.55 318.25 Td (, ) Tj ET Q q 0 0 0 rg BT 230.00 318.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.17 318.25 Td (as ) Tj ET Q q 0 0 0 rg BT 279.45 318.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.84 318.25 Td (result ) Tj ET Q q 0 0 0 rg BT 310.01 318.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.29 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.46 318.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 380.30 318.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.58 318.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.75 318.25 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 446.15 318.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 483.10 318.25 Td (in ) Tj ET Q q 0 0 0 rg BT 492.83 318.25 Td (June ) Tj ET Q q 0 0 0 rg BT 513.12 318.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 537.57 318.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (included ) Tj ET Q q 0 0 0 rg BT 86.53 306.25 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 116.53 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 118.62 306.25 Td (properties, ) Tj ET Q q 0 0 0 rg BT 163.20 306.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.73 306.25 Td (an ) Tj ET Q q 0 0 0 rg BT 191.26 306.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 226.11 306.25 Td (in ) Tj ET Q q 0 0 0 rg BT 235.98 306.25 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 280.83 306.25 Td (for ) Tj ET Q q 0 0 0 rg BT 294.59 306.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.90 306.25 Td (six ) Tj ET Q q 0 0 0 rg BT 322.66 306.25 Td (months ) Tj ET Q q 0 0 0 rg BT 354.20 306.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.08 306.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.17 306.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 415.60 306.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.60 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 437.69 306.25 Td (as ) Tj ET Q q 0 0 0 rg BT 448.11 306.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 489.63 306.25 Td (to ) Tj ET Q q 0 0 0 rg BT 499.50 306.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.81 306.25 Td (same ) Tj ET Q q 0 0 0 rg BT 536.46 306.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 294.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 82.78 294.25 Td (for ) Tj ET Q q 0 0 0 rg BT 96.94 294.25 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 126.94 294.25 Td ( ) Tj ET Q q 0 0 0 rg BT 129.44 294.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 171.92 294.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 201.08 294.25 Td (during ) Tj ET Q q 0 0 0 rg BT 229.69 294.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.41 294.25 Td (entirety ) Tj ET Q q 0 0 0 rg BT 277.45 294.25 Td (of ) Tj ET Q q 0 0 0 rg BT 288.28 294.25 Td (both ) Tj ET Q q 0 0 0 rg BT 308.56 294.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 340.50 294.25 Td (presented.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Rental ) Tj ET Q q 0 0 0 rg BT 78.60 274.25 Td (Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (Rental ) Tj ET Q q 0 0 0 rg BT 78.81 254.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.94 254.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.70 254.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.40 254.25 Td ($46.4 ) Tj ET Q q 0 0 0 rg BT 176.60 254.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.49 254.25 Td (, ) Tj ET Q q 0 0 0 rg BT 210.70 254.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 250.61 254.25 Td (as ) Tj ET Q q 0 0 0 rg BT 261.64 254.25 Td (a ) Tj ET Q q 0 0 0 rg BT 268.78 254.25 Td (result ) Tj ET Q q 0 0 0 rg BT 293.70 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.74 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.66 254.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 366.24 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.27 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.19 254.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 435.44 254.25 Td (60.0% ) Tj ET Q q 0 0 0 rg BT 463.97 254.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 496.11 254.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.59 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.31 254.25 Td (W) Tj ET Q q 0 0 0 rg BT 530.35 254.25 Td (interfell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 86.82 242.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.42 242.25 Td (March ) Tj ET Q q 0 0 0 rg BT 124.34 242.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 148.66 242.25 Td (which ) Tj ET Q q 0 0 0 rg BT 174.92 242.25 Td (is ) Tj ET Q q 0 0 0 rg BT 183.41 242.25 Td (now ) Tj ET Q q 0 0 0 rg BT 202.45 242.25 Td (100% ) Tj ET Q q 0 0 0 rg BT 227.60 242.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 256.08 242.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.34 242.25 Td (consolidated, ) Tj ET Q q 0 0 0 rg BT 327.21 242.25 Td (as ) Tj ET Q q 0 0 0 rg BT 337.36 242.25 Td (well ) Tj ET Q q 0 0 0 rg BT 356.40 242.25 Td (as ) Tj ET Q q 0 0 0 rg BT 366.55 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 380.59 242.25 Td (net ) Tj ET Q q 0 0 0 rg BT 394.62 242.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 416.43 242.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 458.24 242.25 Td (included ) Tj ET Q q 0 0 0 rg BT 494.49 242.25 Td (in ) Tj ET Q q 0 0 0 rg BT 504.09 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 242.25 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 230.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 230.25 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 117.50 230.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 154.99 230.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.27 230.25 Td (June ) Tj ET Q q 0 0 0 rg BT 186.10 230.25 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 210.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 210.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.68 210.25 Td (Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 82.39 190.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.24 190.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.99 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.40 190.25 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 174.31 190.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.20 190.25 Td (, ) Tj ET Q q 0 0 0 rg BT 208.11 190.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 247.73 190.25 Td (as ) Tj ET Q q 0 0 0 rg BT 258.47 190.25 Td (a ) Tj ET Q q 0 0 0 rg BT 265.31 190.25 Td (result ) Tj ET Q q 0 0 0 rg BT 289.94 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.68 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.30 190.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 361.59 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.33 190.25 Td (one ) Tj ET Q q 0 0 0 rg BT 389.18 190.25 Td (new ) Tj ET Q q 0 0 0 rg BT 408.25 190.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 427.88 190.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 476.67 190.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 512.39 190.25 Td (of) Tj ET Q q 0 0 0 rg BT 520.54 190.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 537.39 190.25 Td (by ) Tj ET Q q 0 0 0 rg BT 549.80 190.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (repayment ) Tj ET Q q 0 0 0 rg BT 94.70 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.53 178.25 Td (two ) Tj ET Q q 0 0 0 rg BT 123.03 178.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 142.75 178.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.02 178.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.30 178.25 Td (2015. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.83 158.25 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.61 138.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 110.10 138.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.27 138.25 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 141.61 138.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.50 138.25 Td ( ) Tj ET Q q 0 0 0 rg BT 173.34 138.25 Td (for ) Tj ET Q q 0 0 0 rg BT 187.85 138.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.91 138.25 Td (six ) Tj ET Q q 0 0 0 rg BT 217.42 138.25 Td (months ) Tj ET Q q 0 0 0 rg BT 249.71 138.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.58 138.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.43 138.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 312.60 138.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.60 138.25 Td ( ) Tj ET Q q 0 0 0 rg BT 335.44 138.25 Td (was ) Tj ET Q q 0 0 0 rg BT 353.83 138.25 Td (a ) Tj ET Q q 0 0 0 rg BT 361.11 138.25 Td (result ) Tj ET Q q 0 0 0 rg BT 386.17 138.25 Td (of ) Tj ET Q q 0 0 0 rg BT 397.34 138.25 Td (community ) Tj ET Q q 0 0 0 rg BT 445.74 138.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 464.68 138.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.96 138.25 Td (other ) Tj ET Q q 0 0 0 rg BT 505.35 138.25 Td (miscellaneous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.60 126.25 Td (from ) Tj ET Q q 0 0 0 rg BT 90.54 126.25 Td (our ) Tj ET Q q 0 0 0 rg BT 106.37 126.25 Td (real ) Tj ET Q q 0 0 0 rg BT 123.85 126.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 149.12 126.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 176.61 126.25 Td (segment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.63 86.25 Td (operty ) Tj ET Q q 0 0 0 rg BT 87.68 86.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 131.28 86.25 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.25 Td (Property ) Tj ET Q q 0 0 0 rg BT 88.04 66.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 129.41 66.25 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.12 66.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.87 66.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.48 66.25 Td ($46.9 ) Tj ET Q q 0 0 0 rg BT 236.58 66.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.48 66.25 Td (, ) Tj ET Q q 0 0 0 rg BT 271.58 66.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 312.40 66.25 Td (as ) Tj ET Q q 0 0 0 rg BT 324.34 66.25 Td (a ) Tj ET Q q 0 0 0 rg BT 332.38 66.25 Td (result ) Tj ET Q q 0 0 0 rg BT 358.20 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.14 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.96 66.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 433.45 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.39 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.21 66.25 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 491.21 66.25 Td ( ) Tj ET Q q 0 0 0 rg BT 494.81 66.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 538.41 66.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 66.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.25 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 91.95 54.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 129.44 54.25 Td (in ) Tj ET Q q 0 0 0 rg BT 139.72 54.25 Td (June ) Tj ET Q q 0 0 0 rg BT 160.55 54.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 183.05 54.25 Td (and ) Tj ET Q q 0 0 0 rg BT 199.99 54.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.71 54.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 257.75 54.25 Td (60% ) Tj ET Q q 0 0 0 rg BT 278.58 54.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 310.51 54.25 Td (in ) Tj ET Q q 0 0 0 rg BT 320.79 54.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.33 54.25 Td (W) Tj ET Q q 0 0 0 rg BT 344.37 54.25 Td (interfell ) Tj ET Q q 0 0 0 rg BT 378.52 54.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 416.01 54.25 Td (in ) Tj ET Q q 0 0 0 rg BT 426.29 54.25 Td (March ) Tj ET Q q 0 0 0 rg BT 454.89 54.25 Td (2016.) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 742.10 Td (est ) Tj ET Q q 0 0 0 rg BT 82.68 742.10 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 82.32 722.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.87 722.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.62 722.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.96 722.10 Td ($16.4 ) Tj ET Q q 0 0 0 rg BT 181.79 722.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.68 722.10 Td (, ) Tj ET Q q 0 0 0 rg BT 215.52 722.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 255.07 722.10 Td (as ) Tj ET Q q 0 0 0 rg BT 265.73 722.10 Td (a ) Tj ET Q q 0 0 0 rg BT 272.51 722.10 Td (result ) Tj ET Q q 0 0 0 rg BT 297.06 722.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.73 722.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.28 722.10 Td (new ) Tj ET Q q 0 0 0 rg BT 341.28 722.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 381.38 722.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 404.82 722.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 438.25 722.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 470.01 722.10 Td (into ) Tj ET Q q 0 0 0 rg BT 487.91 722.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.02 722.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.23 722.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.23 710.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 110.12 710.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.46 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.69 710.10 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 176.15 710.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 213.16 710.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.95 710.10 Td (June ) Tj ET Q q 0 0 0 rg BT 243.29 710.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 265.30 710.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.75 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.98 710.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 335.76 710.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 358.88 710.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 391.98 710.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 428.43 710.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.22 710.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 484.11 710.10 Td (with ) Tj ET Q q 0 0 0 rg BT 503.90 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 710.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 698.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.37 698.10 Td (W) Tj ET Q q 0 0 0 rg BT 84.40 698.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 118.55 698.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 156.05 698.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.33 698.10 Td (March ) Tj ET Q q 0 0 0 rg BT 194.93 698.10 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.01 678.10 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 100.29 678.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 658.10 Td (ransaction costs primarily represent professional fees associated with new investments. ) Tj ET Q q 0 0 0 rg BT 408.81 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 414.57 658.10 Td (ransaction costs for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.54 658.10 Td (six months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 646.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 646.10 Td ( are primarily a result of the acquisition of the remaining 60% interest in the ) Tj ET Q q 0 0 0 rg BT 438.88 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 447.92 646.10 Td (interfell portfolio in March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (2016 and professional fees incurred related to the finalization of certain purchase price allocations related to 2015 investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (activities during the current quarter) Tj ET Q q 0 0 0 rg BT 190.50 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.82 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.58 622.10 Td (ransaction costs for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.55 622.10 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.54 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.04 622.10 Td (June30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.88 622.10 Td ( are a result of costs associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (with the acquisition of the Fountains portfolio in June 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.61 590.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 128.32 590.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.82 590.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 171.65 590.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 193.02 590.10 Td (- ) Tj ET Q q 0 0 0 rg BT 198.85 590.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 231.89 590.10 Td (Party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.57 570.10 Td (management ) Tj ET Q q 0 0 0 rg BT 128.02 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.81 570.10 Td (other ) Tj ET Q q 0 0 0 rg BT 167.71 570.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 186.16 570.10 Td (- ) Tj ET Q q 0 0 0 rg BT 191.84 570.10 Td (related ) Tj ET Q q 0 0 0 rg BT 221.39 570.10 Td (party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.29 570.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.05 570.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.40 570.10 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 304.25 570.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.14 570.10 Td (, ) Tj ET Q q 0 0 0 rg BT 338.00 570.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 377.56 570.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.24 570.10 Td (a ) Tj ET Q q 0 0 0 rg BT 395.04 570.10 Td (result ) Tj ET Q q 0 0 0 rg BT 419.60 570.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.29 570.10 Td (an ) Tj ET Q q 0 0 0 rg BT 442.08 570.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 477.18 570.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.32 570.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.00 570.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 538.68 570.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 96.86 558.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.07 558.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 142.82 558.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.82 558.10 Td (, ) Tj ET Q q 0 0 0 rg BT 167.75 558.10 Td (of) Tj ET Q q 0 0 0 rg BT 175.90 558.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 192.76 558.10 Td (by ) Tj ET Q q 0 0 0 rg BT 205.19 558.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.05 558.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 248.89 558.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.10 558.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 305.41 558.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 323.93 558.10 Td (related ) Tj ET Q q 0 0 0 rg BT 353.56 558.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.76 558.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.63 558.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 395.82 558.10 Td (level ) Tj ET Q q 0 0 0 rg BT 417.68 558.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.44 558.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 474.74 558.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 507.16 558.10 Td (during ) Tj ET Q q 0 0 0 rg BT 535.69 558.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.34 558.10 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (months ) Tj ET Q q 0 0 0 rg BT 81.95 546.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 546.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 546.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 144.16 546.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.16 546.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (General ) Tj ET Q q 0 0 0 rg BT 85.27 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.59 526.10 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 163.97 526.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (General ) Tj ET Q q 0 0 0 rg BT 84.13 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.05 506.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 160.74 506.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 199.33 506.10 Td (are ) Tj ET Q q 0 0 0 rg BT 214.02 506.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 249.82 506.10 Td (at ) Tj ET Q q 0 0 0 rg BT 259.52 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.22 506.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 314.46 506.10 Td (level ) Tj ET Q q 0 0 0 rg BT 336.38 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.30 506.10 Td (include ) Tj ET Q q 0 0 0 rg BT 385.22 506.10 Td (auditing ) Tj ET Q q 0 0 0 rg BT 420.48 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.40 506.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 488.76 506.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 509.84 506.10 Td (director ) Tj ET Q q 0 0 0 rg BT 543.42 506.10 Td (fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 494.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 101.98 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.59 494.10 Td (other ) Tj ET Q q 0 0 0 rg BT 141.32 494.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 163.49 494.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 206.76 494.10 Td (with ) Tj ET Q q 0 0 0 rg BT 226.72 494.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 266.66 494.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.17 494.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 320.73 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.91 494.10 Td (General ) Tj ET Q q 0 0 0 rg BT 356.73 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.35 494.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 432.73 494.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.01 494.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.76 494.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.94 494.10 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 530.61 494.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 494.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.71 482.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.54 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 107.48 482.10 Td (result ) Tj ET Q q 0 0 0 rg BT 132.20 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.03 482.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 183.28 482.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.54 482.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 246.04 482.10 Td (from ) Tj ET Q q 0 0 0 rg BT 267.98 482.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 298.24 482.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 344.62 482.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 377.11 482.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 424.05 482.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.33 482.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 470.16 482.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.16 482.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 70.18 462.10 Td (eciation ) Tj ET Q q 0 0 0 rg BT 104.89 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.21 462.10 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 103.99 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.78 442.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 173.66 442.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.22 442.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.97 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.32 442.10 Td ($18.9 ) Tj ET Q q 0 0 0 rg BT 273.17 442.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.06 442.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.91 442.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 346.47 442.10 Td (as ) Tj ET Q q 0 0 0 rg BT 357.15 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 363.94 442.10 Td (result ) Tj ET Q q 0 0 0 rg BT 388.50 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.18 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.75 442.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 459.98 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.65 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.22 442.10 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 527.02 442.10 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 430.10 Td (June ) Tj ET Q q 0 0 0 rg BT 81.11 430.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 103.61 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.55 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.26 430.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 178.31 430.10 Td (60% ) Tj ET Q q 0 0 0 rg BT 199.14 430.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 231.07 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.35 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.88 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 264.92 430.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 299.07 430.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 336.57 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.85 430.10 Td (March ) Tj ET Q q 0 0 0 rg BT 375.44 430.10 Td (2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 76.39 410.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 110.00 410.10 Td (\(Loss\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 86.93 390.10 Td (Gain ) Tj ET Q q 0 0 0 rg BT 109.43 390.10 Td (\(Loss\) ) Tj ET Q q 0 0 0 rg BT 136.94 390.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.44 390.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 199.15 390.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.65 390.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 87.65 370.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 107.54 370.10 Td (on ) Tj ET Q q 0 0 0 rg BT 120.21 370.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 170.65 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.76 370.10 Td (other ) Tj ET Q q 0 0 0 rg BT 210.98 370.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.98 370.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 242.15 370.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.04 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.71 370.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.04 370.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.92 370.10 Td (six ) Tj ET Q q 0 0 0 rg BT 317.26 370.10 Td (months ) Tj ET Q q 0 0 0 rg BT 349.38 370.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.26 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.93 370.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 411.93 370.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.93 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.60 370.10 Td (was ) Tj ET Q q 0 0 0 rg BT 452.82 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.93 370.10 Td (result ) Tj ET Q q 0 0 0 rg BT 484.82 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.82 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.92 370.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 522.81 370.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.48 370.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 553.70 370.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (one ) Tj ET Q q 0 0 0 rg BT 66.94 358.10 Td (Remainder ) Tj ET Q q 0 0 0 rg BT 113.31 358.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 145.80 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.07 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.61 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.25 358.10 Td (atermark ) Tj ET Q q 0 0 0 rg BT 217.28 358.10 Td (Fountains ) Tj ET Q q 0 0 0 rg BT 259.23 358.10 Td (portfolio.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (Gain ) Tj ET Q q 0 0 0 rg BT 72.50 338.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 97.22 338.10 Td (on ) Tj ET Q q 0 0 0 rg BT 109.72 338.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 166.67 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.94 338.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 240.55 338.10 Td (ventur) Tj ET Q q 0 0 0 rg BT 265.72 338.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.51 318.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 86.70 318.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.99 318.10 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 116.46 318.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.35 318.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.32 318.10 Td (was ) Tj ET Q q 0 0 0 rg BT 164.84 318.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 212.34 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.09 318.10 Td (an ) Tj ET Q q 0 0 0 rg BT 233.49 318.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 279.34 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.09 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.27 318.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 338.55 318.10 Td (value ) Tj ET Q q 0 0 0 rg BT 362.17 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.47 318.10 Td (our ) Tj ET Q q 0 0 0 rg BT 387.77 318.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 414.73 318.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 460.58 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.32 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.36 318.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.40 318.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 527.02 318.10 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.83 306.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.77 306.10 Td (result ) Tj ET Q q 0 0 0 rg BT 92.49 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.32 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.03 306.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 164.41 306.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.24 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.96 306.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 233.00 306.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.50 306.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 292.43 306.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.71 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.43 306.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 354.92 306.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.20 306.10 Td (March ) Tj ET Q q 0 0 0 rg BT 393.80 306.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 418.80 306.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.73 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.57 286.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 131.42 286.10 Td (\(Losses\) ) Tj ET Q q 0 0 0 rg BT 167.80 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.63 286.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 245.58 286.10 Td (V) Tj ET Q q 0 0 0 rg BT 251.14 286.10 Td (entures ) Tj ET Q q 0 0 0 rg BT 284.20 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.27 286.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 335.87 286.10 Td (T) Tj ET Q q 0 0 0 rg BT 341.06 286.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 353.56 286.10 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 386.06 286.10 Td (\(Expense\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.60 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 88.88 266.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 128.05 266.10 Td (\(Losses\) ) Tj ET Q q 0 0 0 rg BT 163.89 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.17 266.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 239.99 266.10 Td (V) Tj ET Q q 0 0 0 rg BT 244.99 266.10 Td (entur) Tj ET Q q 0 0 0 rg BT 265.73 266.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.70 246.10 Td (in ) Tj ET Q q 0 0 0 rg BT 88.52 246.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 114.45 246.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.82 246.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 187.40 246.10 Td (ventures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.32 246.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.07 246.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.11 246.10 Td ($22.5 ) Tj ET Q q 0 0 0 rg BT 287.65 246.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.54 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.58 246.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 357.83 246.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.20 246.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.67 246.10 Td (result ) Tj ET Q q 0 0 0 rg BT 398.93 246.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.30 246.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 460.75 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.23 246.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 529.81 246.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (from ) Tj ET Q q 0 0 0 rg BT 70.96 234.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 115.81 234.10 Td (real ) Tj ET Q q 0 0 0 rg BT 132.32 234.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 156.61 234.10 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 197.02 234.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 232.96 234.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 278.93 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.23 234.10 Td (June ) Tj ET Q q 0 0 0 rg BT 308.08 234.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 322.10 234.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 346.13 234.10 Td (via ) Tj ET Q q 0 0 0 rg BT 359.87 234.10 Td (two ) Tj ET Q q 0 0 0 rg BT 376.39 234.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 410.67 234.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 430.53 234.10 Td (ventures. ) Tj ET Q q 0 0 0 rg BT 468.43 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.95 234.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 512.58 234.10 Td (depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.19 222.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 120.49 222.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.57 222.10 Td ($30.7 ) Tj ET Q q 0 0 0 rg BT 156.83 222.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.72 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.47 222.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.89 222.10 Td (all ) Tj ET Q q 0 0 0 rg BT 215.64 222.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 278.94 222.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 318.07 222.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 345.82 222.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.35 222.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 392.99 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.07 222.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 467.37 222.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 504.00 222.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.51 222.10 Td ($8.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.35 210.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 121.03 210.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.82 210.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.73 210.10 Td (result ) Tj ET Q q 0 0 0 rg BT 163.41 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.20 210.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 214.43 210.10 Td (income ) Tj ET Q q 0 0 0 rg BT 246.32 210.10 Td (from ) Tj ET Q q 0 0 0 rg BT 268.23 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.91 210.10 Td (two ) Tj ET Q q 0 0 0 rg BT 300.37 210.10 Td (post-June ) Tj ET Q q 0 0 0 rg BT 341.16 210.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 356.13 210.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 378.59 210.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 399.39 210.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 438.23 210.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 495.67 210.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 542.00 210.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 85.66 198.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.79 198.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 118.14 198.10 Td (with ) Tj ET Q q 0 0 0 rg BT 138.26 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.83 198.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 199.06 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.73 198.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.52 198.10 Td (40% ) Tj ET Q q 0 0 0 rg BT 237.20 198.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 268.98 198.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.11 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.50 198.10 Td (W) Tj ET Q q 0 0 0 rg BT 302.54 198.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 336.54 198.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 376.38 198.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 412.05 198.10 Td (of) Tj ET Q q 0 0 0 rg BT 420.20 198.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 436.98 198.10 Td (by ) Tj ET Q q 0 0 0 rg BT 449.33 198.10 Td (an ) Tj ET Q q 0 0 0 rg BT 461.12 198.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 505.10 198.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 523.01 198.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.14 198.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 87.48 186.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 127.73 186.10 Td (at ) Tj ET Q q 0 0 0 rg BT 137.45 186.10 Td (one ) Tj ET Q q 0 0 0 rg BT 154.38 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.21 186.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.04 186.10 Td (portfolios. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 81.93 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.57 166.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 98.51 166.10 Td (Benefit ) Tj ET Q q 0 0 0 rg BT 129.33 166.10 Td (\(Expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 146.10 Td (income ) Tj ET Q q 0 0 0 rg BT 99.36 146.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 113.77 146.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 148.16 146.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.01 146.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.42 146.10 Td (six ) Tj ET Q q 0 0 0 rg BT 190.28 146.10 Td (months ) Tj ET Q q 0 0 0 rg BT 221.92 146.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.80 146.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.99 146.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 283.51 146.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.51 146.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.70 146.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.44 146.10 Td ($7.1 ) Tj ET Q q 0 0 0 rg BT 343.13 146.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.02 146.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.21 146.10 Td (related ) Tj ET Q q 0 0 0 rg BT 403.60 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.57 146.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.09 146.10 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 459.09 146.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.28 146.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 505.95 146.10 Td (which ) Tj ET Q q 0 0 0 rg BT 532.58 146.10 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.25 134.10 Td (TRS. ) Tj ET Q q 0 0 0 rg BT 106.40 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.71 134.10 Td (In ) Tj ET Q q 0 0 0 rg BT 119.36 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.88 134.10 Td (first ) Tj ET Q q 0 0 0 rg BT 152.30 134.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 182.93 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.57 134.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 218.38 134.10 Td (we ) Tj ET Q q 0 0 0 rg BT 232.35 134.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 269.64 134.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.39 134.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 296.20 134.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.09 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.40 134.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 366.93 134.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 409.77 134.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.41 134.10 Td (we ) Tj ET Q q 0 0 0 rg BT 434.38 134.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 481.67 134.10 Td (we ) Tj ET Q q 0 0 0 rg BT 495.64 134.10 Td (will ) Tj ET Q q 0 0 0 rg BT 513.51 134.10 Td (be ) Tj ET Q q 0 0 0 rg BT 525.26 134.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 554.23 134.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 77.39 122.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.23 122.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 104.13 122.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.02 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.42 122.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 171.13 122.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 185.74 122.10 Td (asset. ) Tj ET Q q 0 0 0 rg BT 210.08 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.95 122.10 Td (As ) Tj ET Q q 0 0 0 rg BT 225.46 122.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.19 122.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 271.92 122.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.92 122.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.82 122.10 Td (there ) Tj ET Q q 0 0 0 rg BT 319.21 122.10 Td (are ) Tj ET Q q 0 0 0 rg BT 333.82 122.10 Td (no ) Tj ET Q q 0 0 0 rg BT 346.22 122.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 380.82 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.00 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.62 122.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 426.89 122.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.73 122.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 502.77 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.95 122.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 547.00 122.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.15 110.10 Td (should ) Tj ET Q q 0 0 0 rg BT 93.31 110.10 Td (release ) Tj ET Q q 0 0 0 rg BT 123.56 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.27 110.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 177.97 110.10 Td (allowance. ) Tj ET Q q 0 0 0 rg BT 225.81 110.10 Td (The ) Tj ET Q q 0 0 0 rg BT 243.85 110.10 Td (income ) Tj ET Q q 0 0 0 rg BT 275.78 110.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 290.49 110.10 Td (net ) Tj ET Q q 0 0 0 rg BT 305.20 110.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 335.45 110.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.60 110.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.31 110.10 Td (six ) Tj ET Q q 0 0 0 rg BT 378.47 110.10 Td (months ) Tj ET Q q 0 0 0 rg BT 410.41 110.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.29 110.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.78 110.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 472.60 110.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.60 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.10 110.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.14 110.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 533.13 110.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.70 98.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.98 98.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.81 98.10 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 135.81 98.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.31 98.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 183.30 98.10 Td (which ) Tj ET Q q 0 0 0 rg BT 210.23 98.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 242.16 98.10 Td (through ) Tj ET Q q 0 0 0 rg BT 275.59 98.10 Td (TRS.) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 742.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 722.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.77 722.25 Td (require ) Tj ET Q q 0 0 0 rg BT 94.79 722.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 123.13 722.25 Td (to ) Tj ET Q q 0 0 0 rg BT 132.61 722.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 152.63 722.25 Td (our ) Tj ET Q q 0 0 0 rg BT 167.66 722.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 213.24 722.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 253.54 722.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 293.00 722.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 330.79 722.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.93 722.25 Td (to ) Tj ET Q q 0 0 0 rg BT 356.40 722.25 Td (make ) Tj ET Q q 0 0 0 rg BT 379.75 722.25 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 433.96 722.25 Td ( ) Tj ET Q q 0 0 0 rg BT 435.53 722.25 Td (W) Tj ET Q q 0 0 0 rg BT 444.17 722.25 Td (e ) Tj ET Q q 0 0 0 rg BT 450.30 722.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 486.43 722.25 Td (the ) Tj ET Q q 0 0 0 rg BT 500.35 722.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 528.69 722.25 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 710.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 92.21 710.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.15 710.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 142.74 710.25 Td (our ) Tj ET Q q 0 0 0 rg BT 158.58 710.25 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 202.16 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446.75 522.25 Td (e ) Tj ET Q q 0 0 0 rg BT 453.69 522.25 Td (would ) Tj ET Q q 0 0 0 rg BT 481.19 522.25 Td (need ) Tj ET Q q 0 0 0 rg BT 502.57 522.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.85 522.25 Td (disclose ) Tj ET Q q 0 0 0 rg BT 547.58 522.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.25 Td (such ) Tj ET Q q 0 0 0 rg BT 70.92 510.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 108.50 510.25 Td (to ) Tj ET Q q 0 0 0 rg BT 118.88 510.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.80 510.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 187.94 510.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.31 510.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.24 510.25 Td (next ) Tj ET Q q 0 0 0 rg BT 234.05 510.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 272.74 510.25 Td (report ) Tj ET Q q 0 0 0 rg BT 299.21 510.25 Td (along ) Tj ET Q q 0 0 0 rg BT 324.02 510.25 Td (with ) Tj ET Q q 0 0 0 rg BT 344.39 510.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.20 510.25 Td (justification ) Tj ET Q q 0 0 0 rg BT 409.57 510.25 Td (for ) Tj ET Q q 0 0 0 rg BT 423.82 510.25 Td (such ) Tj ET Q q 0 0 0 rg BT 444.75 510.25 Td (excess. ) Tj ET Q q 0 0 0 rg BT 475.94 510.25 Td ( ) Tj ET Q q 0 0 0 rg BT 477.96 510.25 Td (An ) Tj ET Q q 0 0 0 rg BT 492.78 510.25 Td (approximation ) Tj ET Q q 0 0 0 rg BT 553.69 510.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.25 Td (this ) Tj ET Q q 0 0 0 rg BT 67.33 498.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 104.07 498.25 Td (calculation, ) Tj ET Q q 0 0 0 rg BT 153.31 498.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 195.62 498.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 229.04 498.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 265.78 498.25 Td (held ) Tj ET Q q 0 0 0 rg BT 285.87 498.25 Td (through ) Tj ET Q q 0 0 0 rg BT 319.86 498.25 Td (our ) Tj ET Q q 0 0 0 rg BT 336.07 498.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 399.49 498.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 420.70 498.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 453.56 498.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 506.71 498.25 Td (is ) Tj ET Q q 0 0 0 rg BT 516.26 498.25 Td (75% ) Tj ET Q q 0 0 0 rg BT 537.47 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 498.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 78.85 486.25 Td (other ) Tj ET Q q 0 0 0 rg BT 102.42 486.25 Td (than ) Tj ET Q q 0 0 0 rg BT 122.65 486.25 Td (intangibles, ) Tj ET Q q 0 0 0 rg BT 172.06 486.25 Td (before ) Tj ET Q q 0 0 0 rg BT 200.61 486.25 Td (deducting ) Tj ET Q q 0 0 0 rg BT 243.07 486.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 263.30 486.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 281.88 486.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 320.16 486.25 Td (other ) Tj ET Q q 0 0 0 rg BT 343.73 486.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 382.85 486.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 418.63 486.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.09 486.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 488.53 486.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.98 486.25 Td (as ) Tj ET Q q 0 0 0 rg BT 517.33 486.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.68 486.25 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 474.25 Td (, ) Tj ET Q q 0 0 0 rg BT 75.71 474.25 Td (our ) Tj ET Q q 0 0 0 rg BT 92.25 474.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 129.32 474.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.08 474.25 Td (49.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.91 474.25 Td (. ) Tj ET Q q 0 0 0 rg BT 179.61 474.25 Td ( ) Tj ET Q q 0 0 0 rg BT 182.82 474.25 Td (Once ) Tj ET Q q 0 0 0 rg BT 207.13 474.25 Td (we ) Tj ET Q q 0 0 0 rg BT 222.00 474.25 Td (have ) Tj ET Q q 0 0 0 rg BT 244.08 474.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 266.18 474.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 302.71 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.13 474.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 356.88 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.42 474.25 Td (our ) Tj ET Q q 0 0 0 rg BT 384.96 474.25 Td (Of) Tj ET Q q 0 0 0 rg BT 395.33 474.25 Td (fering, ) Tj ET Q q 0 0 0 rg BT 424.91 474.25 Td (we ) Tj ET Q q 0 0 0 rg BT 439.78 474.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 469.08 474.25 Td (that ) Tj ET Q q 0 0 0 rg BT 487.29 474.25 Td (our ) Tj ET Q q 0 0 0 rg BT 503.82 474.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 544.79 474.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.25 Td (approximate ) Tj ET Q q 0 0 0 rg BT 103.78 462.25 Td (50% ) Tj ET Q q 0 0 0 rg BT 125.90 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.03 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.04 462.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 173.95 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.07 462.25 Td (our ) Tj ET Q q 0 0 0 rg BT 203.20 462.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 257.27 462.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 300.50 462.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 334.84 462.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 372.50 462.25 Td (held ) Tj ET Q q 0 0 0 rg BT 393.51 462.25 Td (through ) Tj ET Q q 0 0 0 rg BT 428.42 462.25 Td (our ) Tj ET Q q 0 0 0 rg BT 445.54 462.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 509.88 462.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 532.01 462.25 Td (venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.41 430.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 97.27 430.25 Td (to ) Tj ET Q q 0 0 0 rg BT 108.13 430.25 Td (making ) Tj ET Q q 0 0 0 rg BT 141.20 430.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.06 430.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.92 430.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 250.96 430.25 Td (with ) Tj ET Q q 0 0 0 rg BT 271.82 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 288.23 430.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 335.19 430.25 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 381.31 430.25 Td (we ) Tj ET Q q 0 0 0 rg BT 396.05 430.25 Td (use ) Tj ET Q q 0 0 0 rg BT 412.47 430.25 Td (or ) Tj ET Q q 0 0 0 rg BT 423.88 430.25 Td (have ) Tj ET Q q 0 0 0 rg BT 445.83 430.25 Td (used ) Tj ET Q q 0 0 0 rg BT 467.25 430.25 Td (our ) Tj ET Q q 0 0 0 rg BT 483.66 430.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 513.39 430.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 554.23 430.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (make ) Tj ET Q q 0 0 0 rg BT 74.40 418.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.35 418.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 145.42 418.25 Td (to ) Tj ET Q q 0 0 0 rg BT 155.95 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 171.42 418.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 203.24 418.25 Td (, ) Tj ET Q q 0 0 0 rg BT 208.49 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.56 418.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 246.70 418.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 281.67 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.86 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 314.93 418.25 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 344.33 418.25 Td (Manager) Tj ET Q q 0 0 0 rg BT 379.31 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 384.56 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 387.30 418.25 Td (During ) Tj ET Q q 0 0 0 rg BT 418.38 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 434.46 418.25 Td (or) Tj ET Q q 0 0 0 rg BT 442.61 418.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 487.00 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.19 418.25 Td (of) Tj ET Q q 0 0 0 rg BT 512.34 418.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 538.96 418.25 Td (stage, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.95 406.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 113.68 406.25 Td (included ) Tj ET Q q 0 0 0 rg BT 150.52 406.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 191.25 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.43 406.25 Td (our ) Tj ET Q q 0 0 0 rg BT 217.16 406.25 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 246.21 406.25 Td (Manager ) Tj ET Q q 0 0 0 rg BT 284.15 406.25 Td (for ) Tj ET Q q 0 0 0 rg BT 298.22 406.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 327.29 406.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 381.92 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 398.76 406.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 425.59 406.25 Td (manager ) Tj ET Q q 0 0 0 rg BT 462.41 406.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 480.92 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.76 406.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 538.49 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 548.67 406.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.82 394.25 Td (, ) Tj ET Q q 0 0 0 rg BT 86.39 394.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 108.00 394.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 142.28 394.25 Td (or ) Tj ET Q q 0 0 0 rg BT 152.68 394.25 Td (their ) Tj ET Q q 0 0 0 rg BT 173.07 394.25 Td (af) Tj ET Q q 0 0 0 rg BT 180.66 394.25 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 212.43 394.25 Td (as ) Tj ET Q q 0 0 0 rg BT 222.83 394.25 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 268.48 394.25 Td (for ) Tj ET Q q 0 0 0 rg BT 282.21 394.25 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 344.26 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.65 394.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 383.92 394.25 Td (or) Tj ET Q q 0 0 0 rg BT 392.07 394.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 435.78 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 452.29 394.25 Td (of) Tj ET Q q 0 0 0 rg BT 460.44 394.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 486.38 394.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 510.95 394.25 Td ( ) Tj ET Q q 0 0 0 rg BT 512.86 394.25 Td (T) Tj ET Q q 0 0 0 rg BT 518.27 394.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 535.33 394.25 Td (selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 107.20 382.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 134.11 382.25 Td (manager ) Tj ET Q q 0 0 0 rg BT 171.01 382.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 189.58 382.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.50 382.25 Td (reimbursable ) Tj ET Q q 0 0 0 rg BT 261.18 382.25 Td (or) Tj ET Q q 0 0 0 rg BT 269.33 382.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 313.46 382.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.38 382.25 Td (of) Tj ET Q q 0 0 0 rg BT 338.53 382.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 364.88 382.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 387.36 382.25 Td (through ) Tj ET Q q 0 0 0 rg BT 420.94 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.64 382.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 483.11 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.92 382.25 Td (our ) Tj ET Q q 0 0 0 rg BT 509.72 382.25 Td (Of) Tj ET Q q 0 0 0 rg BT 520.10 382.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 546.45 382.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (10.4% ) Tj ET Q q 0 0 0 rg BT 78.08 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.66 370.25 Td (total ) Tj ET Q q 0 0 0 rg BT 108.68 370.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 146.46 370.25 Td (raised ) Tj ET Q q 0 0 0 rg BT 172.59 370.25 Td (from ) Tj ET Q q 0 0 0 rg BT 194.28 370.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.86 370.25 Td (Of) Tj ET Q q 0 0 0 rg BT 220.23 370.25 Td (fering, ) Tj ET Q q 0 0 0 rg BT 248.85 370.25 Td (below ) Tj ET Q q 0 0 0 rg BT 275.54 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.00 370.25 Td (15.0% ) Tj ET Q q 0 0 0 rg BT 318.08 370.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 360.88 370.25 Td (allowed. ) Tj ET Q q 0 0 0 rg BT 397.29 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 399.37 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 408.01 370.25 Td (e ) Tj ET Q q 0 0 0 rg BT 414.70 370.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 443.04 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.07 370.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 489.75 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 499.78 370.25 Td (make ) Tj ET Q q 0 0 0 rg BT 523.68 370.25 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.50 358.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.94 358.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 107.76 358.25 Td (, ) Tj ET Q q 0 0 0 rg BT 112.98 358.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.03 358.25 Td (its ) Tj ET Q q 0 0 0 rg BT 136.19 358.25 Td (af) Tj ET Q q 0 0 0 rg BT 143.78 358.25 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 176.21 358.25 Td (as ) Tj ET Q q 0 0 0 rg BT 187.26 358.25 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 233.57 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.06 358.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 290.65 358.25 Td (with ) Tj ET Q q 0 0 0 rg BT 311.15 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.08 358.25 Td (selection ) Tj ET Q q 0 0 0 rg BT 364.34 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.50 358.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 428.09 358.25 Td (or ) Tj ET Q q 0 0 0 rg BT 439.14 358.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 485.74 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.79 358.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 549.78 358.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.25 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.73 346.25 Td (our ) Tj ET Q q 0 0 0 rg BT 129.22 346.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 154.71 346.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.30 346.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 193.46 346.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 228.93 346.25 Td (by ) Tj ET Q q 0 0 0 rg BT 241.09 346.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.10 346.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 290.48 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 300.42 346.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 341.46 346.25 Td (services ) Tj ET Q q 0 0 0 rg BT 375.82 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 385.76 346.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 399.31 346.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.47 346.25 Td (On ) Tj ET Q q 0 0 0 rg BT 415.85 346.25 Td (June ) Tj ET Q q 0 0 0 rg BT 436.33 346.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 450.99 346.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 475.65 346.25 Td (we ) Tj ET Q q 0 0 0 rg BT 489.46 346.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 521.05 346.25 Td (into ) Tj ET Q q 0 0 0 rg BT 538.76 346.25 Td (a ) Tj ET Q q 0 0 0 rg BT 545.35 346.25 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 87.25 334.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 131.70 334.25 Td (with ) Tj ET Q q 0 0 0 rg BT 152.29 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 167.81 334.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 199.63 334.25 Td (, ) Tj ET Q q 0 0 0 rg BT 204.95 334.25 Td (on ) Tj ET Q q 0 0 0 rg BT 217.76 334.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 242.79 334.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 296.15 334.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 326.73 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 337.32 334.25 Td (those ) Tj ET Q q 0 0 0 rg BT 361.24 334.25 Td (set ) Tj ET Q q 0 0 0 rg BT 375.16 334.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 397.41 334.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.00 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 424.15 334.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 446.40 334.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 483.65 334.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 528.10 334.25 Td (with ) Tj ET Q q 0 0 0 rg BT 548.69 334.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 72.04 322.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 103.86 322.25 Td (, ) Tj ET Q q 0 0 0 rg BT 108.98 322.25 Td (which ) Tj ET Q q 0 0 0 rg BT 136.03 322.25 Td (has ) Tj ET Q q 0 0 0 rg BT 151.98 322.25 Td (a ) Tj ET Q q 0 0 0 rg BT 159.03 322.25 Td (one-year ) Tj ET Q q 0 0 0 rg BT 196.62 322.25 Td (term ) Tj ET Q q 0 0 0 rg BT 217.56 322.25 Td (but ) Tj ET Q q 0 0 0 rg BT 232.96 322.25 Td (may ) Tj ET Q q 0 0 0 rg BT 252.79 322.25 Td (be ) Tj ET Q q 0 0 0 rg BT 264.85 322.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 301.33 322.25 Td (for ) Tj ET Q q 0 0 0 rg BT 315.61 322.25 Td (an ) Tj ET Q q 0 0 0 rg BT 327.66 322.25 Td (unlimited ) Tj ET Q q 0 0 0 rg BT 368.61 322.25 Td (number ) Tj ET Q q 0 0 0 rg BT 401.77 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.72 322.25 Td (successive ) Tj ET Q q 0 0 0 rg BT 457.54 322.25 Td (one-year ) Tj ET Q q 0 0 0 rg BT 495.13 322.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 527.19 322.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 549.80 322.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 80.77 310.25 Td (consent ) Tj ET Q q 0 0 0 rg BT 114.31 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.64 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 141.31 310.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 176.53 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.96 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.29 310.25 Td (board ) Tj ET Q q 0 0 0 rg BT 236.05 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.38 310.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 287.86 310.25 Td (including ) Tj ET Q q 0 0 0 rg BT 328.63 310.25 Td (a ) Tj ET Q q 0 0 0 rg BT 336.07 310.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 372.95 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.28 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 400.60 310.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 452.47 310.25 Td (directors. ) Tj ET Q q 0 0 0 rg BT 492.95 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 495.73 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 504.37 310.25 Td (e ) Tj ET Q q 0 0 0 rg BT 511.81 310.25 Td (renewed ) Tj ET Q q 0 0 0 rg BT 548.67 310.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 86.94 298.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 131.08 298.25 Td (with ) Tj ET Q q 0 0 0 rg BT 151.36 298.25 Td (our ) Tj ET Q q 0 0 0 rg BT 166.64 298.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 201.36 298.25 Td (on ) Tj ET Q q 0 0 0 rg BT 213.86 298.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 249.69 298.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 272.19 298.25 Td (for ) Tj ET Q q 0 0 0 rg BT 286.35 298.25 Td (an ) Tj ET Q q 0 0 0 rg BT 298.29 298.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 340.78 298.25 Td (one-year ) Tj ET Q q 0 0 0 rg BT 378.25 298.25 Td (term. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (Cash Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (The following presents a summary of our consolidated statements of cash flows for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.47 258.25 Td (six months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.46 258.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.96 258.25 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.79 258.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 246.25 Td ( \(dollars in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 202.75 180.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 202.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 202.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 202.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 202.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 202.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 202.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 176.75 180.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 176.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 176.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 176.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 176.75 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 176.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 176.75 64.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 215.75 m 334.5 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 215.75 m 338.5 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 215.75 m 402.5 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 215.75 m 406.5 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 215.75 m 470.5 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 202.75 m 334.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 202.75 m 402.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 202.75 m 470.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 202.75 m 334.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 202.75 m 402.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 202.75 m 470.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 163.75 m 402.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 163.75 m 470.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 163.75 m 334.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 151.75 m 334.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 149.75 m 334.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 163.75 m 402.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 151.75 m 402.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 149.75 m 402.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 163.75 m 470.5 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 151.75 m 470.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 149.75 m 470.5 149.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.20 219.98 Td (Six Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 89 205.73007812499998 m 200.20703125 205.73007812499998 l s q 0 0 0 rg BT 89.00 206.98 Td (Cash flow provided by \(used in\):) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 206.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.00 206.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.85 206.98 Td (Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 194.00 Td (Operating activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.00 194.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.60 194.00 Td (\(11,424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 194.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.00 194.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.60 194.00 Td (\(5,144) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.30 194.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.00 194.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.60 194.00 Td (\(6,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.30 194.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 181.00 Td (Investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.60 181.00 Td (\(163,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 181.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.60 181.00 Td (\(762,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.30 181.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 181.00 Td (598,895) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 168.00 Td (Financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.60 168.00 Td (\(34,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 168.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 168.00 Td (720,272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.60 168.00 Td (\(754,975) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.30 168.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 155.00 Td (Net increase \(decrease\) in cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.00 155.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.60 155.00 Td (\(210,064) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 155.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.00 155.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.60 155.00 Td (\(47,704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.30 155.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.00 155.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.60 155.00 Td (\(162,360) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.30 155.00 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (Six ) Tj ET Q q 0 0 0 rg BT 64.72 131.25 Td (Months ) Tj ET Q q 0 0 0 rg BT 97.22 131.25 Td (Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 122.76 131.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.26 131.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 161.64 131.25 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.64 131.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.14 131.25 Td (Compar) Tj ET Q q 0 0 0 rg BT 216.55 131.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 228.49 131.25 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.77 131.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 275.15 131.25 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.15 131.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 111.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.80 111.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.67 91.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.66 91.25 Td (used ) Tj ET Q q 0 0 0 rg BT 110.22 91.25 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 91.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.22 91.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 162.21 91.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 201.54 91.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.32 91.25 Td ($1) Tj ET Q q 0 0 0 rg BT 229.94 91.25 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 245.67 91.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.56 91.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.79 91.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.68 91.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.12 91.25 Td (six ) Tj ET Q q 0 0 0 rg BT 323.02 91.25 Td (months ) Tj ET Q q 0 0 0 rg BT 355.69 91.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.57 91.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.79 91.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 419.35 91.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.35 91.25 Td ( ) Tj ET Q q 0 0 0 rg BT 442.58 91.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 485.23 91.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.23 91.25 Td (net ) Tj ET Q q 0 0 0 rg BT 511.68 91.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 532.67 91.25 Td (used ) Tj ET Q q 0 0 0 rg BT 554.23 91.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.04 79.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 130.41 79.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.02 79.25 Td ($5.1 ) Tj ET Q q 0 0 0 rg BT 162.79 79.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.69 79.25 Td ( ) Tj ET Q q 0 0 0 rg BT 194.96 79.25 Td (for ) Tj ET Q q 0 0 0 rg BT 209.90 79.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.39 79.25 Td (six ) Tj ET Q q 0 0 0 rg BT 240.33 79.25 Td (months ) Tj ET Q q 0 0 0 rg BT 273.06 79.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.93 79.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.21 79.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 336.82 79.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.82 79.25 Td (. ) Tj ET Q q 0 0 0 rg BT 362.59 79.25 Td ( ) Tj ET Q q 0 0 0 rg BT 365.63 79.25 Td (The ) Tj ET Q q 0 0 0 rg BT 384.45 79.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 420.48 79.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.09 79.25 Td ($6.3 ) Tj ET Q q 0 0 0 rg BT 452.86 79.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.75 79.25 Td ( ) Tj ET Q q 0 0 0 rg BT 485.03 79.25 Td (in ) Tj ET Q q 0 0 0 rg BT 496.08 79.25 Td (net ) Tj ET Q q 0 0 0 rg BT 511.57 79.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.62 79.25 Td (used ) Tj ET Q q 0 0 0 rg BT 554.22 79.25 Td (in) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 91.08 67.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 130.49 67.25 Td (was ) Tj ET Q q 0 0 0 rg BT 149.36 67.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 189.89 67.25 Td (related ) Tj ET Q q 0 0 0 rg BT 220.41 67.25 Td (to ) Tj ET Q q 0 0 0 rg BT 231.50 67.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 278.70 67.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 312.00 67.25 Td (during ) Tj ET Q q 0 0 0 rg BT 341.43 67.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.96 67.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 388.32 67.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 426.63 67.25 Td (in ) Tj ET Q q 0 0 0 rg BT 437.72 67.25 Td (an ) Tj ET Q q 0 0 0 rg BT 450.48 67.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 486.55 67.25 Td (in ) Tj ET Q q 0 0 0 rg BT 497.64 67.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 517.06 67.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 537.59 67.25 Td (to ) Tj ET Q q 0 0 0 rg BT 548.68 67.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 85.38 55.25 Td (for ) Tj ET Q q 0 0 0 rg BT 100.19 55.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.57 55.25 Td (management ) Tj ET Q q 0 0 0 rg BT 169.81 55.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.30 55.25 Td (our ) Tj ET Q q 0 0 0 rg BT 197.78 55.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 251.21 55.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.81 55.25 Td (other ) Tj ET Q q 0 0 0 rg BT 292.51 55.25 Td (general ) Tj ET Q q 0 0 0 rg BT 325.09 55.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.68 55.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 403.04 55.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 444.80 55.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 491.83 55.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 514.98 55.25 Td (and ) Tj ET Q q 0 0 0 rg BT 532.58 55.25 Td (interest ) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.46 742.10 Td (due ) Tj ET Q q 0 0 0 rg BT 101.14 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.17 742.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 153.41 742.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 201.21 742.10 Td (on ) Tj ET Q q 0 0 0 rg BT 213.46 742.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 253.47 742.10 Td (notes. ) Tj ET Q q 0 0 0 rg BT 279.33 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.41 742.10 Td (This ) Tj ET Q q 0 0 0 rg BT 301.44 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 310.36 742.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 345.93 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 354.08 742.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 370.76 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 383.01 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.48 742.10 Td (net ) Tj ET Q q 0 0 0 rg BT 411.94 742.10 Td (income ) Tj ET Q q 0 0 0 rg BT 443.62 742.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 484.73 742.10 Td (from ) Tj ET Q q 0 0 0 rg BT 506.42 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 522.00 742.10 Td (real ) Tj ET Q q 0 0 0 rg BT 539.23 742.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.50 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.43 730.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 114.15 730.10 Td (investments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 90.47 710.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 690.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 67.02 690.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.36 690.10 Td (used ) Tj ET Q q 0 0 0 rg BT 108.27 690.10 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.05 690.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.62 690.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 157.87 690.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 196.54 690.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.67 690.10 Td ($163.9 ) Tj ET Q q 0 0 0 rg BT 244.75 690.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.64 690.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.22 690.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.45 690.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.25 690.10 Td (six ) Tj ET Q q 0 0 0 rg BT 319.50 690.10 Td (months ) Tj ET Q q 0 0 0 rg BT 351.52 690.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.40 690.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.97 690.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 413.88 690.10 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.88 690.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.46 690.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 478.46 690.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.82 690.10 Td ($762.8 ) Tj ET Q q 0 0 0 rg BT 518.89 690.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.78 690.10 Td ( ) Tj ET Q q 0 0 0 rg BT 550.36 690.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.49 678.10 Td (six ) Tj ET Q q 0 0 0 rg BT 78.44 678.10 Td (months ) Tj ET Q q 0 0 0 rg BT 110.17 678.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.05 678.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.32 678.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 171.93 678.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 678.10 Td (. ) Tj ET Q q 0 0 0 rg BT 196.71 678.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.82 678.10 Td (The ) Tj ET Q q 0 0 0 rg BT 216.65 678.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 253.34 678.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.95 678.10 Td ($598.9 ) Tj ET Q q 0 0 0 rg BT 293.72 678.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.62 678.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.89 678.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.95 678.10 Td (net ) Tj ET Q q 0 0 0 rg BT 349.44 678.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.49 678.10 Td (used ) Tj ET Q q 0 0 0 rg BT 390.10 678.10 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.88 678.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.16 678.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 439.10 678.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 477.47 678.10 Td (was ) Tj ET Q q 0 0 0 rg BT 495.30 678.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 534.79 678.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.41 666.10 Td (less ) Tj ET Q q 0 0 0 rg BT 78.04 666.10 Td (real ) Tj ET Q q 0 0 0 rg BT 95.66 666.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 121.06 666.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 148.69 666.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.20 666.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 227.83 666.10 Td (for ) Tj ET Q q 0 0 0 rg BT 242.12 666.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.97 666.10 Td (six ) Tj ET Q q 0 0 0 rg BT 271.27 666.10 Td (months ) Tj ET Q q 0 0 0 rg BT 303.36 666.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.23 666.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.87 666.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 365.83 666.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.83 666.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.46 666.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 430.52 666.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.93 666.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.78 666.10 Td (six ) Tj ET Q q 0 0 0 rg BT 470.08 666.10 Td (months ) Tj ET Q q 0 0 0 rg BT 502.17 666.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.04 666.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.68 666.10 Td (June30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 654.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 95.48 634.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.72 614.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 86.77 614.10 Td (used ) Tj ET Q q 0 0 0 rg BT 107.39 614.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.45 614.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 157.49 614.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 195.87 614.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.71 614.10 Td ($34.7 ) Tj ET Q q 0 0 0 rg BT 238.49 614.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.38 614.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.67 614.10 Td (for ) Tj ET Q q 0 0 0 rg BT 283.61 614.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.11 614.10 Td (six ) Tj ET Q q 0 0 0 rg BT 312.06 614.10 Td (months ) Tj ET Q q 0 0 0 rg BT 343.79 614.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.67 614.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.95 614.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 405.56 614.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.56 614.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.85 614.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 469.55 614.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.61 614.10 Td (net ) Tj ET Q q 0 0 0 rg BT 494.11 614.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 514.17 614.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 551.99 614.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.71 602.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 127.75 602.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.03 602.10 Td ($720.3 ) Tj ET Q q 0 0 0 rg BT 167.48 602.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.37 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.31 602.10 Td (for ) Tj ET Q q 0 0 0 rg BT 211.92 602.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.08 602.10 Td (six ) Tj ET Q q 0 0 0 rg BT 239.70 602.10 Td (months ) Tj ET Q q 0 0 0 rg BT 271.09 602.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.97 602.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.91 602.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 332.19 602.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.19 602.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.64 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.44 602.10 Td (The ) Tj ET Q q 0 0 0 rg BT 375.93 602.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 412.29 602.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.57 602.10 Td ($755.0 ) Tj ET Q q 0 0 0 rg BT 452.02 602.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.91 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.85 602.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.58 602.10 Td (net ) Tj ET Q q 0 0 0 rg BT 506.74 602.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 526.45 602.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.20 590.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 102.17 590.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 140.48 590.10 Td (was ) Tj ET Q q 0 0 0 rg BT 158.23 590.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 197.65 590.10 Td (related ) Tj ET Q q 0 0 0 rg BT 227.06 590.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.04 590.10 Td (no ) Tj ET Q q 0 0 0 rg BT 249.24 590.10 Td (new ) Tj ET Q q 0 0 0 rg BT 268.11 590.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 315.86 590.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 351.38 590.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.37 590.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 393.00 590.10 Td (our ) Tj ET Q q 0 0 0 rg BT 408.53 590.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 461.01 590.10 Td (as ) Tj ET Q q 0 0 0 rg BT 471.54 590.10 Td (well ) Tj ET Q q 0 0 0 rg BT 490.96 590.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.50 590.10 Td (fewer ) Tj ET Q q 0 0 0 rg BT 526.46 590.10 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.85 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.49 578.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 122.78 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.53 578.10 Td (common ) Tj ET Q q 0 0 0 rg BT 170.94 578.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 194.46 578.10 Td (since ) Tj ET Q q 0 0 0 rg BT 217.42 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.17 578.10 Td (Of) Tj ET Q q 0 0 0 rg BT 243.54 578.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 269.83 578.10 Td (has ) Tj ET Q q 0 0 0 rg BT 285.58 578.10 Td (ended. ) Tj ET Q q 0 0 0 rg BT 314.37 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.79 578.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 333.64 578.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.83 578.10 Td (used ) Tj ET Q q 0 0 0 rg BT 374.58 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.77 578.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 424.95 578.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 463.46 578.10 Td (for ) Tj ET Q q 0 0 0 rg BT 477.54 578.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.17 578.10 Td (six ) Tj ET Q q 0 0 0 rg BT 506.26 578.10 Td (months ) Tj ET Q q 0 0 0 rg BT 538.12 578.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 85.76 566.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.76 566.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.19 566.10 Td (was ) Tj ET Q q 0 0 0 rg BT 126.17 566.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 165.82 566.10 Td (related ) Tj ET Q q 0 0 0 rg BT 195.45 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.66 566.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 258.09 566.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 277.74 566.10 Td (on ) Tj ET Q q 0 0 0 rg BT 290.17 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.04 566.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 355.01 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.77 566.10 Td (our ) Tj ET Q q 0 0 0 rg BT 381.54 566.10 Td (common ) Tj ET Q q 0 0 0 rg BT 418.96 566.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 442.50 566.10 Td (of) Tj ET Q q 0 0 0 rg BT 450.65 566.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 467.52 566.10 Td (by ) Tj ET Q q 0 0 0 rg BT 479.95 566.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 516.26 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.02 566.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 554.10 Td (under ) Tj ET Q q 0 0 0 rg BT 98.88 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.71 554.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 133.05 554.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 534.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 514.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.62 514.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.04 514.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 119.79 514.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 177.20 514.10 Td (which ) Tj ET Q q 0 0 0 rg BT 205.18 514.10 Td (do ) Tj ET Q q 0 0 0 rg BT 218.73 514.10 Td (not ) Tj ET Q q 0 0 0 rg BT 235.05 514.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 258.03 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.79 514.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 316.22 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.09 514.10 Td (of) Tj ET Q q 0 0 0 rg BT 336.24 514.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 376.98 514.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 401.07 514.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 460.98 514.10 Td (but ) Tj ET Q q 0 0 0 rg BT 477.30 514.10 Td (do ) Tj ET Q q 0 0 0 rg BT 490.84 514.10 Td (have ) Tj ET Q q 0 0 0 rg BT 513.27 514.10 Td (some ) Tj ET Q q 0 0 0 rg BT 537.92 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 514.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 110.80 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.75 502.10 Td (of) Tj ET Q q 0 0 0 rg BT 130.90 502.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 171.71 502.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 195.88 502.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 255.85 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 259.21 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.85 502.10 Td (e ) Tj ET Q q 0 0 0 rg BT 275.90 502.10 Td (have ) Tj ET Q q 0 0 0 rg BT 298.40 502.10 Td (made ) Tj ET Q q 0 0 0 rg BT 323.67 502.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 375.06 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.46 502.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 450.62 502.10 Td (ventures. ) Tj ET Q q 0 0 0 rg BT 490.61 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.23 502.10 Td (Refer ) Tj ET Q q 0 0 0 rg BT 520.05 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.45 502.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 554.50 502.10 Td (4, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 105.22 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.45 490.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 180.49 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 186.60 490.10 Td (entures ) Tj ET Q q 0 0 0 rg BT 222.37 490.10 Td (in ) Tj ET Q q 0 0 0 rg BT 232.60 490.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 253.38 490.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 263.33 490.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 307.43 490.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 358.21 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 372.32 490.10 Td (a ) Tj ET Q q 0 0 0 rg BT 379.21 490.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 423.33 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.11 490.10 Td (such ) Tj ET Q q 0 0 0 rg BT 454.90 490.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 517.89 490.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 554.22 490.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 478.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 118.87 478.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.35 478.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 203.56 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.06 478.10 Td (In ) Tj ET Q q 0 0 0 rg BT 216.89 478.10 Td (each ) Tj ET Q q 0 0 0 rg BT 237.71 478.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 259.92 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.75 478.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 314.35 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.62 478.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 342.69 478.10 Td (is ) Tj ET Q q 0 0 0 rg BT 351.86 478.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 382.69 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.96 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.68 478.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 443.50 478.10 Td (value ) Tj ET Q q 0 0 0 rg BT 467.65 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.48 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.31 478.10 Td (investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 110.59 458.10 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 82.29 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.86 418.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 122.86 418.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 170.09 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.32 418.10 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 235.39 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.90 418.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 285.92 418.10 Td (is ) Tj ET Q q 0 0 0 rg BT 295.38 418.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 343.72 418.10 Td (for ) Tj ET Q q 0 0 0 rg BT 358.18 418.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 400.40 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.53 418.10 Td (af) Tj ET Q q 0 0 0 rg BT 424.12 418.10 Td (fairs ) Tj ET Q q 0 0 0 rg BT 444.68 418.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.47 418.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.71 418.10 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 510.82 418.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 533.61 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.84 418.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (identifying, ) Tj ET Q q 0 0 0 rg BT 97.17 406.10 Td (acquiring, ) Tj ET Q q 0 0 0 rg BT 138.72 406.10 Td (originating ) Tj ET Q q 0 0 0 rg BT 183.88 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.61 406.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 220.33 406.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 261.05 406.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 310.11 406.10 Td (on ) Tj ET Q q 0 0 0 rg BT 321.40 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 336.01 406.10 Td (behalf. ) Tj ET Q q 0 0 0 rg BT 364.78 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.07 406.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 382.62 406.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 416.13 406.10 Td (may ) Tj ET Q q 0 0 0 rg BT 434.63 406.10 Td (delegate ) Tj ET Q q 0 0 0 rg BT 469.23 406.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 497.72 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.33 406.10 Td (its ) Tj ET Q q 0 0 0 rg BT 518.07 406.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.00 394.10 Td (af) Tj ET Q q 0 0 0 rg BT 66.59 394.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 96.63 394.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 129.73 394.10 Td (which ) Tj ET Q q 0 0 0 rg BT 155.89 394.10 Td (may ) Tj ET Q q 0 0 0 rg BT 174.82 394.10 Td (be ) Tj ET Q q 0 0 0 rg BT 185.98 394.10 Td (or) Tj ET Q q 0 0 0 rg BT 194.13 394.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 226.95 394.10 Td (under ) Tj ET Q q 0 0 0 rg BT 251.44 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.37 394.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 285.42 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.47 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.41 394.10 Td (United ) Tj ET Q q 0 0 0 rg BT 338.35 394.10 Td (States ) Tj ET Q q 0 0 0 rg BT 363.95 394.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.00 394.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 404.60 394.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 458.27 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.99 394.10 Td (References ) Tj ET Q q 0 0 0 rg BT 506.12 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.62 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.29 394.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (include ) Tj ET Q q 0 0 0 rg BT 81.00 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 95.94 382.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 130.23 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.73 382.10 Td (any ) Tj ET Q q 0 0 0 rg BT 163.24 382.10 Td (such ) Tj ET Q q 0 0 0 rg BT 183.64 382.10 Td (af) Tj ET Q q 0 0 0 rg BT 191.23 382.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 221.61 382.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 255.06 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.13 382.10 Td (For ) Tj ET Q q 0 0 0 rg BT 273.09 382.10 Td (such ) Tj ET Q q 0 0 0 rg BT 293.48 382.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 330.26 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.10 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.39 382.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 380.89 382.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 421.27 382.10 Td (by ) Tj ET Q q 0 0 0 rg BT 433.34 382.10 Td (law ) Tj ET Q q 0 0 0 rg BT 449.85 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.35 382.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 515.35 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.29 382.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 83.98 370.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 101.81 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.98 370.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 183.58 370.10 Td (from ) Tj ET Q q 0 0 0 rg BT 204.75 370.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 217.87 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.60 370.10 Td (Below ) Tj ET Q q 0 0 0 rg BT 247.44 370.10 Td (is ) Tj ET Q q 0 0 0 rg BT 255.84 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.01 370.10 Td (description ) Tj ET Q q 0 0 0 rg BT 308.17 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.34 370.10 Td (table ) Tj ET Q q 0 0 0 rg BT 345.51 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.57 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.51 370.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 387.34 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.51 370.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 469.11 370.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 504.16 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 513.67 370.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.34 370.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 560.01 370.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (In June 2016, our advisory agreement was renewed for an additional one-year term commencing on June 30, 2016, with terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (identical to those in ef) Tj ET Q q 0 0 0 rg BT 138.18 338.10 Td (fect through June 30, 2016.) 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 49.5 316.7669921875 m 112.2783203125 316.7669921875 l s q 0 0 0 rg BT 49.50 318.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 70.33 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.06 318.10 Td (Advisor) 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 49.5 296.7669921875 m 142.80078125 296.7669921875 l s q 0 0 0 rg BT 49.50 298.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.11 298.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 127.82 298.10 Td (Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.83 278.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 101.33 278.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 136.36 278.10 Td (a ) Tj ET Q q 0 0 0 rg BT 143.07 278.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 178.69 278.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 200.40 278.10 Td (management ) Tj ET Q q 0 0 0 rg BT 253.77 278.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 268.25 278.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 292.19 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.24 278.10 Td (one-twelfth ) Tj ET Q q 0 0 0 rg BT 350.62 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.22 278.10 Td (1.0% ) Tj ET Q q 0 0 0 rg BT 384.33 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.94 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.43 278.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 428.38 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.99 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.48 278.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 485.76 278.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 515.80 278.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.41 278.10 Td (allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.99 266.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 117.10 266.10 Td (including ) Tj ET Q q 0 0 0 rg BT 157.70 266.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 196.63 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.90 266.10 Td (any ) Tj ET Q q 0 0 0 rg BT 231.17 266.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 271.77 266.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 320.14 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.75 266.10 Td (such ) Tj ET Q q 0 0 0 rg BT 351.91 266.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 405.02 266.10 Td (less ) Tj ET Q q 0 0 0 rg BT 422.85 266.10 Td (any ) Tj ET Q q 0 0 0 rg BT 440.12 266.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 478.49 266.10 Td (received ) Tj ET Q q 0 0 0 rg BT 515.19 266.10 Td (on ) Tj ET Q q 0 0 0 rg BT 528.02 266.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 548.07 266.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 254.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 140.04 254.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 154.20 254.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.03 254.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 226.40 254.10 Td (share ) Tj ET Q q 0 0 0 rg BT 250.00 254.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 280.81 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.09 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.81 254.10 Td (case ) Tj ET Q q 0 0 0 rg BT 325.52 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.35 254.10 Td (an ) Tj ET Q q 0 0 0 rg BT 348.28 254.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 394.67 254.10 Td (made ) Tj ET Q q 0 0 0 rg BT 418.82 254.10 Td (through ) Tj ET Q q 0 0 0 rg BT 452.43 254.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.37 254.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 480.20 254.10 Td (venture\).) 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 49.5 232.76699218750002 m 103.6259765625 232.76699218750002 l s q 0 0 0 rg BT 49.50 234.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 88.64 234.10 Td (Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.28 214.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 100.07 214.10 Td (is ) Tj ET Q q 0 0 0 rg BT 108.31 214.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 139.88 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.23 214.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 179.66 214.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 231.24 214.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 254.47 214.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.82 214.10 Td (15.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 291.22 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.12 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.02 214.10 Td (net ) Tj ET Q q 0 0 0 rg BT 329.81 214.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 349.15 214.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 375.45 214.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 409.23 214.10 Td (from ) Tj ET Q q 0 0 0 rg BT 430.24 214.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 474.58 214.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 520.31 214.10 Td (repayment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.50 202.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 86.78 202.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 133.34 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.34 202.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.34 202.10 Td (or ) Tj ET Q q 0 0 0 rg BT 181.34 202.10 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 225.38 202.10 Td (but ) Tj ET Q q 0 0 0 rg BT 240.83 202.10 Td (only ) Tj ET Q q 0 0 0 rg BT 261.27 202.10 Td (after ) Tj ET Q q 0 0 0 rg BT 282.26 202.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 335.47 202.10 Td (have ) Tj ET Q q 0 0 0 rg BT 357.02 202.10 Td (received, ) Tj ET Q q 0 0 0 rg BT 396.05 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.50 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.38 202.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 465.41 202.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 512.51 202.10 Td (distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 73.66 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 83.93 190.10 Td (their ) Tj ET Q q 0 0 0 rg BT 104.76 190.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 140.58 190.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 169.73 190.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 188.90 190.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.84 190.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.67 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.17 190.10 Td (cumulative, ) Tj ET Q q 0 0 0 rg BT 273.60 190.10 Td (non-compounded ) Tj ET Q q 0 0 0 rg BT 346.09 190.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 375.24 190.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 406.06 190.10 Td (return ) Tj ET Q q 0 0 0 rg BT 432.43 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 444.93 190.10 Td (such ) Tj ET Q q 0 0 0 rg BT 465.76 190.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 501.59 190.10 Td (capital.) 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 49.5 168.76699218750002 m 112.537109375 168.76699218750002 l s q 0 0 0 rg BT 49.50 170.10 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 97.55 170.10 Td (Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.21 150.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 102.20 150.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.08 150.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 156.61 150.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 175.48 150.10 Td (for ) Tj ET Q q 0 0 0 rg BT 189.91 150.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 231.57 150.10 Td (structuring, ) Tj ET Q q 0 0 0 rg BT 280.16 150.10 Td (diligence, ) Tj ET Q q 0 0 0 rg BT 322.08 150.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 376.51 150.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 405.38 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.58 150.10 Td (related ) Tj ET Q q 0 0 0 rg BT 452.56 150.10 Td (services ) Tj ET Q q 0 0 0 rg BT 487.54 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.09 150.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.73 150.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (real ) Tj ET Q q 0 0 0 rg BT 67.11 138.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 92.50 138.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 142.89 138.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 167.17 138.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.57 138.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.40 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.03 138.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.98 138.10 Td (each ) Tj ET Q q 0 0 0 rg BT 237.92 138.10 Td (real ) Tj ET Q q 0 0 0 rg BT 255.53 138.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 280.92 138.10 Td (property ) Tj ET Q q 0 0 0 rg BT 317.42 138.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 354.46 138.10 Td (by ) Tj ET Q q 0 0 0 rg BT 367.09 138.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 381.10 138.10 Td (including ) Tj ET Q q 0 0 0 rg BT 421.50 138.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 468.00 138.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 490.63 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.69 138.10 Td (any ) Tj ET Q q 0 0 0 rg BT 524.75 138.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 97.51 126.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.77 126.10 Td (an ) Tj ET Q q 0 0 0 rg BT 119.69 126.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 147.16 126.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 193.52 126.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 207.65 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.35 126.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 278.70 126.10 Td (share ) Tj ET Q q 0 0 0 rg BT 302.27 126.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 333.06 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.32 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.01 126.10 Td (case ) Tj ET Q q 0 0 0 rg BT 377.70 126.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.50 126.10 Td (an ) Tj ET Q q 0 0 0 rg BT 400.42 126.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 433.44 126.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 460.91 126.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 507.27 126.10 Td (made ) Tj ET Q q 0 0 0 rg BT 531.40 126.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.29 114.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 74.99 114.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 106.33 114.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.01 114.10 Td (other ) Tj ET Q q 0 0 0 rg BT 137.92 114.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 183.16 114.10 Td (vehicle\) ) Tj ET Q q 0 0 0 rg BT 216.71 114.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.51 114.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.34 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.70 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.38 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.96 114.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 309.31 114.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 338.43 114.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.12 114.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 385.56 114.10 Td (by ) Tj ET Q q 0 0 0 rg BT 396.92 114.10 Td (us ) Tj ET Q q 0 0 0 rg BT 407.17 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.30 114.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 447.08 114.10 Td (or ) Tj ET Q q 0 0 0 rg BT 456.77 114.10 Td (originate ) Tj ET Q q 0 0 0 rg BT 493.67 114.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 512.24 114.10 Td (investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.55 102.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 135.70 102.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 157.97 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.68 102.10 Td (any ) Tj ET Q q 0 0 0 rg BT 191.39 102.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 231.43 102.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 279.24 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.29 102.10 Td (such ) Tj ET Q q 0 0 0 rg BT 309.89 102.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 359.93 102.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 373.87 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.36 102.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 444.50 102.10 Td (share ) Tj ET Q q 0 0 0 rg BT 467.87 102.10 Td (thereof ) Tj ET Q q 0 0 0 rg BT 498.46 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.51 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.00 102.10 Td (case ) Tj ET Q q 0 0 0 rg BT 542.48 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 553.08 102.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 82.97 90.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.78 90.10 Td (made ) Tj ET Q q 0 0 0 rg BT 154.37 90.10 Td (through ) Tj ET Q q 0 0 0 rg BT 188.40 90.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.77 90.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 217.03 90.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 249.95 90.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.21 90.10 Td (other ) Tj ET Q q 0 0 0 rg BT 284.68 90.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 331.49 90.10 Td (vehicle\). ) Tj ET Q q 0 0 0 rg BT 370.98 90.10 Td (An ) Tj ET Q q 0 0 0 rg BT 386.13 90.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 432.94 90.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 448.07 90.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 484.32 90.10 Td (related ) Tj ET Q q 0 0 0 rg BT 514.45 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.16 90.10 Td (an ) Tj ET Q q 0 0 0 rg BT 537.52 90.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.21 78.10 Td (is ) Tj ET Q q 0 0 0 rg BT 105.71 78.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 145.74 78.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 185.78 78.10 Td (as ) Tj ET Q q 0 0 0 rg BT 196.93 78.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 237.45 78.10 Td (A) Tj ET Q q 0 0 0 rg BT 244.12 78.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.95 78.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 261.99 78.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 282.03 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.64 78.10 Td (our ) Tj ET Q q 0 0 0 rg BT 308.17 78.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 343.22 78.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.83 78.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 400.53 78.10 Td (with ) Tj ET Q q 0 0 0 rg BT 421.14 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.18 78.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 482.90 78.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.05 78.10 Td (an ) Tj ET Q q 0 0 0 rg BT 506.32 78.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 534.14 78.10 Td (or ) Tj ET Q q 0 0 0 rg BT 545.30 78.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.52 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.44 66.10 Td (an ) Tj ET Q q 0 0 0 rg BT 117.02 66.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 179.70 66.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 200.18 66.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 232.30 66.10 Td (is ) Tj ET Q q 0 0 0 rg BT 241.11 66.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 280.45 66.10 Td (included ) Tj ET Q q 0 0 0 rg BT 317.03 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.95 66.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 376.86 66.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.78 66.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 449.46 66.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 485.48 66.10 Td (on ) Tj ET Q q 0 0 0 rg BT 497.62 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 66.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 82.39 54.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 109.18 54.10 Td (when ) Tj ET Q q 0 0 0 rg BT 133.19 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.76 54.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 163.99 54.10 Td (value ) Tj ET Q q 0 0 0 rg BT 188.00 54.10 Td (option ) Tj ET Q q 0 0 0 rg BT 215.91 54.10 Td (is ) Tj ET Q q 0 0 0 rg BT 224.93 54.10 Td (not ) Tj ET Q q 0 0 0 rg BT 240.07 54.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 270.73 54.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.74 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.31 54.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 348.05 54.10 Td (but ) Tj ET Q q 0 0 0 rg BT 363.18 54.10 Td (is ) Tj ET Q q 0 0 0 rg BT 372.21 54.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 411.77 54.10 Td (as ) Tj ET Q q 0 0 0 rg BT 422.45 54.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 458.12 54.10 Td (when ) Tj ET Q q 0 0 0 rg BT 482.13 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.70 54.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.93 54.10 Td (value ) Tj ET Q q 0 0 0 rg BT 536.94 54.10 Td (option ) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.40 740.10 Td (elected. ) Tj ET Q q 0 0 0 rg BT 95.23 740.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.90 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.13 740.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 120.57 740.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 141.02 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.03 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.88 740.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 203.34 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.35 740.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 261.45 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 282.46 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.91 740.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 345.03 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 356.59 740.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 403.70 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.27 740.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 435.71 740.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 486.72 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 496.62 740.10 Td (included ) Tj ET Q q 0 0 0 rg BT 534.29 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.30 740.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 102.44 728.10 Td (net ) Tj ET Q q 0 0 0 rg BT 117.33 728.10 Td (on ) Tj ET Q q 0 0 0 rg BT 130.00 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.89 728.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 198.10 728.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 231.31 728.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 258.42 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.53 728.10 Td (is ) Tj ET Q q 0 0 0 rg BT 284.87 728.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 327.52 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.97 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 370.07 728.10 Td (income ) Tj ET Q q 0 0 0 rg BT 402.18 728.10 Td (over ) Tj ET Q q 0 0 0 rg BT 422.62 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.50 728.10 Td (life ) Tj ET Q q 0 0 0 rg BT 453.50 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.50 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.39 728.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.94 728.10 Td (using ) Tj ET Q q 0 0 0 rg BT 550.28 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 716.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 86.79 716.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 118.72 716.10 Td (method.) 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 49.5 694.7669921875 m 113.103515625 694.7669921875 l s q 0 0 0 rg BT 49.50 696.10 Td (Disposition ) Tj ET Q q 0 0 0 rg BT 98.12 696.10 Td (Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.38 676.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 112.14 676.10 Td (assistance ) Tj ET Q q 0 0 0 rg BT 155.11 676.10 Td (in ) Tj ET Q q 0 0 0 rg BT 165.87 676.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 212.73 676.10 Td (with ) Tj ET Q q 0 0 0 rg BT 233.49 676.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.70 676.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 267.23 676.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.55 676.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 329.30 676.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.73 676.10 Td (based ) Tj ET Q q 0 0 0 rg BT 372.48 676.10 Td (on ) Tj ET Q q 0 0 0 rg BT 385.47 676.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.67 676.10 Td (services ) Tj ET Q q 0 0 0 rg BT 435.86 676.10 Td (provided, ) Tj ET Q q 0 0 0 rg BT 476.90 676.10 Td (as ) Tj ET Q q 0 0 0 rg BT 488.21 676.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 536.18 676.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.17 676.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 101.10 664.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 141.32 664.10 Td (our ) Tj ET Q q 0 0 0 rg BT 156.78 664.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 191.73 664.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 227.21 664.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.38 664.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 281.01 664.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 295.95 664.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.01 664.10 Td (2.0% ) Tj ET Q q 0 0 0 rg BT 330.57 664.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.63 664.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.58 664.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 391.51 664.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 413.68 664.10 Td (price ) Tj ET Q q 0 0 0 rg BT 436.40 664.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.46 664.10 Td (each ) Tj ET Q q 0 0 0 rg BT 468.51 664.10 Td (property ) Tj ET Q q 0 0 0 rg BT 505.11 664.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 524.52 664.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.69 664.10 Td (1.0% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.09 652.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.57 652.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 109.04 652.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 130.74 652.10 Td (price ) Tj ET Q q 0 0 0 rg BT 152.98 652.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.58 652.10 Td (each ) Tj ET Q q 0 0 0 rg BT 184.15 652.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 203.63 652.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 249.78 652.10 Td (sold. ) Tj ET Q q 0 0 0 rg BT 271.21 652.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.31 652.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.95 652.10 Td (e ) Tj ET Q q 0 0 0 rg BT 288.65 652.10 Td (do ) Tj ET Q q 0 0 0 rg BT 300.91 652.10 Td (not ) Tj ET Q q 0 0 0 rg BT 315.95 652.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 332.65 652.10 Td (a ) Tj ET Q q 0 0 0 rg BT 339.35 652.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 385.51 652.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 399.98 652.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 422.24 652.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.72 652.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 469.95 652.10 Td (, ) Tj ET Q q 0 0 0 rg BT 474.71 652.10 Td (prepayment, ) Tj ET Q q 0 0 0 rg BT 526.68 652.10 Td (workout, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 102.08 640.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.89 640.10 Td (extension ) Tj ET Q q 0 0 0 rg BT 151.69 640.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.50 640.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.42 640.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 186.11 640.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.47 640.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 257.95 640.10 Td (there ) Tj ET Q q 0 0 0 rg BT 279.41 640.10 Td (is ) Tj ET Q q 0 0 0 rg BT 287.56 640.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.48 640.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 352.16 640.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 365.85 640.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 384.54 640.10 Td (by ) Tj ET Q q 0 0 0 rg BT 396.02 640.10 Td (our ) Tj ET Q q 0 0 0 rg BT 410.83 640.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 447.08 640.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.06 640.10 Td (in ) Tj ET Q q 0 0 0 rg BT 460.32 640.10 Td (which ) Tj ET Q q 0 0 0 rg BT 486.23 640.10 Td (case ) Tj ET Q q 0 0 0 rg BT 504.92 640.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 640.10 Td (disposition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 64.20 628.10 Td (is ) Tj ET Q q 0 0 0 rg BT 73.36 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.07 628.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 113.33 628.10 Td (of: ) Tj ET Q q 0 0 0 rg BT 126.93 628.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 138.87 628.10 Td (1.0% ) Tj ET Q q 0 0 0 rg BT 162.19 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.01 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.72 628.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 225.75 628.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 258.24 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.07 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.77 628.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 303.48 628.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 349.86 628.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 371.79 628.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.06 628.10 Td (such ) Tj ET Q q 0 0 0 rg BT 402.88 628.10 Td (transaction; ) Tj ET Q q 0 0 0 rg BT 452.03 628.10 Td (or ) Tj ET Q q 0 0 0 rg BT 462.85 628.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 477.56 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.27 628.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 524.76 628.10 Td (of ) Tj ET Q q 0 0 0 rg BT 535.58 628.10 Td (the ) Tj ET Q q 0 0 0 rg BT 550.29 628.10 Td (fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 68.55 616.10 Td (by ) Tj ET Q q 0 0 0 rg BT 80.38 616.10 Td (our ) Tj ET Q q 0 0 0 rg BT 95.55 616.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 134.03 616.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.64 616.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 189.35 616.10 Td (with ) Tj ET Q q 0 0 0 rg BT 208.96 616.10 Td (such ) Tj ET Q q 0 0 0 rg BT 229.12 616.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 277.33 616.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.16 616.10 Td (If ) Tj ET Q q 0 0 0 rg BT 287.66 616.10 Td (we ) Tj ET Q q 0 0 0 rg BT 301.15 616.10 Td (take ) Tj ET Q q 0 0 0 rg BT 319.64 616.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 363.13 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.30 616.10 Td (a ) Tj ET Q q 0 0 0 rg BT 379.57 616.10 Td (property ) Tj ET Q q 0 0 0 rg BT 415.28 616.10 Td (as ) Tj ET Q q 0 0 0 rg BT 425.44 616.10 Td (a ) Tj ET Q q 0 0 0 rg BT 431.71 616.10 Td (result ) Tj ET Q q 0 0 0 rg BT 455.76 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.93 616.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.20 616.10 Td (workout ) Tj ET Q q 0 0 0 rg BT 507.36 616.10 Td (or ) Tj ET Q q 0 0 0 rg BT 517.53 616.10 Td (foreclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.96 604.10 Td (a ) Tj ET Q q 0 0 0 rg BT 66.52 604.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 85.86 604.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 134.37 604.10 Td (we ) Tj ET Q q 0 0 0 rg BT 148.15 604.10 Td (will ) Tj ET Q q 0 0 0 rg BT 165.84 604.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 182.40 604.10 Td (a ) Tj ET Q q 0 0 0 rg BT 188.96 604.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 234.99 604.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 249.32 604.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 271.44 604.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.79 604.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 303.46 604.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.92 604.10 Td (such ) Tj ET Q q 0 0 0 rg BT 334.37 604.10 Td (property) Tj ET Q q 0 0 0 rg BT 367.60 604.10 Td (. ) Tj ET Q q 0 0 0 rg BT 372.22 604.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.88 604.10 Td (A) Tj ET Q q 0 0 0 rg BT 380.55 604.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.68 604.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 428.70 604.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 443.03 604.10 Td (from ) Tj ET Q q 0 0 0 rg BT 464.59 604.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.94 604.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 496.61 604.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.06 604.10 Td (an ) Tj ET Q q 0 0 0 rg BT 518.63 604.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.08 592.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 97.19 592.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 136.30 592.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.64 592.10 Td (included ) Tj ET Q q 0 0 0 rg BT 188.98 592.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.67 592.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 220.02 592.10 Td (management ) Tj ET Q q 0 0 0 rg BT 273.01 592.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.36 592.10 Td (other ) Tj ET Q q 0 0 0 rg BT 311.81 592.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 329.81 592.10 Td (- ) Tj ET Q q 0 0 0 rg BT 335.05 592.10 Td (related ) Tj ET Q q 0 0 0 rg BT 364.16 592.10 Td (party ) Tj ET Q q 0 0 0 rg BT 386.61 592.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.30 592.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.54 592.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 463.98 592.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 508.10 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.34 592.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 565.00 592.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 580.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.53 580.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 106.79 580.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 122.36 580.10 Td (for ) Tj ET Q q 0 0 0 rg BT 137.38 580.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.18 580.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 165.76 580.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 213.00 580.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 249.68 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.82 580.10 Td (a ) Tj ET Q q 0 0 0 rg BT 268.62 580.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 315.85 580.10 Td (other ) Tj ET Q q 0 0 0 rg BT 339.76 580.10 Td (than ) Tj ET Q q 0 0 0 rg BT 360.34 580.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.14 580.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 387.05 580.10 Td (is ) Tj ET Q q 0 0 0 rg BT 397.08 580.10 Td (included ) Tj ET Q q 0 0 0 rg BT 434.88 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.02 580.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 466.60 580.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 520.23 580.10 Td (net ) Tj ET Q q 0 0 0 rg BT 535.81 580.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 580.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.22 568.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 134.93 568.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 161.55 568.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.17 568.10 Td (is ) Tj ET Q q 0 0 0 rg BT 187.02 568.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 229.18 568.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.14 568.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 270.75 568.10 Td (income ) Tj ET Q q 0 0 0 rg BT 302.37 568.10 Td (over ) Tj ET Q q 0 0 0 rg BT 322.32 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.71 568.10 Td (life ) Tj ET Q q 0 0 0 rg BT 352.22 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.73 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.13 568.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 423.19 568.10 Td (using ) Tj ET Q q 0 0 0 rg BT 447.04 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.44 568.10 Td (ef) Tj ET Q q 0 0 0 rg BT 469.02 568.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 498.41 568.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 530.02 568.10 Td (method.) 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 49.5 546.7669921875 m 161.16015625 546.7669921875 l s q 0 0 0 rg BT 49.50 548.10 Td (Reimbursements ) Tj ET Q q 0 0 0 rg BT 119.21 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.94 548.10 Td (Advisor) 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 49.5 526.7669921875 m 115.33984375 526.7669921875 l s q 0 0 0 rg BT 49.50 528.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.11 528.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.58 508.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 100.77 508.10 Td (is ) Tj ET Q q 0 0 0 rg BT 109.41 508.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 141.37 508.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.11 508.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 181.94 508.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 243.89 508.10 Td (for ) Tj ET Q q 0 0 0 rg BT 257.52 508.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 282.25 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.65 508.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 331.16 508.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 370.89 508.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 392.86 508.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 428.14 508.10 Td (by ) Tj ET Q q 0 0 0 rg BT 440.11 508.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.97 508.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 489.16 508.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.90 508.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 544.74 508.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 109.45 496.10 Td (services ) Tj ET Q q 0 0 0 rg BT 144.40 496.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 182.68 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.20 496.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 207.33 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.08 496.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 227.76 496.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 262.73 496.10 Td (allocates, ) Tj ET Q q 0 0 0 rg BT 302.95 496.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.47 496.10 Td (good ) Tj ET Q q 0 0 0 rg BT 336.21 496.10 Td (faith, ) Tj ET Q q 0 0 0 rg BT 359.77 496.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 393.05 496.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 415.80 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.31 496.10 Td (us ) Tj ET Q q 0 0 0 rg BT 437.95 496.10 Td (related ) Tj ET Q q 0 0 0 rg BT 467.89 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.41 496.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.87 496.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 526.47 496.10 Td () Tj ET Q q 0 0 0 rg BT 529.25 496.10 Td (s ) Tj ET Q q 0 0 0 rg BT 535.88 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 553.06 496.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 484.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 86.89 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.88 484.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 138.13 484.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 183.87 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.29 484.10 Td (other ) Tj ET Q q 0 0 0 rg BT 224.83 484.10 Td (general ) Tj ET Q q 0 0 0 rg BT 257.24 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.66 484.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 334.86 484.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 357.85 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.27 484.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 414.36 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.12 484.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 473.07 484.10 Td (with ) Tj ET Q q 0 0 0 rg BT 493.84 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.04 484.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 534.25 484.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 548.06 484.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 80.10 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.15 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.64 472.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 149.70 472.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 190.84 472.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 203.40 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.89 472.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 254.60 472.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 298.51 472.10 Td (with ) Tj ET Q q 0 0 0 rg BT 318.57 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.67 472.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 365.34 472.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.11 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.22 472.10 Td (The ) Tj ET Q q 0 0 0 rg BT 390.05 472.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 422.86 472.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 445.14 472.10 Td (include ) Tj ET Q q 0 0 0 rg BT 476.84 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.45 472.10 Td (allocable ) Tj ET Q q 0 0 0 rg BT 530.81 472.10 Td (share ) Tj ET Q q 0 0 0 rg BT 554.19 472.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.34 460.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 96.93 460.10 Td () Tj ET Q q 0 0 0 rg BT 99.71 460.10 Td (s ) Tj ET Q q 0 0 0 rg BT 105.54 460.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 163.02 460.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.40 460.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 209.10 460.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 231.03 460.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 274.07 460.10 Td (with ) Tj ET Q q 0 0 0 rg BT 293.78 460.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 334.03 460.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.30 460.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 379.55 460.10 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 419.80 460.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 460.62 460.10 Td (who ) Tj ET Q q 0 0 0 rg BT 479.78 460.10 Td (spend ) Tj ET Q q 0 0 0 rg BT 505.04 460.10 Td (all ) Tj ET Q q 0 0 0 rg BT 516.98 460.10 Td (or ) Tj ET Q q 0 0 0 rg BT 527.24 460.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.62 460.10 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.09 448.10 Td (their ) Tj ET Q q 0 0 0 rg BT 80.68 448.10 Td (time ) Tj ET Q q 0 0 0 rg BT 100.72 448.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 142.42 448.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.02 448.10 Td (af) Tj ET Q q 0 0 0 rg BT 165.60 448.10 Td (fairs, ) Tj ET Q q 0 0 0 rg BT 188.14 448.10 Td (based ) Tj ET Q q 0 0 0 rg BT 213.17 448.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 235.43 448.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.92 448.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 295.48 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.08 448.10 Td (time ) Tj ET Q q 0 0 0 rg BT 326.11 448.10 Td (devoted ) Tj ET Q q 0 0 0 rg BT 360.03 448.10 Td (by ) Tj ET Q q 0 0 0 rg BT 372.30 448.10 Td (such ) Tj ET Q q 0 0 0 rg BT 392.89 448.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 434.04 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 444.08 448.10 Td (our ) Tj ET Q q 0 0 0 rg BT 459.67 448.10 Td (af) Tj ET Q q 0 0 0 rg BT 467.26 448.10 Td (fairs. ) Tj ET Q q 0 0 0 rg BT 489.79 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.89 448.10 Td (The ) Tj ET Q q 0 0 0 rg BT 509.71 448.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 542.51 448.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (also ) Tj ET Q q 0 0 0 rg BT 67.65 436.10 Td (include ) Tj ET Q q 0 0 0 rg BT 99.13 436.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 123.94 436.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.43 436.10 Td (occupancy) Tj ET Q q 0 0 0 rg BT 182.53 436.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.08 436.10 Td (technology) Tj ET Q q 0 0 0 rg BT 230.86 436.10 Td (, ) Tj ET Q q 0 0 0 rg BT 235.41 436.10 Td (of) Tj ET Q q 0 0 0 rg BT 243.56 436.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 260.59 436.10 Td (supplies, ) Tj ET Q q 0 0 0 rg BT 297.91 436.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 322.72 436.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.21 436.10 Td (entertainment ) Tj ET Q q 0 0 0 rg BT 396.23 436.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.71 436.10 Td (other ) Tj ET Q q 0 0 0 rg BT 435.31 436.10 Td (general ) Tj ET Q q 0 0 0 rg BT 466.78 436.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.26 436.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 542.51 436.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.68 424.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 108.02 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.76 424.10 Td (However) Tj ET Q q 0 0 0 rg BT 147.01 424.10 Td (, ) Tj ET Q q 0 0 0 rg BT 152.25 424.10 Td (there ) Tj ET Q q 0 0 0 rg BT 174.98 424.10 Td (is ) Tj ET Q q 0 0 0 rg BT 184.39 424.10 Td (no ) Tj ET Q q 0 0 0 rg BT 197.13 424.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 259.86 424.10 Td (for ) Tj ET Q q 0 0 0 rg BT 274.26 424.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 315.88 424.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 338.62 424.10 Td (related ) Tj ET Q q 0 0 0 rg BT 368.56 424.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.08 424.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.15 424.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 436.21 424.10 Td (of) Tj ET Q q 0 0 0 rg BT 444.36 424.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 469.30 424.10 Td (\(although ) Tj ET Q q 0 0 0 rg BT 510.37 424.10 Td (there ) Tj ET Q q 0 0 0 rg BT 533.10 424.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 424.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 112.74 412.10 Td (for ) Tj ET Q q 0 0 0 rg BT 127.65 412.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 158.11 412.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 199.68 412.10 Td (of) Tj ET Q q 0 0 0 rg BT 207.83 412.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 233.29 412.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.88 412.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.74 412.10 Td (Advisor\) ) Tj ET Q q 0 0 0 rg BT 299.55 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.24 412.10 Td (other ) Tj ET Q q 0 0 0 rg BT 341.05 412.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 383.18 412.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 421.43 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.46 412.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 471.82 412.10 Td (for ) Tj ET Q q 0 0 0 rg BT 486.74 412.10 Td (which ) Tj ET Q q 0 0 0 rg BT 514.43 412.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.30 412.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 83.93 400.10 Td (an ) Tj ET Q q 0 0 0 rg BT 95.05 400.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 140.61 400.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 154.50 400.10 Td (or ) Tj ET Q q 0 0 0 rg BT 164.51 400.10 Td (a ) Tj ET Q q 0 0 0 rg BT 170.63 400.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 216.20 400.10 Td (fee. ) Tj ET Q q 0 0 0 rg BT 232.59 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.27 400.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 251.13 400.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 285.03 400.10 Td (allocates ) Tj ET Q q 0 0 0 rg BT 321.69 400.10 Td (these ) Tj ET Q q 0 0 0 rg BT 343.92 400.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 365.60 400.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.06 400.10 Td (us ) Tj ET Q q 0 0 0 rg BT 385.63 400.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 417.29 400.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.75 400.10 Td (its ) Tj ET Q q 0 0 0 rg BT 437.87 400.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.99 400.10 Td (its ) Tj ET Q q 0 0 0 rg BT 465.12 400.10 Td (af) Tj ET Q q 0 0 0 rg BT 472.71 400.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 502.51 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.19 400.10 Td (other ) Tj ET Q q 0 0 0 rg BT 526.41 400.10 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 95.18 388.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.87 388.10 Td (good ) Tj ET Q q 0 0 0 rg BT 128.78 388.10 Td (faith ) Tj ET Q q 0 0 0 rg BT 150.02 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.38 388.10 Td (has ) Tj ET Q q 0 0 0 rg BT 183.62 388.10 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 223.18 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.31 388.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 280.65 388.10 Td (with ) Tj ET Q q 0 0 0 rg BT 301.35 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.59 388.10 Td (board ) Tj ET Q q 0 0 0 rg BT 343.27 388.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.52 388.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 394.92 388.10 Td (including ) Tj ET Q q 0 0 0 rg BT 435.60 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 451.85 388.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 503.63 388.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 544.03 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.95 388.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 83.43 376.10 Td (updates ) Tj ET Q q 0 0 0 rg BT 115.69 376.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.74 376.10 Td (board ) Tj ET Q q 0 0 0 rg BT 155.22 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.26 376.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 201.96 376.10 Td (on ) Tj ET Q q 0 0 0 rg BT 213.67 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.82 376.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 257.63 376.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 279.34 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.39 376.10 Td (any ) Tj ET Q q 0 0 0 rg BT 305.54 376.10 Td (material ) Tj ET Q q 0 0 0 rg BT 340.01 376.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 373.93 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.42 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.35 376.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 431.27 376.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 472.41 376.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.56 376.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 524.71 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.87 376.10 Td (detailed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (review ) Tj ET Q q 0 0 0 rg BT 78.83 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.73 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.06 364.10 Td (board ) Tj ET Q q 0 0 0 rg BT 127.95 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.40 364.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 178.01 364.10 Td (at ) Tj ET Q q 0 0 0 rg BT 187.35 364.10 Td (least ) Tj ET Q q 0 0 0 rg BT 207.79 364.10 Td (annually) Tj ET Q q 0 0 0 rg BT 241.58 364.10 Td (, ) Tj ET Q q 0 0 0 rg BT 246.20 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.76 364.10 Td (as ) Tj ET Q q 0 0 0 rg BT 273.21 364.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 314.21 364.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 354.64 364.10 Td (by ) Tj ET Q q 0 0 0 rg BT 366.76 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.10 364.10 Td (board ) Tj ET Q q 0 0 0 rg BT 405.99 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.44 364.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 456.04 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.01 364.10 Td (W) Tj ET Q q 0 0 0 rg BT 466.65 364.10 Td (e ) Tj ET Q q 0 0 0 rg BT 473.21 364.10 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 515.31 364.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.30 364.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 87.72 352.10 Td (for ) Tj ET Q q 0 0 0 rg BT 101.51 352.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 141.40 352.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 163.53 352.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 206.76 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.11 352.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 242.67 352.10 Td (management ) Tj ET Q q 0 0 0 rg BT 295.89 352.10 Td (fee\) ) Tj ET Q q 0 0 0 rg BT 313.55 352.10 Td (based ) Tj ET Q q 0 0 0 rg BT 338.45 352.10 Td (on ) Tj ET Q q 0 0 0 rg BT 350.58 352.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.14 352.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 403.14 352.10 Td (for ) Tj ET Q q 0 0 0 rg BT 416.93 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.27 352.10 Td (four ) Tj ET Q q 0 0 0 rg BT 450.06 352.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 491.61 352.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 515.40 352.10 Td (quarters ) Tj ET Q q 0 0 0 rg BT 549.73 352.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.52 340.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 89.51 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.97 340.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 133.97 340.10 Td (of: ) Tj ET Q q 0 0 0 rg BT 147.32 340.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 159.00 340.10 Td (2.0% ) Tj ET Q q 0 0 0 rg BT 182.07 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.64 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.21 340.10 Td (average ) Tj ET Q q 0 0 0 rg BT 241.54 340.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 277.10 340.10 Td (assets; ) Tj ET Q q 0 0 0 rg BT 305.45 340.10 Td (or ) Tj ET Q q 0 0 0 rg BT 316.02 340.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 330.48 340.10 Td (25.0% ) Tj ET Q q 0 0 0 rg BT 358.55 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.12 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 384.70 340.10 Td (net ) Tj ET Q q 0 0 0 rg BT 399.15 340.10 Td (income ) Tj ET Q q 0 0 0 rg BT 430.83 340.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 478.05 340.10 Td (without ) Tj ET Q q 0 0 0 rg BT 510.85 340.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 550.85 340.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.44 328.10 Td (additions ) Tj ET Q q 0 0 0 rg BT 105.62 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.90 328.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 151.17 328.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.33 328.10 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 219.76 328.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 239.48 328.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 265.88 328.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.72 328.10 Td (other ) Tj ET Q q 0 0 0 rg BT 299.77 328.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 330.05 328.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 368.65 328.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 403.92 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.86 328.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 462.80 328.10 Td (any ) Tj ET Q q 0 0 0 rg BT 479.75 328.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 499.47 328.10 Td (from ) Tj ET Q q 0 0 0 rg BT 521.42 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.14 328.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 554.19 328.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.79 316.10 Td (for ) Tj ET Q q 0 0 0 rg BT 90.41 316.10 Td (that ) Tj ET Q q 0 0 0 rg BT 108.36 316.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 139.36 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.32 316.10 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 211.95 316.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.12 316.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 256.46 316.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.07 316.10 Td (may ) Tj ET Q q 0 0 0 rg BT 291.25 316.10 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 334.19 316.10 Td (our ) Tj ET Q q 0 0 0 rg BT 349.83 316.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 385.01 316.10 Td (for ) Tj ET Q q 0 0 0 rg BT 399.62 316.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 438.68 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.42 316.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 478.47 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.76 316.10 Td (this ) Tj ET Q q 0 0 0 rg BT 507.17 316.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 549.01 316.10 Td (if ) Tj ET Q q 0 0 0 rg BT 558.08 316.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 84.92 304.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.80 304.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.67 304.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 160.09 304.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 196.61 304.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 242.03 304.10 Td (that ) Tj ET Q q 0 0 0 rg BT 258.57 304.10 Td (such ) Tj ET Q q 0 0 0 rg BT 278.44 304.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 306.08 304.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 343.72 304.10 Td (are ) Tj ET Q q 0 0 0 rg BT 357.47 304.10 Td (justified ) Tj ET Q q 0 0 0 rg BT 391.79 304.10 Td (based ) Tj ET Q q 0 0 0 rg BT 416.10 304.10 Td (on ) Tj ET Q q 0 0 0 rg BT 427.64 304.10 Td (unusual ) Tj ET Q q 0 0 0 rg BT 460.30 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.28 304.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 532.80 304.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 565.00 304.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 292.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 292.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 103.10 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.82 292.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 152.53 292.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 215.01 292.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 253.60 292.10 Td (based ) Tj ET Q q 0 0 0 rg BT 278.87 292.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 301.37 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.09 292.10 Td (trailing ) Tj ET Q q 0 0 0 rg BT 347.47 292.10 Td (twelve-month ) Tj ET Q q 0 0 0 rg BT 405.51 292.10 Td (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 49.5 270.7669921875 m 181.0869140625 270.7669921875 l s q 0 0 0 rg BT 49.50 272.10 Td (Or) Tj ET Q q 0 0 0 rg BT 60.24 272.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 104.97 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.47 272.10 Td (Offering ) Tj ET Q q 0 0 0 rg BT 158.86 272.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.74 252.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 101.14 252.10 Td (was ) Tj ET Q q 0 0 0 rg BT 118.86 252.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 151.02 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.97 252.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 192.01 252.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 254.16 252.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.99 252.10 Td (or) Tj ET Q q 0 0 0 rg BT 276.14 252.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 319.96 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.57 252.10 Td (of) Tj ET Q q 0 0 0 rg BT 344.72 252.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 370.77 252.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 392.94 252.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 412.33 252.10 Td (on ) Tj ET Q q 0 0 0 rg BT 424.50 252.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 451.66 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.16 252.10 Td (us ) Tj ET Q q 0 0 0 rg BT 473.23 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.18 252.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 529.22 252.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.17 252.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 240.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 88.13 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.88 240.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.52 240.10 Td (e ) Tj ET Q q 0 0 0 rg BT 104.84 240.10 Td (are ) Tj ET Q q 0 0 0 rg BT 118.93 240.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 158.03 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.69 240.10 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 209.56 240.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.35 240.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 256.18 240.10 Td (, ) Tj ET Q q 0 0 0 rg BT 260.56 240.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.77 240.10 Td (its ) Tj ET Q q 0 0 0 rg BT 282.11 240.10 Td (af) Tj ET Q q 0 0 0 rg BT 289.69 240.10 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 321.29 240.10 Td (as ) Tj ET Q q 0 0 0 rg BT 331.50 240.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 376.98 240.10 Td (for ) Tj ET Q q 0 0 0 rg BT 390.52 240.10 Td (or) Tj ET Q q 0 0 0 rg BT 398.67 240.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 442.20 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.53 240.10 Td (of) Tj ET Q q 0 0 0 rg BT 466.68 240.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 492.44 240.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 514.32 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.98 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.08 240.10 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.23 228.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 105.60 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.44 228.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 145.62 228.10 Td (commissions, ) Tj ET Q q 0 0 0 rg BT 202.86 228.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 229.79 228.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 266.73 228.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 285.34 228.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.29 228.10 Td (other ) Tj ET Q q 0 0 0 rg BT 325.34 228.10 Td (or) Tj ET Q q 0 0 0 rg BT 333.49 228.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 377.66 228.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.61 228.10 Td (of) Tj ET Q q 0 0 0 rg BT 402.75 228.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 429.14 228.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 451.65 228.10 Td (do ) Tj ET Q q 0 0 0 rg BT 464.17 228.10 Td (not ) Tj ET Q q 0 0 0 rg BT 479.46 228.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 509.72 228.10 Td (15% ) Tj ET Q q 0 0 0 rg BT 530.56 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.40 228.10 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 87.87 216.10 Td (from ) Tj ET Q q 0 0 0 rg BT 110.14 216.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.31 216.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 161.36 216.10 Td (Of) Tj ET Q q 0 0 0 rg BT 171.73 216.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 200.94 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.78 216.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 221.54 216.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 256.59 216.10 Td (did ) Tj ET Q q 0 0 0 rg BT 272.21 216.10 Td (not ) Tj ET Q q 0 0 0 rg BT 287.82 216.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 316.75 216.10 Td (reimbursable ) Tj ET Q q 0 0 0 rg BT 371.78 216.10 Td (or) Tj ET Q q 0 0 0 rg BT 379.93 216.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 424.42 216.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.69 216.10 Td (of) Tj ET Q q 0 0 0 rg BT 449.84 216.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 476.55 216.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 501.89 216.10 Td (including ) Tj ET Q q 0 0 0 rg BT 542.50 216.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 85.17 204.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.30 204.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 141.52 204.10 Td (with ) Tj ET Q q 0 0 0 rg BT 161.65 204.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.34 204.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 221.36 204.10 Td (Of) Tj ET Q q 0 0 0 rg BT 231.73 204.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 257.96 204.10 Td (but ) Tj ET Q q 0 0 0 rg BT 273.09 204.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 314.88 204.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 343.89 204.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 398.47 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.26 204.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 442.04 204.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 478.82 204.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 499.77 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.90 204.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 540.01 204.10 Td ($22.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 83.47 192.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.37 192.10 Td (1.5% ) Tj ET Q q 0 0 0 rg BT 117.78 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.68 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.47 192.10 Td (total ) Tj ET Q q 0 0 0 rg BT 163.82 192.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 201.93 192.10 Td (available ) Tj ET Q q 0 0 0 rg BT 240.60 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.95 192.10 Td (be ) Tj ET Q q 0 0 0 rg BT 262.96 192.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 289.41 192.10 Td (from ) Tj ET Q q 0 0 0 rg BT 311.43 192.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.33 192.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 362.12 192.10 Td (Of) Tj ET Q q 0 0 0 rg BT 372.49 192.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 401.45 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.02 192.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 431.03 192.10 Td (on ) Tj ET Q q 0 0 0 rg BT 443.61 192.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 467.30 192.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 505.41 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.31 192.10 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 536.39 192.10 Td (billion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.07 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.43 180.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 119.78 180.10 Td (Of) Tj ET Q q 0 0 0 rg BT 130.15 180.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 158.67 180.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.46 180.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 207.91 180.10 Td (reimbursable ) Tj ET Q q 0 0 0 rg BT 262.25 180.10 Td (or) Tj ET Q q 0 0 0 rg BT 270.40 180.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 321.40 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.98 180.10 Td (of) Tj ET Q q 0 0 0 rg BT 346.13 180.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 372.14 180.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 396.78 180.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 438.35 180.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 467.15 180.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 521.51 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.09 180.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 87.26 168.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 109.20 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.87 168.10 Td (1.0%, ) Tj ET Q q 0 0 0 rg BT 147.54 168.10 Td (which ) Tj ET Q q 0 0 0 rg BT 175.32 168.10 Td (was ) Tj ET Q q 0 0 0 rg BT 194.21 168.10 Td (less ) Tj ET Q q 0 0 0 rg BT 212.54 168.10 Td (than ) Tj ET Q q 0 0 0 rg BT 233.10 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.66 168.10 Td (1.5% ) Tj ET Q q 0 0 0 rg BT 272.83 168.10 Td (expected. ) Tj ET Q q 0 0 0 rg BT 314.20 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.54 168.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 336.43 168.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 388.64 168.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 426.96 168.10 Td (did ) Tj ET Q q 0 0 0 rg BT 443.08 168.10 Td (not ) Tj ET Q q 0 0 0 rg BT 459.20 168.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 502.51 168.10 Td (that ) Tj ET Q q 0 0 0 rg BT 520.85 168.10 Td (any ) Tj ET Q q 0 0 0 rg BT 538.63 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 168.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 156.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 101.80 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.74 156.10 Td (of) Tj ET Q q 0 0 0 rg BT 126.89 156.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 153.26 156.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 175.76 156.10 Td (were ) Tj ET Q q 0 0 0 rg BT 197.69 156.10 Td (unfair ) Tj ET Q q 0 0 0 rg BT 224.07 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.01 156.10 Td (commercially ) Tj ET Q q 0 0 0 rg BT 298.48 156.10 Td (unreasonable. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 79.77 136.10 Td (Manager) 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 49.5 114.76699218750002 m 239.744140625 114.76699218750002 l s q 0 0 0 rg BT 49.50 116.10 Td (Selling ) Tj ET Q q 0 0 0 rg BT 80.33 116.10 Td (Commissions ) Tj ET Q q 0 0 0 rg BT 137.29 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.23 116.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 183.38 116.10 Td (Manager ) Tj ET Q q 0 0 0 rg BT 221.41 116.10 Td (Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 86.91 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.10 96.10 Td (a ) Tj ET Q q 0 0 0 rg BT 103.94 96.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 130.78 96.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 167.61 96.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 214.16 96.10 Td (we ) Tj ET Q q 0 0 0 rg BT 228.23 96.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 247.85 96.10 Td (our ) Tj ET Q q 0 0 0 rg BT 263.59 96.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 292.64 96.10 Td (Manager ) Tj ET Q q 0 0 0 rg BT 330.59 96.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 359.66 96.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 414.30 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.04 96.10 Td (up ) Tj ET Q q 0 0 0 rg BT 437.45 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.63 96.10 Td (7.0% ) Tj ET Q q 0 0 0 rg BT 470.87 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.61 96.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 505.13 96.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 543.08 96.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.90 84.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 101.18 84.10 Td (Of) Tj ET Q q 0 0 0 rg BT 111.56 84.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 141.00 84.10 Td (all ) Tj ET Q q 0 0 0 rg BT 154.07 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.46 84.10 Td (which ) Tj ET Q q 0 0 0 rg BT 192.97 84.10 Td (were ) Tj ET Q q 0 0 0 rg BT 215.47 84.10 Td (reallowed ) Tj ET Q q 0 0 0 rg BT 257.96 84.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.81 84.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 322.42 84.10 Td (broker) Tj ET Q q 0 0 0 rg BT 348.31 84.10 Td (-dealers. ) Tj ET Q q 0 0 0 rg BT 385.53 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.60 84.10 Td (In ) Tj ET Q q 0 0 0 rg BT 400.00 84.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 438.34 84.10 Td (we ) Tj ET Q q 0 0 0 rg BT 453.07 84.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 473.35 84.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.75 84.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 519.47 84.10 Td (Manager ) Tj ET Q q 0 0 0 rg BT 558.07 84.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 76.99 72.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 114.49 72.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 129.77 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.17 72.10 Td (up ) Tj ET Q q 0 0 0 rg BT 154.24 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.08 72.10 Td (3.0% ) Tj ET Q q 0 0 0 rg BT 188.99 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.39 72.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 224.57 72.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 263.18 72.10 Td (from ) Tj ET Q q 0 0 0 rg BT 285.69 72.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.09 72.10 Td (Primary ) Tj ET Q q 0 0 0 rg BT 337.37 72.10 Td (Of) Tj ET Q q 0 0 0 rg BT 347.74 72.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 377.19 72.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.70 72.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 416.66 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.06 72.10 Td (which ) Tj ET Q q 0 0 0 rg BT 455.57 72.10 Td (was ) Tj ET Q q 0 0 0 rg BT 474.19 72.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 512.25 72.10 Td (reallowed ) Tj ET Q q 0 0 0 rg BT 554.74 72.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 103.06 60.10 Td (broker) Tj ET Q q 0 0 0 rg BT 128.96 60.10 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 163.63 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.10 60.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 201.34 60.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.15 60.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 242.38 60.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 288.17 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.52 60.10 Td (our ) Tj ET Q q 0 0 0 rg BT 315.88 60.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 345.55 60.10 Td (Manager) Tj ET Q q 0 0 0 rg BT 380.54 60.10 Td (. ) Tj ET Q q 0 0 0 rg BT 386.06 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.09 60.10 Td (No ) Tj ET Q q 0 0 0 rg BT 404.34 60.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 434.03 60.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 489.28 60.10 Td (or ) Tj ET Q q 0 0 0 rg BT 500.64 60.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 528.09 60.10 Td (manager ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.10 48.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.81 48.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 102.52 48.10 Td (for ) Tj ET Q q 0 0 0 rg BT 116.68 48.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 138.62 48.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 175.56 48.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.84 48.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.67 48.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 220.01 48.10 Td (.) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (57) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Summary ) Tj ET Q q 0 0 0 rg BT 89.77 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.05 740.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 121.43 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.93 740.10 Td (Reimbursements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 720.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.73 720.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.31 720.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.43 720.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.89 720.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.79 720.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 200.58 720.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.71 720.10 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 284.27 720.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 320.27 720.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.74 720.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.16 720.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 381.07 720.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.20 720.10 Td (our ) Tj ET Q q 0 0 0 rg BT 414.21 720.10 Td (Dealer ) Tj ET Q q 0 0 0 rg BT 443.55 720.10 Td (Manager ) Tj ET Q q 0 0 0 rg BT 481.77 720.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.12 720.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.03 720.10 Td (three ) Tj ET Q q 0 0 0 rg BT 533.70 720.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.83 720.10 Td (six ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (months ) Tj ET Q q 0 0 0 rg BT 81.54 708.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.41 708.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 708.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 143.92 708.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.92 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.50 708.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.53 708.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.53 708.10 Td (, ) Tj ET Q q 0 0 0 rg BT 208.62 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.64 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.44 708.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 273.03 708.10 Td (due ) Tj ET Q q 0 0 0 rg BT 290.05 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.42 708.10 Td (related ) Tj ET Q q 0 0 0 rg BT 330.21 708.10 Td (party ) Tj ET Q q 0 0 0 rg BT 353.34 708.10 Td (as ) Tj ET Q q 0 0 0 rg BT 364.26 708.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.17 708.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 411.09 708.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.09 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.68 708.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.70 708.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 509.37 708.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.37 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.96 708.10 Td (\(dollars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 696.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 636.60 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 636.60 84.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 636.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 636.60 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 636.60 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 636.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 636.60 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 636.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 636.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 595.60 66.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.00 595.60 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.00 595.60 84.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 595.60 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 595.60 42.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 595.60 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 595.60 41.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 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1 rg /GS0 gs 156.00 442.60 84.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 442.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 442.60 42.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 442.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 442.60 41.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 442.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 442.60 41.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 442.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 442.60 40.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 442.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 442.60 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 442.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 442.60 53.00 -36.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 636.6 m 331 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 636.6 m 376 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 636.6 m 420 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 665.6 m 474 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 636.6 m 474 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 665.6 m 478 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 665.6 m 531 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 636.6 m 531 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86 636.6 m 152 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 406.6 m 474 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 406.6 m 531 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 406.6 m 474 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 394.6 m 474 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 392.6 m 474 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 406.6 m 531 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 394.6 m 531 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 392.6 m 531 392.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.60 677.68 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.75 669.68 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.40 677.68 Td (Six Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 669.68 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.20 669.83 Td (Due to Related Party as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 648.83 Td (Type of Fee or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 640.83 Td (Reimbursement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.15 648.83 Td (Financial Statement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.35 640.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.50 640.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 640.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.00 640.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.50 640.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.25 648.83 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.50 640.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.75 648.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 640.83 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 628.55 Td (Fees to Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 615.55 Td (Asset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 607.55 Td (management) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 615.55 Td (Asset management and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 607.55 Td (other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.50 599.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 599.85 Td (8,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.50 599.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.75 599.85 Td (3,651) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.50 599.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.75 599.85 Td (15,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.50 599.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.75 599.85 Td (6,360) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 599.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 599.85 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.50 599.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 599.85 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 587.55 Td (Acquisition) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 125.83 591.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 587.55 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 579.55 Td (investments, net /) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 571.55 Td (investments in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 563.55 Td (unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 555.55 Td (ventures / asset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 547.55 Td (management and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 539.55 Td (fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 539.85 Td (85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.75 539.85 Td (22,216) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.75 539.85 Td (12,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.75 539.85 Td (22,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 539.85 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 539.85 Td (378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 527.55 Td (Disposition) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 125.39 531.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 527.55 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 519.55 Td (investments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.80 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.80 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.75 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 519.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 507.55 Td (Reimbursements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 499.55 Td (to Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 487.55 Td (Operating costs) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 138.49 491.18 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 487.55 Td (General and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 479.55 Td (administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 479.85 Td (8,371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.75 479.85 Td (4,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.75 479.85 Td (15,836) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.75 479.85 Td (6,709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 479.85 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.80 479.85 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 467.55 Td (Organization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 467.55 Td (General and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 459.55 Td (administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 459.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.80 459.85 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.80 459.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.75 459.85 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 459.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 459.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 447.55 Td (Offering) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 447.55 Td (Cost of capital) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 205.16 451.18 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 446.85 Td (23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.75 446.85 Td (1,867) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.75 446.85 Td (447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.75 446.85 Td (2,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 446.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 446.85 Td (39) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 434.55 Td (Selling) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 426.55 Td (commissions /) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 418.55 Td (Dealer manager) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 88.50 410.55 Td (fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.50 434.55 Td (Cost of capital) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 205.16 438.18 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 410.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.75 410.85 Td (12,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.80 410.85 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.75 410.85 Td (25,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 410.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.80 410.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 398.55 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 397.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.80 397.85 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.50 397.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.80 397.85 Td (443) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 382.10 Td (_____________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 372.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 372.50 Td (Acquisition/disposition ) Tj ET Q q 0 0 0 rg BT 179.53 372.50 Td (fees ) Tj ET Q q 0 0 0 rg BT 193.76 372.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 221.77 372.50 Td (to ) Tj ET Q q 0 0 0 rg BT 229.35 372.50 Td (our ) Tj ET Q q 0 0 0 rg BT 241.07 372.50 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 268.20 372.50 Td (related ) Tj ET Q q 0 0 0 rg BT 291.32 372.50 Td 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BT 202.79 362.90 Td (the ) Tj ET Q q 0 0 0 rg BT 215.05 362.90 Td (borrower) Tj ET Q q 0 0 0 rg BT 243.93 362.90 Td (. ) Tj ET Q q 0 0 0 rg BT 248.41 362.90 Td ( ) Tj ET Q q 0 0 0 rg BT 250.34 362.90 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 290.16 362.90 Td (fees ) Tj ET Q q 0 0 0 rg BT 305.52 362.90 Td (related ) Tj ET Q q 0 0 0 rg BT 329.76 362.90 Td (to ) Tj ET Q q 0 0 0 rg BT 338.47 362.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 360.95 362.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 401.65 362.90 Td (are ) Tj ET Q q 0 0 0 rg BT 413.90 362.90 Td (included ) Tj ET Q q 0 0 0 rg BT 443.93 362.90 Td (in ) Tj ET Q q 0 0 0 rg BT 452.63 362.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 470.67 362.90 Td (management ) Tj ET Q q 0 0 0 rg BT 514.02 362.90 Td (and ) Tj ET Q q 0 0 0 rg BT 528.05 362.90 Td (other ) Tj ET Q q 0 0 0 rg BT 546.97 362.90 Td (fees-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 353.30 Td (related ) Tj ET Q q 0 0 0 rg BT 127.26 353.30 Td (party ) Tj ET Q q 0 0 0 rg BT 145.70 353.30 Td (in ) Tj ET Q q 0 0 0 rg BT 153.92 353.30 Td (our ) Tj ET Q q 0 0 0 rg BT 166.59 353.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 209.02 353.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 244.79 353.30 Td (of ) Tj ET Q q 0 0 0 rg BT 253.46 353.30 Td (operations. ) Tj ET Q q 0 0 0 rg BT 290.79 353.30 Td ( ) Tj ET Q q 0 0 0 rg BT 292.34 353.30 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 331.68 353.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 346.56 353.30 Td (related ) Tj ET Q q 0 0 0 rg BT 370.32 353.30 Td (to ) Tj ET Q q 0 0 0 rg BT 378.54 353.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 418.76 353.30 Td (in ) Tj ET Q q 0 0 0 rg BT 426.99 353.30 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 477.42 353.30 Td (joint ) Tj ET Q q 0 0 0 rg BT 494.09 353.30 Td (ventures ) Tj ET Q q 0 0 0 rg BT 523.19 353.30 Td (are ) Tj ET Q q 0 0 0 rg BT 534.96 353.30 Td (included ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 343.70 Td (in ) Tj ET Q q 0 0 0 rg BT 111.45 343.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 151.40 343.70 Td (in ) Tj ET Q q 0 0 0 rg BT 159.36 343.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 209.52 343.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 238.36 343.70 Td (on ) Tj ET Q q 0 0 0 rg BT 248.09 343.70 Td (our ) Tj ET Q q 0 0 0 rg BT 260.48 343.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 302.65 343.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 328.81 343.70 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 352.09 343.70 Td ( ) Tj ET Q q 0 0 0 rg BT 353.82 343.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 367.61 343.70 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 395.12 343.70 Td (may ) Tj ET Q q 0 0 0 rg BT 410.62 343.70 Td (determine ) Tj ET Q q 0 0 0 rg BT 444.34 343.70 Td (to ) Tj ET Q q 0 0 0 rg BT 452.29 343.70 Td (defer ) Tj ET Q q 0 0 0 rg BT 470.45 343.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 485.06 343.70 Td (or ) Tj ET Q q 0 0 0 rg BT 493.46 343.70 Td (seek ) Tj ET Q q 0 0 0 rg BT 509.41 343.70 Td (reimbursements.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 334.10 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 334.10 Td (As ) Tj ET Q q 0 0 0 rg BT 114.39 334.10 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.05 334.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 151.72 334.10 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.72 334.10 Td (, ) Tj ET Q q 0 0 0 rg BT 171.72 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.94 334.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 211.72 334.10 Td (has ) Tj ET Q q 0 0 0 rg BT 224.38 334.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 253.04 334.10 Td (unreimbursed ) Tj ET Q q 0 0 0 rg BT 299.02 334.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 331.23 334.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 349.23 334.10 Td (on ) Tj ET Q q 0 0 0 rg BT 359.23 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 371.90 334.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 393.89 334.10 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.55 334.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 418.55 334.10 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.66 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.66 334.10 Td (that ) Tj ET Q q 0 0 0 rg BT 457.66 334.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 481.87 334.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 507.86 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.09 334.10 Td (allocate ) Tj ET Q q 0 0 0 rg BT 542.96 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 551.18 334.10 Td (us. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 324.50 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 324.50 Td (Cost ) Tj ET Q q 0 0 0 rg BT 120.17 324.50 Td (of ) Tj ET Q q 0 0 0 rg BT 128.84 324.50 Td (capital ) Tj ET Q q 0 0 0 rg BT 152.16 324.50 Td (is ) Tj ET Q q 0 0 0 rg BT 159.49 324.50 Td (included ) Tj ET Q q 0 0 0 rg BT 189.04 324.50 Td (in ) Tj ET Q q 0 0 0 rg BT 197.26 324.50 Td (net ) Tj ET Q q 0 0 0 rg BT 209.04 324.50 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 239.46 324.50 Td (from ) Tj ET Q q 0 0 0 rg BT 257.02 324.50 Td (issuance ) Tj ET Q q 0 0 0 rg BT 286.12 324.50 Td (of ) Tj ET Q q 0 0 0 rg BT 294.78 324.50 Td (common ) Tj ET Q q 0 0 0 rg BT 324.78 324.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 343.66 324.50 Td (in ) Tj ET Q q 0 0 0 rg BT 351.89 324.50 Td (our ) Tj ET Q q 0 0 0 rg BT 364.55 324.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 406.98 324.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 442.75 324.50 Td (of ) Tj ET Q q 0 0 0 rg BT 451.42 324.50 Td (equity) Tj ET Q q 0 0 0 rg BT 470.89 324.50 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 304.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 92.01 304.50 Td (Realty ) Tj ET Q q 0 0 0 rg BT 120.05 304.50 Td (Pur) Tj ET Q q 0 0 0 rg BT 134.68 304.50 Td (chase ) Tj ET Q q 0 0 0 rg BT 159.95 304.50 Td (of ) Tj ET Q q 0 0 0 rg BT 170.23 304.50 Td (Common ) Tj ET Q q 0 0 0 rg BT 208.84 304.50 Td (Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.96 284.50 Td (January ) Tj ET Q q 0 0 0 rg BT 95.18 284.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 120.81 284.50 Td (our ) Tj ET Q q 0 0 0 rg BT 137.26 284.50 Td (board ) Tj ET Q q 0 0 0 rg BT 163.16 284.50 Td (of ) Tj ET Q q 0 0 0 rg BT 174.62 284.50 Td (directors ) Tj ET Q q 0 0 0 rg BT 212.73 284.50 Td (approved ) Tj ET Q q 0 0 0 rg BT 253.06 284.50 Td (an ) Tj ET Q q 0 0 0 rg BT 265.63 284.50 Td (amended ) Tj ET Q q 0 0 0 rg BT 304.85 284.50 Td (and ) Tj ET Q q 0 0 0 rg BT 322.41 284.50 Td (restated ) Tj ET Q q 0 0 0 rg BT 356.63 284.50 Td (distribution ) Tj ET Q q 0 0 0 rg BT 405.87 284.50 Td (support ) Tj ET Q q 0 0 0 rg BT 439.00 284.50 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 486.27 284.50 Td (or ) Tj ET Q q 0 0 0 rg BT 497.72 284.50 Td (our ) Tj ET Q q 0 0 0 rg BT 514.18 284.50 Td (Distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.50 Td (Support ) Tj ET Q q 0 0 0 rg BT 82.65 272.50 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 131.47 272.50 Td (extending ) Tj ET Q q 0 0 0 rg BT 172.80 272.50 Td (the ) Tj ET Q q 0 0 0 rg BT 186.92 272.50 Td (term ) Tj ET Q q 0 0 0 rg BT 207.14 272.50 Td (until ) Tj ET Q q 0 0 0 rg BT 227.38 272.50 Td (February ) Tj ET Q q 0 0 0 rg BT 265.37 272.50 Td (6, ) Tj ET Q q 0 0 0 rg BT 274.77 272.50 Td (2017. ) Tj ET Q q 0 0 0 rg BT 299.17 272.50 Td ( ) Tj ET Q q 0 0 0 rg BT 301.07 272.50 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 337.97 272.50 Td (to ) Tj ET Q q 0 0 0 rg BT 347.64 272.50 Td (our ) Tj ET Q q 0 0 0 rg BT 362.87 272.50 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 413.11 272.50 Td (Support ) Tj ET Q q 0 0 0 rg BT 446.25 272.50 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 495.08 272.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 536.41 272.50 Td (Realty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.50 Td (committed ) Tj ET Q q 0 0 0 rg BT 94.55 260.50 Td (to ) Tj ET Q q 0 0 0 rg BT 104.62 260.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 142.44 260.50 Td (up ) Tj ET Q q 0 0 0 rg BT 154.72 260.50 Td (to ) Tj ET Q q 0 0 0 rg BT 164.78 260.50 Td (an ) Tj ET Q q 0 0 0 rg BT 176.51 260.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 217.65 260.50 Td (of ) Tj ET Q q 0 0 0 rg BT 228.27 260.50 Td ($10.0 ) Tj ET Q q 0 0 0 rg BT 253.05 260.50 Td (million ) Tj ET Q q 0 0 0 rg BT 284.23 260.50 Td (in ) Tj ET Q q 0 0 0 rg BT 294.29 260.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 321.56 260.50 Td (of ) Tj ET Q q 0 0 0 rg BT 332.18 260.50 Td (our ) Tj ET Q q 0 0 0 rg BT 347.79 260.50 Td (common ) Tj ET Q q 0 0 0 rg BT 385.07 260.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 408.46 260.50 Td (at ) Tj ET Q q 0 0 0 rg BT 417.96 260.50 Td (a ) Tj ET Q q 0 0 0 rg BT 424.69 260.50 Td (price ) Tj ET Q q 0 0 0 rg BT 446.96 260.50 Td (of ) Tj ET Q q 0 0 0 rg BT 457.57 260.50 Td ($9.00 ) Tj ET Q q 0 0 0 rg BT 482.36 260.50 Td (per ) Tj ET Q q 0 0 0 rg BT 497.41 260.50 Td (share ) Tj ET Q q 0 0 0 rg BT 520.79 260.50 Td (during ) Tj ET Q q 0 0 0 rg BT 549.18 260.50 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.50 Td (Initial ) Tj ET Q q 0 0 0 rg BT 76.26 248.50 Td (Of) Tj ET Q q 0 0 0 rg BT 86.63 248.50 Td (fering ) Tj ET Q q 0 0 0 rg BT 113.39 248.50 Td (and ) Tj ET Q q 0 0 0 rg BT 130.70 248.50 Td (at ) Tj ET Q q 0 0 0 rg BT 140.80 248.50 Td ($9.18 ) Tj ET Q q 0 0 0 rg BT 166.18 248.50 Td (per ) Tj ET Q q 0 0 0 rg BT 181.82 248.50 Td (share ) Tj ET Q q 0 0 0 rg BT 205.80 248.50 Td (during ) Tj ET Q q 0 0 0 rg BT 234.79 248.50 Td (our ) Tj ET Q q 0 0 0 rg BT 251.00 248.50 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 295.54 248.50 Td (Of) Tj ET Q q 0 0 0 rg BT 305.92 248.50 Td (fering, ) Tj ET Q q 0 0 0 rg BT 335.17 248.50 Td (if ) Tj ET Q q 0 0 0 rg BT 344.16 248.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 364.81 248.50 Td (distributions ) Tj ET Q q 0 0 0 rg BT 417.69 248.50 Td (exceed ) Tj ET Q q 0 0 0 rg BT 448.32 248.50 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 478.44 248.50 Td (to ) Tj ET Q q 0 0 0 rg BT 489.09 248.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 522.52 248.50 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 73.61 236.50 Td (to ) Tj ET Q q 0 0 0 rg BT 83.27 236.50 Td (support ) Tj ET Q q 0 0 0 rg BT 115.15 236.50 Td (distributions ) Tj ET Q q 0 0 0 rg BT 167.04 236.50 Td (to ) Tj ET Q q 0 0 0 rg BT 176.70 236.50 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 231.63 236.50 Td ( ) Tj ET Q q 0 0 0 rg BT 233.52 236.50 Td (In ) Tj ET Q q 0 0 0 rg BT 243.73 236.50 Td (February ) Tj ET Q q 0 0 0 rg BT 281.71 236.50 Td (2013, ) Tj ET Q q 0 0 0 rg BT 306.10 236.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 347.42 236.50 Td (Realty ) Tj ET Q q 0 0 0 rg BT 375.41 236.50 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.83 236.50 Td (222,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.33 236.50 Td ( ) Tj ET Q q 0 0 0 rg BT 452.21 236.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 479.08 236.50 Td (of ) Tj ET Q q 0 0 0 rg BT 489.30 236.50 Td (our ) Tj ET Q q 0 0 0 rg BT 504.51 236.50 Td (common ) Tj ET Q q 0 0 0 rg BT 541.39 236.50 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.50 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.57 224.50 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 83.49 224.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.38 224.50 Td ( ) Tj ET Q q 0 0 0 rg BT 114.80 224.50 Td (under ) Tj ET Q q 0 0 0 rg BT 139.98 224.50 Td (our ) Tj ET Q q 0 0 0 rg BT 155.72 224.50 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 206.47 224.50 Td (Support ) Tj ET Q q 0 0 0 rg BT 240.02 224.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 286.86 224.50 Td (to ) Tj ET Q q 0 0 0 rg BT 297.06 224.50 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 325.58 224.50 Td (the ) Tj ET Q q 0 0 0 rg BT 340.21 224.50 Td (minimum ) Tj ET Q q 0 0 0 rg BT 381.52 224.50 Td (of) Tj ET Q q 0 0 0 rg BT 389.67 224.50 Td (fering ) Tj ET Q q 0 0 0 rg BT 415.96 224.50 Td (requirement, ) Tj ET Q q 0 0 0 rg BT 469.18 224.50 Td (which ) Tj ET Q q 0 0 0 rg BT 496.04 224.50 Td (reduced ) Tj ET Q q 0 0 0 rg BT 530.10 224.50 Td (the ) Tj ET Q q 0 0 0 rg BT 544.73 224.50 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.50 Td (commitment. ) Tj ET Q q 0 0 0 rg BT 104.37 212.50 Td ( ) Tj ET Q q 0 0 0 rg BT 105.80 212.50 Td (As ) Tj ET Q q 0 0 0 rg BT 118.74 212.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.89 212.50 Td (June30, ) Tj ET Q q 0 0 0 rg BT 164.05 212.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.05 212.50 Td (, ) Tj ET Q q 0 0 0 rg BT 188.37 212.50 Td (including ) Tj ET Q q 0 0 0 rg BT 227.97 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 242.02 212.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 279.38 212.50 Td (of ) Tj ET Q q 0 0 0 rg BT 289.54 212.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 316.35 212.50 Td (to ) Tj ET Q q 0 0 0 rg BT 325.96 212.50 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 353.89 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 367.94 212.50 Td (minimum ) Tj ET Q q 0 0 0 rg BT 408.65 212.50 Td (of) Tj ET Q q 0 0 0 rg BT 416.80 212.50 Td (fering ) Tj ET Q q 0 0 0 rg BT 442.51 212.50 Td (requirement, ) Tj ET Q q 0 0 0 rg BT 495.14 212.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 536.41 212.50 Td (Realty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.50 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.36 200.50 Td (588,1) Tj ET Q q 0 0 0 rg BT 114.49 200.50 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.49 200.50 Td ( ) Tj ET Q q 0 0 0 rg BT 126.81 200.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 154.13 200.50 Td (of ) Tj ET Q q 0 0 0 rg BT 164.78 200.50 Td (our ) Tj ET Q q 0 0 0 rg BT 180.44 200.50 Td (common ) Tj ET Q q 0 0 0 rg BT 217.76 200.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 241.19 200.50 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.17 200.50 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 275.00 200.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.89 200.50 Td (. ) Tj ET Q q 0 0 0 rg BT 308.71 200.50 Td ( ) Tj ET Q q 0 0 0 rg BT 310.52 200.50 Td (As ) Tj ET Q q 0 0 0 rg BT 323.96 200.50 Td (our ) Tj ET Q q 0 0 0 rg BT 339.62 200.50 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 383.61 200.50 Td (Of) Tj ET Q q 0 0 0 rg BT 393.98 200.50 Td (fering ) Tj ET Q q 0 0 0 rg BT 420.18 200.50 Td (has ) Tj ET Q q 0 0 0 rg BT 435.84 200.50 Td (now ) Tj ET Q q 0 0 0 rg BT 455.38 200.50 Td (been ) Tj ET Q q 0 0 0 rg BT 476.58 200.50 Td (completed, ) Tj ET Q q 0 0 0 rg BT 523.06 200.50 Td (NorthStar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.50 Td (Realty ) Tj ET Q q 0 0 0 rg BT 78.10 188.50 Td (has ) Tj ET Q q 0 0 0 rg BT 93.93 188.50 Td (no ) Tj ET Q q 0 0 0 rg BT 106.43 188.50 Td (further ) Tj ET Q q 0 0 0 rg BT 136.14 188.50 Td (obligation ) Tj ET Q q 0 0 0 rg BT 179.19 188.50 Td (to ) Tj ET Q q 0 0 0 rg BT 189.47 188.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 227.51 188.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 255.00 188.50 Td (under ) Tj ET Q q 0 0 0 rg BT 280.27 188.50 Td (the ) Tj ET Q q 0 0 0 rg BT 294.98 188.50 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 345.82 188.50 Td (Support ) Tj ET Q q 0 0 0 rg BT 379.44 188.50 Td (Agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 168.50 Td (Investments ) Tj ET Q q 0 0 0 rg BT 99.21 168.50 Td (in ) Tj ET Q q 0 0 0 rg BT 109.49 168.50 Td (Joint ) Tj ET Q q 0 0 0 rg BT 131.98 168.50 Td (V) Tj ET Q q 0 0 0 rg BT 136.98 168.50 Td (entur) Tj ET Q q 0 0 0 rg BT 157.72 168.50 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.66 148.50 Td (May ) Tj ET Q q 0 0 0 rg BT 81.82 148.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 107.15 148.50 Td (we, ) Tj ET Q q 0 0 0 rg BT 124.13 148.50 Td (through ) Tj ET Q q 0 0 0 rg BT 158.07 148.50 Td (a ) Tj ET Q q 0 0 0 rg BT 165.34 148.50 Td (general ) Tj ET Q q 0 0 0 rg BT 197.59 148.50 Td (partnership ) Tj ET Q q 0 0 0 rg BT 245.41 148.50 Td (with ) Tj ET Q q 0 0 0 rg BT 266.01 148.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 308.28 148.50 Td (Realty) Tj ET Q q 0 0 0 rg BT 333.73 148.50 Td (, ) Tj ET Q q 0 0 0 rg BT 339.06 148.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 376.31 148.50 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.58 148.50 Td (5.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.41 148.50 Td ( ) Tj ET Q q 0 0 0 rg BT 407.24 148.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 439.50 148.50 Td (in ) Tj ET Q q 0 0 0 rg BT 450.11 148.50 Td (the ) Tj ET Q q 0 0 0 rg BT 465.15 148.50 Td (Eclipse ) Tj ET Q q 0 0 0 rg BT 497.42 148.50 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 537.74 148.50 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 148.50 Td ($1.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.50 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 136.50 Td ( ) Tj ET Q q 0 0 0 rg BT 78.05 136.50 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 121.58 136.50 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 161.51 136.50 Td (and ) Tj ET Q q 0 0 0 rg BT 178.39 136.50 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.38 136.50 Td ($23.4 ) Tj ET Q q 0 0 0 rg BT 251.32 136.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.21 136.50 Td ( ) Tj ET Q q 0 0 0 rg BT 282.65 136.50 Td (of ) Tj ET Q q 0 0 0 rg BT 293.42 136.50 Td (cash ) Tj ET Q q 0 0 0 rg BT 313.63 136.50 Td (for ) Tj ET Q q 0 0 0 rg BT 327.73 136.50 Td (our ) Tj ET Q q 0 0 0 rg BT 343.50 136.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 375.38 136.50 Td (in ) Tj ET Q q 0 0 0 rg BT 385.60 136.50 Td (the ) Tj ET Q q 0 0 0 rg BT 400.26 136.50 Td (investment. ) Tj ET Q q 0 0 0 rg BT 449.08 136.50 Td ( ) Tj ET Q q 0 0 0 rg BT 451.35 136.50 Td (The ) Tj ET Q q 0 0 0 rg BT 469.33 136.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 507.31 136.50 Td (was ) Tj ET Q q 0 0 0 rg BT 525.31 136.50 Td (approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.50 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 124.50 Td (our ) Tj ET Q q 0 0 0 rg BT 77.83 124.50 Td (board ) Tj ET Q q 0 0 0 rg BT 103.10 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 113.93 124.50 Td (directors, ) Tj ET Q q 0 0 0 rg BT 153.91 124.50 Td (including ) Tj ET Q q 0 0 0 rg BT 194.19 124.50 Td (all ) Tj ET Q q 0 0 0 rg BT 206.68 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 217.51 124.50 Td (our ) Tj ET Q q 0 0 0 rg BT 233.34 124.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 284.71 124.50 Td (directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.61 104.50 Td (December ) Tj ET Q q 0 0 0 rg BT 104.48 104.50 Td (2014, ) Tj ET Q q 0 0 0 rg BT 129.77 104.50 Td (we, ) Tj ET Q q 0 0 0 rg BT 146.71 104.50 Td (through ) Tj ET Q q 0 0 0 rg BT 180.61 104.50 Td (a ) Tj ET Q q 0 0 0 rg BT 187.83 104.50 Td (general ) Tj ET Q q 0 0 0 rg BT 220.04 104.50 Td (partnership ) Tj ET Q q 0 0 0 rg BT 267.81 104.50 Td (with ) Tj ET Q q 0 0 0 rg BT 288.37 104.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 330.59 104.50 Td (Realty) Tj ET Q q 0 0 0 rg BT 356.05 104.50 Td (, ) Tj ET Q q 0 0 0 rg BT 361.33 104.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 398.54 104.50 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.76 104.50 Td (14.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.59 104.50 Td ( ) Tj ET Q q 0 0 0 rg BT 434.38 104.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 466.60 104.50 Td (in ) Tj ET Q q 0 0 0 rg BT 477.16 104.50 Td (the ) Tj ET Q q 0 0 0 rg BT 492.16 104.50 Td (Grif) Tj ET Q q 0 0 0 rg BT 508.64 104.50 Td (fin-American ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.50 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 87.21 92.50 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.58 92.50 Td ($187.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.08 92.50 Td ( ) Tj ET Q q 0 0 0 rg BT 131.79 92.50 Td (million ) Tj ET Q q 0 0 0 rg BT 163.39 92.50 Td (in ) Tj ET Q q 0 0 0 rg BT 173.88 92.50 Td (cash, ) Tj ET Q q 0 0 0 rg BT 196.86 92.50 Td (including ) Tj ET Q q 0 0 0 rg BT 237.35 92.50 Td (our ) Tj ET Q q 0 0 0 rg BT 253.39 92.50 Td (pro ) Tj ET Q q 0 0 0 rg BT 269.43 92.50 Td (rata ) Tj ET Q q 0 0 0 rg BT 287.13 92.50 Td (share ) Tj ET Q q 0 0 0 rg BT 310.94 92.50 Td (of ) Tj ET Q q 0 0 0 rg BT 321.98 92.50 Td (transaction ) Tj ET Q q 0 0 0 rg BT 368.56 92.50 Td (costs. ) Tj ET Q q 0 0 0 rg BT 393.77 92.50 Td ( ) Tj ET Q q 0 0 0 rg BT 396.29 92.50 Td (The ) Tj ET Q q 0 0 0 rg BT 414.55 92.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 452.80 92.50 Td (was ) Tj ET Q q 0 0 0 rg BT 471.06 92.50 Td (approved ) Tj ET Q q 0 0 0 rg BT 510.98 92.50 Td (by ) Tj ET Q q 0 0 0 rg BT 523.69 92.50 Td (our ) Tj ET Q q 0 0 0 rg BT 539.73 92.50 Td (board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.50 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 80.50 Td (directors, ) Tj ET Q q 0 0 0 rg BT 100.32 80.50 Td (including ) Tj ET Q q 0 0 0 rg BT 140.59 80.50 Td (all ) Tj ET Q q 0 0 0 rg BT 153.08 80.50 Td (of ) Tj ET Q q 0 0 0 rg BT 163.91 80.50 Td (our ) Tj ET Q q 0 0 0 rg BT 179.74 80.50 Td (independent ) Tj ET Q q 0 0 0 rg BT 231.12 80.50 Td (directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.23 60.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 106.50 60.50 Td (with ) Tj ET Q q 0 0 0 rg BT 126.67 60.50 Td (the ) Tj ET Q q 0 0 0 rg BT 141.28 60.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 187.56 60.50 Td (of ) Tj ET Q q 0 0 0 rg BT 198.29 60.50 Td (the ) Tj ET Q q 0 0 0 rg BT 212.90 60.50 Td (Grif) Tj ET Q q 0 0 0 rg BT 229.38 60.50 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 285.64 60.50 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 323.03 60.50 Td (by ) Tj ET Q q 0 0 0 rg BT 335.43 60.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 377.26 60.50 Td (Realty ) Tj ET Q q 0 0 0 rg BT 405.76 60.50 Td (and ) Tj ET Q q 0 0 0 rg BT 422.60 60.50 Td (us, ) Tj ET Q q 0 0 0 rg BT 436.39 60.50 Td (our ) Tj ET Q q 0 0 0 rg BT 452.11 60.50 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 487.29 60.50 Td (acquired ) Tj ET Q q 0 0 0 rg BT 524.11 60.50 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 60.50 Td (43%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.28 60.50 Td (, ) Tj ET Q q 0 0 0 rg BT 554.17 60.50 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.50 Td (adjusted, ) Tj ET Q q 0 0 0 rg BT 87.90 48.50 Td (ownership ) Tj ET Q q 0 0 0 rg BT 132.14 48.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 164.15 48.50 Td (in ) Tj ET Q q 0 0 0 rg BT 173.94 48.50 Td (American ) Tj ET Q q 0 0 0 rg BT 215.94 48.50 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 261.82 48.50 Td (Investors, ) Tj ET Q q 0 0 0 rg BT 303.56 48.50 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 327.52 48.50 Td (or ) Tj ET Q q 0 0 0 rg BT 337.86 48.50 Td (AHI ) Tj ET Q q 0 0 0 rg BT 358.22 48.50 Td (and ) Tj ET Q q 0 0 0 rg BT 375.23 48.50 Td (Mr) Tj ET Q q 0 0 0 rg BT 386.90 48.50 Td (. ) Tj ET Q q 0 0 0 rg BT 391.98 48.50 Td (James ) Tj ET Q q 0 0 0 rg BT 419.00 48.50 Td (F) Tj ET Q q 0 0 0 rg BT 423.76 48.50 Td (. ) Tj ET Q q 0 0 0 rg BT 428.84 48.50 Td (Flaherty ) Tj ET Q q 0 0 0 rg BT 464.74 48.50 Td (III, ) Tj ET Q q 0 0 0 rg BT 479.81 48.50 Td (a ) Tj ET Q q 0 0 0 rg BT 486.82 48.50 Td (strategic ) Tj ET Q q 0 0 0 rg BT 523.27 48.50 Td (partner ) Tj ET Q q 0 0 0 rg BT 554.17 48.50 Td (of ) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.49 740.10 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 97.87 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.02 740.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 140.10 740.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.20 740.10 Td (12.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.03 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.68 740.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 220.00 740.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 252.09 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.93 740.10 Td (AHI. ) Tj ET Q q 0 0 0 rg BT 284.86 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.93 740.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 307.36 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 316.68 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.78 740.10 Td (healthcare-focused ) Tj ET Q q 0 0 0 rg BT 401.94 740.10 Td (real ) Tj ET Q q 0 0 0 rg BT 419.58 740.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 445.00 740.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 491.54 740.10 Td (management ) Tj ET Q q 0 0 0 rg BT 545.28 740.10 Td (firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.70 728.10 Td (co-sponsored ) Tj ET Q q 0 0 0 rg BT 122.23 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.87 728.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 171.63 728.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 188.10 728.10 Td (fin-American, ) Tj ET Q q 0 0 0 rg BT 246.67 728.10 Td (until ) Tj ET Q q 0 0 0 rg BT 267.21 728.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 283.69 728.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 339.76 728.10 Td (was ) Tj ET Q q 0 0 0 rg BT 357.52 728.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 394.15 728.10 Td (by ) Tj ET Q q 0 0 0 rg BT 406.36 728.10 Td (us ) Tj ET Q q 0 0 0 rg BT 417.45 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.10 728.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 475.74 728.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 501.20 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.90 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.11 728.10 Td (In ) Tj ET Q q 0 0 0 rg BT 518.64 728.10 Td (connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.83 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.72 716.10 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 120.88 716.10 Td () Tj ET Q q 0 0 0 rg BT 123.65 716.10 Td (s ) Tj ET Q q 0 0 0 rg BT 131.10 716.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 178.54 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.43 716.10 Td (an ) Tj ET Q q 0 0 0 rg BT 203.42 716.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 236.41 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.96 716.10 Td (AHI, ) Tj ET Q q 0 0 0 rg BT 270.00 716.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 291.33 716.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 329.33 716.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 360.09 716.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 383.08 716.10 Td (management ) Tj ET Q q 0 0 0 rg BT 437.73 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.72 716.10 Td (related ) Tj ET Q q 0 0 0 rg BT 486.48 716.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 524.74 716.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (property ) Tj ET Q q 0 0 0 rg BT 86.24 704.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 142.70 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.34 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.90 704.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 200.72 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 206.09 704.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 248.39 704.10 Td (Realty ) Tj ET Q q 0 0 0 rg BT 277.36 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.67 704.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 308.92 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.16 704.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 331.79 704.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 370.75 704.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 408.06 704.10 Td (such ) Tj ET Q q 0 0 0 rg BT 429.25 704.10 Td (services ) Tj ET Q q 0 0 0 rg BT 464.32 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.97 704.10 Td (us ) Tj ET Q q 0 0 0 rg BT 486.72 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 507.37 704.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 538.55 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.19 704.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 80.92 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.69 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.90 692.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 121.37 692.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 177.23 692.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 214.21 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.49 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 239.53 692.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 273.17 692.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 312.65 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.64 692.10 Td (Following ) Tj ET Q q 0 0 0 rg BT 357.75 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.96 692.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 416.72 692.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 462.59 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.91 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 488.23 692.10 Td (Of) Tj ET Q q 0 0 0 rg BT 498.60 692.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 524.46 692.10 Td (proceeds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 68.94 680.10 Td (will ) Tj ET Q q 0 0 0 rg BT 86.17 680.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 118.38 680.10 Td (such ) Tj ET Q q 0 0 0 rg BT 138.38 680.10 Td (services ) Tj ET Q q 0 0 0 rg BT 172.26 680.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.59 680.10 Td (all ) Tj ET Q q 0 0 0 rg BT 197.25 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.25 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 222.25 680.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 247.25 680.10 Td (other ) Tj ET Q q 0 0 0 rg BT 269.46 680.10 Td (than ) Tj ET Q q 0 0 0 rg BT 288.35 680.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 308.35 680.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 343.90 680.10 Td (with ) Tj ET Q q 0 0 0 rg BT 363.35 680.10 Td (Formation. ) Tj ET Q q 0 0 0 rg BT 409.18 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.85 680.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 465.20 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 469.00 680.10 Td (AHI ) Tj ET Q q 0 0 0 rg BT 488.44 680.10 Td (assists ) Tj ET Q q 0 0 0 rg BT 515.67 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.30 680.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.55 668.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 101.25 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.73 668.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 132.21 668.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 188.34 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.88 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 213.92 668.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 247.84 668.10 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 288.99 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.70 668.10 Td (will ) Tj ET Q q 0 0 0 rg BT 323.52 668.10 Td (assist ) Tj ET Q q 0 0 0 rg BT 347.46 668.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.50 668.10 Td (other ) Tj ET Q q 0 0 0 rg BT 390.32 668.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 433.66 668.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 459.26 668.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 488.19 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 500.45 668.10 Td (us ) Tj ET Q q 0 0 0 rg BT 511.61 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.66 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.14 668.10 Td (future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.51 648.10 Td (December ) Tj ET Q q 0 0 0 rg BT 104.27 648.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 129.44 648.10 Td (we, ) Tj ET Q q 0 0 0 rg BT 146.28 648.10 Td (through ) Tj ET Q q 0 0 0 rg BT 180.06 648.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.18 648.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 208.19 648.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 240.85 648.10 Td (with ) Tj ET Q q 0 0 0 rg BT 261.30 648.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 277.78 648.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 334.32 648.10 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 380.30 648.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 402.33 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.01 648.10 Td (III, ) Tj ET Q q 0 0 0 rg BT 420.17 648.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 440.62 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 451.62 648.10 Td (GAHR3, ) Tj ET Q q 0 0 0 rg BT 490.13 648.10 Td (a ) Tj ET Q q 0 0 0 rg BT 497.25 648.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 519.29 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.96 648.10 Td (sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.60 636.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 99.82 636.10 Td (by ) Tj ET Q q 0 0 0 rg BT 111.90 636.10 Td (AHI, ) Tj ET Q q 0 0 0 rg BT 134.83 636.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 171.92 636.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.03 636.10 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.36 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.02 636.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.12 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.57 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.26 636.10 Td (T) Tj ET Q q 0 0 0 rg BT 263.02 636.10 Td (rilogy ) Tj ET Q q 0 0 0 rg BT 289.57 636.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 329.73 636.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.83 636.10 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 357.00 636.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.11 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.78 636.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 429.52 636.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 469.69 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.79 636.10 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.00 636.10 Td ($201.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.57 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 94.42 624.10 Td (this ) Tj ET Q q 0 0 0 rg BT 111.05 624.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 145.16 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.19 624.10 Td (The ) Tj ET Q q 0 0 0 rg BT 164.92 624.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 202.64 624.10 Td (was ) Tj ET Q q 0 0 0 rg BT 220.37 624.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 259.76 624.10 Td (by ) Tj ET Q q 0 0 0 rg BT 271.94 624.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.46 624.10 Td (board ) Tj ET Q q 0 0 0 rg BT 312.41 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.92 624.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 362.59 624.10 Td (including ) Tj ET Q q 0 0 0 rg BT 402.55 624.10 Td (all ) Tj ET Q q 0 0 0 rg BT 414.72 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.24 624.10 Td (our ) Tj ET Q q 0 0 0 rg BT 440.75 624.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 491.80 624.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 531.47 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.65 624.10 Td (In ) Tj ET Q q 0 0 0 rg BT 544.17 624.10 Td (June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 74.63 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 85.04 612.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 132.63 612.10 Td (with ) Tj ET Q q 0 0 0 rg BT 153.04 612.10 Td (its ) Tj ET Q q 0 0 0 rg BT 165.11 612.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 208.29 612.10 Td (under ) Tj ET Q q 0 0 0 rg BT 233.69 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.54 612.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 269.50 612.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 302.12 612.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 348.89 612.10 Td (we ) Tj ET Q q 0 0 0 rg BT 363.18 612.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 393.57 612.10 Td (an ) Tj ET Q q 0 0 0 rg BT 405.64 612.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 448.26 612.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 477.54 612.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 529.05 612.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 612.10 Td ($18.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.71 600.10 Td (for ) Tj ET Q q 0 0 0 rg BT 96.69 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 104.44 600.10 Td (total ) Tj ET Q q 0 0 0 rg BT 125.54 600.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 177.73 600.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 600.10 Td ($220.5 ) Tj ET Q q 0 0 0 rg BT 220.20 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.09 600.10 Td (. ) Tj ET Q q 0 0 0 rg BT 254.91 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.99 600.10 Td (The ) Tj ET Q q 0 0 0 rg BT 276.85 600.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 320.16 600.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 354.59 600.10 Td (related ) Tj ET Q q 0 0 0 rg BT 385.11 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.20 600.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 426.72 600.10 Td (business ) Tj ET Q q 0 0 0 rg BT 463.93 600.10 Td (initiatives, ) Tj ET Q q 0 0 0 rg BT 509.19 600.10 Td (including ) Tj ET Q q 0 0 0 rg BT 550.28 600.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.88 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.71 588.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 149.20 588.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 176.14 588.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 210.31 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.25 588.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 256.41 588.10 Td (nursing ) Tj ET Q q 0 0 0 rg BT 288.91 588.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 325.84 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.78 588.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 387.48 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.31 588.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 428.02 588.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 477.18 588.10 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.13 568.10 Td (March ) Tj ET Q q 0 0 0 rg BT 88.53 568.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 113.33 568.10 Td (we ) Tj ET Q q 0 0 0 rg BT 127.29 568.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 164.02 568.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 205.76 568.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 234.64 568.10 Td (s ) Tj ET Q q 0 0 0 rg BT 240.83 568.10 Td (60.0% ) Tj ET Q q 0 0 0 rg BT 268.96 568.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.70 568.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.78 568.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.52 568.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 338.16 568.10 Td (venture, ) Tj ET Q q 0 0 0 rg BT 372.94 568.10 Td (or ) Tj ET Q q 0 0 0 rg BT 383.57 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.92 568.10 Td (W) Tj ET Q q 0 0 0 rg BT 406.96 568.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 440.91 568.10 Td (JV) Tj ET Q q 0 0 0 rg BT 450.74 568.10 Td (, ) Tj ET Q q 0 0 0 rg BT 455.54 568.10 Td (which ) Tj ET Q q 0 0 0 rg BT 482.28 568.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 505.69 568.10 Td (32 ) Tj ET Q q 0 0 0 rg BT 518.00 568.10 Td (private ) Tj ET Q q 0 0 0 rg BT 548.06 568.10 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 100.83 556.10 Td (living ) Tj ET Q q 0 0 0 rg BT 126.63 556.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 166.02 556.10 Td (or ) Tj ET Q q 0 0 0 rg BT 176.81 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.31 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 200.35 556.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 234.46 556.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 274.42 556.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.54 556.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.44 556.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 333.43 556.10 Td (price ) Tj ET Q q 0 0 0 rg BT 355.88 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.67 556.10 Td ($534.5 ) Tj ET Q q 0 0 0 rg BT 396.63 556.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 430.48 556.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 472.38 556.10 Td (escrows ) Tj ET Q q 0 0 0 rg BT 507.05 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.95 556.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.74 556.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 93.81 544.10 Td (proration ) Tj ET Q q 0 0 0 rg BT 133.12 544.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.21 544.10 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 203.14 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.61 544.10 Td (The ) Tj ET Q q 0 0 0 rg BT 223.81 544.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 270.34 544.10 Td (was ) Tj ET Q q 0 0 0 rg BT 288.54 544.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 328.41 544.10 Td (by ) Tj ET Q q 0 0 0 rg BT 341.06 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.05 544.10 Td (board ) Tj ET Q q 0 0 0 rg BT 382.47 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.46 544.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 433.60 544.10 Td (including ) Tj ET Q q 0 0 0 rg BT 474.02 544.10 Td (all ) Tj ET Q q 0 0 0 rg BT 486.68 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.66 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.65 544.10 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 88.87 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.18 532.10 Td (validated ) Tj ET Q q 0 0 0 rg BT 143.71 532.10 Td (by ) Tj ET Q q 0 0 0 rg BT 155.59 532.10 Td (an ) Tj ET Q q 0 0 0 rg BT 166.91 532.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 217.66 532.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 262.31 532.10 Td (appraisal ) Tj ET Q q 0 0 0 rg BT 300.28 532.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.82 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.78 532.10 Td (W) Tj ET Q q 0 0 0 rg BT 336.82 532.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 370.35 532.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 409.73 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 411.47 532.10 Td (W) Tj ET Q q 0 0 0 rg BT 420.11 532.10 Td (e ) Tj ET Q q 0 0 0 rg BT 426.43 532.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 467.19 532.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 503.49 532.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.81 532.10 Td (40.0% ) Tj ET Q q 0 0 0 rg BT 537.52 532.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.30 520.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.44 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.84 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 114.88 520.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 148.90 520.10 Td (JV) Tj ET Q q 0 0 0 rg BT 159.83 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.19 520.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.33 520.10 Td (May ) Tj ET Q q 0 0 0 rg BT 193.02 520.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 217.89 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.08 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 228.71 520.10 Td (e ) Tj ET Q q 0 0 0 rg BT 235.52 520.10 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 285.08 520.10 Td (now ) Tj ET Q q 0 0 0 rg BT 304.66 520.10 Td (own ) Tj ET Q q 0 0 0 rg BT 324.25 520.10 Td (100.0% ) Tj ET Q q 0 0 0 rg BT 357.44 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.13 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.71 520.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 410.07 520.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.21 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.62 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 443.66 520.10 Td (interfell ) Tj ET Q q 0 0 0 rg BT 477.67 520.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 515.03 520.10 Td (as ) Tj ET Q q 0 0 0 rg BT 525.72 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 520.10 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 59.53 508.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 82.06 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.03 508.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 147.11 508.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.86 508.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 199.37 508.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 236.63 508.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.16 508.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 261.69 508.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.00 508.10 Td (March ) Tj ET Q q 0 0 0 rg BT 300.63 508.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 310.66 508.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 335.69 508.10 Td (we ) Tj ET Q q 0 0 0 rg BT 349.89 508.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 392.95 508.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.14 508.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.00 508.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 450.53 508.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 496.94 508.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.25 508.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.82 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 530.86 508.10 Td (interfell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (JV) Tj ET Q q 0 0 0 rg BT 60.43 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.28 496.10 Td (as ) Tj ET Q q 0 0 0 rg BT 72.46 496.10 Td (an ) Tj ET Q q 0 0 0 rg BT 83.75 496.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 146.15 496.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 177.98 496.10 Td (under ) Tj ET Q q 0 0 0 rg BT 202.60 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.67 496.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 243.51 496.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 277.86 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.71 496.10 Td (For ) Tj ET Q q 0 0 0 rg BT 295.45 496.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.52 496.10 Td (three ) Tj ET Q q 0 0 0 rg BT 331.36 496.10 Td (months ) Tj ET Q q 0 0 0 rg BT 362.65 496.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.53 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.38 496.10 Td (March ) Tj ET Q q 0 0 0 rg BT 416.33 496.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 430.68 496.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 455.03 496.10 Td (we ) Tj ET Q q 0 0 0 rg BT 468.54 496.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.26 496.10 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 533.61 496.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 484.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 87.27 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.55 484.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 133.93 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.87 484.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.23 484.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 207.23 484.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.12 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.62 484.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 258.89 484.10 Td (distributions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Origination ) Tj ET Q q 0 0 0 rg BT 99.23 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.50 464.10 Td (Mezzanine ) Tj ET Q q 0 0 0 rg BT 154.77 464.10 Td (Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.24 444.10 Td (July ) Tj ET Q q 0 0 0 rg BT 81.31 444.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 107.22 444.10 Td (we ) Tj ET Q q 0 0 0 rg BT 122.28 444.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 166.23 444.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.08 444.10 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 199.98 444.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.87 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.28 444.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 278.43 444.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 299.06 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.24 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 318.08 444.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 362.60 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.33 444.10 Td (our ) Tj ET Q q 0 0 0 rg BT 391.07 444.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 412.81 444.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 446.20 444.10 Td (with ) Tj ET Q q 0 0 0 rg BT 467.39 444.10 Td (Formation ) Tj ET Q q 0 0 0 rg BT 512.46 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.30 444.10 Td (Safanad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 104.54 432.10 Td (Limited, ) Tj ET Q q 0 0 0 rg BT 141.54 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.60 432.10 Td (Espresso ) Tj ET Q q 0 0 0 rg BT 194.99 432.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 216.16 432.10 Td (venture, ) Tj ET Q q 0 0 0 rg BT 251.49 432.10 Td (which ) Tj ET Q q 0 0 0 rg BT 278.77 432.10 Td (bears ) Tj ET Q q 0 0 0 rg BT 302.70 432.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 334.98 432.10 Td (at ) Tj ET Q q 0 0 0 rg BT 345.03 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.31 432.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 375.70 432.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 393.52 432.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.69 432.10 Td (10.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.52 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.36 432.10 Td (per ) Tj ET Q q 0 0 0 rg BT 448.97 432.10 Td (year ) Tj ET Q q 0 0 0 rg BT 469.01 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.29 432.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 520.79 432.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.40 432.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (2021.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.93 400.10 Td (Developments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (Distribution ) Tj ET Q q 0 0 0 rg BT 101.40 380.10 Td (Reinvestment ) Tj ET Q q 0 0 0 rg BT 157.21 380.10 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.78 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.89 360.10 Td (period ) Tj ET Q q 0 0 0 rg BT 110.32 360.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.65 360.10 Td (July ) Tj ET Q q 0 0 0 rg BT 152.21 360.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 162.60 360.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.60 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.49 360.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.85 360.10 Td (August5, ) Tj ET Q q 0 0 0 rg BT 260.63 360.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.63 360.10 Td (, ) Tj ET Q q 0 0 0 rg BT 286.02 360.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.57 360.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.46 360.10 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 343.85 360.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.74 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.63 360.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 403.51 360.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 440.84 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.51 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.61 360.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 485.70 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.59 360.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 540.90 360.10 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 88.04 348.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 348.10 Td ($1) Tj ET Q q 0 0 0 rg BT 108.50 348.10 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 123.50 348.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.39 348.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.40 308.10 Td (August ) Tj ET Q q 0 0 0 rg BT 96.08 308.10 Td (10, ) Tj ET Q q 0 0 0 rg BT 111.37 308.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.37 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 136.66 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.78 308.10 Td (board ) Tj ET Q q 0 0 0 rg BT 178.33 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.45 308.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 227.23 308.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 267.22 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.45 308.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 297.24 308.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 317.80 308.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 366.70 308.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.82 308.10 Td ($0.001844262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.32 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.11 308.10 Td (per ) Tj ET Q q 0 0 0 rg BT 453.67 308.10 Td (share ) Tj ET Q q 0 0 0 rg BT 477.55 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.67 308.10 Td (common ) Tj ET Q q 0 0 0 rg BT 526.46 308.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 550.36 308.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (each ) Tj ET Q q 0 0 0 rg BT 70.77 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.56 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.23 296.10 Td (three ) Tj ET Q q 0 0 0 rg BT 118.67 296.10 Td (months ) Tj ET Q q 0 0 0 rg BT 150.58 296.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.91 296.10 Td (December ) Tj ET Q q 0 0 0 rg BT 220.45 296.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 235.41 296.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.41 296.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.36 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.82 296.10 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 317.50 296.10 Td (are ) Tj ET Q q 0 0 0 rg BT 332.16 296.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 371.82 296.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 391.49 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.73 296.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 454.73 296.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.19 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.86 296.10 Td (first ) Tj ET Q q 0 0 0 rg BT 500.42 296.10 Td (business ) Tj ET Q q 0 0 0 rg BT 536.77 296.10 Td (day ) Tj ET Q q 0 0 0 rg BT 553.67 296.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 284.10 Td (month ) Tj ET Q q 0 0 0 rg BT 92.77 284.10 Td (following ) Tj ET Q q 0 0 0 rg BT 134.16 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.88 284.10 Td (month ) Tj ET Q q 0 0 0 rg BT 176.93 284.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.09 284.10 Td (which ) Tj ET Q q 0 0 0 rg BT 218.03 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.75 284.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 281.36 284.10 Td (was ) Tj ET Q q 0 0 0 rg BT 299.41 284.10 Td (accrued.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.52 264.10 Td (e ) Tj ET Q q 0 0 0 rg BT 75.46 264.10 Td (Repur) Tj ET Q q 0 0 0 rg BT 99.53 264.10 Td (chases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.47 244.10 Td (July ) Tj ET Q q 0 0 0 rg BT 93.94 244.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 104.25 244.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.25 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.05 244.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.34 244.10 Td (August5, ) Tj ET Q q 0 0 0 rg BT 202.03 244.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.03 244.10 Td (, ) Tj ET Q q 0 0 0 rg BT 227.33 244.10 Td (we ) Tj ET Q q 0 0 0 rg BT 241.80 244.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.90 244.10 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 308.20 244.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.90 244.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 367.69 244.10 Td (for ) Tj ET Q q 0 0 0 rg BT 382.15 244.10 Td (a ) Tj ET Q q 0 0 0 rg BT 389.39 244.10 Td (total ) Tj ET Q q 0 0 0 rg BT 409.97 244.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.10 244.10 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 441.40 244.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.29 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.09 244.10 Td (or ) Tj ET Q q 0 0 0 rg BT 484.23 244.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.47 244.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 530.92 244.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.83 232.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.01 232.10 Td ($8.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.51 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.36 232.10 Td (per ) Tj ET Q q 0 0 0 rg BT 124.98 232.10 Td (share ) Tj ET Q q 0 0 0 rg BT 148.93 232.10 Td (under ) Tj ET Q q 0 0 0 rg BT 174.55 232.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.83 232.10 Td (share ) Tj ET Q q 0 0 0 rg BT 205.78 232.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 251.94 232.10 Td (program, ) Tj ET Q q 0 0 0 rg BT 291.16 232.10 Td (or ) Tj ET Q q 0 0 0 rg BT 302.34 232.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.52 232.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 344.14 232.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 393.63 232.10 Td (Program, ) Tj ET Q q 0 0 0 rg BT 433.42 232.10 Td (that ) Tj ET Q q 0 0 0 rg BT 451.26 232.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 484.10 232.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 537.50 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.12 232.10 Td (sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (their ) Tj ET Q q 0 0 0 rg BT 70.34 220.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 97.34 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.13 220.10 Td (us ) Tj ET Q q 0 0 0 rg BT 118.03 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.82 220.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 157.04 220.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 218.19 220.10 Td (including ) Tj ET Q q 0 0 0 rg BT 257.97 220.10 Td (death ) Tj ET Q q 0 0 0 rg BT 281.64 220.10 Td (or ) Tj ET Q q 0 0 0 rg BT 291.98 220.10 Td (a ) Tj ET Q q 0 0 0 rg BT 298.43 220.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 341.55 220.10 Td (disability) Tj ET Q q 0 0 0 rg BT 378.12 220.10 Td (. ) Tj ET Q q 0 0 0 rg BT 382.63 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.50 220.10 Td (W) Tj ET Q q 0 0 0 rg BT 393.14 220.10 Td (e ) Tj ET Q q 0 0 0 rg BT 399.59 220.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 419.93 220.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 465.25 220.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 500.03 220.10 Td (received ) Tj ET Q q 0 0 0 rg BT 535.90 220.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.94 208.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 87.75 208.10 Td (with ) Tj ET Q q 0 0 0 rg BT 108.03 208.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 146.07 208.10 Td (set ) Tj ET Q q 0 0 0 rg BT 159.68 208.10 Td (aside ) Tj ET Q q 0 0 0 rg BT 182.72 208.10 Td (for ) Tj ET Q q 0 0 0 rg BT 196.88 208.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.38 208.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 248.54 208.10 Td (which ) Tj ET Q q 0 0 0 rg BT 275.48 208.10 Td (are ) Tj ET Q q 0 0 0 rg BT 290.19 208.10 Td (not ) Tj ET Q q 0 0 0 rg BT 305.46 208.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 343.50 208.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.77 208.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 384.03 208.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 422.07 208.10 Td (received ) Tj ET Q q 0 0 0 rg BT 458.43 208.10 Td (from ) Tj ET Q q 0 0 0 rg BT 480.37 208.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.20 208.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 514.54 208.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 75.56 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.67 168.10 Td (our ) Tj ET Q q 0 0 0 rg BT 102.77 168.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 128.88 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.10 168.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 186.09 168.10 Td (are ) Tj ET Q q 0 0 0 rg BT 201.08 168.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 233.29 168.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 251.05 168.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 288.83 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.38 168.10 Td (nature. ) Tj ET Q q 0 0 0 rg BT 329.65 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.81 168.10 Td (As ) Tj ET Q q 0 0 0 rg BT 345.71 168.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.92 168.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 380.42 168.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 412.63 168.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 434.28 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.50 168.10 Td (other ) Tj ET Q q 0 0 0 rg BT 474.83 168.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 504.81 168.10 Td (may ) Tj ET Q q 0 0 0 rg BT 524.81 168.10 Td (influence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.80 156.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 121.30 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.23 156.10 Td (A) Tj ET Q q 0 0 0 rg BT 129.90 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.37 156.10 Td (change ) Tj ET Q q 0 0 0 rg BT 163.16 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.41 156.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 205.32 156.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 226.67 156.10 Td (may ) Tj ET Q q 0 0 0 rg BT 246.36 156.10 Td (correlate ) Tj ET Q q 0 0 0 rg BT 283.80 156.10 Td (with ) Tj ET Q q 0 0 0 rg BT 304.05 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.74 156.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 355.10 156.10 Td (rate. ) Tj ET Q q 0 0 0 rg BT 375.05 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.53 156.10 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 432.22 156.10 Td (all ) Tj ET Q q 0 0 0 rg BT 444.69 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.49 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.18 156.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 496.53 156.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 521.22 156.10 Td (for ) Tj ET Q q 0 0 0 rg BT 535.36 156.10 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 68.13 144.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 107.35 144.10 Td (based ) Tj ET Q q 0 0 0 rg BT 132.70 144.10 Td (on ) Tj ET Q q 0 0 0 rg BT 145.28 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.08 144.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 190.41 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.32 144.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 231.10 144.10 Td (percentages ) Tj ET Q q 0 0 0 rg BT 280.87 144.10 Td (or ) Tj ET Q q 0 0 0 rg BT 291.78 144.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 327.12 144.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.47 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.27 144.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 387.05 144.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 428.51 144.10 Td (price ) Tj ET Q q 0 0 0 rg BT 451.07 144.10 Td (index. ) Tj ET Q q 0 0 0 rg BT 478.37 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.95 144.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 503.53 144.10 Td (types ) Tj ET Q q 0 0 0 rg BT 527.22 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.13 144.10 Td (leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.70 132.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 129.97 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.69 132.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 166.08 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.91 132.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 213.29 132.10 Td (on ) Tj ET Q q 0 0 0 rg BT 225.79 132.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.62 132.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 285.20 132.10 Td (properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Refer ) Tj ET Q q 0 0 0 rg BT 74.71 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.99 112.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 105.81 112.10 Td (3. ) Tj ET Q q 0 0 0 rg BT 115.81 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.31 112.10 Td (Quantitative ) Tj ET Q q 0 0 0 rg BT 174.68 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.62 112.10 Td (Qualitative ) Tj ET Q q 0 0 0 rg BT 238.54 112.10 Td (Disclosures ) Tj ET Q q 0 0 0 rg BT 287.15 112.10 Td (About ) Tj ET Q q 0 0 0 rg BT 314.65 112.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 346.03 112.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 371.31 112.10 Td (for ) Tj ET Q q 0 0 0 rg BT 385.47 112.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 427.96 112.10 Td (details.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 99.57 506.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 118.56 506.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 138.68 506.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.36 506.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.95 506.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 200.07 506.25 Td (in ) Tj ET Q q 0 0 0 rg BT 210.75 506.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 257.52 506.25 Td (with ) Tj ET Q q 0 0 0 rg BT 278.20 506.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.32 506.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 340.10 506.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.44 506.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 404.22 506.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.45 506.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 435.57 506.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 486.24 506.25 Td (are ) Tj ET Q q 0 0 0 rg BT 501.35 506.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.23 506.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.64 494.25 Td (life ) Tj ET Q q 0 0 0 rg BT 80.39 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.14 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.78 494.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 152.08 494.25 Td (as ) Tj ET Q q 0 0 0 rg BT 162.83 494.25 Td (an ) Tj ET Q q 0 0 0 rg BT 174.69 494.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 221.00 494.25 Td (to ) Tj ET Q q 0 0 0 rg BT 231.20 494.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.05 494.25 Td (income ) Tj ET Q q 0 0 0 rg BT 294.91 494.25 Td (under ) Tj ET Q q 0 0 0 rg BT 320.10 494.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 340.30 494.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 367.16 494.25 Td ( ) Tj ET Q q 0 0 0 rg BT 369.58 494.25 Td (and ) Tj ET Q q 0 0 0 rg BT 386.44 494.25 Td (are ) Tj ET Q q 0 0 0 rg BT 401.07 494.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 439.58 494.25 Td (included ) Tj ET Q q 0 0 0 rg BT 476.43 494.25 Td (in ) Tj ET Q q 0 0 0 rg BT 486.63 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.27 494.25 Td (computation ) Tj ET Q q 0 0 0 rg BT 553.68 494.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (net ) Tj ET Q q 0 0 0 rg BT 63.96 482.25 Td (income ) Tj ET Q q 0 0 0 rg BT 95.13 482.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 119.09 482.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.27 482.25 Td (income ) Tj ET Q q 0 0 0 rg BT 166.45 482.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 190.41 482.25 Td (before ) Tj ET Q q 0 0 0 rg BT 217.69 482.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 244.42 482.25 Td (in ) Tj ET Q q 0 0 0 rg BT 253.94 482.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 289.56 482.25 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 321.85 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.92 482.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 394.21 482.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 429.82 482.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.00 482.25 Td (income ) Tj ET Q q 0 0 0 rg BT 477.18 482.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 491.14 482.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 520.64 482.25 Td (\(expense\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (both ) Tj ET Q q 0 0 0 rg BT 69.68 470.25 Td (of ) Tj ET Q q 0 0 0 rg BT 79.92 470.25 Td (which ) Tj ET Q q 0 0 0 rg BT 106.26 470.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.38 470.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 172.81 470.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 211.92 470.25 Td (under ) Tj ET Q q 0 0 0 rg BT 236.59 470.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 256.28 470.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 282.40 470.25 Td (. ) Tj ET Q q 0 0 0 rg BT 286.81 470.25 Td ( ) Tj ET Q q 0 0 0 rg BT 288.57 470.25 Td (W) Tj ET Q q 0 0 0 rg BT 297.21 470.25 Td (e ) Tj ET Q q 0 0 0 rg BT 303.55 470.25 Td (adjust ) Tj ET Q q 0 0 0 rg BT 329.35 470.25 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 358.49 470.25 Td (for ) Tj ET Q q 0 0 0 rg BT 372.06 470.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.18 470.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 438.62 470.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.86 470.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 494.64 470.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 512.65 470.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.33 470.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.46 470.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (when ) Tj ET Q q 0 0 0 rg BT 74.28 458.25 Td (such ) Tj ET Q q 0 0 0 rg BT 95.23 458.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 148.39 458.25 Td (is ) Tj ET Q q 0 0 0 rg BT 157.69 458.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 204.17 458.25 Td (under ) Tj ET Q q 0 0 0 rg BT 229.56 458.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 249.97 458.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 276.08 458.25 Td (. ) Tj ET Q q 0 0 0 rg BT 281.21 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 283.25 458.25 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 332.54 458.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 351.26 458.25 Td (are ) Tj ET Q q 0 0 0 rg BT 366.09 458.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 385.93 458.25 Td (in ) Tj ET Q q 0 0 0 rg BT 396.33 458.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 416.72 458.25 Td (that ) Tj ET Q q 0 0 0 rg BT 434.33 458.25 Td (would ) Tj ET Q q 0 0 0 rg BT 461.96 458.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 503.45 458.25 Td (be ) Tj ET Q q 0 0 0 rg BT 515.52 458.25 Td (available ) Tj ET Q q 0 0 0 rg BT 554.23 458.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 89.52 446.25 Td (to ) Tj ET Q q 0 0 0 rg BT 99.05 446.25 Td (our ) Tj ET Q q 0 0 0 rg BT 114.12 446.25 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 168.92 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.66 446.25 Td (In ) Tj ET Q q 0 0 0 rg BT 180.74 446.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.71 446.25 Td (event ) Tj ET Q q 0 0 0 rg BT 218.11 446.25 Td (that ) Tj ET Q q 0 0 0 rg BT 234.85 446.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 272.13 446.25 Td (from ) Tj ET Q q 0 0 0 rg BT 293.32 446.25 Td (our ) Tj ET Q q 0 0 0 rg BT 308.40 446.25 Td (Of) Tj ET Q q 0 0 0 rg BT 318.77 446.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 344.39 446.25 Td (are ) Tj ET Q q 0 0 0 rg BT 358.35 446.25 Td (not ) Tj ET Q q 0 0 0 rg BT 372.87 446.25 Td (suf) Tj ET Q q 0 0 0 rg BT 384.91 446.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 412.20 446.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.73 446.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 441.80 446.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.77 446.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 491.95 446.25 Td (or ) Tj ET Q q 0 0 0 rg BT 502.03 446.25 Td (reimbursement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.82 434.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 107.19 434.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 125.77 434.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.70 434.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 181.29 434.25 Td (to ) Tj ET Q q 0 0 0 rg BT 191.55 434.25 Td (our ) Tj ET Q q 0 0 0 rg BT 206.82 434.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 238.64 434.25 Td (, ) Tj ET Q q 0 0 0 rg BT 243.63 434.25 Td (such ) Tj ET Q q 0 0 0 rg BT 264.45 434.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 283.04 434.25 Td (would ) Tj ET Q q 0 0 0 rg BT 310.52 434.25 Td (be ) Tj ET Q q 0 0 0 rg BT 322.45 434.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 342.15 434.25 Td (from ) Tj ET Q q 0 0 0 rg BT 364.08 434.25 Td (other ) Tj ET Q q 0 0 0 rg BT 387.11 434.25 Td (sources, ) Tj ET Q q 0 0 0 rg BT 422.09 434.25 Td (including ) Tj ET Q q 0 0 0 rg BT 462.35 434.25 Td (new ) Tj ET Q q 0 0 0 rg BT 481.50 434.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 524.25 434.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.85 422.25 Td (flow) Tj ET Q q 0 0 0 rg BT 88.53 422.25 Td (, ) Tj ET Q q 0 0 0 rg BT 94.12 422.25 Td (net ) Tj ET Q q 0 0 0 rg BT 109.42 422.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 148.04 422.25 Td (from ) Tj ET Q q 0 0 0 rg BT 170.56 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.86 422.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 204.49 422.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.90 422.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 266.76 422.25 Td (or ) Tj ET Q q 0 0 0 rg BT 278.17 422.25 Td (from ) Tj ET Q q 0 0 0 rg BT 300.70 422.25 Td (other ) Tj ET Q q 0 0 0 rg BT 324.33 422.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 345.18 422.25 Td (flow) Tj ET Q q 0 0 0 rg BT 362.86 422.25 Td (. ) Tj ET Q q 0 0 0 rg BT 368.44 422.25 Td ( ) Tj ET Q q 0 0 0 rg BT 371.30 422.25 Td (W) Tj ET Q q 0 0 0 rg BT 379.94 422.25 Td (e ) Tj ET Q q 0 0 0 rg BT 387.46 422.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 419.42 422.25 Td (that ) Tj ET Q q 0 0 0 rg BT 437.50 422.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 484.46 422.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 503.64 422.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 540.04 422.25 Td (by ) Tj ET Q q 0 0 0 rg BT 553.13 422.25 Td (us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 93.94 410.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 123.43 410.25 Td (our ) Tj ET Q q 0 0 0 rg BT 139.05 410.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 179.10 410.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 231.90 410.25 Td (during ) Tj ET Q q 0 0 0 rg BT 260.30 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.80 410.25 Td (period ) Tj ET Q q 0 0 0 rg BT 302.63 410.25 Td (in ) Tj ET Q q 0 0 0 rg BT 312.70 410.25 Td (which ) Tj ET Q q 0 0 0 rg BT 339.42 410.25 Td (such ) Tj ET Q q 0 0 0 rg BT 360.03 410.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 410.09 410.25 Td (are ) Tj ET Q q 0 0 0 rg BT 424.58 410.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 467.41 410.25 Td (or ) Tj ET Q q 0 0 0 rg BT 478.03 410.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 514.74 410.25 Td (by ) Tj ET Q q 0 0 0 rg BT 527.02 410.25 Td (reducing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.81 398.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 92.19 398.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.67 398.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 148.80 398.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.06 398.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 202.09 398.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 255.14 398.25 Td (to ) Tj ET Q q 0 0 0 rg BT 265.97 398.25 Td (our ) Tj ET Q q 0 0 0 rg BT 282.34 398.25 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 338.43 398.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.48 398.25 Td (However) Tj ET Q q 0 0 0 rg BT 377.73 398.25 Td (, ) Tj ET Q q 0 0 0 rg BT 383.27 398.25 Td (in ) Tj ET Q q 0 0 0 rg BT 394.09 398.25 Td (general, ) Tj ET Q q 0 0 0 rg BT 429.06 398.25 Td (we ) Tj ET Q q 0 0 0 rg BT 443.77 398.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 464.02 398.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 510.94 398.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 530.09 398.25 Td (for ) Tj ET Q q 0 0 0 rg BT 544.79 398.25 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.98 386.25 Td (from ) Tj ET Q q 0 0 0 rg BT 123.62 386.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.15 386.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 183.90 386.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.88 386.25 Td (an ) Tj ET Q q 0 0 0 rg BT 207.52 386.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 240.72 386.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 265.58 386.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.56 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.98 386.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 339.06 386.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 358.36 386.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 378.78 386.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.77 386.25 Td (our ) Tj ET Q q 0 0 0 rg BT 405.59 386.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 437.41 386.25 Td (, ) Tj ET Q q 0 0 0 rg BT 443.12 386.25 Td (and ) Tj ET Q q 0 0 0 rg BT 460.76 386.25 Td (as ) Tj ET Q q 0 0 0 rg BT 472.29 386.25 Td (a ) Tj ET Q q 0 0 0 rg BT 479.93 386.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 507.85 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.27 386.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 553.69 386.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 96.38 374.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 114.98 374.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.26 374.25 Td (our ) Tj ET Q q 0 0 0 rg BT 141.09 374.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 181.35 374.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 234.38 374.25 Td (and ) Tj ET Q q 0 0 0 rg BT 251.31 374.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 271.58 374.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 292.41 374.25 Td (would ) Tj ET Q q 0 0 0 rg BT 319.91 374.25 Td (be ) Tj ET Q q 0 0 0 rg BT 331.85 374.25 Td (minimal.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (Acquisition ) Tj ET Q q 0 0 0 rg BT 99.29 354.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 118.02 354.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.09 354.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 173.81 354.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 193.66 354.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.07 354.25 Td (our ) Tj ET Q q 0 0 0 rg BT 219.44 354.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 254.29 354.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.36 354.25 Td (third ) Tj ET Q q 0 0 0 rg BT 292.88 354.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 322.16 354.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.57 354.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 379.07 354.25 Td (with ) Tj ET Q q 0 0 0 rg BT 399.47 354.25 Td (the ) Tj ET Q q 0 0 0 rg BT 414.32 354.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 460.83 354.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.79 354.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 499.41 354.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 549.81 354.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 95.16 342.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 133.09 342.25 Td (and ) Tj ET Q q 0 0 0 rg BT 149.37 342.25 Td (are ) Tj ET Q q 0 0 0 rg BT 163.42 342.25 Td (included ) Tj ET Q q 0 0 0 rg BT 199.69 342.25 Td (in ) Tj ET Q q 0 0 0 rg BT 209.31 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.37 342.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 280.74 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.91 342.25 Td (net ) Tj ET Q q 0 0 0 rg BT 304.97 342.25 Td (income ) Tj ET Q q 0 0 0 rg BT 336.24 342.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 360.31 342.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.58 342.25 Td (income ) Tj ET Q q 0 0 0 rg BT 407.86 342.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 431.92 342.25 Td (before ) Tj ET Q q 0 0 0 rg BT 459.30 342.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 486.13 342.25 Td (in ) Tj ET Q q 0 0 0 rg BT 495.75 342.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 531.47 342.25 Td (\(losses\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.80 330.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 123.80 330.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 160.15 330.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.05 330.25 Td (income ) Tj ET Q q 0 0 0 rg BT 208.95 330.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 223.63 330.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 253.86 330.25 Td (\(expense\), ) Tj ET Q q 0 0 0 rg BT 297.70 330.25 Td (both ) Tj ET Q q 0 0 0 rg BT 317.94 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.74 330.25 Td (which ) Tj ET Q q 0 0 0 rg BT 355.64 330.25 Td (are ) Tj ET Q q 0 0 0 rg BT 370.31 330.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 423.30 330.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 462.97 330.25 Td (under ) Tj ET Q q 0 0 0 rg BT 488.21 330.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 508.46 330.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 534.58 330.25 Td (. ) Tj ET Q q 0 0 0 rg BT 539.54 330.25 Td ( ) Tj ET Q q 0 0 0 rg BT 542.01 330.25 Td (Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 69.01 318.25 Td (and ) Tj ET Q q 0 0 0 rg BT 86.37 318.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 125.38 318.25 Td (will ) Tj ET Q q 0 0 0 rg BT 143.85 318.25 Td (not ) Tj ET Q q 0 0 0 rg BT 159.54 318.25 Td (be ) Tj ET Q q 0 0 0 rg BT 171.89 318.25 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 219.79 318.25 Td (by ) Tj ET Q q 0 0 0 rg BT 232.71 318.25 Td (our ) Tj ET Q q 0 0 0 rg BT 248.31 318.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 283.44 318.25 Td (or ) Tj ET Q q 0 0 0 rg BT 294.69 318.25 Td (its ) Tj ET Q q 0 0 0 rg BT 307.05 318.25 Td (af) Tj ET Q q 0 0 0 rg BT 314.64 318.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 344.76 318.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.12 318.25 Td (third ) Tj ET Q q 0 0 0 rg BT 383.92 318.25 Td (parties, ) Tj ET Q q 0 0 0 rg BT 415.99 318.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.34 318.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 474.84 318.25 Td (if ) Tj ET Q q 0 0 0 rg BT 483.86 318.25 Td (there ) Tj ET Q q 0 0 0 rg BT 506.76 318.25 Td (are ) Tj ET Q q 0 0 0 rg BT 521.88 318.25 Td (no ) Tj ET Q q 0 0 0 rg BT 534.79 318.25 Td (further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 88.14 306.25 Td (from ) Tj ET Q q 0 0 0 rg BT 110.18 306.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.00 306.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 143.15 306.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.08 306.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 181.67 306.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.61 306.25 Td (our ) Tj ET Q q 0 0 0 rg BT 208.54 306.25 Td (common ) Tj ET Q q 0 0 0 rg BT 246.14 306.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 269.85 306.25 Td (to ) Tj ET Q q 0 0 0 rg BT 280.23 306.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 301.16 306.25 Td (future ) Tj ET Q q 0 0 0 rg BT 327.64 306.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 374.13 306.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 392.83 306.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.87 306.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 451.07 306.25 Td (such ) Tj ET Q q 0 0 0 rg BT 472.00 306.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 490.70 306.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.74 306.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 546.45 306.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (need ) Tj ET Q q 0 0 0 rg BT 70.61 294.25 Td (to ) Tj ET Q q 0 0 0 rg BT 80.12 294.25 Td (be ) Tj ET Q q 0 0 0 rg BT 91.29 294.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 110.23 294.25 Td (from ) Tj ET Q q 0 0 0 rg BT 131.40 294.25 Td (either ) Tj ET Q q 0 0 0 rg BT 155.90 294.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 197.62 294.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 219.07 294.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 258.56 294.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 296.67 294.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 316.17 294.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 336.23 294.25 Td (or ) Tj ET Q q 0 0 0 rg BT 346.29 294.25 Td (net ) Tj ET Q q 0 0 0 rg BT 360.24 294.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 397.51 294.25 Td (from ) Tj ET Q q 0 0 0 rg BT 418.68 294.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.62 294.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 449.90 294.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.96 294.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 509.47 294.25 Td (or ) Tj ET Q q 0 0 0 rg BT 519.53 294.25 Td (properties. ) Tj ET Q q 0 0 0 rg BT 564.51 294.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.25 Td (All ) Tj ET Q q 0 0 0 rg BT 64.80 282.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 84.04 282.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.51 282.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 133.61 282.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 179.52 282.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 197.64 282.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.10 282.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 252.23 282.25 Td (will ) Tj ET Q q 0 0 0 rg BT 269.81 282.25 Td (have ) Tj ET Q q 0 0 0 rg BT 290.71 282.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 326.60 282.25 Td (ef) Tj ET Q q 0 0 0 rg BT 334.19 282.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 355.09 282.25 Td (on ) Tj ET Q q 0 0 0 rg BT 367.12 282.25 Td (future ) Tj ET Q q 0 0 0 rg BT 393.02 282.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 445.05 282.25 Td (to ) Tj ET Q q 0 0 0 rg BT 454.85 282.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 507.42 282.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.88 282.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.67 282.25 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 91.65 270.25 Td (by ) Tj ET Q q 0 0 0 rg BT 104.44 270.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 118.62 270.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 146.41 270.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 183.08 270.25 Td (from ) Tj ET Q q 0 0 0 rg BT 205.31 270.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 249.75 270.25 Td (or ) Tj ET Q q 0 0 0 rg BT 260.87 270.25 Td (net ) Tj ET Q q 0 0 0 rg BT 275.88 270.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 298.11 270.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 336.43 270.25 Td (from ) Tj ET Q q 0 0 0 rg BT 358.66 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.67 270.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 420.35 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 431.47 270.25 Td (other ) Tj ET Q q 0 0 0 rg BT 454.81 270.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 497.58 270.25 Td (are ) Tj ET Q q 0 0 0 rg BT 512.58 270.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 554.23 270.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 74.71 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.42 258.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 127.46 258.25 Td (price ) Tj ET Q q 0 0 0 rg BT 149.95 258.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.78 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.49 258.25 Td (property) Tj ET Q q 0 0 0 rg BT 208.72 258.25 Td (, ) Tj ET Q q 0 0 0 rg BT 213.72 258.25 Td (these ) Tj ET Q q 0 0 0 rg BT 236.77 258.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 255.37 258.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.30 258.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 310.90 258.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.84 258.25 Td (other ) Tj ET Q q 0 0 0 rg BT 350.89 258.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 373.39 258.25 Td (related ) Tj ET Q q 0 0 0 rg BT 403.09 258.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.37 258.25 Td (such ) Tj ET Q q 0 0 0 rg BT 434.20 258.25 Td (property) Tj ET Q q 0 0 0 rg BT 467.43 258.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.58 238.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 113.50 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.98 238.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 175.89 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.26 238.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 205.51 238.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 255.32 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.80 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.05 238.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 345.29 238.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 391.21 238.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 409.35 238.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 428.60 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 438.41 238.25 Td (our ) Tj ET Q q 0 0 0 rg BT 453.33 238.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 487.59 238.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 507.39 238.25 Td (any ) Tj ET Q q 0 0 0 rg BT 523.87 238.25 Td (of) Tj ET Q q 0 0 0 rg BT 532.02 238.25 Td (fsetting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 96.80 226.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 115.82 226.25 Td (received ) Tj ET Q q 0 0 0 rg BT 152.61 226.25 Td (from ) Tj ET Q q 0 0 0 rg BT 174.97 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 191.22 226.25 Td (borrowers\) ) Tj ET Q q 0 0 0 rg BT 238.01 226.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 282.03 226.25 Td (with ) Tj ET Q q 0 0 0 rg BT 302.73 226.25 Td (such ) Tj ET Q q 0 0 0 rg BT 323.98 226.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 356.89 226.25 Td (is ) Tj ET Q q 0 0 0 rg BT 366.48 226.25 Td (a ) Tj ET Q q 0 0 0 rg BT 373.84 226.25 Td (key ) Tj ET Q q 0 0 0 rg BT 391.20 226.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 431.89 226.25 Td (feature ) Tj ET Q q 0 0 0 rg BT 462.56 226.25 Td (of ) Tj ET Q q 0 0 0 rg BT 473.81 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 490.06 226.25 Td (business ) Tj ET Q q 0 0 0 rg BT 526.88 226.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 547.02 226.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (results ) Tj ET Q q 0 0 0 rg BT 79.77 214.25 Td (in ) Tj ET Q q 0 0 0 rg BT 91.22 214.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 137.08 214.25 Td (income ) Tj ET Q q 0 0 0 rg BT 170.18 214.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.28 214.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 209.72 214.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 231.71 214.25 Td (in ) Tj ET Q q 0 0 0 rg BT 243.15 214.25 Td (order ) Tj ET Q q 0 0 0 rg BT 267.92 214.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.36 214.25 Td (make ) Tj ET Q q 0 0 0 rg BT 304.68 214.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 358.35 214.25 Td (to ) Tj ET Q q 0 0 0 rg BT 369.79 214.25 Td (our ) Tj ET Q q 0 0 0 rg BT 386.79 214.25 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 443.50 214.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.90 214.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 492.48 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.36 214.25 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 550.35 214.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 96.87 202.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 115.95 202.25 Td (may ) Tj ET Q q 0 0 0 rg BT 136.15 202.25 Td (be ) Tj ET Q q 0 0 0 rg BT 148.57 202.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.88 202.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 191.20 202.25 Td (value ) Tj ET Q q 0 0 0 rg BT 215.83 202.25 Td (in ) Tj ET Q q 0 0 0 rg BT 226.60 202.25 Td (calculating ) Tj ET Q q 0 0 0 rg BT 273.45 202.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 314.19 202.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 367.70 202.25 Td (because ) Tj ET Q q 0 0 0 rg BT 402.33 202.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 449.19 202.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 468.28 202.25 Td (af) Tj ET Q q 0 0 0 rg BT 475.86 202.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 493.83 202.25 Td (our ) Tj ET Q q 0 0 0 rg BT 510.15 202.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 540.89 202.25 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (term ) Tj ET Q q 0 0 0 rg BT 70.26 190.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 109.95 190.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 162.40 190.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.77 190.25 Td (may ) Tj ET Q q 0 0 0 rg BT 197.92 190.25 Td (be ) Tj ET Q q 0 0 0 rg BT 209.29 190.25 Td (recurring ) Tj ET Q q 0 0 0 rg BT 247.86 190.25 Td (in ) Tj ET Q q 0 0 0 rg BT 257.57 190.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 284.49 190.25 Td (as ) Tj ET Q q 0 0 0 rg BT 294.75 190.25 Td (part ) Tj ET Q q 0 0 0 rg BT 312.22 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.48 190.25 Td (net ) Tj ET Q q 0 0 0 rg BT 336.63 190.25 Td (income ) Tj ET Q q 0 0 0 rg BT 367.99 190.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 392.15 190.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.51 190.25 Td (income ) Tj ET Q q 0 0 0 rg BT 439.88 190.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 464.03 190.25 Td (before ) Tj ET Q q 0 0 0 rg BT 491.50 190.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.42 190.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.13 190.25 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 83.05 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.88 178.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 156.92 178.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 193.30 178.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.24 178.25 Td (income ) Tj ET Q q 0 0 0 rg BT 242.17 178.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 256.89 178.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 287.15 178.25 Td (\(expense\) ) Tj ET Q q 0 0 0 rg BT 328.52 178.25 Td (over ) Tj ET Q q 0 0 0 rg BT 348.79 178.25 Td (our ) Tj ET Q q 0 0 0 rg BT 364.62 178.25 Td (life.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (Due ) Tj ET Q q 0 0 0 rg BT 69.30 158.25 Td (to ) Tj ET Q q 0 0 0 rg BT 79.72 158.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 109.57 158.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.54 158.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.40 158.25 Td (unique ) Tj ET Q q 0 0 0 rg BT 165.25 158.25 Td (features ) Tj ET Q q 0 0 0 rg BT 199.54 158.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.51 158.25 Td (publicly-registered, ) Tj ET Q q 0 0 0 rg BT 291.18 158.25 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 337.14 158.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 358.66 158.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 367.69 158.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.55 158.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 429.62 158.25 Td (Program ) Tj ET Q q 0 0 0 rg BT 466.12 158.25 Td (Association, ) Tj ET Q q 0 0 0 rg BT 518.48 158.25 Td (or ) Tj ET Q q 0 0 0 rg BT 529.45 158.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.31 158.25 Td (IP) Tj ET Q q 0 0 0 rg BT 552.28 158.25 Td (A, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (an ) Tj ET Q q 0 0 0 rg BT 61.43 146.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 96.20 146.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 118.18 146.25 Td (group, ) Tj ET Q q 0 0 0 rg BT 146.00 146.25 Td (standardized ) Tj ET Q q 0 0 0 rg BT 198.52 146.25 Td (a ) Tj ET Q q 0 0 0 rg BT 204.95 146.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 257.46 146.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 292.77 146.25 Td (known ) Tj ET Q q 0 0 0 rg BT 321.98 146.25 Td (as ) Tj ET Q q 0 0 0 rg BT 332.30 146.25 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 361.53 146.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.96 146.25 Td (recommends ) Tj ET Q q 0 0 0 rg BT 431.05 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.25 146.25 Td (use ) Tj ET Q q 0 0 0 rg BT 460.58 146.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.90 146.25 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 500.13 146.25 Td (for ) Tj ET Q q 0 0 0 rg BT 513.78 146.25 Td (such ) Tj ET Q q 0 0 0 rg BT 534.10 146.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 555.62 146.25 Td (s. ) Tj ET Q q 0 0 0 rg BT 564.51 146.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 105.47 134.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 141.50 134.25 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 172.01 134.25 Td (is ) Tj ET Q q 0 0 0 rg BT 181.94 134.25 Td (a ) Tj ET Q q 0 0 0 rg BT 189.65 134.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 217.36 134.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 271.15 134.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 307.73 134.25 Td (to ) Tj ET Q q 0 0 0 rg BT 318.78 134.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 355.36 134.25 Td (our ) Tj ET Q q 0 0 0 rg BT 371.95 134.25 Td (business ) Tj ET Q q 0 0 0 rg BT 409.11 134.25 Td (and ) Tj ET Q q 0 0 0 rg BT 426.82 134.25 Td (further ) Tj ET Q q 0 0 0 rg BT 457.30 134.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 493.33 134.25 Td (it ) Tj ET Q q 0 0 0 rg BT 502.15 134.25 Td (is ) Tj ET Q q 0 0 0 rg BT 512.09 134.25 Td (important ) Tj ET Q q 0 0 0 rg BT 554.24 134.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (disclose ) Tj ET Q q 0 0 0 rg BT 84.47 122.25 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 113.96 122.25 Td (in ) Tj ET Q q 0 0 0 rg BT 124.00 122.25 Td (order ) Tj ET Q q 0 0 0 rg BT 147.35 122.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.38 122.25 Td (be ) Tj ET Q q 0 0 0 rg BT 169.08 122.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 211.33 122.25 Td (with ) Tj ET Q q 0 0 0 rg BT 231.36 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.83 122.25 Td (IP) Tj ET Q q 0 0 0 rg BT 253.80 122.25 Td (A) Tj ET Q q 0 0 0 rg BT 260.47 122.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.73 122.25 Td (recommendation ) Tj ET Q q 0 0 0 rg BT 332.18 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.88 122.25 Td (other ) Tj ET Q q 0 0 0 rg BT 371.68 122.25 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 417.25 122.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 438.77 122.25 Td (s. ) Tj ET Q q 0 0 0 rg BT 447.41 122.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.67 122.25 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 479.16 122.25 Td (that ) Tj ET Q q 0 0 0 rg BT 496.41 122.25 Td (adjusts ) Tj ET Q q 0 0 0 rg BT 526.44 122.25 Td (for ) Tj ET Q q 0 0 0 rg BT 540.36 122.25 Td (items ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (such ) Tj ET Q q 0 0 0 rg BT 71.54 110.25 Td (as ) Tj ET Q q 0 0 0 rg BT 83.09 110.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 130.19 110.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 149.50 110.25 Td (would ) Tj ET Q q 0 0 0 rg BT 177.71 110.25 Td (only ) Tj ET Q q 0 0 0 rg BT 198.71 110.25 Td (be ) Tj ET Q q 0 0 0 rg BT 211.36 110.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 261.21 110.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.21 110.25 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 318.74 110.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 340.25 110.25 Td (s ) Tj ET Q q 0 0 0 rg BT 347.36 110.25 Td (that ) Tj ET Q q 0 0 0 rg BT 365.57 110.25 Td (have ) Tj ET Q q 0 0 0 rg BT 387.66 110.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 432.53 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.96 110.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 485.05 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.60 110.25 Td (their ) Tj ET Q q 0 0 0 rg BT 518.14 110.25 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 82.64 98.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.73 98.25 Td (have ) Tj ET Q q 0 0 0 rg BT 121.26 98.25 Td (other ) Tj ET Q q 0 0 0 rg BT 144.45 98.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 174.88 98.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.29 98.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 275.13 98.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.11 98.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 300.15 98.25 Td ( ) Tj ET Q q 0 0 0 rg BT 302.80 98.25 Td (Neither ) Tj ET Q q 0 0 0 rg BT 335.44 98.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.31 98.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 371.30 98.25 Td (nor ) Tj ET Q q 0 0 0 rg BT 387.28 98.25 Td (any ) Tj ET Q q 0 0 0 rg BT 404.37 98.25 Td (other ) Tj ET Q q 0 0 0 rg BT 427.56 98.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 471.31 98.25 Td (body ) Tj ET Q q 0 0 0 rg BT 493.96 98.25 Td (has ) Tj ET Q q 0 0 0 rg BT 509.94 98.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 549.79 98.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (acceptability ) Tj ET Q q 0 0 0 rg BT 103.43 86.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.10 86.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.67 86.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 178.79 86.25 Td (that ) Tj ET Q q 0 0 0 rg BT 196.13 86.25 Td (we ) Tj ET Q q 0 0 0 rg BT 210.13 86.25 Td (use ) Tj ET Q q 0 0 0 rg BT 225.81 86.25 Td (to ) Tj ET Q q 0 0 0 rg BT 235.93 86.25 Td (calculate ) Tj ET Q q 0 0 0 rg BT 273.80 86.25 Td (MFFO. ) Tj ET Q q 0 0 0 rg BT 305.88 86.25 Td ( ) Tj ET Q q 0 0 0 rg BT 308.23 86.25 Td (In ) Tj ET Q q 0 0 0 rg BT 318.90 86.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.47 86.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 362.19 86.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.75 86.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 397.44 86.25 Td (or ) Tj ET Q q 0 0 0 rg BT 408.11 86.25 Td (another ) Tj ET Q q 0 0 0 rg BT 440.44 86.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 483.88 86.25 Td (body ) Tj ET Q q 0 0 0 rg BT 506.23 86.25 Td (may ) Tj ET Q q 0 0 0 rg BT 525.79 86.25 Td (decide ) Tj ET Q q 0 0 0 rg BT 554.23 86.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td (standardize ) Tj ET Q q 0 0 0 rg BT 100.71 74.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 144.21 74.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 197.16 74.25 Td (across ) Tj ET Q q 0 0 0 rg BT 227.33 74.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.73 74.25 Td (non-listed ) Tj ET Q q 0 0 0 rg BT 289.90 74.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 311.94 74.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.12 74.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 355.08 74.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.69 74.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.53 74.25 Td (may ) Tj ET Q q 0 0 0 rg BT 413.93 74.25 Td (need ) Tj ET Q q 0 0 0 rg BT 437.99 74.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.94 74.25 Td (adjust ) Tj ET Q q 0 0 0 rg BT 480.01 74.25 Td (our ) Tj ET Q q 0 0 0 rg BT 498.52 74.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 547.56 74.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (characterization ) Tj ET Q q 0 0 0 rg BT 116.34 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.17 62.25 Td (MFFO.) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 80.53 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 90.49 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 98.21 742.10 Td (metric ) Tj ET Q q 0 0 0 rg BT 127.05 742.10 Td (used ) Tj ET Q q 0 0 0 rg BT 148.67 742.10 Td (by ) Tj ET Q q 0 0 0 rg BT 161.96 742.10 Td (management ) Tj ET Q q 0 0 0 rg BT 216.34 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.40 742.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 264.00 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 280.63 742.10 Td (future ) Tj ET Q q 0 0 0 rg BT 307.79 742.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 348.85 742.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 402.66 742.10 Td (once ) Tj ET Q q 0 0 0 rg BT 424.83 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.45 742.10 Td (or) Tj ET Q q 0 0 0 rg BT 449.59 742.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 494.54 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.26 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 520.41 742.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 547.58 742.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 96.73 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.02 730.10 Td (development ) Tj ET Q q 0 0 0 rg BT 168.52 730.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 195.81 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.87 730.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 250.37 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.66 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.18 730.10 Td (not ) Tj ET Q q 0 0 0 rg BT 292.81 730.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 330.09 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.72 730.10 Td (be ) Tj ET Q q 0 0 0 rg BT 353.01 730.10 Td (used ) Tj ET Q q 0 0 0 rg BT 374.19 730.10 Td (as ) Tj ET Q q 0 0 0 rg BT 385.37 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 392.66 730.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 429.40 730.10 Td (measure. ) Tj ET Q q 0 0 0 rg BT 468.07 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.29 730.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 510.92 730.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 70.93 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.85 718.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 117.79 718.10 Td (metric ) Tj ET Q q 0 0 0 rg BT 147.04 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.53 718.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 195.54 718.10 Td (future ) Tj ET Q q 0 0 0 rg BT 223.13 718.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 264.59 718.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 321.32 718.10 Td (this ) Tj ET Q q 0 0 0 rg BT 339.48 718.10 Td (metric ) Tj ET Q q 0 0 0 rg BT 368.73 718.10 Td (excludes ) Tj ET Q q 0 0 0 rg BT 407.42 718.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 438.33 718.10 Td (key ) Tj ET Q q 0 0 0 rg BT 456.47 718.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 497.94 718.10 Td (items ) Tj ET Q q 0 0 0 rg BT 523.31 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.46 718.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 99.96 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 117.14 706.10 Td (may ) Tj ET Q q 0 0 0 rg BT 136.54 706.10 Td (af) Tj ET Q q 0 0 0 rg BT 144.13 706.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 161.29 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 176.81 706.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 206.76 706.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 246.70 706.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 301.91 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.10 706.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 333.52 706.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.37 706.10 Td (not ) Tj ET Q q 0 0 0 rg BT 357.33 706.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 401.17 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.13 706.10 Td (net ) Tj ET Q q 0 0 0 rg BT 425.53 706.10 Td (income ) Tj ET Q q 0 0 0 rg BT 457.15 706.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 481.55 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 492.07 706.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 539.23 706.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.37 694.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 96.48 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.57 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.15 694.10 Td (In ) Tj ET Q q 0 0 0 rg BT 115.06 694.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 152.92 694.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 182.73 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 191.99 694.10 Td (not ) Tj ET Q q 0 0 0 rg BT 207.35 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 214.37 694.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 241.39 694.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 277.28 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.64 694.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 331.88 694.10 Td (net ) Tj ET Q q 0 0 0 rg BT 346.68 694.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 368.70 694.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 395.43 694.10 Td (or ) Tj ET Q q 0 0 0 rg BT 406.35 694.10 Td (NA) Tj ET Q q 0 0 0 rg BT 419.50 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 426.54 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.12 694.10 Td (since ) Tj ET Q q 0 0 0 rg BT 452.25 694.10 Td (an ) Tj ET Q q 0 0 0 rg BT 464.27 694.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 512.95 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 522.21 694.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 546.44 694.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (account ) Tj ET Q q 0 0 0 rg BT 83.59 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.87 682.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 144.69 682.10 Td (NA) Tj ET Q q 0 0 0 rg BT 157.85 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 164.89 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.39 682.10 Td (but ) Tj ET Q q 0 0 0 rg BT 182.67 682.10 Td (not ) Tj ET Q q 0 0 0 rg BT 197.94 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.22 682.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 259.04 682.10 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 662.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.42 662.10 Td (define ) Tj ET Q q 0 0 0 rg BT 94.75 662.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 125.34 662.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.46 662.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 184.77 662.10 Td (with ) Tj ET Q q 0 0 0 rg BT 205.89 662.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.46 662.10 Td (concepts ) Tj ET Q q 0 0 0 rg BT 259.79 662.10 Td (established ) Tj ET Q q 0 0 0 rg BT 307.57 662.10 Td (by ) Tj ET Q q 0 0 0 rg BT 320.91 662.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.48 662.10 Td (IP) Tj ET Q q 0 0 0 rg BT 344.45 662.10 Td (A) Tj ET Q q 0 0 0 rg BT 351.12 662.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.47 662.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.25 662.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 399.48 662.10 Td (for ) Tj ET Q q 0 0 0 rg BT 414.49 662.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 445.04 662.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 472.55 662.10 Td (such ) Tj ET Q q 0 0 0 rg BT 494.23 662.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.90 662.10 Td (accretion ) Tj ET Q q 0 0 0 rg BT 545.89 662.10 Td (of ) Tj ET Q q 0 0 0 rg BT 557.56 662.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 86.25 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.06 650.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 155.96 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.66 650.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.47 650.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 211.94 650.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.30 650.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 272.22 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.03 650.10 Td (related ) Tj ET Q q 0 0 0 rg BT 318.60 650.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 354.27 650.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 394.40 650.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 419.27 650.10 Td (as ) Tj ET Q q 0 0 0 rg BT 429.97 650.10 Td (such ) Tj ET Q q 0 0 0 rg BT 450.66 650.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 500.80 650.10 Td (are ) Tj ET Q q 0 0 0 rg BT 515.38 650.10 Td (comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.73 638.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 111.45 638.10 Td (for ) Tj ET Q q 0 0 0 rg BT 126.06 638.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 146.22 638.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 196.94 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.33 638.10 Td (will ) Tj ET Q q 0 0 0 rg BT 232.83 638.10 Td (be ) Tj ET Q q 0 0 0 rg BT 245.22 638.10 Td (helpful ) Tj ET Q q 0 0 0 rg BT 276.50 638.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.22 638.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 327.39 638.10 Td (our ) Tj ET Q q 0 0 0 rg BT 343.67 638.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 384.38 638.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 440.35 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.09 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 451.73 638.10 Td (e ) Tj ET Q q 0 0 0 rg BT 459.11 638.10 Td (also ) Tj ET Q q 0 0 0 rg BT 478.17 638.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 505.00 638.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 535.19 638.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 638.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 108.32 626.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 138.87 626.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.54 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.10 626.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 205.54 626.10 Td (ef) Tj ET Q q 0 0 0 rg BT 213.13 626.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 231.46 626.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.13 626.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 279.78 626.10 Td (income ) Tj ET Q q 0 0 0 rg BT 312.56 626.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 328.12 626.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 363.11 626.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.79 626.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 416.73 626.10 Td (as ) Tj ET Q q 0 0 0 rg BT 428.40 626.10 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 475.33 626.10 Td (as ) Tj ET Q q 0 0 0 rg BT 487.00 626.10 Td (such ) Tj ET Q q 0 0 0 rg BT 508.67 626.10 Td (items ) Tj ET Q q 0 0 0 rg BT 533.68 626.10 Td (are ) Tj ET Q q 0 0 0 rg BT 549.23 626.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 90.96 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.83 614.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.69 614.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 154.99 614.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 209.54 614.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.07 614.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 247.65 614.10 Td (, ) Tj ET Q q 0 0 0 rg BT 251.68 614.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.87 614.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 290.29 614.10 Td (for ) Tj ET Q q 0 0 0 rg BT 303.49 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.24 614.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 354.87 614.10 Td (ef) Tj ET Q q 0 0 0 rg BT 362.46 614.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 378.97 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.84 614.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 432.01 614.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 454.65 614.10 Td (or ) Tj ET Q q 0 0 0 rg BT 464.52 614.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 489.94 614.10 Td (on ) Tj ET Q q 0 0 0 rg BT 501.47 614.10 Td (unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (ventures. ) Tj ET Q q 0 0 0 rg BT 88.63 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.88 602.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.68 602.10 Td (computation ) Tj ET Q q 0 0 0 rg BT 160.92 602.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.50 602.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 200.99 602.10 Td (may ) Tj ET Q q 0 0 0 rg BT 220.45 602.10 Td (not ) Tj ET Q q 0 0 0 rg BT 235.48 602.10 Td (be ) Tj ET Q q 0 0 0 rg BT 247.17 602.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 296.06 602.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.09 602.10 Td (other ) Tj ET Q q 0 0 0 rg BT 328.88 602.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 350.40 602.10 Td (s ) Tj ET Q q 0 0 0 rg BT 356.54 602.10 Td (that ) Tj ET Q q 0 0 0 rg BT 373.79 602.10 Td (do ) Tj ET Q q 0 0 0 rg BT 386.04 602.10 Td (not ) Tj ET Q q 0 0 0 rg BT 401.07 602.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 438.85 602.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 468.33 602.10 Td (using ) Tj ET Q q 0 0 0 rg BT 492.25 602.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.72 602.10 Td (same ) Tj ET Q q 0 0 0 rg BT 529.52 602.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 564.51 602.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 79.58 590.10 Td (is ) Tj ET Q q 0 0 0 rg BT 88.58 590.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 131.45 590.10 Td (using ) Tj ET Q q 0 0 0 rg BT 155.46 590.10 Td (FFO. ) Tj ET Q q 0 0 0 rg BT 178.64 590.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.98 590.10 Td (FFO, ) Tj ET Q q 0 0 0 rg BT 204.17 590.10 Td (as ) Tj ET Q q 0 0 0 rg BT 214.83 590.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 247.16 590.10 Td (by ) Tj ET Q q 0 0 0 rg BT 259.50 590.10 Td (NAREIT) Tj ET Q q 0 0 0 rg BT 295.42 590.10 Td (, ) Tj ET Q q 0 0 0 rg BT 300.25 590.10 Td (is ) Tj ET Q q 0 0 0 rg BT 309.26 590.10 Td (a ) Tj ET Q q 0 0 0 rg BT 316.04 590.10 Td (computation ) Tj ET Q q 0 0 0 rg BT 368.37 590.10 Td (made ) Tj ET Q q 0 0 0 rg BT 392.36 590.10 Td (by ) Tj ET Q q 0 0 0 rg BT 404.70 590.10 Td (analysts ) Tj ET Q q 0 0 0 rg BT 439.26 590.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.04 590.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 494.48 590.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.60 590.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 540.25 590.10 Td (a ) Tj ET Q q 0 0 0 rg BT 547.03 590.10 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 75.26 578.10 Td (company) Tj ET Q q 0 0 0 rg BT 114.70 578.10 Td (s ) Tj ET Q q 0 0 0 rg BT 121.09 578.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 161.35 578.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 216.88 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.19 578.10 Td (The ) Tj ET Q q 0 0 0 rg BT 237.24 578.10 Td (IP) Tj ET Q q 0 0 0 rg BT 245.21 578.10 Td (A) Tj ET Q q 0 0 0 rg BT 251.33 578.10 Td () Tj ET Q q 0 0 0 rg BT 254.11 578.10 Td (s ) Tj ET Q q 0 0 0 rg BT 260.50 578.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 301.88 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.71 578.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 342.45 578.10 Td (excludes ) Tj ET Q q 0 0 0 rg BT 379.93 578.10 Td (from ) Tj ET Q q 0 0 0 rg BT 401.87 578.10 Td (FFO ) Tj ET Q q 0 0 0 rg BT 422.71 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.43 578.10 Td (following ) Tj ET Q q 0 0 0 rg BT 478.82 578.10 Td (items:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 558.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 558.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 132.38 558.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 150.98 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.92 558.10 Td (expenses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 125.26 538.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 162.31 538.10 Td (related ) Tj ET Q q 0 0 0 rg BT 192.68 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.62 538.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 255.10 538.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 273.81 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.41 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.79 538.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 360.49 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.99 538.10 Td (above ) Tj ET Q q 0 0 0 rg BT 399.03 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 410.52 538.10 Td (below ) Tj ET Q q 0 0 0 rg BT 438.12 538.10 Td (market ) Tj ET Q q 0 0 0 rg BT 469.05 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.65 538.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 522.01 538.10 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 107.89 526.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 133.12 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.47 526.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 188.59 526.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 218.26 526.10 Td (are ) Tj ET Q q 0 0 0 rg BT 232.37 526.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 267.60 526.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.28 526.10 Td (order ) Tj ET Q q 0 0 0 rg BT 300.29 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.97 526.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 337.41 526.10 Td (such ) Tj ET Q q 0 0 0 rg BT 357.64 526.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 397.87 526.10 Td (from ) Tj ET Q q 0 0 0 rg BT 419.21 526.10 Td (an ) Tj ET Q q 0 0 0 rg BT 430.56 526.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 461.32 526.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 483.23 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.46 526.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 539.24 526.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 106.28 514.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 133.14 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.64 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.92 514.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.86 514.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 173.12 514.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 195.62 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.45 514.10 Td (accounting\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 494.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 494.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 139.04 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.87 494.10 Td (a ) Tj ET Q q 0 0 0 rg BT 156.81 494.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 195.41 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.35 494.10 Td (accretion ) Tj ET Q q 0 0 0 rg BT 251.49 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.32 494.10 Td (a ) Tj ET Q q 0 0 0 rg BT 269.26 494.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 305.64 494.10 Td (on ) Tj ET Q q 0 0 0 rg BT 318.14 494.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 337.86 494.10 Td (investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 474.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 474.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 144.13 474.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 193.38 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.86 474.10 Td (real ) Tj ET Q q 0 0 0 rg BT 223.00 474.10 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 279.45 474.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 330.38 474.10 Td (that ) Tj ET Q q 0 0 0 rg BT 348.53 474.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 371.11 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.48 474.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 425.73 474.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 457.20 474.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 498.67 474.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.60 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.97 474.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 547.56 474.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 462.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 132.93 462.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.76 462.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.48 462.10 Td (SEC;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 120.14 442.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 143.75 442.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 176.80 442.10 Td (from ) Tj ET Q q 0 0 0 rg BT 198.74 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.46 442.10 Td (early ) Tj ET Q q 0 0 0 rg BT 235.94 442.10 Td (extinguishment ) Tj ET Q q 0 0 0 rg BT 300.10 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.93 442.10 Td (debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 422.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 422.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 119.28 422.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 142.02 422.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 174.21 422.10 Td (on ) Tj ET Q q 0 0 0 rg BT 185.84 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.69 422.10 Td (extinguishment ) Tj ET Q q 0 0 0 rg BT 262.99 422.10 Td (or ) Tj ET Q q 0 0 0 rg BT 272.95 422.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 294.02 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.99 422.10 Td (hedges, ) Tj ET Q q 0 0 0 rg BT 335.89 422.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 366.40 422.10 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 408.29 422.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 447.69 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.76 422.10 Td (other ) Tj ET Q q 0 0 0 rg BT 485.95 422.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 527.56 422.10 Td (holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 410.10 Td (except ) Tj ET Q q 0 0 0 rg BT 114.59 410.10 Td (where ) Tj ET Q q 0 0 0 rg BT 141.52 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.24 410.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 187.06 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.89 410.10 Td (such ) Tj ET Q q 0 0 0 rg BT 218.72 410.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 267.89 410.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.06 410.10 Td (a ) Tj ET Q q 0 0 0 rg BT 284.00 410.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 336.48 410.10 Td (attribute ) Tj ET Q q 0 0 0 rg BT 372.30 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.13 410.10 Td (our ) Tj ET Q q 0 0 0 rg BT 398.96 410.10 Td (business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 390.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 390.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 131.05 390.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 155.57 390.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 189.53 390.10 Td (from ) Tj ET Q q 0 0 0 rg BT 212.37 390.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 229.66 390.10 Td (value ) Tj ET Q q 0 0 0 rg BT 254.72 390.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 305.90 390.10 Td (on ) Tj ET Q q 0 0 0 rg BT 319.31 390.10 Td (real ) Tj ET Q q 0 0 0 rg BT 337.70 390.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 363.88 390.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 407.55 390.10 Td (including ) Tj ET Q q 0 0 0 rg BT 448.73 390.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 479.93 390.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.78 390.10 Td (other ) Tj ET Q q 0 0 0 rg BT 521.73 390.10 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 378.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 117.93 378.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 135.42 378.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 162.36 378.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.30 378.10 Td (other ) Tj ET Q q 0 0 0 rg BT 202.35 378.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 248.72 378.10 Td (not ) Tj ET Q q 0 0 0 rg BT 264.00 378.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 297.59 378.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 327.86 378.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.80 378.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 376.18 378.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 416.43 378.10 Td (holdings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 130.14 358.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 153.75 358.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 186.80 358.10 Td (from ) Tj ET Q q 0 0 0 rg BT 208.74 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.46 358.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 279.84 358.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 304.28 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 315.11 358.10 Td (deconsolidation ) Tj ET Q q 0 0 0 rg BT 380.93 358.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 393.71 358.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 421.20 358.10 Td (accounting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 338.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 338.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 136.27 338.10 Td (related ) Tj ET Q q 0 0 0 rg BT 165.98 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.25 338.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 220.97 338.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 259.00 338.10 Td (price ) Tj ET Q q 0 0 0 rg BT 281.49 338.10 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 331.21 338.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 318.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 318.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 135.89 318.10 Td (for ) Tj ET Q q 0 0 0 rg BT 149.66 318.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 202.31 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.86 318.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 281.52 318.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 332.50 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.05 318.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 369.50 318.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 405.49 318.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 448.13 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.02 318.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 485.66 318.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 515.01 318.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.12 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.45 318.10 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 306.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 108.50 306.10 Td (as ) Tj ET Q q 0 0 0 rg BT 119.33 306.10 Td (above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.32 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.54 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.65 286.10 Td (above ) Tj ET Q q 0 0 0 rg BT 131.42 286.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 181.08 286.10 Td (are ) Tj ET Q q 0 0 0 rg BT 195.18 286.10 Td (also ) Tj ET Q q 0 0 0 rg BT 213.17 286.10 Td (made ) Tj ET Q q 0 0 0 rg BT 236.72 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.39 286.10 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 284.92 286.10 Td (net ) Tj ET Q q 0 0 0 rg BT 299.02 286.10 Td (income ) Tj ET Q q 0 0 0 rg BT 330.35 286.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 354.46 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.13 286.10 Td (net ) Tj ET Q q 0 0 0 rg BT 378.23 286.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 397.89 286.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 435.33 286.10 Td (by ) Tj ET Q q 0 0 0 rg BT 447.22 286.10 Td (\(used ) Tj ET Q q 0 0 0 rg BT 470.77 286.10 Td (in\) ) Tj ET Q q 0 0 0 rg BT 483.76 286.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 523.42 286.10 Td (activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (such ) Tj ET Q q 0 0 0 rg BT 71.19 274.10 Td (as ) Tj ET Q q 0 0 0 rg BT 82.38 274.10 Td (for ) Tj ET Q q 0 0 0 rg BT 96.90 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.97 274.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 165.37 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.56 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.85 274.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 222.82 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.11 274.10 Td (accretion ) Tj ET Q q 0 0 0 rg BT 279.61 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.80 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 298.10 274.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 334.85 274.10 Td (on ) Tj ET Q q 0 0 0 rg BT 347.71 274.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 367.78 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.08 274.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 425.70 274.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 478.83 274.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 532.23 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.42 274.10 Td (fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.94 262.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 111.08 262.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 134.69 262.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 167.74 262.10 Td (on ) Tj ET Q q 0 0 0 rg BT 180.24 262.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 229.11 262.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 269.38 262.10 Td (or ) Tj ET Q q 0 0 0 rg BT 280.21 262.10 Td (other ) Tj ET Q q 0 0 0 rg BT 303.25 262.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 356.03 262.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.86 262.10 Td (well ) Tj ET Q q 0 0 0 rg BT 386.57 262.10 Td (as ) Tj ET Q q 0 0 0 rg BT 397.40 262.10 Td (other ) Tj ET Q q 0 0 0 rg BT 420.45 262.10 Td (adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 79.46 242.10 Td (excludes ) Tj ET Q q 0 0 0 rg BT 116.67 242.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 173.87 242.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 222.20 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.75 242.10 Td (real ) Tj ET Q q 0 0 0 rg BT 249.96 242.10 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 305.49 242.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 357.99 242.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.05 242.10 Td (W) Tj ET Q q 0 0 0 rg BT 368.69 242.10 Td (e ) Tj ET Q q 0 0 0 rg BT 375.35 242.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 402.02 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.46 242.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 441.45 242.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 471.45 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.01 242.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.56 242.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 547.56 242.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 90.44 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.46 230.10 Td (reserves/impairment ) Tj ET Q q 0 0 0 rg BT 185.78 230.10 Td (on ) Tj ET Q q 0 0 0 rg BT 198.47 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.59 230.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 244.37 230.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 269.56 230.10 Td (or ) Tj ET Q q 0 0 0 rg BT 280.58 230.10 Td (more ) Tj ET Q q 0 0 0 rg BT 303.81 230.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 347.59 230.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.61 230.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 396.83 230.10 Td (. ) Tj ET Q q 0 0 0 rg BT 402.01 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.70 230.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 451.27 230.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 491.73 230.10 Td (is ) Tj ET Q q 0 0 0 rg BT 501.09 230.10 Td (required ) Tj ET Q q 0 0 0 rg BT 537.09 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 547.56 230.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 87.38 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.84 218.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.88 218.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 112.10 218.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 143.07 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.51 218.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 173.38 218.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 226.31 218.10 Td (we ) Tj ET Q q 0 0 0 rg BT 240.63 218.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 277.17 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.04 218.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 333.02 218.10 Td (net ) Tj ET Q q 0 0 0 rg BT 347.90 218.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 397.19 218.10 Td (value ) Tj ET Q q 0 0 0 rg BT 421.50 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.49 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.37 218.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 467.24 218.10 Td (as ) Tj ET Q q 0 0 0 rg BT 478.23 218.10 Td (well ) Tj ET Q q 0 0 0 rg BT 498.11 218.10 Td (as ) Tj ET Q q 0 0 0 rg BT 509.10 218.10 Td (other ) Tj ET Q q 0 0 0 rg BT 532.30 218.10 Td (factors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.81 206.10 Td (but ) Tj ET Q q 0 0 0 rg BT 106.63 206.10 Td (not ) Tj ET Q q 0 0 0 rg BT 122.45 206.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 153.82 206.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.64 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.89 206.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 196.81 206.10 Td (value ) Tj ET Q q 0 0 0 rg BT 221.50 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.87 206.10 Td (any ) Tj ET Q q 0 0 0 rg BT 250.35 206.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 293.09 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.34 206.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 341.38 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.86 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.11 206.10 Td (status ) Tj ET Q q 0 0 0 rg BT 399.93 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.30 206.10 Td (any ) Tj ET Q q 0 0 0 rg BT 428.78 206.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 456.26 206.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 479.01 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.27 206.10 Td (prospects ) Tj ET Q q 0 0 0 rg BT 535.08 206.10 Td (for ) Tj ET Q q 0 0 0 rg BT 549.78 206.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 89.41 194.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.61 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.58 194.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 171.55 194.10 Td (situation ) Tj ET Q q 0 0 0 rg BT 208.75 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.84 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.81 194.10 Td (region ) Tj ET Q q 0 0 0 rg BT 263.12 194.10 Td (where ) Tj ET Q q 0 0 0 rg BT 290.31 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.28 194.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 344.69 194.10 Td (does ) Tj ET Q q 0 0 0 rg BT 365.78 194.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 404.93 194.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.69 194.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 426.56 194.10 Td (value ) Tj ET Q q 0 0 0 rg BT 450.97 194.10 Td (is ) Tj ET Q q 0 0 0 rg BT 460.40 194.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 498.15 194.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 539.23 194.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.93 182.10 Td (discounting ) Tj ET Q q 0 0 0 rg BT 112.53 182.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 150.99 182.10 Td (future ) Tj ET Q q 0 0 0 rg BT 177.80 182.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 198.50 182.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 219.76 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.02 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.17 182.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 292.43 182.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 332.55 182.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 360.48 182.10 Td (into ) Tj ET Q q 0 0 0 rg BT 378.97 182.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 435.77 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.92 182.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 487.74 182.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 508.15 182.10 Td (capitalization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 70.20 170.10 Td (occupancy) Tj ET Q q 0 0 0 rg BT 112.30 170.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.52 170.10 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 186.33 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.37 170.10 Td (major ) Tj ET Q q 0 0 0 rg BT 223.41 170.10 Td (tenants ) Tj ET Q q 0 0 0 rg BT 254.45 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.60 170.10 Td (many ) Tj ET Q q 0 0 0 rg BT 296.53 170.10 Td (other ) Tj ET Q q 0 0 0 rg BT 319.79 170.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 352.21 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.73 170.10 Td (This ) Tj ET Q q 0 0 0 rg BT 375.22 170.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 410.14 170.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 455.07 170.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 495.56 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.71 170.10 Td (because ) Tj ET Q q 0 0 0 rg BT 547.07 170.10 Td (it ) Tj ET Q q 0 0 0 rg BT 555.34 170.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.02 158.10 Td (on ) Tj ET Q q 0 0 0 rg BT 85.27 158.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 130.96 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.54 158.10 Td (future ) Tj ET Q q 0 0 0 rg BT 165.67 158.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 205.79 158.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 235.09 158.10 Td (which ) Tj ET Q q 0 0 0 rg BT 260.78 158.10 Td (are ) Tj ET Q q 0 0 0 rg BT 274.24 158.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 316.03 158.10 Td (subjective, ) Tj ET Q q 0 0 0 rg BT 360.32 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.79 158.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 405.04 158.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 446.84 158.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 479.73 158.10 Td (may ) Tj ET Q q 0 0 0 rg BT 498.20 158.10 Td (dif) Tj ET Q q 0 0 0 rg BT 509.13 158.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 521.48 158.10 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.50 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.79 146.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 121.17 146.10 Td (value ) Tj ET Q q 0 0 0 rg BT 144.89 146.10 Td (as ) Tj ET Q q 0 0 0 rg BT 155.28 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.68 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.96 146.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 212.56 146.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 235.17 146.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 256.39 146.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.46 146.10 Td (If ) Tj ET Q q 0 0 0 rg BT 267.18 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.46 146.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 321.85 146.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 337.79 146.10 Td (value ) Tj ET Q q 0 0 0 rg BT 361.51 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.91 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.19 146.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 431.58 146.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 470.84 146.10 Td (for ) Tj ET Q q 0 0 0 rg BT 484.57 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.85 146.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 518.13 146.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.28 134.10 Td (less ) Tj ET Q q 0 0 0 rg BT 76.90 134.10 Td (than ) Tj ET Q q 0 0 0 rg BT 96.73 134.10 Td (its ) Tj ET Q q 0 0 0 rg BT 108.79 134.10 Td (net ) Tj ET Q q 0 0 0 rg BT 123.63 134.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 159.56 134.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 186.33 134.10 Td (a ) Tj ET Q q 0 0 0 rg BT 193.38 134.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 213.21 134.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 231.39 134.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 262.87 134.10 Td (is ) Tj ET Q q 0 0 0 rg BT 272.15 134.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 309.74 134.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.14 134.10 Td (a ) Tj ET Q q 0 0 0 rg BT 337.19 134.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 397.01 134.10 Td (char) Tj ET Q q 0 0 0 rg BT 414.04 134.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 426.09 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.48 134.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 476.88 134.10 Td (for ) Tj ET Q q 0 0 0 rg BT 491.15 134.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 510.98 134.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 539.99 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 542.42 134.10 Td (W) Tj ET Q q 0 0 0 rg BT 551.45 134.10 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 80.73 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.92 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.77 122.10 Td (real ) Tj ET Q q 0 0 0 rg BT 115.16 122.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 140.34 122.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 189.13 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.98 122.10 Td (property) Tj ET Q q 0 0 0 rg BT 232.63 122.10 Td (s ) Tj ET Q q 0 0 0 rg BT 238.94 122.10 Td (value ) Tj ET Q q 0 0 0 rg BT 263.00 122.10 Td (is ) Tj ET Q q 0 0 0 rg BT 272.08 122.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 317.81 122.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 355.76 122.10 Td (if ) Tj ET Q q 0 0 0 rg BT 364.28 122.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.03 122.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 415.76 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.50 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.13 122.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 482.40 122.10 Td (future ) Tj ET Q q 0 0 0 rg BT 508.69 122.10 Td (undiscounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.61 110.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 91.79 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.41 110.10 Td (be ) Tj ET Q q 0 0 0 rg BT 114.70 110.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 156.41 110.10 Td (by ) Tj ET Q q 0 0 0 rg BT 169.25 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.31 110.10 Td (property ) Tj ET Q q 0 0 0 rg BT 221.04 110.10 Td (is ) Tj ET Q q 0 0 0 rg BT 230.55 110.10 Td (less ) Tj ET Q q 0 0 0 rg BT 248.40 110.10 Td (than ) Tj ET Q q 0 0 0 rg BT 268.46 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.52 110.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 319.68 110.10 Td (value ) Tj ET Q q 0 0 0 rg BT 344.19 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.36 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.42 110.10 Td (property) Tj ET Q q 0 0 0 rg BT 403.65 110.10 Td (. ) Tj ET Q q 0 0 0 rg BT 409.00 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 411.64 110.10 Td (The ) Tj ET Q q 0 0 0 rg BT 430.03 110.10 Td (value ) Tj ET Q q 0 0 0 rg BT 454.53 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.71 110.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.88 110.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 532.50 110.10 Td (may ) Tj ET Q q 0 0 0 rg BT 552.56 110.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 88.30 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.50 98.10 Td (their ) Tj ET Q q 0 0 0 rg BT 126.59 98.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 162.67 98.10 Td (values ) Tj ET Q q 0 0 0 rg BT 190.97 98.10 Td (may ) Tj ET Q q 0 0 0 rg BT 210.95 98.10 Td (not ) Tj ET Q q 0 0 0 rg BT 226.49 98.10 Td (be ) Tj ET Q q 0 0 0 rg BT 238.69 98.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 288.08 98.10 Td (due ) Tj ET Q q 0 0 0 rg BT 305.28 98.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.82 98.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.91 98.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 363.01 98.10 Td (life. ) Tj ET Q q 0 0 0 rg BT 381.59 98.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.35 98.10 Td (Investors ) Tj ET Q q 0 0 0 rg BT 423.77 98.10 Td (should ) Tj ET Q q 0 0 0 rg BT 453.21 98.10 Td (note ) Tj ET Q q 0 0 0 rg BT 473.18 98.10 Td (that ) Tj ET Q q 0 0 0 rg BT 490.94 98.10 Td (while ) Tj ET Q q 0 0 0 rg BT 515.92 98.10 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 86.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 83.27 86.10 Td (are ) Tj ET Q q 0 0 0 rg BT 98.38 86.10 Td (excluded ) Tj ET Q q 0 0 0 rg BT 137.39 86.10 Td (from ) Tj ET Q q 0 0 0 rg BT 159.74 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.86 86.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 221.64 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.88 86.10 Td (MFFO, ) Tj ET Q q 0 0 0 rg BT 265.53 86.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 304.55 86.10 Td (are ) Tj ET Q q 0 0 0 rg BT 319.66 86.10 Td (cautioned ) Tj ET Q q 0 0 0 rg BT 361.45 86.10 Td (that ) Tj ET Q q 0 0 0 rg BT 379.35 86.10 Td (due ) Tj ET Q q 0 0 0 rg BT 396.70 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.39 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.51 86.10 Td (fact ) Tj ET Q q 0 0 0 rg BT 440.41 86.10 Td (that ) Tj ET Q q 0 0 0 rg BT 458.32 86.10 Td (impairments ) Tj ET Q q 0 0 0 rg BT 511.22 86.10 Td (are ) Tj ET Q q 0 0 0 rg BT 526.33 86.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 86.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.49 74.10 Td (future ) Tj ET Q q 0 0 0 rg BT 116.54 74.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 172.04 74.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 191.98 74.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 212.49 74.10 Td (and 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Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 742.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.98 742.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 97.76 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 115.67 742.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 145.81 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 155.39 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.73 742.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 190.08 742.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 235.27 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.17 742.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 274.40 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.96 742.10 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 335.19 742.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 356.71 742.10 Td (s. ) Tj ET Q q 0 0 0 rg BT 366.01 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.91 742.10 Td (It ) Tj ET Q q 0 0 0 rg BT 377.93 742.10 Td (is ) Tj ET Q q 0 0 0 rg BT 387.51 742.10 Td (helpful ) Tj ET Q q 0 0 0 rg BT 418.74 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.43 742.10 Td (management ) Tj ET Q q 0 0 0 rg BT 483.42 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.77 742.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 554.22 742.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 88.51 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.13 730.10 Td (future ) Tj ET Q q 0 0 0 rg BT 128.29 730.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 167.34 730.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 219.16 730.10 Td (once ) Tj ET Q q 0 0 0 rg BT 239.32 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.94 730.10 Td (or) Tj ET Q q 0 0 0 rg BT 262.09 730.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 305.03 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.75 730.10 Td (of) Tj ET Q q 0 0 0 rg BT 328.90 730.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 354.07 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.79 730.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 414.96 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.69 730.10 Td (development ) Tj ET Q q 0 0 0 rg BT 483.63 730.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 509.36 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.85 730.10 Td (complete, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (because ) Tj ET Q q 0 0 0 rg BT 83.19 718.10 Td (it ) Tj ET Q q 0 0 0 rg BT 90.30 718.10 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 132.94 718.10 Td (from ) Tj ET Q q 0 0 0 rg BT 153.93 718.10 Td (net ) Tj ET Q q 0 0 0 rg BT 167.70 718.10 Td (income ) Tj ET Q q 0 0 0 rg BT 198.68 718.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 236.32 718.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 251.75 718.10 Td (value ) Tj ET Q q 0 0 0 rg BT 274.95 718.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 324.27 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 335.82 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.70 718.10 Td (real ) Tj ET Q q 0 0 0 rg BT 367.23 718.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 391.54 718.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 430.85 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.84 718.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 492.27 718.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 509.92 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.90 718.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.18 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.58 706.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 117.08 706.10 Td (as ) Tj ET Q q 0 0 0 rg BT 127.59 706.10 Td (part ) Tj ET Q q 0 0 0 rg BT 145.33 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.84 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.36 706.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 217.43 706.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 258.21 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.40 706.10 Td (However) Tj ET Q q 0 0 0 rg BT 296.65 706.10 Td (, ) Tj ET Q q 0 0 0 rg BT 301.34 706.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 330.76 706.10 Td (may ) Tj ET Q q 0 0 0 rg BT 350.16 706.10 Td (not ) Tj ET Q q 0 0 0 rg BT 365.13 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 376.75 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 383.38 706.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 410.00 706.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 445.50 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.02 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 471.54 706.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 511.49 706.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.85 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 71.69 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 78.65 694.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 127.80 694.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 163.64 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.93 694.10 Td (other ) Tj ET Q 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(realized ) Tj ET Q q 0 0 0 rg BT 485.97 638.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 509.55 638.10 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 542.58 638.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 99.42 626.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.50 626.10 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 164.93 626.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.02 626.10 Td (other ) Tj ET Q q 0 0 0 rg BT 203.21 626.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 252.63 626.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 275.94 626.10 Td (above ) Tj ET Q q 0 0 0 rg BT 301.46 626.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.31 626.10 Td (not ) Tj ET Q q 0 0 0 rg BT 329.73 626.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 364.69 626.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.11 626.10 Td (MFFO, ) Tj ET Q q 0 0 0 rg BT 405.50 626.10 Td (even ) Tj ET Q q 0 0 0 rg BT 426.02 626.10 Td (though ) Tj ET Q q 0 0 0 rg BT 455.44 626.10 Td (such ) Tj ET Q q 0 0 0 rg BT 475.41 626.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 508.70 626.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 531.45 626.10 Td (\(losses\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.98 614.10 Td (other ) Tj ET Q q 0 0 0 rg BT 90.06 614.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 140.38 614.10 Td (could ) Tj ET Q q 0 0 0 rg BT 165.13 614.10 Td (af) Tj ET Q q 0 0 0 rg BT 172.72 614.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 190.24 614.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.11 614.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 246.42 614.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 299.48 614.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.46 614.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 336.76 614.10 Td (available ) Tj ET Q q 0 0 0 rg BT 375.39 614.10 Td (for ) Tj ET Q q 0 0 0 rg BT 389.59 614.10 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 440.74 614.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.28 614.10 Td (Stockholders ) Tj ET Q q 0 0 0 rg BT 498.04 614.10 Td (should ) Tj ET Q q 0 0 0 rg BT 527.25 614.10 Td (note ) Tj ET Q q 0 0 0 rg BT 547.00 614.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.72 602.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 86.78 602.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 110.17 602.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 151.32 602.10 Td (from ) Tj ET Q q 0 0 0 rg BT 173.04 602.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.54 602.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 205.38 602.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.99 602.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 266.05 602.10 Td (would ) Tj ET Q q 0 0 0 rg BT 293.33 602.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 332.82 602.10 Td (be ) Tj ET Q q 0 0 0 rg BT 344.55 602.10 Td (used ) Tj ET Q q 0 0 0 rg BT 365.16 602.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.22 602.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 395.84 602.10 Td (new ) Tj ET Q q 0 0 0 rg BT 414.79 602.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 467.34 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.12 602.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 488.63 602.10 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 553.67 602.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.77 590.10 Td (value ) Tj ET Q q 0 0 0 rg BT 89.32 590.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 138.99 590.10 Td (may ) Tj ET Q q 0 0 0 rg BT 158.11 590.10 Td (be ) Tj ET Q q 0 0 0 rg BT 169.44 590.10 Td (based ) Tj ET Q q 0 0 0 rg BT 194.11 590.10 Td (on ) Tj ET Q q 0 0 0 rg BT 206.00 590.10 Td (many ) Tj ET Q q 0 0 0 rg BT 230.11 590.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 261.72 590.10 Td (including ) Tj ET Q q 0 0 0 rg BT 301.39 590.10 Td (current ) Tj ET Q q 0 0 0 rg BT 331.60 590.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 378.47 590.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.70 590.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 431.15 590.10 Td (property ) Tj ET Q q 0 0 0 rg BT 466.92 590.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 492.71 590.10 Td (or ) Tj ET Q q 0 0 0 rg BT 502.94 590.10 Td (general ) Tj ET Q q 0 0 0 rg BT 534.25 590.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 578.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 91.09 578.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 126.37 578.10 Td (conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (Neither ) Tj ET Q q 0 0 0 rg BT 82.17 558.10 Td (FFO ) Tj ET Q q 0 0 0 rg BT 102.71 558.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 118.23 558.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 147.65 558.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.51 558.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 200.35 558.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.32 558.10 Td (net ) Tj ET Q q 0 0 0 rg BT 224.72 558.10 Td (income ) Tj ET Q q 0 0 0 rg BT 256.35 558.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 280.76 558.10 Td (or ) Tj ET Q q 0 0 0 rg BT 291.28 558.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 311.23 558.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 331.75 558.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 369.49 558.10 Td (by ) Tj ET Q q 0 0 0 rg BT 381.68 558.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 421.63 558.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 459.92 558.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 507.09 558.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.05 558.10 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.98 546.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 89.96 546.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 116.82 546.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.02 546.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.65 546.10 Td (should ) Tj ET Q q 0 0 0 rg BT 164.52 546.10 Td (not ) Tj ET Q q 0 0 0 rg BT 179.50 546.10 Td (be ) Tj ET Q q 0 0 0 rg BT 191.14 546.10 Td (construed ) Tj ET Q q 0 0 0 rg BT 232.22 546.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.19 546.10 Td (be ) Tj ET Q q 0 0 0 rg BT 253.83 546.10 Td (more ) Tj ET Q q 0 0 0 rg BT 276.58 546.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 310.98 546.10 Td (or ) Tj ET Q q 0 0 0 rg BT 321.51 546.10 Td (accurate ) Tj ET Q q 0 0 0 rg BT 357.01 546.10 Td (than ) Tj ET Q q 0 0 0 rg BT 376.43 546.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.84 546.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 410.83 546.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 437.68 546.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.88 546.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 494.86 546.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.83 546.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 548.68 546.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.06 534.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 145.37 534.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.66 534.10 Td (Neither ) Tj ET Q q 0 0 0 rg BT 179.94 534.10 Td (FFO ) Tj ET Q q 0 0 0 rg BT 200.57 534.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 216.20 534.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 245.72 534.10 Td (is ) Tj ET Q q 0 0 0 rg BT 254.68 534.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 301.40 534.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 343.12 534.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.74 534.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 373.80 534.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 394.42 534.10 Td (available ) Tj ET Q q 0 0 0 rg BT 432.80 534.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.87 534.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 463.50 534.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.12 534.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 499.18 534.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 524.24 534.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.70 522.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 95.63 522.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.77 522.10 Td (make ) Tj ET Q q 0 0 0 rg BT 131.80 522.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 185.18 522.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.33 522.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.03 522.10 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 269.45 522.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.82 522.10 Td (FFO ) Tj ET Q q 0 0 0 rg BT 294.54 522.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.35 522.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 342.95 522.10 Td (do ) Tj ET Q q 0 0 0 rg BT 356.33 522.10 Td (not ) Tj ET Q q 0 0 0 rg BT 372.48 522.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 412.49 522.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 449.75 522.10 Td (available ) Tj ET Q q 0 0 0 rg BT 489.21 522.10 Td (for ) Tj ET Q q 0 0 0 rg BT 504.24 522.10 Td (management) Tj ET Q q 0 0 0 rg BT 558.11 522.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 106.85 510.10 Td (use ) Tj ET Q q 0 0 0 rg BT 124.82 510.10 Td (because ) Tj ET Q q 0 0 0 rg BT 161.11 510.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.09 510.10 Td (needed ) Tj ET Q q 0 0 0 rg BT 207.05 510.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 238.34 510.10 Td (replacement ) Tj ET Q q 0 0 0 rg BT 291.84 510.10 Td (or ) Tj ET Q q 0 0 0 rg BT 304.82 510.10 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 352.51 510.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 374.37 510.10 Td (service ) Tj ET Q q 0 0 0 rg BT 407.33 510.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 456.42 510.10 Td (or ) Tj ET Q q 0 0 0 rg BT 469.39 510.10 Td (other ) Tj ET Q q 0 0 0 rg BT 494.58 510.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 553.67 510.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 105.92 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.25 498.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 163.06 498.10 Td (neither ) Tj ET Q q 0 0 0 rg BT 193.15 498.10 Td (FFO ) Tj ET Q q 0 0 0 rg BT 213.83 498.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 229.49 498.10 Td (MFFO ) Tj ET Q q 0 0 0 rg BT 259.05 498.10 Td (should ) Tj ET Q q 0 0 0 rg BT 288.05 498.10 Td (be ) Tj ET Q q 0 0 0 rg BT 299.82 498.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 345.46 498.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.12 498.10 Td (an ) Tj ET Q q 0 0 0 rg BT 367.89 498.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 412.42 498.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.52 498.10 Td (net ) Tj ET Q q 0 0 0 rg BT 437.07 498.10 Td (income ) Tj ET Q q 0 0 0 rg BT 468.83 498.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 493.38 498.10 Td (as ) Tj ET Q q 0 0 0 rg BT 504.04 498.10 Td (an ) Tj ET Q q 0 0 0 rg BT 515.81 498.10 Td (indicator ) Tj ET Q q 0 0 0 rg BT 553.68 498.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 486.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 106.09 486.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (The following table presents a reconciliation of net income \(loss\) attributable to common stockholders to FFO and MFFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (attributable to common stockholders \(dollars in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 403.60 205.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 403.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 403.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 403.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 403.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 403.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 403.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 403.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 369.60 205.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 369.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 369.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 369.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 369.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 369.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 369.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 369.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 343.60 205.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 343.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 343.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 343.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 343.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 343.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 343.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 343.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 304.60 205.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 304.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 304.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 304.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 304.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 304.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 304.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 304.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 270.60 205.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 270.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 270.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 270.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 270.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 270.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 270.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 270.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 236.60 205.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 236.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 236.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 236.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 236.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 236.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 236.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 236.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 210.60 205.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 210.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 210.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 210.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 210.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 210.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 210.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 210.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 176.60 205.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 176.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 176.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 176.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 176.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 176.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 176.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 176.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 150.60 205.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 150.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 150.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 150.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 150.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 150.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 150.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 150.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 104.50 124.60 205.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 124.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 124.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 124.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 124.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 124.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 124.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 124.60 53.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 416.6 m 362.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 416.6 m 366.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 416.6 m 419.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 416.6 m 476.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 416.6 m 480.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 416.6 m 533.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 403.6 m 362.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 403.6 m 419.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 416.6 m 476.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 403.6 m 476.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 416.6 m 533.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 403.6 m 533.5 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 304.6 m 362.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 304.6 m 419.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 304.6 m 476.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 304.6 m 362.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 283.6 m 362.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 304.6 m 419.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 304.6 m 476.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 304.6 m 533.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 283.6 m 362.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 283.6 m 419.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 283.6 m 476.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 283.6 m 533.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 111.60000000000002 m 362.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 111.60000000000002 m 419.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 111.60000000000002 m 476.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 111.60000000000002 m 362.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 91.60000000000002 m 362.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 89.60000000000002 m 362.5 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 111.60000000000002 m 419.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 91.60000000000002 m 419.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 89.60000000000002 m 419.5 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 111.60000000000002 m 476.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 91.60000000000002 m 476.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 89.60000000000002 m 476.5 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 111.60000000000002 m 533.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 91.60000000000002 m 533.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 89.60000000000002 m 533.5 89.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.35 420.83 Td (Three Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.20 420.83 Td (Six Months Ended June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.50 407.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.50 407.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.50 407.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.50 407.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 107.00 394.83 Td (Funds from operations:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 381.85 Td (Net income \(loss\) attributable to NorthStar Healthcare) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 373.85 Td (Income,Inc. common stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.00 373.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.60 373.85 Td (\(27,869) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 373.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.00 373.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.60 373.85 Td (\(25,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.30 373.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.00 373.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.60 373.85 Td (\(66,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 373.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.00 373.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.60 373.85 Td (\(30,533) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 373.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 360.85 Td (Adjustments:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 347.85 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 347.85 Td (13,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 347.85 Td (4,697) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.25 347.85 Td (25,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 347.85 Td (6,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 334.85 Td (Depreciation and amortization related to unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 326.85 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 326.85 Td (22,418) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 326.85 Td (7,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.25 326.85 Td (44,474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.25 326.85 Td (14,134) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 314.55 Td (Depreciation and amortization related to non-controlling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 306.60 Td (interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.60 308.85 Td (\(175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 308.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.60 308.85 Td (\(95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.30 308.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.60 308.85 Td (\(392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 308.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.60 308.85 Td (\(112) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 308.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 295.85 Td (Funds from operations attributable to NorthStar Healthcare) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 287.85 Td (Income,Inc. common stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.00 287.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.30 287.85 Td (7,803) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.00 287.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.60 287.85 Td (\(13,023) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.30 287.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.00 287.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 287.85 Td (3,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.00 287.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.60 287.85 Td (\(10,129) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 287.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 107.00 274.83 Td (Modified funds from operations:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 261.85 Td (Funds from operations attributable to NorthStar Healthcare) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 253.85 Td (Income,Inc. 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227.85 Td (13,779) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.25 227.85 Td (18,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 214.85 Td (Straight-line rental \(income\) loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.60 214.85 Td (\(126) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 214.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.60 214.85 Td (\(787) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.30 214.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.60 214.85 Td (\(686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 214.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.60 214.85 Td (\(1,445) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 214.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 201.85 Td (Amortization of premiums, discounts and fees on) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 193.85 Td (investments and borrowings, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.30 193.85 Td (473) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.30 193.85 Td (419) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.30 193.85 Td (914) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.30 193.85 Td (748) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 180.85 Td (Deferred tax \(benefit\) expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 180.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.60 180.85 Td (\(557) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.30 180.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 180.85 Td (7,026) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.60 180.85 Td (\(782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 180.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 167.85 Td (Adjustments related to unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 264.96 171.48 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.30 167.85 Td (5,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 167.85 Td (4,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 167.85 Td (9,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 167.85 Td (6,315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 154.85 Td (Adjustments related to non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 154.85 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.60 154.85 Td (\(130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.30 154.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.60 154.85 Td (\(5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 154.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.60 154.85 Td (\(128) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 154.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 141.85 Td (Realized \(gain\) loss on investments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.60 141.85 Td (\(411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 141.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.30 141.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.60 141.85 Td (\(411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 141.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.30 141.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 128.85 Td (\(Gain\) loss on consolidation of unconsolidated venture) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.30 128.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.30 128.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.60 128.85 Td (\(6,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 128.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.30 128.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 113.00 115.85 Td (Other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.60 115.85 Td (\(213) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 115.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.30 115.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.30 115.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.30 115.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 102.85 Td (Modified funds from operations attributable to NorthStar) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 94.85 Td (Healthcare Income,Inc. common stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.00 94.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 94.85 Td (13,113) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.00 94.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 94.85 Td (7,594) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.00 94.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.25 94.85 Td (26,539) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.00 94.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.25 94.85 Td (13,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 81.50 Td (___________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 71.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 122.00 71.90 Td (Primarily represents our proportionate share of transaction costs and amortization of above/below market debt adjustments and deferred ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 122.00 62.30 Td (financing costs incurred through our investments in unconsolidated ventures.) 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0 0 rg BT 50.00 698.25 Td (date ) Tj ET Q q 0 0 0 rg BT 68.61 698.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.90 698.25 Td (our ) Tj ET Q q 0 0 0 rg BT 94.19 698.25 Td (first ) Tj ET Q q 0 0 0 rg BT 112.26 698.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 158.10 698.25 Td (on ) Tj ET Q q 0 0 0 rg BT 169.63 698.25 Td (April ) Tj ET Q q 0 0 0 rg BT 192.70 698.25 Td (5, ) Tj ET Q q 0 0 0 rg BT 202.16 698.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 224.12 698.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.18 698.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 292.47 698.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.47 698.25 Td (, ) Tj ET Q q 0 0 0 rg BT 316.93 698.25 Td (we ) Tj ET Q q 0 0 0 rg BT 330.55 698.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 349.73 698.25 Td (an ) Tj ET Q q 0 0 0 rg BT 361.13 698.25 Td (annualized ) Tj ET Q q 0 0 0 rg BT 406.40 698.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 454.47 698.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 486.42 698.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.71 698.25 Td ($0.675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.21 698.25 Td ( ) Tj ET Q q 0 0 0 rg BT 526.17 698.25 Td (per ) Tj ET Q q 0 0 0 rg BT 540.90 698.25 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.48 686.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.96 686.25 Td (common ) Tj ET Q q 0 0 0 rg BT 113.10 686.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 138.86 686.25 Td ( ) Tj ET Q q 0 0 0 rg BT 141.01 686.25 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 195.39 686.25 Td (are ) Tj ET Q q 0 0 0 rg BT 209.75 686.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 249.10 686.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 268.47 686.25 Td (to ) Tj ET Q q 0 0 0 rg BT 278.39 686.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 331.09 686.25 Td (on ) Tj ET Q q 0 0 0 rg BT 343.24 686.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.61 686.25 Td (first ) Tj ET Q q 0 0 0 rg BT 375.87 686.25 Td (business ) Tj ET Q q 0 0 0 rg BT 411.91 686.25 Td (day ) Tj ET Q q 0 0 0 rg BT 428.50 686.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.98 686.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.34 686.25 Td (month ) Tj ET Q q 0 0 0 rg BT 481.05 686.25 Td (following ) Tj ET Q q 0 0 0 rg BT 522.08 686.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.45 686.25 Td (month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 674.25 Td (which ) Tj ET Q q 0 0 0 rg BT 91.10 674.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.82 674.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 154.43 674.25 Td (has ) Tj ET Q q 0 0 0 rg BT 170.26 674.25 Td (accrued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.33 654.25 Td (following ) Tj ET Q q 0 0 0 rg BT 110.01 654.25 Td (table ) Tj ET Q q 0 0 0 rg BT 132.23 654.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 167.79 654.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 220.58 654.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 257.23 654.25 Td (for ) Tj ET Q q 0 0 0 rg BT 271.68 654.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.68 654.25 Td (six ) Tj ET Q q 0 0 0 rg BT 301.14 654.25 Td (months ) Tj ET Q q 0 0 0 rg BT 333.38 654.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.26 654.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.04 654.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 396.16 654.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.16 654.25 Td ( ) Tj ET Q q 0 0 0 rg BT 418.95 654.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.18 654.25 Td (year ) Tj ET Q q 0 0 0 rg BT 456.17 654.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 482.84 654.25 Td (December ) Tj ET Q q 0 0 0 rg BT 526.71 654.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 542.00 654.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.25 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 83.05 642.25 Td (in ) Tj ET Q q 0 0 0 rg BT 93.33 642.25 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 604.75 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 604.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 604.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 604.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 604.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 604.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 604.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 576.75 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 576.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 576.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 576.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 576.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 576.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 576.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 548.75 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 548.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 548.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 548.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 548.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 548.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 548.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 520.75 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 520.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 520.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 520.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 520.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 520.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 520.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 492.75 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 492.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 492.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 492.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 492.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 492.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 492.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 464.75 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 464.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 464.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 464.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 464.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 464.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 464.75 26.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 436.75 156.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 436.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 436.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 436.75 26.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 436.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 436.75 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 436.75 26.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 604.75 m 304.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 604.75 m 330.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 604.75 m 386.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 604.75 m 412.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 604.75 m 304.5 604.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 562.75 m 304.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 562.75 m 386.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 464.75 m 304.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 464.75 m 330.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 464.75 m 386.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 464.75 m 412.5 464.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.40 616.98 Td (Six Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.75 608.98 Td (June 30, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.95 616.98 Td (Year Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 608.98 Td (December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 594.98 Td (Distributions) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 133.90 598.61 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 581.00 Td ( Cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.00 581.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.30 581.00 Td (26,988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.00 581.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.25 581.00 Td (38,972) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 567.00 Td ( DRP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.30 567.00 Td (33,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.25 567.00 Td (49,299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 553.00 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.00 553.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.30 553.00 Td (60,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.00 553.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.25 553.00 Td (88,271) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 524.98 Td (Sour) Tj ET Q q 0 0 0 rg BT 105.30 524.98 Td (ces of Distributions) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 171.08 528.61 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 511.00 Td ( FFO) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 109.68 514.63 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.00 511.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.30 511.00 Td (3,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 511.00 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 511.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.00 511.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 511.00 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 399.10 510.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 406.15 510.80 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 483.00 Td ( Offering proceeds - Distribution support) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.30 483.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 483.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 483.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 483.00 Td (2,614) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 402.65 482.80 Td (3) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 406.15 482.80 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 469.00 Td ( Offering proceeds - Other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.30 469.00 Td (57,563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 469.00 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 469.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.25 469.00 Td (85,657) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 399.10 468.80 Td (97) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 406.15 468.80 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 455.00 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.00 455.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.30 455.00 Td (60,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 455.00 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 455.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.00 455.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.25 455.00 Td (88,271) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 395.60 454.80 Td (100) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 406.15 454.80 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 427.98 Td (Cash Flow Provided by \(Used in\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 419.98 Td (Operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.00 420.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.60 420.00 Td (\(11,424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 420.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.00 420.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.60 420.00 Td (\(8,563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 420.00 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 406.65 Td (_______________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 397.05 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 397.05 Td (Represents ) Tj ET Q q 0 0 0 rg BT 141.65 397.05 Td (distributions ) Tj ET Q q 0 0 0 rg BT 184.20 397.05 Td (declared ) Tj ET Q q 0 0 0 rg BT 213.84 397.05 Td (for ) Tj ET Q q 0 0 0 rg BT 225.72 397.05 Td (such ) Tj ET Q q 0 0 0 rg BT 242.93 397.05 Td (period, ) Tj ET Q q 0 0 0 rg BT 267.92 397.05 Td (even ) Tj ET Q q 0 0 0 rg BT 285.57 397.05 Td (though ) Tj ET Q q 0 0 0 rg BT 310.34 397.05 Td (such ) Tj ET Q q 0 0 0 rg BT 327.55 397.05 Td (distributions ) Tj ET Q q 0 0 0 rg BT 370.11 397.05 Td (are ) Tj ET Q q 0 0 0 rg BT 382.42 397.05 Td (actually ) Tj ET Q q 0 0 0 rg BT 410.29 397.05 Td (paid ) Tj ET Q q 0 0 0 rg BT 426.61 397.05 Td (to ) Tj ET Q q 0 0 0 rg BT 435.38 397.05 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 478.37 397.05 Td (the ) Tj ET Q q 0 0 0 rg BT 490.69 397.05 Td (month ) Tj ET Q q 0 0 0 rg BT 513.69 397.05 Td (following ) Tj ET Q q 0 0 0 rg BT 547.34 397.05 Td (such ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 387.45 Td (period.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 377.85 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 377.85 Td (From ) Tj ET Q q 0 0 0 rg BT 123.08 377.85 Td (inception ) Tj ET Q q 0 0 0 rg BT 154.60 377.85 Td (of ) Tj ET Q q 0 0 0 rg BT 163.01 377.85 Td (our ) Tj ET Q q 0 0 0 rg BT 175.42 377.85 Td (first ) Tj ET Q q 0 0 0 rg BT 190.06 377.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 226.91 377.85 Td (on ) Tj ET Q q 0 0 0 rg BT 236.27 377.85 Td (April ) Tj ET Q q 0 0 0 rg BT 254.90 377.85 Td (5, ) Tj ET Q q 0 0 0 rg BT 262.65 377.85 Td (2013 ) Tj ET Q q 0 0 0 rg BT 280.40 377.85 Td (through ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.03 377.85 Td (June30, ) Tj ET Q q 0 0 0 rg BT 335.44 377.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.44 377.85 Td (, ) Tj ET Q q 0 0 0 rg BT 355.19 377.85 Td (we ) Tj ET Q q 0 0 0 rg BT 366.26 377.85 Td (declared ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.10 377.85 Td ($177.0 ) Tj ET Q q 0 0 0 rg BT 418.85 377.85 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.96 377.85 Td ( ) Tj ET Q q 0 0 0 rg BT 443.71 377.85 Td (in ) Tj ET Q q 0 0 0 rg BT 451.68 377.85 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 495.43 377.85 Td ( ) Tj ET Q q 0 0 0 rg BT 497.18 377.85 Td (Cumulative ) Tj ET Q q 0 0 0 rg BT 536.25 377.85 Td (FFO ) Tj ET Q q 0 0 0 rg BT 552.67 377.85 Td (for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.77 368.25 Td (period ) Tj ET Q q 0 0 0 rg BT 138.21 368.25 Td (from ) Tj ET Q q 0 0 0 rg BT 155.32 368.25 Td (April ) Tj ET Q q 0 0 0 rg BT 174.21 368.25 Td (5, ) Tj ET Q q 0 0 0 rg BT 182.21 368.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 200.21 368.25 Td (through ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.09 368.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 255.76 368.25 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.76 368.25 Td ( ) Tj ET Q q 0 0 0 rg BT 273.76 368.25 Td (was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.20 368.25 Td ($\(19.7\) ) Tj ET Q q 0 0 0 rg BT 313.53 368.25 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.64 368.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (Distributions ) Tj ET Q q 0 0 0 rg BT 104.75 348.25 Td (in ) Tj ET Q q 0 0 0 rg BT 115.05 348.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 143.67 348.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.52 348.25 Td (our ) Tj ET Q q 0 0 0 rg BT 170.37 348.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 190.66 348.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 211.51 348.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 249.58 348.25 Td (by ) Tj ET Q q 0 0 0 rg BT 262.10 348.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 306.27 348.25 Td (were ) Tj ET Q q 0 0 0 rg BT 328.22 348.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 347.96 348.25 Td (using ) Tj ET Q q 0 0 0 rg BT 372.15 348.25 Td (Of) Tj ET Q q 0 0 0 rg BT 382.52 348.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 408.92 348.25 Td (proceeds, ) Tj ET Q q 0 0 0 rg BT 449.48 348.25 Td (including ) Tj ET Q q 0 0 0 rg BT 489.77 348.25 Td (from ) Tj ET Q q 0 0 0 rg BT 511.73 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.47 348.25 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.37 336.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 102.40 336.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 129.42 336.25 Td (by ) Tj ET Q q 0 0 0 rg BT 141.46 336.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 182.94 336.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 208.39 336.25 Td (. ) Tj ET Q q 0 0 0 rg BT 212.93 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.97 336.25 Td (Over ) Tj ET Q q 0 0 0 rg BT 236.99 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.25 336.25 Td (long-term, ) Tj ET Q q 0 0 0 rg BT 295.22 336.25 Td (we ) Tj ET Q q 0 0 0 rg BT 308.92 336.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 337.05 336.25 Td (that ) Tj ET Q q 0 0 0 rg BT 354.08 336.25 Td (our ) Tj ET Q q 0 0 0 rg BT 369.45 336.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 421.49 336.25 Td (will ) Tj ET Q q 0 0 0 rg BT 439.09 336.25 Td (be ) Tj ET Q q 0 0 0 rg BT 450.56 336.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 469.82 336.25 Td (entirely ) Tj ET Q q 0 0 0 rg BT 502.40 336.25 Td (from ) Tj ET Q q 0 0 0 rg BT 523.87 336.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.68 336.25 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 88.45 324.25 Td (by ) Tj ET Q q 0 0 0 rg BT 101.35 324.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 148.40 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.30 324.25 Td (However) Tj ET Q q 0 0 0 rg BT 187.55 324.25 Td (, ) Tj ET Q q 0 0 0 rg BT 192.95 324.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.18 324.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 249.84 324.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 303.26 324.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 332.82 324.25 Td (be ) Tj ET Q q 0 0 0 rg BT 345.16 324.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 389.13 324.25 Td (predicted ) Tj ET Q q 0 0 0 rg BT 429.24 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.57 324.25 Td (may ) Tj ET Q q 0 0 0 rg BT 466.69 324.25 Td (deteriorate ) Tj ET Q q 0 0 0 rg BT 512.34 324.25 Td (in ) Tj ET Q q 0 0 0 rg BT 523.02 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.13 324.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (due ) Tj ET Q q 0 0 0 rg BT 67.68 312.25 Td (to ) Tj ET Q q 0 0 0 rg BT 78.70 312.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 121.39 312.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 154.34 312.25 Td (including ) Tj ET Q q 0 0 0 rg BT 195.35 312.25 Td (our ) Tj ET Q q 0 0 0 rg BT 211.93 312.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 240.72 312.25 Td (to ) Tj ET Q q 0 0 0 rg BT 251.75 312.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 273.87 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.55 312.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 318.68 312.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 348.57 312.25 Td (at ) Tj ET Q q 0 0 0 rg BT 359.03 312.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 400.03 312.25 Td (yields, ) Tj ET Q q 0 0 0 rg BT 429.66 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.12 312.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 483.35 312.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 537.11 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.69 312.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 101.29 300.25 Td (in ) Tj ET Q q 0 0 0 rg BT 112.59 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.33 300.25 Td (current ) Tj ET Q q 0 0 0 rg BT 160.17 300.25 Td (real ) Tj ET Q q 0 0 0 rg BT 178.67 300.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 204.96 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.92 300.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.42 300.25 Td (environment, ) Tj ET Q q 0 0 0 rg BT 317.98 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.72 300.25 Td (type ) Tj ET Q q 0 0 0 rg BT 354.45 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.41 300.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 391.49 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.34 300.25 Td (our ) Tj ET Q q 0 0 0 rg BT 420.19 300.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 471.48 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.44 300.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 536.84 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.69 300.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.71 288.25 Td (in ) Tj ET Q q 0 0 0 rg BT 109.43 288.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 156.33 288.25 Td (with ) Tj ET Q q 0 0 0 rg BT 176.05 288.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 195.77 288.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 221.89 288.25 Td (. ) Tj ET Q q 0 0 0 rg BT 226.33 288.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.27 288.25 Td (Future ) Tj ET Q q 0 0 0 rg BT 256.32 288.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 308.27 288.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 344.07 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.45 288.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 379.60 288.25 Td (may ) Tj ET Q q 0 0 0 rg BT 398.76 288.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 428.45 288.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 448.16 288.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 468.43 288.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 505.92 288.25 Td (by ) Tj ET Q q 0 0 0 rg BT 517.86 288.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 564.51 288.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 276.25 Td (o ) Tj ET Q q 0 0 0 rg BT 62.50 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.80 276.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 103.32 276.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 155.41 276.25 Td (are ) Tj ET Q q 0 0 0 rg BT 169.70 276.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 189.00 276.25 Td (from ) Tj ET Q q 0 0 0 rg BT 210.52 276.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 242.60 276.25 Td (other ) Tj ET Q q 0 0 0 rg BT 265.23 276.25 Td (than ) Tj ET Q q 0 0 0 rg BT 284.53 276.25 Td (FFO, ) Tj ET Q q 0 0 0 rg BT 307.46 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.76 276.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 365.51 276.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 397.03 276.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.44 276.25 Td (our ) Tj ET Q q 0 0 0 rg BT 422.86 276.25 Td (public ) Tj ET Q q 0 0 0 rg BT 449.94 276.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 502.57 276.25 Td (will ) Tj ET Q q 0 0 0 rg BT 520.21 276.25 Td (be ) Tj ET Q q 0 0 0 rg BT 531.73 276.25 Td (diluted.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (Item 3.Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 255.09 256.25 Td (es ) Tj ET Q q 0 0 0 rg BT 265.37 256.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 236.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.09 236.25 Td (are ) Tj ET Q q 0 0 0 rg BT 81.30 236.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 121.52 236.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 152.86 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.65 236.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.09 236.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 214.08 236.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 232.09 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.54 236.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 275.31 236.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 295.82 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 298.61 236.25 Td (These ) Tj ET Q q 0 0 0 rg BT 325.50 236.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 347.40 236.25 Td (are ) Tj ET Q q 0 0 0 rg BT 362.62 236.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 406.72 236.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.73 236.25 Td (various ) Tj ET Q q 0 0 0 rg BT 452.18 236.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 482.39 236.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 514.84 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 531.18 236.25 Td (control, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (including ) Tj ET Q q 0 0 0 rg BT 90.06 224.25 Td (monetary ) Tj ET Q q 0 0 0 rg BT 130.12 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.85 224.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 170.80 224.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 206.69 224.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 245.09 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.82 224.25 Td (international ) Tj ET Q q 0 0 0 rg BT 314.65 224.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 355.81 224.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 399.77 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.50 224.25 Td (political ) Tj ET Q q 0 0 0 rg BT 451.56 224.25 Td (considerations. ) Tj ET Q q 0 0 0 rg BT 514.11 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 516.40 224.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 534.25 224.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.50 212.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 105.00 212.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 133.33 212.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 173.04 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.98 212.25 Td (related ) Tj ET Q q 0 0 0 rg BT 219.68 212.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 262.16 212.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 300.78 212.25 Td (\(if ) Tj ET Q q 0 0 0 rg BT 312.72 212.25 Td (any\) ) Tj ET Q q 0 0 0 rg BT 332.99 212.25 Td (are ) Tj ET Q q 0 0 0 rg BT 347.70 212.25 Td (held ) Tj ET Q q 0 0 0 rg BT 367.41 212.25 Td (for ) Tj ET Q q 0 0 0 rg BT 381.57 212.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 427.95 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 444.89 212.25 Td (not ) Tj ET Q q 0 0 0 rg BT 460.17 212.25 Td (for ) Tj ET Q q 0 0 0 rg BT 474.33 212.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 505.16 212.25 Td (purposes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 192.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.68 192.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 103.50 192.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 86.56 172.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.46 172.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.02 172.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 149.02 172.25 Td (may ) Tj ET Q q 0 0 0 rg BT 168.36 172.25 Td (af) Tj ET Q q 0 0 0 rg BT 175.95 172.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 193.06 172.25 Td (our ) Tj ET Q q 0 0 0 rg BT 208.51 172.25 Td (net ) Tj ET Q q 0 0 0 rg BT 222.85 172.25 Td (income ) Tj ET Q q 0 0 0 rg BT 254.41 172.25 Td (as ) Tj ET Q q 0 0 0 rg BT 264.86 172.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.42 172.25 Td (result ) Tj ET Q q 0 0 0 rg BT 295.76 172.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.21 172.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 340.54 172.25 Td (in ) Tj ET Q q 0 0 0 rg BT 350.44 172.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 382.00 172.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 416.33 172.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 451.77 172.25 Td (in ) Tj ET Q q 0 0 0 rg BT 461.67 172.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 507.67 172.25 Td (with ) Tj ET Q q 0 0 0 rg BT 527.57 172.25 Td (floating-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.68 160.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 113.92 160.25 Td (used ) Tj ET Q q 0 0 0 rg BT 133.94 160.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.41 160.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 174.52 160.25 Td (our ) Tj ET Q q 0 0 0 rg BT 189.54 160.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 216.23 160.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 268.20 160.25 Td (as ) Tj ET Q q 0 0 0 rg BT 278.22 160.25 Td (well ) Tj ET Q q 0 0 0 rg BT 297.12 160.25 Td (as ) Tj ET Q q 0 0 0 rg BT 307.15 160.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 341.04 160.25 Td (in ) Tj ET Q q 0 0 0 rg BT 350.51 160.25 Td (net ) Tj ET Q q 0 0 0 rg BT 364.42 160.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 395.54 160.25 Td (income ) Tj ET Q q 0 0 0 rg BT 426.67 160.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.69 160.25 Td (our ) Tj ET Q q 0 0 0 rg BT 451.71 160.25 Td (real ) Tj ET Q q 0 0 0 rg BT 468.39 160.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 492.84 160.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 511.75 160.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 564.52 160.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.21 148.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.64 148.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 109.07 148.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.07 148.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 133.67 155.18 20.83 -9.09 re f /GS0 gs q 0 0 0 rg BT 133.67 148.25 Td (6.2%) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 154.50 155.18 223.15 -9.09 re f /GS0 gs q 0 0 0 rg BT 154.50 148.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.60 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.03 148.25 Td (our ) Tj ET Q q 0 0 0 rg BT 182.46 148.25 Td (total ) Tj ET Q q 0 0 0 rg BT 202.33 148.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 249.99 148.25 Td (were ) Tj ET Q q 0 0 0 rg BT 271.51 148.25 Td (floating ) Tj ET Q q 0 0 0 rg BT 304.72 148.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 321.80 148.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 361.12 148.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.66 148.25 Td (61.2%) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 403.49 155.18 161.03 -9.09 re f /GS0 gs q 0 0 0 rg BT 403.49 148.25 Td ( ) Tj ET Q q 0 0 0 rg BT 405.59 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.02 148.25 Td (our ) Tj ET Q q 0 0 0 rg BT 431.45 148.25 Td (real ) Tj ET Q q 0 0 0 rg BT 448.53 148.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 473.39 148.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 492.71 148.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 542.58 148.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 50.00 143.18 220.97 -9.09 re f /GS0 gs q 0 0 0 rg BT 50.00 136.25 Td (floating ) Tj ET Q q 0 0 0 rg BT 82.88 136.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 99.65 136.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 151.71 136.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.49 136.25 Td (Of ) Tj ET Q q 0 0 0 rg BT 165.82 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.82 136.25 Td (floating ) Tj ET Q q 0 0 0 rg BT 212.70 136.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 229.47 136.25 Td (liabilities, ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 270.97 143.18 23.33 -9.09 re f /GS0 gs q 0 0 0 rg BT 270.97 136.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 294.30 143.18 270.21 -9.09 re f /GS0 gs q 0 0 0 rg BT 294.30 136.25 Td ( ) Tj ET Q q 0 0 0 rg BT 296.08 136.25 Td (related ) Tj ET Q q 0 0 0 rg BT 325.06 136.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.62 136.25 Td (our ) Tj ET Q q 0 0 0 rg BT 349.73 136.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 382.06 136.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 410.50 136.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 450.04 136.25 Td (real ) Tj ET Q q 0 0 0 rg BT 466.81 136.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 491.35 136.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.13 136.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 50.00 131.18 97.47 -9.09 re f /GS0 gs q 0 0 0 rg BT 50.00 124.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 90.26 124.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 113.87 124.25 Td (payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.50 104.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 100.88 104.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 118.81 104.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.75 104.25 Td (management ) Tj ET Q q 0 0 0 rg BT 190.79 104.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 234.28 104.25 Td (are ) Tj ET Q q 0 0 0 rg BT 249.43 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.15 104.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 281.99 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.15 104.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 327.31 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.59 104.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 370.97 104.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 388.90 104.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 424.05 104.25 Td (on ) Tj ET Q q 0 0 0 rg BT 437.00 104.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 476.32 104.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 526.47 104.25 Td (penalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.35 92.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 86.03 92.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 110.16 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.51 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.20 92.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 160.88 92.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 190.55 92.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 234.12 92.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 256.03 92.25 Td (by ) Tj ET Q q 0 0 0 rg BT 267.94 92.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 311.52 92.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 350.64 92.25 Td (at ) Tj ET Q q 0 0 0 rg BT 359.77 92.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 382.22 92.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 403.01 92.25 Td (or ) Tj ET Q q 0 0 0 rg BT 413.25 92.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 447.36 92.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 468.15 92.25 Td (with ) Tj ET Q q 0 0 0 rg BT 487.84 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.97 92.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 529.99 92.25 Td (mar) Tj ET Q q 0 0 0 rg BT 545.35 92.25 Td (gins ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (available ) Tj ET Q q 0 0 0 rg BT 88.59 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.53 80.25 Td (by ) Tj ET Q q 0 0 0 rg BT 118.03 80.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 162.18 80.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 196.89 80.25 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 254.67 80.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (For ) Tj ET Q q 0 0 0 rg BT 66.47 60.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 94.59 60.25 Td (duration, ) Tj ET Q q 0 0 0 rg BT 132.99 60.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 173.32 60.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 199.22 60.25 Td (real ) Tj ET Q q 0 0 0 rg BT 216.78 60.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 242.12 60.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 262.46 60.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 287.26 60.25 Td (such ) Tj ET Q q 0 0 0 rg BT 308.16 60.25 Td (as ) Tj ET Q q 0 0 0 rg BT 319.07 60.25 Td (those ) Tj ET Q q 0 0 0 rg BT 342.75 60.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 375.31 60.25 Td (from ) Tj ET Q q 0 0 0 rg BT 397.33 60.25 Td (net ) Tj ET Q q 0 0 0 rg BT 412.12 60.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 434.68 60.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 463.08 60.25 Td (we ) Tj ET Q q 0 0 0 rg BT 477.32 60.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 497.66 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 508.01 60.25 Td (use ) Tj ET Q q 0 0 0 rg BT 523.92 60.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 547.04 60.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td (financing. ) Tj ET Q q 0 0 0 rg BT 92.43 48.25 Td ( ) Tj ET Q q 0 0 0 rg BT 94.59 48.25 Td (For ) Tj ET Q q 0 0 0 rg BT 110.65 48.25 Td (real ) Tj ET Q q 0 0 0 rg BT 127.80 48.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 152.73 48.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 172.66 48.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 197.05 48.25 Td (with ) Tj ET Q q 0 0 0 rg BT 216.99 48.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 246.91 48.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 277.40 48.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 314.56 48.25 Td (such ) Tj ET Q q 0 0 0 rg BT 335.05 48.25 Td (as ) Tj ET Q q 0 0 0 rg BT 345.55 48.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 387.70 48.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 427.62 48.25 Td (under ) Tj ET Q q 0 0 0 rg BT 452.56 48.25 Td (a ) Tj ET Q q 0 0 0 rg BT 459.16 48.25 Td (RIDEA) Tj ET Q q 0 0 0 rg BT 489.16 48.25 Td ( ) Tj ET Q q 0 0 0 rg BT 491.33 48.25 Td (structure, ) Tj ET Q q 0 0 0 rg BT 530.98 48.25 Td (we ) Tj ET Q q 0 0 0 rg BT 544.80 48.25 Td (may ) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (use ) Tj ET Q q 0 0 0 rg BT 65.84 742.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 99.46 742.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 116.96 742.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 157.24 742.10 Td (which ) Tj ET Q q 0 0 0 rg BT 184.19 742.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 221.14 742.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 270.86 742.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 312.81 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.76 742.10 Td (may ) Tj ET Q q 0 0 0 rg BT 349.49 742.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 382.55 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 389.50 742.10 Td (better ) Tj ET Q q 0 0 0 rg BT 414.78 742.10 Td (match ) Tj ET Q q 0 0 0 rg BT 441.73 742.10 Td (between ) Tj ET Q q 0 0 0 rg BT 477.56 742.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 523.40 742.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.68 742.10 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 96.93 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.87 730.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 151.36 730.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 190.51 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.79 730.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.72 730.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 256.60 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.10 710.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 87.86 710.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 138.18 710.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 157.93 710.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 189.91 710.10 Td (at ) Tj ET Q q 0 0 0 rg BT 199.67 710.10 Td (either ) Tj ET Q q 0 0 0 rg BT 224.98 710.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.96 710.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 265.61 710.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.49 710.10 Td (fixed-rate. ) Tj ET Q q 0 0 0 rg BT 320.40 710.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.76 710.10 Td (The ) Tj ET Q q 0 0 0 rg BT 340.85 710.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 372.83 710.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 390.36 710.10 Td (on ) Tj ET Q q 0 0 0 rg BT 402.91 710.10 Td (our ) Tj ET Q q 0 0 0 rg BT 418.78 710.10 Td (floating-rate ) Tj ET Q q 0 0 0 rg BT 470.75 710.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 496.62 710.10 Td (is ) Tj ET Q q 0 0 0 rg BT 505.84 710.10 Td (a ) Tj ET Q q 0 0 0 rg BT 512.82 710.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 535.91 710.10 Td (spread ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (over ) Tj ET Q q 0 0 0 rg BT 70.21 698.10 Td (an ) Tj ET Q q 0 0 0 rg BT 82.08 698.10 Td (index ) Tj ET Q q 0 0 0 rg BT 106.74 698.10 Td (such ) Tj ET Q q 0 0 0 rg BT 127.51 698.10 Td (as ) Tj ET Q q 0 0 0 rg BT 138.28 698.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 170.72 698.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.60 698.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 225.02 698.10 Td (reprices ) Tj ET Q q 0 0 0 rg BT 259.11 698.10 Td (every ) Tj ET Q q 0 0 0 rg BT 283.75 698.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 296.19 698.10 Td (days ) Tj ET Q q 0 0 0 rg BT 316.96 698.10 Td (based ) Tj ET Q q 0 0 0 rg BT 342.17 698.10 Td (on ) Tj ET Q q 0 0 0 rg BT 354.61 698.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 387.05 698.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.27 698.10 Td (ef) Tj ET Q q 0 0 0 rg BT 404.85 698.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 422.28 698.10 Td (at ) Tj ET Q q 0 0 0 rg BT 431.93 698.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.59 698.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 469.30 698.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.74 698.10 Td (Currently) Tj ET Q q 0 0 0 rg BT 509.42 698.10 Td (, ) Tj ET Q q 0 0 0 rg BT 514.36 698.10 Td (some ) Tj ET Q q 0 0 0 rg BT 537.90 698.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.67 698.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (floating-rate ) Tj ET Q q 0 0 0 rg BT 102.00 686.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 121.79 686.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 172.14 686.10 Td (have ) Tj ET Q q 0 0 0 rg BT 193.60 686.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.62 686.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 223.74 686.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 265.21 686.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 297.79 686.10 Td (floor) Tj ET Q q 0 0 0 rg BT 316.67 686.10 Td (. ) Tj ET Q q 0 0 0 rg BT 321.75 686.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.14 686.10 Td (W) Tj ET Q q 0 0 0 rg BT 332.78 686.10 Td (e ) Tj ET Q q 0 0 0 rg BT 339.80 686.10 Td (will ) Tj ET Q q 0 0 0 rg BT 357.93 686.10 Td (not ) Tj ET Q q 0 0 0 rg BT 373.29 686.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 403.63 686.10 Td (from ) Tj ET Q q 0 0 0 rg BT 425.65 686.10 Td (an ) Tj ET Q q 0 0 0 rg BT 437.67 686.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 473.00 686.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.35 686.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 515.93 686.10 Td (until ) Tj ET Q q 0 0 0 rg BT 536.84 686.10 Td (it ) Tj ET Q q 0 0 0 rg BT 544.98 686.10 Td (is ) Tj ET Q q 0 0 0 rg BT 554.23 686.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.49 674.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.22 674.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.83 674.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 136.23 674.10 Td (floors. ) Tj ET Q q 0 0 0 rg BT 164.45 674.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.85 674.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 193.68 674.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.29 674.10 Td (frequent ) Tj ET Q q 0 0 0 rg BT 244.00 674.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.83 674.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 295.99 674.10 Td (repricing ) Tj ET Q q 0 0 0 rg BT 334.48 674.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.21 674.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.93 674.10 Td (floating-rate ) Tj ET Q q 0 0 0 rg BT 412.75 674.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 440.97 674.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 475.57 674.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.75 674.10 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 532.57 674.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 71.77 662.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.86 662.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 122.53 662.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.19 662.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 176.62 662.10 Td (af) Tj ET Q q 0 0 0 rg BT 184.21 662.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 202.08 662.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.19 662.10 Td (value ) Tj ET Q q 0 0 0 rg BT 241.74 662.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.96 662.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.17 662.10 Td (floating-rate ) Tj ET Q q 0 0 0 rg BT 321.48 662.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 361.87 662.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.76 662.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 402.09 662.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.75 662.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 457.30 662.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 479.07 662.10 Td (will, ) Tj ET Q q 0 0 0 rg BT 500.01 662.10 Td (however) Tj ET Q q 0 0 0 rg BT 534.04 662.10 Td (, ) Tj ET Q q 0 0 0 rg BT 539.43 662.10 Td (af) Tj ET Q q 0 0 0 rg BT 547.02 662.10 Td (fect ) Tj ET Q BT 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ET Q q 0 0 0 rg BT 519.17 650.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.22 650.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.12 638.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 103.68 638.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 147.46 638.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.36 638.10 Td (ef) Tj ET Q q 0 0 0 rg BT 169.95 638.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 187.62 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.63 638.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.53 638.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 245.65 638.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 263.32 638.10 Td (floor\) ) Tj ET Q q 0 0 0 rg BT 288.77 638.10 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.45 638.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.21 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.89 638.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.01 638.10 Td (income ) Tj ET Q q 0 0 0 rg BT 416.12 638.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.81 638.10 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 448.99 638.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.88 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.56 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.69 638.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 529.80 638.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 626.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 82.50 626.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.39 626.10 Td (, ) Tj ET Q q 0 0 0 rg BT 116.39 626.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 164.05 626.10 Td (, ) Tj ET Q q 0 0 0 rg BT 169.05 626.10 Td (for ) Tj ET Q q 0 0 0 rg BT 183.21 626.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.15 626.10 Td (net ) Tj ET Q q 0 0 0 rg BT 204.87 626.10 Td (income ) Tj ET Q q 0 0 0 rg BT 236.80 626.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 272.06 626.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.89 626.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 302.89 626.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.78 626.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.28 626.10 Td (annually) Tj ET Q q 0 0 0 rg BT 368.06 626.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 606.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.57 606.10 Td (change ) Tj ET Q q 0 0 0 rg BT 88.79 606.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.47 606.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 129.80 606.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 150.58 606.10 Td (could ) Tj ET Q q 0 0 0 rg BT 174.70 606.10 Td (af) Tj ET Q q 0 0 0 rg BT 182.28 606.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 199.17 606.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.29 606.10 Td (value ) Tj ET Q q 0 0 0 rg BT 236.84 606.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.08 606.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.31 606.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 303.07 606.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 322.19 606.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 374.36 606.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.26 606.10 Td (For ) Tj ET Q q 0 0 0 rg BT 392.05 606.10 Td (instance, ) Tj ET Q q 0 0 0 rg BT 429.22 606.10 Td (an ) Tj ET Q q 0 0 0 rg BT 440.56 606.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 475.21 606.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.89 606.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 516.23 606.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 537.00 606.10 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (result ) Tj ET Q q 0 0 0 rg BT 75.15 594.10 Td (in ) Tj ET Q q 0 0 0 rg BT 85.86 594.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.24 594.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 121.72 594.10 Td (required ) Tj ET Q q 0 0 0 rg BT 157.97 594.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 180.90 594.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.83 594.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 247.04 594.10 Td (which ) Tj ET Q q 0 0 0 rg BT 274.41 594.10 Td (would ) Tj ET Q q 0 0 0 rg BT 302.35 594.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 339.70 594.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.85 594.10 Td (value ) Tj ET Q q 0 0 0 rg BT 379.44 594.10 Td (on ) Tj ET Q q 0 0 0 rg BT 392.37 594.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 426.97 594.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 468.77 594.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 519.48 594.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.19 594.10 Td (order ) Tj ET Q q 0 0 0 rg BT 554.22 594.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 76.41 582.10 Td (their ) Tj ET Q q 0 0 0 rg BT 97.26 582.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 123.66 582.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.96 582.10 Td (current ) Tj ET Q q 0 0 0 rg BT 164.80 582.10 Td (market ) Tj ET Q q 0 0 0 rg BT 195.09 582.10 Td (levels. ) Tj ET Q q 0 0 0 rg BT 223.44 582.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.40 582.10 Td (As ) Tj ET Q q 0 0 0 rg BT 239.04 582.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.89 582.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 285.74 582.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.74 582.10 Td (, ) Tj ET Q q 0 0 0 rg BT 310.76 582.10 Td (we ) Tj ET Q q 0 0 0 rg BT 324.94 582.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.90 582.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.34 582.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.86 582.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 400.25 582.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 419.99 582.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 466.39 582.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.69 582.10 Td (a ) Tj ET Q q 0 0 0 rg BT 493.65 582.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 529.49 582.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.67 582.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td ($74.5 ) Tj ET Q q 0 0 0 rg BT 75.00 570.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 570.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.19 550.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 77.69 550.10 Td (Spr) Tj ET Q q 0 0 0 rg BT 91.21 550.10 Td (ead ) Tj ET Q q 0 0 0 rg BT 108.14 550.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.76 530.10 Td (value ) Tj ET Q q 0 0 0 rg BT 93.63 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.17 530.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.71 530.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 145.47 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.12 530.10 Td (floating-rate ) Tj ET Q q 0 0 0 rg BT 215.75 530.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 266.74 530.10 Td (also ) Tj ET Q q 0 0 0 rg BT 286.06 530.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 321.47 530.10 Td (with ) Tj ET Q q 0 0 0 rg BT 342.46 530.10 Td (market ) Tj ET Q q 0 0 0 rg BT 373.44 530.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 399.42 530.10 Td (spreads. ) Tj ET Q q 0 0 0 rg BT 435.12 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.10 530.10 Td (This ) Tj ET Q q 0 0 0 rg BT 459.09 530.10 Td (means ) Tj ET Q q 0 0 0 rg BT 487.85 530.10 Td (that ) Tj ET Q q 0 0 0 rg BT 506.05 530.10 Td (when ) Tj ET Q q 0 0 0 rg BT 530.93 530.10 Td (market-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (demanded ) Tj ET Q q 0 0 0 rg BT 93.09 518.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 110.09 518.10 Td (premium, ) Tj ET Q q 0 0 0 rg BT 150.70 518.10 Td (or ) Tj ET Q q 0 0 0 rg BT 161.03 518.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 185.79 518.10 Td (spread, ) Tj ET Q q 0 0 0 rg BT 216.39 518.10 Td (increases, ) Tj ET Q q 0 0 0 rg BT 257.53 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.75 518.10 Td (value ) Tj ET Q q 0 0 0 rg BT 295.40 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.73 518.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.06 518.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 343.61 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.05 518.10 Td (floating-rate ) Tj ET Q q 0 0 0 rg BT 411.46 518.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 436.79 518.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 473.21 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.65 518.10 Td (vice ) Tj ET Q q 0 0 0 rg BT 508.30 518.10 Td (versa. ) Tj ET Q q 0 0 0 rg BT 533.90 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 535.90 518.10 Td (Fixed-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 68.02 506.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 94.38 506.10 Td (are ) Tj ET Q q 0 0 0 rg BT 109.62 506.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 139.31 506.10 Td (based ) Tj ET Q q 0 0 0 rg BT 165.11 506.10 Td (on ) Tj ET Q q 0 0 0 rg BT 178.14 506.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.61 506.10 Td (market ) Tj ET Q q 0 0 0 rg BT 216.41 506.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 242.20 506.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 271.33 506.10 Td (over ) Tj ET Q q 0 0 0 rg BT 292.13 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.38 506.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 325.40 506.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 359.53 506.10 Td (on ) Tj ET Q q 0 0 0 rg BT 372.56 506.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 414.45 506.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 435.05 506.10 Td (T) Tj ET Q q 0 0 0 rg BT 440.81 506.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 473.27 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.63 506.10 Td (like ) Tj ET Q q 0 0 0 rg BT 502.66 506.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 535.89 506.10 Td (. ) Tj ET Q q 0 0 0 rg BT 541.42 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.23 506.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (means ) Tj ET Q q 0 0 0 rg BT 78.59 494.10 Td (that ) Tj ET Q q 0 0 0 rg BT 96.62 494.10 Td (their ) Tj ET Q q 0 0 0 rg BT 117.99 494.10 Td (value ) Tj ET Q q 0 0 0 rg BT 142.68 494.10 Td (is ) Tj ET Q q 0 0 0 rg BT 152.39 494.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 196.52 494.10 Td (on ) Tj ET Q q 0 0 0 rg BT 209.56 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.82 494.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 247.85 494.10 Td (demanded ) Tj ET Q q 0 0 0 rg BT 291.99 494.10 Td (on ) Tj ET Q q 0 0 0 rg BT 305.03 494.10 Td (such ) Tj ET Q q 0 0 0 rg BT 326.40 494.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 352.77 494.10 Td (by ) Tj ET Q q 0 0 0 rg BT 365.81 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.06 494.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 414.37 494.10 Td (based ) Tj ET Q q 0 0 0 rg BT 440.17 494.10 Td (on ) Tj ET Q q 0 0 0 rg BT 453.21 494.10 Td (their ) Tj ET Q q 0 0 0 rg BT 474.58 494.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 500.38 494.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 533.40 494.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.22 494.10 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 482.10 Td (reasuries. ) Tj ET Q q 0 0 0 rg BT 95.37 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.83 482.10 Td (The ) Tj ET Q q 0 0 0 rg BT 113.95 482.10 Td (floating-rate ) Tj ET Q q 0 0 0 rg BT 164.94 482.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 183.73 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.74 482.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 239.08 482.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 288.43 482.10 Td (are ) Tj ET Q q 0 0 0 rg BT 302.21 482.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 330.44 482.10 Td (based ) Tj ET Q q 0 0 0 rg BT 354.78 482.10 Td (on ) Tj ET Q q 0 0 0 rg BT 366.35 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 372.37 482.10 Td (market ) Tj ET Q q 0 0 0 rg BT 401.70 482.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 426.04 482.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 453.71 482.10 Td (over ) Tj ET Q q 0 0 0 rg BT 473.06 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.85 482.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 529.51 482.10 Td (LIBOR. ) Tj ET Q q 0 0 0 rg BT 564.51 482.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (Demand ) Tj ET Q q 0 0 0 rg BT 85.90 470.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.59 470.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.05 470.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 133.62 470.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 155.64 470.10 Td (on ) Tj ET Q q 0 0 0 rg BT 167.67 470.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 217.47 470.10 Td (results ) Tj ET Q q 0 0 0 rg BT 245.60 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.41 470.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 282.98 470.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.33 470.10 Td (wider ) Tj ET Q q 0 0 0 rg BT 327.00 470.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 355.13 470.10 Td (over ) Tj ET Q q 0 0 0 rg BT 374.92 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.17 470.10 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 435.61 470.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 452.63 470.10 Td (\(usually ) Tj ET Q q 0 0 0 rg BT 486.87 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.11 470.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 544.22 470.10 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 458.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 87.19 458.10 Td (yield\) ) Tj ET Q q 0 0 0 rg BT 112.51 458.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.29 458.10 Td (value ) Tj ET Q q 0 0 0 rg BT 145.95 458.10 Td (these ) Tj ET Q q 0 0 0 rg BT 168.50 458.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 196.33 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.33 458.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 225.33 458.10 Td (these ) Tj ET Q q 0 0 0 rg BT 247.88 458.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 294.04 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.26 458.10 Td (value ) Tj ET Q q 0 0 0 rg BT 331.92 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.25 458.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.58 458.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 394.58 458.10 Td (should ) Tj ET Q q 0 0 0 rg BT 423.25 458.10 Td (decrease. ) Tj ET Q q 0 0 0 rg BT 462.17 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.17 458.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 509.07 458.10 Td (, ) Tj ET Q q 0 0 0 rg BT 513.57 458.10 Td (if ) Tj ET Q q 0 0 0 rg BT 521.68 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.90 458.10 Td (spread ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (used ) Tj ET Q q 0 0 0 rg BT 70.83 446.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.11 446.10 Td (value ) Tj ET Q q 0 0 0 rg BT 105.26 446.10 Td (these ) Tj ET Q q 0 0 0 rg BT 128.31 446.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 154.14 446.10 Td (were ) Tj ET Q q 0 0 0 rg BT 176.07 446.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.35 446.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 223.26 446.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.09 446.10 Td (tighten, ) Tj ET Q q 0 0 0 rg BT 275.74 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.46 446.10 Td (value ) Tj ET Q q 0 0 0 rg BT 314.61 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.44 446.10 Td (these ) Tj ET Q q 0 0 0 rg BT 348.49 446.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 374.32 446.10 Td (should ) Tj ET Q q 0 0 0 rg BT 403.49 446.10 Td (increase.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.19 426.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 77.69 426.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 406.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.73 406.10 Td (are ) Tj ET Q q 0 0 0 rg BT 78.60 406.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 108.58 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.01 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.89 406.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 156.31 406.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 172.96 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.95 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.82 406.10 Td (operators ) Tj ET Q q 0 0 0 rg BT 235.69 406.10 Td (or ) Tj ET Q q 0 0 0 rg BT 245.68 406.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 285.65 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.63 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 310.62 406.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 353.36 406.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 397.50 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.04 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 407.67 406.10 Td (e ) Tj ET Q q 0 0 0 rg BT 413.77 406.10 Td (undertake ) Tj ET Q q 0 0 0 rg BT 454.85 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 460.94 406.10 Td (rigorous ) Tj ET Q q 0 0 0 rg BT 495.93 406.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 520.35 406.10 Td (evaluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.05 394.10 Td (each ) Tj ET Q q 0 0 0 rg BT 80.09 394.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 122.89 394.10 Td (operator ) Tj ET Q q 0 0 0 rg BT 157.93 394.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 179.09 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.59 394.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 228.08 394.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 270.88 394.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 315.09 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.69 394.10 Td (This ) Tj ET Q q 0 0 0 rg BT 336.19 394.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 370.13 394.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 405.18 394.10 Td (an ) Tj ET Q q 0 0 0 rg BT 416.34 394.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 455.82 394.10 Td (due ) Tj ET Q q 0 0 0 rg BT 471.98 394.10 Td (diligence ) Tj ET Q q 0 0 0 rg BT 510.36 394.10 Td (investigation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.46 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.80 382.10 Td (operator ) Tj ET Q q 0 0 0 rg BT 113.24 382.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.70 382.10 Td (manager) Tj ET Q q 0 0 0 rg BT 159.50 382.10 Td () Tj ET Q q 0 0 0 rg BT 162.28 382.10 Td (s ) Tj ET Q q 0 0 0 rg BT 169.29 382.10 Td (business ) Tj ET Q q 0 0 0 rg BT 206.31 382.10 Td (as ) Tj ET Q q 0 0 0 rg BT 217.77 382.10 Td (well ) Tj ET Q q 0 0 0 rg BT 238.12 382.10 Td (as ) Tj ET Q q 0 0 0 rg BT 249.57 382.10 Td (an ) Tj ET Q q 0 0 0 rg BT 262.14 382.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 309.70 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.16 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.51 382.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 373.51 382.10 Td (importance ) Tj ET Q q 0 0 0 rg BT 421.61 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.07 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.42 382.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 494.87 382.10 Td (real ) Tj ET Q q 0 0 0 rg BT 512.98 382.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 538.87 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.78 382.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (operator ) Tj ET Q q 0 0 0 rg BT 84.67 370.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.35 370.10 Td (manager) Tj ET Q q 0 0 0 rg BT 129.14 370.10 Td () Tj ET Q q 0 0 0 rg BT 131.92 370.10 Td (s ) Tj ET Q q 0 0 0 rg BT 137.17 370.10 Td (core ) Tj ET Q q 0 0 0 rg BT 155.72 370.10 Td (business ) Tj ET Q q 0 0 0 rg BT 190.97 370.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 236.47 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 237.73 370.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 265.72 370.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 315.11 370.10 Td (we ) Tj ET Q q 0 0 0 rg BT 328.12 370.10 Td (may ) Tj ET Q q 0 0 0 rg BT 346.69 370.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 365.81 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.94 370.10 Td (augment ) Tj ET Q q 0 0 0 rg BT 410.72 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.29 370.10 Td (operator ) Tj ET Q q 0 0 0 rg BT 458.96 370.10 Td (or ) Tj ET Q q 0 0 0 rg BT 468.64 370.10 Td (manager) Tj ET Q q 0 0 0 rg BT 503.44 370.10 Td () Tj ET Q q 0 0 0 rg BT 506.21 370.10 Td (s ) Tj ET Q q 0 0 0 rg BT 511.46 370.10 Td (commitment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.98 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 358.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 104.92 358.10 Td (by ) Tj ET Q q 0 0 0 rg BT 117.12 358.10 Td (structuring ) Tj ET Q q 0 0 0 rg BT 162.65 358.10 Td (various ) Tj ET Q q 0 0 0 rg BT 194.29 358.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 219.25 358.10 Td (enhancement ) Tj ET Q q 0 0 0 rg BT 274.20 358.10 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 325.84 358.10 Td (into ) Tj ET Q q 0 0 0 rg BT 343.59 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.01 358.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 403.54 358.10 Td (leases, ) Tj ET Q q 0 0 0 rg BT 432.12 358.10 Td (management ) Tj ET Q q 0 0 0 rg BT 485.41 358.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 533.14 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 543.67 358.10 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 83.69 346.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 143.75 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.18 346.10 Td (These ) Tj ET Q q 0 0 0 rg BT 174.76 346.10 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 227.89 346.10 Td (could ) Tj ET Q q 0 0 0 rg BT 253.81 346.10 Td (include ) Tj ET Q q 0 0 0 rg BT 286.94 346.10 Td (security ) Tj ET Q q 0 0 0 rg BT 322.30 346.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 354.88 346.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 410.79 346.10 Td (or ) Tj ET Q q 0 0 0 rg BT 422.82 346.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 469.27 346.10 Td (from ) Tj ET Q q 0 0 0 rg BT 492.41 346.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 524.99 346.10 Td (we ) Tj ET Q q 0 0 0 rg BT 540.35 346.10 Td (deem ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (creditworthy) Tj ET Q q 0 0 0 rg BT 100.44 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 104.58 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.21 334.10 Td (In ) Tj ET Q q 0 0 0 rg BT 116.18 334.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 153.09 334.10 Td (we ) Tj ET Q q 0 0 0 rg BT 166.38 334.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 199.67 334.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 232.97 334.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 254.59 334.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 292.31 334.10 Td (at ) Tj ET Q q 0 0 0 rg BT 301.16 334.10 Td (each ) Tj ET Q q 0 0 0 rg BT 321.11 334.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 351.06 334.10 Td (within ) Tj ET Q q 0 0 0 rg BT 378.25 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.22 334.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 435.93 334.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 475.06 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.58 334.10 Td (The ) Tj ET Q q 0 0 0 rg BT 493.76 334.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 519.83 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.79 334.10 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.75 322.10 Td (future ) Tj ET Q q 0 0 0 rg BT 89.05 322.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 133.55 322.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 177.51 322.10 Td (may ) Tj ET Q q 0 0 0 rg BT 198.15 322.10 Td (have ) Tj ET Q q 0 0 0 rg BT 220.44 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 228.30 322.10 Td (material ) Tj ET Q q 0 0 0 rg BT 264.48 322.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 295.11 322.10 Td (on ) Tj ET Q q 0 0 0 rg BT 308.54 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.17 322.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 364.80 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.66 322.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 421.06 322.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 475.01 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.76 322.10 Td (this ) Tj ET Q q 0 0 0 rg BT 504.63 322.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 536.93 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 322.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 89.32 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 91.14 310.10 Td (For ) Tj ET Q q 0 0 0 rg BT 106.85 310.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.88 310.10 Td (six ) Tj ET Q q 0 0 0 rg BT 134.38 310.10 Td (months ) Tj ET Q q 0 0 0 rg BT 165.64 310.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.52 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.34 310.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 226.49 310.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.49 310.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.81 310.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 273.75 310.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 311.10 310.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.36 310.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.36 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.18 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.33 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 374.48 310.10 Td (operators, ) Tj ET Q q 0 0 0 rg BT 415.88 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 424.52 310.10 Td (atermark ) Tj ET Q q 0 0 0 rg BT 461.87 310.10 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 508.12 310.10 Td (Communities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.68 298.10 Td (Holiday ) Tj ET Q q 0 0 0 rg BT 103.14 298.10 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 150.81 298.10 Td (Communities, ) Tj ET Q q 0 0 0 rg BT 210.44 298.10 Td (represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.77 298.10 Td (52.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.60 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.84 298.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.52 298.10 Td (33.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.35 298.10 Td (, ) Tj ET Q q 0 0 0 rg BT 338.10 298.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 385.76 298.10 Td (, ) Tj ET Q q 0 0 0 rg BT 391.50 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.07 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.64 298.10 Td (total ) Tj ET Q q 0 0 0 rg BT 440.66 298.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 479.44 298.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 528.22 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.24 298.10 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.41 266.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 94.82 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.01 266.10 Td (our ) Tj ET Q q 0 0 0 rg BT 120.76 266.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 140.39 266.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 190.58 266.10 Td (relates ) Tj ET Q q 0 0 0 rg BT 219.08 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.27 266.10 Td (each ) Tj ET Q q 0 0 0 rg BT 250.00 266.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 292.97 266.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 329.99 266.10 Td () Tj ET Q q 0 0 0 rg BT 332.77 266.10 Td (s ) Tj ET Q q 0 0 0 rg BT 339.07 266.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 367.04 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.23 266.10 Td (make ) Tj ET Q q 0 0 0 rg BT 401.30 266.10 Td (required ) Tj ET Q q 0 0 0 rg BT 437.03 266.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 468.88 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.73 266.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 523.68 266.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.60 254.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 105.18 254.10 Td (due ) Tj ET Q q 0 0 0 rg BT 122.22 254.10 Td (dates. ) Tj ET Q q 0 0 0 rg BT 147.86 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.27 254.10 Td (W) Tj ET Q q 0 0 0 rg BT 158.91 254.10 Td (e ) Tj ET Q q 0 0 0 rg BT 165.95 254.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 186.31 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.69 254.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 230.38 254.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 255.74 254.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 273.34 254.10 Td (through ) Tj ET Q q 0 0 0 rg BT 307.04 254.10 Td (our ) Tj ET Q q 0 0 0 rg BT 322.40 254.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 354.99 254.10 Td () Tj ET Q q 0 0 0 rg BT 357.77 254.10 Td (s ) Tj ET Q q 0 0 0 rg BT 364.26 254.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 427.39 254.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 452.75 254.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 487.56 254.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 509.60 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.98 254.10 Td (making ) Tj ET Q q 0 0 0 rg BT 552.57 254.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 98.53 242.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 132.33 242.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 178.92 242.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.40 242.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 231.54 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.12 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.49 242.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 307.96 242.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 332.87 242.10 Td (quality) Tj ET Q q 0 0 0 rg BT 360.00 242.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.64 242.10 Td (including ) Tj ET Q q 0 0 0 rg BT 404.56 242.10 Td (subordination ) Tj ET Q q 0 0 0 rg BT 461.71 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.29 242.10 Td (diversification ) Tj ET Q q 0 0 0 rg BT 538.20 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 242.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 89.46 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 91.43 230.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.95 230.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 143.13 230.10 Td (is ) Tj ET Q q 0 0 0 rg BT 151.77 230.10 Td (based ) Tj ET Q q 0 0 0 rg BT 176.51 230.10 Td (on ) Tj ET Q q 0 0 0 rg BT 188.48 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.88 230.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 219.62 230.10 Td (range ) Tj ET Q q 0 0 0 rg BT 243.79 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.09 230.10 Td (real ) Tj ET Q q 0 0 0 rg BT 271.04 230.10 Td (estate, ) Tj ET Q q 0 0 0 rg BT 298.28 230.10 Td (financial, ) Tj ET Q q 0 0 0 rg BT 337.72 230.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 378.56 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.97 230.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 431.42 230.10 Td (-related ) Tj ET Q q 0 0 0 rg BT 463.92 230.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 493.10 230.10 Td (which ) Tj ET Q q 0 0 0 rg BT 519.50 230.10 Td (we ) Tj ET Q q 0 0 0 rg BT 533.13 230.10 Td (believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.07 218.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 93.70 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.34 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.42 218.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 160.94 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.13 218.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 195.76 218.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 212.63 218.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 247.26 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.90 218.10 Td (a ) Tj ET Q q 0 0 0 rg BT 263.20 218.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 311.44 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.31 218.10 Td (For ) Tj ET Q q 0 0 0 rg BT 329.06 218.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.14 218.10 Td (six ) Tj ET Q q 0 0 0 rg BT 356.68 218.10 Td (months ) Tj ET Q q 0 0 0 rg BT 387.99 218.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.87 218.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.74 218.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 448.93 218.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.93 218.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 218.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.28 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.15 218.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 514.23 218.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (each ) Tj ET Q q 0 0 0 rg BT 70.98 206.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 119.19 206.10 Td (more ) Tj ET Q q 0 0 0 rg BT 142.40 206.10 Td (than ) Tj ET Q q 0 0 0 rg BT 162.29 206.10 Td (10.0% ) Tj ET Q q 0 0 0 rg BT 190.78 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.78 206.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 233.88 206.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 268.48 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.55 206.10 Td (As ) Tj ET Q q 0 0 0 rg BT 284.33 206.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.33 206.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 331.33 206.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.33 206.10 Td (, ) Tj ET Q q 0 0 0 rg BT 356.49 206.10 Td (one ) Tj ET Q q 0 0 0 rg BT 373.60 206.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 409.85 206.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.01 206.10 Td (Sava ) Tj ET Q q 0 0 0 rg BT 437.12 206.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 465.89 206.10 Td (Care ) Tj ET Q q 0 0 0 rg BT 487.43 206.10 Td (represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.18 206.10 Td (53.7%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 194.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 116.91 194.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 154.95 194.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 187.45 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.28 194.10 Td (our ) Tj ET Q q 0 0 0 rg BT 214.11 194.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 233.82 194.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 286.60 194.10 Td ( ) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 4.Contr) Tj ET Q q 0 0 0 rg BT 115.36 742.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 158.52 742.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 187.78 742.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 722.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 722.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 722.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 722.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.76 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 74.74 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.61 704.25 Td (end ) Tj ET Q q 0 0 0 rg BT 106.70 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.68 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.55 704.25 Td (period ) Tj ET Q q 0 0 0 rg BT 160.75 704.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 195.04 704.25 Td (by ) Tj ET Q q 0 0 0 rg BT 207.69 704.25 Td (this ) Tj ET Q q 0 0 0 rg BT 224.79 704.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 253.82 704.25 Td (management ) Tj ET Q q 0 0 0 rg BT 307.56 704.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 351.30 704.25 Td (an ) Tj ET Q q 0 0 0 rg BT 363.39 704.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 407.69 704.25 Td (as ) Tj ET Q q 0 0 0 rg BT 418.67 704.25 Td (required ) Tj ET Q q 0 0 0 rg BT 454.64 704.25 Td (under ) Tj ET Q q 0 0 0 rg BT 480.06 704.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 505.48 704.25 Td (13a-15\(b\) ) Tj ET Q q 0 0 0 rg BT 547.56 704.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (15d-15\(b\) ) Tj ET Q q 0 0 0 rg BT 91.35 692.25 Td (under ) Tj ET Q q 0 0 0 rg BT 115.48 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.05 692.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 169.84 692.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 210.33 692.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 226.12 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.81 692.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 259.67 692.25 Td (as ) Tj ET Q q 0 0 0 rg BT 269.36 692.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 309.31 692.25 Td (or ) Tj ET Q q 0 0 0 rg BT 319.00 692.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 359.49 692.25 Td (Act, ) Tj ET Q q 0 0 0 rg BT 377.78 692.25 Td (under ) Tj ET Q q 0 0 0 rg BT 401.91 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.49 692.25 Td (supervision ) Tj ET Q q 0 0 0 rg BT 462.95 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 478.75 692.25 Td (with ) Tj ET Q q 0 0 0 rg BT 497.89 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 692.25 Td (participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.74 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.38 680.25 Td (Company) Tj ET Q q 0 0 0 rg BT 117.04 680.25 Td (s ) Tj ET Q q 0 0 0 rg BT 123.35 680.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 147.98 680.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 190.37 680.25 Td (Of) Tj ET Q q 0 0 0 rg BT 200.74 680.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 221.47 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.33 680.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 262.96 680.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 302.59 680.25 Td (Of) Tj ET Q q 0 0 0 rg BT 312.96 680.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 333.69 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.43 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.06 680.25 Td (ef) Tj ET Q q 0 0 0 rg BT 366.65 680.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 413.49 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.23 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.86 680.25 Td (Company) Tj ET Q q 0 0 0 rg BT 480.53 680.25 Td (s ) Tj ET Q q 0 0 0 rg BT 486.84 680.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 529.80 680.25 Td (controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 668.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 113.31 668.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 127.47 668.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 159.95 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.23 668.25 Td (Rules13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 236.88 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.81 668.25 Td (15d-15\(e\) ) Tj ET Q q 0 0 0 rg BT 295.74 668.25 Td (under ) Tj ET Q q 0 0 0 rg BT 321.01 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.73 668.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 377.10 668.25 Td (Act\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 76.70 650.25 Td (on ) Tj ET Q q 0 0 0 rg BT 88.97 650.25 Td (this ) Tj ET Q q 0 0 0 rg BT 105.68 650.25 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 152.10 650.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.58 650.25 Td (Company) Tj ET Q q 0 0 0 rg BT 208.25 650.25 Td (s ) Tj ET Q q 0 0 0 rg BT 214.40 650.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 238.89 650.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 281.13 650.25 Td (Of) Tj ET Q q 0 0 0 rg BT 291.50 650.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 312.08 650.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.79 650.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 353.27 650.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 392.75 650.25 Td (Of) Tj ET Q q 0 0 0 rg BT 403.12 650.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 423.70 650.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 467.06 650.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 486.82 650.25 Td (as ) Tj ET Q q 0 0 0 rg BT 497.42 650.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.01 650.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.50 650.25 Td (end ) Tj ET Q q 0 0 0 rg BT 539.20 650.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 650.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.25 Td (period ) Tj ET Q q 0 0 0 rg BT 77.96 638.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 112.01 638.25 Td (by ) Tj ET Q q 0 0 0 rg BT 124.42 638.25 Td (this ) Tj ET Q q 0 0 0 rg BT 141.28 638.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 170.06 638.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.69 638.25 Td (Company) Tj ET Q q 0 0 0 rg BT 226.35 638.25 Td (s ) Tj ET Q q 0 0 0 rg BT 232.65 638.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 275.61 638.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 310.23 638.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.08 638.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 373.36 638.25 Td (are ) Tj ET Q q 0 0 0 rg BT 387.97 638.25 Td (ef) Tj ET Q q 0 0 0 rg BT 395.56 638.25 Td (fective. ) Tj ET Q q 0 0 0 rg BT 427.67 638.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.08 638.25 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 499.15 638.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.78 638.25 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 557.56 638.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.25 Td (control ) Tj ET Q q 0 0 0 rg BT 80.52 626.25 Td (system, ) Tj ET Q q 0 0 0 rg BT 112.98 626.25 Td (no ) Tj ET Q q 0 0 0 rg BT 125.17 626.25 Td (matter ) Tj ET Q q 0 0 0 rg BT 152.91 626.25 Td (how ) Tj ET Q q 0 0 0 rg BT 172.32 626.25 Td (well ) Tj ET Q q 0 0 0 rg BT 191.72 626.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 229.46 626.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.09 626.25 Td (operated, ) Tj ET Q q 0 0 0 rg BT 285.20 626.25 Td (can ) Tj ET Q q 0 0 0 rg BT 301.27 626.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 334.01 626.25 Td (only ) Tj ET Q q 0 0 0 rg BT 353.97 626.25 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 401.42 626.25 Td (not ) Tj ET Q q 0 0 0 rg BT 416.39 626.25 Td (absolute, ) Tj ET Q q 0 0 0 rg BT 454.40 626.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 495.46 626.25 Td (that ) Tj ET Q q 0 0 0 rg BT 512.64 626.25 Td (it ) Tj ET Q q 0 0 0 rg BT 520.39 626.25 Td (will ) Tj ET Q q 0 0 0 rg BT 538.14 626.25 Td (detect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 614.25 Td (uncover ) Tj ET Q q 0 0 0 rg BT 95.54 614.25 Td (failures ) Tj ET Q q 0 0 0 rg BT 128.02 614.25 Td (to ) Tj ET Q q 0 0 0 rg BT 138.30 614.25 Td (disclose ) Tj ET Q q 0 0 0 rg BT 173.02 614.25 Td (material ) Tj ET Q q 0 0 0 rg BT 208.28 614.25 Td (information ) Tj ET Q q 0 0 0 rg BT 257.99 614.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 299.37 614.25 Td (required ) Tj ET Q q 0 0 0 rg BT 335.18 614.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.46 614.25 Td (be ) Tj ET Q q 0 0 0 rg BT 357.40 614.25 Td (set ) Tj ET Q q 0 0 0 rg BT 371.01 614.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 392.94 614.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.22 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.94 614.25 Td (Company) Tj ET Q q 0 0 0 rg BT 459.60 614.25 Td (s ) Tj ET Q q 0 0 0 rg BT 466.00 614.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 501.26 614.25 Td (reports.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 112.87 596.25 Td (ol over) Tj ET Q q 0 0 0 rg BT 141.85 596.25 Td ( Financial Reporting) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 578.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 155.46 578.25 Td (ol over Financial Reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 80.09 560.25 Td (as ) Tj ET Q q 0 0 0 rg BT 90.74 560.25 Td (set ) Tj ET Q q 0 0 0 rg BT 104.17 560.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 125.93 560.25 Td (below) Tj ET Q q 0 0 0 rg BT 149.72 560.25 Td (, ) Tj ET Q q 0 0 0 rg BT 154.54 560.25 Td (there ) Tj ET Q q 0 0 0 rg BT 176.85 560.25 Td (have ) Tj ET Q q 0 0 0 rg BT 198.04 560.25 Td (not ) Tj ET Q q 0 0 0 rg BT 213.14 560.25 Td (been ) Tj ET Q q 0 0 0 rg BT 234.34 560.25 Td (any ) Tj ET Q q 0 0 0 rg BT 251.10 560.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 285.63 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 295.73 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.27 560.25 Td (Company) Tj ET Q q 0 0 0 rg BT 351.94 560.25 Td (s ) Tj ET Q q 0 0 0 rg BT 358.15 560.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 391.01 560.25 Td (control ) Tj ET Q q 0 0 0 rg BT 421.66 560.25 Td (over ) Tj ET Q q 0 0 0 rg BT 441.75 560.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.05 560.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 518.03 560.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 532.01 560.25 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.79 548.25 Td (Rules13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 126.83 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.28 548.25 Td (15d-15\(f\) ) Tj ET Q q 0 0 0 rg BT 185.61 548.25 Td (under ) Tj ET Q q 0 0 0 rg BT 211.39 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.62 548.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 268.38 548.25 Td (Act\) ) Tj ET Q q 0 0 0 rg BT 289.16 548.25 Td (during ) Tj ET Q q 0 0 0 rg BT 318.28 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.51 548.25 Td (most ) Tj ET Q q 0 0 0 rg BT 355.96 548.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 383.40 548.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 408.06 548.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 439.39 548.25 Td (that ) Tj ET Q q 0 0 0 rg BT 457.39 548.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 500.94 548.25 Td (af) Tj ET Q q 0 0 0 rg BT 508.52 548.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 538.46 548.25 Td (or ) Tj ET Q q 0 0 0 rg BT 549.80 548.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 95.82 536.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 121.09 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.37 536.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 174.40 536.25 Td (af) Tj ET Q q 0 0 0 rg BT 181.99 536.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 201.98 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.69 536.25 Td (Company) Tj ET Q q 0 0 0 rg BT 258.36 536.25 Td (s ) Tj ET Q q 0 0 0 rg BT 264.75 536.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 297.79 536.25 Td (control ) Tj ET Q q 0 0 0 rg BT 328.62 536.25 Td (over ) Tj ET Q q 0 0 0 rg BT 348.89 536.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.37 536.25 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 428.02 536.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 518.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.11 518.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 101.57 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.83 518.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 158.40 518.25 Td (60% ) Tj ET Q q 0 0 0 rg BT 178.77 518.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 210.24 518.25 Td (in ) Tj ET Q q 0 0 0 rg BT 220.05 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.16 518.25 Td (W) Tj ET Q q 0 0 0 rg BT 243.20 518.25 Td (interfell ) Tj ET Q q 0 0 0 rg BT 276.88 518.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 313.92 518.25 Td (on ) Tj ET Q q 0 0 0 rg BT 325.95 518.25 Td (March ) Tj ET Q q 0 0 0 rg BT 354.09 518.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 363.62 518.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 388.16 518.25 Td ( ) Tj ET Q q 0 0 0 rg BT 390.19 518.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 410.57 518.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 448.70 518.25 Td (permits ) Tj ET Q q 0 0 0 rg BT 480.73 518.25 Td (management ) Tj ET Q q 0 0 0 rg BT 533.86 518.25 Td (to ) Tj ET Q q 0 0 0 rg BT 543.67 518.25 Td (omit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (an ) Tj ET Q q 0 0 0 rg BT 61.46 506.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 107.92 506.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.27 506.25 Td (an ) Tj ET Q q 0 0 0 rg BT 129.73 506.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 166.18 506.25 Td (business) Tj ET Q q 0 0 0 rg BT 202.66 506.25 Td ( ) Tj ET Q q 0 0 0 rg BT 204.68 506.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 237.24 506.25 Td (control ) Tj ET Q q 0 0 0 rg BT 267.59 506.25 Td (over ) Tj ET Q q 0 0 0 rg BT 287.38 506.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.38 506.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 363.06 506.25 Td (from ) Tj ET Q q 0 0 0 rg BT 384.52 506.25 Td (management) Tj ET Q q 0 0 0 rg BT 438.38 506.25 Td (s ) Tj ET Q q 0 0 0 rg BT 444.30 506.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 490.76 506.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.11 506.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.67 506.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (over ) Tj ET Q q 0 0 0 rg BT 70.30 494.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.81 494.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 146.99 494.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.18 494.25 Td (a ) Tj ET Q q 0 0 0 rg BT 168.15 494.25 Td (period ) Tj ET Q q 0 0 0 rg BT 196.23 494.25 Td (not ) Tj ET Q q 0 0 0 rg BT 211.53 494.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.84 494.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 252.12 494.25 Td (one ) Tj ET Q q 0 0 0 rg BT 269.09 494.25 Td (year ) Tj ET Q q 0 0 0 rg BT 288.83 494.25 Td (from ) Tj ET Q q 0 0 0 rg BT 310.80 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.54 494.25 Td (date ) Tj ET Q q 0 0 0 rg BT 344.73 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.59 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.33 494.25 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 419.24 494.25 Td ( ) Tj ET Q q 0 0 0 rg BT 421.59 494.25 Td (W) Tj ET Q q 0 0 0 rg BT 430.23 494.25 Td (e ) Tj ET Q q 0 0 0 rg BT 437.20 494.25 Td (are ) Tj ET Q q 0 0 0 rg BT 451.93 494.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.24 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 476.99 494.25 Td (process ) Tj ET Q q 0 0 0 rg BT 509.50 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.36 494.25 Td (evaluating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.80 482.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 99.06 482.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 133.86 482.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.89 482.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 197.34 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.26 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.88 482.25 Td (W) Tj ET Q q 0 0 0 rg BT 231.92 482.25 Td (interfell ) Tj ET Q q 0 0 0 rg BT 266.16 482.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 303.74 482.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 323.27 482.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 369.82 482.25 Td (, ) Tj ET Q q 0 0 0 rg BT 374.91 482.25 Td (we ) Tj ET Q q 0 0 0 rg BT 389.15 482.25 Td (have ) Tj ET Q q 0 0 0 rg BT 410.62 482.25 Td (not ) Tj ET Q q 0 0 0 rg BT 425.98 482.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 462.45 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.07 482.25 Td (W) Tj ET Q q 0 0 0 rg BT 486.11 482.25 Td (interfell ) Tj ET Q q 0 0 0 rg BT 520.35 482.25 Td (portfolio) Tj ET Q q 0 0 0 rg BT 558.12 482.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 83.04 470.25 Td (control ) Tj ET Q q 0 0 0 rg BT 113.87 470.25 Td (over ) Tj ET Q q 0 0 0 rg BT 134.14 470.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.62 470.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 210.77 470.25 Td (as ) Tj ET Q q 0 0 0 rg BT 221.60 470.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.43 470.25 Td (June ) Tj ET Q q 0 0 0 rg BT 253.26 470.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.26 470.25 Td (2016.) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 55.37 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 69.46 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.95 742.25 Td ( II.Other) Tj ET Q q 0 0 0 rg BT 124.10 742.25 Td ( Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 724.25 Td (Item 1.Legal Pr) Tj ET Q q 0 0 0 rg BT 126.24 724.25 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 704.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.71 704.25 Td (may ) Tj ET Q q 0 0 0 rg BT 84.06 704.25 Td (be ) Tj ET Q q 0 0 0 rg BT 95.63 704.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 132.76 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 142.67 704.25 Td (various ) Tj ET Q q 0 0 0 rg BT 174.24 704.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 212.48 704.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 244.05 704.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 273.40 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 283.31 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.66 704.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 333.67 704.25 Td (course ) Tj ET Q q 0 0 0 rg BT 361.90 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.36 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 387.83 704.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 426.35 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 428.01 704.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 467.92 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 481.72 704.25 Td (are ) Tj ET Q q 0 0 0 rg BT 496.06 704.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 524.84 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.75 704.25 Td (predict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.11 692.25 Td (certainty ) Tj ET Q q 0 0 0 rg BT 105.93 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.98 692.25 Td (eventual ) Tj ET Q q 0 0 0 rg BT 155.69 692.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 191.96 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.12 692.25 Td (any ) Tj ET Q q 0 0 0 rg BT 218.39 692.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 258.84 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.45 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.50 692.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 314.89 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.06 692.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 380.48 692.25 Td (any ) Tj ET Q q 0 0 0 rg BT 396.76 692.25 Td (current ) Tj ET Q q 0 0 0 rg BT 426.91 692.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 448.18 692.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 498.33 692.25 Td (are ) Tj ET Q q 0 0 0 rg BT 512.37 692.25 Td (not ) Tj ET Q q 0 0 0 rg BT 526.98 692.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 680.25 Td (have ) Tj ET Q q 0 0 0 rg BT 81.16 680.25 Td (a ) Tj ET Q q 0 0 0 rg BT 88.09 680.25 Td (material ) Tj ET Q q 0 0 0 rg BT 123.35 680.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 156.39 680.25 Td (ef) Tj ET Q q 0 0 0 rg BT 163.98 680.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 181.46 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 193.96 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.79 680.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.27 680.25 Td (position ) Tj ET Q q 0 0 0 rg BT 282.00 680.25 Td (or ) Tj ET Q q 0 0 0 rg BT 292.83 680.25 Td (results ) Tj ET Q q 0 0 0 rg BT 321.44 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 332.27 680.25 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (Item 1A.Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (There are no material changes from the risk factors previously disclosed in our ) Tj ET Q q 0 0 0 rg BT 366.84 640.25 Td (Annual Report on Form 10-K for the fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 628.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 628.25 Td (, as filed with the SEC on March 28, 2016, except as noted below) Tj ET Q q 0 0 0 rg BT 416.48 628.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (If we pay distributions from sources other than our cash flow provided by operations, we will have less cash available for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (investments and your overall return may be reduced.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.24 576.25 Td (or) Tj ET Q q 0 0 0 rg BT 76.39 576.25 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 127.95 576.25 Td (documents ) Tj ET Q q 0 0 0 rg BT 173.96 576.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 202.76 576.25 Td (us ) Tj ET Q q 0 0 0 rg BT 214.34 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.81 576.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 241.94 576.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 294.63 576.25 Td (from ) Tj ET Q q 0 0 0 rg BT 316.76 576.25 Td (any ) Tj ET Q q 0 0 0 rg BT 333.89 576.25 Td (source, ) Tj ET Q q 0 0 0 rg BT 365.18 576.25 Td (including ) Tj ET Q q 0 0 0 rg BT 405.64 576.25 Td (Of) Tj ET Q q 0 0 0 rg BT 416.02 576.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 442.58 576.25 Td (proceeds, ) Tj ET Q q 0 0 0 rg BT 483.31 576.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 531.55 576.25 Td (or ) Tj ET Q q 0 0 0 rg BT 542.57 576.25 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.87 564.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 89.23 564.25 Td ( ) Tj ET Q q 0 0 0 rg BT 91.59 564.25 Td (W) Tj ET Q q 0 0 0 rg BT 100.22 564.25 Td (e ) Tj ET Q q 0 0 0 rg BT 107.20 564.25 Td (have ) Tj ET Q q 0 0 0 rg BT 128.61 564.25 Td (not ) Tj ET Q q 0 0 0 rg BT 143.93 564.25 Td (established ) Tj ET Q q 0 0 0 rg BT 190.90 564.25 Td (a ) Tj ET Q q 0 0 0 rg BT 197.87 564.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 219.30 564.25 Td (on ) Tj ET Q q 0 0 0 rg BT 231.84 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.59 564.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 279.12 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.99 564.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 328.06 564.25 Td (we ) Tj ET Q q 0 0 0 rg BT 342.26 564.25 Td (may ) Tj ET Q q 0 0 0 rg BT 362.01 564.25 Td (use ) Tj ET Q q 0 0 0 rg BT 377.88 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.20 564.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 409.06 564.25 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 464.10 564.25 Td ( ) Tj ET Q q 0 0 0 rg BT 466.64 564.25 Td (Until ) Tj ET Q q 0 0 0 rg BT 489.73 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 504.49 564.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 542.56 564.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.94 552.25 Td (Of) Tj ET Q q 0 0 0 rg BT 76.31 552.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 102.81 552.25 Td (are ) Tj ET Q q 0 0 0 rg BT 117.63 552.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 139.13 552.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 175.07 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.12 552.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 233.61 552.25 Td (during ) Tj ET Q q 0 0 0 rg BT 262.33 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.16 552.25 Td (course ) Tj ET Q q 0 0 0 rg BT 305.87 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.82 552.25 Td (our ) Tj ET Q q 0 0 0 rg BT 332.76 552.25 Td (existence, ) Tj ET Q q 0 0 0 rg BT 375.08 552.25 Td (we ) Tj ET Q q 0 0 0 rg BT 389.35 552.25 Td (may ) Tj ET Q q 0 0 0 rg BT 409.18 552.25 Td (not ) Tj ET Q q 0 0 0 rg BT 424.57 552.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 461.05 552.25 Td (suf) Tj ET Q q 0 0 0 rg BT 473.09 552.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 501.25 552.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 521.63 552.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 542.57 552.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.88 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 103.89 540.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 124.45 540.25 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 179.18 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.41 540.25 Td (For ) Tj ET Q q 0 0 0 rg BT 197.53 540.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.98 540.25 Td (six ) Tj ET Q q 0 0 0 rg BT 225.88 540.25 Td (months ) Tj ET Q q 0 0 0 rg BT 257.56 540.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.43 540.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.66 540.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 319.22 540.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.22 540.25 Td (, ) Tj ET Q q 0 0 0 rg BT 343.95 540.25 Td (we ) Tj ET Q q 0 0 0 rg BT 357.84 540.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 393.93 540.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 446.16 540.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.72 540.25 Td ($60.7 ) Tj ET Q q 0 0 0 rg BT 481.45 540.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.34 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 512.57 540.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.23 540.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.63 528.25 Td (used ) Tj ET Q q 0 0 0 rg BT 91.83 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 102.47 528.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 143.10 528.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 182.06 528.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.25 528.25 Td ($1) Tj ET Q q 0 0 0 rg BT 202.88 528.25 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 218.24 528.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.14 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.00 528.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.30 528.25 Td ($60.7 ) Tj ET Q q 0 0 0 rg BT 292.67 528.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.56 528.25 Td (, ) Tj ET Q q 0 0 0 rg BT 326.92 528.25 Td (or ) Tj ET Q q 0 0 0 rg BT 338.12 528.25 Td (100.0%, ) Tj ET Q q 0 0 0 rg BT 374.31 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.50 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.58 528.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 453.45 528.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 490.18 528.25 Td (during ) Tj ET Q q 0 0 0 rg BT 519.15 528.25 Td (this ) Tj ET Q q 0 0 0 rg BT 536.46 528.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (were ) Tj ET Q q 0 0 0 rg BT 71.94 516.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 91.66 516.25 Td (using ) Tj ET Q q 0 0 0 rg BT 115.83 516.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 153.88 516.25 Td (from ) Tj ET Q q 0 0 0 rg BT 175.82 516.25 Td (our ) Tj ET Q q 0 0 0 rg BT 191.66 516.25 Td (Of) Tj ET Q q 0 0 0 rg BT 202.03 516.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 230.91 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 233.42 516.25 Td (For ) Tj ET Q q 0 0 0 rg BT 249.82 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.54 516.25 Td (year ) Tj ET Q q 0 0 0 rg BT 284.25 516.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 310.64 516.25 Td (December ) Tj ET Q q 0 0 0 rg BT 354.23 516.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 369.23 516.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 394.24 516.25 Td (we ) Tj ET Q q 0 0 0 rg BT 408.41 516.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 444.78 516.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 497.29 516.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.12 516.25 Td ($88.3 ) Tj ET Q q 0 0 0 rg BT 533.13 516.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.63 504.25 Td (to ) Tj ET Q q 0 0 0 rg BT 101.61 504.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 121.58 504.25 Td (used ) Tj ET Q q 0 0 0 rg BT 142.11 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 152.09 504.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 195.95 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.48 504.25 Td ($8.6 ) Tj ET Q q 0 0 0 rg BT 226.18 504.25 Td (million ) Tj ET Q q 0 0 0 rg BT 257.28 504.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.92 504.25 Td ($88.3 ) Tj ET Q q 0 0 0 rg BT 298.62 504.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.51 504.25 Td (, ) Tj ET Q q 0 0 0 rg BT 332.21 504.25 Td (or ) Tj ET Q q 0 0 0 rg BT 342.74 504.25 Td (100.0%, ) Tj ET Q q 0 0 0 rg BT 378.28 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.81 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.23 504.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 455.43 504.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 491.50 504.25 Td (during ) Tj ET Q q 0 0 0 rg BT 519.81 504.25 Td (this ) Tj ET Q q 0 0 0 rg BT 536.46 504.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (were ) Tj ET Q q 0 0 0 rg BT 71.31 492.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 90.41 492.25 Td (using ) Tj ET Q q 0 0 0 rg BT 113.97 492.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 151.39 492.25 Td (from ) Tj ET Q q 0 0 0 rg BT 172.71 492.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.92 492.25 Td (Of) Tj ET Q q 0 0 0 rg BT 198.29 492.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 226.56 492.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.44 492.25 Td (If ) Tj ET Q q 0 0 0 rg BT 236.98 492.25 Td (we ) Tj ET Q q 0 0 0 rg BT 250.53 492.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 266.85 492.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 318.74 492.25 Td (from ) Tj ET Q q 0 0 0 rg BT 340.06 492.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 371.93 492.25 Td (other ) Tj ET Q q 0 0 0 rg BT 394.37 492.25 Td (than ) Tj ET Q q 0 0 0 rg BT 413.47 492.25 Td (our ) Tj ET Q q 0 0 0 rg BT 428.68 492.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 448.33 492.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 468.55 492.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 505.98 492.25 Td (by ) Tj ET Q q 0 0 0 rg BT 517.86 492.25 Td (operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.16 480.25 Td (will ) Tj ET Q q 0 0 0 rg BT 82.22 480.25 Td (have ) Tj ET Q q 0 0 0 rg BT 103.59 480.25 Td (less ) Tj ET Q q 0 0 0 rg BT 121.09 480.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 141.36 480.25 Td (available ) Tj ET Q q 0 0 0 rg BT 179.95 480.25 Td (for ) Tj ET Q q 0 0 0 rg BT 194.11 480.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 244.38 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.32 480.25 Td (your ) Tj ET Q q 0 0 0 rg BT 282.15 480.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 312.42 480.25 Td (return ) Tj ET Q q 0 0 0 rg BT 338.79 480.25 Td (may ) Tj ET Q q 0 0 0 rg BT 358.51 480.25 Td (be ) Tj ET Q q 0 0 0 rg BT 370.45 480.25 Td (reduced.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (Our Sponsor) Tj ET Q q 0 0 0 rg BT 102.53 460.25 Td (, the parent company of our ) Tj ET Q q 0 0 0 rg BT 219.11 460.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 250.22 460.25 Td (, announced that it entered into a merger agreement with Colony and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (NorthStar Realty) Tj ET Q q 0 0 0 rg BT 119.92 448.25 Td (, which could have an adverse impact on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.26 428.25 Td (June ) Tj ET Q q 0 0 0 rg BT 82.52 428.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.96 428.25 Td (NSAM, ) Tj ET Q q 0 0 0 rg BT 142.29 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 158.55 428.25 Td (Sponsor ) Tj ET Q q 0 0 0 rg BT 194.26 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.63 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.78 428.25 Td (parent ) Tj ET Q q 0 0 0 rg BT 254.70 428.25 Td (company ) Tj ET Q q 0 0 0 rg BT 294.29 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.55 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 321.16 428.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 352.99 428.25 Td (, ) Tj ET Q q 0 0 0 rg BT 358.42 428.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 404.67 428.25 Td (that ) Tj ET Q q 0 0 0 rg BT 422.59 428.25 Td (it ) Tj ET Q q 0 0 0 rg BT 431.08 428.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 463.44 428.25 Td (into ) Tj ET Q q 0 0 0 rg BT 481.93 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 489.30 428.25 Td 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360.25 Td (s ) Tj ET Q q 0 0 0 rg BT 349.14 360.25 Td (business ) Tj ET Q q 0 0 0 rg BT 385.65 360.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 432.43 360.25 Td (including ) Tj ET Q q 0 0 0 rg BT 472.82 360.25 Td (its ) Tj ET Q q 0 0 0 rg BT 484.89 360.25 Td (service ) Tj ET Q q 0 0 0 rg BT 515.83 360.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.22 360.25 Td (us ) Tj ET Q q 0 0 0 rg BT 537.73 360.25 Td (as ) Tj ET Q q 0 0 0 rg BT 548.68 360.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 85.09 348.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.39 348.25 Td (our ) Tj ET Q q 0 0 0 rg BT 118.59 348.25 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 150.82 348.25 Td (. ) Tj ET Q q 0 0 0 rg BT 156.18 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.05 348.25 Td (It ) Tj ET Q q 0 0 0 rg BT 168.02 348.25 Td (is ) Tj ET Q q 0 0 0 rg BT 177.56 348.25 Td (also ) Tj ET Q q 0 0 0 rg BT 196.53 348.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 234.93 348.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 255.29 348.25 Td (as ) Tj ET Q q 0 0 0 rg BT 266.48 348.25 Td (part ) Tj ET Q q 0 0 0 rg BT 284.90 348.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.09 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.17 348.25 Td (mer) Tj ET Q q 0 0 0 rg BT 326.54 348.25 Td (gers, ) Tj ET Q q 0 0 0 rg BT 348.56 348.25 Td (there ) Tj ET Q q 0 0 0 rg BT 371.42 348.25 Td (will ) Tj ET Q q 0 0 0 rg BT 389.84 348.25 Td (be ) Tj ET Q q 0 0 0 rg BT 402.14 348.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 437.21 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.86 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.94 348.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 515.25 348.25 Td (of ) Tj ET Q q 0 0 0 rg BT 526.44 348.25 Td (NSAM) Tj ET Q q 0 0 0 rg BT 558.12 348.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (board ) Tj ET Q q 0 0 0 rg BT 75.09 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 85.75 336.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 125.56 336.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 155.09 336.25 Td (members ) Tj ET Q q 0 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Td (consummated. ) Tj ET Q q 0 0 0 rg BT 564.50 256.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.04 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.96 244.25 Td (event ) Tj ET Q q 0 0 0 rg BT 100.32 244.25 Td (that ) Tj ET Q q 0 0 0 rg BT 118.03 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.95 244.25 Td (proposed ) Tj ET Q q 0 0 0 rg BT 172.32 244.25 Td (mer) Tj ET Q q 0 0 0 rg BT 187.69 244.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 207.05 244.25 Td (are ) Tj ET Q q 0 0 0 rg BT 221.97 244.25 Td (not ) Tj ET Q q 0 0 0 rg BT 237.45 244.25 Td (consummated, ) Tj ET Q q 0 0 0 rg BT 298.20 244.25 Td (NSAM ) Tj ET Q q 0 0 0 rg BT 329.81 244.25 Td (will ) Tj ET Q q 0 0 0 rg BT 348.07 244.25 Td (have ) Tj ET Q q 0 0 0 rg BT 369.66 244.25 Td (expended ) Tj ET Q q 0 0 0 rg BT 410.68 244.25 Td (considerable ) Tj ET Q q 0 0 0 rg BT 463.92 244.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 504.38 244.25 Td (but ) Tj ET Q q 0 0 0 rg BT 519.87 244.25 Td (neither ) Tj ET 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(transaction ) Tj ET Q q 0 0 0 rg BT 494.37 232.25 Td (is ) Tj ET Q q 0 0 0 rg BT 503.96 232.25 Td (consummated, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (any ) Tj ET Q q 0 0 0 rg BT 66.94 220.25 Td (value ) Tj ET Q q 0 0 0 rg BT 91.09 220.25 Td (created ) Tj ET Q q 0 0 0 rg BT 122.46 220.25 Td (for ) Tj ET Q q 0 0 0 rg BT 136.62 220.25 Td (NSAM) Tj ET Q q 0 0 0 rg BT 168.29 220.25 Td (s ) Tj ET Q q 0 0 0 rg BT 174.68 220.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 227.73 220.25 Td (may ) Tj ET Q q 0 0 0 rg BT 247.45 220.25 Td (not ) Tj ET Q q 0 0 0 rg BT 262.72 220.25 Td (result ) Tj ET Q q 0 0 0 rg BT 287.44 220.25 Td (in ) Tj ET Q q 0 0 0 rg BT 297.72 220.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.44 220.25 Td (creation ) Tj ET Q q 0 0 0 rg BT 347.14 220.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.97 220.25 Td (value ) Tj ET Q q 0 0 0 rg BT 382.12 220.25 Td (for ) Tj ET Q q 0 0 0 rg BT 396.28 220.25 Td (our ) Tj ET Q q 0 0 0 rg BT 412.11 220.25 Td (stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (Item 2.Unr) Tj ET Q q 0 0 0 rg BT 107.03 200.25 Td (egister) Tj ET Q q 0 0 0 rg BT 135.17 200.25 Td (ed Sales of Equity Securities and Use of Pr) Tj ET Q q 0 0 0 rg BT 316.09 200.25 Td (oceeds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.25 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 89.25 180.25 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 127.10 180.25 Td (om Register) Tj ET Q q 0 0 0 rg BT 178.29 180.25 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (On ) Tj ET Q q 0 0 0 rg BT 65.26 160.25 Td (August ) Tj ET Q q 0 0 0 rg BT 98.05 160.25 Td (7, ) Tj ET Q q 0 0 0 rg BT 109.44 160.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 135.84 160.25 Td (our ) Tj ET Q q 0 0 0 rg BT 153.07 160.25 Td (registration ) Tj ET Q q 0 0 0 rg BT 202.51 160.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 244.72 160.25 Td (on ) Tj ET Q q 0 0 0 rg BT 258.62 160.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 284.19 160.25 Td (S-1) Tj ET Q q 0 0 0 rg BT 297.71 160.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 306.61 160.25 Td (\(File ) Tj ET Q q 0 0 0 rg BT 329.39 160.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 348.01 160.25 Td (333-170802\), ) Tj ET Q q 0 0 0 rg BT 406.07 160.25 Td (covering ) Tj ET Q q 0 0 0 rg BT 444.95 160.25 Td (our ) Tj ET Q q 0 0 0 rg BT 462.17 160.25 Td (Initial ) Tj ET Q q 0 0 0 rg BT 489.95 160.25 Td (Of) Tj ET Q q 0 0 0 rg BT 500.32 160.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 528.10 160.25 Td (of ) Tj ET Q q 0 0 0 rg BT 540.33 160.25 Td (up ) Tj ET Q q 0 0 0 rg BT 554.22 160.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.63 148.25 Td (10,526,315 ) Tj ET Q q 0 0 0 rg BT 101.91 148.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 129.17 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.78 148.25 Td (common ) Tj ET Q q 0 0 0 rg BT 177.05 148.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 200.44 148.25 Td (was ) Tj ET Q q 0 0 0 rg BT 218.27 148.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 254.40 148.25 Td (ef) Tj ET Q q 0 0 0 rg BT 261.99 148.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 291.47 148.25 Td (under ) Tj ET Q q 0 0 0 rg BT 316.52 148.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 357.72 148.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 374.44 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.05 148.25 Td (1933, ) Tj ET Q q 0 0 0 rg BT 409.82 148.25 Td (as ) Tj ET Q q 0 0 0 rg BT 420.43 148.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 461.30 148.25 Td (or ) Tj ET Q q 0 0 0 rg BT 471.91 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.40 148.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 527.61 148.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 546.82 148.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.94 148.25 Td (W) Tj ET Q q 0 0 0 rg BT 557.57 148.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 94.15 136.25 Td (our ) Tj ET Q q 0 0 0 rg BT 109.98 136.25 Td (Initial ) Tj ET Q q 0 0 0 rg BT 136.36 136.25 Td (Of) Tj ET Q q 0 0 0 rg BT 146.73 136.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 173.11 136.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.61 136.25 Td (February ) Tj ET Q q 0 0 0 rg BT 224.21 136.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 234.21 136.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.21 136.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.71 136.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.65 136.25 Td (all ) Tj ET Q q 0 0 0 rg BT 286.14 136.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.97 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.69 136.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 339.18 136.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 372.79 136.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 414.71 136.25 Td (were ) Tj ET Q q 0 0 0 rg BT 436.64 136.25 Td (issued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.76 116.25 Td (February6, ) Tj ET Q q 0 0 0 rg BT 113.40 116.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.40 116.25 Td (, ) Tj ET Q q 0 0 0 rg BT 138.43 116.25 Td (our ) Tj ET Q q 0 0 0 rg BT 154.30 116.25 Td (registration ) Tj ET Q q 0 0 0 rg BT 202.38 116.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 243.24 116.25 Td (on ) Tj ET Q q 0 0 0 rg BT 255.78 116.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 279.99 116.25 Td (S-1) Tj ET Q q 0 0 0 rg BT 293.51 116.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 301.05 116.25 Td (\(File ) Tj ET Q q 0 0 0 rg BT 322.47 116.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 339.73 116.25 Td (333-199125\), ) Tj ET Q q 0 0 0 rg BT 396.43 116.25 Td (covering ) Tj ET Q q 0 0 0 rg BT 433.95 116.25 Td (our ) Tj ET Q q 0 0 0 rg BT 449.82 116.25 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 494.03 116.25 Td (Of) Tj ET Q q 0 0 0 rg BT 504.40 116.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 530.81 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.68 116.25 Td (up ) Tj ET Q q 0 0 0 rg BT 554.22 116.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td ($700.0 ) Tj ET Q q 0 0 0 rg BT 79.38 104.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.27 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.14 104.25 Td (which ) Tj ET Q q 0 0 0 rg BT 136.46 104.25 Td (included ) Tj ET Q q 0 0 0 rg BT 172.77 104.25 Td (up ) Tj ET Q q 0 0 0 rg BT 184.65 104.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.30 104.25 Td ($500.0 ) Tj ET Q q 0 0 0 rg BT 223.68 104.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.57 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 254.45 104.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.10 104.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 290.97 104.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 327.28 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.94 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 352.14 104.25 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 395.69 104.25 Td (Primary ) Tj ET Q q 0 0 0 rg BT 429.78 104.25 Td (Of) Tj ET Q q 0 0 0 rg BT 440.15 104.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 465.91 104.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.22 104.25 Td (up ) Tj ET Q q 0 0 0 rg BT 494.10 104.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.75 104.25 Td ($200.0 ) Tj ET Q q 0 0 0 rg BT 533.13 104.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.54 92.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 88.29 92.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 125.50 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.04 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 152.13 92.25 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 196.56 92.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 214.91 92.25 Td (, ) Tj ET Q q 0 0 0 rg BT 220.17 92.25 Td (was ) Tj ET Q q 0 0 0 rg BT 238.48 92.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 275.11 92.25 Td (ef) Tj ET Q q 0 0 0 rg BT 282.70 92.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 312.66 92.25 Td (under ) Tj ET Q q 0 0 0 rg BT 338.19 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.17 92.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 394.76 92.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 414.46 92.25 Td ( ) Tj ET Q q 0 0 0 rg BT 417.02 92.25 Td (W) Tj ET Q q 0 0 0 rg BT 425.66 92.25 Td (e ) Tj ET Q q 0 0 0 rg BT 432.86 92.25 Td (of) Tj ET Q q 0 0 0 rg BT 441.01 92.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 464.31 92.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 492.06 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.16 92.25 Td (common ) Tj ET Q q 0 0 0 rg BT 540.91 92.25 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 86.86 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.05 80.25 Td (our ) Tj ET Q q 0 0 0 rg BT 112.80 80.25 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 156.89 80.25 Td (Of) Tj ET Q q 0 0 0 rg BT 167.26 80.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 193.56 80.25 Td (at ) Tj ET Q q 0 0 0 rg BT 203.19 80.25 Td ($10.20 ) Tj ET Q q 0 0 0 rg BT 233.11 80.25 Td (per ) Tj ET Q q 0 0 0 rg BT 248.30 80.25 Td (share ) Tj ET Q q 0 0 0 rg BT 271.81 80.25 Td (with ) Tj ET Q q 0 0 0 rg BT 292.01 80.25 Td (discounts ) Tj ET Q q 0 0 0 rg BT 332.21 80.25 Td (available ) Tj ET Q q 0 0 0 rg BT 370.72 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.91 80.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 410.53 80.25 Td (categories ) Tj ET Q q 0 0 0 rg BT 453.48 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.23 80.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 509.41 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.27 80.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.68 80.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 Td (common ) Tj ET Q q 0 0 0 rg BT 86.40 68.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 108.91 68.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 144.75 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.93 68.25 Td (our ) Tj ET Q q 0 0 0 rg BT 168.66 68.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 187.74 68.25 Td ( ) Tj ET Q q 0 0 0 rg BT 189.14 68.25 Td (at ) Tj ET Q q 0 0 0 rg BT 197.76 68.25 Td ($9.69 ) Tj ET Q q 0 0 0 rg BT 221.66 68.25 Td (per ) Tj ET Q q 0 0 0 rg BT 235.83 68.25 Td (share. ) Tj ET Q q 0 0 0 rg BT 260.83 68.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.13 68.25 Td (W) Tj ET Q q 0 0 0 rg BT 270.77 68.25 Td (e ) Tj ET Q q 0 0 0 rg BT 276.61 68.25 Td (stopped ) Tj ET Q q 0 0 0 rg BT 309.12 68.25 Td (accepting ) Tj ET Q q 0 0 0 rg BT 348.83 68.25 Td (subscriptions ) Tj ET Q q 0 0 0 rg BT 403.01 68.25 Td (for ) Tj ET Q q 0 0 0 rg BT 416.07 68.25 Td (our ) Tj ET Q q 0 0 0 rg BT 430.80 68.25 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 473.87 68.25 Td (Of) Tj ET Q q 0 0 0 rg BT 484.24 68.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 509.52 68.25 Td (on ) Tj ET Q q 0 0 0 rg BT 520.92 68.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.25 Td (17, ) Tj ET Q q 0 0 0 rg BT 65.27 56.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 88.03 56.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.24 56.25 Td (all ) Tj ET Q q 0 0 0 rg BT 118.00 56.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.09 56.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.08 56.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 171.83 56.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 205.71 56.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 247.90 56.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.32 56.25 Td (our ) Tj ET Q q 0 0 0 rg BT 278.42 56.25 Td (Of) Tj ET Q q 0 0 0 rg BT 288.79 56.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 315.43 56.25 Td (were ) Tj ET Q q 0 0 0 rg BT 337.63 56.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 365.40 56.25 Td (on ) Tj ET Q q 0 0 0 rg BT 378.16 56.25 Td (or ) Tj ET Q q 0 0 0 rg BT 389.26 56.25 Td (before ) Tj ET Q q 0 0 0 rg BT 417.56 56.25 Td (January ) Tj ET Q q 0 0 0 rg BT 451.43 56.25 Td (19, ) Tj ET Q q 0 0 0 rg BT 466.69 56.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 491.96 56.25 Td ( ) Tj ET Q q 0 0 0 rg BT 494.52 56.25 Td (W) Tj ET Q q 0 0 0 rg BT 503.16 56.25 Td (e ) Tj ET Q q 0 0 0 rg BT 510.37 56.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 552.56 56.25 Td (an ) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.05 742.10 Td (30.0 ) Tj ET Q q 0 0 0 rg BT 111.62 742.10 Td (million ) Tj ET Q q 0 0 0 rg BT 142.57 742.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 169.62 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.47 742.10 Td (be ) Tj ET Q q 0 0 0 rg BT 190.97 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 199.12 742.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 221.72 742.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 258.22 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.06 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 283.45 742.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 302.53 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.60 742.10 Td (beyond 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) Tj ET Q q 0 0 0 rg BT 147.81 710.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 174.99 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.38 710.10 Td (following ) Tj ET Q q 0 0 0 rg BT 230.44 710.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 257.60 710.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.11 710.10 Td (common ) Tj ET Q q 0 0 0 rg BT 305.28 710.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 328.56 710.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.18 710.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 371.23 710.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.62 710.10 Td (following ) Tj ET Q q 0 0 0 rg BT 426.68 710.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 449.97 710.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 487.69 710.10 Td (\(dollars ) Tj ET Q q 0 0 0 rg BT 520.41 710.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.02 710.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 698.10 Td (thousands\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 664.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 664.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 664.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 664.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 634.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 634.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 634.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 634.60 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 664.6 m 327.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 664.6 m 388.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 664.6 m 327.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 664.6 m 388.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 634.6 m 327.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 634.6 m 388.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 634.6 m 327.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 620.6 m 327.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 618.6 m 327.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 634.6 m 388.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 620.6 m 388.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 618.6 m 388.5 618.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.00 668.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 303.30 668.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.20 668.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 352.49 668.83 Td (oceeds) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 653.85 Td (Primary Offering) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.25 653.85 Td (173,438) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.00 653.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.25 653.85 Td (1,742,290) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 638.85 Td (DRP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.30 638.85 Td (9,764) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.30 638.85 Td (92,833) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 623.85 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.25 623.85 Td (183,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.00 623.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.25 623.85 Td (1,835,123) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.44 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.21 600.10 Td (period ) Tj ET Q q 0 0 0 rg BT 106.31 600.10 Td (from ) Tj ET Q q 0 0 0 rg BT 127.30 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.07 600.10 Td (commencement ) Tj ET Q q 0 0 0 rg BT 205.93 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.82 600.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.70 600.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 273.92 600.10 Td (Of) Tj ET Q q 0 0 0 rg BT 284.29 600.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 309.72 600.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.38 600.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 377.27 600.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.27 600.10 Td (, ) Tj ET Q q 0 0 0 rg BT 401.32 600.10 Td (we ) Tj ET Q q 0 0 0 rg BT 414.53 600.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.08 600.10 Td (69.1 ) Tj ET Q q 0 0 0 rg BT 460.14 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.03 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.58 600.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 517.12 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.01 600.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 72.67 588.10 Td (generating ) Tj ET Q q 0 0 0 rg BT 116.43 588.10 Td (total ) Tj ET Q q 0 0 0 rg BT 135.77 588.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 158.44 588.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 195.54 588.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.43 588.10 Td ($700.0 ) Tj ET Q q 0 0 0 rg BT 234.50 588.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.39 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.95 588.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 300.95 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.29 588.10 Td (our ) Tj ET Q q 0 0 0 rg BT 325.18 588.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 368.41 588.10 Td (Of) Tj ET Q q 0 0 0 rg BT 378.78 588.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 406.72 588.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.06 588.10 Td (4.2 ) Tj ET Q q 0 0 0 rg BT 460.12 588.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.01 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.57 588.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 517.12 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.01 588.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 576.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.55 576.10 Td ($40.5 ) Tj ET Q q 0 0 0 rg BT 115.55 576.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.44 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.94 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.77 576.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 181.38 576.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 219.42 576.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 256.36 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.64 576.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.47 576.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 326.64 576.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 344.98 576.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (From ) Tj ET Q q 0 0 0 rg BT 73.46 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.46 556.10 Td (commencement ) Tj ET Q q 0 0 0 rg BT 152.56 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.68 556.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.80 556.10 Td (Of) Tj ET Q q 0 0 0 rg BT 188.17 556.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 213.83 556.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.73 556.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 281.85 556.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.85 556.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.14 556.10 Td (we ) Tj ET Q q 0 0 0 rg BT 319.58 556.10 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.69 556.10 Td ($1) Tj ET Q q 0 0 0 rg BT 364.32 556.10 Td (17.5 ) Tj ET Q q 0 0 0 rg BT 383.61 556.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 414.29 556.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.85 556.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 452.31 556.10 Td (commissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.82 556.10 Td ($52.1 ) Tj ET Q q 0 0 0 rg BT 533.11 556.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.09 544.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 86.83 544.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 123.57 544.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 141.99 544.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.74 544.10 Td ($1) Tj ET Q q 0 0 0 rg BT 168.37 544.10 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 183.19 544.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.08 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.40 544.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.49 544.10 Td (other ) Tj ET Q q 0 0 0 rg BT 247.35 544.10 Td (of) Tj ET Q q 0 0 0 rg BT 255.50 544.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 281.69 544.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 304.01 544.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.10 544.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 360.29 544.10 Td (with ) Tj ET Q q 0 0 0 rg BT 380.39 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.92 544.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 431.11 544.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.87 544.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 496.30 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.94 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 522.59 544.10 Td (registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 90.26 532.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.20 532.10 Td ($138.8 ) Tj ET Q q 0 0 0 rg BT 137.20 532.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.09 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.59 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.42 532.10 Td (these ) Tj ET Q q 0 0 0 rg BT 202.47 532.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 224.97 532.10 Td (have ) Tj ET Q q 0 0 0 rg BT 246.35 532.10 Td (been ) Tj ET Q q 0 0 0 rg BT 267.72 532.10 Td (reallowed ) Tj ET Q q 0 0 0 rg BT 309.65 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.93 532.10 Td (third ) Tj ET Q q 0 0 0 rg BT 341.31 532.10 Td (parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (From ) Tj ET Q q 0 0 0 rg BT 74.61 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.77 512.10 Td (commencement ) Tj ET Q q 0 0 0 rg BT 156.01 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.28 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.55 512.10 Td (Of) Tj ET Q q 0 0 0 rg BT 193.92 512.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 220.74 512.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.79 512.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 291.05 512.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.05 512.10 Td (, ) Tj ET Q q 0 0 0 rg BT 316.49 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.65 512.10 Td (net ) Tj ET Q q 0 0 0 rg BT 346.81 512.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 385.28 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.00 512.10 Td (us ) Tj ET Q q 0 0 0 rg BT 407.83 512.10 Td (from ) Tj ET Q q 0 0 0 rg BT 430.21 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.48 512.10 Td (Of) Tj ET Q q 0 0 0 rg BT 456.85 512.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 486.17 512.10 Td (after ) Tj ET Q q 0 0 0 rg BT 507.42 512.10 Td (deducting ) Tj ET Q q 0 0 0 rg BT 549.79 512.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (total ) Tj ET Q q 0 0 0 rg BT 70.16 500.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 108.64 500.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 144.34 500.10 Td (described ) Tj ET Q q 0 0 0 rg BT 185.03 500.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 213.79 500.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.61 500.10 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 255.49 500.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.60 500.10 Td (. ) Tj ET Q q 0 0 0 rg BT 286.48 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.87 500.10 Td (From ) Tj ET Q q 0 0 0 rg BT 312.92 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.52 500.10 Td (commencement ) Tj ET Q q 0 0 0 rg BT 393.21 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.92 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.63 500.10 Td (Of) Tj ET Q q 0 0 0 rg BT 430.00 500.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 456.26 500.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.76 500.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 525.47 500.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.47 500.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.35 500.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (used ) Tj ET Q q 0 0 0 rg BT 71.03 488.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 109.27 488.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.30 488.10 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 140.50 488.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.62 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.32 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.80 488.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 218.04 488.10 Td (real ) Tj ET Q q 0 0 0 rg BT 235.72 488.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 261.19 488.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 288.89 488.10 Td (investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.86 488.10 Td ($219.4 ) Tj ET Q q 0 0 0 rg BT 372.06 488.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.96 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.66 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.14 488.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 446.26 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.40 488.10 Td (originate ) Tj ET Q q 0 0 0 rg BT 501.65 488.10 Td (real ) Tj ET Q q 0 0 0 rg BT 519.33 488.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 544.80 488.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.27 476.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.21 476.10 Td ($73.1 ) Tj ET Q q 0 0 0 rg BT 142.21 476.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.10 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.60 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.88 476.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 200.82 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 216.10 476.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 250.82 476.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 297.20 476.10 Td (fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 456.10 Td (chases of Equity Securities by the Issuer) Tj ET Q q 0 0 0 rg BT 236.86 456.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 257.43 456.10 Td (Affiliated Pur) Tj ET Q q 0 0 0 rg BT 316.41 456.10 Td (chasers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 436.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.69 436.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 99.96 436.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.91 436.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 141.29 436.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 190.55 436.10 Td (Program ) Tj ET Q q 0 0 0 rg BT 227.60 436.10 Td (ef) Tj ET Q q 0 0 0 rg BT 235.19 436.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 264.43 436.10 Td (August ) Tj ET Q q 0 0 0 rg BT 295.94 436.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 306.05 436.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 331.17 436.10 Td (as ) Tj ET Q q 0 0 0 rg BT 342.11 436.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 380.82 436.10 Td (on ) Tj ET Q q 0 0 0 rg BT 392.86 436.10 Td (April ) Tj ET Q q 0 0 0 rg BT 416.58 436.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 426.69 436.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 451.81 436.10 Td (which ) Tj ET Q q 0 0 0 rg BT 478.86 436.10 Td (enables ) Tj ET Q q 0 0 0 rg BT 511.46 436.10 Td (stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.17 424.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 76.46 424.10 Td (their ) Tj ET Q q 0 0 0 rg BT 97.18 424.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 124.56 424.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.73 424.10 Td (us ) Tj ET Q q 0 0 0 rg BT 146.02 424.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.19 424.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 186.92 424.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 248.45 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.68 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.31 424.10 Td (e ) Tj ET Q q 0 0 0 rg BT 266.15 424.10 Td (may ) Tj ET Q q 0 0 0 rg BT 285.76 424.10 Td (not ) Tj ET Q q 0 0 0 rg BT 300.93 424.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 346.63 424.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 374.02 424.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 401.41 424.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.25 424.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 457.30 424.10 Td (has ) Tj ET Q q 0 0 0 rg BT 473.02 424.10 Td (held ) Tj ET Q q 0 0 0 rg BT 492.63 424.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 520.02 424.10 Td (for ) Tj ET Q q 0 0 0 rg BT 534.08 424.10 Td (at ) Tj ET Q q 0 0 0 rg BT 543.69 424.10 Td (least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (one ) Tj ET Q q 0 0 0 rg BT 66.87 412.10 Td (year) Tj ET Q q 0 0 0 rg BT 83.53 412.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.46 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.89 412.10 Td (However) Tj ET Q q 0 0 0 rg BT 127.14 412.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.08 412.10 Td (we ) Tj ET Q q 0 0 0 rg BT 146.17 412.10 Td (may ) Tj ET Q q 0 0 0 rg BT 165.82 412.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 211.56 412.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 238.98 412.10 Td (held ) Tj ET Q q 0 0 0 rg BT 258.63 412.10 Td (for ) Tj ET Q q 0 0 0 rg BT 272.72 412.10 Td (less ) Tj ET Q q 0 0 0 rg BT 290.16 412.10 Td (than ) Tj ET Q q 0 0 0 rg BT 309.81 412.10 Td (one ) Tj ET Q q 0 0 0 rg BT 326.68 412.10 Td (year ) Tj ET Q q 0 0 0 rg BT 346.32 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.53 412.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 402.84 412.10 Td (with ) Tj ET Q q 0 0 0 rg BT 423.05 412.10 Td (a ) Tj ET Q q 0 0 0 rg BT 429.92 412.10 Td (stockholder) Tj ET Q q 0 0 0 rg BT 476.95 412.10 Td () Tj ET Q q 0 0 0 rg BT 479.72 412.10 Td (s ) Tj ET Q q 0 0 0 rg BT 486.05 412.10 Td (death ) Tj ET Q q 0 0 0 rg BT 510.14 412.10 Td (or ) Tj ET Q q 0 0 0 rg BT 520.90 412.10 Td (qualifying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (disability) Tj ET Q q 0 0 0 rg BT 86.57 400.10 Td (. ) Tj ET Q q 0 0 0 rg BT 91.55 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.86 400.10 Td (W) Tj ET Q q 0 0 0 rg BT 102.49 400.10 Td (e ) Tj ET Q q 0 0 0 rg BT 109.41 400.10 Td (will ) Tj ET Q q 0 0 0 rg BT 127.45 400.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 173.24 400.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 200.71 400.10 Td (within ) Tj ET Q q 0 0 0 rg BT 228.75 400.10 Td (two ) Tj ET Q q 0 0 0 rg BT 246.23 400.10 Td (years ) Tj ET Q q 0 0 0 rg BT 269.81 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.63 400.10 Td (such ) Tj ET Q q 0 0 0 rg BT 301.44 400.10 Td (death ) Tj ET Q q 0 0 0 rg BT 325.58 400.10 Td (or ) Tj ET Q q 0 0 0 rg BT 336.39 400.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 379.97 400.10 Td (disability ) Tj ET Q q 0 0 0 rg BT 419.68 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.49 400.10 Td (a ) Tj ET Q q 0 0 0 rg BT 437.41 400.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 486.55 400.10 Td (at ) Tj ET Q q 0 0 0 rg BT 496.24 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.94 400.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 538.97 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 400.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (price ) Tj ET Q q 0 0 0 rg BT 71.96 388.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 91.14 388.10 Td (for ) Tj ET Q q 0 0 0 rg BT 104.77 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.96 388.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 148.42 388.10 Td (as ) Tj ET Q q 0 0 0 rg BT 158.72 388.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 194.02 388.10 Td (for ) Tj ET Q q 0 0 0 rg BT 207.65 388.10 Td (any ) Tj ET Q q 0 0 0 rg BT 224.06 388.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 247.13 388.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 290.49 388.10 Td (combinations, ) Tj ET Q q 0 0 0 rg BT 348.84 388.10 Td (splits, ) Tj ET Q q 0 0 0 rg BT 374.43 388.10 Td (recapitalizations ) Tj ET Q q 0 0 0 rg BT 441.92 388.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.22 388.10 Td (any ) Tj ET Q q 0 0 0 rg BT 468.63 388.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 498.38 388.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 544.22 388.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 81.34 376.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.13 376.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.37 376.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 135.38 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.73 376.10 Td (common ) Tj ET Q q 0 0 0 rg BT 184.75 376.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 211.37 376.10 Td (or ) Tj ET Q q 0 0 0 rg BT 222.72 376.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.07 376.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 280.42 376.10 Td (value ) Tj ET Q q 0 0 0 rg BT 305.09 376.10 Td (per ) Tj ET Q q 0 0 0 rg BT 320.88 376.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 347.50 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.85 376.10 Td (A) Tj ET Q q 0 0 0 rg BT 356.52 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.54 376.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 403.66 376.10 Td (disability ) Tj ET Q q 0 0 0 rg BT 443.91 376.10 Td (is ) Tj ET Q q 0 0 0 rg BT 453.60 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 461.05 376.10 Td (disability ) Tj ET Q q 0 0 0 rg BT 501.30 376.10 Td (as ) Tj ET Q q 0 0 0 rg BT 512.65 376.10 Td (such ) Tj ET Q q 0 0 0 rg BT 534.00 376.10 Td (term ) Tj ET Q q 0 0 0 rg BT 555.34 376.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 82.22 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.23 364.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 124.46 364.10 Td (72\(m\)\(7\) ) Tj ET Q q 0 0 0 rg BT 162.80 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.36 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.82 364.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 221.15 364.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 258.37 364.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 281.71 364.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.94 364.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 323.94 364.10 Td (after ) Tj ET Q q 0 0 0 rg BT 344.50 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.95 364.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 396.72 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.29 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.74 364.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 448.96 364.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 489.51 364.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.53 364.10 Td (be ) Tj ET Q q 0 0 0 rg BT 511.20 364.10 Td (repurchased. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 352.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.82 352.10 Td (are ) Tj ET Q q 0 0 0 rg BT 78.77 352.10 Td (not ) Tj ET Q q 0 0 0 rg BT 93.29 352.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 132.25 352.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.77 352.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 186.82 352.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 213.55 352.10 Td (under ) Tj ET Q q 0 0 0 rg BT 238.06 352.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.13 352.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 277.65 352.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 326.04 352.10 Td (Program. ) Tj ET Q q 0 0 0 rg BT 364.72 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.46 352.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 395.97 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 405.49 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.45 352.10 Td (case ) Tj ET Q q 0 0 0 rg BT 438.40 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.47 352.10 Td (death ) Tj ET Q q 0 0 0 rg BT 471.87 352.10 Td (or ) Tj ET Q q 0 0 0 rg BT 481.94 352.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 524.79 352.10 Td (disability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 64.52 340.10 Td (described ) Tj ET Q q 0 0 0 rg BT 105.69 340.10 Td (above\), ) Tj ET Q q 0 0 0 rg BT 138.26 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.33 340.10 Td (price ) Tj ET Q q 0 0 0 rg BT 176.18 340.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 196.25 340.10 Td (for ) Tj ET Q q 0 0 0 rg BT 210.77 340.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 238.62 340.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 280.34 340.10 Td (under ) Tj ET Q q 0 0 0 rg BT 305.97 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.05 340.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 346.67 340.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 396.18 340.10 Td (Program ) Tj ET Q q 0 0 0 rg BT 433.48 340.10 Td (for ) Tj ET Q q 0 0 0 rg BT 448.00 340.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 483.62 340.10 Td (received ) Tj ET Q q 0 0 0 rg BT 520.34 340.10 Td (after ) Tj ET Q q 0 0 0 rg BT 540.89 340.10 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 65.00 328.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 87.50 328.10 Td (is ) Tj ET Q q 0 0 0 rg BT 96.67 328.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 122.50 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.33 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.05 328.10 Td (most ) Tj ET Q q 0 0 0 rg BT 170.00 328.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 204.70 328.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 244.41 328.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 285.23 328.10 Td (value ) Tj ET Q q 0 0 0 rg BT 309.39 328.10 Td (per ) Tj ET Q q 0 0 0 rg BT 324.66 328.10 Td (share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 308.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.48 308.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 86.21 308.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 131.92 308.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 167.09 308.10 Td (received ) Tj ET Q q 0 0 0 rg BT 203.35 308.10 Td (during ) Tj ET Q q 0 0 0 rg BT 231.86 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.70 308.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 269.42 308.10 Td (with ) Tj ET Q q 0 0 0 rg BT 289.60 308.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 327.53 308.10 Td (set ) Tj ET Q q 0 0 0 rg BT 341.04 308.10 Td (aside ) Tj ET Q q 0 0 0 rg BT 363.99 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.05 308.10 Td (that ) Tj ET Q q 0 0 0 rg BT 395.45 308.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 429.51 308.10 Td (which ) Tj ET Q q 0 0 0 rg BT 456.35 308.10 Td (are ) Tj ET Q q 0 0 0 rg BT 470.96 308.10 Td (not ) Tj ET Q q 0 0 0 rg BT 486.14 308.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 524.07 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.25 308.10 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 88.19 296.10 Td (received ) Tj ET Q q 0 0 0 rg BT 124.71 296.10 Td (from ) Tj ET Q q 0 0 0 rg BT 146.81 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.80 296.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 181.14 296.10 Td (. ) Tj ET Q q 0 0 0 rg BT 186.30 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.96 296.10 Td (However) Tj ET Q q 0 0 0 rg BT 225.21 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 230.37 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.80 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.68 296.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 282.77 296.10 Td (that ) Tj ET Q q 0 0 0 rg BT 300.42 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.30 296.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 356.82 296.10 Td (DRP) Tj ET Q q 0 0 0 rg BT 375.90 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.56 296.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 416.75 296.10 Td (are ) Tj ET Q q 0 0 0 rg BT 431.62 296.10 Td (not ) Tj ET Q q 0 0 0 rg BT 447.05 296.10 Td (suf) Tj ET Q q 0 0 0 rg BT 459.09 296.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 487.29 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.73 296.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 518.72 296.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (requests, ) Tj ET Q q 0 0 0 rg BT 87.97 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.99 284.10 Td (board ) Tj ET Q q 0 0 0 rg BT 129.46 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.49 284.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 178.17 284.10 Td (may) Tj ET Q q 0 0 0 rg BT 194.74 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.94 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.41 284.10 Td (its ) Tj ET Q q 0 0 0 rg BT 222.56 284.10 Td (sole ) Tj ET Q q 0 0 0 rg BT 241.36 284.10 Td (discretion, ) Tj ET Q q 0 0 0 rg BT 286.00 284.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 316.46 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.94 284.10 Td (use ) Tj ET Q q 0 0 0 rg BT 342.97 284.10 Td (other ) Tj ET Q q 0 0 0 rg BT 366.21 284.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 398.90 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.93 284.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 437.35 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.04 284.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 458.29 284.10 Td (board ) Tj ET Q q 0 0 0 rg BT 483.76 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.79 284.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 532.47 284.10 Td (may) Tj ET Q q 0 0 0 rg BT 549.04 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 554.24 284.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (its ) Tj ET Q q 0 0 0 rg BT 62.44 272.10 Td (sole ) Tj ET Q q 0 0 0 rg BT 81.54 272.10 Td (discretion, ) Tj ET Q q 0 0 0 rg BT 126.46 272.10 Td (amend, ) Tj ET Q q 0 0 0 rg BT 158.60 272.10 Td (suspend ) Tj ET Q q 0 0 0 rg BT 193.82 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.14 272.10 Td (terminate ) Tj ET Q q 0 0 0 rg BT 245.88 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.20 272.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 287.96 272.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 337.60 272.10 Td (Program ) Tj ET Q q 0 0 0 rg BT 375.03 272.10 Td (at ) Tj ET Q q 0 0 0 rg BT 385.23 272.10 Td (any ) Tj ET Q q 0 0 0 rg BT 402.66 272.10 Td (time ) Tj ET Q q 0 0 0 rg BT 423.42 272.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 461.96 272.10 Td (that ) Tj ET Q q 0 0 0 rg BT 479.95 272.10 Td (any ) Tj ET Q q 0 0 0 rg BT 497.37 272.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 547.01 272.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.57 260.10 Td (af) Tj ET Q q 0 0 0 rg BT 98.16 260.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 119.29 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.76 260.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 158.79 260.10 Td (or ) Tj ET Q q 0 0 0 rg BT 169.38 260.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 216.08 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.66 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.36 260.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 278.37 260.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 292.29 260.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 339.52 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.55 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.03 260.10 Td (sole ) Tj ET Q q 0 0 0 rg BT 382.39 260.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 424.08 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.66 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.25 260.10 Td (board ) Tj ET Q q 0 0 0 rg BT 475.27 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.86 260.10 Td (directors\) ) Tj ET Q q 0 0 0 rg BT 526.43 260.10 Td (will ) Tj ET Q q 0 0 0 rg BT 544.24 260.10 Td (only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (take ) Tj ET Q q 0 0 0 rg BT 69.66 248.10 Td (ef) Tj ET Q q 0 0 0 rg BT 77.25 248.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 95.24 248.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 118.24 248.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 133.47 248.10 Td (days) Tj ET Q q 0 0 0 rg BT 154.38 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.39 248.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 179.83 248.10 Td (written ) Tj ET Q q 0 0 0 rg BT 211.16 248.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 238.60 248.10 Td (except ) Tj ET Q q 0 0 0 rg BT 267.70 248.10 Td (that ) Tj ET Q q 0 0 0 rg BT 285.70 248.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 320.92 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.70 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.92 248.10 Td (number ) Tj ET Q q 0 0 0 rg BT 380.47 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.81 248.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 419.80 248.10 Td (that ) Tj ET Q q 0 0 0 rg BT 437.81 248.10 Td (can ) Tj ET Q q 0 0 0 rg BT 454.69 248.10 Td (be ) Tj ET Q q 0 0 0 rg BT 467.13 248.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 518.44 248.10 Td (during ) Tj ET Q q 0 0 0 rg BT 547.56 248.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 86.38 236.10 Td (year ) Tj ET Q q 0 0 0 rg BT 106.10 236.10 Td (will ) Tj ET Q q 0 0 0 rg BT 124.17 236.10 Td (take ) Tj ET Q q 0 0 0 rg BT 143.35 236.10 Td (ef) Tj ET Q q 0 0 0 rg BT 150.93 236.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 168.44 236.10 Td (only ) Tj ET Q q 0 0 0 rg BT 188.73 236.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 211.25 236.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 225.98 236.10 Td (business ) Tj ET Q q 0 0 0 rg BT 262.39 236.10 Td (days) Tj ET Q q 0 0 0 rg BT 283.30 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.82 236.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 307.77 236.10 Td (written ) Tj ET Q q 0 0 0 rg BT 338.62 236.10 Td (notice. ) Tj ET Q q 0 0 0 rg BT 368.07 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.58 236.10 Td (In ) Tj ET Q q 0 0 0 rg BT 381.43 236.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 419.22 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 435.06 236.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 460.35 236.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 509.51 236.10 Td (Program ) Tj ET Q q 0 0 0 rg BT 546.46 236.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (terminate ) Tj ET Q q 0 0 0 rg BT 90.51 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 101.04 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.01 224.10 Td (event ) Tj ET Q q 0 0 0 rg BT 140.42 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.60 224.10 Td (secondary ) Tj ET Q q 0 0 0 rg BT 190.89 224.10 Td (market ) Tj ET Q q 0 0 0 rg BT 221.41 224.10 Td (develops ) Tj ET Q q 0 0 0 rg BT 259.71 224.10 Td (for ) Tj ET Q q 0 0 0 rg BT 274.12 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.20 224.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 317.94 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 329.02 224.10 Td (if ) Tj ET Q q 0 0 0 rg BT 337.88 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.96 224.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 381.71 224.10 Td (are ) Tj ET Q q 0 0 0 rg BT 396.67 224.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 421.08 224.10 Td (on ) Tj ET Q q 0 0 0 rg BT 433.83 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 441.02 224.10 Td (national ) Tj ET Q q 0 0 0 rg BT 475.99 224.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 516.49 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 527.57 224.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 212.10 Td (quotation ) Tj ET Q q 0 0 0 rg BT 104.43 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.71 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 121.65 212.10 Td (national ) Tj ET Q q 0 0 0 rg BT 156.36 212.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 196.63 212.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 229.39 212.10 Td ( ) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.11 742.10 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.42 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.92 742.10 Td (June30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.75 742.10 Td (, we repurchased shares of our common stock as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 654.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 654.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 654.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 654.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 654.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 654.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 654.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 654.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 654.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 626.60 105.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 626.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 626.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 626.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 626.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 626.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 626.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 626.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 626.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 654.6 m 191.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 654.6 m 249.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 654.6 m 307.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 654.6 m 371.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 654.6 m 440.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 654.6 m 249.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 654.6 m 307.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 654.6 m 371.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 612.6 m 249.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 612.6 m 307.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 612.6 m 371.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 599.6 m 249.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 597.6 m 249.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 599.6 m 307.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 597.6 m 307.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 599.6 m 371.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 597.6 m 371.5 597.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 127.15 658.83 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.10 674.83 Td (Total Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.15 666.83 Td (of Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.05 658.83 Td (Purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.20 674.83 Td (Average Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.25 666.83 Td (Paid Per) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.05 658.83 Td (Share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.10 706.83 Td (Total Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.15 698.83 Td (of Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.50 690.83 Td (Purchased as) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.10 682.83 Td (Part of Publicly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.40 674.83 Td (Announced) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.50 666.83 Td (Plan or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.70 658.83 Td (Program) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.70 714.83 Td (Maximum) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.90 706.83 Td (Approximate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.75 698.83 Td (Dollar Value of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.35 690.83 Td (Shares that May) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.50 682.83 Td (Yet Be) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.55 674.83 Td (Purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.55 666.83 Td (Under the Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.50 658.83 Td (or Program) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 644.85 Td (April 1 to April 30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.65 644.85 Td (266,860) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.00 644.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.65 644.85 Td (9.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.65 644.85 Td (266,860) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 403.70 650.43 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 630.85 Td (May 1 to May 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.65 631.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 631.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 631.28 Td () Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 403.70 636.43 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 616.85 Td (June 1 to June 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.65 617.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 617.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.65 617.28 Td () Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 403.70 622.43 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 602.85 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.65 602.85 Td (266,860) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.00 602.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.65 602.85 Td (9.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.65 602.85 Td (266,860) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 587.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 577.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 104.00 577.50 Td (Subject ) Tj ET Q q 0 0 0 rg BT 130.10 577.50 Td (to ) Tj ET Q q 0 0 0 rg BT 138.42 577.50 Td (funds ) Tj ET Q q 0 0 0 rg BT 158.30 577.50 Td (being ) Tj ET Q q 0 0 0 rg BT 178.18 577.50 Td (available, ) Tj ET Q q 0 0 0 rg BT 211.15 577.50 Td (we ) Tj ET Q q 0 0 0 rg BT 222.58 577.50 Td (will ) Tj ET Q q 0 0 0 rg BT 237.13 577.50 Td (limit ) Tj ET Q q 0 0 0 rg BT 254.35 577.50 Td (the ) Tj ET Q q 0 0 0 rg BT 266.22 577.50 Td (number ) Tj ET Q q 0 0 0 rg BT 292.76 577.50 Td (of ) Tj ET Q q 0 0 0 rg BT 301.53 577.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 323.63 577.50 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 364.37 577.50 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 394.03 577.50 Td (to ) Tj ET Q q 0 0 0 rg BT 402.35 577.50 Td (our ) Tj ET Q q 0 0 0 rg BT 415.12 577.50 Td (Share ) Tj ET Q q 0 0 0 rg BT 435.43 577.50 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 474.85 577.50 Td (Program ) Tj ET Q q 0 0 0 rg BT 504.51 577.50 Td (to: ) Tj ET Q q 0 0 0 rg BT 515.05 577.50 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 524.71 577.50 Td (5.0% ) Tj ET Q q 0 0 0 rg BT 543.47 577.50 Td (of ) Tj ET Q q 0 0 0 rg BT 552.24 577.50 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 567.90 Td (weighted ) Tj ET Q q 0 0 0 rg BT 135.10 567.90 Td (average ) Tj ET Q q 0 0 0 rg BT 161.74 567.90 Td (number ) Tj ET Q q 0 0 0 rg BT 187.95 567.90 Td (of ) Tj ET Q q 0 0 0 rg BT 196.39 567.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 218.16 567.90 Td (of ) Tj ET Q q 0 0 0 rg BT 226.60 567.90 Td (our ) Tj ET Q q 0 0 0 rg BT 239.03 567.90 Td (common ) Tj ET Q q 0 0 0 rg BT 268.80 567.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 287.47 567.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 326.57 567.90 Td (during ) Tj ET Q q 0 0 0 rg BT 349.23 567.90 Td (the ) Tj ET Q q 0 0 0 rg BT 360.78 567.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 378.11 567.90 Td (calendar ) Tj ET Q q 0 0 0 rg BT 406.97 567.90 Td (year; ) Tj ET Q q 0 0 0 rg BT 424.73 567.90 Td (and ) Tj ET Q q 0 0 0 rg BT 438.06 567.90 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 449.61 567.90 Td (those ) Tj ET Q q 0 0 0 rg BT 468.27 567.90 Td (that ) Tj ET Q q 0 0 0 rg BT 482.04 567.90 Td (could ) Tj ET Q q 0 0 0 rg BT 501.59 567.90 Td (be ) Tj ET Q q 0 0 0 rg BT 510.91 567.90 Td (funded ) Tj ET Q q 0 0 0 rg BT 534.90 567.90 Td (from ) Tj ET Q q 0 0 0 rg BT 552.23 567.90 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 558.30 Td (net ) Tj ET Q q 0 0 0 rg BT 115.79 558.30 Td (DRP) Tj ET Q q 0 0 0 rg BT 131.06 558.30 Td ( ) Tj ET Q q 0 0 0 rg BT 133.08 558.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 163.52 558.30 Td (in ) Tj ET Q q 0 0 0 rg BT 171.77 558.30 Td (the ) Tj ET Q q 0 0 0 rg BT 183.56 558.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 201.13 558.30 Td (calendar ) Tj ET Q q 0 0 0 rg BT 230.24 558.30 Td (year ) Tj ET Q q 0 0 0 rg BT 246.02 558.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 261.37 558.30 Td (such ) Tj ET Q q 0 0 0 rg BT 278.06 558.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 312.07 558.30 Td (funds ) Tj ET Q q 0 0 0 rg BT 331.86 558.30 Td (as ) Tj ET Q q 0 0 0 rg BT 340.55 558.30 Td (may ) Tj ET Q q 0 0 0 rg BT 356.34 558.30 Td (be ) Tj ET Q q 0 0 0 rg BT 365.91 558.30 Td (reserved ) Tj ET Q q 0 0 0 rg BT 395.02 558.30 Td (for ) Tj ET Q q 0 0 0 rg BT 406.37 558.30 Td (that ) Tj ET Q q 0 0 0 rg BT 420.38 558.30 Td (purpose ) Tj ET Q q 0 0 0 rg BT 447.73 558.30 Td (by ) Tj ET Q q 0 0 0 rg BT 457.75 558.30 Td (our ) Tj ET Q q 0 0 0 rg BT 470.43 558.30 Td (board ) Tj ET Q q 0 0 0 rg BT 490.66 558.30 Td (of ) Tj ET Q q 0 0 0 rg BT 499.34 558.30 Td (directors; ) Tj ET Q q 0 0 0 rg BT 531.57 558.30 Td (provided, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 548.70 Td (however) Tj ET Q q 0 0 0 rg BT 131.22 548.70 Td (, ) Tj ET Q q 0 0 0 rg BT 135.10 548.70 Td (that ) Tj ET Q q 0 0 0 rg BT 148.98 548.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.63 548.70 Td (above ) Tj ET Q q 0 0 0 rg BT 181.61 548.70 Td (volume ) Tj ET Q q 0 0 0 rg BT 207.48 548.70 Td (limitations ) Tj ET Q q 0 0 0 rg BT 243.59 548.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 260.57 548.70 Td (not ) Tj ET Q q 0 0 0 rg BT 272.68 548.70 Td (apply ) Tj ET Q q 0 0 0 rg BT 292.33 548.70 Td (to ) Tj ET Q q 0 0 0 rg BT 300.43 548.70 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 340.07 548.70 Td (requested ) Tj ET Q q 0 0 0 rg BT 372.60 548.70 Td (within ) Tj ET Q q 0 0 0 rg BT 394.92 548.70 Td (two ) Tj ET Q q 0 0 0 rg BT 408.80 548.70 Td (years ) Tj ET Q q 0 0 0 rg BT 427.56 548.70 Td (after ) Tj ET Q q 0 0 0 rg BT 444.09 548.70 Td (the ) Tj ET Q q 0 0 0 rg BT 455.74 548.70 Td (death ) Tj ET Q q 0 0 0 rg BT 474.95 548.70 Td (or ) Tj ET Q q 0 0 0 rg BT 483.49 548.70 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 518.25 548.70 Td (disability ) Tj ET Q q 0 0 0 rg BT 549.91 548.70 Td (of ) Tj ET Q q 0 0 0 rg BT 558.45 548.70 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 539.10 Td (stockholder) Tj ET Q q 0 0 0 rg BT 140.88 539.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.61 519.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 519.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 110.27 519.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 519.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.27 519.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.43 519.10 Td (had ) Tj ET Q q 0 0 0 rg BT 166.37 519.10 Td (no ) Tj ET Q q 0 0 0 rg BT 178.87 519.10 Td (unfulfilled ) Tj ET Q q 0 0 0 rg BT 223.58 519.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 269.39 519.10 Td (requests.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (Unr) Tj ET Q q 0 0 0 rg BT 67.04 499.10 Td (egister) Tj ET Q q 0 0 0 rg BT 95.18 499.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 107.68 499.10 Td (Sales ) Tj ET Q q 0 0 0 rg BT 131.85 499.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.68 499.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 174.08 499.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (On June 24, 2016, we granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.20 479.10 Td (4,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.70 479.10 Td ( shares of restricted common stock at $8.63 per share to each of our independent directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (for an aggregate of 13,905 shares of restricted common stock, pursuant to our independent director compensation plan. ) Tj ET Q q 0 0 0 rg BT 530.51 467.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (shares were issued pursuant to an exemption from registration under Section 4\(a\)\(2\) of the Securities ) Tj ET Q q 0 0 0 rg BT 455.72 455.10 Td (Act for transactions not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (involving a public of) Tj ET Q q 0 0 0 rg BT 133.42 443.10 Td (fering.) 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ET Q q 0 0 0 rg BT 130.37 508.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 163.82 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.06 508.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 217.19 508.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 235.09 508.25 Td (Rules13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 302.71 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.61 508.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 366.84 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.74 508.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 418.75 508.25 Td (control ) Tj ET Q q 0 0 0 rg BT 450.54 508.25 Td (over ) Tj ET Q q 0 0 0 rg BT 471.78 508.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 510.23 508.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 550.35 508.25 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 82.49 496.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.76 496.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 496.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 151.07 496.25 Td (Rules13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 216.61 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.55 496.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 277.70 496.25 Td (for ) Tj ET Q q 0 0 0 rg BT 291.86 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.58 496.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 346.84 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.78 496.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (\(a\)Designed ) Tj ET Q q 0 0 0 rg BT 159.12 478.25 Td (such ) Tj ET Q q 0 0 0 rg BT 181.21 478.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 225.51 478.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 261.48 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.68 478.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 329.80 478.25 Td (or ) Tj ET Q q 0 0 0 rg BT 341.89 478.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 372.85 478.25 Td (such ) Tj ET Q q 0 0 0 rg BT 394.94 478.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 439.24 478.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 475.21 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.41 478.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 541.03 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 478.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 466.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 157.15 466.25 Td (under ) Tj ET Q q 0 0 0 rg BT 184.01 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.44 466.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 254.15 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.03 466.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 296.22 466.25 Td (that ) Tj ET Q q 0 0 0 rg BT 315.32 466.25 Td (material ) Tj ET Q q 0 0 0 rg BT 352.17 466.25 Td (information ) Tj ET Q q 0 0 0 rg BT 403.48 466.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 438.13 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.00 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.32 466.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 510.68 466.25 Td (including ) Tj ET Q q 0 0 0 rg BT 552.55 466.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 454.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 170.65 454.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 222.98 454.25 Td (is ) Tj ET Q q 0 0 0 rg BT 232.27 454.25 Td (made ) Tj ET Q q 0 0 0 rg BT 256.53 454.25 Td (known ) Tj ET Q q 0 0 0 rg BT 286.37 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.76 454.25 Td (us ) Tj ET Q q 0 0 0 rg BT 308.26 454.25 Td (by ) Tj ET Q q 0 0 0 rg BT 320.87 454.25 Td (others ) Tj ET Q q 0 0 0 rg BT 347.92 454.25 Td (within ) Tj ET Q q 0 0 0 rg BT 376.09 454.25 Td (those ) Tj ET Q q 0 0 0 rg BT 399.81 454.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 433.81 454.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 482.51 454.25 Td (during ) Tj ET Q q 0 0 0 rg BT 511.23 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.06 454.25 Td (period ) Tj ET Q q 0 0 0 rg BT 554.22 454.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 442.25 Td (which ) Tj ET Q q 0 0 0 rg BT 144.44 442.25 Td (this ) Tj ET Q q 0 0 0 rg BT 161.39 442.25 Td (report ) Tj ET Q q 0 0 0 rg BT 187.76 442.25 Td (is ) Tj ET Q q 0 0 0 rg BT 196.93 442.25 Td (being ) Tj ET Q q 0 0 0 rg BT 221.65 442.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 424.25 Td (\(b\)Designed ) Tj ET Q q 0 0 0 rg BT 158.42 424.25 Td (such ) Tj ET Q q 0 0 0 rg BT 179.23 424.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 212.26 424.25 Td (control ) Tj ET Q q 0 0 0 rg BT 243.08 424.25 Td (over ) Tj ET Q q 0 0 0 rg BT 263.33 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.80 424.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 342.44 424.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.26 424.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 382.96 424.25 Td (such ) Tj ET Q q 0 0 0 rg BT 403.78 424.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 436.81 424.25 Td (control ) Tj ET Q q 0 0 0 rg BT 467.62 424.25 Td (over ) Tj ET Q q 0 0 0 rg BT 487.87 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.34 424.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.16 412.25 Td (be ) Tj ET Q q 0 0 0 rg BT 142.48 412.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 181.91 412.25 Td (under ) Tj ET Q q 0 0 0 rg BT 208.57 412.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.78 412.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 278.27 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.93 412.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 324.36 412.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 371.00 412.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 413.75 412.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 455.95 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.05 412.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 514.81 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.02 412.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 400.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 156.16 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.60 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.82 400.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 234.35 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.68 400.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.67 400.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 325.88 400.25 Td (for ) Tj ET Q q 0 0 0 rg BT 339.54 400.25 Td (external ) Tj ET Q q 0 0 0 rg BT 373.75 400.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 411.30 400.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.08 400.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 468.04 400.25 Td (with ) Tj ET Q q 0 0 0 rg BT 487.82 400.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 527.03 400.25 Td (accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 388.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 163.87 388.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (\(c\)Evaluated ) Tj ET Q q 0 0 0 rg BT 159.71 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.06 370.25 Td (ef) Tj ET Q q 0 0 0 rg BT 181.64 370.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 228.20 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.66 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.01 370.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 293.55 370.25 Td (s ) Tj ET Q q 0 0 0 rg BT 299.57 370.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 342.25 370.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 376.59 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.16 370.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 439.16 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 455.73 370.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 496.18 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.08 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 522.66 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 548.67 370.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 358.25 Td (conclusions ) Tj ET Q q 0 0 0 rg BT 166.82 358.25 Td (about ) Tj ET Q q 0 0 0 rg BT 191.13 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.45 358.25 Td (ef) Tj ET Q q 0 0 0 rg BT 213.03 358.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 259.56 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.30 358.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 326.95 358.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 361.26 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.80 358.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 426.26 358.25 Td (as ) Tj ET Q q 0 0 0 rg BT 436.69 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.12 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.44 358.25 Td (end ) Tj ET Q q 0 0 0 rg BT 477.97 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.40 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.72 358.25 Td (period ) Tj ET Q q 0 0 0 rg BT 530.36 358.25 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 346.25 Td (by ) Tj ET Q q 0 0 0 rg BT 130.00 346.25 Td (this ) Tj ET Q q 0 0 0 rg BT 146.95 346.25 Td (report ) Tj ET Q q 0 0 0 rg BT 173.33 346.25 Td (based ) Tj ET Q q 0 0 0 rg BT 198.59 346.25 Td (on ) Tj ET Q q 0 0 0 rg BT 211.09 346.25 Td (such ) Tj ET Q q 0 0 0 rg BT 231.92 346.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 278.85 346.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 328.25 Td (\(d\)Disclosed ) Tj ET Q q 0 0 0 rg BT 159.27 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.72 328.25 Td (this ) Tj ET Q q 0 0 0 rg BT 184.85 328.25 Td (report ) Tj ET Q q 0 0 0 rg BT 210.40 328.25 Td (any ) Tj ET Q q 0 0 0 rg BT 226.51 328.25 Td (change ) Tj ET Q q 0 0 0 rg BT 256.50 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.95 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.84 328.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 320.38 328.25 Td (s ) Tj ET Q q 0 0 0 rg BT 325.95 328.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 358.17 328.25 Td (control ) Tj ET Q q 0 0 0 rg BT 388.16 328.25 Td (over ) Tj ET Q q 0 0 0 rg BT 407.61 328.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.26 328.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 482.59 328.25 Td (that ) Tj ET Q q 0 0 0 rg BT 499.26 328.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 535.91 328.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.70 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 173.25 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 180.13 316.25 Td (most ) Tj ET Q q 0 0 0 rg BT 202.56 316.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 229.97 316.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 254.61 316.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 285.92 316.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 304.45 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 344.99 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 351.87 316.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 379.30 316.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 403.94 316.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 435.24 316.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.01 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.21 316.25 Td (case ) Tj ET Q q 0 0 0 rg BT 481.41 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.72 316.25 Td (an ) Tj ET Q q 0 0 0 rg BT 505.15 316.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 534.79 316.25 Td (report\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 304.25 Td (that ) Tj ET Q q 0 0 0 rg BT 136.05 304.25 Td (has ) Tj ET Q q 0 0 0 rg BT 152.94 304.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 197.04 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 204.63 304.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 235.11 304.25 Td (or ) Tj ET Q q 0 0 0 rg BT 247.00 304.25 Td (is ) Tj ET Q q 0 0 0 rg BT 257.23 304.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 304.10 304.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 330.43 304.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.77 304.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 385.86 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 393.45 304.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 414.50 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.27 304.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 470.81 304.25 Td (s ) Tj ET Q q 0 0 0 rg BT 478.26 304.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 512.36 304.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 304.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 292.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.98 292.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 196.91 292.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.25 Td (5.) Tj ET Q q 0 0 0 rg BT 95.82 269.25 Td (The ) Tj ET Q q 0 0 0 rg BT 113.40 269.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 153.94 269.25 Td (s ) Tj ET Q q 0 0 0 rg BT 159.87 269.25 Td (other ) Tj ET Q q 0 0 0 rg BT 182.45 269.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 223.36 269.25 Td (of) Tj ET Q q 0 0 0 rg BT 231.51 269.25 Td (ficer\(s\) ) Tj ET Q q 0 0 0 rg BT 262.41 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.88 269.25 Td (I ) Tj ET Q q 0 0 0 rg BT 284.25 269.25 Td (have ) Tj ET Q q 0 0 0 rg BT 305.16 269.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 346.91 269.25 Td (based ) Tj ET Q q 0 0 0 rg BT 371.72 269.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.75 269.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.12 269.25 Td (most ) Tj ET Q q 0 0 0 rg BT 420.60 269.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 447.06 269.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 490.75 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.11 269.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.69 269.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (over ) Tj ET Q q 0 0 0 rg BT 71.18 257.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.56 257.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 152.13 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.31 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.94 257.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 219.48 257.25 Td (s ) Tj ET Q q 0 0 0 rg BT 226.78 257.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 262.40 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.25 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.87 257.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 319.27 257.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 364.89 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.62 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.25 257.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 432.79 257.25 Td (s ) Tj ET Q q 0 0 0 rg BT 440.09 257.25 Td (board ) Tj ET Q q 0 0 0 rg BT 466.26 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.00 257.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 516.39 257.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 531.46 257.25 Td (persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.49 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.20 245.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 156.35 245.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 227.25 Td (\(a\)) Tj ET Q q 0 0 0 rg BT 117.05 227.25 Td (All ) Tj ET Q q 0 0 0 rg BT 132.24 227.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 176.87 227.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 227.03 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.88 227.25 Td (material ) Tj ET Q q 0 0 0 rg BT 279.06 227.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 328.12 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.31 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.95 227.25 Td (design ) Tj ET Q q 0 0 0 rg BT 381.47 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 392.21 227.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 432.39 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.14 227.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 476.09 227.25 Td (control ) Tj ET Q q 0 0 0 rg BT 506.83 227.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 227.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 215.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 157.16 215.25 Td (which ) Tj ET Q q 0 0 0 rg BT 184.60 215.25 Td (are ) Tj ET Q q 0 0 0 rg BT 199.82 215.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 246.14 215.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 271.92 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.70 215.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 324.02 215.25 Td (af) Tj ET Q q 0 0 0 rg BT 331.61 215.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 349.60 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.82 215.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 405.36 215.25 Td (s ) Tj ET Q q 0 0 0 rg BT 412.26 215.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 440.82 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 215.25 Td (record, ) Tj ET Q q 0 0 0 rg BT 482.64 215.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 518.14 215.25 Td (summarize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.44 203.25 Td (report ) Tj ET Q q 0 0 0 rg BT 160.82 203.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.30 203.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 250.79 203.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 185.25 Td (\(b\)) Tj ET Q q 0 0 0 rg BT 117.61 185.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 137.02 185.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 162.82 185.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 197.22 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 207.75 185.25 Td (not ) Tj ET Q q 0 0 0 rg BT 222.72 185.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 260.17 185.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.36 185.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 313.44 185.25 Td (management ) Tj ET Q q 0 0 0 rg BT 366.73 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 377.25 185.25 Td (other ) Tj ET Q q 0 0 0 rg BT 399.99 185.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 444.95 185.25 Td (who ) Tj ET Q q 0 0 0 rg BT 464.37 185.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.44 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 492.07 185.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 536.48 185.25 Td (role ) Tj ET Q q 0 0 0 rg BT 554.22 185.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.22 173.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 172.76 173.25 Td (s ) Tj ET Q q 0 0 0 rg BT 179.15 173.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 212.19 173.25 Td (control ) Tj ET Q q 0 0 0 rg BT 243.02 173.25 Td (over ) Tj ET Q q 0 0 0 rg BT 263.29 173.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.77 173.25 Td (reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 136.75 m 334.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 136.75 m 492.5 136.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 141.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 141.32 Td (/s/ RONALD J. JEANNEAULT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 127.32 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 127.32 Td (Ronald J. Jeanneault) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 113.32 Td (Title:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.00 113.31 Td (Chief Executive Officerand President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 99.32 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 99.32 Td (August 11, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.80 719.25 Td (CER) Tj ET Q q 0 0 0 rg BT 166.56 719.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 200.82 719.25 Td (TION BY) Tj ET Q q 0 0 0 rg BT 242.41 719.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.73 719.25 Td (THE CHIEF) Tj ET Q q 0 0 0 rg BT 299.64 719.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 358.26 719.25 Td ( OFFICER PURSUANT) Tj ET Q q 0 0 0 rg BT 462.53 719.25 Td ( ) Tj ET Q q 0 0 0 rg BT 464.85 719.25 Td (T) Tj ET Q q 0 0 0 rg BT 471.34 719.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.20 707.25 Td (17 CFR 240.13a-14\(a\)/15\(d\)-14\(a\),) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.50 695.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 270.23 695.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 375.89 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.21 695.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.70 695.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.60 683.25 Td (SECTION 302 OF) Tj ET Q q 0 0 0 rg BT 262.13 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 264.45 683.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 379.94 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.89 683.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 402.82 683.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 418.83 683.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 660.25 Td (I, Frank ) Tj ET Q q 0 0 0 rg BT 96.98 660.25 Td (V) Tj ET Q q 0 0 0 rg BT 102.91 660.25 Td (. Saracino, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 637.25 Td (1.I ) Tj ET Q q 0 0 0 rg BT 101.83 637.25 Td (have ) Tj ET Q q 0 0 0 rg BT 123.21 637.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 162.35 637.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.30 637.25 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.62 637.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.12 637.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 249.83 637.25 Td (on ) Tj ET Q q 0 0 0 rg BT 262.33 637.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 286.50 637.25 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.83 637.25 Td (Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.05 637.25 Td ( ) Tj ET Q q 0 0 0 rg BT 309.55 637.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.38 637.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 362.32 637.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 408.12 637.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 443.11 637.25 Td (Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 614.25 Td (2.Based ) Tj ET Q q 0 0 0 rg BT 122.57 614.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.70 614.25 Td (my ) Tj ET Q q 0 0 0 rg BT 149.61 614.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 198.12 614.25 Td (this ) Tj ET Q q 0 0 0 rg BT 214.70 614.25 Td (report ) Tj ET Q q 0 0 0 rg BT 240.71 614.25 Td (does ) Tj ET Q q 0 0 0 rg BT 261.17 614.25 Td (not ) Tj ET Q q 0 0 0 rg BT 276.08 614.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 307.64 614.25 Td (any ) Tj ET Q q 0 0 0 rg BT 324.21 614.25 Td (untrue ) Tj ET Q q 0 0 0 rg BT 351.89 614.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 392.34 614.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.80 614.25 Td (a ) Tj ET Q q 0 0 0 rg BT 409.37 614.25 Td (material ) Tj ET Q q 0 0 0 rg BT 444.26 614.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 461.38 614.25 Td (or ) Tj ET Q q 0 0 0 rg BT 471.84 614.25 Td (omit ) Tj ET Q q 0 0 0 rg BT 492.31 614.25 Td (to ) Tj ET Q q 0 0 0 rg BT 502.22 614.25 Td (state ) Tj ET Q q 0 0 0 rg BT 522.67 614.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.24 614.25 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 67.03 602.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 107.94 602.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.77 602.25 Td (make ) Tj ET Q q 0 0 0 rg BT 141.47 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.73 602.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 199.98 602.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 226.18 602.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.01 602.25 Td (light ) Tj ET Q q 0 0 0 rg BT 256.39 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.76 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.02 602.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 339.71 602.25 Td (under ) Tj ET Q q 0 0 0 rg BT 364.52 602.25 Td (which ) Tj ET Q q 0 0 0 rg BT 391.01 602.25 Td (such ) Tj ET Q q 0 0 0 rg BT 411.38 602.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.64 602.25 Td (were ) Tj ET Q q 0 0 0 rg BT 477.11 602.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 503.31 602.25 Td (not ) Tj ET Q q 0 0 0 rg BT 518.14 602.25 Td (misleading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 590.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.09 590.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.37 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.09 590.25 Td (period ) Tj ET Q q 0 0 0 rg BT 154.14 590.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 188.28 590.25 Td (by ) Tj ET Q q 0 0 0 rg BT 200.78 590.25 Td (this ) Tj ET Q q 0 0 0 rg BT 217.73 590.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 567.25 Td (3.Based ) Tj ET Q q 0 0 0 rg BT 122.30 567.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.16 567.25 Td (my ) Tj ET Q q 0 0 0 rg BT 148.79 567.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 197.03 567.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.11 567.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.95 567.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 294.52 567.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.82 567.25 Td (other ) Tj ET Q q 0 0 0 rg BT 333.22 567.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.06 567.25 Td (information ) Tj ET Q q 0 0 0 rg BT 419.13 567.25 Td (included ) Tj ET Q q 0 0 0 rg BT 455.43 567.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.06 567.25 Td (this ) Tj ET Q q 0 0 0 rg BT 481.37 567.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 509.61 567.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 533.12 567.25 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.82 555.25 Td (all ) Tj ET Q q 0 0 0 rg BT 73.87 555.25 Td (material ) Tj ET Q q 0 0 0 rg BT 109.67 555.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 144.92 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.19 555.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.21 555.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 241.53 555.25 Td (results ) Tj ET Q q 0 0 0 rg BT 270.69 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.06 555.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 326.76 555.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.25 555.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 365.06 555.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 390.33 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.71 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.97 555.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 457.78 555.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.15 555.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 483.03 555.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.51 555.25 Td (for) Tj ET Q q 0 0 0 rg BT 511.77 555.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.32 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.58 555.25 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 90.82 543.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.09 543.25 Td (this ) Tj ET Q q 0 0 0 rg BT 118.04 543.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.25 Td (4.) Tj ET Q q 0 0 0 rg BT 95.82 520.25 Td (The ) Tj ET Q q 0 0 0 rg BT 114.21 520.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 154.75 520.25 Td (s ) Tj ET Q q 0 0 0 rg BT 161.49 520.25 Td (other ) Tj ET Q q 0 0 0 rg BT 184.88 520.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 226.60 520.25 Td (of) Tj ET Q q 0 0 0 rg BT 234.75 520.25 Td (ficer\(s\) ) Tj ET Q q 0 0 0 rg BT 266.46 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.75 520.25 Td (I ) Tj ET Q q 0 0 0 rg BT 289.92 520.25 Td (are ) Tj ET Q q 0 0 0 rg BT 304.98 520.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 353.37 520.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.88 520.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 418.49 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.78 520.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 486.39 520.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 529.79 520.25 Td (controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.91 508.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 115.24 508.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 130.37 508.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 163.82 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.06 508.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 217.19 508.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 235.09 508.25 Td (Rules13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 302.71 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.61 508.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 366.84 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.74 508.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 418.75 508.25 Td (control ) Tj ET Q q 0 0 0 rg BT 450.54 508.25 Td (over ) Tj ET Q q 0 0 0 rg BT 471.78 508.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 510.23 508.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 550.35 508.25 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 82.49 496.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.76 496.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 496.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 151.07 496.25 Td (Rules13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 216.61 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.55 496.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 277.70 496.25 Td (for ) Tj ET Q q 0 0 0 rg BT 291.86 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.58 496.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 346.84 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.78 496.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (\(a\)Designed ) Tj ET Q q 0 0 0 rg BT 159.12 478.25 Td (such ) Tj ET Q q 0 0 0 rg BT 181.21 478.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 225.51 478.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 261.48 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.68 478.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 329.80 478.25 Td (or ) Tj ET Q q 0 0 0 rg BT 341.89 478.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 372.85 478.25 Td (such ) Tj ET Q q 0 0 0 rg BT 394.94 478.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 439.24 478.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 475.21 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.41 478.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 541.03 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 478.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 466.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 157.15 466.25 Td (under ) Tj ET Q q 0 0 0 rg BT 184.01 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.44 466.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 254.15 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.03 466.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 296.22 466.25 Td (that ) Tj ET Q q 0 0 0 rg BT 315.32 466.25 Td (material ) Tj ET Q q 0 0 0 rg BT 352.17 466.25 Td (information ) Tj ET Q q 0 0 0 rg BT 403.48 466.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 438.13 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.00 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.32 466.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 510.68 466.25 Td (including ) Tj ET Q q 0 0 0 rg BT 552.55 466.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 454.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 170.65 454.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 222.98 454.25 Td (is ) Tj ET Q q 0 0 0 rg BT 232.27 454.25 Td (made ) Tj ET Q q 0 0 0 rg BT 256.53 454.25 Td (known ) Tj ET Q q 0 0 0 rg BT 286.37 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.76 454.25 Td (us ) Tj ET Q q 0 0 0 rg BT 308.26 454.25 Td (by ) Tj ET Q q 0 0 0 rg BT 320.87 454.25 Td (others ) Tj ET Q q 0 0 0 rg BT 347.92 454.25 Td (within ) Tj ET Q q 0 0 0 rg BT 376.09 454.25 Td (those ) Tj ET Q q 0 0 0 rg BT 399.81 454.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 433.81 454.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 482.51 454.25 Td (during ) Tj ET Q q 0 0 0 rg BT 511.23 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.06 454.25 Td (period ) Tj ET Q q 0 0 0 rg BT 554.22 454.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 442.25 Td (which ) Tj ET Q q 0 0 0 rg BT 144.44 442.25 Td (this ) Tj ET Q q 0 0 0 rg BT 161.39 442.25 Td (report ) Tj ET Q q 0 0 0 rg BT 187.76 442.25 Td (is ) Tj ET Q q 0 0 0 rg BT 196.93 442.25 Td (being ) Tj ET Q q 0 0 0 rg BT 221.65 442.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 424.25 Td (\(b\)Designed ) Tj ET Q q 0 0 0 rg BT 158.42 424.25 Td (such ) Tj ET Q q 0 0 0 rg BT 179.23 424.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 212.26 424.25 Td (control ) Tj ET Q q 0 0 0 rg BT 243.08 424.25 Td (over ) Tj ET Q q 0 0 0 rg BT 263.33 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.80 424.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 342.44 424.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.26 424.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 382.96 424.25 Td (such ) Tj ET Q q 0 0 0 rg BT 403.78 424.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 436.81 424.25 Td (control ) Tj ET Q q 0 0 0 rg BT 467.62 424.25 Td (over ) Tj ET Q q 0 0 0 rg BT 487.87 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.34 424.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.16 412.25 Td (be ) Tj ET Q q 0 0 0 rg BT 142.48 412.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 181.91 412.25 Td (under ) Tj ET Q q 0 0 0 rg BT 208.57 412.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.78 412.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 278.27 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.93 412.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 324.36 412.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 371.00 412.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 413.75 412.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 455.95 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.05 412.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 514.81 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.02 412.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 400.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 156.16 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.60 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.82 400.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 234.35 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.68 400.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.67 400.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 325.88 400.25 Td (for ) Tj ET Q q 0 0 0 rg BT 339.54 400.25 Td (external ) Tj ET Q q 0 0 0 rg BT 373.75 400.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 411.30 400.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.08 400.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 468.04 400.25 Td (with ) Tj ET Q q 0 0 0 rg BT 487.82 400.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 527.03 400.25 Td (accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 388.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 163.87 388.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (\(c\)Evaluated ) Tj ET Q q 0 0 0 rg BT 159.71 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.06 370.25 Td (ef) Tj ET Q q 0 0 0 rg BT 181.64 370.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 228.20 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.66 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.01 370.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 293.55 370.25 Td (s ) Tj ET Q q 0 0 0 rg BT 299.57 370.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 342.25 370.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 376.59 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.16 370.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 439.16 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 455.73 370.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 496.18 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.08 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 522.66 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 548.67 370.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 358.25 Td (conclusions ) Tj ET Q q 0 0 0 rg BT 166.82 358.25 Td (about ) Tj ET Q q 0 0 0 rg BT 191.13 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.45 358.25 Td (ef) Tj ET Q q 0 0 0 rg BT 213.03 358.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 259.56 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.30 358.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 326.95 358.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 361.26 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.80 358.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 426.26 358.25 Td (as ) Tj ET Q q 0 0 0 rg BT 436.69 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.12 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.44 358.25 Td (end ) Tj ET Q q 0 0 0 rg BT 477.97 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.40 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.72 358.25 Td (period ) Tj ET Q q 0 0 0 rg BT 530.36 358.25 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 346.25 Td (by ) Tj ET Q q 0 0 0 rg BT 130.00 346.25 Td (this ) Tj ET Q q 0 0 0 rg BT 146.95 346.25 Td (report ) Tj ET Q q 0 0 0 rg BT 173.33 346.25 Td (based ) Tj ET Q q 0 0 0 rg BT 198.59 346.25 Td (on ) Tj ET Q q 0 0 0 rg BT 211.09 346.25 Td (such ) Tj ET Q q 0 0 0 rg BT 231.92 346.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 278.85 346.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 328.25 Td (\(d\)Disclosed ) Tj ET Q q 0 0 0 rg BT 159.27 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.72 328.25 Td (this ) Tj ET Q q 0 0 0 rg BT 184.85 328.25 Td (report ) Tj ET Q q 0 0 0 rg BT 210.40 328.25 Td (any ) Tj ET Q q 0 0 0 rg BT 226.51 328.25 Td (change ) Tj ET Q q 0 0 0 rg BT 256.50 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.95 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.84 328.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 320.38 328.25 Td (s ) Tj ET Q q 0 0 0 rg BT 325.95 328.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 358.17 328.25 Td (control ) Tj ET Q q 0 0 0 rg BT 388.16 328.25 Td (over ) Tj ET Q q 0 0 0 rg BT 407.61 328.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.26 328.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 482.59 328.25 Td (that ) Tj ET Q q 0 0 0 rg BT 499.26 328.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 535.91 328.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.70 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 173.25 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 180.13 316.25 Td (most ) Tj ET Q q 0 0 0 rg BT 202.56 316.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 229.97 316.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 254.61 316.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 285.92 316.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 304.45 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 344.99 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 351.87 316.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 379.30 316.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 403.94 316.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 435.24 316.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.01 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.21 316.25 Td (case ) Tj ET Q q 0 0 0 rg BT 481.41 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.72 316.25 Td (an ) Tj ET Q q 0 0 0 rg BT 505.15 316.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 534.79 316.25 Td (report\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 304.25 Td (that ) Tj ET Q q 0 0 0 rg BT 136.05 304.25 Td (has ) Tj ET Q q 0 0 0 rg BT 152.94 304.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 197.04 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 204.63 304.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 235.11 304.25 Td (or ) Tj ET Q q 0 0 0 rg BT 247.00 304.25 Td (is ) Tj ET Q q 0 0 0 rg BT 257.23 304.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 304.10 304.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 330.43 304.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.77 304.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 385.86 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 393.45 304.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 414.50 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.27 304.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 470.81 304.25 Td (s ) Tj ET Q q 0 0 0 rg BT 478.26 304.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 512.36 304.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 304.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 292.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.98 292.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 196.91 292.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.25 Td (5.) Tj ET Q q 0 0 0 rg BT 95.82 269.25 Td (The ) Tj ET Q q 0 0 0 rg BT 113.40 269.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 153.94 269.25 Td (s ) Tj ET Q q 0 0 0 rg BT 159.87 269.25 Td (other ) Tj ET Q q 0 0 0 rg BT 182.45 269.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 223.36 269.25 Td (of) Tj ET Q q 0 0 0 rg BT 231.51 269.25 Td (ficer\(s\) ) Tj ET Q q 0 0 0 rg BT 262.41 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.88 269.25 Td (I ) Tj ET Q q 0 0 0 rg BT 284.25 269.25 Td (have ) Tj ET Q q 0 0 0 rg BT 305.16 269.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 346.91 269.25 Td (based ) Tj ET Q q 0 0 0 rg BT 371.72 269.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.75 269.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.12 269.25 Td (most ) Tj ET Q q 0 0 0 rg BT 420.60 269.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 447.06 269.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 490.75 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.11 269.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.69 269.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (over ) Tj ET Q q 0 0 0 rg BT 71.18 257.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.56 257.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 152.13 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.31 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.94 257.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 219.48 257.25 Td (s ) Tj ET Q q 0 0 0 rg BT 226.78 257.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 262.40 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.25 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.87 257.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 319.27 257.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 364.89 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.62 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.25 257.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 432.79 257.25 Td (s ) Tj ET Q q 0 0 0 rg BT 440.09 257.25 Td (board ) Tj ET Q q 0 0 0 rg BT 466.26 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.00 257.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 516.39 257.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 531.46 257.25 Td (persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.49 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.20 245.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 156.35 245.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 227.25 Td (\(a\)) Tj ET Q q 0 0 0 rg BT 117.05 227.25 Td (All ) Tj ET Q q 0 0 0 rg BT 132.24 227.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 176.87 227.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 227.03 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.88 227.25 Td (material ) Tj ET Q q 0 0 0 rg BT 279.06 227.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 328.12 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.31 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.95 227.25 Td (design ) Tj ET Q q 0 0 0 rg BT 381.47 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 392.21 227.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 432.39 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.14 227.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 476.09 227.25 Td (control ) Tj ET Q q 0 0 0 rg BT 506.83 227.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 227.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 215.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 157.16 215.25 Td (which ) Tj ET Q q 0 0 0 rg BT 184.60 215.25 Td (are ) Tj ET Q q 0 0 0 rg BT 199.82 215.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 246.14 215.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 271.92 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.70 215.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 324.02 215.25 Td (af) Tj ET Q q 0 0 0 rg BT 331.61 215.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 349.60 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.82 215.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 405.36 215.25 Td (s ) Tj ET Q q 0 0 0 rg BT 412.26 215.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 440.82 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 215.25 Td (record, ) Tj ET Q q 0 0 0 rg BT 482.64 215.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 518.14 215.25 Td (summarize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.44 203.25 Td (report ) Tj ET Q q 0 0 0 rg BT 160.82 203.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.30 203.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 250.79 203.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 185.25 Td (\(b\)) Tj ET Q q 0 0 0 rg BT 117.61 185.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 137.02 185.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 162.82 185.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 197.22 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 207.75 185.25 Td (not ) Tj ET Q q 0 0 0 rg BT 222.72 185.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 260.17 185.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.36 185.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 313.44 185.25 Td (management ) Tj ET Q q 0 0 0 rg BT 366.73 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 377.25 185.25 Td (other ) Tj ET Q q 0 0 0 rg BT 399.99 185.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 444.95 185.25 Td (who ) Tj ET Q q 0 0 0 rg BT 464.37 185.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.44 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 492.07 185.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 536.48 185.25 Td (role ) Tj ET Q q 0 0 0 rg BT 554.22 185.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.22 173.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 172.76 173.25 Td (s ) Tj ET Q q 0 0 0 rg BT 179.15 173.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 212.19 173.25 Td (control ) Tj ET Q q 0 0 0 rg BT 243.02 173.25 Td (over ) Tj ET Q q 0 0 0 rg BT 263.29 173.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.77 173.25 Td (reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 122.75 m 334.5 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 122.75 m 504.5 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 122.75 m 334.5 122.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 127.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 127.32 Td (/s/ FRANK V. SARACINO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 113.32 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 113.32 Td (Frank V. Saracino) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 99.32 Td (Title:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.00 99.31 Td (Chief Financial Officerand Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 85.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 85.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 85.32 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 85.32 Td (August 11, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 85.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 164.91 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 199.17 718.25 Td (TION BY) Tj ET Q q 0 0 0 rg BT 240.76 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 243.08 718.25 Td (THE CHIEF) Tj ET Q q 0 0 0 rg BT 297.99 718.25 Td ( EXECUTIVE OFFICER PURSUANT) Tj ET Q q 0 0 0 rg BT 464.22 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 466.54 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 473.03 718.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.70 706.25 Td (18 U.S.C. SECTION 1350,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.50 694.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 270.23 694.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 375.89 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.21 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.70 694.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.10 682.25 Td (SECTION 906 OF) Tj ET Q q 0 0 0 rg BT 273.63 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.95 682.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 391.44 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 393.39 682.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 414.32 682.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 430.33 682.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 664.25 Td (In ) Tj ET Q q 0 0 0 rg BT 97.08 664.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 143.70 664.25 Td (with ) Tj ET Q q 0 0 0 rg BT 164.22 664.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.19 664.25 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.25 664.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 250.22 664.25 Td (on ) Tj ET Q q 0 0 0 rg BT 262.97 664.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 287.38 664.25 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.71 664.25 Td (Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.94 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.68 664.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.76 664.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 363.95 664.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 410.00 664.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 445.23 664.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 463.25 664.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 481.54 664.25 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 535.38 664.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 664.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 88.78 652.25 Td (period ) Tj ET Q q 0 0 0 rg BT 117.00 652.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.56 652.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 179.58 652.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.58 652.25 Td (, ) Tj ET Q q 0 0 0 rg BT 204.76 652.25 Td (as ) Tj ET Q q 0 0 0 rg BT 215.77 652.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 236.78 652.25 Td (with ) Tj ET Q q 0 0 0 rg BT 257.24 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.14 652.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 314.25 652.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.37 652.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 373.48 652.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 426.73 652.25 Td (on ) Tj ET Q q 0 0 0 rg BT 439.41 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.31 652.25 Td (date ) Tj ET Q q 0 0 0 rg BT 473.65 652.25 Td (hereof ) Tj ET Q q 0 0 0 rg BT 501.87 652.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 520.09 652.25 Td (Report\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Ronald ) Tj ET Q q 0 0 0 rg BT 80.89 640.25 Td (J. ) Tj ET Q q 0 0 0 rg BT 89.28 640.25 Td (Jeanneault, ) Tj ET Q q 0 0 0 rg BT 135.98 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 146.30 640.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 170.52 640.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 212.50 640.25 Td (Of) Tj ET Q q 0 0 0 rg BT 222.87 640.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 243.18 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.51 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.73 640.25 Td (Company) Tj ET Q q 0 0 0 rg BT 305.97 640.25 Td (, ) Tj ET Q q 0 0 0 rg BT 310.46 640.25 Td (hereby ) Tj ET Q q 0 0 0 rg BT 339.67 640.25 Td (certifies, ) Tj ET Q q 0 0 0 rg BT 376.37 640.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 412.81 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.58 640.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 434.58 640.25 Td (U.S.C. ) Tj ET Q q 0 0 0 rg BT 463.53 640.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 495.53 640.25 Td (1350, ) Tj ET Q q 0 0 0 rg BT 520.03 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 530.35 640.25 Td (adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 86.94 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.22 628.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 147.21 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.04 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.76 628.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 238.57 628.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 255.51 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.34 628.25 Td (2002, ) Tj ET Q q 0 0 0 rg BT 291.34 628.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 311.34 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.62 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.33 628.25 Td (best ) Tj ET Q q 0 0 0 rg BT 354.94 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.77 628.25 Td (his ) Tj ET Q q 0 0 0 rg BT 379.94 628.25 Td (knowledge:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 610.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 610.25 Td (The ) Tj ET Q q 0 0 0 rg BT 130.50 610.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 159.67 610.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 180.50 610.25 Td (complies ) Tj ET Q q 0 0 0 rg BT 218.56 610.25 Td (with ) Tj ET Q q 0 0 0 rg BT 238.29 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.45 610.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 306.61 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.89 610.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 348.83 610.25 Td (13\(a\) ) Tj ET Q q 0 0 0 rg BT 371.88 610.25 Td (or ) Tj ET Q q 0 0 0 rg BT 382.16 610.25 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 405.77 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.05 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.22 610.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 471.61 610.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 512.55 610.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 528.94 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.22 610.25 Td (1934; ) Tj ET Q q 0 0 0 rg BT 564.50 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 598.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 580.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 580.25 Td (The ) Tj ET Q q 0 0 0 rg BT 130.58 580.25 Td (information ) Tj ET Q q 0 0 0 rg BT 179.82 580.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 220.72 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.53 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.78 580.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 274.02 580.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 297.71 580.25 Td (presents, ) Tj ET Q q 0 0 0 rg BT 335.01 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 344.82 580.25 Td (all ) Tj ET Q q 0 0 0 rg BT 356.84 580.25 Td (material ) Tj ET Q q 0 0 0 rg BT 391.63 580.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 428.37 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.62 580.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.63 580.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 519.43 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.90 580.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.83 568.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 167.99 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.82 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.53 568.25 Td (Company) Tj ET Q q 0 0 0 rg BT 231.77 568.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 536.75 m 452.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 536.75 m 452.5 536.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.55 542.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 541.42 Td (/s/ RONALD J. JEANNEAULT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 527.32 Td (Ronald J. Jeanneault) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.00 512.46 Td (Chief Executive Officerand President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.30 497.42 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 498.32 Td (August 11, 2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 475.25 Td (This ) Tj ET Q q 0 0 0 rg BT 105.40 475.25 Td (certification ) Tj ET Q q 0 0 0 rg BT 155.33 475.25 Td (accompanies ) Tj ET Q q 0 0 0 rg BT 208.60 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.44 475.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 251.28 475.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 287.35 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.75 475.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 345.87 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.83 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.67 475.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 434.80 475.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 450.86 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.82 475.25 Td (2002 ) Tj ET Q q 0 0 0 rg BT 482.44 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.51 475.25 Td (shall ) Tj ET Q q 0 0 0 rg BT 519.02 475.25 Td (not, ) Tj ET Q q 0 0 0 rg BT 535.92 475.25 Td (except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.88 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.19 463.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 103.72 463.25 Td (required ) Tj ET Q q 0 0 0 rg BT 140.14 463.25 Td (by ) Tj ET Q q 0 0 0 rg BT 153.23 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.55 463.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 234.83 463.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 252.37 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.80 463.25 Td (2002, ) Tj ET Q q 0 0 0 rg BT 289.39 463.25 Td (be ) Tj ET Q q 0 0 0 rg BT 301.93 463.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 336.12 463.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 357.55 463.25 Td (by ) Tj ET Q q 0 0 0 rg BT 370.64 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.96 463.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 427.94 463.25 Td (for ) Tj ET Q q 0 0 0 rg BT 442.70 463.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 481.35 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.78 463.25 Td (Section18 ) Tj ET Q q 0 0 0 rg BT 538.37 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 463.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.93 451.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 451.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 150.24 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.07 451.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 186.07 451.25 Td (as ) Tj ET Q q 0 0 0 rg BT 196.90 451.25 Td (amended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 439.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 427.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 427.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.41 427.25 Td (signed ) Tj ET Q q 0 0 0 rg BT 124.25 427.25 Td (original ) Tj ET Q q 0 0 0 rg BT 158.10 427.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.17 427.25 Td (this ) Tj ET Q q 0 0 0 rg BT 186.35 427.25 Td (written ) Tj ET Q q 0 0 0 rg BT 217.42 427.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 258.47 427.25 Td (required ) Tj ET Q q 0 0 0 rg BT 294.53 427.25 Td (by ) Tj ET Q q 0 0 0 rg BT 307.27 427.25 Td (Section906, ) Tj ET Q q 0 0 0 rg BT 360.00 427.25 Td (or ) Tj ET Q q 0 0 0 rg BT 371.07 427.25 Td (other ) Tj ET Q q 0 0 0 rg BT 394.35 427.25 Td (document ) Tj ET Q q 0 0 0 rg BT 436.52 427.25 Td (authenticating, ) Tj ET Q q 0 0 0 rg BT 498.41 427.25 Td (acknowledging, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.78 415.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 102.11 415.25 Td (adopting ) Tj ET Q q 0 0 0 rg BT 139.56 415.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.23 415.25 Td (signature ) Tj ET Q q 0 0 0 rg BT 193.34 415.25 Td (that ) Tj ET Q q 0 0 0 rg BT 210.79 415.25 Td (appears ) Tj ET Q q 0 0 0 rg BT 243.77 415.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.01 415.25 Td (typed ) Tj ET Q q 0 0 0 rg BT 278.68 415.25 Td (form ) Tj ET Q q 0 0 0 rg BT 300.57 415.25 Td (within ) Tj ET Q q 0 0 0 rg BT 328.58 415.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.25 415.25 Td (electronic ) Tj ET Q q 0 0 0 rg BT 385.12 415.25 Td (version ) Tj ET Q q 0 0 0 rg BT 417.01 415.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.79 415.25 Td (this ) Tj ET Q q 0 0 0 rg BT 444.69 415.25 Td (written ) Tj ET Q q 0 0 0 rg BT 475.47 415.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 516.24 415.25 Td (required ) Tj ET Q q 0 0 0 rg BT 552.01 415.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 99.48 403.25 Td (has ) Tj ET Q q 0 0 0 rg BT 114.79 403.25 Td (been ) Tj ET Q q 0 0 0 rg BT 135.65 403.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 173.18 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.94 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.14 403.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 238.01 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.43 403.25 Td (will ) Tj ET Q q 0 0 0 rg BT 271.97 403.25 Td (be ) Tj ET Q q 0 0 0 rg BT 283.39 403.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 317.57 403.25 Td (by ) Tj ET Q q 0 0 0 rg BT 329.56 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.75 403.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 384.62 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.04 403.25 Td (furnished ) Tj ET Q q 0 0 0 rg BT 440.80 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.56 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.76 403.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 506.17 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.59 403.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 103.07 391.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.90 391.25 Td (its ) Tj ET Q q 0 0 0 rg BT 125.84 391.25 Td (staf) Tj ET Q q 0 0 0 rg BT 140.10 391.25 Td (f ) Tj ET Q q 0 0 0 rg BT 145.93 391.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 168.43 391.25 Td (request.) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 32.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.80 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 166.56 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 200.82 718.25 Td (TION BY) Tj ET Q q 0 0 0 rg BT 242.41 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.73 718.25 Td (THE CHIEF) Tj ET Q q 0 0 0 rg BT 299.64 718.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 358.26 718.25 Td ( OFFICER PURSUANT) Tj ET Q q 0 0 0 rg BT 462.53 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 464.85 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 471.34 718.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.70 706.25 Td (18 U.S.C. SECTION 1350,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.50 694.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 270.23 694.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 375.89 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.21 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.70 694.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.10 682.25 Td (SECTION 906 OF) Tj ET Q q 0 0 0 rg BT 273.63 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.95 682.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 391.44 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 393.39 682.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 414.32 682.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 430.33 682.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 664.25 Td (In ) Tj ET Q q 0 0 0 rg BT 97.08 664.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 143.70 664.25 Td (with ) Tj ET Q q 0 0 0 rg BT 164.22 664.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.19 664.25 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.25 664.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 250.22 664.25 Td (on ) Tj ET Q q 0 0 0 rg BT 262.97 664.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 287.38 664.25 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.71 664.25 Td (Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.94 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.68 664.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.76 664.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 363.95 664.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 410.00 664.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 445.23 664.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 463.25 664.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 481.54 664.25 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 535.38 664.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 664.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 88.78 652.25 Td (period ) Tj ET Q q 0 0 0 rg BT 117.00 652.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.56 652.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 179.58 652.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.58 652.25 Td (, ) Tj ET Q q 0 0 0 rg BT 204.76 652.25 Td (as ) Tj ET Q q 0 0 0 rg BT 215.77 652.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 236.78 652.25 Td (with ) Tj ET Q q 0 0 0 rg BT 257.24 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.14 652.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 314.25 652.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.37 652.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 373.48 652.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 426.73 652.25 Td (on ) Tj ET Q q 0 0 0 rg BT 439.41 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.31 652.25 Td (date ) Tj ET Q q 0 0 0 rg BT 473.65 652.25 Td (hereof ) Tj ET Q q 0 0 0 rg BT 501.87 652.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 520.09 652.25 Td (Report\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Frank ) Tj ET Q q 0 0 0 rg BT 75.85 640.25 Td (V) Tj ET Q q 0 0 0 rg BT 81.79 640.25 Td (. ) Tj ET Q q 0 0 0 rg BT 87.01 640.25 Td (Saracino, ) Tj ET Q q 0 0 0 rg BT 127.21 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 138.26 640.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 163.20 640.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 203.13 640.25 Td (Of) Tj ET Q q 0 0 0 rg BT 213.50 640.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 234.53 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.58 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.52 640.25 Td (Company) Tj ET Q q 0 0 0 rg BT 298.76 640.25 Td (, ) Tj ET Q q 0 0 0 rg BT 303.98 640.25 Td (hereby ) Tj ET Q q 0 0 0 rg BT 333.90 640.25 Td (certifies, ) Tj ET Q q 0 0 0 rg BT 371.33 640.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 408.48 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.98 640.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 431.70 640.25 Td (U.S.C. ) Tj ET Q q 0 0 0 rg BT 461.38 640.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 494.09 640.25 Td (1350, ) Tj ET Q q 0 0 0 rg BT 519.31 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 530.36 640.25 Td (adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 86.94 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.22 628.25 Td 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