0001580673-18-000045.txt : 20181109 0001580673-18-000045.hdr.sgml : 20181109 20181109172450 ACCESSION NUMBER: 0001580673-18-000045 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 82 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181109 DATE AS OF CHANGE: 20181109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KBS Strategic Opportunity REIT II, Inc. CENTRAL INDEX KEY: 0001580673 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 462822978 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55424 FILM NUMBER: 181174191 BUSINESS ADDRESS: STREET 1: 800 NEWPORT CENTER DRIVE STREET 2: SUITE 700 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 9494176500 MAIL ADDRESS: STREET 1: 800 NEWPORT CENTER DRIVE STREET 2: SUITE 700 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 10-Q 1 kbssoriiq3201810q.htm FORM 10-Q Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________
 
FORM 10-Q
______________________________________________________
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 000-55424
______________________________________________________
 
KBS STRATEGIC OPPORTUNITY REIT II, INC.
(Exact Name of Registrant as Specified in Its Charter)
______________________________________________________
Maryland
 
46-2822978
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
800 Newport Center Drive, Suite 700
Newport Beach, California
 
92660
(Address of Principal Executive Offices)
 
(Zip Code)
(949) 417-6500
(Registrant’s Telephone Number, Including Area Code)
______________________________________________________________________ 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x  No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
 
¨
 
Accelerated Filer
 
¨
Non-Accelerated Filer
 
x
 
Smaller reporting company
 
x
 
 
 
 
Emerging growth company
 
x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨  No  x
As of November 5, 2018, there were 18,055,883 and 12,172,486 outstanding shares of Class A and Class T common stock, respectively, of KBS Strategic Opportunity REIT II, Inc.


KBS Strategic Opportunity REIT II, Inc.
FORM 10-Q
September 30, 2018
INDEX 
PART I.
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
Item 3.
 
Item 4.
PART II.
 
Item 1.
 
Item 1A.
 
Item 2.
 
Item 3.
 
Item 4.
 
Item 5.
 
Item 6.

1
PART I.
FINANCIAL INFORMATION
Item 1.
Financial Statements


KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 
 
September 30, 2018
 
December 31, 2017
 
 
(unaudited)
 
 
Assets
 
 
 
 
Real estate, net
 
$
523,842

 
$
530,440

Real estate equity securities
 
6,814

 
—

Real estate loan receivable, net
 
—

 
3,500

Total real estate and real estate-related investments, net
 
530,656

 
533,940

Cash and cash equivalents
 
27,038

 
29,031

Restricted cash
 
6,638

 
6,022

Investment in unconsolidated entity
 
2,810

 
2,698

Rents and other receivables
 
6,791

 
3,265

Above-market leases, net
 
69

 
83

Prepaid expenses and other assets
 
8,297

 
7,476

Total assets
 
$
582,299

 
$
582,515

Liabilities and equity
 
 
 
 
Notes payable, net
 
$
326,409

 
$
328,351

Accounts payable and accrued liabilities
 
7,859

 
6,845

Due to affiliates
 
271

 
1,862

Distributions payable
 
473

 
366

Below-market leases, net
 
8,113

 
10,783

Other liabilities
 
13,367

 
12,399

Redeemable common stock payable
 
2,126

 
—

Total liabilities
 
358,618

 
360,606

Commitments and contingencies (Note 12)
 


 


Redeemable common stock
 
194

 
2,611

Equity
 
 
 
 
KBS Strategic Opportunity REIT II, Inc. stockholders’ equity
 
 
 
 
Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding
 
—

 
—

Class A common stock, $.01 par value per share; 500,000,000 shares authorized, 17,963,199 and 16,888,940 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively
 
180

 
169

Class T common stock, $.01 par value per share; 500,000,000 shares authorized, 12,100,736 and 11,031,895 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively
 
121

 
110

Additional paid-in capital
 
264,807

 
245,077

Cumulative distributions and net losses
 
(55,269
)
 
(39,657
)
Accumulated other comprehensive income
 
118

 
202

Total KBS Strategic Opportunity REIT II, Inc. stockholders’ equity
 
209,957

 
205,901

Noncontrolling interests
 
13,530

 
13,397

Total equity
 
223,487

 
219,298

Total liabilities and equity
 
$
582,299

 
$
582,515

See accompanying condensed notes to consolidated financial statements.

2
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)

KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
 
Office revenues
 
$
7,515

 
$
4,218

 
$
22,475

 
$
7,824

Hotel revenues
 
10,461

 
12,160

 
26,234

 
23,473

Apartment revenues
 
1,940

 
1,746

 
5,459

 
5,184

Dividend income from real estate equity securities
 
77

 
—

 
113

 
—

Interest income from real estate loan receivable
 
—

 
103

 
10

 
303

Total revenues
 
19,993

 
18,227

 
54,291

 
36,784

Expenses:
 
 
 
 
 
 
 
 
Office expenses
 
3,241

 
1,536

 
8,951

 
2,713

Hotel expenses
 
6,106

 
5,807

 
17,161

 
14,839

Apartment expenses
 
976

 
1,026

 
2,858

 
2,724

Asset management fees to affiliate
 
1,020

 
739

 
2,940

 
1,820

General and administrative expenses
 
704

 
1,146

 
1,947

 
2,492

Depreciation and amortization
 
5,150

 
3,709

 
15,322

 
9,176

Interest expense
 
3,435

 
2,255

 
9,740

 
5,798

Impairment charge on real estate
 
4,245

 
—

 
4,245

 
—

Total expenses
 
24,877

 
16,218

 
63,164

 
39,562

Other (loss) income:
 
 
 
 
 
 
 
 
Other interest income
 
105

 
178

 
257

 
467

Equity in income of unconsolidated entity
 
94

 
14

 
225

 
40

Loss on real estate equity securities
 
(486
)
 
—

 
(172
)
 
—

Casualty-related income, net
 
—

 
1,614

 
—

 
1,614

Total other (loss) income
 
(287
)
 
1,806

 
310

 
2,121

Net (loss) income before income taxes
 
(5,171
)
 
3,815

 
(8,563
)
 
(657
)
Income tax (expense) benefit
 
—

 
(431
)
 
9

 
5

Net (loss) income
 
(5,171
)
 
3,384

 
(8,554
)
 
(652
)
Net loss (income) attributable to noncontrolling interests
 
208

 
(491
)
 
421

 
(182
)
Net (loss) income attributable to common stockholders
 
$
(4,963
)
 
$
2,893

 
$
(8,133
)
 
$
(834
)
 
 
 
 
 
 
 
 
 
Class A Common Stock:
 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders
 
$
(2,914
)
 
$
1,904

 
$
(4,514
)
 
$
(124
)
Net (loss) income per common share, basic and diluted
 
$
(0.16
)
 
$
0.12

 
$
(0.26
)
 
$
(0.01
)
Weighted-average number of common shares outstanding, basic and diluted
 
17,938,824

 
16,514,730

 
17,640,671

 
15,759,082

 
 
 
 
 
 
 
 
 
Class T Common Stock:
 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders
 
$
(2,049
)
 
$
989

 
$
(3,619
)
 
$
(710
)
Net (loss) income per common share, basic and diluted
 
$
(0.17
)
 
$
0.09

 
$
(0.31
)
 
$
(0.08
)
Weighted-average number of common shares outstanding, basic and diluted
 
12,044,757

 
10,714,415

 
11,733,316

 
9,339,643

See accompanying condensed notes to consolidated financial statements.

3
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)

KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
(in thousands)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Net (loss) income
 
$
(5,171
)
 
$
3,384

 
$
(8,554
)
 
$
(652
)
Other comprehensive (loss) income:
 
 
 
 
 
 
 
 
Foreign currency translation (loss) gain
 
(16
)
 
82

 
(84
)
 
273

Total other comprehensive (loss) income
 
(16
)
 
82

 
(84
)
 
273

Total comprehensive (loss) income
 
(5,187
)
 
3,466

 
(8,638
)
 
(379
)
Total comprehensive loss (income) attributable to noncontrolling interests
 
208

 
(491
)
 
421

 
(182
)
Total comprehensive (loss) income attributable to common stockholders
 
$
(4,979
)
 
$
2,975

 
$
(8,217
)
 
$
(561
)
See accompanying condensed notes to consolidated financial statements.

4
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)

KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Year Ended December 31, 2017 and the Nine Months Ended September 30, 2018
(unaudited)
(dollars in thousands)
 
Common Stock
 
Additional Paid-in Capital
 
Cumulative Distributions and Net Losses
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders’ Equity
 
Noncontrolling Interests
 
Total Equity
 
Class A
 
Class T
 
 
Shares
 
Amounts
 
Shares
 
Amounts
 
Balance, December 31, 2016
14,074,793

 
$
140

 
6,046,591

 
$
61

 
$
176,021

 
$
(27,817
)
 
$
(111
)
 
$
148,294

 
$
11,674

 
$
159,968

Net loss
—

 
—

 
—

 
—

 
—

 
(3,272
)
 
—

 
(3,272
)
 
(26
)
 
(3,298
)
Other comprehensive income
—

 
—

 
—

 
—

 
—

 
—

 
313

 
313

 
—

 
313

Issuance of common stock
2,641,090

 
27

 
4,822,456

 
48

 
71,841

 
—

 
—

 
71,916

 
—

 
71,916

Stock dividends issued
308,857

 
3

 
184,606

 
2

 
4,643

 
(4,648
)
 
—

 
—

 
—

 
—

Redemptions of common stock
(135,800
)
 
(1
)
 
(21,758
)
 
(1
)
 
(1,357
)
 
—

 
—

 
(1,359
)
 
—

 
(1,359
)
Transfers to redeemable common stock
—

 
—

 
—

 
—

 
(490
)
 
—

 
—

 
(490
)
 
—

 
(490
)
Distributions declared
—

 
—

 
—

 
—

 
—

 
(3,920
)
 
—

 
(3,920
)
 
—

 
(3,920
)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate
—

 
—

 
—

 
—

 
(4,913
)
 
—

 
—

 
(4,913
)
 
—

 
(4,913
)
Other offering costs
—

 
—

 
—

 
—

 
(668
)
 
—

 
—

 
(668
)
 
—

 
(668
)
Noncontrolling interests contributions
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1,774

 
1,774

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(25
)
 
(25
)
Balance, December 31, 2017
16,888,940

 
$
169

 
11,031,895

 
$
110

 
$
245,077

 
$
(39,657
)
 
$
202

 
$
205,901

 
$
13,397

 
$
219,298

Net loss
—

 
—

 
—

 
—

 
—

 
(8,133
)
 
—

 
(8,133
)
 
(421
)
 
(8,554
)
Other comprehensive loss
—

 
—

 
—

 
—

 
—

 
—

 
(84
)
 
(84
)
 
—

 
(84
)
Issuance of common stock
1,047,279

 
10

 
937,874

 
9

 
19,074

 
—

 
—

 
19,093

 
—

 
19,093

Stock dividends issued
260,498

 
3

 
173,135

 
2

 
3,919

 
(3,924
)
 
—

 
—

 
—

 
—

Redemptions of common stock
(233,518
)
 
(2
)
 
(42,168
)
 
—

 
(2,415
)
 
—

 
—

 
(2,417
)
 
—

 
(2,417
)
Transfers from redeemable common stock
—

 
—

 
—

 
—

 
291

 
—

 
—

 
291

 
—

 
291

Distributions declared
—

 
—

 
—

 
—

 
—

 
(3,555
)
 
—

 
(3,555
)
 
—

 
(3,555
)
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate
—

 
—

 
—

 
—

 
(965
)
 
—

 
—

 
(965
)
 
—

 
(965
)
Other offering costs
—

 
—

 
—

 
—

 
(174
)
 
—

 
—

 
(174
)
 
—

 
(174
)
Noncontrolling interests contributions
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1,054

 
1,054

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(500
)
 
(500
)
Balance, September 30, 2018
17,963,199

 
$
180

 
12,100,736

 
$
121

 
$
264,807

 
$
(55,269
)
 
$
118

 
$
209,957

 
$
13,530

 
$
223,487

See accompanying condensed notes to consolidated financial statements.


5
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)

KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
 
 
For the Nine Months Ended September 30,
 
 
2018
 
2017
Cash Flows from Operating Activities:
 
 
 
 
Net loss
 
$
(8,554
)
 
$
(652
)
Adjustment to reconcile net loss to net cash provided by operating activities
 
 
 
 
Equity in income of unconsolidated entity
 
(225
)
 
(40
)
Distribution of earnings from unconsolidated entity
 
29

 
40

Casualty-related income, net
 
—

 
(1,614
)
Depreciation and amortization
 
15,322

 
9,176

Impairment charge on real estate
 
4,245

 
—

Loss on real estate equity securities
 
172

 
—

Noncash interest income on real estate-related investment
 
—

 
(58
)
Deferred rents
 
(1,244
)
 
(319
)
Bad debt expense
 
285

 
425

Amortization of above- and below-market leases, net
 
(2,656
)
 
(974
)
Amortization of deferred financing costs
 
794

 
612

Unrealized (gain) loss on derivative instruments
 
(84
)
 
117

Changes in operating assets and liabilities:
 
 
 
 
Rents and other receivables
 
(2,521
)
 
(499
)
Prepaid expenses and other assets
 
(1,633
)
 
2,444

Accounts payable and accrued liabilities
 
538

 
509

Due to affiliates
 
20

 
23

Other liabilities
 
1,115

 
1,176

Net cash provided by operating activities
 
5,603

 
10,366

Cash Flows from Investing Activities:
 
 
 
 
Acquisition of real estate
 
—

 
(154,719
)
Improvements to real estate
 
(6,485
)
 
(7,830
)
Investment in real estate securities
 
(6,986
)
 
—

Payments for construction in progress
 
(4,796
)
 
(4,103
)
Payoff of real estate loan receivable
 
3,500

 
—

Purchase of interest rate cap agreement
 
(8
)
 
—

Escrow deposits for future real estate purchases
 
—

 
(1,000
)
Proceeds from insurance claims
 
237

 
5,080

Net cash used in investing activities
 
(14,538
)
 
(162,572
)
Cash Flows from Financing Activities:
 
 
 
 
Proceeds from notes payable
 
2,058

 
97,374

Principal payments on notes payable
 
(5,154
)
 
—

Payments of deferred financing costs
 
(100
)
 
(1,225
)
Principal payments on capital lease obligations
 
(175
)
 
—

Proceeds from issuance of common stock
 
16,921

 
61,559

Payments to redeem common stock
 
(2,417
)
 
(634
)
Payments of commissions on stock sales, dealer manager fees and stockholder servicing fees
 
(1,645
)
 
(3,803
)
Payments of other offering costs
 
(1,162
)
 
—

Distributions paid
 
(1,322
)
 
(1,059
)
Noncontrolling interest contributions
 
1,054

 
500

Distributions to noncontrolling interest
 
(500
)
 
(25
)
Net cash provided by financing activities
 
7,558

 
152,687

Net (decrease) increase in cash, cash equivalents and restricted cash
 
(1,377
)
 
481

Cash, cash equivalents and restricted cash, beginning of period
 
35,053

 
47,126

Cash, cash equivalents and restricted cash, end of period
 
$
33,676

 
$
47,607

Supplemental Disclosure of Cash Flow Information:
 
 
 
 
Interest paid, net of capitalized interest of $3,920 and $2,985 for the nine months ended September 30, 2018 and 2017, respectively
 
$
8,101

 
$
4,062

Supplemental Disclosure of Noncash Investing and Financing Activities:
 
 
 
 
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan
 
$
2,126

 
$
1,721

Increase in redemption payable
 
$
2,126

 
$
—

Increase in accrued improvements to real estate
 
$
215

 
$
134

Increase in other offering costs due to affiliates
 
$
—

 
$
583

Increase in acquisition fees due to affiliates
 
$
57

 
$
4,099

Stock dividends issued
 
$
3,924

 
$
3,415

Increase in distributions payable
 
$
107

 
$
67

Foreign currency translation (loss) gain on investment in unconsolidated entity
 
$
(84
)
 
$
273

Increase in construction in progress payable
 
$
261

 
$
403

Increase in construction in progress for amortization of deferred financing costs
 
$
460

 
$
459

See accompanying condensed notes to consolidated financial statements.

6
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2018
(unaudited)



1.
ORGANIZATION
KBS Strategic Opportunity REIT II, Inc. (the “Company”) was formed on February 6, 2013 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2014 and intends to continue to operate in such a manner. The Company’s business is conducted through KBS Strategic Opportunity Limited Partnership II (the “Operating Partnership”), a Delaware limited partnership formed on February 7, 2013. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. KBS Strategic Opportunity Holdings II LLC (“REIT Holdings”), a Delaware limited liability company formed on February 7, 2013, owns the remaining 99.9% partnership interest in the Operating Partnership and is the sole limited partner. The Company is the sole member and manager of REIT Holdings. The Company has three wholly owned taxable REIT subsidiaries (“TRS”), two of which lease the Company’s hotel properties and in turn contract with independent hotel management companies that manage the day-to-day operations of the Company’s hotels; the third consolidates the Company’s wholly owned TRSs.  The Company’s TRSs are subject to federal and state income tax at regular corporate tax rates.
Subject to certain restrictions and limitations, the business of the Company has been externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, since July 2013 pursuant to an advisory agreement (the “Advisory Agreement”). The Advisor conducts the Company’s operations and manages its portfolio of real estate loans, opportunistic real estate, and other real estate-related investments. The Advisor has entered into a sub-advisory agreement with STAM, a real estate operating company to provide real estate acquisition and portfolio management services to the Advisor in connection with any investments the Company may make in value-added real estate, distressed debt, and real estate-related investments in Europe. On July 3, 2013, the Company issued 21,739 shares of its common stock to the Advisor at a purchase price of $9.20 per share.
The Company has invested in and manages a diverse portfolio of opportunistic real estate, real estate-related loans, real estate-related debt securities and other real estate-related investments located in the United States and Europe. Such investments include the origination and acquisition of mortgage, mezzanine, bridge and other real estate-related loans and investment in opportunistic real estate. As of September 30, 2018, the Company had invested in two hotel properties, four office properties, one apartment building, an investment in an unconsolidated entity and an investment in real estate equity securities. Additionally as of September 30, 2018, the Company had entered into a joint venture to develop one retail property.
From July 3, 2013 to August 11, 2014, the Company conducted a private placement offering (the “Private Offering”) exempt from registration under Regulation D of the Securities Act of 1933, as amended (the “Act”). The Company sold 3,619,851 shares of common stock for gross offering proceeds of $32.2 million in the Private Offering.

7
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



On November 14, 2013, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 180,000,000 shares of common stock for sale to the public (the “Public Offering”), of which 100,000,000 shares were registered in a primary offering and 80,000,000 shares were registered to be sold under the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement effective on August 12, 2014. On February 11, 2016, the Company filed an amended registration statement on Form S-11 with the SEC to offer a second class of common stock designated as Class T shares and to designate its initially offered and outstanding common stock as Class A shares. Pursuant to the amended registration statement, the Company is offering to sell any combination of Class A and Class T shares in the Public Offering but in no event may the Company sell more than 180,000,000 of shares of its common stock pursuant to the Public Offering. The Company commenced offering Class T shares of common stock for sale to the public on February 17, 2016. KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Advisor, serves as the dealer manager of the Public Offering pursuant to a dealer manager agreement originally dated August 12, 2014 and amended and restated February 17, 2016 (the “Dealer Manager Agreement”). Previously the Dealer Manager served as dealer manager for the Private Offering. The Dealer Manager is responsible for marketing the Company’s shares. The Company ceased offering shares of common stock in the Public Offering on July 31, 2018 and terminated the primary Offering on September 28, 2018. The Company continues to offer shares of common stock under its dividend reinvestment plan. In some states, the Company will need to renew the registration statement annually or file a new registration statement to continue its dividend reinvestment plan offering. The Company may terminate its dividend reinvestment plan offering at any time.
The Company sold 11,977,758 and 11,537,701 shares of Class A and Class T common stock, respectively, in the Public Offering for aggregate gross offering proceeds of $228.6 million. As of September 30, 2018, the Company had sold 549,572 and 178,325 shares of Class A and Class T common stock, respectively, under its dividend reinvestment plan for aggregate gross offering proceeds of $6.7 million. Also as of September 30, 2018, the Company had redeemed 440,842 and 63,926 shares of Class A and Class T common stock, respectively, for $4.4 million.
On each of April 2, 2014 and July 31, 2014, the Company issued 120,106 shares of Class A common stock to Willowbrook Capital Group LLC, an entity owned and controlled by Keith D. Hall, one of the Company’s directors and the Company’s Chief Executive Officer, and Peter McMillan III, also one of the Company’s directors and the Company’s President, for $1.0 million. On July 14, 2017 and February 13, 2018, the Company issued 214,175 shares and 10,935 shares, respectively, of Class A common stock to a business associate of Keith D. Hall and Peter McMillan III for approximately $2.0 million and $0.1 million, respectively. The Company issued these shares of common stock in a private transaction exempt from the registration requirements of the Act pursuant to Section 4(2) of the Act.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2017, except for the Company’s adoption of the revenue recognition and financial instruments standards issued by the Financial Accounting Standards Board (“FASB”) effective on January 1, 2018 and the addition of an accounting policy with respect to real estate equity securities. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the SEC.

8
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Principles of Consolidation and Basis of Presentation
The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the FASB Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.
The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Revenue Recognition
Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company’s adoption. Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018.  A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018.
Based on the Company’s evaluation of contracts within the scope of ASU No. 2014-09, revenue that is impacted by ASU No. 2014-09 includes revenue generated by other operating income and tenant reimbursements for substantial services earned at the Company’s office properties and hotel revenues. The recognition of such revenue will occur when the services are provided and the performance obligations are satisfied.
Hotel Revenue
The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in the real estate footnote into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows.

9
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out by the customer from the Company’s hotel. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest’s stay. The Company notes no significant judgments regarding the recognition of rooms revenue.
Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. The Company notes no significant judgements regarding the recognition of food and beverage revenue.
Campground revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured.
Real Estate Equity Securities
The Company’s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Upon adoption of ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”) on January 1, 2018, unrealized gains and losses on real estate equity securities are recognized in earnings.
Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.
Segments
The Company has invested in opportunistic real estate investments, real estate equity securities and originated a loan secured by a non-stabilized real estate asset, which was repaid on January 12, 2018. In general, the Company intends to hold its investments in opportunistic real estate, real estate equity securities and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into one reportable business segment. In addition, the Company has invested in a participating loan facility secured by a portfolio of light industrial properties located in Europe. However, based on the Company’s investment portfolio and future investment focus, the Company does not believe that its investment in the European asset is a reportable segment.

10
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Per Share Data
Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding for each class of share outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2018 and 2017. For the purpose of determining the weighted-average number of shares outstanding, stock dividends issued are adjusted retroactively and treated as if they were issued and outstanding for all periods presented. 
The Company’s board of directors has declared and issued stock dividends on shares of the Company’s common stock during the three and nine months ended September 30, 2018 and 2017 as follows:
Three Months Ended September 30,
 
Amount Declared per Share Outstanding (1)
 
Total Shares Issued
2017
 
0.005001 shares
 
131,477
2018
 
0.005001 shares
 
148,412
__________________________________
(1) Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Nine Months Ended September 30,
 
Amount Declared per Share Outstanding (1)
 
Total Shares Issued
2017
 
0.015003 shares
 
357,215
2018
 
0.015003 shares
 
433,633
__________________________________
(1) Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Until the Company established an estimated net asset value per share of common stock on June 6, 2017, for the purpose of calculating the dollar amount of the Class A and Class T stock dividends issued, the Company used the Class A and Class T primary offering price at the time of issuance.
Cash distributions declared per share of Class A common stock were $0.048 and $0.143 for the three and nine months ended September 30, 2018, respectively. Cash distributions declared per share of Class T common stock were $0.041 and $0.090 for the three and nine months ended September 30, 2018, respectively. Until the Company ceased offering shares of common stock in the Public Offering on July 31, 2018, the declared rate of cash distributions for Class T Shares was different than the rate declared for the Class A Shares by an amount equivalent to any applicable daily stockholder servicing fees. Distributions declared per share of common stock assumes each share was issued and outstanding each day that was a record date during the three and nine months ended September 30, 2018. Each day during the period from January 1, 2018 through September 30, 2018 was a record date for distributions. Distributions for this period were calculated based on stockholders of record each day during this period at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date.

11
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Cash distributions declared per share of Class A common stock were $0.048 and $0.143 for the three and nine months ended September 30, 2017, respectively. Cash distributions declared per share of Class T common stock were $0.025 and $0.073 for the three and nine months ended September 30, 2017, respectively. The declared rate of cash distributions for Class T Shares was different than the rate declared for the Class A Shares by an amount equivalent to any applicable daily stockholder servicing fees. Distributions declared per share of common stock assumes each share was issued and outstanding each day that was a record date during the three and nine months ended September 30, 2017. Each day during the period from January 1, 2017 through September 30, 2017 was a record date for distributions. Distributions for this period were calculated based on stockholders of record each day during this period at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the  number of shares of common stock of such class outstanding as of the close of business on each respective record date.
The Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding other than Class A Common Stock and Class T Common stock during the periods presented.
The Company’s calculated earnings per share for the three and nine months ended September 30, 2018 and 2017 were as follows (in thousands, except share and per share amounts):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders
 
$
(4,963
)
 
$
2,893

 
$
(8,133
)
 
$
(834
)
Less: Class A Common Stock cash distributions declared
 
862

 
777

 
2,505

 
2,187

Less: Class T Common Stock cash distributions declared
 
487

 
258

 
1,050

 
660

Undistributed net (loss) income attributable to common stockholders
 
$
(6,312
)
 
$
1,858

 
$
(11,688
)
 
$
(3,681
)
Class A Common Stock:
 
 
 
 
 
 
 
 
Undistributed net (loss) income attributable to common stockholders
 
$
(3,776
)
 
$
1,127

 
$
(7,019
)
 
$
(2,311
)
Class A Common Stock cash distributions declared
 
862

 
777

 
2,505

 
2,187

Net (loss) income attributable to Class A common stockholders
 
$
(2,914
)
 
$
1,904

 
$
(4,514
)
 
$
(124
)
Net (loss) income per common share, basic and diluted
 
$
(0.16
)
 
$
0.12

 
$
(0.26
)
 
$
(0.01
)
Weighted-average number of common shares outstanding, basic and diluted
 
17,938,824

 
16,514,730

 
17,640,671

 
15,759,082

Class T Common Stock:
 
 
 
 
 
 
 
 
Undistributed net (loss) income attributable to common stockholders
 
$
(2,536
)
 
$
731

 
$
(4,669
)
 
$
(1,370
)
Class T Common Stock cash distributions declared
 
487

 
258

 
1,050

 
660

Net (loss) income attributable to Class T common stockholders
 
$
(2,049
)
 
$
989

 
$
(3,619
)
 
$
(710
)
Net (loss) income per common share, basic and diluted
 
$
(0.17
)
 
$
0.09

 
$
(0.31
)
 
$
(0.08
)
Weighted-average number of common shares outstanding, basic and diluted
 
12,044,757

 
10,714,415

 
11,733,316

 
9,339,643

Square Footage, Occupancy and Other Measures
 Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

12
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Recently Issued Accounting Standards Updates
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon adoption of ASU No. 2016-02, the Company expects to adopt the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company will 1) not reassess whether any expired or existing contracts are or contain leases, 2) not reassess the lease classification for any expired or existing lease, and 3) not reassess initial direct costs for any existing leases. The Company does not expect to elect the practical expedient related to using hindsight to reevaluate the lease term. In addition, the Company expects to adopt the practical expedient for land easements to not assess whether existing or expired land easements that were not previously accounted for as leases under the current lease accounting standards of Topic 840 are or contain a lease under Topic 842.
In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements (“ASU No. 2018-11”), which provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met. Upon adoption of the lease accounting standard under Topic 842, the Company expects to adopt this practical expedient, specifically related to its tenant reimbursements which would otherwise be accounted for under the new revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements as 1) the timing and pattern of transfer of the nonlease components and associated lease components are the same and 2) the lease component would be classified as an operating lease. In addition, ASU No. 2018-11 provides an additional optional transition method to allow entities to apply the new lease accounting standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease accounting standard will continue to be reported under the current lease accounting standards of Topic 840. The Company expects to adopt this transition method upon adoption of the lease accounting standard of Topic 842 on January 1, 2019.
The Company is currently evaluating the impact of adopting the new lease accounting standards on its consolidated financial statements. The Company is in process of creating an inventory of its leases where the Company may be a lessee to assess the potential impact to the Company’s financial statements upon adoption of the new lease accounting standards.

13
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU No. 2016-13”).  ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income.  The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset.  ASU No. 2016-13 also amends the impairment model for available-for-sale debt securities.  An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU No. 2016-13 also requires new disclosures.  For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management’s estimate of expected credit losses and the reasons for those changes.  For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset’s origination for as many as five annual periods. For available-for-sale debt securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due.  ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years.  Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.  The Company is still evaluating the impact of adopting ASU No. 2016-13 on its financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820):  Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”).  The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. ASU No. 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and to disclose the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop the Level 3 fair value measurement.  In addition, public entities are required to provide information about the measurement uncertainty of recurring Level 3 fair value measurements from the use of significant unobservable inputs if those inputs reasonably could have been different at the reporting date. ASU No. 2018-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company is still evaluating the impact of adopting ASU No. 2018-13 on its financial statements, but does not expect the adoption of ASU No. 2018-13 to have a material impact on its financial statements.

14
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



3.
REAL ESTATE
As of September 30, 2018, the Company’s real estate portfolio was composed of two hotel properties, four office properties and one apartment building. In addition, as of September 30, 2018, the Company has entered into a consolidated joint venture to develop one retail property. The following table summarizes the Company’s real estate as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Land
 
$
104,138

 
$
104,138

Buildings and improvements
 
368,448

 
362,210

Construction in progress
 
65,106

 
63,732

Tenant origination and absorption costs
 
17,728

 
19,006

Total real estate, cost and net of impairment charge (1)
 
555,420

 
549,086

Accumulated depreciation and amortization
 
(31,578
)
 
(18,646
)
Total real estate, net
 
$
523,842

 
$
530,440

_____________________
(1) See “ – Impairment of Real Estate” below.
The following table provides summary information regarding the Company’s real estate as of September 30, 2018 (in thousands):
Property
 
Date
Acquired
 
City
 
State
 
Property Type
 
Land
 
Building
and Improvements (1) 
 
Tenant Origination and Absorption
 
Total Real Estate, at Cost and Net of Impairment Charge
 
Accumulated Depreciation and Amortization
 
Total Real Estate, Net
 
Ownership %
Springmaid Beach Resort
 
12/30/2014
 
Myrtle Beach
 
SC
 
Hotel
 
$
27,438

 
$
33,402

 
$
—

 
$
60,840

 
$
(6,475
)
 
$
54,365

 
90.0%
Q&C Hotel
 
12/17/2015
 
New Orleans
 
LA
 
Hotel
 
1,232

 
53,075

 
—

 
54,307

 
(5,512
)
 
48,795

 
90.0%
2200 Paseo Verde
 
12/23/2015
 
Henderson
 
NV
 
Office
 
1,850

 
11,728

 
553

 
14,131

 
(1,505
)
 
12,626

 
100.0%
Lincoln Court
 
05/20/2016
 
Campbell
 
CA
 
Office
 
14,706

 
34,064

 
2,881

 
51,651

 
(4,137
)
 
47,514

 
100.0%
Lofts at NoHo Commons
 
11/16/2016
 
North Hollywood
 
CA
 
Apartment
 
26,222

 
77,305

 
—

 
103,527

 
(3,629
)
 
99,898

 
90.0%
210 West 31st Street (2)
 
12/01/2016
 
New York
 
NY
 
Retail
 
—

 
65,106

 
—

 
65,106

 
—

 
65,106

 
80.0%
Oakland City Center
 
08/18/2017
 
Oakland
 
CA
 
Office
 
22,150

 
138,939

 
11,494

 
172,583

 
(8,871
)
 
163,712

 
100.0%
Madison Square (3)
 
10/03/2017
 
Phoenix
 
AZ
 
Office
 
10,540

 
19,935

 
2,800

 
33,275

 
(1,449
)
 
31,826

 
90.0%
 
 
 
 
 
 
 
 
 
 
$
104,138

 
$
433,554

 
$
17,728

 
$
555,420

 
$
(31,578
)
 
$
523,842

 
 
_____________________
(1) Building and improvements includes construction in progress.
(2) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114.
(3) The Company acquired the rights to a leasehold interest with respect to the land at this property. This property was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy for this property.

15
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Office Properties
As of September 30, 2018, the Company owned four office properties encompassing in the aggregate 864,940 rentable square feet which were 72% occupied. The following table provides detailed information regarding the Company’s office revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Office revenues:
 
 
 
 
 
 
 
 
Rental income
 
$
6,653

 
$
3,983

 
$
20,082

 
$
7,406

Tenant reimbursements and other income (1)
 
862

 
235

 
2,393

 
418

Office revenues
 
$
7,515

 
$
4,218

 
$
22,475

 
$
7,824

 
 
 
 
 
 
 
 
 
Office expenses:
 
 
 
 
 
 
 
 
Operating, maintenance, and management
 
$
2,219

 
$
1,094

 
$
6,072

 
$
1,890

Real estate taxes and insurance
 
1,022

 
442

 
2,879

 
823

Office expenses
 
$
3,241

 
$
1,536

 
$
8,951

 
$
2,713

_____________________
(1) For the three and nine months ended September 30, 2018, included in tenant reimbursements and other income for office properties is $0.2 million and $0.6 million, respectively, of other operating income and tenant reimbursements for substantial services accounted for under ASU No. 2014-09.
Operating Leases
The Company’s office properties are leased to tenants under operating leases for which the terms and expirations vary. As of September 30, 2018, the leases had remaining terms, excluding options to extend, of up to 9.9 years with a weighted-average remaining term of 3.6 years. Some of the leases may have provisions to extend the term of the lease, options for early termination for all or a part of the leased premises after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but generally is not a significant amount. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to office tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $1.3 million and $1.1 million as of September 30, 2018 and December 31, 2017, respectively.
During the three and nine months ended September 30, 2018, the Company recognized deferred rent from tenants of $0.2 million and $1.2 million, respectively, net of lease incentive amortization. During each of the three and nine months ended September 30, 2017, the Company recognized deferred rent from tenants of $0.3 million, net of lease incentive amortization. As of September 30, 2018 and December 31, 2017, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $2.6 million and $1.3 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $0.2 million of unamortized lease incentives as of September 30, 2018 and December 31, 2017.

16
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



As of September 30, 2018, the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands):
October 1, 2018 through December 31, 2018
$
5,406

2019
21,359

2020
19,285

2021
16,290

2022
13,002

Thereafter
30,556

 
$
105,898

As of September 30, 2018, the Company’s commercial real estate properties were leased to approximately 100 tenants over a diverse range of industries and geographic areas. As of September 30, 2018, the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company’s portfolio were as follows:
Industry
 
Number of Tenants
 
Annualized Base Rent (1) 
(in thousands)
 
Percentage of
Annualized Base Rent
Professional, Scientific and Legal
 
14
 
$
3,753

 
16.1
%
Legal Services
 
12
 
3,647

 
15.6
%
Public Administration (Government)
 
6
 
3,168

 
13.6
%
Finance
 
13
 
2,505

 
10.7
%
 
 
 
 
$
13,073

 
56.0
%
_____________________
(1) Annualized base rent represents annualized contractual base rental income as of September 30, 2018, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
No other tenant industries accounted for more than 10% of annualized base rent. No tenant accounted for more than 10% of annualized base rent. No material tenant credit issues have been identified at this time.

17
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Hotel Properties
As of September 30, 2018, the Company owned two hotel properties. The following table provides detailed information regarding the Company’s hotel revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Hotel revenues:
 
 
 
 
 
 
 
 
Room
 
$
8,094

 
4,973

 
$
20,207

 
13,304

Food, beverage and convention services
 
1,574

 
1,031

 
3,893

 
2,785

Campground
 
298

 
288

 
879

 
838

Other (1)
 
495

 
5,868

 
1,255

 
6,546

Hotel revenues
 
$
10,461

 
$
12,160

 
$
26,234

 
$
23,473

 
 
 
 
 
 
 
 
 
Hotel expenses:
 
 
 
 
 
 
 
 
Room
 
$
1,824

 
1,391

 
$
4,839

 
3,604

Food, beverage and convention services
 
1,084

 
868

 
3,005

 
2,381

General and administrative
 
704

 
601

 
2,149

 
1,748

Sales and marketing
 
932

 
690

 
2,381

 
2,058

Repairs and maintenance
 
571

 
454

 
1,566

 
1,350

Utilities
 
364

 
325

 
916

 
777

Property taxes and insurance
 
447

 
867

 
1,311

 
1,650

Other
 
180

 
611

 
994

 
1,271

Hotel expenses
 
$
6,106

 
$
5,807

 
$
17,161

 
$
14,839

_____________________
(1) Hotel revenues - other includes $5.5 million and $5.8 million of business interruption insurance recovery for the three and nine months ended September 30, 2017, respectively.
Contract liabilities
The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay or a deposit for a future banquet event at the Company’s hotels. Advanced deposits are recognized as revenue at the time of the guest’s stay or completion of the banquet services. The following table summarizes the Company’s contract liabilities, which are included in other liabilities in the accompanying consolidated balance sheets, as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Contract liability
 
$
431

 
$
358

Revenue recognized in the period from:
 
 
 
 
Amounts included in contract liability at the beginning of the period
 
$
302

 
(1) 

_____________________
(1) The amount of revenue recognized in the period from amounts included in contract liability at the beginning of the period is not relevant for the year ended December 31, 2017, as the Company adopted ASU No. 2014-09 effective January 1, 2018.

18
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Apartment Property
As of September 30, 2018, the Company owned one apartment property with 292 units which was 91% occupied. The following table provides detailed information regarding the Company’s apartment revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Apartment revenues:
 
 
 
 
 
 
 
 
Rental income
 
$
1,774

 
$
1,638

 
$
5,003

 
$
4,856

Tenant reimbursements and other income
 
166

 
108

 
456

 
328

Apartment revenues
 
$
1,940

 
$
1,746

 
$
5,459

 
$
5,184

 
 
 
 
 
 
 
 
 
Apartment expenses:
 
 
 
 
 
 
 
 
Operating, maintenance, and management
 
$
639

 
$
683

 
$
1,844

 
$
1,704

Real estate taxes and insurance
 
337

 
343

 
1,014

 
1,020

Apartment expenses
 
$
976

 
$
1,026

 
$
2,858

 
$
2,724

Geographic Concentration Risk
As of September 30, 2018, the Company’s real estate investments in California and New York represented 53.4% and 11.2%, respectively, of the Company’s total assets. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the California and New York real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company’s operating results and its ability to make distributions to stockholders.
Impairment of Real Estate
During the three and nine months ended September 30, 2018, the Company recorded an impairment charge of $4.2 million to write-down the carrying value of 210 West 31st Street, a development property located in New York, New York, to its estimated fair value of $58.3 million due to a change in the projected hold period and related decrease in projected cash flows. The Company purchased 210 West 31st Street for $48.0 million plus $1.8 million of closing costs. Since acquisition in December 2016, the Company has capitalized $6.8 million related to a capital lease asset, $3.5 million in development costs and $9.2 million of other certain costs such as financing costs, real estate taxes and insurance costs that have been capitalized to construction in progress. In addition, as of September 30, 2018, 210 West 31st Street had a capital lease liability with a carrying value of $6.8 million included in other liabilities.

19
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



4.
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES
As of September 30, 2018 and December 31, 2017, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands):
 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
September 30, 2018
 
December 31, 2017
 
September 30, 2018
 
December 31, 2017
 
September 30, 2018
 
December 31, 2017
Cost
$
17,728

 
$
19,006

 
$
99

 
$
99

 
$
(11,823
)
 
$
(12,869
)
Accumulated Amortization
(5,690
)
 
(3,473
)
 
(30
)
 
(16
)
 
3,710

 
2,086

Net Amount
$
12,038

 
$
15,533

 
$
69

 
$
83

 
$
(8,113
)
 
$
(10,783
)
Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2018 and 2017 were as follows (in thousands):
 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
For the Three Months Ended September 30,
 
For the Three Months Ended September 30,
 
For the Three Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Amortization
$
(1,117
)
 
$
(865
)
 
$
(5
)
 
$
(2
)
 
$
838

 
$
647

 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
For the Nine Months Ended September 30,
 
For the Nine Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Amortization
$
(3,495
)
 
$
(2,578
)
 
$
(14
)
 
$
(5
)
 
$
2,670

 
$
979

As of September 30, 2018 and December 31, 2017, the Company had recorded a housing subsidy intangible asset, net of amortization, which is included in prepaid expenses and other assets in the accompanying balance sheets, of $2.4 million, which is amortized on a straight line basis over 31.8 years. During each of the three months ended September 30, 2018 and 2017, the Company recorded amortization expense of $20,000 related to the housing subsidy intangible asset. During each of the nine months ended September 30, 2018 and 2017, the Company recorded amortization expense of $60,000 related to the housing subsidy intangible asset.
Additionally, as of September 30, 2018 and December 31, 2017, the Company had recorded property tax abatement intangible assets, net of amortization, which are included in prepaid expenses and other assets in the accompanying balance sheets, of $2.4 million and $2.8 million, respectively, which are amortized on a straight line basis over a range of 0.7 to 6.6 years. During the three and nine months ended September 30, 2018, the Company recorded amortization expense of $0.1 million and $0.4 million, respectively, related to the property tax abatement intangible assets.

20
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



5.
REAL ESTATE LOAN RECEIVABLE
As of December 31, 2017, the Company had originated one real estate loan receivable. On January 12, 2018, the real estate loan receivable was repaid in full. Information for the real estate loan receivable was as follows (in thousands):
Loan Name
Location of Related Property or Collateral
 
Date Originated
 
Property Type
 
Loan Type
 
Outstanding Principal Balance as of
September 30, 2018
 
Book Value as of September 30, 2018 (1)
 
Book Value as of December 31, 2017 (1)
 
Contractual Interest Rate
 
Annualized Effective Interest Rate
 
Maturity Date
655 Summer Street First Mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Boston, Massachusetts
 
09/04/2014
 
Office
 
Mortgage
 
$
—

 
$
—

 
$
3,500

 
9.25%
 
(2) 
 
(2) 
_____________________
(1) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs.
(2) On January 12, 2018, the real estate loan receivable was repaid in full.
The following summarizes the activity related to the real estate loan receivable for the nine months ended September 30, 2018 (in thousands):
Real estate loan receivable - December 31, 2017
 
$
3,500

Principal repayment
 
(3,500
)
Real estate loan receivable - September 30, 2018
 
$
—

For the three and nine months ended September 30, 2018 and 2017, interest income from the real estate loan receivable consisted of the following (in thousands):
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Contractual interest income
 
$
—

 
$
83

 
$
10

 
$
245

Amortization of closing costs and origination fees, net
 
—

 
20

 
—

 
58

Interest income from real estate loan receivable
 
$
—

 
$
103

 
$
10

 
$
303

6.
REAL ESTATE EQUITY SECURITIES
During the nine months ended September 30, 2018, the Company purchased 852,797 shares of common stock of Franklin Street Properties Corp. (NYSE Ticker: FSP) for an aggregate purchase price of $7.0 million. The Company’s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Unrealized gains and losses on real estate equity securities are recognized in earnings.

21
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



The following summarizes the activity related to real estate equity securities for the nine months ended September 30, 2018 (in thousands):
 
 
Amortized Cost Basis
 
Unrealized Loss
 
Total
Real estate equity securities - December 31, 2017
 
$
—

 
$
—

 
$
—

Acquisition of real estate equity securities
 
6,800

 
—

 
6,800

Acquisition fee to affiliate and purchase commission
 
186

 
—

 
186

Loss on real estate equity securities
 
—

 
(172
)
 
(172
)
Real estate equity securities - September 30, 2018
 
$
6,986

 
$
(172
)
 
$
6,814

During the three and nine months ended September 30, 2018, the Company recognized $0.1 million of dividend income from real estate equity securities.
7.
INVESTMENT IN UNCONSOLIDATED ENTITY
On June 28, 2016, the Company originated a participating loan facility in an amount up to €2.6 million ($2.9 million at closing). The Company funded approximately €2.1 million ($2.3 million at closing). The proceeds were used by STAM to fund a 5% general partner interest in a joint venture acquiring a portfolio of light industrial properties located throughout France. The total acquisition cost of the portfolio was approximately €95.5 million ($105.6 million at closing). Under the terms of the participating loan facility, the Company participates in the expected residual profits of the portfolio and the terms are structured in a manner such that the risks and rewards of the arrangement are similar to those associated with an investment in a real estate joint venture. Accordingly, the participating loan facility is accounted for under the equity method of accounting. In addition to the amount funded at closing, the Company also capitalized an additional $0.2 million of acquisition costs and fees. During the three and nine months ended September 30, 2018, the Company recognized $94,000 and $225,000, respectively, of income with respect to this investment. During the three and nine months ended September 30, 2017, the Company recognized $14,000 and $40,000, respectively, of income with respect to this investment.
8.
NOTES PAYABLE
As of September 30, 2018 and December 31, 2017, the Company’s notes payable consisted of the following (in thousands):
 
 
Book Value as of September 30, 2018
 
Book Value as of December 31, 2017
 
Contractual Interest Rate (1)
 
Effective Interest Rate (1)
 
Payment Type
 
Maturity Date
Springmaid Beach Resort Mortgage Loan
 
$
37,460

 
$
38,000

 
One-month LIBOR + 3.00%
 
5.11%
 
Principal &
Interest
 
12/30/2018
Q&C Hotel Mortgage Loan
 
23,716

 
28,330

 
One-month LIBOR + 3.25%
 
5.36%
 
Principal &
Interest
 
12/17/2018
2200 Paseo Verde Mortgage Loan (2)
 
7,947

 
7,947

 
One-month LIBOR + 2.25%
 
4.36%
 
Interest Only (2)
 
07/01/2020
Lincoln Court Mortgage Loan
 
33,500

 
33,500

 
One-month LIBOR + 1.75%
 
3.85%
 
Interest Only
 
06/01/2020
Lofts at NoHo Commons Mortgage Loan
 
72,100

 
72,100

 
One-month LIBOR + 2.66%
 
4.77%
 
Interest Only
 
12/01/2019
210 West 31st Street Mortgage Loan (3)
 
37,821

 
35,763

 
One-month LIBOR + 5.50%
 
7.60%
 
Interest Only
 
12/01/2019
Oakland City Center Mortgage Loan (4)
 
94,500

 
94,500

 
One-month LIBOR + 1.75%
 
3.85%
 
Interest Only (4)
 
09/01/2022
Madison Square Mortgage Loan (5)
 
21,895

 
21,895

 
One-month LIBOR + 4.05% (5)
 
6.11%
 
Interest Only
 
10/09/2020
Total notes payable principal outstanding
 
328,939

 
332,035

 
 
 
 
 
 
 
 
   Deferred financing costs, net
 
(2,530
)
 
(3,684
)
 
 
 
 
 
 
 
 
Total notes payable, net
 
$
326,409

 
$
328,351

 
 
 
 
 
 
 
 

22
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2018. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2018 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at September 30, 2018, where applicable.
(2) As of September 30, 2018, $7.9 million had been disbursed to the Company and up to $1.6 million is available for future disbursements to be used for tenant improvement costs, capital improvements costs and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning August 1, 2019, monthly payments include principal amortization payments of $10,000 per month.
(3) As of September 30, 2018, $37.8 million had been disbursed to the Company and up to $9.3 million is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents.
(4) As of September 30, 2018, $94.5 million had been disbursed to the Company and up to $8.9 million is available for future disbursements to be used for tenant improvements and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning October 1, 2020, monthly payments will include principal and interest with principal payments of $110,000 or, in the event the Company repays any principal of the loan amount, with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.0%, subject to certain terms and conditions contained in the loan documents.
(5) As of September 30, 2018, $21.9 million had been disbursed to the Company and up to $12.2 million is available for future disbursements to be used for tenant improvements and leasing expenses, subject to certain terms and conditions contained in the loan documents. The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than 5.05%. The property securing this mortgage loan was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy of the property.
During the three and nine months ended September 30, 2018, the Company incurred $3.4 million and $9.7 million, respectively, of interest expense. During the three and nine months ended September 30, 2017, the Company incurred $2.3 million and $5.8 million, respectively, of interest expense. Included in interest expense was: (i) the amortization of deferred financing costs of $0.4 million and $1.3 million for the three and nine months ended September 30, 2018, respectively, and $0.4 million and $1.1 million for the three and nine months ended September 30, 2017, respectively, (ii) the capitalization of interest to construction in progress related to its redevelopment project at 210 West 31st Street of $1.3 million and $3.9 million for the three and nine months ended September 30, 2018, respectively, and $1.3 million and $3.0 million for the three and nine months ended September 30, 2017, respectively, and (iii) an unrealized gain of $1,000 and $11,000 on interest rate cap agreements for the three and nine months ended September 30, 2018, respectively, and unrealized losses related to interest rate cap agreements of $12,000 and $84,000 for the three and nine months ended September 30, 2017, respectively. As of September 30, 2018 and December 31, 2017, the Company’s interest payable was $1.3 million and $1.1 million, respectively.
The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2018 (in thousands):
October 1, 2018 through December 31, 2018
 
$
61,176

2019
 
109,971

2020
 
63,622

2021
 
1,320

2022
 
92,850

 
 
$
328,939

The Company’s notes payable contain financial and non-financial debt covenants. As of September 30, 2018, the Company was in compliance with all debt covenants, except that the borrower under the Madison Square Mortgage Loan was out of debt service coverage compliance. Such non-compliance does not constitute an event of default under the loan agreement. As a result of such non-compliance, the Company is required to maintain an interest shortfall reserve.
The Company’s note payable with respect to the Springmaid Beach Resort Mortgage Loan requires the Company to maintain a minimum working capital reserve in an amount sufficient to fund the working capital requirements of the Springmaid Beach Resort through the off-peak season, which amount shall be reduced by any amounts for working capital reserved by the third-party hotel operator. The working capital reserve was included in restricted cash on the accompanying consolidated balance sheets.

23
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



9.
DERIVATIVE INSTRUMENTS
The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into the derivatives for speculative purposes.
The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero.
As of September 30, 2018, the Company had four interest rate caps outstanding, which were not designated as hedging instruments. The following table summarizes the notional amount and other information related to the Company’s derivative instruments as of September 30, 2018 and December 31, 2017. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
Fair Value of Asset
 
 
Derivative Instruments
 
Effective Date
 
Maturity Date
 
Notional Value
 
Reference Rate
 
September 30, 2018
 
December 31, 2017
 
Balance Sheet Location
Interest Rate Cap
 
12/29/2014
 
01/01/2018
 
$
26,000

 
One-month LIBOR at 3.00%
 
$
—

 
$
—

 
Prepaid expenses and other assets
Interest Rate Cap
 
12/15/2015
 
12/23/2018
 
$
28,330

 
One-month LIBOR at 3.00%
 
—

 
—

 
Prepaid expenses and other assets
Interest Rate Cap
 
12/01/2016
 
12/01/2019
 
$
47,110

 
One-month LIBOR at 3.00%
 
22

 
9

 
Prepaid expenses and other assets
Interest Rate Cap
 
10/03/2017
 
10/15/2019
 
$
34,125

 
One-month LIBOR at 3.00%
 
10

 
4

 
Prepaid expenses and other assets
Interest Rate Cap
 
02/02/2018
 
12/30/2018
 
$
26,000

 
One-month LIBOR at 3.00%
 
—

 
—

 
Prepaid expenses and other assets
Total Derivative Instruments not designated as hedging instruments
 
 
$
32

 
$
13

 
 
During the three and nine months ended September 30, 2018, the Company recorded an unrealized gain of $1,000 and $11,000, respectively, on interest rate cap agreements, which is included as an offset to interest expense on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2017, the Company recorded an unrealized loss of $12,000 and $84,000, respectively, on interest rate cap agreements, which is included in interest expense on the accompanying consolidated statements of operations.
The Company enters into foreign currency forward contracts to mitigate its exposure to foreign currency exchange rate movements on its investment in unconsolidated entity. The foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future.
The following table summarizes the notional amount and other information related to the Company’s foreign currency forward contract as of September 30, 2018. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands):
Derivative Instrument
 
Notional Amount
 
Strike Price
 
Trade Date
 
Maturity Date
Derivative instrument not designated as hedging instrument
Foreign currency forward contract
 
$
2,668

 
1.2704 USD-EUR
 
09/05/2017
 
09/07/2021

24
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



During the three and nine months ended September 30, 2018, the Company recorded a foreign currency gain of $22,000 and $73,000, respectively, on foreign currency forward contract, which is included as an offset to general and administrative expenses on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2017, the Company recorded a foreign currency loss of $33,000 on foreign currency forward contract, which is included in general and administrative expenses on the accompanying consolidated statements of operations. The fair value of the foreign currency forward contract was $6,000 and $79,000 liability as of September 30, 2018 and December 31, 2017, respectively, included in other liabilities on the accompanying balance sheets.
10.
FAIR VALUE DISCLOSURES
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
•
Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
•
Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
•
Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value:
Cash and cash equivalents, restricted cash, rent and other receivables and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items.
Real estate equity securities: The Company’s real estate equity securities are presented at fair value on the accompanying consolidated balance sheet. The fair values of real estate equity securities were based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs.
Real estate loan receivable: The Company’s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of recorded loan loss reserves (if any) and not at fair value. The fair value of real estate loan receivable was estimated using an internal valuation model that considered the expected cash flows for the loan, underlying collateral value (for collateral-dependent loans) and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs.

25
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments are determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps (floors) are determined using the market standard methodology of discounting the future expected cash payments (receipts) which would occur if variable interest rates rise above (below) the strike rate of the caps (floors). The variable interest rates used in the calculation of projected payments (receipts) on the cap (floor) are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. The fair value of foreign currency forward contract are valued by comparing the contracted forward exchange rate to the current market exchange rate.
Notes payable: The fair value of the Company’s notes payable are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.
The following were the face value, carrying amount and fair value of the Company’s financial instruments as of September 30, 2018 and December 31, 2017, which carrying amounts do not approximate the fair values (in thousands):
 
September 30, 2018
 
December 31, 2017
 
Face Value
 
Carrying Amount
 
Fair Value
 
Face Value
 
Carrying Amount
 
Fair Value
Financial asset:
 
 
 
 
 
 
 
 
 
 
 
Real estate loan receivable
$
—

 
$
—

 
$
—

 
$
3,500

 
$
3,500

 
$
3,500

Financial liability:
 
 
 
 
 
 
 
 
 
 
 
Notes payable
$
328,939

 
$
326,409

 
$
331,265

 
$
332,035

 
$
328,351

 
$
333,336

Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different.
As of September 30, 2018, the Company measured the following assets at fair value on a recurring basis (in thousands):
 
 
 
 
Fair Value Measurements Using
 
 
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Recurring Basis:
 
 
 
 
 
 
 
 
Real estate equity securities
 
$
6,814

 
$
6,814

 
$
—

 
$
—

Asset derivatives - interest rate caps
 
$
32

 
$
—

 
$
32

 
$
—

Liability derivative - foreign currency forward contract
 
$
6

 
$
—

 
$
6

 
$
—


26
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



As of September 30, 2018, the Company measured the following assets at fair value on a nonrecurring basis (in thousands):
 
 
 
 
Fair Value Measurements Using
 
 
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Nonrecurring Basis:
 
 
 
 
 
 
 
 
Impaired real estate (1)
 
$
58,300

 
$
—

 
$
—

 
$
58,300

_____________________
(1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the nine months ended September 30, 2018, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
During the nine months ended September 30, 2018, one of the Company’s real estate properties was measured at its estimated fair value based on a sales comparison approach. As a result, this property was impaired and the carrying value was adjusted due to a change in the projected hold period and related decrease in projected cash flows. See Note 3, “Real Estate – Impairment of Real Estate” for a further discussion on the impaired real estate property.
11.
RELATED PARTY TRANSACTIONS
The Company has entered into the Advisory Agreement with the Advisor and dealer manager agreements with the Dealer Manager, with respect to the Private Offering and the Public Offering. These agreements entitle the Advisor and the Dealer Manager to specified fees upon the provision of certain offering-related services and the investment of funds in real estate-related investments, among other services, as well as reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as described in the Advisory Agreement. The Advisor also serves or has served as the advisor for KBS Real Estate Investment Trust, Inc. (“KBS REIT I”), KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”), KBS Real Estate Investment Trust III, Inc. (“KBS REIT III”), KBS Legacy Partners Apartment REIT, Inc. (“KBS Legacy Partners Apartment REIT”), KBS Strategic Opportunity REIT, Inc. (“KBS Strategic Opportunity REIT”) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”). The Dealer Manager also serves as the dealer manager for the KBS dividend reinvestment plan offerings for KBS Strategic Opportunity REIT, KBS REIT III and KBS Growth & Income REIT.
On January 6, 2014, the Company, together with KBS REIT I, KBS REIT II, KBS REIT III, KBS Legacy Partners Apartment REIT, KBS Strategic Opportunity REIT, the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers was allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and was billed directly to each entity. The allocation of these shared coverage costs is proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor’s and the Dealer Manager’s portion of the shared lower tiers’ cost was proportionate to the respective entities’ prior cost for the errors and omissions insurance. In June 2015, KBS Growth & Income REIT was added to the insurance program at terms similar to those described above. KBS REIT I elected to cease participation in the program at the June 2017 renewal and obtained separate insurance coverage. At renewal in June 2018, the Company, KBS Strategic Opportunity REIT and KBS Legacy Partners Apartment REIT elected to cease participation in the program and obtain separate insurance coverage. The Company, together with KBS Strategic Opportunity REIT, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each REIT covered by the program, and is billed directly to each REIT. The program is effective through June 30, 2019.

27
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



During the three and nine months ended September 30, 2018 and 2017, no other business transactions occurred between the Company and these other KBS-sponsored programs.
The Advisory Agreement has a one-year term that expires August 12, 2019. The Company may terminate the Advisory Agreement on 30 days’ written notice and the Advisor may terminate on 90 days’ written notice. The Advisor in its sole discretion may defer any fee payable to it under the Advisory Agreement. All or any portion of such fee not taken may be deferred without interest and paid when the Advisor determines.
Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2018 and 2017, respectively, and any related amounts payable as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
Incurred
 
Payable as of
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
September 30, 2018
 
December 31, 2017
 
 
2018
 
2017
 
2018
 
2017
 
 
Expensed
 
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
 
$
1,020

 
$
739

 
$
2,940

 
$
1,820

 
$
20

 
$
22

Reimbursable operating expenses (1)
 
113

 
65

 
337

 
239

 
64

 
42

Capitalized
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition fees
 
19

 
4,126

 
234

 
4,151

 
133

 
76

Asset management fees
 
—

 
—

 
—

 
67

 
—

 
—

Additional Paid-in Capital
 
 
 
 
 
 
 
 
 
 
 
 
Sales commissions
 
190

 
267

 
614

 
2,028

 
—

 
—

Dealer manager fees
 
92

 
133

 
337

 
1,180

 
—

 
—

Stockholder servicing fees (2)
 
(2
)
 
505

 
14

 
1,041

 
—

 
680

Reimbursable other offering costs (3)
 
45

 
87

 
174

 
583

 
54

 
1,042

 
 
$
1,477

 
$
5,922

 
$
4,650

 
$
11,109

 
$
271

 
$
1,862

_____________________
(1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $0.1 million and $0.3 million for the three and nine months ended September 30, 2018, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2017, respectively, and were the only employee costs reimbursed under the Advisory Agreement for the three and nine months ended September 30, 2018 and 2017. The Advisor may seek reimbursement for certain other employee costs under the Advisory Agreement. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company.
(2) Reflects the stockholder servicing fee paid based on the terms of the Class T Shares. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan of the Company, the Company ceased accruing for stockholder servicing fees after July 31, 2018.
(3) See “Other Offering Costs” below.
During the nine months ended September 30, 2018 and 2017, the Advisor reimbursed the Company $35,000 and $21,000, respectively, for property insurance rebates.

28
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Other Offering Costs
Organization and offering costs (other than selling commissions, dealer manager fees and the stockholder servicing fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company or may be paid directly by the Company. These offering costs include all expenses incurred by the Company in connection with the Private Offering and the Public Offering. Organization costs include all expenses incurred by the Company in connection with the formation of the Company, including but not limited to legal fees and other costs to incorporate the Company.
The Company recorded $1.0 million of offering costs (other than selling commissions and dealer manager fees) related to the Private Offering, all of which was initially paid by the Advisor or its affiliates on behalf of the Company and subsequently reimbursed by the Company. In addition, the Company paid $1.9 million in selling commissions and dealer manager fees related to the Private Offering.
During the Public Offering, pursuant to the Advisory Agreement and the Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for organization and other offering costs paid by them on behalf of the Company, provided that no reimbursements made by the Company to the Advisor or the Dealer Manager may cause total organization and offering expenses incurred by the Company in connection with the Public Offering (including selling commissions, dealer manager fees and the stockholder servicing fee) to exceed 15% of the aggregate gross proceeds from the Public Offering as of the date of reimbursement. In addition, the Advisor and its affiliates reimbursed the Company to the extent that the organization and other offering expenses (which exclude selling commissions, dealer manager fees and stockholder servicing fees) paid directly or reimbursed by the Company in connection with the primary portion of the Public Offering, regardless of when incurred, exceeded 1.0% of gross offering proceeds from the primary portion of the Public Offering. The Advisor and its affiliates are responsible for any organization and other offering expenses related to the primary portion of the Public Offering to the extent they exceed 1.0% of gross proceeds from the primary portion of the Public Offering.
Through September 30, 2018, the Advisor and its affiliates had incurred organization and other offering costs (which exclude selling commissions dealer manager fees and stockholder servicing fees) on the Company’s behalf in connection with the Public Offering of approximately $10.9 million. As of September 30, 2018, the Company had recorded $14.5 million in selling commissions and dealer manager fees and $1.7 million of stockholder servicing fees. As of September 30, 2018, the Company had recorded $2.3 million of other organization and offering expenses, which amounts represent the Company’s maximum liability for organization and other offering costs as of September 30, 2018 based on the 1.0% limitation described above.
In addition, as of September 30, 2018, the Advisor had incurred $0.1 million in organization and offering costs on behalf of the Company in connection with a proposed follow-on offering the Company filed with the SEC on August 10, 2017. As of September 30, 2018, the Company had not commenced the follow-on offering.
12.
COMMITMENTS AND CONTINGENCIES
Management Agreement
Springmaid Beach Resort
The consolidated joint venture entity through which the Company leases the operations for Springmaid Beach Resort has entered into a management agreement with Doubletree Management LLC, an independent third-party hotel operator (the “Operator”) pursuant to which the Operator will manage and operate the Springmaid Beach Resort. The hotel was branded a DoubleTree by Hilton in September 2016 (the “Brand Commencement Date”).

29
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



The management agreement expires on December 31 of the 20th full year following the Brand Commencement Date. Upon mutual agreement, the parties may extend the term of the agreement for two successive periods of five years each. If an event of default occurs and continues beyond any applicable notice and cure periods set forth in the management agreement, the non-defaulting party generally has, among other remedies, the option of terminating the management agreement upon written notice to the defaulting party with no termination fee payable to Doubletree. In addition, the Company has the right to terminate the management agreement without the payment of a termination fee if Doubletree fails to achieve certain criteria relating to the performance of the hotel for any two consecutive years following the Brand Commencement Date. Under certain circumstances following a casualty or condemnation event, either party may terminate the management agreement provided Doubletree receives a termination fee an amount equal to two years of the base fee.  The Company is permitted to terminate the management agreement upon a sale, lease or other transfer of the Springmaid Beach Resort any time so long as the buyer is approved for, and enters into a DoubleTree by Hilton franchise agreement for the balance of the agreement’s term. Finally, the Company is restricted in its ability to assign the management agreement upon a sale, lease or other transfer the Springmaid Beach Resort unless the transferee is approved by Doubletree to assume the management agreement.
Pursuant to the management agreement the Operator receives the following fees:
•
a base fee, which is a percentage of total operating revenue that starts at 2.5% and increases to 2.75% in the second year following the Brand Commencement Date and further increases in the third year following the Brand Commencement Date and thereafter to 3.0%;
•
a campground area management fee, which is 2% of any campground revenue;
•
an incentive fee, which is 15% of operating cash flow (after deduction for capital renewals reserve and the joint venture owner’s priority, which is 12% of the joint venture owner’s total investment);
•
an additional services fee in the amount reasonably determined by the Operator from time to time; and
•
a brand services fee in the amount of 4% of total rooms revenue, and an other brand services fee in an amount determined by the Operator from time to time.
The management agreement contains specific standards for the operation and maintenance of the hotel, which allows the Operator to maintain uniformity in the system created by the Operator’s franchise. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with the management agreement will require the Company to make significant expenditures for capital improvements.     
During the three and nine months ended September 30, 2018, the Company incurred $0.2 million and $0.5 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2017, the Company incurred $0.1 million and $0.3 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations.
Q&C Hotel
A wholly owned subsidiary of the joint venture through which the Company leases the operations of the Q&C Hotel (“Q&C Hotel Operations”) has entered into a management agreement with Encore Hospitality, LLC (“Encore Hospitality”), an affiliate of the joint venture partner, pursuant to which Encore Hospitality will manage and operate the Q&C Hotel. The management agreement expires on December 17, 2035. Subject to certain conditions, Encore Hospitality may extend the term of the agreement for a period of five years. Pursuant to the management agreement Encore Hospitality will receive a base fee, which is 4.0% of gross revenue (as defined in the management agreement). During the three and nine months ended September 30, 2018, the Company incurred $0.1 million and $0.3 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2017, the Company incurred $0.1 million and $0.3 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations.

30
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Q&C Hotel Operations has also entered into a franchise agreement with Marriott International (“Marriott”) pursuant to which Marriott has granted Q&C Hotel Operations a limited, non-exclusive license to establish and operate the Q&C Hotel using certain of Marriott’s proprietary marks and systems and the hotel was branded as a Marriott Autograph Collection hotel on May 25, 2016. The franchise agreement will expire on May 25, 2041. Pursuant to the franchise agreement, Q&C Hotel Operations pays Marriott a monthly franchise fee equal to a percent of gross room sales on a sliding scale that is initially 2% and increases to 5% on May 25, 2019 and a monthly marketing fund contribution fee equal to 1.5% of the Q&C Hotel’s gross room sales. In addition, the franchise agreement requires the maintenance of a reserve account to fund all renovations at the hotel based on a percentage of gross revenues which starts at 2% of gross revenues and increases to 5% of gross revenues on May 25, 2019. Q&C Hotel Operations is also responsible for the payment of certain other fees, charges and costs as set forth in the agreement. During the three and nine months ended September 30, 2018, the Company incurred $0.2 million and $0.8 million, respectively, of fees related to the Marriott franchise agreement. During the three and nine months ended September 30, 2017, the Company incurred $0.2 million and $0.7 million, respectively, of fees related to the Marriott franchise agreement.
In addition, in connection with the execution of the franchise agreement, SOR US Properties II is providing an unconditional guarantee that all Q&C Hotel Operations’ obligations under the franchise agreement will be punctually paid and performed. Finally, certain transfers of the Q&C Hotel or an ownership interest therein are subject to a notice and consent requirement, and the franchise agreement further provides Marriott with a right of first refusal with respect to a sale of the hotel to a competitor of Marriott.
Lease Obligations
As of September 30, 2018, the Company had leasehold interests expiring on various expiration dates between October 1, 2018 and 2114. Future minimum lease payments owed by the Company under the capital leases as of September 30, 2018 are as follows (in thousands):
October 1, 2018 through December 31, 2018
$
150

2019
635

2020
680

2021
735

2022
935

Thereafter
53,841

Total expected minimum lease obligations
56,976

Less: Amount representing interest (1)
(48,648
)
Present value of net minimum lease payments (2)
$
8,328

_____________________
(1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition.
(2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets.
Economic Dependency
The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide these services, the Company will be required to obtain such services from other sources.

31
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Environmental
As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations as of September 30, 2018. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities.
Legal Matters
From time to time, the Company is a party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and the possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.
13.
SUBSEQUENT EVENTS
The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
Cash Distributions Paid
On October 1, 2018, the Company paid distributions of $0.5 million related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from September 1, 2018 through September 30, 2018. On November 1, 2018, the Company paid distributions of $0.5 million related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from October 1, 2018 through October 31, 2018. Distributions for the period from September 1, 2018 through October 31, 2018 were calculated based on stockholders of record each day during these periods at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date.
Stock Dividends Issued
On August 9, 2018, the Company’s board of directors authorized stock dividends for the month of September 2018, in the amount of 0.001667 shares of each class of the Company’s common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on September 30, 2018.  The Company issued the September 2018 stock dividend, consisting of 50,117 shares, on October 2, 2018.
On August 9, 2018, the Company’s board of directors authorized stock dividends for the month of October 2018, in the amount of 0.001667 shares of each class of the Company’s common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on October 31, 2018.  The Company issued the October 2018 stock dividends, consisting of 50,250 shares, on November 2, 2018.

32
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 1.
Financial Statements (continued)
KBS STRATEGIC OPPORTUNITY REIT II, INC.
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
September 30, 2018
(unaudited)



Distributions Declared
On October 10, 2018, the Company’s board of directors declared cash distributions on the outstanding shares of all classes of its common stock based on daily record dates for the period from November 1, 2018 through November 30, 2018, which the Company expects to pay in December 2018. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan. Distributions for these periods will be calculated based on stockholders of record each day during this period at a rate of $0.00052548 per share per day.
Also on October 10, 2018, the Company’s board of directors authorized a stock dividend for the month of November 2018 in the amount of 0.001667 shares of common stock on each outstanding share of common stock, issuable to all common stockholders of record as of the close of business on November 30, 2018. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend. The Company expects to issue this stock dividend in December 2018.

33
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the accompanying financial statements of KBS Strategic Opportunity REIT II, Inc. and the notes thereto. As used herein, the terms “we,” “our” and “us” refer to KBS Strategic Opportunity REIT II, Inc., a Maryland corporation, and, as required by context, KBS Strategic Opportunity Limited Partnership II, a Delaware limited partnership, which we refer to as the “Operating Partnership,” and to their subsidiaries.
Forward-Looking Statements
Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of KBS Strategic Opportunity REIT II, Inc. and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
The following are some of the risks and uncertainties, although not all of the risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements:
•
We depend on our advisor to identify suitable investments, conduct our operations and eventually dispose of our investments.
•
All of our executive officers, our affiliated directors and other key real estate and debt finance professionals are also officers, directors, managers, key professionals and/or holders of a direct or indirect controlling interest in our advisor, our dealer manager and other KBS-affiliated entities. As a result, they face conflicts of interest, including significant conflicts created by our advisor’s compensation arrangements with us and other KBS-advised programs and investors and conflicts in allocating time among us and these other programs and investors. These conflicts could result in unanticipated actions.
•
We raised substantially less than the maximum offering amount in our initial public offering. Therefore, we will not be able to invest in as diverse a portfolio of properties as we otherwise would, which will cause the value of our stockholders’ investment to vary more widely with the performance of specific assets.
•
Our board of directors has begun to explore strategic alternatives for the company. If we consummate a merger or pursue another exit strategy in the near term, stockholders may not receive an amount per share equal to our current offering prices or our estimated NAV per share.
•
Our advisor and its affiliates receive fees in connection with transactions involving the origination, acquisition and management of our investments. These fees will be based on the cost of the investment, and not based on the quality of the investment or the quality of the services rendered to us. This may influence our advisor to recommend riskier transactions to us and increase our stockholders’ risk of loss.
•
Our distribution policy is generally not to use offering proceeds to pay distributions. However, we may pay distributions from any source, including, without limitation, from offering proceeds or borrowings (which may constitute a return of capital). If we pay distributions from sources other than our cash flow from operations, we will have less funds available for investment in properties and other assets, the overall return to our stockholders may be reduced and subsequent investors may experience dilution.
•
Our policies do not limit us from incurring debt until our total liabilities would exceed 75% of the cost of our tangible assets (before deducting depreciation and other non-cash reserves), and we may exceed this limit with the approval of the conflicts committee of our board of directors. During the early stages of our initial public offering, and to the extent financing in excess of this limit is available on attractive terms, our conflicts committee may approve debt such that our total liabilities would exceed this limit. High debt levels could limit the amount of cash we have available to distribute and could result in a decline in the value of an investment in us.
•
Disruptions in the financial markets and uncertain economic conditions could adversely affect our ability to implement our business strategy and generate returns to stockholders.

34
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

•
Our opportunistic property-acquisition strategy involves a higher risk of loss than would a strategy of investing in stabilized properties.
•
We have made foreign investments and will be susceptible to risks associated with such investments, including changes in currency exchange rates, adverse political or economic developments, lack of uniform accounting standards and changes in foreign laws.
All forward-looking statements should be read in light of the risks identified herein in Part II, Item 1A “Risk Factors” and in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017 and in Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2018, as filed with the Securities and Exchange Commission (the “SEC”).
Overview
We were formed on February 6, 2013 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ending December 31, 2014. On July 3, 2013, we commenced a private placement offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), to offer a maximum of $105,000,000 of shares of common stock for sale to certain accredited investors, of which $5,000,000 of shares were offered pursuant to our dividend reinvestment plan. We ceased offering shares in our private offering on August 11, 2014. KBS Capital Markets Group LLC, an affiliate of our advisor, served as the dealer manager of the offering pursuant to a dealer manager agreement and was responsible for marketing our shares in the offering.
On November 14, 2013, we filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to register for sale to the public a maximum of 180,000,000 shares of common stock, of which 80,000,000 shares were to be offered pursuant to our dividend reinvestment plan. The SEC declared our registration statement effective on August 12, 2014 and we retained KBS Capital Markets Group LLC to serve as the dealer manager of the initial public offering pursuant to a dealer manager agreement. On February 11, 2016, we filed an amended registration statement on Form S-11 with the SEC to offer a second class of common stock designated as Class T shares and to designate our initially offered and outstanding common stock as Class A shares. Pursuant to the amended registration statement, we were offering to sell any combination of Class A and Class T shares in our primary offering and dividend reinvestment plan offering but in no event could we sell more than 180,000,000 of shares of our common stock pursuant to the offering. We commenced offering our Class T shares of our common stock for sale to the public on February 17, 2016. The dealer manager was responsible for marketing our shares in the initial public offering. We ceased offering shares of common stock in our initial public offering on July 31, 2018 and terminated our initial public offering on September 28, 2018. We continue to offer shares of common stock under our dividend reinvestment plan. In some states, we will need to renew the registration statement annually or file a new registration statement to continue our dividend reinvestment plan offering. We may terminate our dividend reinvestment plan offering at any time.
We have used substantially all of the net proceeds from our offerings to invest in and manage a diverse portfolio of real estate-related loans, opportunistic real estate, real estate-related debt securities and other real estate-related investments located in the United States and Europe. Such investments include the origination and acquisition of mortgage, mezzanine, bridge and other real estate-related loans and investment in opportunistic real estate. As of September 30, 2018, we had invested in two hotel properties, four office properties, one apartment building, an investment in an unconsolidated entity and an investment in real estate equity securities. Additionally, as of September 30, 2018, we had entered into a joint venture to develop one retail property.
We sold 11,977,758 and 11,537,701 shares of Class A and Class T common stock, respectively, for aggregate gross offering proceeds of $228.6 million in our initial public offering. As of September 30, 2018, we had sold 549,572 and 178,325 shares of Class A and Class T common stock, respectively, under our dividend reinvestment plan for aggregate gross offering proceeds of $6.7 million. Also as of September 30, 2018, we had redeemed 440,842 and 63,926 shares of Class A and Class T common stock, respectively, for $4.4 million.
We sold 3,619,851 shares of Class A common stock for gross offering proceeds of $32.2 million in our private offering. Additionally, on each of April 2, 2014 and July 31, 2014, we issued 120,106 shares of Class A common stock to an entity affiliated with two of our officers and affiliated directors for $1.0 million in separate private transactions exempt from the registration requirements of the Securities Act. On July 14, 2017 and February 13, 2018, we issued 214,175 shares and 10,935 shares, respectively, of Class A common stock to a business associate of two of our officers and affiliated director for $2.0 million and $0.1 million, respectively, in a separate private transaction exempt from the registration requirements of the Securities Act.

35
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

We have no employees and KBS Capital Advisors LLC (“KBS Capital Advisors”) has served as our external advisor since commencement of the private offering. As our advisor, KBS Capital Advisors manages our day-to-day operations and manages our portfolio of real estate properties and real estate-related investments. KBS Capital Advisors also provides asset-management, marketing, investor-relations and other administrative services on our behalf.
We have formed a strategic relationship with STAM, a commercial real estate investment and asset management firm headquartered in Paris, France to support us and our advisor in connection with any investments we may make in Europe. We can give no assurances as to the number, if any, of investments we may make in Europe.
Market Outlook - Real Estate and Real Estate Finance Markets
Volatility in global financial markets and changing political environments can cause fluctuations in the performance of the U.S. commercial real estate markets. Possible future declines in rental rates, slower or potentially negative net absorption of leased space and expectations of future rental concessions, including free rent to renew tenants early, to retain tenants who are up for renewal or to attract new tenants, may result in decreases in cash flows from investment properties. Increases in the cost of financing due to higher interest rates may cause difficulty in refinancing debt obligations prior to or at maturity or at terms as favorable as the terms of existing indebtedness. Further, increases in interest rates would increase the amount of our debt payments on our variable rate debt to the extent the interest rates on such debt are not limited by interest rate caps. Market conditions can change quickly, potentially negatively impacting the value of real estate investments. Management continuously reviews our investment and debt financing strategies to optimize our portfolio and the cost of our debt exposure.
Liquidity and Capital Resources
Our principal demand for funds during the short and long-term is and will be for the payment of operating expenses, capital expenditures and general and administrative expenses; payments under debt obligations; redemptions of common stock; capital commitments and development expenses under our joint venture agreements; and payments of distributions to stockholders.
To date, we have had four primary sources of capital for meeting our cash requirements:
•
Proceeds from the primary portion of our initial public offering;
•
Proceeds from our dividend reinvestment plan;
•
Proceeds from the repayment of a real estate loan receivable;
•
Debt financings; and
•
Cash flow generated by our real estate investments.
We sold 11,977,758 and 11,537,701 shares of Class A and Class T common stock, respectively, for aggregate gross offering proceeds of $228.6 million in our initial public offering. Additionally, we sold 3,619,851 shares of common stock in our private offering for gross offering proceeds of $32.2 million. We ceased offering shares of common stock in our primary public offering on July 31, 2018 and terminated on September 28, 2018.
To date, we have invested a significant amount of the proceeds from the primary public offering in real estate and do not anticipate making additional real estate acquisitions due to the termination of the primary portion of our initial public offering on July 31, 2018. We intend to use our cash on hand, cash flow generated by our real estate operations and proceeds from our dividend reinvestment plan as our primary sources of immediate and long-term liquidity.
As of September 30, 2018, we had invested in two hotel properties, four office properties, one apartment building, an investment in an unconsolidated entity and an investment in real estate equity securities. Additionally, as of September 30, 2018, we had entered into a joint venture to develop one retail property.
Our office and apartment properties generate cash flow in the form of rental revenues and tenant reimbursements, which are reduced by operating expenditures, capital expenditures, debt service payments, the payment of asset management fees and corporate general and administrative expenses. Cash flow from operations from office and apartment properties is primarily dependent upon the occupancy level of our properties, the net effective rental rates on our leases, the collectibility of rent and operating recoveries from our tenants and how well we manage our expenditures. As of September 30, 2018, we owned four office properties that were 72% occupied and one apartment property that was 91% occupied.

36
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Our hotel properties generate cash flow in the form of room, food, beverage and convention services, campground and other revenues, which are reduced by hotel expenses, capital expenditures, debt service payments, the payment of asset management fees and corporate general and administrative expenses. Cash flow from operations from our hotel properties are primarily dependent upon the occupancy levels of our hotels, the average daily rates and how well we manage our expenditures. The following table provides summary information regarding our hotel properties as of September 30, 2018:
Property
 
Number of Rooms
 
Percentage Occupied for the Nine Months Ended September 30, 2018
 
Average Revenue per Available Room
 
Average Daily Rate
Springmaid Beach Resort
 
452
 
65.7%
 
$111.78
 
$170.09
Q&C Hotel
 
196
 
75.7%
 
$119.61
 
$158.08
Investments in real estate equity securities generate cash flow in the form of dividend income, which is reduced by asset management fees. As of September 30, 2018, we had an investment in real estate equity securities outstanding with a total book value of $6.8 million.
As of September 30, 2018, we had mortgage debt obligations in the aggregate principal amount of $328.9 million, with a weighted-average remaining term of 1.9 years. As of September 30, 2018, an aggregate amount of $32.0 million was available under our mortgage loans for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and expenses and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents.
We expect to use our capital resources to make certain payments to our advisor in connection with the management of our assets and costs incurred by our advisor in providing services to us. Our currently effective advisory agreement expires August 12, 2019 and may be renewed for an unlimited number of successive one-year periods upon the mutual consent of KBS Capital Advisors and our conflicts committee.
Among the fees payable to our advisor is an asset management fee. We pay our advisor a monthly fee equal to the lesser of one-twelfth of (i) 1.0% of the cost of our investments and (ii) 2.0% of the sum of the cost of our investments, less any debt secured by or attributable to the investments. The cost of the real property investments is calculated as the amount paid or allocated to acquire the real property, including the cost of any subsequent development, construction or improvements to the property and including fees and expenses related thereto (but excluding acquisition fees paid or payable our advisor). The cost of the loans and any investments other than real property is calculated as the lesser of (x) the amount actually paid or allocated to acquire or fund the loan or other investment, including fees and expenses related thereto (but excluding acquisition fees paid or payable to our advisor) and (y) the outstanding principal amount of such loan or other investment, including fees and expenses related to the acquisition or funding of such investment (but excluding acquisition fees paid or payable to our advisor) as of the time of calculation. In the case of investments made through joint ventures, the asset management fee is determined based on our proportionate share of the underlying investment.
In addition, an affiliate of our advisor, KBS Management Group, was recently formed to provide property management services with respect to certain properties owned by KBS-advised companies.  In the future, we may engage KBS Management Group with respect to one or more of our properties to provide property management services.  With respect to any such properties, we would expect to pay KBS Management Group a monthly fee equal to a percentage of the rent (to be determined on a property by property basis, consistent with current market rates).
We elected to be taxed and to operate as a REIT beginning with our taxable year ended December 31, 2014. To maintain our qualification as a REIT, we will be required to make aggregate annual distributions to our stockholders of at least 90% of our REIT taxable income (computed without regard to the dividends paid deduction and excluding net capital gain). Our board of directors may authorize distributions in excess of those required for us to maintain REIT status depending on our financial condition and such other factors as our board of directors deems relevant. We have not established a minimum distribution level.
Under our charter, we are required to limit our total operating expenses to the greater of 2% of our average invested assets or 25% of our net income for the four most recently completed fiscal quarters, as these terms are defined in our charter, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expense reimbursements for the four fiscal quarters ended September 30, 2018 did not exceed the charter imposed limitation.

37
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Cash Flows from Operating Activities
We commenced operations on September 4, 2014 in connection with our first investment. As of September 30, 2018, we had invested in two hotel properties, four office properties, one apartment building, an investment in an unconsolidated entity and an investment in real estate equity securities. Additionally, as of September 30, 2018, we had entered into a joint venture to develop one retail property. During the nine months ended September 30, 2018, net cash provided by operating activities was $5.6 million. We expect that our cash flows from operating activities will generally increase in future periods as a result of leasing additional space that is currently unoccupied and owning real estate securities acquired during 2018 for an entire period.
Cash Flows from Investing Activities
Net cash used in investing activities was $14.5 million for the nine months ended September 30, 2018 and primarily consisted of the following:
•
$7.0 million investment in real estate equity securities;
•
$6.5 million of improvements to real estate;
•
$4.8 million of payments for construction in progress;
•
$3.5 million of cash received in connection with the real estate loan receivable payoff; and
•
$0.2 million of proceeds from insurance claims.
Cash Flows from Financing Activities
Net cash provided by financing activities was $7.6 million for the nine months ended September 30, 2018 and primarily consisted of the following:
•
$15.3 million of net cash provided by offering proceeds related to our initial public offering, net of payments of commissions, dealer manager fees and stockholder servicing fees of $1.6 million;
•
$3.2 million of net cash used in debt and other financings as a result of principal payments on notes payable of $5.2 million and payments of deferred financing costs of $0.1 million, partially offset by proceeds from notes payable of $2.1 million;
•
$2.4 million of cash used for redemptions of common stock;
•
$1.3 million of net cash distributions, after giving effect to distributions reinvested by stockholders of $2.1 million;
•
$1.2 million of payments of other offering costs;
•
$1.1 million of noncontrolling interest contributions;
•
$0.5 million of distributions to noncontrolling interest; and
•
$0.2 million of principal payments on capital lease obligations.
In order to execute our investment strategy, we utilize secured debt and we may, to the extent available, utilize unsecured debt, to finance a portion of our investment portfolio. Management remains vigilant in monitoring the risks inherent with the use of debt in our portfolio and is taking actions to ensure that these risks, including refinancing and interest risks, are properly balanced with the benefit of using leverage. We expect our debt financing will be 60% or less of the cost of our tangible assets (before deducting depreciation or other non-cash reserves). There is no limitation on the amount we may borrow for any single investment. Our charter limits our total liabilities such that our total liabilities may not exceed 75% of the cost of our tangible assets (before deducting depreciation or other non-cash reserves); however, we may exceed that limit if a majority of the Conflicts Committee approves each borrowing in excess of our charter limitation and we disclose such borrowing to our common stockholders in our next quarterly report with an explanation from the conflicts committee of the justification for the excess borrowing. As of September 30, 2018, our borrowings and other liabilities were approximately 59% of the cost (before depreciation and other noncash reserves) and book value (before depreciation) of our tangible assets.

38
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Contractual Commitments and Contingencies
The following is a summary of our contractual obligations as of September 30, 2018 (in thousands):
 
 
 
 
Payments Due During the Years Ending December 31,
Contractual Obligations
 
Total
 
Remainder of 2018
 
2019-2020
 
2021-2022
 
Thereafter
Outstanding debt obligations (1)
 
$
328,939

 
$
61,176

 
$
173,593

 
$
94,170

 
$
—

Interest payments on outstanding debt obligations (2)
 
27,537

 
3,771

 
17,801

 
5,965

 
—

Capital lease obligations
 
56,976

 
150

 
1,315

 
1,670

 
53,841

_____________________
(1) Amounts include principal payments only.
(2) Projected interest payments are based on the outstanding principal amounts and interest rates in effect at September 30, 2018. We incurred interest expense of $12.4 million, excluding amortization of deferred financing costs of $1.3 million and unrealized gain on interest rate cap of $11,000 and including interest capitalized of $3.9 million for the nine months ended September 30, 2018.
Results of Operations
Overview
As of September 30, 2017, we had invested in two hotel properties, three office properties, one apartment building, an investment in an unconsolidated entity and one first mortgage loan. Additionally, as of September 30, 2017, we had entered into a joint venture to develop one retail property. As of September 30, 2018, we had invested in two hotel properties, four office properties, one apartment building, an investment in an unconsolidated entity and an investment in real estate equity securities. Additionally, as of September 30, 2018, we had entered into a joint venture to develop one retail property. We funded the acquisitions of these investments with proceeds from our terminated offerings and debt financing. Our results of operations for the three and nine months ended September 30, 2018 are not indicative of those in future periods as we commenced operations on September 4, 2014 in connection with our first investment and we have acquired additional investments since that time. In general, we expect that our revenue and expenses related to our portfolio will increase in future periods as our development of one retail property is completed and the occupancies at our properties stabilize as discussed below. Additionally, our investment objectives include acquiring properties with significant possibilities for short-term capital appreciation, such as non-stabilized properties, properties with moderate vacancies or near-term lease rollovers, poorly managed and positioned properties, properties owned by distressed sellers and built-to-suit properties.  As of September 30, 2018, the occupancy in our properties has not been stabilized. However, due to the amount of near-term lease expirations, we do not put significant emphasis on quarterly changes in occupancy (positive or negative) in the short run. Our underwriting and valuations are generally more sensitive to “terminal values” that may be realized upon the disposition of the assets in the portfolio and less sensitive to ongoing cash flows generated by the portfolio in the years leading up to an eventual sale. There are no guarantees that occupancies of our assets will increase, or that we will recognize a gain on the sale of our assets. In general, we expect that our income and expenses related to our portfolio will increase in future periods as a result of leasing additional space and improving our properties but decrease due to disposition activity.

39
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Comparison of the three months ended September 30, 2018 versus the three months ended September 30, 2017
The following table provides summary information about our results of operations for the three months ended September 30, 2018 and 2017 (dollar amounts in thousands):
 
 
Three Months Ended September 30,
 
Increase (Decrease)
 
Percentage Change
 
$ Change Due to Acquisitions/Repayments (1)
 
$ Change Due to 
Investments Held Throughout
Both Periods (2)
 
 
2018
 
2017
 
 
 
 
Office revenues
 
$
7,515

 
$
4,218

 
$
3,297

 
78
 %
 
$
3,256

 
$
41

Hotel revenues
 
10,461

 
12,160

 
(1,699
)
 
(14
)%
 
—

 
(1,699
)
Apartment revenues
 
1,940

 
1,746

 
194

 
11
 %
 
—

 
194

Dividend income from real estate equity securities
 
77

 
—

 
77

 
n/a

 
77

 
—

Interest income from real estate loan receivable
 
—

 
103

 
(103
)
 
(100
)%
 
(103
)
 
—

Office expenses
 
3,241

 
1,536

 
1,705

 
111
 %
 
1,826

 
(121
)
Hotel expenses
 
6,106

 
5,807

 
299

 
5
 %
 
—

 
299

Apartment expenses
 
976

 
1,026

 
(50
)
 
(5
)%
 
—

 
(50
)
Asset management fees to affiliate
 
1,020

 
739

 
281

 
38
 %
 
243

 
38

General and administrative expenses
 
704

 
1,146

 
(442
)
 
(39
)%
 
n/a

 
n/a

Depreciation and amortization
 
5,150

 
3,709

 
1,441

 
39
 %
 
1,298

 
143

Interest expense
 
3,435

 
2,255

 
1,180

 
52
 %
 
1,012

 
168

Impairment charge on real estate
 
4,245

 
—

 
4,245

 
n/a

 
—

 
4,245

Other interest income
 
105

 
178

 
(73
)
 
(41
)%
 
n/a

 
n/a

Equity in income of unconsolidated entity
 
94

 
14

 
80

 
571
 %
 
—

 
80

Loss on real estate equity securities
 
(486
)
 
—

 
(486
)
 
n/a

 
(486
)
 
—

Income tax expense
 
—

 
(431
)
 
431

 
(100
)%
 
—

 
431

_____________________
(1) Represents the dollar amount increase (decrease) for the three months ended September 30, 2018 compared to the three months ended September 30, 2017 related to real estate and real estate-related investments acquired or repaid on or after July 1, 2017.
(2) Represents the dollar amount increase (decrease) for the three months ended September 30, 2018 compared to the three months ended September 30, 2017 with respect to real estate and real estate-related investments owned by us during the entire periods presented.
Office revenues increased from $4.2 million for the three months ended September 30, 2017 to $7.5 million for the three months ended September 30, 2018 primarily as a result of the growth in our real estate portfolio. We expect office revenues to vary in future periods based on occupancy rates and rental rates of our office properties.
Hotel revenues decreased from $12.2 million for the three months ended September 30, 2017 to $10.5 million for the three months ended September 30, 2018 primarily due to $5.5 million of business interruption insurance recovery recorded in hotel revenues during the three months ended September 30, 2017, partially offset by the impact of Hurricane Matthew in October 2016, the result of which placed certain rooms at Springmaid Beach Resort out of service during the three months ended September 30, 2017. We expect hotel revenues to vary in future periods based on occupancy and room rates.
Dividend income from real estate equity securities was $0.1 million for the three months ended September 30, 2018. We expect dividend income from real estate equity securities to vary in future periods as a result of declaration of dividends and to the extent we buy or sell any securities.
Interest income from our real estate loan receivable, recognized using the interest method, was $0.1 million for the three months ended September 30, 2017. The real estate loan receivable was repaid in full on January 12, 2018.
Office expenses increased from $1.5 million for the three months ended September 30, 2017 to $3.2 million for the three months ended September 30, 2018 primarily as a result of the growth in our real estate portfolio. Hotel expenses increased from $5.8 million for the three months ended September 30, 2017 to $6.1 million for the three months ended September 30, 2018 primarily due to an increase in occupancy rates. We expect total expenses to vary in future periods based on occupancy rates.

40
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Asset management fees to affiliate increased from $0.7 million for the three months ended September 30, 2017 to $1.0 million for the three months ended September 30, 2018 primarily as a result of the growth of our real estate portfolio. We expect asset management fees to increase in future periods as a result of any improvements we make to our properties and as a result of owning our investment in real estate equity securities acquired in 2018 for an entire period. Approximately $20,000 of asset management fees incurred were payable as of September 30, 2018.
General and administrative expenses decreased from $1.1 million for the three months ended September 30, 2017 to $0.7 million for the three months ended September 30, 2018 primarily as a result of professional fees incurred during the three months ended September 30, 2017 related to the Hurricane Matthew insurance claim. We expect general and administrative expenses to fluctuate based on our legal expenses and investment and disposition activity.
Depreciation and amortization expenses increased from $3.7 million for the three months ended September 30, 2017 to $5.2 million for the three months ended September 30, 2018 primarily due to the growth of our real estate portfolio and improvements to real estate for properties held throughout both periods. We expect depreciation and amortization expenses to vary in future periods as a result of a decrease in amortization related to fully amortized tenant origination and absorption costs and increase as a result of improvements to real estate.
Interest expense increased from $2.3 million for the three months ended September 30, 2017 to $3.4 million for the three months ended September 30, 2018 primarily due to increased borrowings in connection with our acquisition activity and increased one-month LIBOR rates during the three months ended September 30, 2018. Excluded from interest expense was $1.3 million of interest capitalized to our construction in progress during each of the three months ended September 30, 2018 and 2017. Our interest expense in future periods will vary based on our level of future borrowings, which will depend on the amount of proceeds raised in our ongoing initial public offering, the availability and cost of debt financing and the opportunity to acquire real estate and real estate-related investments meeting our investment objectives. The increase in interest expense due to increases in LIBOR rates would be minimized to the extent rates are above the strike rates on our interest rate cap instruments.
During the three months ended September 30, 2018, we recorded an impairment charge of $4.2 million to write-down the carrying value of 210 West 31st Street, a development property located in New York, New York, to its estimated fair value of $58.3 million due to a change in the projected hold period and related decrease in projected cash flows. We purchased 210 West 31st Street for $48.0 million plus $1.8 million of closing costs. Since acquisition in December 2016, we have capitalized $3.5 million in development costs and $9.2 million of other certain costs such as financing costs, real estate taxes and insurance costs that have been capitalized to construction in progress.
Loss on real estate equity securities was $0.5 million during the three months ended September 30, 2018, primarily as a result of a decrease in share price of our investment in real estate equity securities.

41
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Comparison of the nine months ended September 30, 2018 versus the nine months ended September 30, 2017
The following table provides summary information about our results of operations for the nine months ended September 30, 2018 and 2017 (dollar amounts in thousands):
 
 
Nine Months Ended September 30,
 
Increase (Decrease)
 
Percentage Change
 
$ Change Due to Acquisitions/Repayments (1)
 
$ Change Due to 
Investments Held Throughout
Both Periods (2)
 
 
2018
 
2017
 
 
 
 
Office revenues
 
$
22,475

 
$
7,824

 
$
14,651

 
187
 %
 
$
14,544

 
$
107

Hotel revenues
 
26,234

 
23,473

 
2,761

 
12
 %
 
—

 
2,761

Apartment revenues
 
5,459

 
5,184

 
275

 
5
 %
 
—

 
275

Dividend income from real estate equity securities
 
113

 
—

 
113

 
n/a

 
113

 
—

Interest income from real estate loan receivable
 
10

 
303

 
(293
)
 
(97
)%
 
(293
)
 
—

Office expenses
 
8,951

 
2,713

 
6,238

 
230
 %
 
6,455

 
(217
)
Hotel expenses
 
17,161

 
14,839

 
2,322

 
16
 %
 
—

 
2,322

Apartment expenses
 
2,858

 
2,724

 
134

 
5
 %
 
—

 
134

Asset management fees to affiliate
 
2,940

 
1,820

 
1,120

 
62
 %
 
958

 
162

General and administrative expenses
 
1,947

 
2,492

 
(545
)
 
(22
)%
 
n/a

 
n/a

Depreciation and amortization
 
15,322

 
9,176

 
6,146

 
67
 %
 
6,382

 
(236
)
Interest expense
 
9,740

 
5,798

 
3,942

 
68
 %
 
3,614

 
328

Impairment charge on real estate
 
4,245

 
—

 
4,245

 
n/a

 
—

 
4,245

Other interest income
 
257

 
467

 
(210
)
 
(45
)%
 
n/a

 
n/a

Equity in income of unconsolidated entity
 
225

 
40

 
185

 
463
 %
 
—

 
185

Loss on real estate equity securities
 
(172
)
 
—

 
(172
)
 
n/a

 
(172
)
 
—

Income tax benefit
 
9

 
5

 
4

 
80
 %
 
—

 
4

_____________________
(1) Represents the dollar amount increase (decrease) for the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017 related to real estate and real estate-related investments acquired or repaid on or after January 1, 2017.
(2) Represents the dollar amount increase (decrease) for the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017 with respect to real estate and real estate-related investments owned by us during the entire periods presented.
Office revenues increased from $7.8 million for the nine months ended September 30, 2017 to $22.5 million for the nine months ended September 30, 2018 primarily as a result of the growth in our real estate portfolio. We expect office revenues to vary in future periods based on occupancy rates and rental rates of our office properties.
Hotel revenues increased from $23.5 million for the nine months ended September 30, 2017 to $26.2 million for the nine months ended September 30, 2018 primarily due to the impact of Hurricane Matthew in October 2016, the result of which placed certain rooms at Springmaid Beach Resort out of service during the nine months ended September 30, 2017. We expect hotel revenues to vary in future periods based on occupancy and room rates.
Interest income from our real estate loan receivable, recognized using the interest method, decreased from $0.3 million for the nine months ended September 30, 2017 to $10,000 for the nine months ended September 30, 2018 as a result of the real estate loan receivable being repaid in full on January 12, 2018.
Office expenses increased from $2.7 million for the nine months ended September 30, 2017 to $9.0 million for the nine months ended September 30, 2018 primarily as a result of the growth in our real estate portfolio. Hotel expenses increased from $14.8 million for the nine months ended September 30, 2017 to $17.2 million for the nine months ended September 30, 2018 primarily due to an increase in occupancy rates. We expect total expenses to vary in future periods based on occupancy rates.
Asset management fees to affiliate increased from $1.8 million for the nine months ended September 30, 2017 to $2.9 million for the nine months ended September 30, 2018 primarily as a result of the growth of our real estate portfolio. We expect asset management fees to increase in future periods as a result of any improvements we make to our properties and as a result of owning our investment in real estate equity securities acquired in 2018 for an entire period. Approximately $20,000 of asset management fees incurred were payable as of September 30, 2018.

42
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

General and administrative expenses decreased from $2.5 million for the nine months ended September 30, 2017 to $1.9 million for the nine months ended September 30, 2018 primarily as a result of professional fees incurred during the nine months ended September 30, 2017 related to the Hurricane Matthew insurance claim, as well as a foreign currency gain of $0.1 million on our foreign currency forward contract, which is included as an offset to general and administrative expenses during the nine months ended September 30, 2018. We expect general and administrative expenses to fluctuate based on our legal expenses and investment and disposition activity.
Depreciation and amortization expenses increased from $9.2 million for the nine months ended September 30, 2017 to $15.3 million for the nine months ended September 30, 2018 primarily due to the growth of our real estate portfolio, partially offset by the effect of fully amortized assets related to properties held throughout both periods. We expect depreciation and amortization expenses to vary in future periods as a result of a decrease in amortization related to fully amortized tenant origination and absorption costs and increase as a result of improvements to real estate.
Interest expense increased from $5.8 million for the nine months ended September 30, 2017 to $9.7 million for the nine months ended September 30, 2018 primarily due to increased borrowings in connection with our acquisition activity and increased one-month LIBOR rates during the nine months ended September 30, 2018. Excluded from interest expense was $3.9 million and $3.0 million of interest capitalized to our construction in progress during the nine months ended September 30, 2018 and 2017, respectively. Our interest expense in future periods will vary based on our level of future borrowings, which will depend on the amount of proceeds raised in our ongoing initial public offering, the availability and cost of debt financing and the opportunity to acquire real estate and real estate-related investments meeting our investment objectives. The increase in interest expense due to increases in LIBOR rates would be minimized to the extent rates are above the strike rates on our interest rate cap instruments.
During the nine months ended September 30, 2018, we recorded an impairment charge of $4.2 million to write-down the carrying value of 210 West 31st Street, a development property located in New York, New York, to its estimated fair value of $58.3 million due to a change in the projected hold period and related decrease in projected cash flows. We purchased 210 West 31st Street for $48.0 million plus $1.8 million of closing costs. Since acquisition in December 2016, we have capitalized $3.5 million in development costs and $9.2 million of other certain costs such as financing costs, real estate taxes and insurance costs that have been capitalized to construction in progress.
Loss on real estate equity securities was $0.2 million during the nine months ended September 30, 2018, primarily as a result of a decrease in share price of our investment in real estate equity securities.
Funds from Operations, Modified Funds from Operations and Adjusted Modified Funds from Operations
We believe that funds from operations (“FFO”) is a beneficial indicator of the performance of an equity REIT. We compute FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. FFO represents net income, excluding gains and losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), impairment losses on real estate assets, depreciation and amortization of real estate assets, and adjustments for unconsolidated partnerships and joint ventures. We believe FFO facilitates comparisons of operating performance between periods and among other REITs. However, our computation of FFO may not be comparable to other REITs that do not define FFO in accordance with the NAREIT definition or that interpret the current NAREIT definition differently than we do. Our management believes that historical cost accounting for real estate assets in accordance with U.S. generally accepted accounting principles (“GAAP”) implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. As a result, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our competitors and provides a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.

43
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Changes in accounting rules have resulted in a substantial increase in the number of non-operating and non-cash items included in the calculation of FFO. As a result, our management also uses modified funds from operations (“MFFO”) as an indicator of our ongoing performance as well as our dividend sustainability. MFFO excludes from FFO: acquisition fees and expenses (to the extent that such fees and expenses have been recorded as operating expenses); adjustments related to contingent purchase price obligations; amounts relating to straight-line rents and amortization of above- and below-market intangible lease assets and liabilities; accretion of discounts and amortization of premiums on debt investments; amortization of closing costs relating to debt investments; impairments of real estate-related investments; mark-to-market adjustments included in net income; and gains or losses included in net income for the extinguishment or sale of debt or hedges. We compute MFFO in accordance with the definition of MFFO included in the practice guideline issued by the Institute for Portfolio Alternatives (“IPA”) in November 2010 as interpreted by management. Our computation of MFFO may not be comparable to other REITs that do not compute MFFO in accordance with the current IPA definition or that interpret the current IPA definition differently than we do.
In addition, our management uses an adjusted MFFO (“Adjusted MFFO”) as an indicator of our ongoing performance as well as our dividend sustainability. Adjusted MFFO provides adjustments to reduce MFFO related to operating expenses that are capitalized with respect to certain of our investments in undeveloped land. 
We believe that MFFO and Adjusted MFFO are helpful as measures of ongoing operating performance because they exclude costs that management considers more reflective of investing activities and other non-operating items included in FFO.  Management believes that excluding acquisition costs (to the extent that such costs have been recorded as operating expenses) from MFFO and Adjusted MFFO provides investors with supplemental performance information that is consistent with management’s analysis of the operating performance of the portfolio over time, including periods after our acquisition stage.  MFFO and Adjusted MFFO also exclude non-cash items such as straight-line rental revenue.  Additionally, we believe that MFFO and Adjusted MFFO provide investors with supplemental performance information that is consistent with the performance indicators and analysis used by management, in addition to net income and cash flows from operating activities as defined by GAAP, to evaluate the sustainability of our operating performance.  MFFO provides comparability in evaluating the operating performance of our portfolio with other non-traded REITs which typically have limited lives with short and defined acquisition periods and targeted exit strategies.  MFFO, or an equivalent measure, is routinely reported by non-traded REITs, and we believe often used by analysts and investors for comparison purposes.
FFO, MFFO and Adjusted MFFO are non-GAAP financial measures and do not represent net income as defined by GAAP. Net income as defined by GAAP is the most relevant measure in determining our operating performance because FFO, MFFO and Adjusted MFFO include adjustments that investors may deem subjective, such as adding back expenses such as depreciation and amortization and the other items described above. Accordingly, FFO, MFFO and Adjusted MFFO should not be considered as alternatives to net income as an indicator of our current and historical operating performance. In addition, FFO, MFFO and Adjusted MFFO do not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an indication of our liquidity. We believe FFO, MFFO and Adjusted MFFO, in addition to net income and cash flows from operating activities as defined by GAAP, are meaningful supplemental performance measures.
Although MFFO includes other adjustments, the exclusion of straight-line rent, the amortization of above- and below-market leases and mark-to-market adjustments included in net income, are the most significant adjustments for the periods presented.  We have excluded these items based on the following economic considerations:
•
Adjustments for straight-line rent.  These are adjustments to rental revenue as required by GAAP to recognize contractual lease payments on a straight-line basis over the life of the respective lease.  We have excluded these adjustments in our calculation of MFFO to more appropriately reflect the current economic impact of our in-place leases, while also providing investors with a useful supplemental metric that addresses core operating performance by removing rent we expect to receive in a future period or rent that was received in a prior period;
•
Amortization of above- and below-market leases.  Similar to depreciation and amortization of real estate assets and lease related costs that are excluded from FFO, GAAP implicitly assumes that the value of intangible lease assets and liabilities diminishes predictably over time and requires that these charges be recognized currently in revenue.  Since market lease rates in the aggregate have historically risen or fallen with local market conditions, management believes that by excluding these charges, MFFO provides useful supplemental information on the realized economics of the real estate; and
•
Mark to Market adjustments included in net income. These are fair value adjustments to derivative instruments and real estate equity securities. We have excluded these adjustments in our calculation of MFFO to more appropriately reflect core operating performance.

44
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Adjusted MFFO includes adjustments to reduce MFFO related to real estate taxes, property insurance and financing costs which are capitalized with respect to certain renovation projects.  We have included adjustments for the costs incurred necessary to bring these investments to their intended use, as these costs are recurring operating costs that are capitalized in accordance with GAAP and not reflected in our net income (loss), FFO and MFFO.   
Our calculation of FFO, which we believe is consistent with the calculation of FFO as defined by NAREIT, is presented in the following table, along with our calculations of MFFO and Adjusted MFFO, for the three and nine months ended September 30, 2018 and 2017 (in thousands). No conclusions or comparisons should be made from the presentation of these periods.
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Net (loss) income attributable to common stockholders
 
$
(4,963
)
 
$
2,893

 
$
(8,133
)
 
$
(834
)
Depreciation of real estate assets
 
3,373

 
2,416

 
9,788

 
5,870

Amortization of lease-related costs
 
1,777

 
1,293

 
5,534

 
3,306

Impairment charge on real estate
 
4,245

 
—

 
4,245

 
—

Adjustments for noncontrolling interests (1)
 
(517
)
 
(166
)
 
(967
)
 
(534
)
Adjustments for investment in unconsolidated entity (2)
 
(35
)
 
—

 
(53
)
 
—

FFO attributable to common stockholders (3)
 
3,880

 
6,436

 
10,414

 
7,808

Straight-line rent and amortization of above- and below-market leases
 
(1,035
)
 
(953
)
 
(3,900
)
 
(1,293
)
Amortization of discounts and closing costs
 
—

 
(20
)
 
—

 
(58
)
Loss on real estate equity securities
 
486

 
—

 
172

 
—

Unrealized losses on derivative instruments
 
(23
)
 
44

 
(84
)
 
117

Adjustments for noncontrolling interests (1)
 
(5
)
 
(5
)
 
(12
)
 
(16
)
MFFO attributable to common stockholders (3)
 
3,303

 
5,502

 
6,590

 
6,558

Other capitalized operating expenses (4)
 
(298
)
 
(159
)
 
(998
)
 
(446
)
Casualty-related income, net (5)
 
—

 
(1,614
)
 
—

 
(1,614
)
Adjustments for noncontrolling interests - consolidated entity (1)
 
—

 
161

 
—

 
161

Adjusted MFFO attributable to common stockholders (3)
 
$
3,005

 
$
3,890

 
$
5,592

 
$
4,659

_____________________
(1) Reflects adjustments to eliminate the noncontrolling interest holders’ share of the adjustments to convert our net (loss) income attributable to common stockholders to FFO, MFFO and Adjusted MFFO.
(2) Reflects adjustments to add back our noncontrolling interest share of the adjustments to convert our net (loss) income attributable to common stockholders to FFO for our equity investment in an unconsolidated entity.
(3) FFO, MFFO and Adjusted MFFO includes $5.5 million and $5.8 million of business interruption insurance recovery for the three and nine months ended September 30, 2017, respectively.
(4) Reflects financing costs that are capitalized with respect to certain renovation projects but excluding development projects. During the time in which we are incurring costs necessary to bring these investments to their intended use, certain financing costs are capitalized in accordance with GAAP and not reflected in our net (loss) income, FFO and MFFO.
(5) Reflects property damages and insurance recoveries related to the impact of Hurricane Matthew at the Springmaid Beach Resort. We exclude them from Adjusted MFFO to more appropriately present the ongoing operating performance of our real estate investments on a comparative basis. We believe this exclusion is useful to investors as it allows investors to more accurately evaluate the sustainability of our operating performance.
FFO, MFFO and Adjusted MFFO may also be used to fund all or a portion of certain capitalizable items that are excluded from FFO, MFFO and Adjusted MFFO, such as tenant improvements, building improvements and deferred leasing costs. We expect FFO, MFFO and Adjusted MFFO to improve in future periods to the extent that we continue to lease up vacant space and acquire additional assets. We expect FFO, MFFO and Adjusted MFFO to increase as a result of acquisitions.
Organization and Offering Costs
Our organization and offering costs (other than selling commissions, dealer manager fees and the stockholder servicing fee) were paid by our advisor, the dealer manager or their affiliates on our behalf or paid directly by us. These offering costs include all expenses incurred in connection with our offerings. Organization costs include all expenses incurred in connection with our formation, including but not limited to legal fees and other costs to incorporate.
We recorded $1.0 million of offering costs (other than selling commissions and dealer manager fees) related to our private offering, all of which were initially paid by our advisor or its affiliates on our behalf and subsequently reimbursed by us. In addition, we paid $1.9 million in selling commissions and dealer manager fees related to our private offering.

45
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

During our initial public offering, pursuant to the advisory agreement and dealer manager agreement, we are obligated to reimburse our advisor, the dealer manager or their affiliates, as applicable, for organization and other offering costs paid by them on behalf of us, provided that no reimbursements made by us to our advisor or the dealer manager may cause total organization and offering expenses incurred by us in connection with our initial public offering (including selling commissions, dealer manager fees and the stockholder servicing fees) to exceed 15% of the aggregate gross proceeds from our initial public offering as of the date of reimbursement. In addition, our advisor and its affiliates reimbursed us to the extent that the organization and other offering expenses (which exclude selling commissions, dealer manager fees and stockholder servicing fees) paid directly or reimbursed by us in connection with the primary portion of our initial public offering, regardless of when incurred, exceeded 1.0% of gross offering proceeds from the primary portion of our initial public offering. Our advisor and its affiliates are responsible for any organization and other offering expenses related to the primary portion of our initial public offering to the extent they exceed 1.0% of gross proceeds from the primary portion of the Public Offering as of the termination of the primary portion of our initial public offering.
Through September 30, 2018, our advisor and its affiliates had incurred organization and other offering costs (which exclude selling commissions dealer manager fees and stockholder servicing fees) on our behalf in connection with our initial public offering of approximately $10.9 million. As of September 30, 2018, we had recorded $14.5 million in selling commissions and dealer manager fees and $1.7 million of stockholder servicing fees. As of September 30, 2018, we had recorded $2.3 million of other organization and offering expenses, which amounts represent our maximum liability for organization and other offering costs based on the 1.0% limitation described above.
Distributions
To maintain our qualification as a REIT, we must make aggregate annual distributions to our stockholders of at least 90% of our REIT taxable income (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If we meet the REIT qualification requirements, we generally will not be subject to federal income tax on the income that we distribute to our stockholders each year. In general, we anticipate making distributions to our stockholders of at least 100% of our REIT taxable income so that none of our income is subject to federal income tax. Our board of directors may authorize distributions in excess of those required for us to maintain REIT status depending on our financial condition and such other factors as our board of directors deems relevant.
From time to time during our operational stage, we may not pay distributions solely from our cash flow from operating activities, in which case distributions may be paid in whole or in part from debt financing. Distributions declared, distributions paid and cash flow provided by operations were as follows for the first, second and third quarters of 2018 (in thousands, except per share amounts):
 
 
Distributions Declared (1)
 
Distributions Declared Per Class A Share(1)(2)
 
Distributions Declared Per Class T Share(1)(2)
 
Distributions Paid (3)
 
Cash Flows (Used in) Provided by Operations
Period
 
 
 
 
Cash
 
Reinvested
 
Total
 
First Quarter 2018
 
$
1,082

 
$
0.047

 
$
0.024

 
$
407

 
$
665

 
$
1,072

 
$
(1,928
)
Second Quarter 2018
 
1,124

 
0.048

 
0.025

 
435

 
691

 
1,126

 
4,494

Third Quarter 2018
 
1,349

 
0.048

 
0.041

 
480

 
770

 
1,250

 
3,037

 
 
$
3,555

 
$
0.143

 
$
0.090

 
$
1,322

 
$
2,126

 
$
3,448

 
$
5,603

_____________________
(1) Distributions for the period from January 1, 2018 through September 30, 2018 were based on daily record dates and were calculated at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock.
(2) Assumes share was issued and outstanding each day that was a record date for distributions during the period presented.
(3) Distributions are paid on a monthly basis. Distributions for all record dates of a given month are paid on or about the first business day of the following month.
For the nine months ended September 30, 2018, we paid aggregate distributions of $3.4 million including $1.3 million distributions paid in cash and $2.1 million of distributions reinvested through our dividend reinvestment plan. Our net loss attributable to common stockholders for the nine months ended September 30, 2018 was $8.1 million and cash flow provided by operations was $5.6 million. We funded our total distributions paid, which includes net cash distributions and dividends reinvested by stockholders, with $2.3 million cash flow from current operating activities and $1.1 million prior period cash flow from operating activities in excess of distributions paid. For purposes of determining the source of our distributions paid, we assume first that we use cash flow from operating activities from the relevant or prior periods to fund distribution payments.

46
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

To the extent that we pay distributions from sources other than our cash flow from operating activities, we will have less funds available, the overall return to our stockholders may be reduced and subsequent investors will experience dilution.
In addition, during the nine months ended September 30, 2018, our board of directors declared stock dividends for each month based on a single record date at the end of each month in an amount that would equal a 2% annualized stock dividend per share of common stock if paid each month for a year.  Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Going forward we expect our board of directors to continue to authorize and declare cash distributions based on daily record dates and to pay these distributions on a monthly basis and during our offering stage to continue to authorize and declare stock dividends based on a single record date as of the end of the month, and to issue these dividends on a monthly basis. Cash distributions and stock dividends will be determined by our board of directors based on our financial condition and such other factors as our board of directors deems relevant. Our board of directors has not pre-established a percentage rate of return for stock dividends or cash distributions to stockholders. We have not established a minimum dividend or distribution level, and our charter does not require that we make dividends or distributions to our stockholders.
We expect that we will fund these cash distributions from dividend income from real estate equity securities and rental and other income on our real property investments. We may also utilize strategic refinancings to fund cash distributions for investments that have appreciated in value after our acquisition. Generally, our distribution policy is not to pay cash distributions from sources other than cash flow from operations, investment activities and strategic financings. However, we may fund cash distributions from any source and there are no limits to the amount of distributions that we may pay from any source, including proceeds from our public offering or the proceeds from the issuance of securities in the future, other third party borrowings, advances from our advisor or sponsors or from our advisor’s deferral of its fees under the advisory agreement. Distributions paid from sources other than current or accumulated earnings and profits may constitute a return of capital. From time to time, we may generate taxable income greater than our net income for financial reporting purposes, or our taxable income may be greater than our cash flow available for distribution to stockholders. In these situations we may make distributions in excess of our cash flow from operations, investment activities and strategic financings to satisfy the REIT distribution requirement. In such an event, we would look first to other third party borrowings to fund these distributions.
During the early stages of our operations and until our cash flows stabilize, our board of directors believes the declaration of stock dividends is in our best interest because it will allow us to focus on our investment strategy of investing in opportunistic real estate investments that may generate limited cash flow but have the potential for appreciation. These stock dividends may reflect in part an increase or anticipated increase in portfolio value to the extent our board of directors believes assets in our portfolio have appreciated or will appreciate in value after acquisition or after we have taken control of the assets. In addition, these stock dividends may reflect in part cash flow from operations. However, we can provide no assurances that our stock dividends will reflect appreciation in our portfolio or cash flow from operations. Unless our assets appreciate in an amount sufficient to offset the dilutive effect of any stock dividends, the return per share for later investors purchasing our stock will be below the return per share of earlier investors. With respect to any non-performing assets that we acquire, we believe that within a relatively short time after acquisition or taking control of such investments via foreclosure or deed-in-lieu proceedings, we will often experience an increase in their value. For example, in most instances, we bring financial stability to the property, which reduces uncertainty in the market and alleviates concerns regarding the property’s management, ownership and future. We also may have more capital available for investment in these properties than their prior owners and operators were willing to invest, and as such, we are able to invest in tenant improvements and capital expenditures with respect to such properties, which enables us to attract substantially increased interest from brokers and tenants.

47
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Critical Accounting Policies
Our consolidated interim financial statements have been prepared in accordance with GAAP and in conjunction with the rules and regulations of the SEC. The preparation of our financial statements requires significant management judgments, assumptions and estimates about matters that are inherently uncertain. These judgments affect the reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses. A discussion of the accounting policies that management considers critical in that they involve significant management judgments, assumptions and estimates is included in our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC. There have been no significant changes to our policies during 2018, except for our adoption of the revenue recognition and financial instruments standards issued by the Financial Accounting Standards Board effective on January 1, 2018.
Revenue Recognition
Effective January 1, 2018, we adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the entity’s adoption. Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018.  A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. We elected to apply this standard only to contracts that were not completed as of January 1, 2018.
Based on our evaluation of contracts within the scope of ASU No. 2014-09, revenue that is impacted by ASU No. 2014-09 includes revenue generated by other operating income and tenant reimbursements for substantial services earned at our office properties and hotel revenues. The recognition of such revenue will occur when the services are provided and the performance obligations are satisfied.
Hotel Revenue
We recognize revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from our guests. Additionally, some of our hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, we book revenue for the room at the price we sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays us directly, we book revenue for the room on a gross basis. We participate in frequent guest programs sponsored by the brand owners of our hotels and we expense the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in the real estate footnote into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows.
Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for right to use a hotel room. Our contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out by the customer from our hotel. We record contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at our hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest’s stay. We note no significant judgments regarding the recognition of rooms revenue.
Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. Our contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. We recognize food and beverage revenue upon the fulfillment of the contract with the customer. We record contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at our hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. We note no significant judgements regarding the recognition of food and beverage revenue.
Campground revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured.

48
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Real Estate Equity Securities
Our real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Upon adoption of ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”) on January 1, 2018, unrealized gains and losses on real estate equity securities are recognized in earnings.
Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.
Subsequent Events
We evaluate subsequent events up until the date the consolidated financial statements are issued.
Cash Distributions Paid
On October 1, 2018, we paid distributions of $0.5 million related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from September 1, 2018 through September 30, 2018. On November 1, 2018, we paid distributions of $0.5 million related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from October 1, 2018 through October 31, 2018. Distributions for the period from September 1, 2018 through October 31, 2018 were calculated based on stockholders of record each day during the period at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date.
Stock Dividends Issued
On August 9, 2018, our board of directors authorized stock dividends for the month of September 2018, in the amount of 0.001667 shares of our common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on September 30, 2018.  We issued the September 2018 stock dividend, consisting of 50,117 shares, on October 2, 2018.
On August 9, 2018, our board of directors authorized stock dividends for the month of October 2018, in the amount of 0.001667 shares of our common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on October 31, 2018.  We issued the October 2018 stock dividend, consisting of 50,250 shares, on November 2, 2018.
Distributions Declared
On October 10, 2018, our board of directors declared cash distributions on the outstanding shares of all classes of our common stock based on daily record dates for the period from November 1, 2018 through November 30, 2018, which we expect to pay in December 2018. Investors may choose to receive cash distributions or purchase additional shares through our dividend reinvestment plan. Distributions for this period will be calculated based on stockholders of record each day during this period at a rate of $0.00052548 per share per day.
Also on October 10, 2018, our board of directors authorized a stock dividend for the month of November 2018 in the amount of 0.001667 shares of common stock on each outstanding share of common stock, issuable to all common stockholders of record as of the close of business on November 30, 2018. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend. We expect to issue this stock dividend in December 2018.

49
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 3.
Quantitative and Qualitative Disclosures about Market Risk

We are exposed to the effects of interest rate changes as a result of borrowings used to maintain liquidity and to fund the financing of our real estate investment portfolio and operations. We are also exposed to the effects of changes in interest rates as a result of the origination of a mortgage loan. We are also exposed to the effects of foreign currency changes in the Euro with respect to our €2.1 million participating loan facility.  Foreign currency exchange rate risk is the possibility that our financial results could be better or worse than planned because of changes in foreign currency exchange rates. Our profitability and the value of our investment portfolio may be adversely affected during any period as a result of interest rate changes and foreign currency changes. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings, prepayment penalties and cash flows and to lower overall borrowing costs. We may manage interest rate risk by maintaining a ratio of fixed rate, long-term debt such that floating rate exposure is kept at an acceptable level. In addition, we may utilize a variety of financial instruments, including interest rate caps, floors, and swap agreements, in order to limit the effects of changes in interest rates on our operations. When we use these types of derivatives to hedge the risk of interest-earning assets or interest-bearing liabilities, we may be subject to certain risks, including the risk that losses on a hedge position will reduce the funds available for payments to holders of our common stock and that the losses may exceed the amount we invested in the instruments.
Movements in interest rates on variable rate debt would change our future earnings and cash flows, but would not significantly affect the fair value of those instruments. However, changes in required risk premiums would result in changes in the fair value of floating rate instruments. As of September 30, 2018, we were exposed to market risks related to fluctuations in interest rates on $328.9 million of variable rate debt outstanding. As of September 30, 2018, we have also entered into four interest rate cap agreements with an aggregate notional value of $135.6 million, which effectively caps one-month LIBOR at 3.00%. The weighted-average remaining term of the interest rate caps is 0.8 years. Based on interest rates as of September 30, 2018, if interest rates were 100 basis points higher or lower during the 12 months ending September 30, 2019, interest expense on our variable rate debt would increase or decrease, respectively, by $2.9 million and $3.3 million, respectively.
The weighted-average interest rate of our variable rate debt as of September 30, 2018 was 4.9%.  The weighted-average interest rate represents the actual interest rate in effect as of September 30, 2018 (consisting of the contractual interest rate and the effect of interest rate caps, if applicable), using interest rate indices as of September 30, 2018 where applicable.
We are exposed to financial market risk with respect to our real estate equity securities. Financial market risk is the risk that we will incur economic losses due to adverse changes in our real estate equity security prices. Our exposure to changes in real estate equity security prices is a result of our investment in these types of securities. Market prices are subject to fluctuation and, therefore, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. Fluctuation in the market prices of a real estate equity security may result from any number of factors, including perceived changes in the underlying fundamental characteristics of the issuer, the relative price of alternative investments, interest rates, default rates and general market conditions. In addition, amounts realized in the sale of a particular security may be affected by the relative quantity of the real estate equity security being sold. We do not currently engage in derivative or other hedging transactions to manage our real estate equity security price risk. As of September 30, 2018, we owned real estate equity securities with a book value of $6.8 million. Based solely on the prices of real estate equity securities for the three months ended September 30, 2018, if prices were to increase or decrease by 10%, our net income would increase or decrease, respectively, by approximately $0.7 million.
For a discussion of the interest rate risks related to the current capital and credit markets, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Market Outlook” herein, and Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the SEC.

50
PART I.
FINANCIAL INFORMATION (CONTINUED)
Item 4.
Controls and Procedures

Disclosure Controls and Procedures
As of the end of the period covered by this report, management, including our principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based upon, and as of the date of, the evaluation, our principal executive officer and principal financial officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported as and when required. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file and submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

51
PART II.
OTHER INFORMATION

 
Item 1.
Legal Proceedings
From time to time, we are party to legal proceedings that arise in the ordinary course of our business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by government agencies.
Item 1A.
Risk Factors
The following risk factor supplements the risks discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017 and in Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2018.
We have paid distributions in part from financings and expect that in the future we may not pay distributions solely from our cash flow from operating activities. To the extent that we pay distributions from sources other than our cash flow from operating activities, we will have less funds available for investment in properties and other assets, the overall return to our stockholders may be reduced and subsequent investors will experience dilution.
Our organizational documents permit us to pay distributions from any source, including offering proceeds or borrowings (which may constitute a return of capital), and our charter does not limit the amount of funds we may use from any source to pay such distributions. We have paid distributions in part from financings and expect that in the future we may not pay distributions solely from our cash flow from operating activities, in which case distributions may be paid in whole or in part from debt financing. We may also fund such distributions with proceeds from the sale of assets or from the maturity, payoff or settlement of debt investments. If we fund distributions from borrowings, our interest expense and other financing costs, as well as the repayment of such borrowings, will reduce our earnings and cash flow from operating activities available for distribution in future periods. If we fund distributions from the sale of assets or the maturity, payoff or settlement of debt investments, this will affect our ability to generate cash flow from operating activities in future periods. To the extent that we pay distributions from sources other than our cash flow from operating activities, we will have fewer funds available with which to make real estate investments, the overall return to our stockholders may be reduced and subsequent investors will experience dilution. In addition, to the extent distributions exceed cash flow from operating activities, a stockholder’s basis in our stock will be reduced and, to the extent distributions exceed a stockholder’s basis, the stockholder may recognize capital gain. There is no limit on the amount of distributions we may fund from sources other than from cash flow from operating activities.
During our public offering stage, when we may raise capital in this offering (and possibly future offerings) more quickly than we acquire income-producing assets, and from time to time during our operational stage, we may not pay distributions solely from our cash flow from operating activities.
For the nine months ended September 30, 2018, we paid aggregate distributions of $3.4 million including $1.3 million distributions paid in cash and $2.1 million of distributions reinvested through our dividend reinvestment plan. Our net loss attributable to common stockholders for the nine months ended September 30, 2018 was $8.1 million and cash flow provided by operations was $5.6 million. We funded our total distributions paid, which includes net cash distributions and dividends reinvested by stockholders, with $2.3 million cash flow from current operating activities and $1.1 million prior period cash flow from operating activities in excess of distributions paid. For purposes of determining the source of our distributions paid, we assume first that we use cash flow from operating activities from the relevant or prior periods to fund distribution payments.
To the extent that we pay distributions from sources other than our cash flow from operating activities, we will have less funds available, the overall return to our stockholders may be reduced and subsequent investors will experience dilution.

52
PART II.
OTHER INFORMATION (CONTINUED)
Item 1A. Risk Factors (continued)


In July 2018 we exhausted funds available for redemptions under our share redemption program, other than those submitted in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” for which we have $0.2 million available as of September 30, 2018. Therefore, except in limited circumstances, our stockholders will be unable to sell their shares under our share redemption program until January 2019 when the dollar limitation resets. However, because of the amount of unfulfilled redemption requests, and limitations on the dollar amount of shares that may be redeemed, it is likely that we will not be able to redeem all shares when the dollar limitation resets.
During any calendar year, except with respect to redemptions made upon a stockholder’s death, “qualifying disability” or “determination of incompetence” (for which we have $0.2 million available as of September 30, 2018), we may redeem only the number of shares that we could purchase with the amount of net proceeds from the sale of shares under our distribution reinvestment plan during the prior calendar year. In 2017, our net proceeds from the distribution reinvestment plan were $2.4 million. As of the July 2018 redemption date, we had exhausted this amount, and as of September 30, 2018, we had $3.0 million outstanding and unfulfilled redemption requests representing 327,841 shares.
The annual limitation on the dollar amount of shares that may be redeemed under our share redemption program will be reset on January 1, 2019. Once we have funds available for redemption, if we cannot redeem all shares presented for redemption in any month because of the dollar limitation on redemptions or the limitation on the number of shares that we may redeem during the calendar year, each set forth in our share redemption program, then we will honor redemption requests on a pro rata basis, except that if a pro rata redemption would result in a stockholder owning less than the minimum purchase requirement described in our most recently effective registration statement, then we would redeem all of such stockholder’s shares. Therefore, even once the annual limitation on the dollar amount of shares that may be redeemed is reset, it is likely that our stockholders will be unable to have all of their shares redeemed under our share redemption program because we will be forced to redeem our stockholders pro rata based on the amount of funds we have available for redemption.

53
PART II.
OTHER INFORMATION (CONTINUED)
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds

a)
During the period covered by this Form 10-Q, we did not sell any equity securities that were not registered under the Securities Act of 1933.
b)
On August 12, 2014, our Registration Statement on Form S-11 (File No. 333-192331), covering a public offering of up to 100,000,000 shares of common stock in a primary offering and 80,000,000 shares of common stock under our dividend reinvestment plan, was declared effective under the Securities Act of 1933. We commenced our initial public offering on August 12, 2014 upon retaining KBS Capital Markets Group LLC, an affiliate of our advisor, as the dealer manager of our offering. Initially, we were offering 100,000,000 shares of common stock in our primary offering at an aggregate offering price of up to $1.0 billion, or $10.00 per share with discounts available to certain categories of purchasers. The 80,000,000 shares offered under our dividend reinvestment plan were initially being offered at an aggregate offering price of $760 million, or $9.50 per share.
On February 11, 2016, we filed an amended registration statement on Form S-11 with the SEC to add a second class of common stock designated as Class T shares and to designate our currently outstanding common stock as Class A shares. Pursuant to the registration statement, as amended, effective February 17, 2016 through June 7, 2017, we offered Class A shares at a price of $10.00 per share and Class T shares at a price of $9.59 per share. Both classes of shares have discounts available to certain categories of purchasers. We also offered up to 76,366,006 in shares of our common stock pursuant to our dividend reinvestment plan: Class A shares at a price of $9.50 per share and Class T shares at a price of $9.12 per share. Effective June 8, 2017, Class A shares are being offered at $10.00 per share and Class T shares at $9.63 per share. We offered to sell any combination of Class A and Class T shares in our primary offering and dividend reinvestment plan offering but in no event could we sell more than 180,000,000 of shares of our common stock pursuant to the offering.
We ceased offering shares of common stock in our primary offering on July 31, 2018 and terminated our primary offering on September 28, 2018 upon the completion of review of subscriptions submitted in accordance with our processing procedures. We continue to offer shares under our dividend reinvestment plan. In some states, we will need to renew the registration statement annually or file a new registration statement to continue the dividend reinvestment plan offering. We may terminate our dividend reinvestment plan offering at any time.
We sold 11,977,758 and 11,537,701 shares of Class A and Class T common stock, respectively, in our ongoing initial public offering for aggregate gross offering proceeds of $228.6 million in our initial public offering. As of September 30, 2018, we had sold 549,572 and 178,325 shares of Class A and Class T common stock, respectively, under our dividend reinvestment plan for aggregate gross offering proceeds of $6.7 million. As of September 30, 2018, we had incurred selling commissions, dealer manager fees and organization and other offering costs in connection with our initial public offering in the amounts set forth below. We paid selling commissions and dealer manager fees to KBS Capital Markets Group, and KBS Capital Markets Group reallowed all selling commissions and a portion of the dealer manager fees to participating broker-dealers. In addition, we reimbursed KBS Capital Advisors and KBS Capital Markets Group for certain offering expenses as described in our prospectus, as amended and supplemented.
Type of Expense Amount
 
Amount (in thousands)
 
Estimated/Actual
Selling commissions and dealer manager fees (1)
 
$
14,475

 
Actual
Organization and other offering costs (excluding selling commissions, dealer manager fees and stockholder servicing fees) (2)
 
2,306

 
Actual
Total expenses
 
$
16,781

 
 
 
 
 
 
 


54
PART II.
OTHER INFORMATION (CONTINUED)
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds (continued)

______________________________________________
(1) Except as described in the “Plan of Distribution” section of our prospectus, as amended and supplemented, an annual stockholder servicing fee of 1.0% of the purchase price per share (ignoring any discounts that may be available to certain categories of purchasers) for the Class T shares sold in the primary portion of our initial public offering was paid to our dealer manager and accrued daily and was paid monthly in arrears. Our dealer manager reallowed all of the stockholder servicing fees paid to it. The stockholder servicing fee was an ongoing fee that was not paid at the time of purchase and was not intended to be a principal use of offering proceeds; it was therefore excluded from the table above. As of September 30, 2018, we ceased paying the stockholder servicing fee and had recorded approximately $1.7 million in stockholder servicing fees, which is the amount of the stockholder servicing fee payable with respect to all Class T shares sold in the primary portion of our initial public offering as of the termination of the offering.
(2) Organization and other offering costs (which exclude selling commissions, dealer manager fees and stockholder servicing fees) are capped at 1.0% of gross offering proceeds from the primary portion of our initial public offering.  KBS Capital Advisors and its affiliates are responsible for any organization and other offering costs related to the primary portion of our initial public offering that exceed this limit.  The amount included above represents our maximum liability for organization and other offering costs based on the 1.0% limit.  As of September 30, 2018, KBS Capital Advisors and its affiliates had incurred an additional $8.6 million in organization and other offering costs on our behalf in connection with our initial public offering.
As of September 30, 2018, we have used substantially all of the net proceeds from our offerings to invest in and manage a diverse portfolio of opportunistic real estate, real estate-related loans, real estate-related debt securities and other real estate-related investments located in the United States and Europe. Such investments include the origination and acquisition of mortgage, mezzanine, bridge and other real estate-related loans and investment in opportunistic real estate.
The net proceeds from our offerings, along with debt financing, we used to invest $571.6 million in two hotel properties, four office properties, one apartment building, an investment in an unconsolidated entity, a leasehold interest through a joint venture to develop one retail property, one first mortgage loan and an investment in real estate equity securities, including $18.0 million of acquisition fees and closing costs and origination fees and expenses.
c)
On July 3, 2013, our board of directors adopted a share redemption program that has been amended at various times thereafter and that may enable stockholders to sell their shares to us in limited circumstances. The terms of the share redemption program described below are the terms as are currently in effect.
Pursuant to the share redemption program there are several limitations on our ability to redeem shares:
•
Unless the shares are being redeemed in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined under the share redemption program), we may not redeem shares until the stockholder has held the shares for one year.
•
During each calendar year, the share redemption program limits the number of shares we may redeem to those that we could purchase with the amount of the net proceeds from the issuance of shares under the dividend reinvestment plan during the prior calendar year. We may, however, increase or decrease the funding available for the redemption of shares pursuant to the program upon ten business days’ notice to our stockholders.
•
During any calendar year, we may redeem no more than 5% of the weighted-average number of shares outstanding during the prior calendar year.
•
We have no obligation to redeem shares if the redemption would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency.
On June 6, 2017, our board of directors approved an estimated NAV per share of our common stock of $9.05. As a result, and unless the shares are being redeemed in connection with a stockholder’s death, qualifying disability, or determination of incompetence, the price at which we redeem the shares is as follows:
•
For those shares held by the redeeming stockholder for at least one year, 92.5% of our most recent estimated NAV per share as of the applicable redemption date;
•
For those shares held by the redeeming stockholder for at least two years, 95.0% of our most recent estimated NAV per share as of the applicable redemption date;
•
For those shares held by the redeeming stockholder for at least three years, 97.5% of our most recent estimated NAV per share as of the applicable redemption date; and
•
For those shares held by the redeeming stockholder for at least four years, 100% of our most recent estimated NAV per share as of the applicable redemption date.

55
PART II.
OTHER INFORMATION (CONTINUED)
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds (continued)

For purposes of determining the time period a redeeming stockholder has held each share, the time period begins as of the date the stockholder acquired the share; provided, that shares purchased by the redeeming stockholder pursuant to our dividend reinvestment plan and shares received as a stock dividend will be deemed to have been acquired on the same date as the initial share to which the dividend reinvestment plan shares or stock dividend shares relate. The date of the share’s original issuance by us is not determinative. In addition, as described above, the shares owned by a stockholder may be redeemed at different prices depending on how long the stockholder has held each share submitted for redemption.
The terms of our share redemption program with respect to redemptions sought upon a stockholder’s death, qualifying disability or determination of incompetence are as follows:
•
There is no one-year holding requirement;
•
Additional funds in an amount up to $500,000 are available for redemption; and
•
The redemption price is the estimated NAV of the shares, as determined by our board of directors.
Upon a transfer of shares any pending redemption requests with respect to such transferred shares will be canceled as of the date we accept the transfer. Stockholders wishing to continue to have a redemption request related to any transferred shares considered by us must resubmit their redemption request.
Our board may amend, suspend or terminate the share redemption program upon 30 days’ notice to stockholders, provided that we may increase or decrease the funding available for the redemption of shares pursuant to the share redemption program upon 10 business days’ notice.
During the nine months ended September 30, 2018, we fulfilled redemption requests and redeemed shares pursuant to the share redemption program as follows:
Month
 
Total Number of Shares Redeemed 
 
Average Price Paid Per Share (1)
 
Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program
January 2018
 
72,262

 
$
8.82

 
(2) 
February 2018
 
10,602

 
$
8.37

 
(2) 
March 2018
 
11,025

 
$
8.57

 
(2) 
April 2018
 
27,994

 
$
8.39

 
(2) 
May 2018
 
36,198

 
$
8.53

 
(2) 
June 2018
 
84,916

 
$
8.91

 
(2) 
July 2018
 
32,689

 
$
9.05

 
(2) 
August 2018
 
—

 
$
—

 
(2) 
September 2018
 
—

 
$
—

 
(2) 
Total
 
275,686

 
 
 
 
_____________________
(1) Pursuant to the program, as amended, we will redeem shares at the purchase prices described above.
(2) We limit the dollar value of shares that may be redeemed under the program as described above. During the nine months ended September 30, 2018, we redeemed $2.4 million of common stock. In July 2018, we exhausted all funds available for redemption of shares in 2018 in connection with redemption requests not made upon a stockholder’s death, “qualifying disability” or “determination of incompetence.” As of September 30, 2018, we have $0.2 million available for redemptions that are submitted in connection with a stockholders’ death, “qualifying disability” or “determination of incompetence.” As of September 30, 2018, we had a total of $3.0 million outstanding and unfulfilled redemption requests representing 327,841 shares.  We recorded $2.1 million to redeemable common stock payable on the accompanying consolidated balance sheets, which represents the amount available to be redeemed in 2019 based on net proceeds from the sale of shares under our distribution reinvestment plan as of September 30, 2018.
Item 3.
Defaults upon Senior Securities
None.
Item 4.
Mine Safety Disclosures
None.
Item 5.
Other Information
None.

56
PART II.
OTHER INFORMATION (CONTINUED)
Item 6.
Exhibits

Ex.
 
Description
 
 
 
3.1
 
 
 
 
3.2
 
 
 
 
3.3
 
 
 
 
3.4
 
 
 
 
3.5
 
 
 
 
4.1
 
 
 
 
4.2
 
 
 
 
4.3
 
 
 
 
4.4
 
 
 
 
4.5
 
 
 
 
10.1
 
 
 
 
31.1
 
 
 
 
31.2
 
 
 
 
32.1
 
 
 
 
32.2
 
 
 
 
99.1
 
 
 
 
101.INS
 
XBRL Instance Document
 
 
 
101.SCH
 
XBRL Taxonomy Extension Schema
 
 
 
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase
 
 
 
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase
 
 
 
101.LAB
 
XBRL Taxonomy Extension Label Linkbase
 
 
 
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase

57

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
 
 
 
 
KBS STRATEGIC OPPORTUNITY REIT II, INC.
 
 
 
 
Date:
November 9, 2018
By:
/S/ KEITH D. HALL        
 
 
 
Keith D. Hall
 
 
 
Chief Executive Officer and Director
 
 
 
(principal executive officer)
 
 
 
 
Date:
November 9, 2018
By:
/S/ JEFFREY K. WALDVOGEL
 
 
 
Jeffrey K. Waldvogel
 
 
 
Chief Financial Officer, Treasurer and Secretary
 
 
 
(principal financial officer)

58
 EX-10.1 2 kbssoriiq32018exhibit101.htm ADVISORY AGREEMENT Exhibit


Exhibit 10.1











ADVISORY AGREEMENT

between

KBS STRATEGIC OPPORTUNITY REIT II, INC.

and

KBS CAPITAL ADVISORS LLC





October 10, 2018







TABLE OF CONTENTS


 
 
 
Page

ARTICLE 1 - DEFINITIONS
3

ARTICLE 2 - APPOINTMENT
12

ARTICLE 3 - DUTIES OF THE ADVISOR
12

 
3.01
Organizational and Offering Services
13

 
3.02
Acquisition Services
13

 
3.03
Asset Management Services
14

 
3.04
Stockholder Services
16

 
3.05
Other Services
17

ARTICLE 4 - AUTHORITY OF ADVISOR
17

 
4.01
General
17

 
4.02
Powers of the Advisor
17

 
4.03
Approval by the Board
17

 
4.04
Modification or Revocation of Authority of Advisor
17

ARTICLE 5 - BANK ACCOUNTS
18

ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
18

ARTICLE 7 - LIMITATION ON ACTIVITIES
18

ARTICLE 8 - FEES
19

 
8.01
Acquisition Fees
19

 
8.02
Asset Management Fees
20

 
8.03
Disposition Fees
20

 
8.04
Subscription Processing Fee
21

 
8.05
Subordinated Share of Cash Flows
21

 
8.06
Subordinated Incentive Fee
22

 
8.07
Changes to Fee Structure
22

ARTICLE 9 - EXPENSES
23

 
9.01
General
23

 
9.02
Timing of and Limitations on Reimbursements
25

ARTICLE 10 - VOTING AGREEMENT
25

ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
24

 
11.01
Relationship
24

 
11.02
Time Commitment
24

 
11.03
Investment Opportunities and Allocation
24

ARTICLE 12 - THE KBS NAME
25

ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
25

 
13.01
Term
25

 
13.02
Termination by Either Party
26

 
13.03
Payments on Termination and Survival of Certain Rights and Obligations
26

ARTICLE 14 - ASSIGNMENT
26


i


ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY
27

 
15.01
Indemnification
27

 
15.02
Limitation on Indemnification
27

 
15.03
Limitation on Payment of Expenses
27

ARTICLE 16 - MISCELLANEOUS
28

 
16.01
Notices
28

 
16.02
Modifications
28

 
16.03
Severability
28

 
16.04
Construction
28

 
16.05
Entire Agreement
28

 
16.06
Waiver
29

 
16.07
Gender
29

 
16.08
Titles Not to Affect Interpretation
29

 
16.09
Counterparts
29

 
 
 
 

ii


ADVISORY AGREEMENT
This Advisory Agreement, dated as of October 10, 2018 (the “Agreement”) and effective as of August 12, 2018, is between KBS Strategic Opportunity REIT II, Inc., a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”).
W I T N E S S E T H
WHEREAS, the Company and the Advisor have previously entered that Advisory Agreement dated as of August 12, 2017 (the “August Advisory Agreement”) and wish to authorize, ratify, and approve the terms of the August Advisory Agreement as the understanding between the parties as of August 12, 2018 through the date of this Agreement;
WHEREAS, the Company desires to renew its agreement with the Advisor and to continue to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of directors of the Company (the “Board”), all as provided herein;
WHEREAS, the Advisor is willing to continue to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:
ARTICLE 1
DEFINITIONS
The following defined terms used in this Agreement shall have the meanings specified below:
“Acquisition Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other potential investment, whether or not acquired or originated, as applicable, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums and miscellaneous expenses related to the selection, acquisition or development of any property, loan or other potential investment.
“Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and commissions, excluding Acquisition Expenses, paid by any Person to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or construction of any Property by the Company. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be Development Fees and Construction Fees paid to Persons

3


not Affiliated with the Advisor in connection with the actual development and construction of a Property.
“Advisor” means (i) KBS Capital Advisors LLC, a Delaware limited liability company, or (ii) any successor advisor to the Company.
“Affiliate” or “Affiliated” An Affiliate of another Person includes any of the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing body) of such program is composed of Affiliates of the entity.
“Appraised Value” means the value according to an appraisal made by an Independent Appraiser.
“Asset Management Fee” shall have the meaning set forth in Section 8.02.
“Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period.
“Average Issue Price” means the weighted average price at which shares were purchased in the primary portion of an Offering which shall be calculated as of the end of the month preceding the date upon which the calculation is being made.
“Board of Directors” or “Board” means persons holding such office, as of any particular time, under the Charter, whether they be the Directors named therein or additional or successor Directors.
“Bylaws” means the bylaws of the Company, as amended from time to time.
“Cash from Financings” means the net cash proceeds realized by the Company from the financing of Properties, Loans or other Permitted Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith).
“Cash from Sales and Settlements” means the net cash proceeds realized by the Company (i) from the sale, exchange or other disposition of any of its assets or any portion thereof after deduction of all expenses incurred in connection therewith and (ii) from the prepayment, maturity, workout or other settlement of any Loan or Permitted Investment or portion thereof after deduction

4


of all expenses incurred in connection therewith. In the case of a transaction described in clause (i) (C) of the definition of “Sale” and (i)(B) of the definition of “Settlement,” Cash from Sales and Settlements means the proceeds of any such transaction actually distributed to the Company from the Joint Venture or partnership. Cash from Sales and Settlements shall not include Cash from Financings.
“Cash from Sales, Settlements and Financings” means the total sum of Cash from Sales and Settlements and Cash from Financings.
“Charter” means the articles of incorporation of the Company under Title 2 of the Corporations and Associations Article of the Annotated Code of Maryland, as amended from time to time.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.
“Company” means KBS Strategic Opportunity REIT II, Inc., a corporation organized under the laws of the State of Maryland.
“Competitive Real Estate Commission” means a real estate or brokerage commission for the purchase or sale of property that is reasonable, customary, and competitive in light of the size, type, and location of the property.
“Conflicts Committee” shall have the meaning set forth in the Company’s Charter.
“Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property.
“Contract Sales Price” means the purchase price to be paid in connection with the sale of a Property, Loan or other Permitted Investment less any concessions agreed to in connection with the sale which may include but are not limited to credits for future building or tenant improvements, credits for future free rent given to tenants, credits for future lease up assumptions, or other future rental concessions; or, in the case of a discounted payoff of a Loan, the total funds received by the Company in connection with the payoff, less any expenses related thereto.
“Cost of Loans and other Permitted Investments” means the sum of the cost of all Loans and Permitted Investments held, directly or indirectly, by the Company or the Partnership, calculated each month on an ongoing basis, and calculated as follows for each investment: the lesser of (i) the amount actually paid or allocated to acquire or fund the Loan or Permitted Investment, including fees and expenses related thereto (but excluding any Acquisition Fees paid or payable to the Advisor or its affiliates under this Agreement), and (ii) the outstanding principal amount of such Loan or Permitted Investment, including fees and expenses related to the acquisition or funding of such investment (but excluding any Acquisition Fees paid or payable to the Advisor or its affiliates under this Agreement), as of the time of calculation. With respect to any Loan or Permitted Investment

5


held by the Company or the Partnership through a Joint Venture or partnership of which it is, directly or indirectly, a co-venturer or partner, such amount shall be the Company’s proportionate share thereof. The Cost of Loans and other Permitted Investments is computed without regard to whether any portion of such cost is funded using debt financing secured by, or attributable to, such investments.
“Cost of Real Estate Investments” means the sum of (i) with respect to Properties wholly owned, directly or indirectly, by the Company, the amount actually paid or allocated to the purchase of Properties, including fees and expenses related thereto (but excluding any Acquisition Fees paid or payable to the Advisor or its affiliates under this Agreement), plus budgeted capital improvement costs for the development, construction or improvement of Properties once such funds are disbursed pursuant to a final approved budget (ii) in the case of Properties owned by any Joint Venture or partnership in which the Company or the Partnership is, directly or indirectly, a co-venturer or a partner, the portion of the amount actually paid or allocated to the purchase of Properties, including fees and expenses related thereto (but excluding any Acquisition Fees paid or payable to the Advisor or its affiliates under this Agreement), plus budgeted capital improvement costs for the development, construction or improvement of Properties once such funds are disbursed pursuant to a final approved budget, that is attributable to the Company’s investment in the Joint Venture or partnership. The Cost of Real Estate Investments is computed without regard to whether any portion of such cost is funded using debt financing secured by, or attributable to, the Properties.
“Dealer Manager” means (i) KBS Capital Markets Group LLC, a Delaware limited liability company, or (ii) any successor dealer manager to the Company.
“Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date.
“Director” means a member of the Board of Directors of the Company.
“Disposition Fee” shall have the meaning set forth in Section 8.03.
“Distributions” means any distributions (which shall not include stock dividends) of money or other property by the Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes.
“GAAP” means accounting principals generally accepted in the United States.
“Gross Investment Amount” means the amount calculated by multiplying the total number of Shares purchased by Stockholders by the issue price, reduced by the total number of shares repurchased by the Company (excluding the number of shares issued as stock dividends and subsequently repurchased by the Company) multiplied by the Average Issue Price.
“Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through an Offering, without deduction for Organization and Offering Expenses.

6


“Independent Appraiser” means a person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (M.A.I.) or the Society of Real Estate Appraisers (S.R.E.A.) shall be conclusive evidence of such qualification.
“Joint Venture” means any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments.
“Listed” or “Listing” shall have the meaning set forth in the Company’s Charter.
“Loans” means mortgage loans and other types of debt financing investments made by the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, and including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans.
“Market Value” shall have the meaning set forth in Section 8.06.
“Merger” means any business combination, merger, reorganization or share exchange involving the Company or its subsidiaries into or with another corporation or other legal person (the “Acquiror”) and as a result of such transaction, less than 51% of the outstanding voting securities or other capital interests of the surviving, resulting or acquiring corporation or other legal person are owned in the aggregate by those who were Stockholders immediately prior to such transaction (other than the Acquiror or its Affiliates if they owned Shares immediately prior to such transaction).
“Merger Consideration Amount” means (i) in the case of a Merger in which the consideration consists solely of cash, the total consideration to be received by holders of Shares outstanding immediately prior to the closing of the Merger, (ii) in the case of a Merger in which the consideration consists of securities traded on a national securities exchange, the product of (x) the number of shares of such securities received by the Stockholders at the closing of the Merger and (y) the market value of such securities, measured by taking the average closing price or the average of the bid and asked price, as the case may be, over a period of 30 consecutive days during which such securities are traded, with such 30-day period ending on the trading day prior to the closing date of the Merger, (iii) in the case of a Merger in which the consideration consist of securities that are not traded on a national securities exchange, the aggregate the fair market value (as of the most recent practicable date) of the securities to be received by the Stockholders as estimated by an independent expert chosen by the Board of Directors, and (iv) in the case of a Merger in which the consideration is some combination of that described above, the sum of clauses (i) through (iii), as applicable.
“NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof.

7


“Net Income” means, for any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets.
“Offering” means a Private or Public Offering.
“Operating Cash Flow” means Operating Revenue Cash Flows minus the sum of (i) Operating Expenses, (ii) all principal and interest payments on indebtedness and other sums paid to lenders, (iii) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (iv) taxes, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property.
“Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property.
“Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of (i) Properties, (ii) Loans, (iii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a co-venturer or partner.
“Organization and Offering Expenses” means all expenses incurred by or on behalf of the Company in connection with or in preparing the Company for registration of and subsequently offering and distributing its Shares to the public, whether incurred before or after the date of this Agreement, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); any expense allowance granted by the Company to the underwriter or any reimbursement of expenses of the underwriter by the

8


Company; expenses for printing, engraving and mailing; compensation of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of the sale of the securities under Federal and state laws, including taxes and fees, accountants’ and attorneys’ fees.
“Partnership” means KBS Strategic Opportunity Limited Partnership II, a Delaware limited partnership formed to own and operate Properties, Loans and other Permitted Investments on behalf of the Company.
“Permitted Investments” means all investments (other than Properties, Loans and short-term investments acquired for purposes of cash management) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time.
“Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.
“Private Offering” means any private offering of Shares pursuant to a confidential Private Placement Memorandum, other than a private offering of shares under a distribution reinvestment plan.
“Private Placement Memorandum” means a confidential private placement memorandum, as supplemented, pursuant to which the Company offers its Shares in a Private Offering.
“Property” or “Properties” means any real property or properties transferred or conveyed to the Company or the Partnership, either directly or indirectly, and/or any real property or properties transferred or conveyed to a Joint Venture or partnership in which the Company is, directly or indirectly, a co-venturer or partner.
“Property Manager” means an entity that has been retained to perform and carry out property-management services at one or more of the Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property.
“Public Offering” means any public offering of Shares pursuant to an effective Registration Statement filed under the Securities Act of 1933, as amended, other than a public offering of Shares under a distribution reinvestment plan.
“Registration Statement” means a registration statement filed by the Company with the SEC on Form S-11, as amended from time to time, in connection with a Public Offering.

9


“REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code.
“Sale” means any transaction or series of related transactions whereby: (A) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, and including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint Venture or partnership in which it is, directly or indirectly, a co-venturer or partner; or (C) any Joint Venture or partnership in which the Company or the Partnership is, directly or indirectly, a co-venturer or partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or any partnership or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction.
“SEC” means the United States Securities and Exchange Commission.
“Settlement” means the prepayment, maturity, workout or other settlement of any Loan or other Permitted Investment or portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner.
“Shares” means the shares of common stock of the Company, par value $.01 per share.
“Stockholders” means the registered holders of the Shares.
“Stockholders’ 7% Return” means, as of any date, an aggregate amount equal to a 7% cumulative, non-compounded, annual return on Gross Investment Amount (calculated like simple interest on a daily basis based on a three hundred sixty-five day year). For purposes of calculating the Stockholders’ 7% Return, Gross Investment Amount shall be determined for each day during the period for which the Stockholders’ 7% Return is being calculated, including a daily adjustment to reflect shares repurchased by the Company (excluding shares issued as stock dividends and subsequently repurchased by the Company), and shall be calculated net of (1) Distributions of Cash from Sales, Settlements and Financings, and (2) Distributions of Operating Cash Flow to the extent such Distributions of Operating Cash Flow provide a cumulative, non-compounded, annual return in excess of 7%, as such amounts are computed on a daily basis based on a three hundred sixty-five day year.
“Subordinated Incentive Fee” means the fee payable to the Advisor under certain circumstances, as calculated in Section 8.06.

10


“Subordinated Performance Fee Due Upon Termination” means a fee payable in the form of a non-interest bearing promissory note (the “Performance Fee Note”) in a principal amount equal to (1) 15% of the amount, if any, by which (a) the Appraised Value of the Company’s Properties at the Termination Date, less amounts of all third-party indebtedness secured by the Company’s Properties, plus the fair market value of all other Loans and Permitted Investments of the Company at the Termination Date, less amounts of third-party indebtedness related to such Loans and Permitted Investments, plus the fair market value of the Company’s other assets and liabilities, plus total Distributions through the Termination Date exceeds (b) the Gross Investment Amount plus total Distributions required to be made to the stockholders in order to pay the Stockholders’ 7% Return from inception through the Termination Date. The Company shall repay the Performance Fee Note at such time as the Company completes the first Sale or Settlement after the Termination Date using Cash from Sales and Settlements. If the Cash from Sales and Settlements from the first Sale or Settlement after the Termination Date is insufficient to pay the Performance Fee Note in full, then the Performance Fee Note shall be paid in part from the Cash from Sales and Settlement from the first Sale or Settlement, and in part from the Cash from Sales and Settlements from each successive Sale or Settlement until the Performance Fee Note is repaid in full. If the Performance Fee Note has not been paid in full within five years from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the balance of the fee into Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election if the Shares are Listed at such time. If the Shares are not Listed at such time, the Advisor, its successors or assigns, may elect to convert the balance of the fee into Shares at a price per Share equal to the fair market value for the Shares as determined by the Board of Directors based upon the Appraised Value of Company’s Properties on the date of election plus the fair market value of all other Loans and Permitted Investments of the Company on the date of election.
“Subordinated Share of Cash Flows” has the meaning set forth in Section 8.05.
“Subscription Processing Fee” has the meaning set forth in Section 8.04.
“Termination Date” means the date of termination of the Agreement determined in accordance with Article 13 hereof.
“2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that, in any period of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period.
ARTICLE 2
APPOINTMENT
The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.

11


ARTICLE 3
DUTIES OF THE ADVISOR
The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company’s Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties:
3.01 Organizational and Offering Services. The Advisor shall perform all services related to the organization of the Company or any Offering, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state.
3.02 Acquisition Services.
(i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies;
(ii) Subject to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company; (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other Permitted Investments; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments;
(iii) Perform due diligence on prospective investments and create due diligence reports summarizing the results of such work;
(iv) With respect to prospective investments presented to the Board, prepare reports regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments;
(v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company;
(vi) Deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the Company’s investments; and

12


(vii) Negotiate and execute approved investments and other transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments.
3.03 Asset Management Services.
(i) Real Estate and Related Services:
(a) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services;
(b) Negotiate and service the Company’s debt facilities and other financings;
(c) Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company;
(d) Monitor and evaluate the performance of each asset of the Company and the Company’s overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s investments;
(e) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis;
(f) Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of the Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company;
(g) Oversee the performance by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance;

13


(h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers;
(i) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget;
(j) Coordinate and manage relationships between the Company and any co-venturers or partners; and
(k) Consult with the Company’s officers and the Board and provide assistance with the evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board.
(ii) Accounting and Other Administrative Services:
(a) Provide the day-to-day management of the Company and perform and supervise the various administrative functions reasonably necessary for the management of the Company;
(b) From time to time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company under this Agreement;
(c) Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs sponsored by the Advisor or any of its Affiliates, including KBS Realty Advisors LLC, as well as any investments that have been made by the Advisor or any of its Affiliates directly;
(d) Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and operations;
(e) Provide financial and operational planning services;
(f) Maintain accounting and other record-keeping functions at the Company and investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any other regulatory agency;
(g) Maintain and preserve all appropriate books and records of the Company;
(h) Provide tax and compliance services and coordinate with appropriate third parties, including the Company’s independent auditors and other consultants, on related tax matters;

14


(i) Provide the Company with all necessary cash management services;
(j) Manage and coordinate with the transfer agent the dividend process and payments to Stockholders;
(k) Consult with the Company’s officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations;
(l) Provide the Company’s officers and the Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002;
(m) Consult with the Company’s officers and the Board relating to the corporate governance structure and appropriate policies and procedures related thereto;
(n) Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002;
(o) Notify the Board of all proposed material transactions before they are completed; and
(p) Do all things necessary to assure its ability to render the services described in this Agreement.
3.04 Stockholder Services.
(i) Manage services for and communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications;
(ii) Oversee the performance of the transfer agent and registrar;
(iii) Establish technology infrastructure to assist in providing Stockholder support and service; and
(iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably necessary for the admission of new Stockholders.
3.05 Other Services. Except as provided in Article 7, the Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts Committee).

15


ARTICLE 4
AUTHORITY OF ADVISOR
4.01 General. All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter.
4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement.
4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board. If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such investment, financing or disposition.
4.04 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification.
ARTICLE 5
BANK ACCOUNTS
The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company.

16


ARTICLE 6
RECORDS AND FINANCIAL STATEMENTS
The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests.
ARTICLE 7
LIMITATION ON ACTIVITIES
Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Charter or Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given.
ARTICLE 8
FEES
8.01 Acquisition Fees. As compensation for the investigation, selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such investment (whether an acquisition or origination). With respect to the acquisition or origination of a Property, Loan or other Permitted Investment to be wholly owned, directly or indirectly, by the Company, the Acquisition Fee payable to the Advisor shall equal 2.6% of the sum of the amount actually paid or allocated to fund (including future funding of Loans) the acquisition or origination of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment and the amount of any debt

17


associated with, or used to fund the investment in such Property, Loan or other Permitted Investment, plus significant (as determined in the sole discretion of the Advisor) capital improvement costs budgeted as of the date of acquisition related to the development, construction or improvement of such Property, Loan or other Permitted Investment. With respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner, the Acquisition Fee payable to the Advisor shall equal 2.6% of the portion of the amount actually paid or allocated to fund (including future funding of Loans) the acquisition or origination of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used to fund the investment in such Property, Loan or other Permitted Investment, plus significant (as determined in the sole discretion of the Advisor) capital improvement costs budgeted at the time of acquisition related to the development, construction or improvement of such Property, Loan or other Permitted Investment that is attributable to the Company’s investment in such Joint Venture or partnership. Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Company’s Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition or origination, accompanied by a computation of the Acquisition Fee. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. Notwithstanding the foregoing, Acquisition Fees calculated based on capital improvement costs budgeted as of the date of acquisition shall be paid at the time funds are disbursed pursuant to a final approved budget upon receipt of an invoice by the Company. However, the Acquisition Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Acquisition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine.
Notwithstanding the foregoing, as compensation for the investigation, selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments with proceeds raised in the Public Offering on or prior to February 16, 2016, the Company shall pay an Acquisition Fee to the Advisor in a manner calculated as described above in the amount of 1.5% instead of 2.6%.
8.02 Asset Management Fees.
(i) Except as provided in Section 8.02(ii) hereof, the Company shall pay the Advisor as compensation for the services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to the lesser of one-twelfth of (a) 1.0% of the sum of the Cost of Real Estate Investments and the Cost of Loans and other Permitted Investments; and (b) 2.0% of the sum of (A) the Cost of Real Estate Investments less the amount of any debt financing secured by, or attributable to, the Properties as of the date of computation hereunder and (B) the Cost of Loans and other Permitted Investments less the amount of any debt financing secured by, or attributable to, such investments as of the date of computation hereunder. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. Generally, the Asset Management Fee payable to the Advisor shall be paid on the last day

18


of such month, or the first business day following the last day of such month. However, the Asset Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine.
(ii) Notwithstanding anything contained in Section 8.02(i) to the contrary, a Property, Loan or other Permitted Investment that has suffered an impairment in value, reduction in cash flow or other negative circumstances may either be excluded from the calculation of the Cost of Real Estate Investments or the Cost of Loans and other Permitted Investments or included in such calculation at a reduced value that is recommended by the Advisor and the Company’s management and then approved by a majority of the Conflicts Committee, and the resulting change in the Asset Management Fee with respect to such an investment will be applicable upon the earlier to occur of the date on which (i) such investment is sold, (ii) such investment is surrendered to a Person other than the Company, its direct or indirect wholly owned subsidiary or a Joint Venture or partnership in which the Company has an interest, (iii) the Advisor determines that it will no longer pursue collection or other remedies related to such investment, or (iv) the Advisor recommends a revised fee arrangement with respect to such investment.
8.03 Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”). For a Sale with a Contract Sales Price less than or equal to $50 million, the Disposition Fee will equal 1.5% of the Contract Sales Price. For a Sale with a Contract Sales Price greater than $50 million, the Disposition Fee will equal the sum of $750,000 (which amount is 1.5% of $50 million), plus 1.0% of the amount of the Contract Sales Price in excess of $50 million. Provided, however, that if in connection with such Sales commissions are paid to third parties other than the Advisor or its Affiliates, the fee paid to the Advisor or any of its Affiliates may not exceed the commissions paid to such unaffiliated third parties. The payment of any Disposition Fee by the Company shall be subject to the limitations contained in the Company’s Charter. Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions (including such Disposition Fee) paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6.0% of the aggregate Contract Sales Price of each Property, Loan or other Permitted Investment or (ii) the Competitive Real Estate Commission for each Property, Loan or other Permitted Investment. Substantial assistance in connection with the Sale of a Property includes the Advisor’s preparation of an investment package for the Property (including a new investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by the Advisor in connection with a Sale. The Advisor shall submit an invoice to the Company on or about the closing or closings of each disposition, accompanied by a computation of the Disposition Fee. Generally, the Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee may or may not be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Disposition Fees not taken as to any period shall be deferred without interest and may be paid in such other period as the Advisor shall determine.

19


8.04 Subscription Processing Fee. The Company shall pay the Advisor as compensation for the services described in Section 3.04(iv) hereof a monthly fee (the “Subscription Processing Fee”) in an amount equal to $35 per subscription agreement for Shares received and processed by the Advisor. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the total amount of the Subscription Processing Fee for the applicable period. Generally, the Subscription Processing Fee payable to the Advisor shall be paid on the last day of such month, or the first business day following the last day of such month. However, the Subscription Processing Fee may or may not be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Subscription Processing Fees not taken as to any period shall be deferred without interest and may be paid in such other period as the Advisor shall determine. The Subscription Processing Fee is an Organization and Offering Expense of the Company and is subject to the limitations on Organization and Offering Expenses in Article 9 hereof.
8.05 Subordinated Share of Cash Flows. The Subordinated Share of Cash Flows shall be payable to the Advisor in an amount equal to 15% of Operating Cash Flow and Cash from Sales, Settlements and Financings remaining after the stockholders have received Distributions in an aggregate amount equal to the sum of:
a.    the Stockholders’ 7% Return and
b.    Gross Investment Amount.
Following Listing, no Subordinated Share of Cash Flows will be paid to the Advisor.
If the Subordinated Share of Cash Flows is payable to the Advisor, the Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the total amount of the Subordinated Share of Cash Flows for the applicable period. Generally, the Subordinated Share of Cash Flows payable to the Advisor shall be paid on the last day of such month, or the first business day following the last day of such month. For the avoidance of doubt, to the extent the payment of the Subordinated Share of Cash Flows is funded other than from Cash From Sales and Settlements, such amounts shall be included in Operating Expenses and subject to the 2%/25% Guidelines.
8.06 Subordinated Incentive Fee.
(i)     Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 15% of the amount by which (i) the market value of the outstanding Shares of the Company, measured by taking the average closing price or the average of the bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the total of all Distributions paid to Stockholders from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) Gross Investment Amount and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 7% Return from inception through the date Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note or any combination of the foregoing. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor.

20


(ii)    Upon a Merger, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 15.0% of the amount by which (i) the Merger Consideration Amount, plus the total of all Distributions paid to Stockholders from the Company’s inception until the date of the closing of the Merger, plus all Distributions declared prior to the Merger but to be paid after the Merger, exceeds (ii) the sum of (A) Gross Investment Amount and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 7% Return from inception through the date of the closing of the Merger. The Company shall have the option to pay such fee in the form of cash or Shares or any combination thereof. In the event the Subordinated Incentive Fee is paid to the Advisor in connection with a Merger, no other performance fee will be paid to the Advisor.
8.07 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity.
ARTICLE 9
EXPENSES
9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited to:
(i) (a)    Organization and Offering Expenses related to the Private Offering that commenced July 3, 2013 without limitation; (b) Organization and Offering Expenses related to the Public Offering that commenced August 12, 2014; provided that no reimbursement shall be made for wholesaling compensation expense; provided further that the Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses in the Public Offering to exceed 15% of the Gross Proceeds raised in the Public Offering as of the date of the reimbursement and provided further that within 60 days after the end of the month in which the primary portion of the Public Offering terminates, (a) the Advisor and its Affiliates shall reimburse the Company to the extent that Organization and Offering expenses, but excluding selling commissions, the dealer manager fee and the stockholder servicing fee, borne by the Company in connection with the Public Offering exceed 1% of Gross Proceeds raised in the primary portion of the completed Public Offering ;
(ii) Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Charter;
(iii) The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor;

21


(iv) Interest and other costs for borrowed money, including discounts, points and other similar fees;
(v) Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income;
(vi) Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors;
(vii) Expenses of managing, improving, developing, operating and selling Properties, Loans and other Permitted Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments;
(viii) All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders;
(ix) Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that, (a) other than reimbursement of travel and communication expenses, no reimbursement shall be made for the cost of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees or Disposition Fees and (b) no reimbursement shall be made for the salaries and benefits the Advisor or its Affiliates may pay to the Company’s executive officers;
(x) Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities;
(xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board or any committee of the Board;
(xii) Out-of-pocket costs for the Company to comply with all applicable laws, regulations and ordinances;
(xiii) Expenses connected with payments of Distributions and stock dividends made or caused to be made by the Company to the Stockholders;
(xiv) Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; and

22


(xv) All other out-of-pocket costs incurred by the Advisor in performing its duties hereunder.
9.02 Timing of and Additional Limitations on Reimbursements.
(i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter.
(ii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2.0 million in the Initial Public Offering.
(iii) After the Company commences a Public Offering, upon the earlier to occur of four fiscal quarters after (i) the Company’s making of its first investment or (ii) six months after commencement of the Public Offering, the following limitation on Operating Expenses shall apply: The Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis.
ARTICLE 10
VOTING AGREEMENT
The Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor, (ii) any transaction between the Company and the Advisor or any of its Affiliates, (iii) the election of directors of the Company or (iv) the approval or termination of any contract with the Advisor or any Affiliate of the Advisor. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company.

23


ARTICLE 11
RELATIONSHIP OF ADVISOR AND COMPANY;
OTHER ACTIVITIES OF THE ADVISOR
11.01 Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person.
11.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates.
11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located that may be suitable for the Company and other programs sponsored by the Advisor or any of its Affiliates, including KBS Realty Advisors, the Advisor, in its sole discretion, will have to determine the program or investor for which the investment opportunity is most suitable based on the investment objectives, portfolio and criteria of each program or investor. This determination must be made in a manner that is fair without favoring any other program or investor. The factors that the Advisor shall consider when determining the program or investor for which an investment opportunity would be the most suitable are the following:
•
the investment objectives and criteria of each program or investor;
•
the cash requirements of each program or investor;
•
the effect of the investment on the diversification of each program’s or investor’s portfolio by type of investment, risk of investment, type of commercial property, geographic location of properties, and tenants of properties and, in the case of debt-related investments, the characteristics of the underlying property;

24


•
the policy of each program or investor relating to leverage;
•
the anticipated cash flow of the property or asset to be acquired;
•
the income tax effects of the purchase on each program or investor;
•
the size of the investment; and
•
the amount of funds available to each program or investor and the length of time such funds have been available for investment.
If a subsequent event or development, such as a delay in the closing of a property or investment or a delay in the construction of a property, causes any investment, in the opinion of the Advisor, to be more appropriate for another program or investor, they may offer the investment to another program or investor. It shall be the duty of the Board to ensure that the allocation method described above is applied fairly to the Company.
ARTICLE 12
THE KBS NAME
The Advisor and its Affiliates have a proprietary interest in the name “KBS.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “KBS” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “KBS” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “KBS” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any of its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “KBS.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “KBS” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company.
ARTICLE 13
TERM AND TERMINATION OF THE AGREEMENT
13.01 Term. This Agreement shall terminate on August 12, 2019 and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts Committee.

25


13.02 Termination by Either Party. This Agreement may be terminated upon 30 days written notice without cause or penalty by the Company (acting in sole discretion and authority of the Conflicts Committee) or upon 90 days written notice without cause or penalty by the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement.
13.03 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable.
(i) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (A) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement and (B) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee.
(ii) The Advisor shall promptly upon termination:
(a) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;
(b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;
(c) deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and
(d) cooperate with the Company to provide an orderly transition of advisory functions.
ARTICLE 14
ASSIGNMENT
This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement.

26


ARTICLE 15
INDEMNIFICATION AND LIMITATION OF LIABILITY
15.01 Indemnification. Except as prohibited by the restrictions provided in this Section 15.01, Section 15.02 and Section 15.03, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders.
Notwithstanding the foregoing, the Company shall not indemnify the Advisor or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws.
15.02 Limitation on Indemnification. Notwithstanding the foregoing, the Company shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met:
(i)    The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company.
(ii)    The Advisor or its Affiliates were acting on behalf of or performing services for the Company.
(iii)    Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates.
15.03 Limitation on Payment of Expenses. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount paid or

27


reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification.
ARTICLE 16
MISCELLANEOUS
16.01 Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:
To the Company or the Board:
KBS Strategic Opportunity REIT II, Inc.
800 Newport Center Drive, Suite 700
Newport Beach, California 92660
To the Advisor:
KBS Capital Advisors LLC
800 Newport Center Drive, Suite 700
Newport Beach, California 92660
Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 16.01.
16.02 Modification. This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns.
16.03 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.
16.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware.
16.05 Entire Agreement. This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.
16.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any

28


single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.
16.07 Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.
16.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.
16.09 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.
    
[The remainder of this page is intentionally left blank.
Signature page follows.]

29


IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

 
 


 
 
KBS STRATEGIC OPPORTUNITY REIT II, INC.

By:    /s/ Keith D. Hall                         
Keith D. Hall, Chief Executive Officer


KBS CAPITAL ADVISORS LLC

By: Schreiber Real Estate Investments, L.P., a Manager

By: Schreiber Investments, LLC, as general partner

By:    /s/ Charles J. Schreiber          
Charles J. Schreiber, Jr., Manager

By:  GKP Holding LLC, a Manager

By:    /s/ Peter McMillan III           
                       Peter McMillan III, Manager
           
By:    /s/ Keith D. Hall                    
                       Keith D. Hall, Manager

 
 
 
 




30
 EX-31.1 3 kbssoriiq32018exhibit311.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 Exhibit


Exhibit 31.1
Certification of Chief Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I, Keith D. Hall, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of KBS Strategic Opportunity REIT II, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
    
Date:
November 9, 2018
By:
/S/ KEITH D. HALL
 
 
 
Keith D. Hall
 
 
 
Chief Executive Officer and Director
 
 
 
(principal executive officer)


 EX-31.2 4 kbssoriiq32018exhibit312.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 Exhibit


Exhibit 31.2
Certification of Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
I, Jeffrey K Waldvogel, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of KBS Strategic Opportunity REIT II, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:
November 9, 2018
By:
/S/ JEFFREY K. WALDVOGEL
 
 
 
Jeffrey K. Waldvogel
 
 
 
Chief Financial Officer
 
 
 
(principal financial officer)


 EX-32.1 5 kbssoriiq32018exhibit321.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 Exhibit


Exhibit 32.1
Certification pursuant to 18 U.S.C. Section 1350,
as Adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of KBS Strategic Opportunity REIT II, Inc. (the “Registrant”) for the quarter ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Keith D. Hall, Chief Executive Officer and Director of the Registrant, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:
November 9, 2018
By:
/S/ KEITH D. HALL
 
 
 
Keith D. Hall
 
 
 
Chief Executive Officer and Director
 
 
 
(principal executive officer)



 EX-32.2 6 kbssoriiq32018exhibit322.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 Exhibit


Exhibit 32.2
Certification pursuant to 18 U.S.C. Section 1350,
as Adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of KBS Strategic Opportunity REIT II, Inc. (the “Registrant”) for the quarter ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Jeffrey K. Waldvogel, the Chief Financial Officer of the Registrant, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:
November 9, 2018
By:
/S/ JEFFREY K. WALDVOGEL
 
 
 
Jeffrey K. Waldvogel
 
 
 
Chief Financial Officer
 
 
 
(principal financial officer)


 EX-101.INS 7 kbsorii-20180930.xml XBRL INSTANCE DOCUMENT 0001580673 2018-01-01 2018-09-30 0001580673 kbsorii:CommonClassTMember 2018-11-05 0001580673 us-gaap:CommonClassAMember 2018-11-05 0001580673 2017-12-31 0001580673 2018-09-30 0001580673 us-gaap:CommonClassAMember 2017-12-31 0001580673 kbsorii:CommonClassTMember 2017-12-31 0001580673 us-gaap:CommonClassAMember 2018-09-30 0001580673 kbsorii:CommonClassTMember 2018-09-30 0001580673 2017-07-01 2017-09-30 0001580673 2018-07-01 2018-09-30 0001580673 kbsorii:CommonClassTMember 2018-01-01 2018-09-30 0001580673 us-gaap:CommonClassAMember 2017-01-01 2017-09-30 0001580673 2017-01-01 2017-09-30 0001580673 us-gaap:CommonClassAMember 2018-01-01 2018-09-30 0001580673 kbsorii:CommonClassTMember 2018-07-01 2018-09-30 0001580673 kbsorii:CommonClassTMember 2017-07-01 2017-09-30 0001580673 us-gaap:CommonClassAMember 2017-07-01 2017-09-30 0001580673 kbsorii:CommonClassTMember 2017-01-01 2017-09-30 0001580673 us-gaap:CommonClassAMember 2018-07-01 2018-09-30 0001580673 us-gaap:ParentMember 2017-01-01 2017-12-31 0001580673 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001580673 us-gaap:ParentMember 2018-01-01 2018-09-30 0001580673 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001580673 2017-01-01 2017-12-31 0001580673 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001580673 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 2018-09-30 0001580673 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2016-12-31 0001580673 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0001580673 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-09-30 0001580673 kbsorii:CommonClassTMember us-gaap:CommonStockMember 2018-01-01 2018-09-30 0001580673 us-gaap:ParentMember 2017-12-31 0001580673 us-gaap:ParentMember 2018-09-30 0001580673 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001580673 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-12-31 0001580673 us-gaap:NoncontrollingInterestMember 2017-01-01 2017-12-31 0001580673 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0001580673 kbsorii:CommonClassTMember us-gaap:CommonStockMember 2016-12-31 0001580673 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-01-01 2018-09-30 0001580673 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0001580673 2016-12-31 0001580673 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0001580673 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-09-30 0001580673 kbsorii:CommonClassTMember us-gaap:CommonStockMember 2018-09-30 0001580673 kbsorii:CommonClassTMember us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001580673 us-gaap:NoncontrollingInterestMember 2016-12-31 0001580673 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2017-12-31 0001580673 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0001580673 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001580673 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2016-12-31 0001580673 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001580673 kbsorii:CommonClassTMember us-gaap:CommonStockMember 2017-12-31 0001580673 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001580673 us-gaap:NoncontrollingInterestMember 2017-12-31 0001580673 us-gaap:NoncontrollingInterestMember 2018-09-30 0001580673 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2017-01-01 2017-12-31 0001580673 us-gaap:ParentMember 2016-12-31 0001580673 2017-09-30 0001580673 us-gaap:MaximumMember us-gaap:CommonStockMember us-gaap:IPOMember 2013-11-14 0001580673 kbsorii:RetailPropertyMember 2018-09-30 0001580673 kbsorii:WillowbrookCapitalGroupLLCMember us-gaap:CommonClassAMember us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2018-02-13 2018-02-13 0001580673 kbsorii:CommonClassTMember us-gaap:CommonStockMember us-gaap:IPOMember 2015-01-07 2018-09-30 0001580673 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2015-01-07 2018-09-30 0001580673 kbsorii:KbsCapitalAdvisorsLlcMember 2013-07-03 0001580673 kbsorii:WillowbrookCapitalGroupLLCMember us-gaap:CommonClassAMember us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2017-07-14 2017-07-14 0001580673 us-gaap:ApartmentBuildingMember 2018-09-30 0001580673 us-gaap:CommonClassAMember us-gaap:CommonStockMember us-gaap:IPOMember 2015-01-07 2018-09-30 0001580673 kbsorii:WillowbrookCapitalGroupLLCMember us-gaap:CommonClassAMember us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2014-04-02 2014-04-02 0001580673 us-gaap:PrivatePlacementMember 2013-07-03 2014-08-11 0001580673 us-gaap:IPOMember 2015-01-07 2018-09-30 0001580673 us-gaap:OfficeBuildingMember 2018-09-30 0001580673 us-gaap:CommonStockMember us-gaap:IPOMember 2013-11-14 0001580673 2015-01-07 2018-09-30 0001580673 us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2013-07-03 2014-08-11 0001580673 kbsorii:CommonClassTMember us-gaap:CommonStockMember 2015-01-07 2018-09-30 0001580673 us-gaap:HotelMember 2018-09-30 0001580673 kbsorii:WillowbrookCapitalGroupLLCMember us-gaap:CommonClassAMember us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2014-07-31 2014-07-31 0001580673 us-gaap:DividendPaidMember 2018-01-01 2018-09-30 0001580673 us-gaap:ApartmentBuildingMember 2017-01-01 2017-09-30 0001580673 us-gaap:ApartmentBuildingMember 2018-01-01 2018-09-30 0001580673 us-gaap:ApartmentBuildingMember 2017-07-01 2017-09-30 0001580673 us-gaap:ApartmentBuildingMember 2018-07-01 2018-09-30 0001580673 us-gaap:OtherLiabilitiesMember 2018-09-30 0001580673 kbsorii:A210West31stStreetMember 2016-12-01 2016-12-01 0001580673 us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2018-01-01 2018-09-30 0001580673 us-gaap:AssetsTotalMember stpr:NY 2018-01-01 2018-09-30 0001580673 us-gaap:AssetsTotalMember stpr:CA 2018-01-01 2018-09-30 0001580673 kbsorii:A210West31stStreetMember 2018-09-30 0001580673 kbsorii:A210West31stStreetMember 2018-07-01 2018-09-30 0001580673 us-gaap:OtherLiabilitiesMember 2017-12-31 0001580673 kbsorii:A210West31stStreetMember 2016-12-01 0001580673 us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2018-07-01 2018-09-30 0001580673 kbsorii:IndustryLegalServicesMember 2018-01-01 2018-09-30 0001580673 kbsorii:IndustryFinanceMember 2018-01-01 2018-09-30 0001580673 kbsorii:IndustryPublicAdministrationGovernmentMember 2018-09-30 0001580673 kbsorii:IndustryProfessionalScientificandLegalMember 2018-09-30 0001580673 kbsorii:IndustryLegalServicesMember 2018-09-30 0001580673 kbsorii:IndustryPublicAdministrationGovernmentMember 2018-01-01 2018-09-30 0001580673 kbsorii:IndustryFinanceMember 2018-09-30 0001580673 kbsorii:IndustryProfessionalScientificandLegalMember 2018-01-01 2018-09-30 0001580673 us-gaap:ConstructionInProgressMember 2018-09-30 0001580673 us-gaap:ConstructionInProgressMember 2017-12-31 0001580673 kbsorii:TenantOriginationAndAbsorptionCostsMember 2017-12-31 0001580673 kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 us-gaap:BuildingAndBuildingImprovementsMember 2017-12-31 0001580673 us-gaap:LandMember 2017-12-31 0001580673 us-gaap:BuildingAndBuildingImprovementsMember 2018-09-30 0001580673 us-gaap:LandMember 2018-09-30 0001580673 us-gaap:HotelMember 2017-01-01 2017-09-30 0001580673 us-gaap:HotelMember 2018-07-01 2018-09-30 0001580673 us-gaap:HotelMember 2017-07-01 2017-09-30 0001580673 us-gaap:HotelMember 2018-01-01 2018-09-30 0001580673 us-gaap:HotelMember kbsorii:FoodandBeverageMember 2018-07-01 2018-09-30 0001580673 us-gaap:HotelMember kbsorii:FoodandBeverageMember 2017-07-01 2017-09-30 0001580673 us-gaap:HotelMember kbsorii:FoodandBeverageMember 2017-01-01 2017-09-30 0001580673 us-gaap:HotelMember kbsorii:FoodandBeverageMember 2018-01-01 2018-09-30 0001580673 us-gaap:HotelMember kbsorii:CampgroundMember 2017-01-01 2017-09-30 0001580673 us-gaap:HotelMember kbsorii:CampgroundMember 2017-07-01 2017-09-30 0001580673 us-gaap:HotelMember kbsorii:HotelOtherMember 2018-01-01 2018-09-30 0001580673 us-gaap:HotelMember kbsorii:CampgroundMember 2018-07-01 2018-09-30 0001580673 us-gaap:HotelMember kbsorii:OccupancyMember 2018-01-01 2018-09-30 0001580673 us-gaap:HotelMember kbsorii:HotelOtherMember 2017-07-01 2017-09-30 0001580673 us-gaap:HotelMember kbsorii:OccupancyMember 2017-01-01 2017-09-30 0001580673 us-gaap:HotelMember kbsorii:HotelOtherMember 2017-01-01 2017-09-30 0001580673 us-gaap:HotelMember kbsorii:HotelOtherMember 2018-07-01 2018-09-30 0001580673 us-gaap:HotelMember kbsorii:CampgroundMember 2018-01-01 2018-09-30 0001580673 us-gaap:HotelMember kbsorii:OccupancyMember 2017-07-01 2017-09-30 0001580673 us-gaap:HotelMember kbsorii:OccupancyMember 2018-07-01 2018-09-30 0001580673 kbsorii:QandCHotelMember 2018-01-01 2018-09-30 0001580673 kbsorii:A210West31stStreetMember 2018-09-30 0001580673 kbsorii:LincolnCourtMember 2018-01-01 2018-09-30 0001580673 kbsorii:A210West31stStreetMember kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 kbsorii:OaklandCityCenterMember 2018-01-01 2018-09-30 0001580673 kbsorii:SpringmaidBeachResortMember kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:SpringmaidBeachResortMember 2018-09-30 0001580673 kbsorii:MadisonSquareMember 2018-01-01 2018-09-30 0001580673 kbsorii:A2200PaseoVerdeMember 2018-01-01 2018-09-30 0001580673 kbsorii:A210West31stStreetMember kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:LoftsatNoHoCommonsMember 2018-01-01 2018-09-30 0001580673 kbsorii:SpringmaidBeachResortMember us-gaap:LandMember 2018-09-30 0001580673 kbsorii:MadisonSquareMember kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 kbsorii:QandCHotelMember 2018-09-30 0001580673 kbsorii:OaklandCityCenterMember kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:OaklandCityCenterMember kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 kbsorii:MadisonSquareMember 2018-09-30 0001580673 kbsorii:OaklandCityCenterMember us-gaap:LandMember 2018-09-30 0001580673 kbsorii:LincolnCourtMember 2018-09-30 0001580673 kbsorii:LoftsatNoHoCommonsMember 2018-09-30 0001580673 kbsorii:A2200PaseoVerdeMember 2018-09-30 0001580673 kbsorii:SpringmaidBeachResortMember 2018-01-01 2018-09-30 0001580673 kbsorii:QandCHotelMember kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:QandCHotelMember us-gaap:LandMember 2018-09-30 0001580673 kbsorii:LoftsatNoHoCommonsMember us-gaap:LandMember 2018-09-30 0001580673 kbsorii:LincolnCourtMember kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 kbsorii:LoftsatNoHoCommonsMember kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 kbsorii:MadisonSquareMember us-gaap:LandMember 2018-09-30 0001580673 kbsorii:LincolnCourtMember us-gaap:LandMember 2018-09-30 0001580673 kbsorii:QandCHotelMember kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 kbsorii:A2200PaseoVerdeMember us-gaap:LandMember 2018-09-30 0001580673 kbsorii:A2200PaseoVerdeMember kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 kbsorii:SpringmaidBeachResortMember kbsorii:TenantOriginationAndAbsorptionCostsMember 2018-09-30 0001580673 kbsorii:LincolnCourtMember kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:MadisonSquareMember kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:LoftsatNoHoCommonsMember kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:A210West31stStreetMember 2018-01-01 2018-09-30 0001580673 kbsorii:OaklandCityCenterMember 2018-09-30 0001580673 kbsorii:A2200PaseoVerdeMember kbsorii:BuildingandBuildingImprovementsandConstructioninProgressMember 2018-09-30 0001580673 kbsorii:A210West31stStreetMember us-gaap:LandMember 2018-09-30 0001580673 us-gaap:OfficeBuildingMember 2017-01-01 2017-09-30 0001580673 us-gaap:OfficeBuildingMember 2018-07-01 2018-09-30 0001580673 us-gaap:OfficeBuildingMember 2017-07-01 2017-09-30 0001580673 us-gaap:OfficeBuildingMember 2018-01-01 2018-09-30 0001580673 us-gaap:MaximumMember 2018-01-01 2018-09-30 0001580673 us-gaap:WeightedAverageMember 2018-01-01 2018-09-30 0001580673 kbsorii:A210West31stStreetMember 2018-01-01 2018-09-30 0001580673 kbsorii:HousingSubsidyIntangibleAssetMember 2018-07-01 2018-09-30 0001580673 kbsorii:PropertyTaxAbatementIntangibleAssetMember us-gaap:MinimumMember 2018-01-01 2018-09-30 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2017-12-31 0001580673 kbsorii:PropertyTaxAbatementIntangibleAssetMember 2018-01-01 2018-09-30 0001580673 kbsorii:PropertyTaxAbatementIntangibleAssetMember us-gaap:MaximumMember 2018-01-01 2018-09-30 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2018-09-30 0001580673 kbsorii:HousingSubsidyIntangibleAssetMember 2018-01-01 2018-09-30 0001580673 kbsorii:PropertyTaxAbatementIntangibleAssetMember 2018-07-01 2018-09-30 0001580673 kbsorii:HousingSubsidyIntangibleAssetMember 2017-01-01 2017-09-30 0001580673 kbsorii:HousingSubsidyIntangibleAssetMember 2017-07-01 2017-09-30 0001580673 kbsorii:A655SummerStreetMortgageLoanMember us-gaap:OfficeBuildingMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:A655SummerStreetMortgageLoanMember us-gaap:OfficeBuildingMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:A655SummerStreetMortgageLoanMember us-gaap:OfficeBuildingMember us-gaap:MortgagesMember 2018-01-01 2018-09-30 0001580673 kbsorii:FranklinStreetPropertiesCorp.Member 2018-09-30 0001580673 kbsorii:FranklinStreetPropertiesCorp.Member us-gaap:AvailableforsaleSecuritiesMember 2018-01-01 2018-09-30 0001580673 kbsorii:IndustrialMember kbsorii:RealEstateJointVentureMember 2016-06-28 0001580673 kbsorii:IndustrialMember kbsorii:RealEstateJointVentureMember 2017-01-01 2017-09-30 0001580673 kbsorii:IndustrialMember kbsorii:RealEstateJointVentureMember 2017-07-01 2017-09-30 0001580673 kbsorii:IndustrialMember kbsorii:RealEstateJointVentureMember 2018-07-01 2018-09-30 0001580673 kbsorii:IndustrialMember kbsorii:RealEstateJointVentureMember 2018-01-01 2018-09-30 0001580673 kbsorii:IndustrialMember kbsorii:RealEstateJointVentureMember 2016-06-28 2016-06-28 0001580673 us-gaap:SecuredDebtMember kbsorii:GraceCourtMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:OaklandCityCenterMortgageLoanMember us-gaap:MortgagesMember 2018-01-01 2018-09-30 0001580673 us-gaap:SecuredDebtMember kbsorii:A210West31stStreetMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 us-gaap:InterestRateCapMember 2018-07-01 2018-09-30 0001580673 kbsorii:GraceCourtMortgageLoanMember us-gaap:MortgagesMember us-gaap:MaximumMember 2018-09-30 0001580673 us-gaap:InterestRateCapMember 2018-01-01 2018-09-30 0001580673 us-gaap:SecuredDebtMember kbsorii:OaklandCityCenterMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:BeginningAugust12019Member us-gaap:SecuredDebtMember kbsorii:A2200PaseoVerdeMortgageLoanMember us-gaap:MortgagesMember 2018-01-01 2018-09-30 0001580673 kbsorii:OaklandCityCenterMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 us-gaap:SecuredDebtMember kbsorii:A2200PaseoVerdeMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 us-gaap:InterestRateCapMember 2017-01-01 2017-09-30 0001580673 us-gaap:InterestRateCapMember 2017-07-01 2017-09-30 0001580673 kbsorii:LoftsatNoHoCommonsMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:LincolnCourtMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:SpringmaidBeachResortMortgageLoanMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:MadisonSquareMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:A2200PaseoVerdeMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:QandCHotelMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:A210West31stStreetMortgageLoanMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:LoftsatNoHoCommonsMortgageLoanMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:SpringmaidBeachResortMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:QandCHotelMortgageLoanMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:A210West31stStreetMortgageLoanMember us-gaap:MortgagesMember 2018-09-30 0001580673 kbsorii:OaklandCityCenterMortgageLoanMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:MadisonSquareMortgageLoanMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:A2200PaseoVerdeMortgageLoanMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:LincolnCourtMortgageLoanMember us-gaap:MortgagesMember 2017-12-31 0001580673 kbsorii:SpringmaidBeachResortMortgageLoanMember us-gaap:MortgagesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-09-30 0001580673 kbsorii:LoftsatNoHoCommonsMortgageLoanMember us-gaap:MortgagesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-09-30 0001580673 kbsorii:A210West31stStreetMortgageLoanMember us-gaap:MortgagesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-09-30 0001580673 kbsorii:LincolnCourtMortgageLoanMember us-gaap:MortgagesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-09-30 0001580673 kbsorii:OaklandCityCenterMortgageLoanMember us-gaap:MortgagesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-09-30 0001580673 kbsorii:MadisonSquareMortgageLoanMember us-gaap:MortgagesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-09-30 0001580673 kbsorii:QandCHotelMortgageLoanMember us-gaap:MortgagesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-09-30 0001580673 kbsorii:A2200PaseoVerdeMortgageLoanMember us-gaap:MortgagesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-09-30 0001580673 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2018-09-30 0001580673 us-gaap:InterestRateCapMember 2018-09-30 0001580673 us-gaap:ForeignExchangeContractMember us-gaap:GeneralAndAdministrativeExpenseMember 2017-07-01 2017-09-30 0001580673 us-gaap:OtherLiabilitiesMember us-gaap:ForeignExchangeContractMember 2017-12-31 0001580673 us-gaap:ForeignExchangeContractMember us-gaap:GeneralAndAdministrativeExpenseMember 2018-07-01 2018-09-30 0001580673 us-gaap:OtherLiabilitiesMember us-gaap:ForeignExchangeContractMember 2018-09-30 0001580673 us-gaap:ForeignExchangeContractMember us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-09-30 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember kbsorii:InterestRateCap4Member 2018-09-30 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember kbsorii:InterestRateCap3Member 2018-09-30 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember kbsorii:InterestRateCap3Member 2017-12-31 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember kbsorii:InterestRateCap1Member 2018-09-30 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:InterestRateCapMember 2017-12-31 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember kbsorii:InterestRateCap2Member 2018-09-30 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember kbsorii:InterestRateCap2Member 2017-12-31 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember kbsorii:InterestRateCap1Member 2017-12-31 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:InterestRateCapMember 2018-09-30 0001580673 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember kbsorii:InterestRateCap4Member 2017-12-31 0001580673 kbsorii:InterestRateCap3Member us-gaap:LondonInterbankOfferedRateLIBORMember 2018-09-30 0001580673 us-gaap:InterestRateCapMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-09-30 0001580673 us-gaap:ForeignExchangeContractMember us-gaap:GeneralAndAdministrativeExpenseMember 2017-01-01 2017-09-30 0001580673 kbsorii:InterestRateCap1Member us-gaap:LondonInterbankOfferedRateLIBORMember 2018-09-30 0001580673 kbsorii:InterestRateCap2Member us-gaap:LondonInterbankOfferedRateLIBORMember 2018-09-30 0001580673 kbsorii:InterestRateCap4Member us-gaap:LondonInterbankOfferedRateLIBORMember 2018-09-30 0001580673 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001580673 us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001580673 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001580673 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0001580673 us-gaap:FairValueMeasurementsNonrecurringMember 2018-09-30 0001580673 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-09-30 0001580673 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-09-30 0001580673 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-09-30 0001580673 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-09-30 0001580673 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-09-30 0001580673 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2017-12-31 0001580673 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2017-12-31 0001580673 us-gaap:PrivatePlacementMember 2018-01-01 2018-09-30 0001580673 us-gaap:PrivatePlacementMember 2018-09-30 0001580673 us-gaap:IPOMember 2018-01-01 2018-09-30 0001580673 kbsorii:KbsCapitalAdvisorsLlcMember kbsorii:PropertyInsuranceRebateMember 2017-01-01 2017-09-30 0001580673 kbsorii:KbsCapitalAdvisorsLlcMember kbsorii:PropertyInsuranceRebateMember 2018-01-01 2018-09-30 0001580673 kbsorii:KbsCapitalAdvisorsLlcMember kbsorii:FollowonOfferingMember 2018-01-01 2018-09-30 0001580673 kbsorii:KbsCapitalAdvisorsLlcMember 2018-01-01 2018-09-30 0001580673 us-gaap:IPOMember 2018-09-30 0001580673 kbsorii:KbsCapitalAdvisorsLlcMember us-gaap:MinimumMember us-gaap:IPOMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:DealerManagerFeesMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:StockholderServicingFeesMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesonDevelopmentProjectMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOtherOfferingCostsMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:StockholderServicingFeesMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesonDevelopmentProjectMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:DealerManagerFeesMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AcquisitionFeeonDevelopmentProjectMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOperatingExpensesMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOtherOfferingCostsMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:StockholderServicingFeesMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AcquisitionFeeonDevelopmentProjectMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AcquisitionFeeonDevelopmentProjectMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesonDevelopmentProjectMember 2018-01-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AcquisitionFeeonDevelopmentProjectMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:SalesCommissionsMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOperatingExpensesMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:StockholderServicingFeesMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOperatingExpensesMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:DealerManagerFeesMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AcquisitionFeeonDevelopmentProjectMember 2018-01-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:DealerManagerFeesMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:SalesCommissionsMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOperatingExpensesMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesonDevelopmentProjectMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AcquisitionFeeonDevelopmentProjectMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOtherOfferingCostsMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:SalesCommissionsMember 2017-07-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOperatingExpensesMember 2018-01-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:SalesCommissionsMember 2017-01-01 2017-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:SalesCommissionsMember 2018-01-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesonDevelopmentProjectMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOtherOfferingCostsMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOtherOfferingCostsMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:DealerManagerFeesMember 2018-01-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOperatingExpensesMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:StockholderServicingFeesMember 2017-12-31 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:DealerManagerFeesMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:SalesCommissionsMember 2018-07-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:StockholderServicingFeesMember 2018-01-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesonDevelopmentProjectMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesMember 2018-01-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember 2018-01-01 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:AssetManagementFeesMember 2018-09-30 0001580673 kbsorii:AdvisorAndDealerManagerMember kbsorii:ReimbursableOtherOfferingCostsMember 2018-01-01 2018-09-30 0001580673 kbsorii:MarriottInternationalMember kbsorii:QandCHotelMember 2018-01-01 2018-09-30 0001580673 kbsorii:DoubletreeManagementLLCMember kbsorii:SpringmaidBeachResortMember 2018-01-01 2018-09-30 0001580673 kbsorii:EncoreHospitalityLLCMember kbsorii:QandCHotelMember 2018-01-01 2018-09-30 0001580673 kbsorii:DoubletreeManagementLLCMember kbsorii:SpringmaidBeachResortMember 2018-07-01 2018-09-30 0001580673 kbsorii:EncoreHospitalityLLCMember kbsorii:DirectCostsofHotelsMember kbsorii:QandCHotelMember 2017-07-01 2017-09-30 0001580673 kbsorii:MarriottInternationalMember kbsorii:QandCHotelMember 2018-07-01 2018-09-30 0001580673 kbsorii:EncoreHospitalityLLCMember kbsorii:DirectCostsofHotelsMember kbsorii:QandCHotelMember 2018-07-01 2018-09-30 0001580673 kbsorii:EncoreHospitalityLLCMember kbsorii:DirectCostsofHotelsMember kbsorii:QandCHotelMember 2017-01-01 2017-09-30 0001580673 kbsorii:MarriottInternationalMember kbsorii:QandCHotelMember 2017-07-01 2017-09-30 0001580673 kbsorii:MarriottInternationalMember kbsorii:QandCHotelMember 2017-01-01 2017-09-30 0001580673 kbsorii:DoubletreeManagementLLCMember kbsorii:SpringmaidBeachResortMember 2017-01-01 2017-09-30 0001580673 kbsorii:EncoreHospitalityLLCMember kbsorii:DirectCostsofHotelsMember kbsorii:QandCHotelMember 2018-01-01 2018-09-30 0001580673 kbsorii:DoubletreeManagementLLCMember kbsorii:SpringmaidBeachResortMember 2017-07-01 2017-09-30 0001580673 us-gaap:DividendDeclaredMember us-gaap:SubsequentEventMember 2018-10-10 2018-10-10 0001580673 us-gaap:DividendPaidMember us-gaap:SubsequentEventMember 2018-10-01 2018-10-01 0001580673 kbsorii:DividendsIssuedMember 2018-05-10 2018-05-10 0001580673 us-gaap:DividendPaidMember us-gaap:SubsequentEventMember 2018-09-01 2018-10-31 0001580673 us-gaap:DividendPaidMember us-gaap:SubsequentEventMember 2018-11-01 2018-11-01 0001580673 kbsorii:DividendsIssuedMember us-gaap:SubsequentEventMember 2018-10-02 2018-10-02 0001580673 kbsorii:DividendsIssuedMember us-gaap:SubsequentEventMember 2018-11-02 2018-11-02 iso4217:USD xbrli:shares iso4217:USD kbsorii:segment kbsorii:tenant xbrli:shares xbrli:pure kbsorii:property kbsorii:investment kbsorii:subsidiary kbsorii:unit utreg:sqft kbsorii:loan iso4217:EUR kbsorii:instrument false --12-31 Q3 2018 2018-09-30 10-Q 0001580673 12172486 18055883 Smaller Reporting Company KBS Strategic Opportunity REIT II, Inc. 28330000 47110000 34125000 26000000 26000000 2668000 16000 30000 2000 5000 5000 14000 99000 99000 83000 69000 490000 490000 490000 -291000 -291000 -291000 400000 1100000 400000 1300000 P30Y 13073000 2505000 3647000 3753000 3168000 186000 -172000 0.04 0.03 0.025 0.0275 0.04 0.02 0.05 3500000 4913000 4913000 4913000 965000 965000 965000 0.00052548 0.00052548 0.00052548 0.00052548 0.001667 0.001667 0.005001 0.015003 0.005001 0.015003 9.20 1536000 2713000 3241000 8951000 1721000 2126000 0 6814000 0 0 486000 172000 14000 14000 40000 40000 94000 94000 225000 225000 100000 200000 300000 700000 200000 200000 500000 800000 273000 -84000 0 0 58300000 58300000 0.15 134000 215000 4099000 57000 403000 261000 459000 460000 0 2126000 67000 107000 P5Y 100000 300000 100000 300000 0.02 0.015 0 3500000 3500000 0 583000 0 58000 0 1774000 1774000 1054000 1054000 1 1 100 13 12 14 6 1 3 647000 979000 838000 2670000 1000000 4218000 7824000 7515000 22475000 683000 1094000 1704000 1890000 639000 2219000 1844000 6072000 100000 10900000 2300000 200000 600000 3803000 1645000 0.91 0.72 0.12 P30D P90D 867000 1650000 447000 1311000 533940000 530656000 9200000 300000 300000 200000 1200000 0 2126000 0.01 0.010 0.15 1638000 3983000 4856000 7406000 1774000 6653000 5003000 20082000 690000 2058000 932000 2381000 100000000 14500000 1900000 80000000 180000000 3473000 5690000 865000 2578000 1117000 3495000 19006000 17728000 15533000 12038000 P1Y 2800000 2400000 6845000 7859000 3265000 6791000 202000 118000 245077000 264807000 668000 668000 668000 174000 174000 174000 -974000 -2656000 200000 20000 58000 0 0 612000 794000 739000 1820000 1020000 2940000 582515000 582299000 0 172000 0 6986000 7000000 0 6814000 2086000 3710000 12869000 11823000 10783000 8113000 1800000 2014-09-04 2016-12-01 2015-12-23 2016-05-20 2016-11-16 2017-10-03 2017-08-18 2015-12-17 2014-12-30 6800000 56976000 935000 735000 680000 635000 53841000 48648000 8328000 150000 29031000 27038000 47126000 47607000 35053000 33676000 481000 -1377000 0.025 0.048 0.073 0.143 0.041 0.048 0.09 0.143 50250 50117 131477 357215 148412 433633 0.01 0.01 0.01 0.01 500000000 500000000 500000000 500000000 11031895 16888940 12100736 17963199 21739 6046591 14074793 11031895 11031895 16888940 16888940 12100736 12100736 17963199 17963199 110000 169000 121000 180000 2975000 -561000 -4979000 -8217000 491000 182000 -208000 -421000 3466000 -379000 -5187000 -8638000 0.560 0.534 0.112 0.107 0.156 0.161 0.136 358000 431000 302000 454000 1350000 571000 1566000 1026000 2724000 976000 2858000 16218000 1026000 1536000 39562000 2724000 2713000 24877000 976000 3241000 63164000 2858000 8951000 0.055 0.0225 0.0175 0.0266 0.0405 0.0175 0.0325 0.03 332035000 35763000 7947000 33500000 72100000 21895000 94500000 28330000 38000000 328939000 37821000 7947000 33500000 72100000 21895000 94500000 23716000 37460000 332035000 328939000 328351000 333336000 326409000 331265000 0.0760 0.0436 0.0385 0.0477 0.0611 0.0385 0.0536 0.0511 0.0925 0.0505 0.06 10000 110000 9300000 1600000 12200000 8900000 3684000 2530000 1300000 2600000 319000 1244000 3709000 20000 9176000 60000 5150000 20000 100000 15322000 60000 400000 0 32000 0 32000 1.2704 13000 0 9000 4000 0 0 32000 0 22000 10000 0 0 0.03 0.03 0.03 0.03 0.03 79000 6000 0 6000 0 6000 4 5807000 5807000 14839000 14839000 6106000 6106000 17161000 17161000 258000 777000 660000 2187000 487000 862000 1050000 2505000 500000 500000 3920000 3920000 3920000 3555000 3555000 3555000 0 -2000 -3000 4648000 -4643000 0 0 -2000 -3000 3924000 -3919000 0 366000 473000 1700000 1862000 1862000 76000 22000 0 0 42000 1042000 0 680000 271000 271000 133000 20000 0 0 64000 54000 0 0 0.09 0.12 -0.08 -0.01 -0.17 -0.16 -0.31 -0.26 0.05 2698000 2810000 1000000 0 P31Y9M18D P31Y9M18D P6Y7M6D P8M12D 868000 2381000 1084000 3005000 -33000 -33000 22000 73000 1146000 601000 2492000 1748000 704000 704000 1947000 2149000 0 0 4245000 4200000 4245000 4200000 200000 200000 3815000 -657000 -5171000 -8563000 431000 -5000 0 -9000 509000 538000 499000 2521000 23000 20000 1176000 1115000 -2444000 1633000 5500000 5800000 2400000 2400000 103000 303000 0 10000 83000 245000 0 10000 1300000 3000000 2985000 1300000 3900000 3920000 2255000 5798000 3435000 9740000 4062000 8101000 1100000 1300000 0 0 77000 113000 100000 178000 467000 105000 257000 P9Y10M24D P3Y7M6D 360606000 358618000 582515000 582299000 0.001 0.999 37800000 7900000 21900000 94500000 2100000 2300000 2900000 2600000 3500000 3500000 0 0 328351000 326409000 92850000 1320000 63622000 109971000 61176000 13397000 13530000 25000 25000 500000 500000 6814000 0 0 6814000 3500000 3500000 0 0 3500000 0 152687000 7558000 -162572000 -14538000 10366000 5603000 2893000 989000 1904000 -834000 -710000 -124000 -4963000 -2049000 -2914000 -8133000 -3619000 -4514000 491000 182000 -208000 -421000 864940 328351000 326409000 1 1 2 4 1 292 1391000 3604000 1824000 4839000 10783000 8113000 105898000 13002000 16290000 19285000 21359000 5406000 30556000 82000 273000 -16000 -84000 82000 273000 313000 313000 313000 -16000 -84000 -84000 -84000 -12000 -84000 1000 11000 611000 1271000 180000 994000 12399000 13367000 1806000 2121000 -287000 310000 100000 200000 100000 300000 7830000 6485000 4103000 4796000 0 8000 634000 2417000 1059000 1322000 25000 500000 1225000 100000 0 1162000 6800000 0 6986000 48000000 154719000 0 0.01 0.01 10000000 10000000 0 0 0 0 0 0 1614000 1614000 0 0 7476000 8297000 40000 29000 5080000 237000 32200000 228600000 61559000 16921000 4400000 6700000 500000 1054000 97374000 2058000 3384000 -652000 -3298000 -3272000 -26000 -3272000 -5171000 -8554000 -8133000 -421000 -8133000 425000 285000 18646000 31578000 0 1505000 4137000 3629000 1449000 8871000 5512000 6475000 549086000 19006000 362210000 63732000 104138000 555420000 65106000 65106000 0 0 14131000 11728000 553000 1850000 51651000 34064000 2881000 14706000 103527000 77305000 0 26222000 33275000 19935000 2800000 10540000 172583000 138939000 11494000 22150000 54307000 53075000 0 1232000 60840000 33402000 0 27438000 433554000 17728000 368448000 65106000 104138000 530440000 523842000 65106000 12626000 47514000 99898000 31826000 163712000 48795000 54365000 58300000 105600000 95500000 1746000 5184000 1940000 5459000 343000 442000 1020000 823000 337000 1022000 1014000 2879000 5922000 133000 87000 267000 505000 11109000 1180000 583000 2028000 1041000 21000 1477000 92000 45000 190000 -2000 4650000 337000 174000 614000 14000 35000 4126000 739000 0 65000 4151000 1820000 67000 239000 19000 1020000 0 113000 234000 2940000 0 337000 0 175000 0 5154000 6022000 6638000 -39657000 -55269000 12160000 288000 1031000 5868000 4973000 23473000 838000 2785000 6546000 13304000 10461000 298000 1574000 495000 8094000 26234000 879000 3893000 1255000 20207000 12160000 23473000 10461000 26234000 18227000 1746000 4218000 36784000 5184000 7824000 19993000 1940000 7515000 54291000 5459000 22475000 852797 1100000 1300000 184606 308857 173135 260498 63926 178325 440842 549572 120106 3619851 120106 214175 10935 11537701 11977758 4822456 2641090 937874 1047279 1000000 1000000 2000000 100000 71916000 48000 27000 71841000 71916000 19093000 9000 10000 19074000 19093000 3415000 3924000 21758 135800 42168 233518 1359000 1000 1000 1357000 1359000 2417000 0 2000 2415000 2417000 205901000 209957000 159968000 61000 140000 -27817000 -111000 176021000 11674000 148294000 219298000 110000 169000 -39657000 202000 245077000 13397000 205901000 223487000 121000 180000 -55269000 118000 264807000 13530000 209957000 0.800 1 1 0.900 0.900 1 0.900 0.900 2611000 194000 108000 235000 328000 418000 166000 862000 456000 2393000 -1858000 -731000 -1127000 3681000 1370000 2311000 6312000 2536000 3776000 11688000 4669000 7019000 -117000 84000 325000 777000 364000 916000 10714415 16514730 9339643 15759082 12044757 17938824 11733316 17640671 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Increases (decreases) in net income as a result of amortization of the Company&#8217;s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> were as follows (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Tenant Origination and Absorption Costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Above-Market Lease Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Below-Market Lease Liabilities</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amortization</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,117</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(865</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">838</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">647</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Tenant Origination and Absorption Costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Above-Market Lease Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Below-Market Lease Liabilities</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Nine Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Nine Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amortization</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,495</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2,578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(14</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,670</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">979</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Upon adoption of ASU No. 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU No. 2016-01&#8221;) on January 1, 2018, unrealized gains and losses on real estate equity securities are recognized in earnings.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company&#8217;s guests. Additionally, some of the Company&#8217;s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company&#8217;s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in the real estate footnote into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company&#8217;s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out by the customer from the Company&#8217;s hotel. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company&#8217;s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest&#8217;s stay. The Company notes no significant judgments regarding the recognition of rooms revenue.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company&#8217;s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company&#8217;s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. The Company notes no significant judgements regarding the recognition of food and beverage revenue.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Campground revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following summarizes the activity related to the real estate loan receivable for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:85%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;color:#000000;">Real estate loan receivable -</font><font style="font-family:inherit;font-size:9pt;color:#000000;">&#160;December 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Principal repayment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,500</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;color:#000000;">Real estate loan receivable -</font><font style="font-family:inherit;font-size:9pt;color:#000000;">&#160;September 30, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Information for the real estate loan receivable was as follows (in thousands): </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="25" rowspan="1"></td></tr><tr><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Loan Name </font></div><div style="text-align:left;padding-left:12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Location&#160;of&#160;Related&#160;Property or Collateral</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Date Originated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Property Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Loan Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Outstanding Principal Balance as of<br clear="none"/>September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Book Value as of September 30, 2018 </font><font style="font-family:inherit;font-size:6pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Book Value as of December 31, 2017 </font><font style="font-family:inherit;font-size:6pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Contractual Interest Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Annualized Effective Interest Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Maturity Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">655 Summer Street First Mortgage</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Boston, Massachusetts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">09/04/2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Mortgage</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">3,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">9.25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup>&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup>&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs. </font></div><div style="line-height:120%;padding-bottom:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2) </sup></font><font style="font-family:inherit;font-size:8pt;">On </font><font style="font-family:inherit;font-size:8pt;">January&#160;12, 2018</font><font style="font-family:inherit;font-size:8pt;">, the real estate loan receivable was repaid in full.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides detailed information regarding the Company&#8217;s apartment revenues and expenses for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Apartment revenues:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Rental income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,774</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,638</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,003</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,856</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Tenant reimbursements and other income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">166</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">108</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">456</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">328</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Apartment revenues</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,940</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,746</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,459</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,184</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Apartment expenses:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Operating, maintenance, and management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">639</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">683</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,844</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,704</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Real estate taxes and insurance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">337</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">343</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Apartment expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">976</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,026</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,858</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,724</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company owned </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> hotel properties. The following table provides detailed information regarding the Company&#8217;s hotel revenues and expenses for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Hotel revenues:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Room</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">8,094</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,973</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,207</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13,304</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Food, beverage and convention services</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,574</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,031</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,893</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,785</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Campground</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">298</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">288</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">879</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">838</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Other </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">495</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,868</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,255</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,546</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Hotel revenues</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10,461</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12,160</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">26,234</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">23,473</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Hotel expenses:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Room</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,824</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,391</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,839</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,604</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Food, beverage and convention services</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,084</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">868</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,005</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,381</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">General and administrative</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">704</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">601</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,149</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,748</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Sales and marketing</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">932</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">690</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,381</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,058</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Repairs and maintenance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,566</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Utilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">364</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">325</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">916</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">777</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Property taxes and insurance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">447</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">867</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,311</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,650</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">180</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">611</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">994</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,271</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Hotel expenses</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,106</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,807</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">17,161</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14,839</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Hotel revenues - other includes </font><font style="font-family:inherit;font-size:8pt;">$5.5 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$5.8 million</font><font style="font-family:inherit;font-size:8pt;"> of business interruption insurance recovery for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides detailed information regarding the Company&#8217;s office revenues and expenses for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Office revenues:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Rental income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,653</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,983</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,082</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,406</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Tenant reimbursements and other income </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">235</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,393</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">418</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Office revenues</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,515</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,218</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">22,475</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,824</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Office expenses:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Operating, maintenance, and management</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,219</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,094</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,890</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Real estate taxes and insurance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,022</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">442</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,879</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">823</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Office expenses</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,241</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,536</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">8,951</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,713</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">For the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, included in tenant reimbursements and other income for office properties is </font><font style="font-family:inherit;font-size:8pt;">$0.2 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$0.6 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, of other operating income and tenant reimbursements for substantial services accounted for under ASU No. 2014-09.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:28px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company&#8217;s independent registered public accounting firm&#8217;s review of the Company&#8217;s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES</font></div><div style="line-height:120%;padding-bottom:4px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Tenant Origination and Absorption Costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Above-Market Lease Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Below-Market Lease Liabilities</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">17,728</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19,006</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">99</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">99</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(11,823</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(12,869</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accumulated Amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5,690</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,473</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(30</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(16</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,710</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,086</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net Amount</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12,038</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">15,533</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">69</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">83</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(8,113</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(10,783</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Increases (decreases) in net income as a result of amortization of the Company&#8217;s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> were as follows (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Tenant Origination and Absorption Costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Above-Market Lease Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Below-Market Lease Liabilities</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Three Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amortization</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,117</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(865</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">838</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">647</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Tenant Origination and Absorption Costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Above-Market Lease Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Below-Market Lease Liabilities</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Nine Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Nine Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For the Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amortization</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,495</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2,578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(14</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,670</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">979</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had recorded a housing subsidy intangible asset, net of amortization, which is included in prepaid expenses and other assets in the accompanying balance sheets, of </font><font style="font-family:inherit;font-size:10pt;">$2.4 million</font><font style="font-family:inherit;font-size:10pt;">, which is amortized on a straight line basis over </font><font style="font-family:inherit;font-size:10pt;">31.8</font><font style="font-family:inherit;font-size:10pt;"> years. During each of the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded amortization expense of </font><font style="font-family:inherit;font-size:10pt;">$20,000</font><font style="font-family:inherit;font-size:10pt;"> related to the housing subsidy intangible asset. During each of the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded amortization expense of </font><font style="font-family:inherit;font-size:10pt;">$60,000</font><font style="font-family:inherit;font-size:10pt;"> related to the housing subsidy intangible asset.</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Additionally, as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had recorded property tax abatement intangible assets, net of amortization, which are included in prepaid expenses and other assets in the accompanying balance sheets, of </font><font style="font-family:inherit;font-size:10pt;">$2.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.8 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, which are amortized on a straight line basis over a range of </font><font style="font-family:inherit;font-size:10pt;">0.7</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">6.6</font><font style="font-family:inherit;font-size:10pt;"> years.&#160;During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded amortization expense of </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, related to the property tax abatement intangible assets.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) for interim financial information as contained within the FASB Accounting Standards Codification (&#8220;ASC&#8221;) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article&#160;10 of Regulation&#160;S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There have been no significant changes to the Company&#8217;s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, except for the Company&#8217;s adoption of the revenue recognition and financial instruments standards issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) effective on January 1, 2018 and the addition of an accounting policy with respect to real estate equity securities. For further information about the Company&#8217;s accounting policies, refer to the Company&#8217;s consolidated financial statements and notes thereto for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Principles of Consolidation and Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) for interim financial information as contained within the FASB Accounting Standards Codification (&#8220;ASC&#8221;) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article&#160;10 of Regulation&#160;S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2018, the Company adopted ASU No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;"> (Topic 606) (&#8220;ASU No. 2014-09&#8221;), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company&#8217;s adoption.&#160;Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018.&#160; A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Based on the Company&#8217;s evaluation of contracts within the scope of ASU No. 2014-09, revenue that is impacted by ASU No. 2014-09 includes revenue generated by other operating income and tenant reimbursements for substantial services earned at the Company&#8217;s office properties and hotel revenues. The recognition of such revenue will occur when the services are provided and the performance obligations are satisfied.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Hotel Revenue</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company&#8217;s guests. Additionally, some of the Company&#8217;s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company&#8217;s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in the real estate footnote into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company&#8217;s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out by the customer from the Company&#8217;s hotel. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company&#8217;s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest&#8217;s stay. The Company notes no significant judgments regarding the recognition of rooms revenue.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company&#8217;s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company&#8217;s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. The Company notes no significant judgements regarding the recognition of food and beverage revenue.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Campground revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Real Estate Equity Securities</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Upon adoption of ASU No. 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU No. 2016-01&#8221;) on January 1, 2018, unrealized gains and losses on real estate equity securities are recognized in earnings.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Segments</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has invested in opportunistic real estate investments, real estate equity securities and originated a loan secured by a non-stabilized real estate asset, which was repaid on </font><font style="font-family:inherit;font-size:10pt;">January&#160;12, 2018</font><font style="font-family:inherit;font-size:10pt;">. In general, the Company intends to hold its investments in opportunistic real estate, real estate equity securities and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company&#8217;s management views opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> reportable business segment. In addition, the Company has invested in a participating loan facility secured by a portfolio of light industrial properties located in Europe. However, based on the Company&#8217;s investment portfolio and future investment focus, the Company does not believe that its investment in the European asset is a reportable segment.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Per Share Data</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding for each class of share outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">. For the purpose of determining the weighted-average number of shares outstanding, stock dividends issued are adjusted retroactively and treated as if they were issued and outstanding for all periods presented.&#160; </font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s board of directors has declared and issued stock dividends on shares of the Company&#8217;s common stock during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> as follows:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:33%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:38%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:27%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Amount Declared per Share Outstanding </font><font style="font-family:inherit;font-size:9pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Total Shares Issued</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.005001 shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">131,477</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.005001 shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">148,412</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">__________________________________</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:33%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:38%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:27%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Amount Declared per Share Outstanding </font><font style="font-family:inherit;font-size:9pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Total Shares Issued</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.015003 shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">357,215</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.015003 shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">433,633</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">__________________________________</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:28px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Until the Company established an estimated net asset value per share of common stock on June 6, 2017, for the purpose of calculating the dollar amount of the Class A and Class T stock dividends issued, the Company used the Class A and Class T primary offering price at the time of issuance. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash distributions declared per share of Class A common stock were </font><font style="font-family:inherit;font-size:10pt;">$0.048</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.143</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively. Cash distributions declared per share of Class T common stock were </font><font style="font-family:inherit;font-size:10pt;">$0.041</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.090</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively. Until the Company ceased offering shares of common stock in the Public Offering on </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the declared rate of cash distributions for Class T Shares was different than the rate declared for the Class A Shares by an amount equivalent to any applicable daily stockholder servicing fees. Distributions declared per share of common stock assumes each share was issued and outstanding each day that was a record date during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">. Each day during the period from January 1, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> through </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> was a record date for distributions. Distributions for this period were calculated based on stockholders of record each day during this period at a rate of (i) </font><font style="font-family:inherit;font-size:10pt;">$0.00052548</font><font style="font-family:inherit;font-size:10pt;"> per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the&#160;number of shares of common stock of such class outstanding as of the close of business on each respective record date. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash distributions declared per share of Class A common stock were </font><font style="font-family:inherit;font-size:10pt;">$0.048</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.143</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. Cash distributions declared per share of Class T common stock were </font><font style="font-family:inherit;font-size:10pt;">$0.025</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.073</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. The declared rate of cash distributions for Class T Shares was different than the rate declared for the Class A Shares by an amount equivalent to any applicable daily stockholder servicing fees. Distributions declared per share of common stock assumes each share was issued and outstanding each day that was a record date during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">. Each day during the period from </font><font style="font-family:inherit;font-size:10pt;">January&#160;1, 2017</font><font style="font-family:inherit;font-size:10pt;"> through </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> was a record date for distributions. Distributions for this period were calculated based on stockholders of record each day during this period at a rate of (i) </font><font style="font-family:inherit;font-size:10pt;">$0.00052548</font><font style="font-family:inherit;font-size:10pt;"> per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the&#160; number of shares of common stock of such class outstanding as of the close of business on each respective record date. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (&#8220;distributed earnings&#8221;) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding other than Class A Common Stock and Class T Common stock during the periods presented.</font></div><div style="line-height:120%;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s calculated earnings per share for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> were as follows (in thousands, except share and per share amounts):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to common stockholders</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(4,963</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,893</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(8,133</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(834</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Less: Class A Common Stock cash distributions declared</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">862</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">777</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,505</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,187</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Less: Class T Common Stock cash distributions declared</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">487</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">258</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,050</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">660</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Undistributed net</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(6,312</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,858</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(11,688</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(3,681</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;text-decoration:underline;">Class A Common Stock:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Undistributed net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(3,776</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,127</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(7,019</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(2,311</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Class A Common Stock cash distributions declared</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">862</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">777</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,505</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,187</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to Class A common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(2,914</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,904</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(4,514</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(124</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;per common share, basic and diluted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.16</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">0.12</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.26</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.01</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Weighted-average number of common shares outstanding, basic and diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">17,938,824</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">16,514,730</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">17,640,671</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">15,759,082</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;text-decoration:underline;">Class T Common Stock:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Undistributed net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(2,536</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">731</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(4,669</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(1,370</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Class T Common Stock cash distributions declared</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">487</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">258</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,050</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">660</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to Class T common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(2,049</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">989</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(3,619</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(710</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;per common share, basic and diluted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.17</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">0.09</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.31</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.08</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Weighted-average number of common shares outstanding, basic and diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">12,044,757</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">10,714,415</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">11,733,316</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">9,339,643</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Square Footage, Occupancy and Other Measures</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:28px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company&#8217;s independent registered public accounting firm&#8217;s review of the Company&#8217;s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Standards Updates</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU No. 2016-02&#8221;). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon adoption of ASU No. 2016-02, the Company expects to adopt the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company will 1) not reassess whether any expired or existing contracts are or contain leases, 2) not reassess the lease classification for any expired or existing lease, and 3) not reassess initial direct costs for any existing leases. The Company does not expect to elect the practical expedient related to using hindsight to reevaluate the lease term. In addition, the Company expects to adopt the practical expedient for land easements to not assess whether existing or expired land easements that were not previously accounted for as leases under the current lease accounting standards of Topic 840 are or contain a lease under Topic 842.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2018, the FASB issued ASU No. 2018-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842), Targeted Improvements</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU No. 2018-11&#8221;), which provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met. Upon adoption of the lease accounting standard under Topic 842, the Company expects to adopt this practical expedient, specifically related to its tenant reimbursements which would otherwise be accounted for under the new revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements as 1) the timing and pattern of transfer of the nonlease components and associated lease components are the same and 2) the lease component would be classified as an operating lease. In addition, ASU No. 2018-11 provides an additional optional transition method to allow entities to apply the new lease accounting standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. An entity&#8217;s reporting for the comparative periods presented in the financial statements in which it adopts the new lease accounting standard will continue to be reported under the current lease accounting standards of Topic 840. The Company expects to adopt this transition method upon adoption of the lease accounting standard of Topic 842 on January 1, 2019.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is currently evaluating the impact of adopting the new lease accounting standards on its consolidated financial statements. The Company is in process of creating an inventory of its leases where the Company may be a lessee to assess the potential impact to the Company&#8217;s financial statements upon adoption of the new lease accounting standards.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU No. 2016-13&#8221;).&#160; ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income.&#160; The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. &#160;The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset.&#160; ASU No. 2016-13 also amends the impairment model for available-for-sale debt securities.&#160; An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required.&#160;ASU No. 2016-13 also requires new disclosures.&#160; For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management&#8217;s estimate of expected credit losses and the reasons for those changes.&#160; For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset&#8217;s origination for as many as five annual periods. For available-for-sale debt securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due.&#160; ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years.&#160; Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.&#160; The Company is still evaluating the impact of adopting ASU No. 2016-13 on its financial statements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820):</font><font style="font-family:inherit;font-size:10pt;">&#160; </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU No. 2018-13&#8221;).&#160; The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. ASU No. 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and to disclose the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop the Level 3 fair value measurement.&#160; In addition, public entities are required to provide information about the measurement uncertainty of recurring Level 3 fair value measurements from the use of significant unobservable inputs if those inputs reasonably could have been different at the reporting date. ASU No. 2018-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company is still evaluating the impact of adopting ASU No. 2018-13 on its financial statements, but does not expect the adoption of ASU No. 2018-13 to have a material impact on its financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">COMMITMENTS AND CONTINGENCIES</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Management Agreement</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Springmaid Beach Resort</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated joint venture entity through which the Company leases the operations for Springmaid Beach Resort has entered into a management agreement with Doubletree Management LLC, an independent third-party hotel operator (the &#8220;Operator&#8221;) pursuant to which the Operator will manage and operate the Springmaid Beach Resort. The hotel was branded a DoubleTree by Hilton in September 2016 (the &#8220;Brand Commencement Date&#8221;).</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The management agreement expires on December 31 of the 20th full year following the Brand Commencement Date. Upon mutual agreement, the parties may extend the term of the agreement for two successive periods of five years each. If an event of default occurs and continues beyond any applicable notice and cure periods set forth in the management agreement, the non-defaulting party generally has, among other remedies, the option of terminating the management agreement upon written notice to the defaulting party with no termination fee payable to Doubletree. In addition, the Company has the right to terminate the management agreement without the payment of a termination fee if Doubletree fails to achieve certain criteria relating to the performance of the hotel for any two consecutive years following the Brand Commencement Date. Under certain circumstances following a casualty or condemnation event, either party may terminate the management agreement provided Doubletree receives a termination fee an amount equal to two years of the base fee.&#160; The Company is permitted to terminate the management agreement upon a sale, lease or other transfer of the Springmaid Beach Resort any time so long as the buyer is approved for, and enters into a DoubleTree by Hilton franchise agreement for the balance of the agreement&#8217;s term. Finally, the Company is restricted in its ability to assign the management agreement upon a sale, lease or other transfer the Springmaid Beach Resort unless the transferee is approved by Doubletree to assume the management agreement.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the management agreement the Operator receives the following fees:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">a base fee, which is a percentage of total operating revenue that starts at </font><font style="font-family:inherit;font-size:10pt;">2.5%</font><font style="font-family:inherit;font-size:10pt;"> and increases to </font><font style="font-family:inherit;font-size:10pt;">2.75%</font><font style="font-family:inherit;font-size:10pt;"> in the second year following the Brand Commencement Date and further increases in the third year following the Brand Commencement Date and thereafter to </font><font style="font-family:inherit;font-size:10pt;">3.0%</font><font style="font-family:inherit;font-size:10pt;">;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">a campground area management fee, which is </font><font style="font-family:inherit;font-size:10pt;">2%</font><font style="font-family:inherit;font-size:10pt;"> of any campground revenue;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">an incentive fee, which is </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of operating cash flow (after deduction for capital renewals reserve and the joint venture owner&#8217;s priority, which is </font><font style="font-family:inherit;font-size:10pt;">12%</font><font style="font-family:inherit;font-size:10pt;"> of the joint venture owner&#8217;s total investment);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">an additional services fee in the amount reasonably determined by the Operator from time to time; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">a brand services fee in the amount of </font><font style="font-family:inherit;font-size:10pt;">4%</font><font style="font-family:inherit;font-size:10pt;"> of total rooms revenue, and an other brand services fee in an amount determined by the Operator from time to time.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The management agreement contains specific standards for the operation and maintenance of the hotel, which allows the Operator to maintain uniformity in the system created by the Operator&#8217;s franchise. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with the management agreement will require the Company to make significant expenditures for capital improvements. &#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. </font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Q&amp;C Hotel</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A wholly owned subsidiary of the joint venture through which the Company leases the operations of the Q&amp;C Hotel (&#8220;Q&amp;C Hotel Operations&#8221;) has entered into a management agreement with Encore Hospitality, LLC (&#8220;Encore Hospitality&#8221;), an affiliate of the joint venture partner, pursuant to which Encore Hospitality will manage and operate the Q&amp;C Hotel. The management agreement expires on December 17, 2035. Subject to certain conditions, Encore Hospitality may extend the term of the agreement for a period of </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> years. Pursuant to the management agreement Encore Hospitality will receive a base fee, which is </font><font style="font-family:inherit;font-size:10pt;">4.0%</font><font style="font-family:inherit;font-size:10pt;"> of gross revenue (as defined in the management agreement). During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Q&amp;C Hotel Operations has also entered into a franchise agreement with Marriott International (&#8220;Marriott&#8221;) pursuant to which Marriott has granted Q&amp;C Hotel Operations a limited, non-exclusive license to establish and operate the Q&amp;C Hotel using certain of Marriott&#8217;s proprietary marks and systems and the hotel was branded as a Marriott Autograph Collection hotel on May 25, 2016. The franchise agreement will expire on May 25, 2041. Pursuant to the franchise agreement, Q&amp;C Hotel Operations pays Marriott a monthly franchise fee equal to a percent of gross room sales on a sliding scale that is initially </font><font style="font-family:inherit;font-size:10pt;">2%</font><font style="font-family:inherit;font-size:10pt;"> and increases to </font><font style="font-family:inherit;font-size:10pt;">5%</font><font style="font-family:inherit;font-size:10pt;"> on May 25, 2019 and a monthly marketing fund contribution fee equal to </font><font style="font-family:inherit;font-size:10pt;">1.5%</font><font style="font-family:inherit;font-size:10pt;"> of the Q&amp;C Hotel&#8217;s gross room sales. In addition, the franchise agreement requires the maintenance of a reserve account to fund all renovations at the hotel based on a percentage of gross revenues which starts at </font><font style="font-family:inherit;font-size:10pt;">2%</font><font style="font-family:inherit;font-size:10pt;"> of gross revenues and increases to </font><font style="font-family:inherit;font-size:10pt;">5%</font><font style="font-family:inherit;font-size:10pt;"> of gross revenues on May 25, 2019. Q&amp;C Hotel Operations is also responsible for the payment of certain other fees, charges and costs as set forth in the agreement. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.8 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of fees related to the Marriott franchise agreement. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of fees related to the Marriott franchise agreement. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, in connection with the execution of the franchise agreement, SOR US Properties II is providing an unconditional guarantee that all Q&amp;C Hotel Operations&#8217; obligations under the franchise agreement will be punctually paid and performed. Finally, certain transfers of the Q&amp;C Hotel or an ownership interest therein are subject to a notice and consent requirement, and the franchise agreement further provides Marriott with a right of first refusal with respect to a sale of the hotel to a competitor of Marriott.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Lease Obligations</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had leasehold interests expiring on various expiration dates between </font><font style="font-family:inherit;font-size:10pt;">October&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;"> and 2114.&#160;Future minimum lease payments owed by the Company under the capital leases as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> are as follows (in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:86%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">October 1, 2018 through December 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2019</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">635</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">680</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">735</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">935</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">53,841</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total expected minimum lease obligations</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">56,976</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Amount representing interest </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(48,648</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Present value of net minimum lease payments </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">8,328</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company&#8217;s incremental borrowing rate at acquisition.</font></div><div style="line-height:120%;padding-bottom:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font><font style="font-family:inherit;font-size:8pt;"> The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Economic Dependency</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company&#8217;s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide these services, the Company will be required to obtain such services from other sources.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Environmental </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company&#8217;s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Legal Matters</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From time to time, the Company is a party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company&#8217;s results of operations or financial condition, which would require accrual or disclosure of the contingency and the possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the Company&#8217;s contract liabilities, which are included in other liabilities in the accompanying consolidated balance sheets, as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> (in&#160;thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:64%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Contract liability</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">431</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">358</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Revenue recognized in the period from:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amounts included in contract liability at the beginning of the period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">302</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;"> The amount of revenue recognized in the period from amounts included in contract liability at the beginning of the period is not relevant for the year ended </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">, as the Company adopted ASU No. 2014-09 effective January 1, 2018.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had leasehold interests expiring on various expiration dates between </font><font style="font-family:inherit;font-size:10pt;">October&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;"> and 2114.&#160;Future minimum lease payments owed by the Company under the capital leases as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> are as follows (in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:86%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">October 1, 2018 through December 31, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2019</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">635</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2020</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">680</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">735</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">935</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">53,841</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total expected minimum lease obligations</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">56,976</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Less: Amount representing interest </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(48,648</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Present value of net minimum lease payments </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">8,328</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company&#8217;s incremental borrowing rate at acquisition.</font></div><div style="line-height:120%;padding-bottom:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font><font style="font-family:inherit;font-size:8pt;"> The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTES PAYABLE </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s notes payable consisted of the following (in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Book Value as of September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Book Value as of December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Contractual Interest Rate </font><font style="font-family:inherit;font-size:7pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Effective Interest Rate </font><font style="font-family:inherit;font-size:7pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Payment Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Maturity Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Springmaid Beach Resort Mortgage Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">37,460</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">38,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 3.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">5.11%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Principal &amp;<br clear="none"/>Interest</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">12/30/2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Q&amp;C Hotel Mortgage Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">23,716</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">28,330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 3.25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">5.36%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;color:#000000;">Principal &amp;<br clear="none"/>Interest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">12/17/2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">2200 Paseo Verde Mortgage Loan </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">7,947</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">7,947</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 2.25%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">4.36%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;color:#000000;">Interest Only </font><font style="font-family:inherit;font-size:7pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">07/01/2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Lincoln Court Mortgage Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">33,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">33,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 1.75%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">3.85%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Interest Only</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">06/01/2020</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Lofts at NoHo Commons Mortgage Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">72,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">72,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 2.66%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">4.77%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Interest Only</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">12/01/2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">210 West 31st Street Mortgage Loan </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">37,821</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">35,763</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 5.50%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">7.60%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Interest Only</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">12/01/2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Oakland City Center Mortgage Loan </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(4)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">94,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">94,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 1.75%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">3.85%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;color:#000000;">Interest Only </font><font style="font-family:inherit;font-size:7pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(4)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">09/01/2022</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Madison Square Mortgage Loan </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(5)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">21,895</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">21,895</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 4.05% </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(5)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">6.11%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Interest Only</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">10/09/2020</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Total notes payable principal outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">328,939</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">332,035</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">&#160;&#160;&#160;Deferred financing costs, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">(2,530</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">(3,684</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Total notes payable, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">326,409</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">328,351</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Contractual interest rate represents the interest rate in effect under the loan as of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">. Effective interest rate is calculated as the actual interest rate in effect as of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;"> (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, where applicable. </font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font><font style="font-family:inherit;font-size:8pt;"> As of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$7.9 million</font><font style="font-family:inherit;font-size:8pt;"> had been disbursed to the Company and up to </font><font style="font-family:inherit;font-size:8pt;">$1.6 million</font><font style="font-family:inherit;font-size:8pt;"> is available for future disbursements to be used for tenant improvement costs, capital improvements costs and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning August 1, 2019, monthly payments include principal amortization payments of </font><font style="font-family:inherit;font-size:8pt;">$10,000</font><font style="font-family:inherit;font-size:8pt;"> per month.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3) </sup></font><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$37.8 million</font><font style="font-family:inherit;font-size:8pt;"> had been disbursed to the Company and up to </font><font style="font-family:inherit;font-size:8pt;">$9.3 million</font><font style="font-family:inherit;font-size:8pt;"> is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(4) </sup></font><font style="font-family:inherit;font-size:8pt;"> As of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$94.5 million</font><font style="font-family:inherit;font-size:8pt;"> had been disbursed to the Company and up to </font><font style="font-family:inherit;font-size:8pt;">$8.9 million</font><font style="font-family:inherit;font-size:8pt;"> is available for future disbursements to be used for tenant improvements and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning October 1, 2020, monthly payments will include principal and interest with principal payments of </font><font style="font-family:inherit;font-size:8pt;">$110,000</font><font style="font-family:inherit;font-size:8pt;"> or, in the event the Company repays any principal of the loan amount, with principal payments calculated using an amortization schedule of </font><font style="font-family:inherit;font-size:8pt;">30</font><font style="font-family:inherit;font-size:8pt;"> years and an annual interest rate of </font><font style="font-family:inherit;font-size:8pt;">6.0%</font><font style="font-family:inherit;font-size:8pt;">, subject to certain terms and conditions contained in the loan documents.</font></div><div style="line-height:120%;padding-bottom:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(5)</sup></font><font style="font-family:inherit;font-size:8pt;"> As of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$21.9 million</font><font style="font-family:inherit;font-size:8pt;"> had been disbursed to the Company and up to </font><font style="font-family:inherit;font-size:8pt;">$12.2 million</font><font style="font-family:inherit;font-size:8pt;"> is available for future disbursements to be used for tenant improvements and leasing expenses, subject to certain terms and conditions contained in the loan documents. The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than </font><font style="font-family:inherit;font-size:8pt;">5.05%</font><font style="font-family:inherit;font-size:8pt;">. The property securing this mortgage loan was formerly known as Grace Court and was re-named Madison Square in connection with the Company&#8217;s re-branding strategy of the property.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred </font><font style="font-family:inherit;font-size:10pt;">$3.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$9.7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of interest expense. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company incurred </font><font style="font-family:inherit;font-size:10pt;">$2.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$5.8 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of interest expense. Included in interest expense was: (i) the amortization of deferred financing costs of </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, (ii) the capitalization of interest to construction in progress related to its redevelopment project at 210 West 31st Street of </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.9 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.0 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, and (iii) an unrealized gain of </font><font style="font-family:inherit;font-size:10pt;">$1,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$11,000</font><font style="font-family:inherit;font-size:10pt;"> on interest rate cap agreements for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, and unrealized losses related to interest rate cap agreements of </font><font style="font-family:inherit;font-size:10pt;">$12,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$84,000</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s interest payable was </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:79%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">October 1, 2018 through December 31, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">61,176</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">109,971</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">63,622</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,320</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2022</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">92,850</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">328,939</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s notes payable contain financial and non-financial debt covenants. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company was in compliance with all debt covenants, except that the borrower under the Madison Square Mortgage Loan was out of debt service coverage compliance. Such non-compliance does not constitute an event of default under the loan agreement. As a result of such non-compliance, the Company is required to maintain an interest shortfall reserve.</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s note payable with respect to the Springmaid Beach Resort Mortgage Loan requires the Company to maintain a minimum working capital reserve in an amount sufficient to fund the working capital requirements of the Springmaid Beach Resort through the off-peak season, which amount shall be reduced by any amounts for working capital reserved by the third-party hotel operator. The working capital reserve was included in restricted cash on the accompanying consolidated balance sheets.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DERIVATIVE INSTRUMENTS</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates. The primary goal of the Company&#8217;s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company&#8217;s ability to achieve its investment return objectives. The Company does not enter into the derivatives for speculative purposes. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero.</font></div><div style="line-height:120%;padding-bottom:4px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> interest rate caps outstanding, which were not designated as hedging instruments. The following table summarizes the notional amount and other information related to the Company&#8217;s derivative instruments as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. The notional amount is an indication of the extent of the Company&#8217;s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="21" rowspan="1"></td></tr><tr><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value of Asset</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Instruments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Effective Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Reference Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet Location</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/29/2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">01/01/2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">26,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/15/2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/23/2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">28,330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/01/2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/01/2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">47,110</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">22</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10/03/2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10/15/2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">34,125</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">02/02/2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/30/2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">26,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td colspan="10" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total Derivative Instruments not designated as hedging instruments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">32</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded an unrealized </font><font style="font-family:inherit;font-size:10pt;">gain</font><font style="font-family:inherit;font-size:10pt;"> of </font><font style="font-family:inherit;font-size:10pt;">$1,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$11,000</font><font style="font-family:inherit;font-size:10pt;">, respectively, on interest rate cap agreements, which is included as an offset to interest expense on the accompanying consolidated statements of operations. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded an unrealized loss of </font><font style="font-family:inherit;font-size:10pt;">$12,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$84,000</font><font style="font-family:inherit;font-size:10pt;">, respectively, on interest rate cap agreements, which is included in interest expense on the accompanying consolidated statements of operations.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company enters into foreign currency forward contracts to mitigate its exposure to foreign currency exchange rate movements on its investment in unconsolidated entity. The foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future.</font></div><div style="line-height:120%;padding-bottom:4px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the notional amount and other information related to the Company&#8217;s foreign currency forward contract as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">. The notional amount is an indication of the extent of the Company&#8217;s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Instrument</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Strike Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Trade Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity Date</font></div></td></tr><tr><td colspan="11" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">Derivative instrument not designated as hedging instrument</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Foreign currency forward contract</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,668</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.2704 USD-EUR</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">09/05/2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">09/07/2021</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded a foreign currency </font><font style="font-family:inherit;font-size:10pt;">gain</font><font style="font-family:inherit;font-size:10pt;"> of </font><font style="font-family:inherit;font-size:10pt;">$22,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$73,000</font><font style="font-family:inherit;font-size:10pt;">, respectively, on foreign currency forward contract, which is included as an </font><font style="font-family:inherit;font-size:10pt;">offset</font><font style="font-family:inherit;font-size:10pt;"> to general and administrative expenses on the accompanying consolidated statements of operations. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded a foreign currency loss of </font><font style="font-family:inherit;font-size:10pt;">$33,000</font><font style="font-family:inherit;font-size:10pt;"> on foreign currency forward contract, which is included in general and administrative expenses on the accompanying consolidated statements of operations. The fair value of the foreign currency forward contract was </font><font style="font-family:inherit;font-size:10pt;">$6,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$79,000</font><font style="font-family:inherit;font-size:10pt;"> liability as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, included in other liabilities on the accompanying balance sheets.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s board of directors has declared and issued stock dividends on shares of the Company&#8217;s common stock during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> as follows:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:33%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:38%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:27%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Amount Declared per Share Outstanding </font><font style="font-family:inherit;font-size:9pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Total Shares Issued</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.005001 shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">131,477</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.005001 shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">148,412</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">__________________________________</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:33%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:38%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:27%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Amount Declared per Share Outstanding </font><font style="font-family:inherit;font-size:9pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Total Shares Issued</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.015003 shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">357,215</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.015003 shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">433,633</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">__________________________________</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:28px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (&#8220;distributed earnings&#8221;) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding other than Class A Common Stock and Class T Common stock during the periods presented.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding for each class of share outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">. For the purpose of determining the weighted-average number of shares outstanding, stock dividends issued are adjusted retroactively and treated as if they were issued and outstanding for all periods presented.&#160; </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INVESTMENT IN UNCONSOLIDATED ENTITY</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:28px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 28, 2016, the Company originated a participating loan facility in an amount up to </font><font style="font-family:inherit;font-size:10pt;">&#8364;2.6 million</font><font style="font-family:inherit;font-size:10pt;"> (</font><font style="font-family:inherit;font-size:10pt;">$2.9 million</font><font style="font-family:inherit;font-size:10pt;"> at closing). The Company funded approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">&#8364;2.1 million</font><font style="font-family:inherit;font-size:10pt;"> (</font><font style="font-family:inherit;font-size:10pt;">$2.3 million</font><font style="font-family:inherit;font-size:10pt;"> at closing). The proceeds were used by STAM to fund a </font><font style="font-family:inherit;font-size:10pt;">5%</font><font style="font-family:inherit;font-size:10pt;"> general partner interest in a joint venture acquiring a portfolio of light industrial properties located throughout France. The total acquisition cost of the portfolio was approximately </font><font style="font-family:inherit;font-size:10pt;">&#8364;95.5 million</font><font style="font-family:inherit;font-size:10pt;"> (</font><font style="font-family:inherit;font-size:10pt;">$105.6 million</font><font style="font-family:inherit;font-size:10pt;"> at closing). Under the terms of the participating loan facility, the Company participates in the expected residual profits of the portfolio and the terms are structured in a manner such that the risks and rewards of the arrangement are similar to those associated with an investment in a real estate joint venture. Accordingly, the participating loan facility is accounted for under the equity method of accounting. In addition to the amount funded at closing, the Company also capitalized an additional </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> of acquisition costs and fees. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized </font><font style="font-family:inherit;font-size:10pt;">$94,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$225,000</font><font style="font-family:inherit;font-size:10pt;">, respectively, of income with respect to this investment. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized </font><font style="font-family:inherit;font-size:10pt;">$14,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$40,000</font><font style="font-family:inherit;font-size:10pt;">, respectively, of income with respect to this investment.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company measured the following assets at fair value on a nonrecurring basis (in thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value Measurements Using</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted&#160;Prices&#160;in Active&#160;Markets for Identical Assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant&#160;Other Observable Inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant Unobservable Inputs<br clear="none"/>(Level&#160;3)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Nonrecurring Basis:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Impaired real estate </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">58,300</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">58,300</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Amount represents the fair value for a real estate asset impacted by an impairment charge during the </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following were the face value, carrying amount and fair value of the Company&#8217;s financial instruments as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, which carrying amounts do not approximate the fair values (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:29%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Face Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Face Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Financial asset:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Real estate loan receivable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Financial liability:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Notes payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">328,939</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">326,409</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">331,265</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">332,035</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">328,351</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">333,336</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FAIR VALUE DISCLOSURES</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:54px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:4px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:54px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:54px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. </font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company&#8217;s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Cash and cash equivalents, restricted cash, rent and other receivables and accounts payable and accrued liabilities</font><font style="font-family:inherit;font-size:10pt;">: These balances approximate their fair values due to the short maturities of these items.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Real estate equity securities</font><font style="font-family:inherit;font-size:10pt;">: The Company&#8217;s real estate equity securities are presented at fair value on the accompanying consolidated balance sheet. The fair values of real estate equity securities were based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Real estate loan receivable:</font><font style="font-family:inherit;font-size:10pt;"> The Company&#8217;s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of recorded loan loss reserves (if any) and not at fair value. The fair value of real estate loan receivable was estimated using an internal valuation model that considered the expected cash flows for the loan, underlying collateral value (for collateral-dependent loans) and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivative instruments:</font><font style="font-family:inherit;font-size:11pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments are determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level&#160;2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps (floors) are determined using the market standard methodology of discounting the future expected cash payments (receipts) which would occur if variable interest rates rise above (below) the strike rate of the caps (floors). The variable interest rates used in the calculation of projected payments (receipts) on the cap (floor) are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. The fair value of foreign currency forward contract are valued by comparing the contracted forward exchange rate to the current market exchange rate. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Notes payable:</font><font style="font-family:inherit;font-size:10pt;"> The fair value of the Company&#8217;s notes payable are estimated using a discounted cash flow analysis based on management&#8217;s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i)&#160;a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii)&#160;another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. </font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following were the face value, carrying amount and fair value of the Company&#8217;s financial instruments as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, which carrying amounts do not approximate the fair values (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:29%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Face Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Face Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Financial asset:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Real estate loan receivable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Financial liability:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Notes payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">328,939</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">326,409</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">331,265</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">332,035</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">328,351</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">333,336</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company&#8217;s estimate of value at a future date could be materially different.</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company measured the following assets at fair value on a recurring basis (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value Measurements Using</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted&#160;Prices&#160;in Active&#160;Markets for Identical Assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant&#160;Other Observable Inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant Unobservable Inputs<br clear="none"/>(Level&#160;3)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Recurring Basis:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Real estate equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,814</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,814</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Asset derivatives - interest rate caps</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">32</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">32</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Liability derivative - foreign currency forward contract</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company measured the following assets at fair value on a nonrecurring basis (in thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value Measurements Using</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted&#160;Prices&#160;in Active&#160;Markets for Identical Assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant&#160;Other Observable Inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant Unobservable Inputs<br clear="none"/>(Level&#160;3)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Nonrecurring Basis:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Impaired real estate </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">58,300</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">58,300</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Amount represents the fair value for a real estate asset impacted by an impairment charge during the </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, one of the Company&#8217;s real estate properties was measured at its estimated fair value based on a sales comparison approach. As a result, this property was impaired and the carrying value was adjusted due to a change in the projected hold period and related decrease in projected cash flows. See Note </font><font style="font-family:inherit;font-size:10pt;">3</font><font style="font-family:inherit;font-size:10pt;">, &#8220;Real Estate &#8211; Impairment of Real Estate&#8221; for a further discussion on the impaired real estate property.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Cash and cash equivalents, restricted cash, rent and other receivables and accounts payable and accrued liabilities</font><font style="font-family:inherit;font-size:10pt;">: These balances approximate their fair values due to the short maturities of these items.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Real estate equity securities</font><font style="font-family:inherit;font-size:10pt;">: The Company&#8217;s real estate equity securities are presented at fair value on the accompanying consolidated balance sheet. The fair values of real estate equity securities were based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Real estate loan receivable:</font><font style="font-family:inherit;font-size:10pt;"> The Company&#8217;s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of recorded loan loss reserves (if any) and not at fair value. The fair value of real estate loan receivable was estimated using an internal valuation model that considered the expected cash flows for the loan, underlying collateral value (for collateral-dependent loans) and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivative instruments:</font><font style="font-family:inherit;font-size:11pt;"> </font><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments are determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level&#160;2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps (floors) are determined using the market standard methodology of discounting the future expected cash payments (receipts) which would occur if variable interest rates rise above (below) the strike rate of the caps (floors). The variable interest rates used in the calculation of projected payments (receipts) on the cap (floor) are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. The fair value of foreign currency forward contract are valued by comparing the contracted forward exchange rate to the current market exchange rate. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Notes payable:</font><font style="font-family:inherit;font-size:10pt;"> The fair value of the Company&#8217;s notes payable are estimated using a discounted cash flow analysis based on management&#8217;s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i)&#160;a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii)&#160;another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, interest income from the real estate loan receivable consisted of the following (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">For the Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">For the Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Contractual interest income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">83</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">245</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Amortization&#160;of&#160;closing&#160;costs&#160;and&#160;origination&#160;fees, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">20</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">58</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Interest income from real estate loan receivable</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">103</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">10</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">303</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">REAL ESTATE EQUITY SECURITIES</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company purchased </font><font style="font-family:inherit;font-size:10pt;">852,797</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock of Franklin Street Properties Corp. (NYSE Ticker: FSP) for an aggregate purchase price of </font><font style="font-family:inherit;font-size:10pt;">$7.0 million</font><font style="font-family:inherit;font-size:10pt;">. The Company&#8217;s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Unrealized gains and losses on real estate equity securities are recognized in earnings.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following summarizes the activity related to real estate equity securities for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.41520467836257%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amortized Cost Basis</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized Loss</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#000000;">Real estate equity securities - </font><font style="font-family:inherit;font-size:8pt;color:#000000;">December 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Acquisition of real estate equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,800</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,800</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Acquisition fee to affiliate and purchase commission</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#000000;">Loss</font><font style="font-family:inherit;font-size:8pt;color:#000000;">&#160;on real estate equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(172</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(172</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#000000;">Real estate equity securities -</font><font style="font-family:inherit;font-size:8pt;color:#000000;">&#160;September 30, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,986</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(172</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,814</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> of dividend income from real estate equity securities.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">REAL ESTATE LOAN RECEIVABLE</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had originated </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> real estate loan receivable. On </font><font style="font-family:inherit;font-size:10pt;">January&#160;12, 2018</font><font style="font-family:inherit;font-size:10pt;">, the real estate loan receivable was repaid in full. Information for the real estate loan receivable was as follows (in thousands): </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="25" rowspan="1"></td></tr><tr><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Loan Name </font></div><div style="text-align:left;padding-left:12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Location&#160;of&#160;Related&#160;Property or Collateral</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Date Originated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Property Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Loan Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Outstanding Principal Balance as of<br clear="none"/>September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Book Value as of September 30, 2018 </font><font style="font-family:inherit;font-size:6pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Book Value as of December 31, 2017 </font><font style="font-family:inherit;font-size:6pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Contractual Interest Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Annualized Effective Interest Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Maturity Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">655 Summer Street First Mortgage</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Boston, Massachusetts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">09/04/2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Mortgage</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">3,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">9.25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup>&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup>&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs. </font></div><div style="line-height:120%;padding-bottom:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2) </sup></font><font style="font-family:inherit;font-size:8pt;">On </font><font style="font-family:inherit;font-size:8pt;">January&#160;12, 2018</font><font style="font-family:inherit;font-size:8pt;">, the real estate loan receivable was repaid in full.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following summarizes the activity related to the real estate loan receivable for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:85%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;color:#000000;">Real estate loan receivable -</font><font style="font-family:inherit;font-size:9pt;color:#000000;">&#160;December 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Principal repayment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,500</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;color:#000000;">Real estate loan receivable -</font><font style="font-family:inherit;font-size:9pt;color:#000000;">&#160;September 30, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, interest income from the real estate loan receivable consisted of the following (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">For the Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">For the Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Contractual interest income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">83</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">245</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Amortization&#160;of&#160;closing&#160;costs&#160;and&#160;origination&#160;fees, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">20</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">58</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">Interest income from real estate loan receivable</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">103</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">10</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8.5pt;"><font style="font-family:inherit;font-size:8.5pt;">303</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU No. 2016-02&#8221;). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon adoption of ASU No. 2016-02, the Company expects to adopt the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company will 1) not reassess whether any expired or existing contracts are or contain leases, 2) not reassess the lease classification for any expired or existing lease, and 3) not reassess initial direct costs for any existing leases. The Company does not expect to elect the practical expedient related to using hindsight to reevaluate the lease term. In addition, the Company expects to adopt the practical expedient for land easements to not assess whether existing or expired land easements that were not previously accounted for as leases under the current lease accounting standards of Topic 840 are or contain a lease under Topic 842.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2018, the FASB issued ASU No. 2018-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842), Targeted Improvements</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU No. 2018-11&#8221;), which provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met. Upon adoption of the lease accounting standard under Topic 842, the Company expects to adopt this practical expedient, specifically related to its tenant reimbursements which would otherwise be accounted for under the new revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements as 1) the timing and pattern of transfer of the nonlease components and associated lease components are the same and 2) the lease component would be classified as an operating lease. In addition, ASU No. 2018-11 provides an additional optional transition method to allow entities to apply the new lease accounting standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. An entity&#8217;s reporting for the comparative periods presented in the financial statements in which it adopts the new lease accounting standard will continue to be reported under the current lease accounting standards of Topic 840. The Company expects to adopt this transition method upon adoption of the lease accounting standard of Topic 842 on January 1, 2019.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is currently evaluating the impact of adopting the new lease accounting standards on its consolidated financial statements. The Company is in process of creating an inventory of its leases where the Company may be a lessee to assess the potential impact to the Company&#8217;s financial statements upon adoption of the new lease accounting standards.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU No. 2016-13&#8221;).&#160; ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income.&#160; The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. &#160;The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset.&#160; ASU No. 2016-13 also amends the impairment model for available-for-sale debt securities.&#160; An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required.&#160;ASU No. 2016-13 also requires new disclosures.&#160; For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management&#8217;s estimate of expected credit losses and the reasons for those changes.&#160; For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset&#8217;s origination for as many as five annual periods. For available-for-sale debt securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due.&#160; ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years.&#160; Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.&#160; The Company is still evaluating the impact of adopting ASU No. 2016-13 on its financial statements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820):</font><font style="font-family:inherit;font-size:10pt;">&#160; </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU No. 2018-13&#8221;).&#160; The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. ASU No. 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and to disclose the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop the Level 3 fair value measurement.&#160; In addition, public entities are required to provide information about the measurement uncertainty of recurring Level 3 fair value measurements from the use of significant unobservable inputs if those inputs reasonably could have been different at the reporting date. ASU No. 2018-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company is still evaluating the impact of adopting ASU No. 2018-13 on its financial statements, but does not expect the adoption of ASU No. 2018-13 to have a material impact on its financial statements. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ORGANIZATION</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">KBS Strategic Opportunity REIT II, Inc. (the &#8220;Company&#8221;) was formed on February&#160;6,&#160;2013 as a Maryland corporation that elected to be taxed as a real estate investment trust (&#8220;REIT&#8221;) beginning with the taxable year ended December&#160;31,&#160;2014 and intends to continue to operate in such a manner. The Company&#8217;s business is conducted through KBS Strategic Opportunity Limited Partnership II (the &#8220;Operating Partnership&#8221;), a Delaware limited partnership formed on February 7,&#160;2013. The Company is the sole general partner of, and owns a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">0.1%</font><font style="font-family:inherit;font-size:10pt;"> partnership interest in, the Operating Partnership. KBS Strategic Opportunity Holdings II LLC (&#8220;REIT&#160;Holdings&#8221;), a Delaware limited liability company formed on February&#160;7,&#160;2013, owns the remaining </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">99.9%</font><font style="font-family:inherit;font-size:10pt;"> partnership&#160;interest in the Operating Partnership and is the sole limited partner. The Company is the sole member and manager of REIT Holdings. The Company has </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> wholly owned taxable REIT subsidiaries (&#8220;TRS&#8221;), two of which lease the Company&#8217;s hotel properties and in turn contract with independent hotel management companies that manage the day-to-day operations of the Company&#8217;s hotels; the third consolidates the Company&#8217;s wholly owned TRSs.&#160; The Company&#8217;s TRSs are subject to federal and state income tax at regular corporate tax rates.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subject to certain restrictions and limitations, the business of the Company has been externally managed by KBS&#160;Capital Advisors LLC (the &#8220;Advisor&#8221;), an affiliate of the Company, since July 2013 pursuant to an advisory agreement (the &#8220;Advisory Agreement&#8221;). The Advisor conducts the Company&#8217;s operations and manages its portfolio of real estate loans, opportunistic real estate, and other real estate-related investments. The Advisor has entered into a sub-advisory agreement with STAM, a real estate operating company to provide real estate acquisition and portfolio management services to the Advisor in connection with any investments the Company may make in value-added real estate, distressed debt, and real estate-related investments in Europe. On July 3, 2013, the Company issued </font><font style="font-family:inherit;font-size:10pt;">21,739</font><font style="font-family:inherit;font-size:10pt;"> shares of its common stock to the Advisor at a purchase price of </font><font style="font-family:inherit;font-size:10pt;">$9.20</font><font style="font-family:inherit;font-size:10pt;"> per share. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has invested in and manages a diverse portfolio of opportunistic real estate, real estate-related loans, real estate-related debt securities and other real estate-related investments located in the United States and Europe. Such investments include the origination and acquisition of mortgage, mezzanine, bridge and other real estate-related loans and investment in opportunistic real estate. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had invested in </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> hotel properties, </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> office properties, </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> apartment building, </font><font style="font-family:inherit;font-size:10pt;">an</font><font style="font-family:inherit;font-size:10pt;"> investment in an unconsolidated entity and </font><font style="font-family:inherit;font-size:10pt;">an</font><font style="font-family:inherit;font-size:10pt;"> investment in real estate equity securities. Additionally as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had entered into a joint venture to develop </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> retail property.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From July 3, 2013 to August 11, 2014, the Company conducted a private placement offering (the &#8220;Private Offering&#8221;) exempt from registration under Regulation D of the Securities Act of 1933, as amended (the &#8220;Act&#8221;). The Company sold&#160;</font><font style="font-family:inherit;font-size:10pt;">3,619,851</font><font style="font-family:inherit;font-size:10pt;">&#160;shares of common stock for gross offering proceeds of </font><font style="font-family:inherit;font-size:10pt;">$32.2 million</font><font style="font-family:inherit;font-size:10pt;">&#160;in the Private Offering. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On November&#160;14,&#160;2013, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the&#160;&#8220;SEC&#8221;) to offer a maximum of </font><font style="font-family:inherit;font-size:10pt;">180,000,000</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock for sale to the public (the &#8220;Public Offering&#8221;), of which </font><font style="font-family:inherit;font-size:10pt;">100,000,000</font><font style="font-family:inherit;font-size:10pt;">&#160;shares were registered in a primary offering and </font><font style="font-family:inherit;font-size:10pt;">80,000,000</font><font style="font-family:inherit;font-size:10pt;">&#160;shares were registered to be sold under the Company&#8217;s dividend reinvestment plan. The SEC declared the Company&#8217;s registration statement effective on August 12,&#160;2014. On February 11, 2016, the Company filed an amended registration statement on Form S-11 with the SEC to offer a second class of common stock designated as Class T shares and to designate its initially offered and outstanding common stock as Class A shares. Pursuant to the amended registration statement, the Company is offering to sell any combination of Class A and Class T shares in the Public Offering but in no event may the Company sell more than </font><font style="font-family:inherit;font-size:10pt;">180,000,000</font><font style="font-family:inherit;font-size:10pt;"> of shares of its common stock pursuant to the Public Offering. The Company commenced offering Class T shares of common stock for sale to the public on February 17, 2016.&#160;KBS Capital Markets Group LLC (the &#8220;Dealer Manager&#8221;), an affiliate of the Advisor, serves as the dealer manager of the Public Offering pursuant to a dealer manager agreement originally dated August 12, 2014 and amended and restated February 17, 2016 (the &#8220;Dealer Manager Agreement&#8221;). Previously the Dealer Manager served as dealer manager for the Private Offering. The Dealer Manager is responsible for marketing the Company&#8217;s shares. The Company ceased offering shares of common stock in the Public Offering on </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and terminated the primary Offering on </font><font style="font-family:inherit;font-size:10pt;">September&#160;28, 2018</font><font style="font-family:inherit;font-size:10pt;">. The Company continues to offer shares of common stock under its dividend reinvestment plan. In some states, the Company will need to renew the registration statement annually or file a new registration statement to continue its dividend reinvestment plan offering. The Company may terminate its dividend reinvestment plan offering at any time.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company sold </font><font style="font-family:inherit;font-size:10pt;">11,977,758</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">11,537,701</font><font style="font-family:inherit;font-size:10pt;"> shares of Class A and Class T common stock, respectively, in the Public Offering for aggregate gross offering proceeds of </font><font style="font-family:inherit;font-size:10pt;">$228.6 million</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had sold </font><font style="font-family:inherit;font-size:10pt;">549,572</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">178,325</font><font style="font-family:inherit;font-size:10pt;"> shares of Class A and Class T common stock, respectively, under its dividend reinvestment plan for aggregate gross offering proceeds of </font><font style="font-family:inherit;font-size:10pt;">$6.7 million</font><font style="font-family:inherit;font-size:10pt;">. Also as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had redeemed </font><font style="font-family:inherit;font-size:10pt;">440,842</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">63,926</font><font style="font-family:inherit;font-size:10pt;"> shares of Class A and Class T common stock, respectively, for </font><font style="font-family:inherit;font-size:10pt;">$4.4 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On each of </font><font style="font-family:inherit;font-size:10pt;">April&#160;2, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">July&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company issued </font><font style="font-family:inherit;font-size:10pt;">120,106</font><font style="font-family:inherit;font-size:10pt;"> shares of Class A common stock to Willowbrook Capital Group LLC, an entity owned and controlled by Keith D. Hall, one of the Company&#8217;s directors and the Company&#8217;s Chief Executive Officer, and Peter McMillan III, also one of the Company&#8217;s directors and the Company&#8217;s President, for </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;">. On </font><font style="font-family:inherit;font-size:10pt;">July&#160;14, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">February&#160;13, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company issued </font><font style="font-family:inherit;font-size:10pt;">214,175</font><font style="font-family:inherit;font-size:10pt;"> shares and </font><font style="font-family:inherit;font-size:10pt;">10,935</font><font style="font-family:inherit;font-size:10pt;"> shares, respectively, of Class A common stock to a business associate of Keith D. Hall and Peter McMillan III for approximately </font><font style="font-family:inherit;font-size:10pt;">$2.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. The Company issued these shares of common stock in a private transaction exempt from the registration requirements of the Act pursuant to Section&#160;4(2) of the Act.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">REAL ESTATE</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s real estate portfolio was composed of </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> hotel properties, </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> office properties and </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> apartment building. In addition, as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company has entered into a consolidated joint venture to develop </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> retail property. The following table summarizes the Company&#8217;s real estate as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> (in&#160;thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:62%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Land</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">104,138</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">104,138</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Buildings and improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">368,448</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">362,210</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Construction in progress</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">65,106</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">63,732</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Tenant origination and absorption costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">17,728</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19,006</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total real estate, cost and net of impairment charge </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">555,420</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">549,086</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accumulated depreciation and amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(31,578</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(18,646</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total real estate, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">523,842</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">530,440</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> See &#8220; &#8211; Impairment of Real Estate&#8221; below. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides summary information regarding the Company&#8217;s real estate as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="35" rowspan="1"></td></tr><tr><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:4%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:4%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:5%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:5%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Property</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Date <br clear="none"/>Acquired</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">City</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">State</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Property Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Land</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Building <br clear="none"/>and Improvements</font><font style="font-family:inherit;font-size:6pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:6pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:6pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Tenant Origination and Absorption</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Total Real Estate, at Cost and Net of Impairment Charge</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Accumulated Depreciation and Amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Total Real Estate, Net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Ownership %</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Springmaid Beach Resort</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12/30/2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Myrtle Beach</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">SC</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Hotel</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">27,438</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">33,402</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">60,840</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(6,475</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">54,365</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">90.0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Q&amp;C Hotel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12/17/2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">New Orleans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">LA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Hotel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">1,232</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">53,075</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">54,307</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(5,512</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">48,795</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">90.0%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">2200 Paseo Verde</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12/23/2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Henderson</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">NV</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">1,850</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">11,728</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">553</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">14,131</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(1,505</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12,626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">100.0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Lincoln Court</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">05/20/2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Campbell</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">CA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">14,706</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">34,064</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">2,881</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">51,651</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(4,137</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">47,514</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">100.0%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Lofts at NoHo Commons</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">11/16/2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">North Hollywood</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">CA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Apartment</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">26,222</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">77,305</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">103,527</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(3,629</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">99,898</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">90.0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">210 West 31st Street </font><font style="font-family:inherit;font-size:6pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12/01/2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">New York</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">NY</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Retail</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">65,106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">65,106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">65,106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">80.0%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Oakland City Center</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">08/18/2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Oakland</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">CA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">22,150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">138,939</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">11,494</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">172,583</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(8,871</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">163,712</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">100.0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Madison Square </font><font style="font-family:inherit;font-size:6pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">10/03/2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Phoenix</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">AZ</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">10,540</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">19,935</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">2,800</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">33,275</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(1,449</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">31,826</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">90.0%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">104,138</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">433,554</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">17,728</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">555,420</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(31,578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">523,842</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Building and improvements includes construction in progress.</font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font><font style="font-family:inherit;font-size:8pt;"> The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></font><font style="font-family:inherit;font-size:8pt;"> The Company acquired the rights to a leasehold interest with respect to the land at this property. This property was formerly known as Grace Court and was re-named Madison Square in connection with the Company&#8217;s re-branding strategy for this property.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Office Properties</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company owned </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> office properties encompassing in the aggregate </font><font style="font-family:inherit;font-size:10pt;">864,940</font><font style="font-family:inherit;font-size:10pt;"> rentable square feet which were </font><font style="font-family:inherit;font-size:10pt;">72%</font><font style="font-family:inherit;font-size:10pt;"> occupied. The following table provides detailed information regarding the Company&#8217;s office revenues and expenses for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Office revenues:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Rental income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,653</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,983</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,082</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,406</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Tenant reimbursements and other income </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">235</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,393</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">418</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Office revenues</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,515</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,218</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">22,475</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">7,824</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Office expenses:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Operating, maintenance, and management</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,219</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,094</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,890</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Real estate taxes and insurance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,022</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">442</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,879</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">823</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Office expenses</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,241</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,536</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">8,951</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,713</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">For the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, included in tenant reimbursements and other income for office properties is </font><font style="font-family:inherit;font-size:8pt;">$0.2 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$0.6 million</font><font style="font-family:inherit;font-size:8pt;">, respectively, of other operating income and tenant reimbursements for substantial services accounted for under ASU No. 2014-09.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Operating Leases</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s office properties are leased to tenants under operating leases for which the terms and expirations vary. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the leases had remaining terms, excluding options to extend, of up to </font><font style="font-family:inherit;font-size:10pt;">9.9</font><font style="font-family:inherit;font-size:10pt;"> years with a weighted-average remaining term of </font><font style="font-family:inherit;font-size:10pt;">3.6</font><font style="font-family:inherit;font-size:10pt;"> years. Some of the leases may have provisions to extend the term of the lease, options for early termination for all or a part of the leased premises after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but generally is not a significant amount. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to office tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized deferred rent from tenants of </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.2 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, net of lease incentive amortization. During each of the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized deferred rent from tenants of </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, net of lease incentive amortization. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was </font><font style="font-family:inherit;font-size:10pt;">$2.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> of unamortized lease incentives as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the future minimum rental income from the Company&#8217;s office properties under its non-cancelable operating leases was as follows (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:77%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">October 1, 2018 through December 31, 2018</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,406</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2019</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,359</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2020</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19,285</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2021</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">16,290</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2022</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13,002</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">30,556</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">105,898</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s commercial real estate properties were leased to approximately </font><font style="font-family:inherit;font-size:10pt;">100</font><font style="font-family:inherit;font-size:10pt;"> tenants over a diverse range of industries and geographic areas. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company&#8217;s portfolio were as follows:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Industry</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Number of Tenants</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Annualized Base Rent </font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;<br clear="none"/>(in thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Percentage of <br clear="none"/>Annualized Base Rent</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Professional, Scientific and Legal</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,753</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">16.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Legal Services</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,647</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">15.6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Public Administration (Government)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,168</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Finance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,505</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13,073</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">56.0</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">Annualized base rent represents annualized contractual base rental income as of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease&#8217;s inception through the balance of the lease term.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No other tenant industries accounted for more than 10% of annualized base rent. No tenant accounted for more than 10% of annualized base rent. No material tenant credit issues have been identified at this time.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Hotel Properties</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company owned </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> hotel properties. The following table provides detailed information regarding the Company&#8217;s hotel revenues and expenses for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Hotel revenues:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Room</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">8,094</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,973</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20,207</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13,304</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Food, beverage and convention services</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,574</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,031</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,893</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,785</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Campground</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">298</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">288</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">879</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">838</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Other </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">495</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,868</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,255</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,546</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Hotel revenues</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10,461</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12,160</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">26,234</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">23,473</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Hotel expenses:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Room</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,824</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,391</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,839</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,604</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Food, beverage and convention services</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,084</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">868</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,005</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,381</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">General and administrative</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">704</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">601</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,149</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,748</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Sales and marketing</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">932</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">690</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,381</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,058</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Repairs and maintenance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,566</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Utilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">364</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">325</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">916</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">777</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Property taxes and insurance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">447</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">867</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,311</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,650</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">180</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">611</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">994</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,271</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Hotel expenses</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,106</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,807</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">17,161</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14,839</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Hotel revenues - other includes </font><font style="font-family:inherit;font-size:8pt;">$5.5 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$5.8 million</font><font style="font-family:inherit;font-size:8pt;"> of business interruption insurance recovery for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:8pt;">, respectively.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Contract liabilities</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay or a deposit for a future banquet event at the Company&#8217;s hotels. Advanced deposits are recognized as revenue at the time of the guest&#8217;s stay or completion of the banquet services. The following table summarizes the Company&#8217;s contract liabilities, which are included in other liabilities in the accompanying consolidated balance sheets, as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> (in&#160;thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:64%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Contract liability</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">431</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">358</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Revenue recognized in the period from:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amounts included in contract liability at the beginning of the period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">302</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;"> The amount of revenue recognized in the period from amounts included in contract liability at the beginning of the period is not relevant for the year ended </font><font style="font-family:inherit;font-size:8pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:8pt;">, as the Company adopted ASU No. 2014-09 effective January 1, 2018.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Apartment Property</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company owned </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> apartment property with </font><font style="font-family:inherit;font-size:10pt;">292</font><font style="font-family:inherit;font-size:10pt;"> units which was </font><font style="font-family:inherit;font-size:10pt;">91%</font><font style="font-family:inherit;font-size:10pt;"> occupied. The following table provides detailed information regarding the Company&#8217;s apartment revenues and expenses for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Apartment revenues:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Rental income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,774</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,638</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,003</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,856</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Tenant reimbursements and other income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">166</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">108</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">456</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">328</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Apartment revenues</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,940</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,746</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,459</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,184</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Apartment expenses:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Operating, maintenance, and management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">639</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">683</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,844</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,704</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Real estate taxes and insurance</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">337</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">343</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Apartment expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">976</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,026</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,858</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,724</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Geographic Concentration Risk</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s real estate investments in </font><font style="font-family:inherit;font-size:10pt;">California</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">New York</font><font style="font-family:inherit;font-size:10pt;"> represented </font><font style="font-family:inherit;font-size:10pt;">53.4%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">11.2%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of the Company&#8217;s total assets. As a result, the geographic concentration of the Company&#8217;s portfolio makes it particularly susceptible to adverse economic developments in the </font><font style="font-family:inherit;font-size:10pt;">California</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">New York</font><font style="font-family:inherit;font-size:10pt;"> real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company&#8217;s operating results and its ability to make distributions to stockholders.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Impairment of Real Estate</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded an impairment charge of </font><font style="font-family:inherit;font-size:10pt;">$4.2 million</font><font style="font-family:inherit;font-size:10pt;"> to write-down the carrying value of 210 West 31st Street, a development property located in New York, New York, to its estimated fair value of </font><font style="font-family:inherit;font-size:10pt;">$58.3 million</font><font style="font-family:inherit;font-size:10pt;"> due to a change in the projected hold period and related decrease in projected cash flows. The Company purchased 210 West 31st Street for </font><font style="font-family:inherit;font-size:10pt;">$48.0 million</font><font style="font-family:inherit;font-size:10pt;"> plus </font><font style="font-family:inherit;font-size:10pt;">$1.8 million</font><font style="font-family:inherit;font-size:10pt;"> of closing costs. Since acquisition in December 2016, the Company has capitalized </font><font style="font-family:inherit;font-size:10pt;">$6.8 million</font><font style="font-family:inherit;font-size:10pt;"> related to a capital lease asset, </font><font style="font-family:inherit;font-size:10pt;">$3.5 million</font><font style="font-family:inherit;font-size:10pt;"> in development costs and </font><font style="font-family:inherit;font-size:10pt;">$9.2 million</font><font style="font-family:inherit;font-size:10pt;"> of other certain costs such as financing costs, real estate taxes and insurance costs that have been capitalized to construction in progress. In addition, as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, 210 West 31st Street had a capital lease liability with a carrying value of </font><font style="font-family:inherit;font-size:10pt;">$6.8 million</font><font style="font-family:inherit;font-size:10pt;"> included in other liabilities.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RELATED PARTY TRANSACTIONS</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has entered into the Advisory Agreement with the Advisor and dealer manager agreements with the Dealer Manager, with respect to the Private Offering and the Public Offering. These agreements entitle the Advisor and the Dealer Manager to specified fees upon the provision of certain offering-related services and the investment of funds in real estate-related investments, among other services, as well as reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as described in the Advisory Agreement. The Advisor also serves or has served as the advisor for KBS Real Estate Investment Trust, Inc. (&#8220;KBS REIT I&#8221;), KBS Real Estate Investment Trust II, Inc. (&#8220;KBS REIT II&#8221;), KBS&#160;Real&#160;Estate Investment Trust III, Inc. (&#8220;KBS REIT III&#8221;), KBS&#160;Legacy Partners Apartment REIT, Inc. (&#8220;KBS Legacy Partners Apartment REIT&#8221;), KBS Strategic Opportunity REIT, Inc. (&#8220;KBS Strategic Opportunity REIT&#8221;) and KBS Growth &amp; Income REIT, Inc. (&#8220;KBS Growth &amp; Income REIT&#8221;). The Dealer Manager also serves as the dealer manager for the KBS dividend reinvestment plan offerings for KBS Strategic Opportunity REIT, KBS REIT III and KBS Growth &amp; Income REIT. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 6, 2014, the Company, together with KBS REIT I, KBS REIT II, KBS REIT III, KBS Legacy Partners Apartment REIT, KBS Strategic Opportunity REIT, the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers was allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and was billed directly to each entity. The allocation of these shared coverage costs is proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor&#8217;s and the Dealer Manager&#8217;s portion of the shared lower tiers&#8217; cost was proportionate to the respective entities&#8217; prior cost for the errors and omissions insurance. In June 2015, KBS Growth &amp; Income REIT was added to the insurance program at terms similar to those described above. KBS REIT I elected to cease participation in the program at the June 2017 renewal and obtained separate insurance coverage. At renewal in June 2018, the Company, KBS Strategic Opportunity REIT and KBS Legacy Partners Apartment REIT elected to cease participation in the program and obtain separate insurance coverage. The Company, together with KBS Strategic Opportunity REIT, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each REIT covered by the program, and is billed directly to each REIT. The program is effective through June 30, 2019.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, no other business transactions occurred between the Company and these other KBS-sponsored programs.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Advisory Agreement has a </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-year term that expires </font><font style="font-family:inherit;font-size:10pt;">August&#160;12, 2019</font><font style="font-family:inherit;font-size:10pt;">. The Company may terminate the Advisory Agreement on </font><font style="font-family:inherit;font-size:10pt;">30</font><font style="font-family:inherit;font-size:10pt;"> days&#8217; written notice and the Advisor may terminate on </font><font style="font-family:inherit;font-size:10pt;">90</font><font style="font-family:inherit;font-size:10pt;"> days&#8217; written notice. The Advisor in its sole discretion may defer any fee payable to it under the Advisory Agreement. All or any portion of such fee not taken may be deferred without interest and paid when the Advisor determines. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, and any related amounts payable as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="25" rowspan="1"></td></tr><tr><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Incurred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Payable as of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">Expensed</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Asset management fees</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,020</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">739</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,940</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,820</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">22</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Reimbursable operating expenses </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">113</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">65</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">337</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">239</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">64</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">Capitalized</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Acquisition fees</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,126</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">234</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,151</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">133</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">76</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Asset management fees</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">67</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">Additional Paid-in Capital</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Sales commissions</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">190</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">267</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">614</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,028</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Dealer manager fees</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">92</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">133</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">337</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,180</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Stockholder servicing fees </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">505</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,041</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">680</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Reimbursable other offering costs </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">45</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">87</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">174</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">583</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">54</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,042</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,477</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,922</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,650</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">11,109</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">271</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,862</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company&#8217;s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled </font><font style="font-family:inherit;font-size:8pt;">$0.1 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$0.3 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, respectively, and </font><font style="font-family:inherit;font-size:8pt;">$0.1 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$0.2 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:8pt;">, respectively, and were the only employee costs reimbursed under the Advisory Agreement for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2017</font><font style="font-family:inherit;font-size:8pt;">. The Advisor may seek reimbursement for certain other employee costs under the Advisory Agreement.&#160;The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company&#8217;s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company&#8217;s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2) </sup></font><font style="font-family:inherit;font-size:8pt;">Reflects the stockholder servicing fee paid based on the terms of the Class T Shares. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan of the Company, the Company ceased accruing for stockholder servicing fees after </font><font style="font-family:inherit;font-size:8pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:8pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3) </sup></font><font style="font-family:inherit;font-size:8pt;">See &#8220;Other Offering Costs&#8221; below.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Advisor reimbursed the Company </font><font style="font-family:inherit;font-size:10pt;">$35,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$21,000</font><font style="font-family:inherit;font-size:10pt;">, respectively, for property insurance rebates.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other Offering Costs</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Organization and offering costs (other than selling commissions, dealer manager fees and the stockholder servicing fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company or may be paid directly by the Company. These offering costs include all expenses incurred by the Company in connection with the Private Offering and the Public Offering. Organization costs include all expenses incurred by the Company in connection with the formation of the Company, including but not limited to legal fees and other costs to incorporate the Company.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recorded </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> of offering costs (other than selling commissions and dealer manager fees) related to the Private Offering, all of which was initially paid by the Advisor or its affiliates on behalf of the Company and subsequently reimbursed by the Company. In addition, the Company paid </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;"> in selling commissions and dealer manager fees related to the Private Offering. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the Public Offering, pursuant to the Advisory Agreement and the Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for organization and other offering costs paid by them on behalf of the Company, provided that no reimbursements made by the Company to the Advisor or the Dealer Manager may cause total organization and offering expenses incurred by the Company in connection with the Public Offering (including selling commissions, dealer manager fees and the stockholder servicing fee) to exceed </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of the aggregate gross proceeds from the Public Offering as of the date of reimbursement. In addition, the Advisor and its affiliates reimbursed the Company to the extent that the organization and other offering expenses (which exclude selling commissions, dealer manager fees and stockholder servicing fees) paid directly or reimbursed by the Company in connection with the primary portion of the Public Offering, regardless of when incurred, exceeded </font><font style="font-family:inherit;font-size:10pt;">1.0%</font><font style="font-family:inherit;font-size:10pt;"> of gross offering proceeds from the primary portion of the Public Offering. The Advisor and its affiliates are responsible for any organization and other offering expenses related to the primary portion of the Public Offering to the extent they exceed </font><font style="font-family:inherit;font-size:10pt;">1.0%</font><font style="font-family:inherit;font-size:10pt;"> of gross proceeds from the primary portion of the Public Offering. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Advisor and its affiliates had incurred organization and other offering costs (which exclude selling commissions dealer manager fees and stockholder servicing fees) on the Company&#8217;s behalf in connection with the Public Offering of approximately </font><font style="font-family:inherit;font-size:10pt;">$10.9 million</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had recorded </font><font style="font-family:inherit;font-size:10pt;">$14.5 million</font><font style="font-family:inherit;font-size:10pt;"> in selling commissions and dealer manager fees and </font><font style="font-family:inherit;font-size:10pt;">$1.7 million</font><font style="font-family:inherit;font-size:10pt;"> of stockholder servicing fees. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had recorded </font><font style="font-family:inherit;font-size:10pt;">$2.3 million</font><font style="font-family:inherit;font-size:10pt;"> of other organization and offering expenses, which amounts represent the Company&#8217;s maximum liability for organization and other offering costs as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> based on the </font><font style="font-family:inherit;font-size:10pt;">1.0%</font><font style="font-family:inherit;font-size:10pt;"> limitation described above.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Advisor had incurred </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> in organization and offering costs on behalf of the Company in connection with a proposed follow-on offering the Company filed with the SEC on </font><font style="font-family:inherit;font-size:10pt;">August&#160;10, 2017</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had not commenced the follow-on offering.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2018, the Company adopted ASU No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;"> (Topic 606) (&#8220;ASU No. 2014-09&#8221;), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company&#8217;s adoption.&#160;Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018.&#160; A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Based on the Company&#8217;s evaluation of contracts within the scope of ASU No. 2014-09, revenue that is impacted by ASU No. 2014-09 includes revenue generated by other operating income and tenant reimbursements for substantial services earned at the Company&#8217;s office properties and hotel revenues. The recognition of such revenue will occur when the services are provided and the performance obligations are satisfied.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following summarizes the activity related to real estate equity securities for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.41520467836257%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amortized Cost Basis</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized Loss</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#000000;">Real estate equity securities - </font><font style="font-family:inherit;font-size:8pt;color:#000000;">December 31, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Acquisition of real estate equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,800</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,800</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Acquisition fee to affiliate and purchase commission</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#000000;">Loss</font><font style="font-family:inherit;font-size:8pt;color:#000000;">&#160;on real estate equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(172</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(172</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;color:#000000;">Real estate equity securities -</font><font style="font-family:inherit;font-size:8pt;color:#000000;">&#160;September 30, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,986</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(172</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,814</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s notes payable consisted of the following (in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:24%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Book Value as of September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Book Value as of December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Contractual Interest Rate </font><font style="font-family:inherit;font-size:7pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Effective Interest Rate </font><font style="font-family:inherit;font-size:7pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Payment Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;font-weight:bold;">Maturity Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Springmaid Beach Resort Mortgage Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">37,460</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">38,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 3.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">5.11%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Principal &amp;<br clear="none"/>Interest</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">12/30/2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Q&amp;C Hotel Mortgage Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">23,716</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">28,330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 3.25%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">5.36%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;color:#000000;">Principal &amp;<br clear="none"/>Interest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">12/17/2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">2200 Paseo Verde Mortgage Loan </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">7,947</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">7,947</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 2.25%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">4.36%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;color:#000000;">Interest Only </font><font style="font-family:inherit;font-size:7pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">07/01/2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Lincoln Court Mortgage Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">33,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">33,500</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 1.75%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">3.85%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Interest Only</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">06/01/2020</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Lofts at NoHo Commons Mortgage Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">72,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">72,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 2.66%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">4.77%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Interest Only</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">12/01/2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">210 West 31st Street Mortgage Loan </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">37,821</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">35,763</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 5.50%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">7.60%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Interest Only</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">12/01/2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Oakland City Center Mortgage Loan </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(4)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">94,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">94,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 1.75%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">3.85%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;color:#000000;">Interest Only </font><font style="font-family:inherit;font-size:7pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(4)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">09/01/2022</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Madison Square Mortgage Loan </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(5)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">21,895</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">21,895</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">One-month LIBOR + 4.05% </font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(5)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">6.11%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Interest Only</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">10/09/2020</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Total notes payable principal outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">328,939</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">332,035</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">&#160;&#160;&#160;Deferred financing costs, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">(2,530</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">(3,684</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">Total notes payable, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">326,409</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">328,351</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Contractual interest rate represents the interest rate in effect under the loan as of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">. Effective interest rate is calculated as the actual interest rate in effect as of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;"> (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, where applicable. </font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font><font style="font-family:inherit;font-size:8pt;"> As of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$7.9 million</font><font style="font-family:inherit;font-size:8pt;"> had been disbursed to the Company and up to </font><font style="font-family:inherit;font-size:8pt;">$1.6 million</font><font style="font-family:inherit;font-size:8pt;"> is available for future disbursements to be used for tenant improvement costs, capital improvements costs and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning August 1, 2019, monthly payments include principal amortization payments of </font><font style="font-family:inherit;font-size:8pt;">$10,000</font><font style="font-family:inherit;font-size:8pt;"> per month.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3) </sup></font><font style="font-family:inherit;font-size:8pt;">As of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$37.8 million</font><font style="font-family:inherit;font-size:8pt;"> had been disbursed to the Company and up to </font><font style="font-family:inherit;font-size:8pt;">$9.3 million</font><font style="font-family:inherit;font-size:8pt;"> is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(4) </sup></font><font style="font-family:inherit;font-size:8pt;"> As of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$94.5 million</font><font style="font-family:inherit;font-size:8pt;"> had been disbursed to the Company and up to </font><font style="font-family:inherit;font-size:8pt;">$8.9 million</font><font style="font-family:inherit;font-size:8pt;"> is available for future disbursements to be used for tenant improvements and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning October 1, 2020, monthly payments will include principal and interest with principal payments of </font><font style="font-family:inherit;font-size:8pt;">$110,000</font><font style="font-family:inherit;font-size:8pt;"> or, in the event the Company repays any principal of the loan amount, with principal payments calculated using an amortization schedule of </font><font style="font-family:inherit;font-size:8pt;">30</font><font style="font-family:inherit;font-size:8pt;"> years and an annual interest rate of </font><font style="font-family:inherit;font-size:8pt;">6.0%</font><font style="font-family:inherit;font-size:8pt;">, subject to certain terms and conditions contained in the loan documents.</font></div><div style="line-height:120%;padding-bottom:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(5)</sup></font><font style="font-family:inherit;font-size:8pt;"> As of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, </font><font style="font-family:inherit;font-size:8pt;">$21.9 million</font><font style="font-family:inherit;font-size:8pt;"> had been disbursed to the Company and up to </font><font style="font-family:inherit;font-size:8pt;">$12.2 million</font><font style="font-family:inherit;font-size:8pt;"> is available for future disbursements to be used for tenant improvements and leasing expenses, subject to certain terms and conditions contained in the loan documents. The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than </font><font style="font-family:inherit;font-size:8pt;">5.05%</font><font style="font-family:inherit;font-size:8pt;">. The property securing this mortgage loan was formerly known as Grace Court and was re-named Madison Square in connection with the Company&#8217;s re-branding strategy of the property.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the notional amount and other information related to the Company&#8217;s derivative instruments as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. The notional amount is an indication of the extent of the Company&#8217;s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="21" rowspan="1"></td></tr><tr><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value of Asset</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Instruments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Effective Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Reference Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Balance Sheet Location</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/29/2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">01/01/2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">26,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/15/2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/23/2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">28,330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/01/2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/01/2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">47,110</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">22</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10/03/2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10/15/2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">34,125</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Interest Rate Cap</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">02/02/2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12/30/2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">26,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">One-month LIBOR at 3.00%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Prepaid expenses and other assets</font></div></td></tr><tr><td colspan="10" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total Derivative Instruments not designated as hedging instruments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">32</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s calculated earnings per share for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> were as follows (in thousands, except share and per share amounts):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to common stockholders</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(4,963</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,893</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(8,133</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(834</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Less: Class A Common Stock cash distributions declared</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">862</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">777</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,505</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,187</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Less: Class T Common Stock cash distributions declared</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">487</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">258</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,050</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">660</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Undistributed net</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(6,312</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,858</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(11,688</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(3,681</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;text-decoration:underline;">Class A Common Stock:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Undistributed net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(3,776</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,127</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(7,019</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(2,311</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Class A Common Stock cash distributions declared</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">862</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">777</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,505</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">2,187</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to Class A common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(2,914</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,904</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(4,514</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(124</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;per common share, basic and diluted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.16</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">0.12</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.26</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.01</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Weighted-average number of common shares outstanding, basic and diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">17,938,824</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">16,514,730</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">17,640,671</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">15,759,082</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;text-decoration:underline;">Class T Common Stock:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Undistributed net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(2,536</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">731</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(4,669</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(1,370</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Class T Common Stock cash distributions declared</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">487</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">258</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">1,050</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">660</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;attributable to Class T common stockholders</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(2,049</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">989</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(3,619</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(710</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;color:#000000;">Net </font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">(loss) income</font><font style="font-family:inherit;font-size:7.5pt;color:#000000;">&#160;per common share, basic and diluted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.17</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">0.09</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.31</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">(0.08</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">Weighted-average number of common shares outstanding, basic and diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">12,044,757</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">10,714,415</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">11,733,316</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1"><div style="text-align:right;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;">9,339,643</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company measured the following assets at fair value on a recurring basis (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value Measurements Using</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted&#160;Prices&#160;in Active&#160;Markets for Identical Assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant&#160;Other Observable Inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant Unobservable Inputs<br clear="none"/>(Level&#160;3)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Recurring Basis:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Real estate equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,814</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6,814</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Asset derivatives - interest rate caps</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">32</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">32</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Liability derivative - foreign currency forward contract</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands): </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Tenant Origination and Absorption Costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Above-Market Lease Assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Below-Market Lease Liabilities</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">17,728</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19,006</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">99</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">99</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(11,823</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(12,869</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accumulated Amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(5,690</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(3,473</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(30</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(16</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,710</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,086</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net Amount</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12,038</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">15,533</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">69</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">83</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(8,113</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(10,783</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the future minimum rental income from the Company&#8217;s office properties under its non-cancelable operating leases was as follows (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:77%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">October 1, 2018 through December 31, 2018</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,406</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2019</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">21,359</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2020</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19,285</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2021</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">16,290</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2022</font></div></td><td colspan="2" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13,002</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">30,556</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:middle;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">105,898</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the notional amount and other information related to the Company&#8217;s foreign currency forward contract as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">. The notional amount is an indication of the extent of the Company&#8217;s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Derivative Instrument</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Notional Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Strike Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Trade Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Maturity Date</font></div></td></tr><tr><td colspan="11" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">Derivative instrument not designated as hedging instrument</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Foreign currency forward contract</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,668</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1.2704 USD-EUR</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">09/05/2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">09/07/2021</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:79%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">October 1, 2018 through December 31, 2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">61,176</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">109,971</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">63,622</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,320</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2022</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">92,850</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">328,939</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the Company&#8217;s real estate as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> (in&#160;thousands):</font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:62%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Land</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">104,138</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">104,138</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Buildings and improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">368,448</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">362,210</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Construction in progress</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">65,106</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">63,732</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Tenant origination and absorption costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">17,728</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19,006</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total real estate, cost and net of impairment charge </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">555,420</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">549,086</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accumulated depreciation and amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(31,578</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(18,646</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total real estate, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">523,842</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">530,440</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> See &#8220; &#8211; Impairment of Real Estate&#8221; below. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides summary information regarding the Company&#8217;s real estate as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="35" rowspan="1"></td></tr><tr><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:4%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:4%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:5%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:5%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:7%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Property</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Date <br clear="none"/>Acquired</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">City</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">State</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Property Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Land</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Building <br clear="none"/>and Improvements</font><font style="font-family:inherit;font-size:6pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:6pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:6pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Tenant Origination and Absorption</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Total Real Estate, at Cost and Net of Impairment Charge</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Accumulated Depreciation and Amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Total Real Estate, Net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;font-weight:bold;">Ownership %</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Springmaid Beach Resort</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12/30/2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Myrtle Beach</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">SC</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Hotel</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">27,438</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">33,402</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">60,840</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(6,475</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">54,365</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">90.0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Q&amp;C Hotel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12/17/2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">New Orleans</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">LA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Hotel</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">1,232</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">53,075</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">54,307</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(5,512</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">48,795</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">90.0%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">2200 Paseo Verde</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12/23/2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Henderson</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">NV</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">1,850</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">11,728</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">553</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">14,131</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(1,505</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12,626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">100.0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Lincoln Court</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">05/20/2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Campbell</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">CA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">14,706</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">34,064</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">2,881</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">51,651</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(4,137</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">47,514</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">100.0%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Lofts at NoHo Commons</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">11/16/2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">North Hollywood</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">CA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Apartment</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">26,222</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">77,305</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">103,527</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(3,629</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">99,898</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">90.0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">210 West 31st Street </font><font style="font-family:inherit;font-size:6pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">12/01/2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">New York</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">NY</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Retail</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">65,106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">65,106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">65,106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">80.0%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Oakland City Center</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">08/18/2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Oakland</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">CA</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">22,150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">138,939</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">11,494</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">172,583</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(8,871</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">163,712</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">100.0%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Madison Square </font><font style="font-family:inherit;font-size:6pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">10/03/2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Phoenix</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">AZ</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">Office</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">10,540</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">19,935</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">2,800</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">33,275</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(1,449</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">31,826</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">90.0%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">104,138</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">433,554</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">17,728</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">555,420</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">(31,578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">523,842</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;"> Building and improvements includes construction in progress.</font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font><font style="font-family:inherit;font-size:8pt;"> The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></font><font style="font-family:inherit;font-size:8pt;"> The Company acquired the rights to a leasehold interest with respect to the land at this property. This property was formerly known as Grace Court and was re-named Madison Square in connection with the Company&#8217;s re-branding strategy for this property.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, and any related amounts payable as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="25" rowspan="1"></td></tr><tr><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Incurred</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Payable as of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">Expensed</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Asset management fees</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,020</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">739</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,940</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,820</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">20</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">22</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Reimbursable operating expenses </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">113</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">65</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">337</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">239</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">64</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">Capitalized</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Acquisition fees</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">19</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,126</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">234</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,151</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">133</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">76</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Asset management fees</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">67</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">Additional Paid-in Capital</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Sales commissions</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">190</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">267</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">614</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,028</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Dealer manager fees</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">92</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">133</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">337</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,180</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Stockholder servicing fees </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">505</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,041</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">680</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-left:12px;text-indent:-12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Reimbursable other offering costs </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">45</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">87</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">174</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">583</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">54</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,042</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,477</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">5,922</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">4,650</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">11,109</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">271</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,862</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company&#8217;s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled </font><font style="font-family:inherit;font-size:8pt;">$0.1 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$0.3 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, respectively, and </font><font style="font-family:inherit;font-size:8pt;">$0.1 million</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">$0.2 million</font><font style="font-family:inherit;font-size:8pt;"> for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:8pt;">, respectively, and were the only employee costs reimbursed under the Advisory Agreement for the </font><font style="font-family:inherit;font-size:8pt;">three</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">nine</font><font style="font-family:inherit;font-size:8pt;"> months ended </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;"> and </font><font style="font-family:inherit;font-size:8pt;">2017</font><font style="font-family:inherit;font-size:8pt;">. The Advisor may seek reimbursement for certain other employee costs under the Advisory Agreement.&#160;The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company&#8217;s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company&#8217;s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company.</font></div><div style="line-height:120%;padding-bottom:4px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(2) </sup></font><font style="font-family:inherit;font-size:8pt;">Reflects the stockholder servicing fee paid based on the terms of the Class T Shares. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan of the Company, the Company ceased accruing for stockholder servicing fees after </font><font style="font-family:inherit;font-size:8pt;">July&#160;31, 2018</font><font style="font-family:inherit;font-size:8pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(3) </sup></font><font style="font-family:inherit;font-size:8pt;">See &#8220;Other Offering Costs&#8221; below.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company&#8217;s portfolio were as follows:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.80506822612085%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:37%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Industry</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Number of Tenants</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Annualized Base Rent </font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;<br clear="none"/>(in thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Percentage of <br clear="none"/>Annualized Base Rent</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Professional, Scientific and Legal</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,753</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">16.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Legal Services</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">12</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,647</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">15.6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Public Administration (Government)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,168</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Finance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,505</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">10.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">13,073</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">56.0</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">%</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_____________________</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1) </sup></font><font style="font-family:inherit;font-size:8pt;">Annualized base rent represents annualized contractual base rental income as of </font><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:8pt;">, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease&#8217;s inception through the balance of the lease term.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has invested in opportunistic real estate investments, real estate equity securities and originated a loan secured by a non-stabilized real estate asset, which was repaid on </font><font style="font-family:inherit;font-size:10pt;">January&#160;12, 2018</font><font style="font-family:inherit;font-size:10pt;">. In general, the Company intends to hold its investments in opportunistic real estate, real estate equity securities and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company&#8217;s management views opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> reportable business segment. In addition, the Company has invested in a participating loan facility secured by a portfolio of light industrial properties located in Europe. However, based on the Company&#8217;s investment portfolio and future investment focus, the Company does not believe that its investment in the European asset is a reportable segment.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SUBSEQUENT EVENTS</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company evaluates subsequent events up until the date the consolidated financial statements are issued.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Cash Distributions Paid</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">October&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company paid distributions of </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from </font><font style="font-family:inherit;font-size:10pt;">September&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;"> through </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">. On </font><font style="font-family:inherit;font-size:10pt;">November&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company paid distributions of </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from </font><font style="font-family:inherit;font-size:10pt;">October&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;"> through </font><font style="font-family:inherit;font-size:10pt;">October&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. Distributions for the period from </font><font style="font-family:inherit;font-size:10pt;">September&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;"> through </font><font style="font-family:inherit;font-size:10pt;">October&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> were calculated based on stockholders of record each day during these periods at a rate of (i) </font><font style="font-family:inherit;font-size:10pt;">$0.00052548</font><font style="font-family:inherit;font-size:10pt;"> per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stock Dividends Issued</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">August&#160;9, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s board of directors authorized stock dividends for the month of </font><font style="font-family:inherit;font-size:10pt;">September 2018</font><font style="font-family:inherit;font-size:10pt;">, in the amount of </font><font style="font-family:inherit;font-size:10pt;">0.001667</font><font style="font-family:inherit;font-size:10pt;"> shares of each class of the Company&#8217;s common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">.&#160; The Company issued the </font><font style="font-family:inherit;font-size:10pt;">September 2018</font><font style="font-family:inherit;font-size:10pt;"> stock dividend, consisting of </font><font style="font-family:inherit;font-size:10pt;">50,117</font><font style="font-family:inherit;font-size:10pt;"> shares, on </font><font style="font-family:inherit;font-size:10pt;">October&#160;2, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">August&#160;9, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s board of directors authorized stock dividends for the month of </font><font style="font-family:inherit;font-size:10pt;">October 2018</font><font style="font-family:inherit;font-size:10pt;">, in the amount of </font><font style="font-family:inherit;font-size:10pt;">0.001667</font><font style="font-family:inherit;font-size:10pt;"> shares of each class of the Company&#8217;s common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on </font><font style="font-family:inherit;font-size:10pt;">October&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">.&#160; The Company issued the </font><font style="font-family:inherit;font-size:10pt;">October 2018</font><font style="font-family:inherit;font-size:10pt;"> stock dividends, consisting of </font><font style="font-family:inherit;font-size:10pt;">50,250</font><font style="font-family:inherit;font-size:10pt;"> shares, on </font><font style="font-family:inherit;font-size:10pt;">November&#160;2, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Distributions Declared</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">October&#160;10, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s board of directors declared cash distributions on the outstanding shares of all classes of its common stock based on daily record dates for the period from </font><font style="font-family:inherit;font-size:10pt;">November&#160;1, 2018</font><font style="font-family:inherit;font-size:10pt;"> through </font><font style="font-family:inherit;font-size:10pt;">November&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, which the Company expects to pay in </font><font style="font-family:inherit;font-size:10pt;">December 2018</font><font style="font-family:inherit;font-size:10pt;">. Investors may choose to receive cash distributions or purchase additional shares through the Company&#8217;s dividend reinvestment plan. Distributions for these periods will be calculated based on stockholders of record each day during this period at a rate of </font><font style="font-family:inherit;font-size:10pt;">$0.00052548</font><font style="font-family:inherit;font-size:10pt;"> per share per day.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Also on </font><font style="font-family:inherit;font-size:10pt;">October&#160;10, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s board of directors authorized a stock dividend for the month of </font><font style="font-family:inherit;font-size:10pt;">November 2018</font><font style="font-family:inherit;font-size:10pt;"> in the amount of </font><font style="font-family:inherit;font-size:10pt;">0.001667</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock on each outstanding share of common stock, issuable to all common stockholders of record as of the close of business on </font><font style="font-family:inherit;font-size:10pt;">November&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend. The Company expects to issue this stock dividend in </font><font style="font-family:inherit;font-size:10pt;">December 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</font></div></div> EX-101.SCH 8 kbsorii-20180930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2112100 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 2412402 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) link:presentationLink link:calculationLink link:definitionLink 2312301 - Disclosure - COMMITMENTS AND CONTINGENCIES (Tables) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) link:presentationLink link:calculationLink link:definitionLink 1005001 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - CONSOLIDATED STATEMENTS OF EQUITY (unaudited) link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - DERIVATIVE INSTRUMENTS link:presentationLink link:calculationLink link:definitionLink 2409402 - Disclosure - DERIVATIVE INSTRUMENTS (Details) link:presentationLink link:calculationLink link:definitionLink 2309301 - Disclosure - DERIVATIVE INSTRUMENTS (Tables) link:presentationLink link:calculationLink link:definitionLink 2410404 - Disclosure - a (Details) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - FAIR VALUE DISCLOSURES link:presentationLink link:calculationLink link:definitionLink 2410403 - Disclosure - FAIR VALUE DISCLOSURES (Schedule of Assets at Fair Value) (Details) link:presentationLink link:calculationLink link:definitionLink 2410402 - Disclosure - FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) link:presentationLink link:calculationLink link:definitionLink 2310301 - Disclosure - FAIR VALUE DISCLOSURES (Tables) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - INVESTMENT IN UNCONSOLIDATED ENTITY link:presentationLink link:calculationLink link:definitionLink 2407401 - Disclosure - INVESTMENT IN UNCONSOLIDATED ENTITY (Details) link:presentationLink link:calculationLink link:definitionLink 2108100 - Disclosure - NOTES PAYABLE link:presentationLink link:calculationLink link:definitionLink 2408403 - Disclosure - NOTES PAYABLE (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2408404 - Disclosure - NOTES PAYABLE (Schedule of Maturities) (Details) link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - NOTES PAYABLE (Schedule of Notes Payable) (Details) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - NOTES PAYABLE (Tables) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - ORGANIZATION link:presentationLink link:calculationLink link:definitionLink 2401401 - Disclosure - ORGANIZATION (Details) link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - REAL ESTATE link:presentationLink link:calculationLink link:definitionLink 2403410 - Disclosure - REAL ESTATE (Apartment Property) (Details) link:presentationLink link:calculationLink link:definitionLink 2403409 - Disclosure - REAL ESTATE (Contract Liability) (Details) link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - REAL ESTATE EQUITY SECURITIES link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - REAL ESTATE EQUITY SECURITIES (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2406403 - Disclosure - REAL ESTATE EQUITY SECURITIES (Schedule of Activity of Real Estate Securities) (Details) link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - REAL ESTATE EQUITY SECURITIES (Tables) link:presentationLink link:calculationLink link:definitionLink 2403406 - Disclosure - REAL ESTATE (Future Minimum Rental Income) (Details) link:presentationLink link:calculationLink link:definitionLink 2403411 - Disclosure - REAL ESTATE (Geographic Concentration Risk) (Details) link:presentationLink link:calculationLink link:definitionLink 2403407 - Disclosure - REAL ESTATE (Highes Tenant Industry Concentrations - Greater than 10% of Annual Base Rent) (Details) link:presentationLink link:calculationLink link:definitionLink 2403408 - Disclosure - REAL ESTATE (Hotel Revenue and Expenses) (Details) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - REAL ESTATE LOAN RECEIVABLE link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - REAL ESTATE LOAN RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details) link:presentationLink link:calculationLink link:definitionLink 2405404 - Disclosure - REAL ESTATE LOAN RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - REAL ESTATE LOAN RECEIVABLE (Schedule of Real Estate Loans Receivable) (Details) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - REAL ESTATE LOAN RECEIVABLE (Tables) link:presentationLink link:calculationLink link:definitionLink 2403402 - Disclosure - REAL ESTATE (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2403404 - Disclosure - REAL ESTATE (Office Property) (Details) link:presentationLink link:calculationLink link:definitionLink 2403405 - Disclosure - REAL ESTATE (Operating Leases) (Details) link:presentationLink link:calculationLink link:definitionLink 2403403 - Disclosure - REAL ESTATE (Schedule of Real Estate Investments) (Details) link:presentationLink link:calculationLink link:definitionLink 2303301 - Disclosure - REAL ESTATE (Tables) link:presentationLink link:calculationLink link:definitionLink 2111100 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:calculationLink link:definitionLink 2411402 - Disclosure - RELATED PARTY TRANSACTIONS (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2411403 - Disclosure - RELATED PARTY TRANSACTIONS (Related-party Costs) (Details) link:presentationLink link:calculationLink link:definitionLink 2311301 - Disclosure - RELATED PARTY TRANSACTIONS (Tables) link:presentationLink link:calculationLink link:definitionLink 2113100 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 2413401 - Disclosure - SUBSEQUENT EVENTS (Offering and Distributions) (Details) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 2402405 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (EPS Two-class Method) (Details) link:presentationLink link:calculationLink link:definitionLink 2402403 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2202201 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:calculationLink link:definitionLink 2402404 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock Dividends) (Details) link:presentationLink link:calculationLink link:definitionLink 2302302 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES link:presentationLink link:calculationLink link:definitionLink 2404402 - Disclosure - TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) link:presentationLink link:calculationLink link:definitionLink 2404403 - Disclosure - TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2304301 - Disclosure - TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 9 kbsorii-20180930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 10 kbsorii-20180930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 11 kbsorii-20180930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract] Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract] Tenant Origination And Absorption Costs, Cost Tenant Origination And Absorption Costs, Gross Represents the net amount of tenant origination and absorption costs. Origination costs include estimates of costs avoided associated with leasing the property, including tenant allowance and improvements and leasing commissions. Absorption costs relate to the value of opportunity costs calculated using the contractual amounts paid pursuant to in-place leases over market absorption period for a similar lease. Tenant Origination and Absorption Costs, Accumulated Amortization Tenant Origination and Absorption Costs, Accumulated Amortization Tenant origination and absorption costs, accumulated Amortization Tenant Origination and Absorption Costs, Net Amount Tenant Origination and Absorption Costs, Net Tenant origination and absorption costs, net. Tenant Origination and Absorption Costs, Amortization expense Tenant origination and absorption costs, amortization expense Tenant origination and absorption costs, amortization expense. Above-Market Lease Assets, Cost Above-market leases, gross Above-market leases, gross. Above-Market Lease Assets, Accumulated Amortization Above-market leases, accumulated amortization Above-market leases, accumulated amortization. Above-Market Lease Assets, Net Amount Above Market Leases, Net This element represents an asset associated with the acquisition of an off-market lease when the terms of the lease are favorable to the market terms for the lease at the date of acquisition. Above-Market Lease Assets, Amortization expense Above-market leases, amortization expense Above-market leases, amortization expense. Below-Market Lease Liabilities, Cost Below Market Lease, Gross Below-Market Lease Liabilities, Accumulated Amortization Below Market Lease, Accumulated Amortization Below-Market Lease Liabilities, Net Amount Below Market Lease, Net Below-Market Lease Liabilities, Amortization expense Off-market Lease, Unfavorable, Amortization Expense Off-market lease, unfavorable, amortization expense. Debt Disclosure [Abstract] October 1, 2018 through December 31, 2018 Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year 2019 Long-term Debt, Maturities, Repayments of Principal in Year Two 2020 Long-term Debt, Maturities, Repayments of Principal in Year Three 2021 Long-term Debt, Maturities, Repayments of Principal in Year Four 2022 Long-term Debt, Maturities, Repayments of Principal in Year Five Total Long-term Debt, Gross Derivative [Table] Derivative [Table] Derivative Instrument [Axis] Derivative Instrument [Axis] Derivative Contract [Domain] Derivative Contract [Domain] Interest Rate Cap Interest Rate Cap [Member] Derivative [Line Items] Derivative [Line Items] Unrealized gain (loss) on derivative instruments Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax Interest expense Interest Expense Amortization of deferred financing costs Amortization of Financing Cost, Net of Discontinued Operations Amortization of financing cost, net of discontinued operations. Interest capitalized Interest Costs Capitalized Interest payable Interest Payable Receivables [Abstract] Schedule of Real Estate Loan Receivable Schedule of Real Estate Loans Receivable [Table Text Block] Schedule of Real Estate Loans Receivable [Table Text Block] Schedule of Activity Related to Real Estate Loan Receivable Schedule of Activity Related to Real Estate Loans Receivable [Table Text Block] Schedule of Activity Related to Real Estate Loans Receivable [Table Text Block] Schedule of Interest and Other Income Interest and Other Income [Table Text Block] Investments, Debt and Equity Securities [Abstract] Available-for-sale Securities [Roll Forward] Available-for-sale Securities [Roll Forward] Available-for-sale Securities [Roll Forward] Real estate securities, Amortized Cost Basis Available-for-sale Equity Securities, Amortized Cost Basis Real estate securities, Unrealized Loss Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax Real estate securities, Total Available-for-sale Securities, Equity Securities Acquisition of real estate equity securities Payments to Acquire Available-for-sale Securities, Equity Acquisition fee to affiliate and purchase commission Available-for-sale Equity Securities, Acquisition Fees, Related Party Available-for-sale Equity Securities, Acquisition Fees, Related Party Loss on real estate equity securities Available-for-sale Equity Securities, Change in Net Unrealized Holding Gain (Loss) Available-for-sale Equity Securities, Change in Net Unrealized Holding Gain (Loss) Real estate securities, Amortized Cost Basis Real estate securities, Unrealized Loss Real estate securities, Total Real Estate [Abstract] Schedule of Real Estate Properties [Table] Schedule of Real Estate Properties [Table] Real Estate, Type of Property [Axis] Real Estate, Type of Property [Axis] Real Estate [Domain] Real Estate [Domain] Apartment Building Apartment Building [Member] Real Estate Properties [Line Items] Real Estate Properties [Line Items] Number of real estate properties Number of Real Estate Properties Number of units in real estate property Number of Units in Real Estate Property Percentage of real estate portfolio occupied Percentage of Real Estate Portfolio Occupied Percentage of real estate portfolio occupied. Rental income Rental Income Rental Income Tenant reimbursements and other income Tenant Reimbursements Total revenues Revenues Operating, maintenance, and management Operating, maintenance, and management Operating, maintenance, and management Real estate taxes and insurance Real Estate Taxes and Insurance Total expenses Costs and Expenses Equity Method Investments and Joint Ventures [Abstract] INVESTMENT IN UNCONSOLIDATED ENTITY Equity Method Investments and Joint Ventures Disclosure [Text Block] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Domain] Land Land [Member] Buildings and improvements Building and Building Improvements [Member] Construction in progress Construction in Progress [Member] Buildings and Improvements Building and Building Improvements and Construction in Progress [Member] Building and Building Improvements and Construction in Progress [Member] Tenant origination and absorption costs Tenant Origination and Absorption Costs [Member] Tenant Origination and Absorption Costs [Member] Springmaid Beach Resort Springmaid Beach Resort [Member] Springmaid Beach Resort [Member] Q&C Hotel Q and C Hotel [Member] Q and C Hotel [Member] 2200 Paseo Verde 2200 Paseo Verde [Member] 2200 Paseo Verde [Member] Lincoln Court Lincoln Court [Member] Lincoln Court [Member] Lofts at NoHo Commons Lofts at NoHo Commons [Member] Lofts at NoHo Commons [Member] 210 West 31st Street 210 West 31st Street [Member] 210 West 31st Street [Member] Oakland City Center Oakland City Center [Member] Oakland City Center [Member] Madison Square Madison Square [Member] Madison Square [Member] Date Originated Business Acquisition, Effective Date of Acquisition Total real estate, cost and net of impairment charge Real Estate Investment Property, at Cost Accumulated depreciation and amortization Real Estate Investment Property, Accumulated Depreciation Total real estate, net Real Estate Investment Property, Net Ownership % Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions Schedule of Long-term Debt Instruments Schedule of Long-term Debt Instruments [Table Text Block] Schedule of Maturities of Long-term Debt Schedule of Maturities of Long-term Debt [Table Text Block] Document and Entity Information [Abstract] Document and Entity Information [Abstract] Entity Listings [Table] Entity Listings [Table] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Class A Common Class A [Member] Class T Common Class T [Member] Common Class T [Member] Entity Listings [Line Items] Entity Listings [Line Items] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Fair Value Disclosures [Abstract] FAIR VALUE DISCLOSURES Fair Value Disclosures [Text Block] Related Party Transactions [Abstract] Schedule of Related Party Transactions, by Related Party [Table] Schedule of Related Party Transactions, by Related Party [Table] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Advisor and Dealer Manager Advisor and Dealer Manager [Member] Advisor and Dealer Manager [Member] Related Party Transaction [Axis] Related Party Transaction [Axis] Related Party Transaction [Domain] Related Party Transaction [Domain] Asset management fees Asset Management Fees [Member] Asset Management Fees [Member] Reimbursable operating expenses Reimbursable Operating Expenses [Member] Reimbursable Operating Expenses [Member] Acquisition fees Acquisition Fee on Development Project [Member] Acquisition Fee on Development Project [Member] Asset management fees Asset Management Fees on Development Project [Member] Asset Management Fees on Development Project [Member] Sales commissions Sales Commissions [Member] Sales Commissions [Member] Dealer manager fees Dealer Manager Fees [Member] Dealer Manager Fees [Member] Stockholder servicing fees Stockholder Servicing Fees [Member] Stockholder Servicing Fees [Member] Reimbursable other offering costs Reimbursable Other Offering Costs [Member] Reimbursable Other Offering Costs [Member] Related Party Transaction [Line Items] Related Party Transaction [Line Items] Expenses Related Party Transaction, Expenses from Transactions with Related Party Incurred Related Party Transaction, Amounts of Transaction Payable as of Due to Related Parties Payment for administrative fees Payment for Administrative Fees Revenue, Initial Application Period Cumulative Effect Transition [Table] Revenue, Initial Application Period Cumulative Effect Transition [Table] Adjustments for New Accounting Pronouncements [Axis] Adjustments for New Accounting Pronouncements [Axis] Type of Adoption [Domain] Type of Adoption [Domain] Accounting Standards Update 2014-09 Accounting Standards Update 2014-09 [Member] Initial Application Period Cumulative Effect Transition [Axis] Initial Application Period Cumulative Effect Transition [Axis] Initial Application Period Cumulative Effect Transition [Domain] Initial Application Period Cumulative Effect Transition [Domain] Difference between Revenue Guidance in Effect before and after Topic 606 Difference between Revenue Guidance in Effect before and after Topic 606 [Member] Revenue, Initial Application Period Cumulative Effect Transition [Line Items] Revenue, Initial Application Period Cumulative Effect Transition [Line Items] Other operating income and tenant reimbursements Other operating income and tenant reimbursements Other operating income and tenant reimbursements Office Building Office Building [Member] Net rentable area Net Rentable Area Percentage of portfolio occupied Tenant reimbursements and other income Subsequent Events [Abstract] Subsequent Event [Table] Subsequent Event [Table] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event Subsequent Event [Member] Dividends [Axis] Dividends [Axis] Dividends [Domain] Dividends [Domain] Dividend Paid Dividend Paid [Member] Dividends Issued Dividends Issued [Member] Dividends Issued [Member] Dividend Declared Dividend Declared [Member] Subsequent Event [Line Items] Subsequent Event [Line Items] Dividends, common stock Dividends, Common Stock Distribution rate per share per day, declared (in dollars per share) Common Share, Distribution Rate Per Share Per Day, Declared Common share, distribution rate per share per day, declared. Amount declared per share outstanding Common Stock Dividends, Shares, Ratio Common Stock Dividends, Shares, Ratio Stock dividends issued (in shares) Common Stock Dividends, Shares Insurance recoveries Insurance Recoveries Hotel Hotel [Member] Products and Services [Axis] Products and Services [Axis] Products and Services [Domain] Products and Services [Domain] Room Occupancy [Member] Occupancy [Member] Food, beverage and convention services Food and Beverage [Member] Consumable liquid and non-liquid substance to provide nourishment. Campground Campground [Member] Campground [Member] Other Hotel, Other [Member] Commercial establishment providing lodging, meal, meeting space and other related service, classified as other. Hotel revenues: Revenue from Hotels [Abstract] Hotel revenues Revenue from Contract with Customer, Including Assessed Tax Hotel expenses: Direct Costs of Hotels [Abstract] Room Occupancy Costs Food, beverage and convention services Food and Beverage, Cost of Sales General and administrative General and Administrative Expense Sales and marketing Sales and Marketing Expense Sales and Marketing Expense Repairs and maintenance Cost of Property Repairs and Maintenance Utilities Utilities Costs Property taxes and insurance Property Taxes and Insurance Expense Property Taxes and Insurance Expense Other Other Direct Costs of Hotels Hotel expenses Direct Costs of Hotels Schedule of Activity of Real Estate Securities Schedule of Available-for-sale Securities Reconciliation [Table Text Block] Statement of Comprehensive Income [Abstract] Net (loss) income Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Other comprehensive (loss) income: Other Comprehensive Income (Loss), Net of Tax [Abstract] Foreign currency translation (loss) gain Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Total other comprehensive (loss) income Other Comprehensive Income (Loss), Net of Tax Total comprehensive (loss) income Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Total comprehensive loss (income) attributable to noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Total comprehensive (loss) income attributable to common stockholders Comprehensive Income (Loss), Net of Tax, Attributable to Parent Accounting Policies [Abstract] Basis of Presentation Basis of Accounting, Policy [Policy Text Block] Principles of Consolidation Consolidation, Policy [Policy Text Block] Use of Estimates Use of Estimates, Policy [Policy Text Block] Revenue Recognition Revenue Recognition, Policy [Policy Text Block] Hotel Revenue Revenue Recognition, Hotel, Policy [Policy Text Block] Revenue Recognition, Hotel, Policy [Policy Text Block] Real Estate Equity Securities Equity Securities Without Readily Determinable Fair Value [Policy Text Block] Equity Securities Without Readily Determinable Fair Value [Policy Text Block] Segments Segment Reporting, Policy [Policy Text Block] Per Share Data Earnings Per Share, Policy [Policy Text Block] Square Footage, Occupancy and Other Measures Policy Square Footage, Occupancy and Other Measures Policy [Policy Text Block] Square Footage, Occupancy and Other Measures Policy [Policy Text Block] Recently Issued Accounting Standards Updates New Accounting Pronouncements, Policy [Policy Text Block] Fair Value Measurements Fair Value Measurement, Policy [Policy Text Block] October 1, 2018 through December 31, 2018 Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year 2019 Operating Leases, Future Minimum Payments Receivable, in Two Years 2020 Operating Leases, Future Minimum Payments Receivable, in Three Years 2021 Operating Leases, Future Minimum Payments Receivable, in Four Years 2022 Operating Leases, Future Minimum Payments Receivable, in Five Years Thereafter Operating Leases, Future Minimum Payments Receivable, Thereafter Future minimum rental income Operating Leases, Future Minimum Payments Receivable Schedule of Related Party Costs Schedule of Related Party Transactions [Table Text Block] Contract liability Contract with Customer, Liability Amounts included in contract liability at the beginning of the period Contract with Customer, Liability, Revenue Recognized Organization, Consolidation and Presentation of Financial Statements [Abstract] ORGANIZATION Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Income Statement [Abstract] Statement [Table] Statement [Table] Statement [Line Items] Statement [Line Items] Revenues: Revenues [Abstract] Office revenues Office Revenues Office Revenues Hotel revenues Revenue from Hotels Apartment revenues Real Estate Revenue, Net Dividend income from real estate equity securities Investment Income, Dividend Interest income from real estate loan receivable Interest and Fee Income, Loans and Leases Expenses: Costs and Expenses [Abstract] Office expenses Direct Costs of Office Direct Costs of Office Hotel expenses Apartment expenses Cost of Real Estate Revenue Asset management fees to affiliate Asset Management Costs General and administrative expenses Depreciation and amortization Depreciation, Depletion and Amortization Interest expense Impairment charge on real estate Impairment of Real Estate Other (loss) income: Component of Operating Income [Abstract] Other interest income Investment Income, Interest Equity in income of unconsolidated entity Equity in income of unconsolidated entity Equity in income of unconsolidated entity Loss on real estate equity securities Equity Securities, FV-NI, Unrealized Gain (Loss) Amount of unrealized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Casualty-related income, net Premiums Earned, Net, Property and Casualty Total other (loss) income Other Nonoperating Income (Expense) Net (loss) income before income taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income tax (expense) benefit Income Tax Expense (Benefit) Net (loss) income Net loss (income) attributable to noncontrolling interests Net Income (Loss) Attributable to Noncontrolling Interest Net (loss) income attributable to common stockholders Net Income (Loss) Attributable to Parent Net (loss) income per common share, basic and diluted (in dollars per share) Earnings Per Share, Basic and Diluted Weighted-average number of common shares outstanding, basic and diluted (in shares) Weighted Average Number of Shares Outstanding, Basic and Diluted Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Measurement Frequency [Axis] Measurement Frequency [Axis] Fair Value, Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Nonrecurring Basis: Fair Value, Measurements, Nonrecurring [Member] Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Quoted Prices in Active Markets for Identical Assets (Level 1) Fair Value, Inputs, Level 1 [Member] Significant Other Observable Inputs (Level 2) Fair Value, Inputs, Level 2 [Member] Significant Unobservable Inputs (Level 3) Fair Value, Inputs, Level 3 [Member] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Impaired real estate Impairment of Real Estate, Fair Value Disclosure Impairment of Real Estate, Fair Value Disclosure Commitments and Contingencies Disclosure [Abstract] Loss Contingencies [Table] Loss Contingencies [Table] Name of Property [Axis] Name of Property [Axis] Name of Property [Domain] Name of Property [Domain] Doubletree Management LLC Doubletree Management LLC [Member] Doubletree Management LLC [Member] Encore Hospitality, LLC Encore Hospitality, LLC [Member] Encore Hospitality, LLC [Member] Marriott International Marriott International [Member] Marriott International [Member] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Direct Costs of Hotels Direct Costs of Hotels [Member] Direct Costs of Hotels [Member] Loss Contingencies [Line Items] Loss Contingencies [Line Items] Base fee as percentage of total operating revenue in year one Base Fee As Percentage of Total Operating Revenue in Year One Base Fee As Percentage of Total Operating Revenue in Year One Base fee as percentage of total operating revenue in year two Base Fee As Percentage of Total Operating Revenue in Year Two Base Fee As Percentage of Total Operating Revenue in Year Two Base fee as percentage of total operating revenue, thereafter Base Fee As Percentage of Total Operating Revenue, Thereafter Base Fee As Percentage of Total Operating Revenue, Thereafter Management fee as percent of any campground revenue Management Fee as Percent of Any Campground Revenue Management Fee as Percent of Any Campground Revenue Incentive fee as percent of operating cash flow Incentive Fee as Percent of Operating Cash Flow Incentive Fee as Percent of Operating Cash Flow Percent of total investments Percent of Total Investments Percent of Total Investments Brand services fee as percent of total room revenue Brand Services Fee as Percent of Total Room Revenue Brand Services Fee as Percent of Total Room Revenue Fees incurred to management agreement Fees Incurred to Management Agreement Fees Incurred to Management Agreement Management agreement, extension period Management Agreement, Extension Period Management Agreement, Extension Period Base fee as percentage of gross revenue Base Fee As Percentage of Gross Revenue Base Fee As Percentage of Gross Revenue Management agreement, fees accrued Management Agreement, Fees Accrued Management Agreement, Fees Accrued Brand services fee as percent of total room revenue, after three years Brand Services Fee as Percent of Total Room Revenue, after Three Years Brand Services Fee as Percent of Total Room Revenue, after Three Years Monthly marketing fund contribution fees as percent of gross room sales Monthly Marketing Fund Contribution Fees as Percent of Gross Room Sales Monthly Marketing Fund Contribution Fees as Percent of Gross Room Sales Lease Obligations Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] October 1, 2018 through December 31, 2018 Capital Leases, Future Minimum Payments, Remainder of Fiscal Year 2019 Capital Leases, Future Minimum Payments Due in Two Years 2020 Capital Leases, Future Minimum Payments Due in Three Years 2021 Capital Leases, Future Minimum Payments Due in Four Years 2022 Capital Leases, Future Minimum Payments Due in Five Years Thereafter Capital Leases, Future Minimum Payments Due Thereafter Total expected minimum lease obligations Capital Leases, Future Minimum Payments Due Less: Amount representing interest Capital Leases, Future Minimum Payments, Interest Included in Payments Present value of net minimum lease payments Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments Schedule of Dividends Declared and Shares Issued Dividends Declared [Table Text Block] Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] Net (loss) income attributable to common stockholders Less: Common Stock cash distributions declared Distributed Earnings Undistributed net (loss) income attributable to common stockholders Undistributed Earnings, Basic NOTES PAYABLE Debt Disclosure [Text Block] Contractual Obligation, Fiscal Year Maturity Schedule Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] Derivative Instruments and Hedging Activities Disclosure [Abstract] DERIVATIVE INSTRUMENTS Derivative Instruments and Hedging Activities Disclosure [Text Block] Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Table] Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Table] Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Table] Balance Sheet Location [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Prepaid Expenses and Other Assets Prepaid Expenses and Other Current Assets [Member] Asset Class [Axis] Asset Class [Axis] Asset Class [Domain] Asset Class [Domain] Housing Subsidy Intangible Asset Housing Subsidy Intangible Asset [Member] Housing Subsidy Intangible Asset [Member] Property Tax Abatement Intangible Asset Property Tax Abatement Intangible Asset [Member] Property Tax Abatement Intangible Asset [Member] Range [Axis] Range [Axis] Range [Domain] Range [Domain] Minimum Minimum [Member] Maximum Maximum [Member] Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items] Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items] [Line Items] for Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Table] Intangible assets Intangible Assets, Net (Excluding Goodwill) Remaining amortization period Finite-Lived Intangible Assets, Remaining Amortization Period Unamortized tax abatement intangible asset Unamortized tax abatement intangible asset Unamortized tax abatement intangible asset Recurring Basis: Fair Value, Measurements, Recurring [Member] Real estate equity securities Mortgage-backed Securities Available-for-sale, Fair Value Disclosure Asset derivatives - interest rate caps Derivative Asset Liability derivative - foreign currency forward contract Derivative Liability REAL ESTATE Real Estate Disclosure [Text Block] COMMITMENTS AND CONTINGENCIES Commitments and Contingencies Disclosure [Text Block] Schedule of Equity Method Investments [Table] Schedule of Equity Method Investments [Table] Investment, Name [Axis] Investment, Name [Axis] Investment, Name [Domain] Investment, Name [Domain] Real Estate Joint Venture Real Estate Joint Venture [Member] Real Estate Joint Venture [Member] Industrial Industrial [Member] Industrial [Member] Schedule of Equity Method Investments [Line Items] Schedule of Equity Method Investments [Line Items] Current capacity Line of Credit Facility, Current Borrowing Capacity Amount outstanding Long-term Line of Credit Ownership interest Equity Method Investment, Ownership Percentage Investments in unconsolidated joint ventures Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures Amortization of acquisition costs Amortization of Acquisition Costs Amount Declared per Share Outstanding Total Shares Issued (in shares) Weighted Average Weighted Average [Member] Other Liabilities Other Liabilities [Member] Operating lease, term Lessor, Operating Lease, Term of Contract Security deposit liability Security Deposit Liability Deferred rent recognized Recognition of Deferred Revenue, Net of Discontinued Operations Recognition of Deferred Revenue, Net of Discontinued Operations Deferred rent receivables Deferred Rent Receivables, Net Incentive to lessee Incentive to Lessee Real Estate Loans Receivable [Roll Forward] Real Estate Loans Receivable [Roll Forward] Real Estate Loans Receivable [Roll Forward] Real estate loan receivable - December 31, 2017 Mortgage Loans on Real Estate, Commercial and Consumer, Net Principal repayment Mortgage Loans on Real Estate, Commercial and Consumer, Repayment Mortgage Loans on Real Estate, Commercial and Consumer, Repayment Real estate loan receivable - September 30, 2018 Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities Schedule of Finite-Lived Intangible Assets [Table Text Block] Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities [Table Text Block] Amortization of Tenant Origination and Absorptoin Costs, Above-Market Leases and Below-Market Lease Liabilities [Table Text Block] Schedule of Available-for-sale Securities [Table] Schedule of Available-for-sale Securities [Table] Debt Security Category [Axis] Debt Security Category [Axis] Other than Temporary Impairment, Credit Losses Recognized in Earnings, Categories of Investments [Domain] Other than Temporary Impairment, Credit Losses Recognized in Earnings, Categories of Investments [Domain] Available-for-sale Securities Available-for-sale Securities [Member] Investment Issuer [Axis] Investment Issuer [Axis] Investment Issuer [Domain] Investment Issuer [Domain] Franklin Street Properties Corp. Franklin Street Properties Corp. [Member] Franklin Street Properties Corp. [Member] Schedule of Available-for-sale Securities [Line Items] Schedule of Available-for-sale Securities [Line Items] Shares purchased Sale of Stock, Number of Shares Issued in Transaction Cost basis Available-for-sale Securities, Amortized Cost Basis Interest Rate Cap 1 Interest Rate Cap 1 [Member] Interest Rate Cap 1 [Member] Interest Rate Cap 2 Interest Rate Cap 2 [Member] Interest Rate Cap 2 [Member] Interest Rate Cap 3 Interest Rate Cap 3 [Member] Interest Rate Cap 3 [Member] Interest Rate Cap 4 Interest Rate Cap 4 [Member] Interest Rate Cap 4 [Member] Foreign currency forward contract Foreign Exchange Contract [Member] Variable Rate [Axis] Variable Rate [Axis] Variable Rate [Domain] Variable Rate [Domain] One-month LIBOR London Interbank Offered Rate (LIBOR) [Member] Hedging Designation [Axis] Hedging Designation [Axis] Hedging Designation [Domain] Hedging Designation [Domain] Not Designated as Hedging Instrument Not Designated as Hedging Instrument [Member] General and Administrative Expense General and Administrative Expense [Member] Number of Instruments Held Derivative, Number of Instruments Held Notional Value Derivative, Notional Amount Reference Rate Derivative, Fixed Interest Rate Fair Value of Asset Derivative Asset, Fair Value, Gross Asset Strike Price Derivative, Exchange Rate Cap Foreign currency gain (loss) Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments Derivative liability Schedule of Face Value, Carrying Amounts and Fair Value Fair Value, by Balance Sheet Grouping [Table Text Block] Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Schedule of Fair Value Measurements, Nonrecurring Basis Fair Value Measurements, Nonrecurring [Table Text Block] Fair Value, by Balance Sheet Grouping [Table] Fair Value, by Balance Sheet Grouping [Table] Fair Value, by Balance Sheet Grouping, Disclosure Item Amounts [Axis] Measurement Basis [Axis] Fair Value Measurement [Domain] Fair Value Measurement [Domain] Portion at Fair Value Measurement [Member] Portion at Fair Value Measurement [Member] Carrying Amount Reported Value Measurement [Member] Fair Value Estimate of Fair Value Measurement [Member] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] Real estate loans receivable, Face Value Mortgage Loans on Real Estate, Face Amount of Mortgages Real estate loans receivable, Value Loans Receivable, Fair Value Disclosure Notes payable, Face Value Debt Instrument, Face Amount Notes payable, Value Debt Instrument, Fair Value Disclosure Statement of Financial Position [Abstract] Preferred stock, par value (in dollars per share) Preferred Stock, Par or Stated Value Per Share Preferred stock, shares authorized (in shares) Preferred Stock, Shares Authorized Preferred stock, shares issued (in shares) Preferred Stock, Shares Issued Preferred stock, shares outstanding (in shares) Preferred Stock, Shares Outstanding Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Common stock, shares authorized (in shares) Common Stock, Shares Authorized Common stock, shares issued (in shares) Common Stock, Shares, Issued Common stock, shares outstanding (in shares) Common Stock, Shares, Outstanding Schedule of Real Estate Schedule of Real Estate Properties [Table Text Block] Schedule of Office Property Revenue and Expense Schedule of Office Property Revenue and Expense [Table Text Block] Schedule of Office Property Revenue and Expense [Table Text Block] Schedule of Future Minimum Rental Income for Company's Properties Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] Schedules of Concentration of Risk, by Risk Factor Schedules of Concentration of Risk, by Risk Factor [Table Text Block] Schedule of Hotel Revenue and Expense Schedule of Hotel Revenue and Expense [Table Text Block] Schedule of Hotel Revenue and Expense [Table Text Block] Schedule of Contract with Customer, Asset and Liability Contract with Customer, Asset and Liability [Table Text Block] Schedule of Apartment Property Revenue and Expense Schedule of Apartment Property Revenue and Expense [Table Text Block] Schedule of Apartment Property Revenue and Expense [Table Text Block] Retail Property Retail Property [Member] Retail Property [Member] Real estate Purchase price Payments to Acquire Property, Plant, and Equipment Transaction costs Business Acquisition, Transaction Costs Capitalized development cost Capitalized Development Cost, Real Estate Capitalized Development Cost, Real Estate Capitalized costs Real Estate, Capitalized Costs Real Estate, Capitalized Costs Capital lease obligations Capital Lease Obligations KBS Capital Advisors LLC KBS Capital Advisors LLC [Member] KBS Capital Advisors LLC [Member] Property Insurance Rebate Property Insurance Rebate [Member] Property Insurance Rebate [Member] Sale of Stock [Axis] Sale of Stock [Axis] Sale of Stock [Domain] Sale of Stock [Domain] Private Placement Private Placement [Member] IPO IPO [Member] Follow-on Offering Follow-on Offering [Member] Follow-on Offering [Member] Term of advisory agreement Term of Advisory Agreement Term of Advisory Agreement Period of termination notice Period of Termination Notice Period of Termination Notice Property insurance rebates Offering costs (other than selling commissions and dealer manager fees) Offering Costs, Other than Selling Commissions and Dealer Manager Fees Offering Costs, Other than Selling Commissions and Dealer Manager Fees Selling commissions and dealer manager fees Stock Issued During Period, Shares, Dividend Reinvestment Plan, Selling Commissions and Dealer Manager Fees Stock Issued During Period, Shares, Dividend Reinvestment Plan, Selling Commissions and Dealer Manager Fees Percent of aggregate gross proceeds Reimbursement to Entity for Organization and Offering Expenses, Percent of Aggregate Gross Proceeds Reimbursement to Entity for Organization and Offering Expenses, Percent of Aggregate Gross Proceeds Reimbursable offering costs determination, gross offering costs, percentage Reimbursable Offering Costs Determination, Gross Offering Costs, Percentage Reimbursable offering costs determination, gross offering costs, percentage. Organization and offering costs incurred by related party Organization and Offering Costs Incurred by Related Party Organization and Offering Costs Incurred by Related Party Due to officers or stockholders Due to Officers or Stockholders Other organization and offering costs Other Organization and Offering Costs Other organization and offering costs. Concentration Risk [Table] Concentration Risk [Table] Concentration Risk Type [Axis] Concentration Risk Type [Axis] Concentration Risk Type [Domain] Concentration Risk Type [Domain] Professional, Scientific and Legal Industry - Professional, Scientific and Legal [Member] Industry - Professional, Scientific and Legal [Member] Legal Services Industry - Legal Services [Member] Industry - Legal Services [Member] Public Administration (Government) Industry - Public Administration (Government) [Member] Industry - Public Administration (Government) [Member] Finance Industry - Finance [Member] Industry - Finance [Member] Concentration Risk [Line Items] Concentration Risk [Line Items] Number of Tenants Number of Tenants Number of tenants. Annualized Base Rent Annualized Base Rent Annualized base rent. Percentage of Annualized Base Rent Concentration Risk, Percentage Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Mortgage Mortgages [Member] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Springmaid Beach Resort Mortgage Loan Springmaid Beach Resort Mortgage Loan [Member] Springmaid Beach Resort Mortgage Loan [Member] Q&C Hotel Mortgage Loan Q and C Hotel Mortgage Loan [Member] Q and C Hotel Mortgage Loan [Member] 2200 Paseo Verde Mortgage Loan 2200 Paseo Verde Mortgage Loan [Member] 2200 Paseo Verde Mortgage Loan [Member] Lincoln Court Mortgage Loan Lincoln Court Mortgage Loan [Member] Lincoln Court Mortgage Loan [Member] Lofts at NoHo Commons Mortgage Loan Lofts at NoHo Commons Mortgage Loan [Member] Lofts at NoHo Commons Mortgage Loan [Member] 210 West 31st Street Mortgage Loan 210 West 31st Street Mortgage Loan [Member] 210 West 31st Street Mortgage Loan [Member] Oakland City Center Mortgage Loan Oakland City Center Mortgage Loan [Member] Oakland City Center Mortgage Loan [Member] Madison Square Mortgage Loan Madison Square Mortgage Loan [Member] Madison Square Mortgage Loan [Member] Grace Court Mortgage Loan Grace Court Mortgage Loan [Member] Grace Court Mortgage Loan [Member] Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Secured Debt Secured Debt [Member] Triggering Events [Axis] Triggering Events [Axis] Triggering Events [Axis] Triggering Events [Domain] Triggering Events [Domain] [Domain] for Triggering Events [Axis] Beginning August 1, 2019 Beginning August 1, 2019 [Member] Beginning August 1, 2019 [Member] Debt Instrument [Line Items] Debt Instrument [Line Items] Total notes payable principal outstanding Deferred financing costs, net Debt Issuance Costs, Net Total notes payable, net Long-term Debt Contractual Interest Rate Debt Instrument, Basis Spread on Variable Rate Effective Interest Rate Debt Instrument, Interest Rate, Effective Percentage Unused borrowing capacity, amount Debt Instrument, Unused Borrowing Capacity, Amount Periodic payment Debt Instrument, Periodic Payment Amortization schedule of mortgage loans on real estate Amortization Schedule of Mortgage Loans on Real Estate Amortization schedule of mortgage loans on real estate. Contractual Interest Rate Debt Instrument, Interest Rate, Stated Percentage SUBSEQUENT EVENTS Subsequent Events [Text Block] Statement of Stockholders' Equity [Abstract] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Total Stockholders’ Equity Parent [Member] Common Stock Common Stock [Member] Additional Paid-in Capital Additional Paid-in Capital [Member] Cumulative Distributions and Net Losses Accumulated Distributions in Excess of Net Income [Member] Accumulated Other Comprehensive Income (Loss) AOCI Attributable to Parent [Member] Noncontrolling Interests Noncontrolling Interest [Member] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balance (in shares) Balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Net loss Other comprehensive loss Issuance of common stock (in shares) Stock Issued During Period, Shares, New Issues Issuance of common stock Stock Issued During Period, Value, New Issues Stock dividends issued (in shares) Stock Dividends, Shares Stock dividends issued Dividends, Common Stock, Stock Redemptions of common stock (in shares) Stock Redeemed or Called During Period, Shares Redemptions of common stock Stock Redeemed or Called During Period, Value Transfers to redeemable common stock Adjustments To Additional Paid In Capital Transfers To Redeemable Common Stock Transfers of common stock to redeemable common shares that are contingently redeemable at the option of the holder. Distributions declared Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate Commissions on stock sales and related dealer manager fees The sum of commissions on stock issuances and related dealer manager fees charged against APIC. Other offering costs Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs Noncontrolling interests contributions Noncontrolling Interest Contribution Noncontrolling Interest Contribution Distributions to noncontrolling interests Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders Balance (in shares) Balance RELATED PARTY TRANSACTIONS Related Party Transactions Disclosure [Text Block] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Assets, Total Assets, Total [Member] Geographical [Axis] Geographical [Axis] Geographical [Domain] Geographical [Domain] California CALIFORNIA New York NEW YORK Concentration risk, percentage Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustment to reconcile net loss to net cash provided by operating activities Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Equity in income of unconsolidated entity Distribution of earnings from unconsolidated entity Proceeds from Equity Method Investment, Distribution, Return of Capital Casualty-related income, net Loss on real estate equity securities Noncash interest income on real estate-related investment Noncash interest income on real estate related investments The sum of accretion between debt investments and purchase prices that are charged against earnings and the amortization of costs and fees directly associated with the origination or acquisition of the debt investments. As a noncash item, this element is an adjustment to net income when calculating cash provided by (used in) operations using the indirect method. Deferred rents Deferred Revenue, Revenue Recognized Bad debt expense Provision for Doubtful Accounts Amortization of above- and below-market leases, net Amortization of above and below Market Leases Amortization of deferred financing costs Amortization of Debt Issuance Costs Unrealized (gain) loss on derivative instruments Unrealized Gain (Loss) on Derivatives and Commodity Contracts Changes in operating assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Rents and other receivables Increase (Decrease) in Accounts Receivable Prepaid expenses and other assets Increase (Decrease) in Prepaid Expense and Other Assets Accounts payable and accrued liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities Due to affiliates Increase (Decrease) in Due to Related Parties Other liabilities Increase (Decrease) in Other Operating Liabilities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Acquisition of real estate Payments to Acquire Real Estate Improvements to real estate Payments for Capital Improvements Investment in real estate securities Payments to Acquire Investments Payments for construction in progress Payments for Construction in Process Payoff of real estate loan receivable Mortgage Loans on Real Estate, Commercial and Consumer, Payoff Mortgage Loans on Real Estate, Commercial and Consumer, Payoff Purchase of interest rate cap agreement Payments for Derivative Instrument, Investing Activities Escrow deposits for future real estate purchases Escrow Deposit Disbursements Related to Property Acquisition Proceeds from insurance claims Proceeds from Insurance Settlement, Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Proceeds from notes payable Proceeds from Notes Payable Principal payments on notes payable Repayments of Notes Payable Payments of deferred financing costs Payments of Financing Costs Principal payments on capital lease obligations Repayments of Long-term Capital Lease Obligations Proceeds from issuance of common stock Proceeds from Issuance of Common Stock Payments to redeem common stock Payments for Repurchase of Common Stock Payments of commissions on stock sales, dealer manager fees and stockholder servicing fees Payments of commissions on stock sales and related dealer manager fees Payments of commissions on stock issuances and related dealer manager fees Payments of other offering costs Payments of Stock Issuance Costs Distributions paid Payments of Ordinary Dividends, Common Stock Noncontrolling interest contributions Proceeds from Noncontrolling Interests Distributions to noncontrolling interest Payments of Ordinary Dividends, Noncontrolling Interest Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities Net (decrease) increase in cash, cash equivalents and restricted cash Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash, cash equivalents and restricted cash, beginning of period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash, cash equivalents and restricted cash, end of period Supplemental Disclosure of Cash Flow Information: Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Interest paid, net of capitalized interest of $3,920 and $2,985 for the nine months ended September 30, 2018 and 2017, respectively Interest Paid, Net Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan The sum of distributions paid to common stockholders through common stock issuances. Increase in redemption payable Increase in redemption common stock payable Increase in redemption common stock payable Increase in accrued improvements to real estate Increase (Decrease) in capital expenses payable Increase (decrease) in capital expenses payable. Increase in other offering costs due to affiliates Noncash Increase (Decrease) in other offering costs due to affiliates Noncash Increase in other offering costs due to affiliates Increase in acquisition fees due to affiliates Increase In Acquisition Fees Due To Affiliate Increase in acquisition fees due to affiliate Stock dividends issued Stock Issued During Period, Value, Stock Dividend Increase in distributions payable Increases in distributions payable The increase or decrease in distributions payable. Foreign currency translation (loss) gain on investment in unconsolidated entity Foreign currency translation gain (loss) on equity method investment Foreign currency translation gain (loss) on equity method investment Increase in construction in progress payable Increase in Construction In Progress Payable Increase in Construction In Progress Payable Increase in construction in progress for amortization of deferred financing costs Increase in construction in progress for amortization of deferred financing costs Increase in construction in progress for amortization of deferred financing costs SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Significant Accounting Policies [Text Block] Schedule of Derivative Instruments in Statement of Financial Position Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] Schedule of Interest Rate Derivatives Schedule of Interest Rate Derivatives [Table Text Block] Assets Assets [Abstract] Real estate, net Real estate equity securities Equity Securities, FV-NI Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Real estate loan receivable, net Total real estate and real estate-related investments, net Real Estate and Real Estate Related Investments Net Real estate and real estate related investments, net. Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Restricted cash Restricted Cash and Cash Equivalents Investment in unconsolidated entity Equity Method Investments Rents and other receivables Accounts Receivable, Net Above-market leases, net Prepaid expenses and other assets Prepaid Expense and Other Assets Total assets Assets Liabilities and equity Liabilities and Equity [Abstract] Notes payable, net Notes Payable Accounts payable and accrued liabilities Accounts Payable and Accrued Liabilities Due to affiliates Distributions payable Dividends Payable Below-market leases, net Off-market Lease, Unfavorable Other liabilities Other Liabilities Redeemable common stock payable Redeemable common stock Redeemable common stock Total liabilities Liabilities Commitments and contingencies (Note 12) Commitments and Contingencies Redeemable common stock Temporary Equity, Carrying Amount, Attributable to Parent Equity Stockholders' Equity Attributable to Parent [Abstract] Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding Preferred Stock, Value, Issued Common stock Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital Cumulative distributions and net losses Retained Earnings (Accumulated Deficit) Accumulated other comprehensive income Accumulated Other Comprehensive Income (Loss), Net of Tax Total KBS Strategic Opportunity REIT II, Inc. stockholders’ equity Stockholders' Equity Attributable to Parent Noncontrolling interests Stockholders' Equity Attributable to Noncontrolling Interest Total equity Total liabilities and equity Liabilities and Equity REAL ESTATE EQUITY SECURITIES Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Contractual interest income Interest and Fee Income, Loans, Commercial, Real Estate Amortization of closing costs and origination fees, net Amortization of Deferred Loan Origination Fees, Net Interest income from real estate loan receivable Summary of Significant Accounting Policies [Table] Summary of Significant Accounting Policies [Table] Summary of Significant Accounting Policies [Table] Summary of Significant Accounting Policies [Line Items] Summary of Significant Accounting Policies [Line Items] [Line Items] for Summary of Significant Accounting Policies [Table] Number of reportable segments Number of Reportable Segments Distributions declared per common share (in dollars per share) Common Stock, Dividends, Per Share, Declared Schedule of Accounts, Notes, Loans and Financing Receivable [Table] Schedule of Accounts, Notes, Loans and Financing Receivable [Table] 655 Summer Street First Mortgage 655 Summer Street Mortgage Loan [Member] 655 Summer Street Mortgage Loan [Member] Mortgage Loans on Real Estate, Loan Type [Axis] Mortgage Loans on Real Estate, Loan Type [Axis] Mortgage Loans on Real Estate, Loan Type [Domain] Mortgage Loans on Real Estate, Loan Type [Domain] Accounts, Notes, Loans and Financing Receivable [Line Items] Accounts, Notes, Loans and Financing Receivable [Line Items] Number of real estate loans receivable Number of Real Estate Loans and Leases Receivable Number of real estate loans and leases receivable. Outstanding Principal Balance Mortgage Loans on Real Estate, Outstanding Principal Balance Mortgage loans on real estate, outstanding principal balance. Book Value TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Text Block] Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Text Block] REAL ESTATE LOAN RECEIVABLE Loans, Notes, Trade and Other Receivables Disclosure [Text Block] Schedule of Organizational Structure [Table] Schedule of Organizational Structure [Table] Schedule of Organizational Structure [Table] Willowbrook Capital Group LLC Willowbrook Capital Group LLC [Member] Willowbrook Capital Group LLC [Member] Organizational Structure [Line Items] Organizational Structure [Line Items] Organizational Structure [Line Items] Partnership interest in Operating Partnership Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest Partnership interest in the Operating Partnership and is its sole limited partner Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest Number of wholly owned subsidiaries Number of Wholly Owned Subsidiaries Number of Wholly Owned Subsidiaries Common stock, purchase price per share Common Stock, Purchase Price per Share Common stock, purchase price per share. Number of investments in an unconsolidated entity Number of Investments in Unconsolidated Joint Venture Number of investments in unconsolidated joint venture. Number of investments in equity securities Number of Investments in Equity Securities Number of Investments in Equity Securities Stock offering, shares authorized for issuance (in shares) Stock Offering, Shares Authorized for Issuance Stock Offering, Shares Authorized for Issuance Shares registered in primary offering (in shares) Stock Authorized During Period, Shares, Registered in Primary Offering Stock authorized during period, shares, registered in primary offering. Shares registered for sale under dividend reinvestment plan (in shares) Stock Offering, Shares Authorized for Dividend Reinvestment Plan Stock authorized during period, shares, dividend reinvestment plan. Shares, dividend reinvestment plan (in shares) Stock Issued During Period, Shares, Dividend Reinvestment Plan Proceeds from issuance of common stock, dividend reinvestment plan Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan EX-101.PRE 12 kbsorii-20180930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 13 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2018
Nov. 05, 2018
Entity Listings [Line Items]    
Entity Registrant Name KBS Strategic Opportunity REIT II, Inc.  
Entity Central Index Key 0001580673  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Class A    
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   18,055,883
Class T    
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   12,172,486
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Assets    
Real estate, net $ 523,842 $ 530,440
Real estate equity securities 6,814 0
Real estate loan receivable, net 0 3,500
Total real estate and real estate-related investments, net 530,656 533,940
Cash and cash equivalents 27,038 29,031
Restricted cash 6,638 6,022
Investment in unconsolidated entity 2,810 2,698
Rents and other receivables 6,791 3,265
Above-market leases, net 69 83
Prepaid expenses and other assets 8,297 7,476
Total assets 582,299 582,515
Liabilities and equity    
Notes payable, net 326,409 328,351
Accounts payable and accrued liabilities 7,859 6,845
Due to affiliates 271 1,862
Distributions payable 473 366
Below-market leases, net 8,113 10,783
Other liabilities 13,367 12,399
Redeemable common stock payable 2,126 0
Total liabilities 358,618 360,606
Commitments and contingencies (Note 12)
Redeemable common stock 194 2,611
Equity    
Preferred stock, $.01 par value per share; 10,000,000 shares authorized, no shares issued and outstanding 0 0
Additional paid-in capital 264,807 245,077
Cumulative distributions and net losses (55,269) (39,657)
Accumulated other comprehensive income 118 202
Total KBS Strategic Opportunity REIT II, Inc. stockholders’ equity 209,957 205,901
Noncontrolling interests 13,530 13,397
Total equity 223,487 219,298
Total liabilities and equity 582,299 582,515
Class A    
Equity    
Common stock 180 169
Class T    
Equity    
Common stock $ 121 $ 110
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 17,963,199 16,888,940
Common stock, shares outstanding (in shares) 17,963,199 16,888,940
Class T    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 12,100,736 11,031,895
Common stock, shares outstanding (in shares) 12,100,736 11,031,895
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Office revenues $ 7,515 $ 4,218 $ 22,475 $ 7,824
Hotel revenues 10,461 12,160 26,234 23,473
Apartment revenues 1,940 1,746 5,459 5,184
Dividend income from real estate equity securities 77 0 113 0
Interest income from real estate loan receivable 0 103 10 303
Total revenues 19,993 18,227 54,291 36,784
Expenses:        
Office expenses 3,241 1,536 8,951 2,713
Hotel expenses 6,106 5,807 17,161 14,839
Apartment expenses 976 1,026 2,858 2,724
Asset management fees to affiliate 1,020 739 2,940 1,820
General and administrative expenses 704 1,146 1,947 2,492
Depreciation and amortization 5,150 3,709 15,322 9,176
Interest expense 3,435 2,255 9,740 5,798
Impairment charge on real estate 4,245 0 4,245 0
Total expenses 24,877 16,218 63,164 39,562
Other (loss) income:        
Other interest income 105 178 257 467
Equity in income of unconsolidated entity 94 14 225 40
Loss on real estate equity securities (486) 0 (172) 0
Casualty-related income, net 0 1,614 0 1,614
Total other (loss) income (287) 1,806 310 2,121
Net (loss) income before income taxes (5,171) 3,815 (8,563) (657)
Income tax (expense) benefit 0 (431) 9 5
Net (loss) income (5,171) 3,384 (8,554) (652)
Net loss (income) attributable to noncontrolling interests 208 (491) 421 (182)
Net (loss) income attributable to common stockholders (4,963) 2,893 (8,133) (834)
Class A        
Other (loss) income:        
Net (loss) income attributable to common stockholders $ (2,914) $ 1,904 $ (4,514) $ (124)
Net (loss) income per common share, basic and diluted (in dollars per share) $ (0.16) $ 0.12 $ (0.26) $ (0.01)
Weighted-average number of common shares outstanding, basic and diluted (in shares) 17,938,824 16,514,730 17,640,671 15,759,082
Class T        
Other (loss) income:        
Net (loss) income attributable to common stockholders $ (2,049) $ 989 $ (3,619) $ (710)
Net (loss) income per common share, basic and diluted (in dollars per share) $ (0.17) $ 0.09 $ (0.31) $ (0.08)
Weighted-average number of common shares outstanding, basic and diluted (in shares) 12,044,757 10,714,415 11,733,316 9,339,643
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Statement of Comprehensive Income [Abstract]        
Net (loss) income $ (5,171) $ 3,384 $ (8,554) $ (652)
Other comprehensive (loss) income:        
Foreign currency translation (loss) gain (16) 82 (84) 273
Total other comprehensive (loss) income (16) 82 (84) 273
Total comprehensive (loss) income (5,187) 3,466 (8,638) (379)
Total comprehensive loss (income) attributable to noncontrolling interests 208 (491) 421 (182)
Total comprehensive (loss) income attributable to common stockholders $ (4,979) $ 2,975 $ (8,217) $ (561)
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($)
$ in Thousands
Total
Class A
Class T
Total Stockholders’ Equity
Common Stock
Class A
Common Stock
Class T
Additional Paid-in Capital
Cumulative Distributions and Net Losses
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Balance (in shares) at Dec. 31, 2016         14,074,793 6,046,591        
Balance at Dec. 31, 2016 $ 159,968     $ 148,294 $ 140 $ 61 $ 176,021 $ (27,817) $ (111) $ 11,674
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (3,298)     (3,272)       (3,272)   (26)
Other comprehensive loss 313     313         313  
Issuance of common stock (in shares)         2,641,090 4,822,456        
Issuance of common stock 71,916     71,916 $ 27 $ 48 71,841      
Stock dividends issued (in shares)         308,857 184,606        
Stock dividends issued 0     0 $ 3 $ 2 4,643 (4,648)    
Redemptions of common stock (in shares)         (135,800) (21,758)        
Redemptions of common stock (1,359)     (1,359) $ (1) $ (1) (1,357)      
Transfers to redeemable common stock (490)     (490)     (490)      
Distributions declared (3,920)     (3,920)       (3,920)    
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate (4,913)     (4,913)     (4,913)      
Other offering costs (668)     (668)     (668)      
Noncontrolling interests contributions 1,774                 1,774
Distributions to noncontrolling interests (25)                 (25)
Balance (in shares) at Dec. 31, 2017   16,888,940 11,031,895   16,888,940 11,031,895        
Balance at Dec. 31, 2017 219,298     205,901 $ 169 $ 110 245,077 (39,657) 202 13,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (8,554)     (8,133)       (8,133)   (421)
Other comprehensive loss (84)     (84)         (84)  
Issuance of common stock (in shares)         1,047,279 937,874        
Issuance of common stock 19,093     19,093 $ 10 $ 9 19,074      
Stock dividends issued (in shares)         260,498 173,135        
Stock dividends issued 0     0 $ 3 $ 2 3,919 (3,924)    
Redemptions of common stock (in shares)         (233,518) (42,168)        
Redemptions of common stock (2,417)     (2,417) $ (2) $ 0 (2,415)      
Transfers to redeemable common stock 291     291     291      
Distributions declared (3,555)     (3,555)       (3,555)    
Commissions on stock sales, dealer manager fees and stockholder servicing fees to affiliate (965)     (965)     (965)      
Other offering costs (174)     (174)     (174)      
Noncontrolling interests contributions 1,054                 1,054
Distributions to noncontrolling interests (500)                 (500)
Balance (in shares) at Sep. 30, 2018   17,963,199 12,100,736   17,963,199 12,100,736        
Balance at Sep. 30, 2018 $ 223,487     $ 209,957 $ 180 $ 121 $ 264,807 $ (55,269) $ 118 $ 13,530
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Cash Flows from Operating Activities:          
Net loss $ (5,171) $ 3,384 $ (8,554) $ (652) $ (3,298)
Adjustment to reconcile net loss to net cash provided by operating activities          
Equity in income of unconsolidated entity (94) (14) (225) (40)  
Distribution of earnings from unconsolidated entity     29 40  
Casualty-related income, net 0 (1,614) 0 (1,614)  
Depreciation and amortization 5,150 3,709 15,322 9,176  
Impairment charge on real estate 4,245 0 4,245 0  
Loss on real estate equity securities 486 0 172 0  
Noncash interest income on real estate-related investment     0 (58)  
Deferred rents     (1,244) (319)  
Bad debt expense     285 425  
Amortization of above- and below-market leases, net     (2,656) (974)  
Amortization of deferred financing costs     794 612  
Unrealized (gain) loss on derivative instruments     (84) 117  
Changes in operating assets and liabilities:          
Rents and other receivables     (2,521) (499)  
Prepaid expenses and other assets     (1,633) 2,444  
Accounts payable and accrued liabilities     538 509  
Due to affiliates     20 23  
Other liabilities     1,115 1,176  
Net cash provided by operating activities     5,603 10,366  
Cash Flows from Investing Activities:          
Acquisition of real estate     0 (154,719)  
Improvements to real estate     (6,485) (7,830)  
Investment in real estate securities     (6,986) 0  
Payments for construction in progress     (4,796) (4,103)  
Payoff of real estate loan receivable     3,500 0  
Purchase of interest rate cap agreement     (8) 0  
Escrow deposits for future real estate purchases     0 (1,000)  
Proceeds from insurance claims     237 5,080  
Net cash used in investing activities     (14,538) (162,572)  
Cash Flows from Financing Activities:          
Proceeds from notes payable     2,058 97,374  
Principal payments on notes payable     (5,154) 0  
Payments of deferred financing costs     (100) (1,225)  
Principal payments on capital lease obligations     (175) 0  
Proceeds from issuance of common stock     16,921 61,559  
Payments to redeem common stock     (2,417) (634)  
Payments of commissions on stock sales, dealer manager fees and stockholder servicing fees     (1,645) (3,803)  
Payments of other offering costs     (1,162) 0  
Distributions paid     (1,322) (1,059)  
Noncontrolling interest contributions     1,054 500  
Distributions to noncontrolling interest     (500) (25)  
Net cash provided by financing activities     7,558 152,687  
Net (decrease) increase in cash, cash equivalents and restricted cash     (1,377) 481  
Cash, cash equivalents and restricted cash, beginning of period     35,053 47,126 47,126
Cash, cash equivalents and restricted cash, end of period $ 33,676 $ 47,607 33,676 47,607 $ 35,053
Supplemental Disclosure of Cash Flow Information:          
Interest paid, net of capitalized interest of $3,920 and $2,985 for the nine months ended September 30, 2018 and 2017, respectively     8,101 4,062  
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan     2,126 1,721  
Increase in redemption payable     2,126 0  
Increase in accrued improvements to real estate     215 134  
Increase in other offering costs due to affiliates     0 583  
Increase in acquisition fees due to affiliates     57 4,099  
Stock dividends issued     3,924 3,415  
Increase in distributions payable     107 67  
Foreign currency translation (loss) gain on investment in unconsolidated entity     (84) 273  
Increase in construction in progress payable     261 403  
Increase in construction in progress for amortization of deferred financing costs     $ 460 $ 459  
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Interest capitalized $ 1,300 $ 1,300 $ 3,920 $ 2,985
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION
ORGANIZATION
KBS Strategic Opportunity REIT II, Inc. (the “Company”) was formed on February 6, 2013 as a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) beginning with the taxable year ended December 31, 2014 and intends to continue to operate in such a manner. The Company’s business is conducted through KBS Strategic Opportunity Limited Partnership II (the “Operating Partnership”), a Delaware limited partnership formed on February 7, 2013. The Company is the sole general partner of, and owns a 0.1% partnership interest in, the Operating Partnership. KBS Strategic Opportunity Holdings II LLC (“REIT Holdings”), a Delaware limited liability company formed on February 7, 2013, owns the remaining 99.9% partnership interest in the Operating Partnership and is the sole limited partner. The Company is the sole member and manager of REIT Holdings. The Company has three wholly owned taxable REIT subsidiaries (“TRS”), two of which lease the Company’s hotel properties and in turn contract with independent hotel management companies that manage the day-to-day operations of the Company’s hotels; the third consolidates the Company’s wholly owned TRSs.  The Company’s TRSs are subject to federal and state income tax at regular corporate tax rates.
Subject to certain restrictions and limitations, the business of the Company has been externally managed by KBS Capital Advisors LLC (the “Advisor”), an affiliate of the Company, since July 2013 pursuant to an advisory agreement (the “Advisory Agreement”). The Advisor conducts the Company’s operations and manages its portfolio of real estate loans, opportunistic real estate, and other real estate-related investments. The Advisor has entered into a sub-advisory agreement with STAM, a real estate operating company to provide real estate acquisition and portfolio management services to the Advisor in connection with any investments the Company may make in value-added real estate, distressed debt, and real estate-related investments in Europe. On July 3, 2013, the Company issued 21,739 shares of its common stock to the Advisor at a purchase price of $9.20 per share.
The Company has invested in and manages a diverse portfolio of opportunistic real estate, real estate-related loans, real estate-related debt securities and other real estate-related investments located in the United States and Europe. Such investments include the origination and acquisition of mortgage, mezzanine, bridge and other real estate-related loans and investment in opportunistic real estate. As of September 30, 2018, the Company had invested in two hotel properties, four office properties, one apartment building, an investment in an unconsolidated entity and an investment in real estate equity securities. Additionally as of September 30, 2018, the Company had entered into a joint venture to develop one retail property.
From July 3, 2013 to August 11, 2014, the Company conducted a private placement offering (the “Private Offering”) exempt from registration under Regulation D of the Securities Act of 1933, as amended (the “Act”). The Company sold 3,619,851 shares of common stock for gross offering proceeds of $32.2 million in the Private Offering.
On November 14, 2013, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 180,000,000 shares of common stock for sale to the public (the “Public Offering”), of which 100,000,000 shares were registered in a primary offering and 80,000,000 shares were registered to be sold under the Company’s dividend reinvestment plan. The SEC declared the Company’s registration statement effective on August 12, 2014. On February 11, 2016, the Company filed an amended registration statement on Form S-11 with the SEC to offer a second class of common stock designated as Class T shares and to designate its initially offered and outstanding common stock as Class A shares. Pursuant to the amended registration statement, the Company is offering to sell any combination of Class A and Class T shares in the Public Offering but in no event may the Company sell more than 180,000,000 of shares of its common stock pursuant to the Public Offering. The Company commenced offering Class T shares of common stock for sale to the public on February 17, 2016. KBS Capital Markets Group LLC (the “Dealer Manager”), an affiliate of the Advisor, serves as the dealer manager of the Public Offering pursuant to a dealer manager agreement originally dated August 12, 2014 and amended and restated February 17, 2016 (the “Dealer Manager Agreement”). Previously the Dealer Manager served as dealer manager for the Private Offering. The Dealer Manager is responsible for marketing the Company’s shares. The Company ceased offering shares of common stock in the Public Offering on July 31, 2018 and terminated the primary Offering on September 28, 2018. The Company continues to offer shares of common stock under its dividend reinvestment plan. In some states, the Company will need to renew the registration statement annually or file a new registration statement to continue its dividend reinvestment plan offering. The Company may terminate its dividend reinvestment plan offering at any time.
The Company sold 11,977,758 and 11,537,701 shares of Class A and Class T common stock, respectively, in the Public Offering for aggregate gross offering proceeds of $228.6 million. As of September 30, 2018, the Company had sold 549,572 and 178,325 shares of Class A and Class T common stock, respectively, under its dividend reinvestment plan for aggregate gross offering proceeds of $6.7 million. Also as of September 30, 2018, the Company had redeemed 440,842 and 63,926 shares of Class A and Class T common stock, respectively, for $4.4 million.
On each of April 2, 2014 and July 31, 2014, the Company issued 120,106 shares of Class A common stock to Willowbrook Capital Group LLC, an entity owned and controlled by Keith D. Hall, one of the Company’s directors and the Company’s Chief Executive Officer, and Peter McMillan III, also one of the Company’s directors and the Company’s President, for $1.0 million. On July 14, 2017 and February 13, 2018, the Company issued 214,175 shares and 10,935 shares, respectively, of Class A common stock to a business associate of Keith D. Hall and Peter McMillan III for approximately $2.0 million and $0.1 million, respectively. The Company issued these shares of common stock in a private transaction exempt from the registration requirements of the Act pursuant to Section 4(2) of the Act.
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2017, except for the Company’s adoption of the revenue recognition and financial instruments standards issued by the Financial Accounting Standards Board (“FASB”) effective on January 1, 2018 and the addition of an accounting policy with respect to real estate equity securities. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the SEC.
Principles of Consolidation and Basis of Presentation
The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the FASB Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.
The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Revenue Recognition
Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company’s adoption. Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018.  A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018.
Based on the Company’s evaluation of contracts within the scope of ASU No. 2014-09, revenue that is impacted by ASU No. 2014-09 includes revenue generated by other operating income and tenant reimbursements for substantial services earned at the Company’s office properties and hotel revenues. The recognition of such revenue will occur when the services are provided and the performance obligations are satisfied.
Hotel Revenue
The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in the real estate footnote into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows.
Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out by the customer from the Company’s hotel. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest’s stay. The Company notes no significant judgments regarding the recognition of rooms revenue.
Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. The Company notes no significant judgements regarding the recognition of food and beverage revenue.
Campground revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured.
Real Estate Equity Securities
The Company’s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Upon adoption of ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”) on January 1, 2018, unrealized gains and losses on real estate equity securities are recognized in earnings.
Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.
Segments
The Company has invested in opportunistic real estate investments, real estate equity securities and originated a loan secured by a non-stabilized real estate asset, which was repaid on January 12, 2018. In general, the Company intends to hold its investments in opportunistic real estate, real estate equity securities and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into one reportable business segment. In addition, the Company has invested in a participating loan facility secured by a portfolio of light industrial properties located in Europe. However, based on the Company’s investment portfolio and future investment focus, the Company does not believe that its investment in the European asset is a reportable segment.
Per Share Data
Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding for each class of share outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2018 and 2017. For the purpose of determining the weighted-average number of shares outstanding, stock dividends issued are adjusted retroactively and treated as if they were issued and outstanding for all periods presented. 
The Company’s board of directors has declared and issued stock dividends on shares of the Company’s common stock during the three and nine months ended September 30, 2018 and 2017 as follows:
Three Months Ended September 30,
 
Amount Declared per Share Outstanding (1)
 
Total Shares Issued
2017
 
0.005001 shares
 
131,477
2018
 
0.005001 shares
 
148,412
__________________________________
(1) Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Nine Months Ended September 30,
 
Amount Declared per Share Outstanding (1)
 
Total Shares Issued
2017
 
0.015003 shares
 
357,215
2018
 
0.015003 shares
 
433,633
__________________________________
(1) Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Until the Company established an estimated net asset value per share of common stock on June 6, 2017, for the purpose of calculating the dollar amount of the Class A and Class T stock dividends issued, the Company used the Class A and Class T primary offering price at the time of issuance.
Cash distributions declared per share of Class A common stock were $0.048 and $0.143 for the three and nine months ended September 30, 2018, respectively. Cash distributions declared per share of Class T common stock were $0.041 and $0.090 for the three and nine months ended September 30, 2018, respectively. Until the Company ceased offering shares of common stock in the Public Offering on July 31, 2018, the declared rate of cash distributions for Class T Shares was different than the rate declared for the Class A Shares by an amount equivalent to any applicable daily stockholder servicing fees. Distributions declared per share of common stock assumes each share was issued and outstanding each day that was a record date during the three and nine months ended September 30, 2018. Each day during the period from January 1, 2018 through September 30, 2018 was a record date for distributions. Distributions for this period were calculated based on stockholders of record each day during this period at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date.
Cash distributions declared per share of Class A common stock were $0.048 and $0.143 for the three and nine months ended September 30, 2017, respectively. Cash distributions declared per share of Class T common stock were $0.025 and $0.073 for the three and nine months ended September 30, 2017, respectively. The declared rate of cash distributions for Class T Shares was different than the rate declared for the Class A Shares by an amount equivalent to any applicable daily stockholder servicing fees. Distributions declared per share of common stock assumes each share was issued and outstanding each day that was a record date during the three and nine months ended September 30, 2017. Each day during the period from January 1, 2017 through September 30, 2017 was a record date for distributions. Distributions for this period were calculated based on stockholders of record each day during this period at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the  number of shares of common stock of such class outstanding as of the close of business on each respective record date.
The Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding other than Class A Common Stock and Class T Common stock during the periods presented.
The Company’s calculated earnings per share for the three and nine months ended September 30, 2018 and 2017 were as follows (in thousands, except share and per share amounts):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders
 
$
(4,963
)
 
$
2,893

 
$
(8,133
)
 
$
(834
)
Less: Class A Common Stock cash distributions declared
 
862

 
777

 
2,505

 
2,187

Less: Class T Common Stock cash distributions declared
 
487

 
258

 
1,050

 
660

Undistributed net (loss) income attributable to common stockholders
 
$
(6,312
)
 
$
1,858

 
$
(11,688
)
 
$
(3,681
)
Class A Common Stock:
 
 
 
 
 
 
 
 
Undistributed net (loss) income attributable to common stockholders
 
$
(3,776
)
 
$
1,127

 
$
(7,019
)
 
$
(2,311
)
Class A Common Stock cash distributions declared
 
862

 
777

 
2,505

 
2,187

Net (loss) income attributable to Class A common stockholders
 
$
(2,914
)
 
$
1,904

 
$
(4,514
)
 
$
(124
)
Net (loss) income per common share, basic and diluted
 
$
(0.16
)
 
$
0.12

 
$
(0.26
)
 
$
(0.01
)
Weighted-average number of common shares outstanding, basic and diluted
 
17,938,824

 
16,514,730

 
17,640,671

 
15,759,082

Class T Common Stock:
 
 
 
 
 
 
 
 
Undistributed net (loss) income attributable to common stockholders
 
$
(2,536
)
 
$
731

 
$
(4,669
)
 
$
(1,370
)
Class T Common Stock cash distributions declared
 
487

 
258

 
1,050

 
660

Net (loss) income attributable to Class T common stockholders
 
$
(2,049
)
 
$
989

 
$
(3,619
)
 
$
(710
)
Net (loss) income per common share, basic and diluted
 
$
(0.17
)
 
$
0.09

 
$
(0.31
)
 
$
(0.08
)
Weighted-average number of common shares outstanding, basic and diluted
 
12,044,757

 
10,714,415

 
11,733,316

 
9,339,643


Square Footage, Occupancy and Other Measures
 Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Recently Issued Accounting Standards Updates
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon adoption of ASU No. 2016-02, the Company expects to adopt the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company will 1) not reassess whether any expired or existing contracts are or contain leases, 2) not reassess the lease classification for any expired or existing lease, and 3) not reassess initial direct costs for any existing leases. The Company does not expect to elect the practical expedient related to using hindsight to reevaluate the lease term. In addition, the Company expects to adopt the practical expedient for land easements to not assess whether existing or expired land easements that were not previously accounted for as leases under the current lease accounting standards of Topic 840 are or contain a lease under Topic 842.
In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements (“ASU No. 2018-11”), which provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met. Upon adoption of the lease accounting standard under Topic 842, the Company expects to adopt this practical expedient, specifically related to its tenant reimbursements which would otherwise be accounted for under the new revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements as 1) the timing and pattern of transfer of the nonlease components and associated lease components are the same and 2) the lease component would be classified as an operating lease. In addition, ASU No. 2018-11 provides an additional optional transition method to allow entities to apply the new lease accounting standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease accounting standard will continue to be reported under the current lease accounting standards of Topic 840. The Company expects to adopt this transition method upon adoption of the lease accounting standard of Topic 842 on January 1, 2019.
The Company is currently evaluating the impact of adopting the new lease accounting standards on its consolidated financial statements. The Company is in process of creating an inventory of its leases where the Company may be a lessee to assess the potential impact to the Company’s financial statements upon adoption of the new lease accounting standards.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU No. 2016-13”).  ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income.  The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset.  ASU No. 2016-13 also amends the impairment model for available-for-sale debt securities.  An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU No. 2016-13 also requires new disclosures.  For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management’s estimate of expected credit losses and the reasons for those changes.  For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset’s origination for as many as five annual periods. For available-for-sale debt securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due.  ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years.  Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.  The Company is still evaluating the impact of adopting ASU No. 2016-13 on its financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820):  Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”).  The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. ASU No. 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and to disclose the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop the Level 3 fair value measurement.  In addition, public entities are required to provide information about the measurement uncertainty of recurring Level 3 fair value measurements from the use of significant unobservable inputs if those inputs reasonably could have been different at the reporting date. ASU No. 2018-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company is still evaluating the impact of adopting ASU No. 2018-13 on its financial statements, but does not expect the adoption of ASU No. 2018-13 to have a material impact on its financial statements.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE
 9 Months Ended
Sep. 30, 2018
Real Estate [Abstract]  
REAL ESTATE
REAL ESTATE
As of September 30, 2018, the Company’s real estate portfolio was composed of two hotel properties, four office properties and one apartment building. In addition, as of September 30, 2018, the Company has entered into a consolidated joint venture to develop one retail property. The following table summarizes the Company’s real estate as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Land
 
$
104,138

 
$
104,138

Buildings and improvements
 
368,448

 
362,210

Construction in progress
 
65,106

 
63,732

Tenant origination and absorption costs
 
17,728

 
19,006

Total real estate, cost and net of impairment charge (1)
 
555,420

 
549,086

Accumulated depreciation and amortization
 
(31,578
)
 
(18,646
)
Total real estate, net
 
$
523,842

 
$
530,440


_____________________
(1) See “ – Impairment of Real Estate” below.
The following table provides summary information regarding the Company’s real estate as of September 30, 2018 (in thousands):
Property
 
Date
Acquired
 
City
 
State
 
Property Type
 
Land
 
Building
and Improvements (1) 
 
Tenant Origination and Absorption
 
Total Real Estate, at Cost and Net of Impairment Charge
 
Accumulated Depreciation and Amortization
 
Total Real Estate, Net
 
Ownership %
Springmaid Beach Resort
 
12/30/2014
 
Myrtle Beach
 
SC
 
Hotel
 
$
27,438

 
$
33,402

 
$
—

 
$
60,840

 
$
(6,475
)
 
$
54,365

 
90.0%
Q&C Hotel
 
12/17/2015
 
New Orleans
 
LA
 
Hotel
 
1,232

 
53,075

 
—

 
54,307

 
(5,512
)
 
48,795

 
90.0%
2200 Paseo Verde
 
12/23/2015
 
Henderson
 
NV
 
Office
 
1,850

 
11,728

 
553

 
14,131

 
(1,505
)
 
12,626

 
100.0%
Lincoln Court
 
05/20/2016
 
Campbell
 
CA
 
Office
 
14,706

 
34,064

 
2,881

 
51,651

 
(4,137
)
 
47,514

 
100.0%
Lofts at NoHo Commons
 
11/16/2016
 
North Hollywood
 
CA
 
Apartment
 
26,222

 
77,305

 
—

 
103,527

 
(3,629
)
 
99,898

 
90.0%
210 West 31st Street (2)
 
12/01/2016
 
New York
 
NY
 
Retail
 
—

 
65,106

 
—

 
65,106

 
—

 
65,106

 
80.0%
Oakland City Center
 
08/18/2017
 
Oakland
 
CA
 
Office
 
22,150

 
138,939

 
11,494

 
172,583

 
(8,871
)
 
163,712

 
100.0%
Madison Square (3)
 
10/03/2017
 
Phoenix
 
AZ
 
Office
 
10,540

 
19,935

 
2,800

 
33,275

 
(1,449
)
 
31,826

 
90.0%
 
 
 
 
 
 
 
 
 
 
$
104,138

 
$
433,554

 
$
17,728

 
$
555,420

 
$
(31,578
)
 
$
523,842

 
 
_____________________
(1) Building and improvements includes construction in progress.
(2) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114.
(3) The Company acquired the rights to a leasehold interest with respect to the land at this property. This property was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy for this property.
Office Properties
As of September 30, 2018, the Company owned four office properties encompassing in the aggregate 864,940 rentable square feet which were 72% occupied. The following table provides detailed information regarding the Company’s office revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Office revenues:
 
 
 
 
 
 
 
 
Rental income
 
$
6,653

 
$
3,983

 
$
20,082

 
$
7,406

Tenant reimbursements and other income (1)
 
862

 
235

 
2,393

 
418

Office revenues
 
$
7,515

 
$
4,218

 
$
22,475

 
$
7,824

 
 
 
 
 
 
 
 
 
Office expenses:
 
 
 
 
 
 
 
 
Operating, maintenance, and management
 
$
2,219

 
$
1,094

 
$
6,072

 
$
1,890

Real estate taxes and insurance
 
1,022

 
442

 
2,879

 
823

Office expenses
 
$
3,241

 
$
1,536

 
$
8,951

 
$
2,713


_____________________
(1) For the three and nine months ended September 30, 2018, included in tenant reimbursements and other income for office properties is $0.2 million and $0.6 million, respectively, of other operating income and tenant reimbursements for substantial services accounted for under ASU No. 2014-09.
Operating Leases
The Company’s office properties are leased to tenants under operating leases for which the terms and expirations vary. As of September 30, 2018, the leases had remaining terms, excluding options to extend, of up to 9.9 years with a weighted-average remaining term of 3.6 years. Some of the leases may have provisions to extend the term of the lease, options for early termination for all or a part of the leased premises after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires a security deposit from the tenant in the form of a cash deposit and/or a letter of credit. The amount required as a security deposit varies depending upon the terms of the respective lease and the creditworthiness of the tenant, but generally is not a significant amount. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to office tenant leases are included in other liabilities in the accompanying consolidated balance sheets and totaled $1.3 million and $1.1 million as of September 30, 2018 and December 31, 2017, respectively.
During the three and nine months ended September 30, 2018, the Company recognized deferred rent from tenants of $0.2 million and $1.2 million, respectively, net of lease incentive amortization. During each of the three and nine months ended September 30, 2017, the Company recognized deferred rent from tenants of $0.3 million, net of lease incentive amortization. As of September 30, 2018 and December 31, 2017, the cumulative deferred rent receivable balance, including unamortized lease incentive receivables, was $2.6 million and $1.3 million, respectively, and is included in rents and other receivables on the accompanying balance sheets. The cumulative deferred rent balance included $0.2 million of unamortized lease incentives as of September 30, 2018 and December 31, 2017.
As of September 30, 2018, the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands):
October 1, 2018 through December 31, 2018
$
5,406

2019
21,359

2020
19,285

2021
16,290

2022
13,002

Thereafter
30,556

 
$
105,898


As of September 30, 2018, the Company’s commercial real estate properties were leased to approximately 100 tenants over a diverse range of industries and geographic areas. As of September 30, 2018, the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company’s portfolio were as follows:
Industry
 
Number of Tenants
 
Annualized Base Rent (1) 
(in thousands)
 
Percentage of
Annualized Base Rent
Professional, Scientific and Legal
 
14
 
$
3,753

 
16.1
%
Legal Services
 
12
 
3,647

 
15.6
%
Public Administration (Government)
 
6
 
3,168

 
13.6
%
Finance
 
13
 
2,505

 
10.7
%
 
 
 
 
$
13,073

 
56.0
%
_____________________
(1) Annualized base rent represents annualized contractual base rental income as of September 30, 2018, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
No other tenant industries accounted for more than 10% of annualized base rent. No tenant accounted for more than 10% of annualized base rent. No material tenant credit issues have been identified at this time.
Hotel Properties
As of September 30, 2018, the Company owned two hotel properties. The following table provides detailed information regarding the Company’s hotel revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Hotel revenues:
 
 
 
 
 
 
 
 
Room
 
$
8,094

 
4,973

 
$
20,207

 
13,304

Food, beverage and convention services
 
1,574

 
1,031

 
3,893

 
2,785

Campground
 
298

 
288

 
879

 
838

Other (1)
 
495

 
5,868

 
1,255

 
6,546

Hotel revenues
 
$
10,461

 
$
12,160

 
$
26,234

 
$
23,473

 
 
 
 
 
 
 
 
 
Hotel expenses:
 
 
 
 
 
 
 
 
Room
 
$
1,824

 
1,391

 
$
4,839

 
3,604

Food, beverage and convention services
 
1,084

 
868

 
3,005

 
2,381

General and administrative
 
704

 
601

 
2,149

 
1,748

Sales and marketing
 
932

 
690

 
2,381

 
2,058

Repairs and maintenance
 
571

 
454

 
1,566

 
1,350

Utilities
 
364

 
325

 
916

 
777

Property taxes and insurance
 
447

 
867

 
1,311

 
1,650

Other
 
180

 
611

 
994

 
1,271

Hotel expenses
 
$
6,106

 
$
5,807

 
$
17,161

 
$
14,839

_____________________
(1) Hotel revenues - other includes $5.5 million and $5.8 million of business interruption insurance recovery for the three and nine months ended September 30, 2017, respectively.
Contract liabilities
The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay or a deposit for a future banquet event at the Company’s hotels. Advanced deposits are recognized as revenue at the time of the guest’s stay or completion of the banquet services. The following table summarizes the Company’s contract liabilities, which are included in other liabilities in the accompanying consolidated balance sheets, as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Contract liability
 
$
431

 
$
358

Revenue recognized in the period from:
 
 
 
 
Amounts included in contract liability at the beginning of the period
 
$
302

 
(1) 

_____________________
(1) The amount of revenue recognized in the period from amounts included in contract liability at the beginning of the period is not relevant for the year ended December 31, 2017, as the Company adopted ASU No. 2014-09 effective January 1, 2018.
Apartment Property
As of September 30, 2018, the Company owned one apartment property with 292 units which was 91% occupied. The following table provides detailed information regarding the Company’s apartment revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Apartment revenues:
 
 
 
 
 
 
 
 
Rental income
 
$
1,774

 
$
1,638

 
$
5,003

 
$
4,856

Tenant reimbursements and other income
 
166

 
108

 
456

 
328

Apartment revenues
 
$
1,940

 
$
1,746

 
$
5,459

 
$
5,184

 
 
 
 
 
 
 
 
 
Apartment expenses:
 
 
 
 
 
 
 
 
Operating, maintenance, and management
 
$
639

 
$
683

 
$
1,844

 
$
1,704

Real estate taxes and insurance
 
337

 
343

 
1,014

 
1,020

Apartment expenses
 
$
976

 
$
1,026

 
$
2,858

 
$
2,724


Geographic Concentration Risk
As of September 30, 2018, the Company’s real estate investments in California and New York represented 53.4% and 11.2%, respectively, of the Company’s total assets. As a result, the geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the California and New York real estate markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics and other factors, or any decrease in demand for office space resulting from the local business climate, could adversely affect the Company’s operating results and its ability to make distributions to stockholders.
Impairment of Real Estate
During the three and nine months ended September 30, 2018, the Company recorded an impairment charge of $4.2 million to write-down the carrying value of 210 West 31st Street, a development property located in New York, New York, to its estimated fair value of $58.3 million due to a change in the projected hold period and related decrease in projected cash flows. The Company purchased 210 West 31st Street for $48.0 million plus $1.8 million of closing costs. Since acquisition in December 2016, the Company has capitalized $6.8 million related to a capital lease asset, $3.5 million in development costs and $9.2 million of other certain costs such as financing costs, real estate taxes and insurance costs that have been capitalized to construction in progress. In addition, as of September 30, 2018, 210 West 31st Street had a capital lease liability with a carrying value of $6.8 million included in other liabilities.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES
 9 Months Ended
Sep. 30, 2018
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]  
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES
As of September 30, 2018 and December 31, 2017, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands):
 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
September 30, 2018
 
December 31, 2017
 
September 30, 2018
 
December 31, 2017
 
September 30, 2018
 
December 31, 2017
Cost
$
17,728

 
$
19,006

 
$
99

 
$
99

 
$
(11,823
)
 
$
(12,869
)
Accumulated Amortization
(5,690
)
 
(3,473
)
 
(30
)
 
(16
)
 
3,710

 
2,086

Net Amount
$
12,038

 
$
15,533

 
$
69

 
$
83

 
$
(8,113
)
 
$
(10,783
)

Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2018 and 2017 were as follows (in thousands):
 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
For the Three Months Ended September 30,
 
For the Three Months Ended September 30,
 
For the Three Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Amortization
$
(1,117
)
 
$
(865
)
 
$
(5
)
 
$
(2
)
 
$
838

 
$
647

 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
For the Nine Months Ended September 30,
 
For the Nine Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Amortization
$
(3,495
)
 
$
(2,578
)
 
$
(14
)
 
$
(5
)
 
$
2,670

 
$
979


As of September 30, 2018 and December 31, 2017, the Company had recorded a housing subsidy intangible asset, net of amortization, which is included in prepaid expenses and other assets in the accompanying balance sheets, of $2.4 million, which is amortized on a straight line basis over 31.8 years. During each of the three months ended September 30, 2018 and 2017, the Company recorded amortization expense of $20,000 related to the housing subsidy intangible asset. During each of the nine months ended September 30, 2018 and 2017, the Company recorded amortization expense of $60,000 related to the housing subsidy intangible asset.
Additionally, as of September 30, 2018 and December 31, 2017, the Company had recorded property tax abatement intangible assets, net of amortization, which are included in prepaid expenses and other assets in the accompanying balance sheets, of $2.4 million and $2.8 million, respectively, which are amortized on a straight line basis over a range of 0.7 to 6.6 years. During the three and nine months ended September 30, 2018, the Company recorded amortization expense of $0.1 million and $0.4 million, respectively, related to the property tax abatement intangible assets.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE LOAN RECEIVABLE
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
REAL ESTATE LOAN RECEIVABLE
REAL ESTATE LOAN RECEIVABLE
As of December 31, 2017, the Company had originated one real estate loan receivable. On January 12, 2018, the real estate loan receivable was repaid in full. Information for the real estate loan receivable was as follows (in thousands):
Loan Name
Location of Related Property or Collateral
 
Date Originated
 
Property Type
 
Loan Type
 
Outstanding Principal Balance as of
September 30, 2018
 
Book Value as of September 30, 2018 (1)
 
Book Value as of December 31, 2017 (1)
 
Contractual Interest Rate
 
Annualized Effective Interest Rate
 
Maturity Date
655 Summer Street First Mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Boston, Massachusetts
 
09/04/2014
 
Office
 
Mortgage
 
$
—

 
$
—

 
$
3,500

 
9.25%
 
(2) 
 
(2) 
_____________________
(1) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs.
(2) On January 12, 2018, the real estate loan receivable was repaid in full.
The following summarizes the activity related to the real estate loan receivable for the nine months ended September 30, 2018 (in thousands):
Real estate loan receivable - December 31, 2017
 
$
3,500

Principal repayment
 
(3,500
)
Real estate loan receivable - September 30, 2018
 
$
—


For the three and nine months ended September 30, 2018 and 2017, interest income from the real estate loan receivable consisted of the following (in thousands):
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Contractual interest income
 
$
—

 
$
83

 
$
10

 
$
245

Amortization of closing costs and origination fees, net
 
—

 
20

 
—

 
58

Interest income from real estate loan receivable
 
$
—

 
$
103

 
$
10

 
$
303
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE EQUITY SECURITIES
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
REAL ESTATE EQUITY SECURITIES
REAL ESTATE EQUITY SECURITIES
During the nine months ended September 30, 2018, the Company purchased 852,797 shares of common stock of Franklin Street Properties Corp. (NYSE Ticker: FSP) for an aggregate purchase price of $7.0 million. The Company’s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Unrealized gains and losses on real estate equity securities are recognized in earnings.
The following summarizes the activity related to real estate equity securities for the nine months ended September 30, 2018 (in thousands):
 
 
Amortized Cost Basis
 
Unrealized Loss
 
Total
Real estate equity securities - December 31, 2017
 
$
—

 
$
—

 
$
—

Acquisition of real estate equity securities
 
6,800

 
—

 
6,800

Acquisition fee to affiliate and purchase commission
 
186

 
—

 
186

Loss on real estate equity securities
 
—

 
(172
)
 
(172
)
Real estate equity securities - September 30, 2018
 
$
6,986

 
$
(172
)
 
$
6,814


During the three and nine months ended September 30, 2018, the Company recognized $0.1 million of dividend income from real estate equity securities.
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVESTMENT IN UNCONSOLIDATED ENTITY
 9 Months Ended
Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN UNCONSOLIDATED ENTITY
INVESTMENT IN UNCONSOLIDATED ENTITY
On June 28, 2016, the Company originated a participating loan facility in an amount up to €2.6 million ($2.9 million at closing). The Company funded approximately €2.1 million ($2.3 million at closing). The proceeds were used by STAM to fund a 5% general partner interest in a joint venture acquiring a portfolio of light industrial properties located throughout France. The total acquisition cost of the portfolio was approximately €95.5 million ($105.6 million at closing). Under the terms of the participating loan facility, the Company participates in the expected residual profits of the portfolio and the terms are structured in a manner such that the risks and rewards of the arrangement are similar to those associated with an investment in a real estate joint venture. Accordingly, the participating loan facility is accounted for under the equity method of accounting. In addition to the amount funded at closing, the Company also capitalized an additional $0.2 million of acquisition costs and fees. During the three and nine months ended September 30, 2018, the Company recognized $94,000 and $225,000, respectively, of income with respect to this investment. During the three and nine months ended September 30, 2017, the Company recognized $14,000 and $40,000, respectively, of income with respect to this investment.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
NOTES PAYABLE
NOTES PAYABLE
As of September 30, 2018 and December 31, 2017, the Company’s notes payable consisted of the following (in thousands):
 
 
Book Value as of September 30, 2018
 
Book Value as of December 31, 2017
 
Contractual Interest Rate (1)
 
Effective Interest Rate (1)
 
Payment Type
 
Maturity Date
Springmaid Beach Resort Mortgage Loan
 
$
37,460

 
$
38,000

 
One-month LIBOR + 3.00%
 
5.11%
 
Principal &
Interest
 
12/30/2018
Q&C Hotel Mortgage Loan
 
23,716

 
28,330

 
One-month LIBOR + 3.25%
 
5.36%
 
Principal &
Interest
 
12/17/2018
2200 Paseo Verde Mortgage Loan (2)
 
7,947

 
7,947

 
One-month LIBOR + 2.25%
 
4.36%
 
Interest Only (2)
 
07/01/2020
Lincoln Court Mortgage Loan
 
33,500

 
33,500

 
One-month LIBOR + 1.75%
 
3.85%
 
Interest Only
 
06/01/2020
Lofts at NoHo Commons Mortgage Loan
 
72,100

 
72,100

 
One-month LIBOR + 2.66%
 
4.77%
 
Interest Only
 
12/01/2019
210 West 31st Street Mortgage Loan (3)
 
37,821

 
35,763

 
One-month LIBOR + 5.50%
 
7.60%
 
Interest Only
 
12/01/2019
Oakland City Center Mortgage Loan (4)
 
94,500

 
94,500

 
One-month LIBOR + 1.75%
 
3.85%
 
Interest Only (4)
 
09/01/2022
Madison Square Mortgage Loan (5)
 
21,895

 
21,895

 
One-month LIBOR + 4.05% (5)
 
6.11%
 
Interest Only
 
10/09/2020
Total notes payable principal outstanding
 
328,939

 
332,035

 
 
 
 
 
 
 
 
   Deferred financing costs, net
 
(2,530
)
 
(3,684
)
 
 
 
 
 
 
 
 
Total notes payable, net
 
$
326,409

 
$
328,351

 
 
 
 
 
 
 
 
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2018. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2018 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at September 30, 2018, where applicable.
(2) As of September 30, 2018, $7.9 million had been disbursed to the Company and up to $1.6 million is available for future disbursements to be used for tenant improvement costs, capital improvements costs and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning August 1, 2019, monthly payments include principal amortization payments of $10,000 per month.
(3) As of September 30, 2018, $37.8 million had been disbursed to the Company and up to $9.3 million is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents.
(4) As of September 30, 2018, $94.5 million had been disbursed to the Company and up to $8.9 million is available for future disbursements to be used for tenant improvements and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning October 1, 2020, monthly payments will include principal and interest with principal payments of $110,000 or, in the event the Company repays any principal of the loan amount, with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.0%, subject to certain terms and conditions contained in the loan documents.
(5) As of September 30, 2018, $21.9 million had been disbursed to the Company and up to $12.2 million is available for future disbursements to be used for tenant improvements and leasing expenses, subject to certain terms and conditions contained in the loan documents. The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than 5.05%. The property securing this mortgage loan was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy of the property.
During the three and nine months ended September 30, 2018, the Company incurred $3.4 million and $9.7 million, respectively, of interest expense. During the three and nine months ended September 30, 2017, the Company incurred $2.3 million and $5.8 million, respectively, of interest expense. Included in interest expense was: (i) the amortization of deferred financing costs of $0.4 million and $1.3 million for the three and nine months ended September 30, 2018, respectively, and $0.4 million and $1.1 million for the three and nine months ended September 30, 2017, respectively, (ii) the capitalization of interest to construction in progress related to its redevelopment project at 210 West 31st Street of $1.3 million and $3.9 million for the three and nine months ended September 30, 2018, respectively, and $1.3 million and $3.0 million for the three and nine months ended September 30, 2017, respectively, and (iii) an unrealized gain of $1,000 and $11,000 on interest rate cap agreements for the three and nine months ended September 30, 2018, respectively, and unrealized losses related to interest rate cap agreements of $12,000 and $84,000 for the three and nine months ended September 30, 2017, respectively. As of September 30, 2018 and December 31, 2017, the Company’s interest payable was $1.3 million and $1.1 million, respectively.
The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2018 (in thousands):
October 1, 2018 through December 31, 2018
 
$
61,176

2019
 
109,971

2020
 
63,622

2021
 
1,320

2022
 
92,850

 
 
$
328,939


The Company’s notes payable contain financial and non-financial debt covenants. As of September 30, 2018, the Company was in compliance with all debt covenants, except that the borrower under the Madison Square Mortgage Loan was out of debt service coverage compliance. Such non-compliance does not constitute an event of default under the loan agreement. As a result of such non-compliance, the Company is required to maintain an interest shortfall reserve.
The Company’s note payable with respect to the Springmaid Beach Resort Mortgage Loan requires the Company to maintain a minimum working capital reserve in an amount sufficient to fund the working capital requirements of the Springmaid Beach Resort through the off-peak season, which amount shall be reduced by any amounts for working capital reserved by the third-party hotel operator. The working capital reserve was included in restricted cash on the accompanying consolidated balance sheets.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS
The Company enters into derivative instruments for risk management purposes to hedge its exposure to cash flow variability caused by changing interest rates. The primary goal of the Company’s risk management practices related to interest rate risk is to prevent changes in interest rates from adversely impacting the Company’s ability to achieve its investment return objectives. The Company does not enter into the derivatives for speculative purposes.
The Company enters into interest rate caps to mitigate its exposure to rising interest rates on its variable rate notes payable. The values of interest rate caps are primarily impacted by interest rates, market expectations about interest rates, and the remaining life of the instrument. In general, increases in interest rates, or anticipated increases in interest rates, will increase the value of interest rate caps. As the remaining life of an interest rate cap decreases, the value of the instrument will generally decrease towards zero.
As of September 30, 2018, the Company had four interest rate caps outstanding, which were not designated as hedging instruments. The following table summarizes the notional amount and other information related to the Company’s derivative instruments as of September 30, 2018 and December 31, 2017. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
Fair Value of Asset
 
 
Derivative Instruments
 
Effective Date
 
Maturity Date
 
Notional Value
 
Reference Rate
 
September 30, 2018
 
December 31, 2017
 
Balance Sheet Location
Interest Rate Cap
 
12/29/2014
 
01/01/2018
 
$
26,000

 
One-month LIBOR at 3.00%
 
$
—

 
$
—

 
Prepaid expenses and other assets
Interest Rate Cap
 
12/15/2015
 
12/23/2018
 
$
28,330

 
One-month LIBOR at 3.00%
 
—

 
—

 
Prepaid expenses and other assets
Interest Rate Cap
 
12/01/2016
 
12/01/2019
 
$
47,110

 
One-month LIBOR at 3.00%
 
22

 
9

 
Prepaid expenses and other assets
Interest Rate Cap
 
10/03/2017
 
10/15/2019
 
$
34,125

 
One-month LIBOR at 3.00%
 
10

 
4

 
Prepaid expenses and other assets
Interest Rate Cap
 
02/02/2018
 
12/30/2018
 
$
26,000

 
One-month LIBOR at 3.00%
 
—

 
—

 
Prepaid expenses and other assets
Total Derivative Instruments not designated as hedging instruments
 
 
$
32

 
$
13

 
 

During the three and nine months ended September 30, 2018, the Company recorded an unrealized gain of $1,000 and $11,000, respectively, on interest rate cap agreements, which is included as an offset to interest expense on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2017, the Company recorded an unrealized loss of $12,000 and $84,000, respectively, on interest rate cap agreements, which is included in interest expense on the accompanying consolidated statements of operations.
The Company enters into foreign currency forward contracts to mitigate its exposure to foreign currency exchange rate movements on its investment in unconsolidated entity. The foreign currency forward contract is a commitment to deliver a certain amount of currency at a certain price on a specific date in the future.
The following table summarizes the notional amount and other information related to the Company’s foreign currency forward contract as of September 30, 2018. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands):
Derivative Instrument
 
Notional Amount
 
Strike Price
 
Trade Date
 
Maturity Date
Derivative instrument not designated as hedging instrument
Foreign currency forward contract
 
$
2,668

 
1.2704 USD-EUR
 
09/05/2017
 
09/07/2021

During the three and nine months ended September 30, 2018, the Company recorded a foreign currency gain of $22,000 and $73,000, respectively, on foreign currency forward contract, which is included as an offset to general and administrative expenses on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2017, the Company recorded a foreign currency loss of $33,000 on foreign currency forward contract, which is included in general and administrative expenses on the accompanying consolidated statements of operations. The fair value of the foreign currency forward contract was $6,000 and $79,000 liability as of September 30, 2018 and December 31, 2017, respectively, included in other liabilities on the accompanying balance sheets.
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE DISCLOSURES
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES
Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other non-financial and financial assets at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories:
•
Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities;
•
Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
•
Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable.
The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and for which markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments for which markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The following is a summary of the methods and assumptions used by management in estimating the fair value of each class of assets and liabilities for which it is practicable to estimate the fair value:
Cash and cash equivalents, restricted cash, rent and other receivables and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items.
Real estate equity securities: The Company’s real estate equity securities are presented at fair value on the accompanying consolidated balance sheet. The fair values of real estate equity securities were based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs.
Real estate loan receivable: The Company’s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of recorded loan loss reserves (if any) and not at fair value. The fair value of real estate loan receivable was estimated using an internal valuation model that considered the expected cash flows for the loan, underlying collateral value (for collateral-dependent loans) and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs.
Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments are determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps (floors) are determined using the market standard methodology of discounting the future expected cash payments (receipts) which would occur if variable interest rates rise above (below) the strike rate of the caps (floors). The variable interest rates used in the calculation of projected payments (receipts) on the cap (floor) are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. The fair value of foreign currency forward contract are valued by comparing the contracted forward exchange rate to the current market exchange rate.
Notes payable: The fair value of the Company’s notes payable are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.
The following were the face value, carrying amount and fair value of the Company’s financial instruments as of September 30, 2018 and December 31, 2017, which carrying amounts do not approximate the fair values (in thousands):
 
September 30, 2018
 
December 31, 2017
 
Face Value
 
Carrying Amount
 
Fair Value
 
Face Value
 
Carrying Amount
 
Fair Value
Financial asset:
 
 
 
 
 
 
 
 
 
 
 
Real estate loan receivable
$
—

 
$
—

 
$
—

 
$
3,500

 
$
3,500

 
$
3,500

Financial liability:
 
 
 
 
 
 
 
 
 
 
 
Notes payable
$
328,939

 
$
326,409

 
$
331,265

 
$
332,035

 
$
328,351

 
$
333,336


Disclosure of the fair value of financial instruments is based on pertinent information available to the Company as of the period end and requires a significant amount of judgment. Despite increased capital market and credit market activity, transaction volume for certain financial instruments remains relatively low. This has made the estimation of fair values difficult and, therefore, both the actual results and the Company’s estimate of value at a future date could be materially different.
As of September 30, 2018, the Company measured the following assets at fair value on a recurring basis (in thousands):
 
 
 
 
Fair Value Measurements Using
 
 
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Recurring Basis:
 
 
 
 
 
 
 
 
Real estate equity securities
 
$
6,814

 
$
6,814

 
$
—

 
$
—

Asset derivatives - interest rate caps
 
$
32

 
$
—

 
$
32

 
$
—

Liability derivative - foreign currency forward contract
 
$
6

 
$
—

 
$
6

 
$
—


As of September 30, 2018, the Company measured the following assets at fair value on a nonrecurring basis (in thousands):
 
 
 
 
Fair Value Measurements Using
 
 
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Nonrecurring Basis:
 
 
 
 
 
 
 
 
Impaired real estate (1)
 
$
58,300

 
$
—

 
$
—

 
$
58,300

_____________________
(1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the nine months ended September 30, 2018, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
During the nine months ended September 30, 2018, one of the Company’s real estate properties was measured at its estimated fair value based on a sales comparison approach. As a result, this property was impaired and the carrying value was adjusted due to a change in the projected hold period and related decrease in projected cash flows. See Note 3, “Real Estate – Impairment of Real Estate” for a further discussion on the impaired real estate property.
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS
The Company has entered into the Advisory Agreement with the Advisor and dealer manager agreements with the Dealer Manager, with respect to the Private Offering and the Public Offering. These agreements entitle the Advisor and the Dealer Manager to specified fees upon the provision of certain offering-related services and the investment of funds in real estate-related investments, among other services, as well as reimbursement of organization and offering costs incurred by the Advisor and the Dealer Manager on behalf of the Company and certain costs incurred by the Advisor in providing services to the Company. In addition, the Advisor is entitled to certain other fees, including an incentive fee upon achieving certain performance goals, as described in the Advisory Agreement. The Advisor also serves or has served as the advisor for KBS Real Estate Investment Trust, Inc. (“KBS REIT I”), KBS Real Estate Investment Trust II, Inc. (“KBS REIT II”), KBS Real Estate Investment Trust III, Inc. (“KBS REIT III”), KBS Legacy Partners Apartment REIT, Inc. (“KBS Legacy Partners Apartment REIT”), KBS Strategic Opportunity REIT, Inc. (“KBS Strategic Opportunity REIT”) and KBS Growth & Income REIT, Inc. (“KBS Growth & Income REIT”). The Dealer Manager also serves as the dealer manager for the KBS dividend reinvestment plan offerings for KBS Strategic Opportunity REIT, KBS REIT III and KBS Growth & Income REIT.
On January 6, 2014, the Company, together with KBS REIT I, KBS REIT II, KBS REIT III, KBS Legacy Partners Apartment REIT, KBS Strategic Opportunity REIT, the Dealer Manager, the Advisor and other KBS-affiliated entities, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage were shared. The cost of these lower tiers was allocated by the Advisor and its insurance broker among each of the various entities covered by the program, and was billed directly to each entity. The allocation of these shared coverage costs is proportionate to the pricing by the insurance marketplace for the first tiers of directors and officers liability coverage purchased individually by each REIT. The Advisor’s and the Dealer Manager’s portion of the shared lower tiers’ cost was proportionate to the respective entities’ prior cost for the errors and omissions insurance. In June 2015, KBS Growth & Income REIT was added to the insurance program at terms similar to those described above. KBS REIT I elected to cease participation in the program at the June 2017 renewal and obtained separate insurance coverage. At renewal in June 2018, the Company, KBS Strategic Opportunity REIT and KBS Legacy Partners Apartment REIT elected to cease participation in the program and obtain separate insurance coverage. The Company, together with KBS Strategic Opportunity REIT, entered into an errors and omissions and directors and officers liability insurance program where the lower tiers of such insurance coverage are shared. The cost of these lower tiers is allocated by the Advisor and its insurance broker among each REIT covered by the program, and is billed directly to each REIT. The program is effective through June 30, 2019.
During the three and nine months ended September 30, 2018 and 2017, no other business transactions occurred between the Company and these other KBS-sponsored programs.
The Advisory Agreement has a one-year term that expires August 12, 2019. The Company may terminate the Advisory Agreement on 30 days’ written notice and the Advisor may terminate on 90 days’ written notice. The Advisor in its sole discretion may defer any fee payable to it under the Advisory Agreement. All or any portion of such fee not taken may be deferred without interest and paid when the Advisor determines.
Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2018 and 2017, respectively, and any related amounts payable as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
Incurred
 
Payable as of
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
September 30, 2018
 
December 31, 2017
 
 
2018
 
2017
 
2018
 
2017
 
 
Expensed
 
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
 
$
1,020

 
$
739

 
$
2,940

 
$
1,820

 
$
20

 
$
22

Reimbursable operating expenses (1)
 
113

 
65

 
337

 
239

 
64

 
42

Capitalized
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition fees
 
19

 
4,126

 
234

 
4,151

 
133

 
76

Asset management fees
 
—

 
—

 
—

 
67

 
—

 
—

Additional Paid-in Capital
 
 
 
 
 
 
 
 
 
 
 
 
Sales commissions
 
190

 
267

 
614

 
2,028

 
—

 
—

Dealer manager fees
 
92

 
133

 
337

 
1,180

 
—

 
—

Stockholder servicing fees (2)
 
(2
)
 
505

 
14

 
1,041

 
—

 
680

Reimbursable other offering costs (3)
 
45

 
87

 
174

 
583

 
54

 
1,042

 
 
$
1,477

 
$
5,922

 
$
4,650

 
$
11,109

 
$
271

 
$
1,862

_____________________
(1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $0.1 million and $0.3 million for the three and nine months ended September 30, 2018, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2017, respectively, and were the only employee costs reimbursed under the Advisory Agreement for the three and nine months ended September 30, 2018 and 2017. The Advisor may seek reimbursement for certain other employee costs under the Advisory Agreement. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company.
(2) Reflects the stockholder servicing fee paid based on the terms of the Class T Shares. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan of the Company, the Company ceased accruing for stockholder servicing fees after July 31, 2018.
(3) See “Other Offering Costs” below.
During the nine months ended September 30, 2018 and 2017, the Advisor reimbursed the Company $35,000 and $21,000, respectively, for property insurance rebates.
Other Offering Costs
Organization and offering costs (other than selling commissions, dealer manager fees and the stockholder servicing fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company or may be paid directly by the Company. These offering costs include all expenses incurred by the Company in connection with the Private Offering and the Public Offering. Organization costs include all expenses incurred by the Company in connection with the formation of the Company, including but not limited to legal fees and other costs to incorporate the Company.
The Company recorded $1.0 million of offering costs (other than selling commissions and dealer manager fees) related to the Private Offering, all of which was initially paid by the Advisor or its affiliates on behalf of the Company and subsequently reimbursed by the Company. In addition, the Company paid $1.9 million in selling commissions and dealer manager fees related to the Private Offering.
During the Public Offering, pursuant to the Advisory Agreement and the Dealer Manager Agreement, the Company is obligated to reimburse the Advisor, the Dealer Manager or their affiliates, as applicable, for organization and other offering costs paid by them on behalf of the Company, provided that no reimbursements made by the Company to the Advisor or the Dealer Manager may cause total organization and offering expenses incurred by the Company in connection with the Public Offering (including selling commissions, dealer manager fees and the stockholder servicing fee) to exceed 15% of the aggregate gross proceeds from the Public Offering as of the date of reimbursement. In addition, the Advisor and its affiliates reimbursed the Company to the extent that the organization and other offering expenses (which exclude selling commissions, dealer manager fees and stockholder servicing fees) paid directly or reimbursed by the Company in connection with the primary portion of the Public Offering, regardless of when incurred, exceeded 1.0% of gross offering proceeds from the primary portion of the Public Offering. The Advisor and its affiliates are responsible for any organization and other offering expenses related to the primary portion of the Public Offering to the extent they exceed 1.0% of gross proceeds from the primary portion of the Public Offering.
Through September 30, 2018, the Advisor and its affiliates had incurred organization and other offering costs (which exclude selling commissions dealer manager fees and stockholder servicing fees) on the Company’s behalf in connection with the Public Offering of approximately $10.9 million. As of September 30, 2018, the Company had recorded $14.5 million in selling commissions and dealer manager fees and $1.7 million of stockholder servicing fees. As of September 30, 2018, the Company had recorded $2.3 million of other organization and offering expenses, which amounts represent the Company’s maximum liability for organization and other offering costs as of September 30, 2018 based on the 1.0% limitation described above.
In addition, as of September 30, 2018, the Advisor had incurred $0.1 million in organization and offering costs on behalf of the Company in connection with a proposed follow-on offering the Company filed with the SEC on August 10, 2017. As of September 30, 2018, the Company had not commenced the follow-on offering.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
Management Agreement
Springmaid Beach Resort
The consolidated joint venture entity through which the Company leases the operations for Springmaid Beach Resort has entered into a management agreement with Doubletree Management LLC, an independent third-party hotel operator (the “Operator”) pursuant to which the Operator will manage and operate the Springmaid Beach Resort. The hotel was branded a DoubleTree by Hilton in September 2016 (the “Brand Commencement Date”).
The management agreement expires on December 31 of the 20th full year following the Brand Commencement Date. Upon mutual agreement, the parties may extend the term of the agreement for two successive periods of five years each. If an event of default occurs and continues beyond any applicable notice and cure periods set forth in the management agreement, the non-defaulting party generally has, among other remedies, the option of terminating the management agreement upon written notice to the defaulting party with no termination fee payable to Doubletree. In addition, the Company has the right to terminate the management agreement without the payment of a termination fee if Doubletree fails to achieve certain criteria relating to the performance of the hotel for any two consecutive years following the Brand Commencement Date. Under certain circumstances following a casualty or condemnation event, either party may terminate the management agreement provided Doubletree receives a termination fee an amount equal to two years of the base fee.  The Company is permitted to terminate the management agreement upon a sale, lease or other transfer of the Springmaid Beach Resort any time so long as the buyer is approved for, and enters into a DoubleTree by Hilton franchise agreement for the balance of the agreement’s term. Finally, the Company is restricted in its ability to assign the management agreement upon a sale, lease or other transfer the Springmaid Beach Resort unless the transferee is approved by Doubletree to assume the management agreement.
Pursuant to the management agreement the Operator receives the following fees:
•
a base fee, which is a percentage of total operating revenue that starts at 2.5% and increases to 2.75% in the second year following the Brand Commencement Date and further increases in the third year following the Brand Commencement Date and thereafter to 3.0%;
•
a campground area management fee, which is 2% of any campground revenue;
•
an incentive fee, which is 15% of operating cash flow (after deduction for capital renewals reserve and the joint venture owner’s priority, which is 12% of the joint venture owner’s total investment);
•
an additional services fee in the amount reasonably determined by the Operator from time to time; and
•
a brand services fee in the amount of 4% of total rooms revenue, and an other brand services fee in an amount determined by the Operator from time to time.
The management agreement contains specific standards for the operation and maintenance of the hotel, which allows the Operator to maintain uniformity in the system created by the Operator’s franchise. Such standards generally regulate the appearance of the hotel, quality and type of goods and services offered, signage and protection of trademarks. Compliance with the management agreement will require the Company to make significant expenditures for capital improvements.     
During the three and nine months ended September 30, 2018, the Company incurred $0.2 million and $0.5 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2017, the Company incurred $0.1 million and $0.3 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations.
Q&C Hotel
A wholly owned subsidiary of the joint venture through which the Company leases the operations of the Q&C Hotel (“Q&C Hotel Operations”) has entered into a management agreement with Encore Hospitality, LLC (“Encore Hospitality”), an affiliate of the joint venture partner, pursuant to which Encore Hospitality will manage and operate the Q&C Hotel. The management agreement expires on December 17, 2035. Subject to certain conditions, Encore Hospitality may extend the term of the agreement for a period of five years. Pursuant to the management agreement Encore Hospitality will receive a base fee, which is 4.0% of gross revenue (as defined in the management agreement). During the three and nine months ended September 30, 2018, the Company incurred $0.1 million and $0.3 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2017, the Company incurred $0.1 million and $0.3 million, respectively, of fees related to the management agreement, which are included in hotel expenses on the accompanying consolidated statements of operations.
Q&C Hotel Operations has also entered into a franchise agreement with Marriott International (“Marriott”) pursuant to which Marriott has granted Q&C Hotel Operations a limited, non-exclusive license to establish and operate the Q&C Hotel using certain of Marriott’s proprietary marks and systems and the hotel was branded as a Marriott Autograph Collection hotel on May 25, 2016. The franchise agreement will expire on May 25, 2041. Pursuant to the franchise agreement, Q&C Hotel Operations pays Marriott a monthly franchise fee equal to a percent of gross room sales on a sliding scale that is initially 2% and increases to 5% on May 25, 2019 and a monthly marketing fund contribution fee equal to 1.5% of the Q&C Hotel’s gross room sales. In addition, the franchise agreement requires the maintenance of a reserve account to fund all renovations at the hotel based on a percentage of gross revenues which starts at 2% of gross revenues and increases to 5% of gross revenues on May 25, 2019. Q&C Hotel Operations is also responsible for the payment of certain other fees, charges and costs as set forth in the agreement. During the three and nine months ended September 30, 2018, the Company incurred $0.2 million and $0.8 million, respectively, of fees related to the Marriott franchise agreement. During the three and nine months ended September 30, 2017, the Company incurred $0.2 million and $0.7 million, respectively, of fees related to the Marriott franchise agreement.
In addition, in connection with the execution of the franchise agreement, SOR US Properties II is providing an unconditional guarantee that all Q&C Hotel Operations’ obligations under the franchise agreement will be punctually paid and performed. Finally, certain transfers of the Q&C Hotel or an ownership interest therein are subject to a notice and consent requirement, and the franchise agreement further provides Marriott with a right of first refusal with respect to a sale of the hotel to a competitor of Marriott.
Lease Obligations
As of September 30, 2018, the Company had leasehold interests expiring on various expiration dates between October 1, 2018 and 2114. Future minimum lease payments owed by the Company under the capital leases as of September 30, 2018 are as follows (in thousands):
October 1, 2018 through December 31, 2018
$
150

2019
635

2020
680

2021
735

2022
935

Thereafter
53,841

Total expected minimum lease obligations
56,976

Less: Amount representing interest (1)
(48,648
)
Present value of net minimum lease payments (2)
$
8,328


_____________________
(1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition.
(2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets.
Economic Dependency
The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of the Company’s investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide these services, the Company will be required to obtain such services from other sources.
Environmental
As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. Although there can be no assurance, the Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations as of September 30, 2018. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities.
Legal Matters
From time to time, the Company is a party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on the Company’s results of operations or financial condition, which would require accrual or disclosure of the contingency and the possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
Cash Distributions Paid
On October 1, 2018, the Company paid distributions of $0.5 million related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from September 1, 2018 through September 30, 2018. On November 1, 2018, the Company paid distributions of $0.5 million related to cash distributions on the outstanding shares of the common stock based on daily record dates for the period from October 1, 2018 through October 31, 2018. Distributions for the period from September 1, 2018 through October 31, 2018 were calculated based on stockholders of record each day during these periods at a rate of (i) $0.00052548 per share per day less (ii) the applicable daily stockholder servicing fees accrued for and allocable to any class of common stock, divided by the number of shares of common stock of such class outstanding as of the close of business on each respective record date.
Stock Dividends Issued
On August 9, 2018, the Company’s board of directors authorized stock dividends for the month of September 2018, in the amount of 0.001667 shares of each class of the Company’s common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on September 30, 2018.  The Company issued the September 2018 stock dividend, consisting of 50,117 shares, on October 2, 2018.
On August 9, 2018, the Company’s board of directors authorized stock dividends for the month of October 2018, in the amount of 0.001667 shares of each class of the Company’s common stock on each outstanding share of common stock issuable to all common stockholders of record as of the close of business on October 31, 2018.  The Company issued the October 2018 stock dividends, consisting of 50,250 shares, on November 2, 2018.
Distributions Declared
On October 10, 2018, the Company’s board of directors declared cash distributions on the outstanding shares of all classes of its common stock based on daily record dates for the period from November 1, 2018 through November 30, 2018, which the Company expects to pay in December 2018. Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan. Distributions for these periods will be calculated based on stockholders of record each day during this period at a rate of $0.00052548 per share per day.
Also on October 10, 2018, the Company’s board of directors authorized a stock dividend for the month of November 2018 in the amount of 0.001667 shares of common stock on each outstanding share of common stock, issuable to all common stockholders of record as of the close of business on November 30, 2018. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend. The Company expects to issue this stock dividend in December 2018.
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying unaudited consolidated financial statements and condensed notes thereto have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the FASB Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair and consistent presentation of the results for such periods. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company, REIT Holdings, the Operating Partnership and their direct and indirect wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Revenue Recognition
Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), using the modified retrospective approach, which requires a cumulative effect adjustment as of the date of the Company’s adoption. Under the modified retrospective approach, an entity may also elect to apply this standard to either (i) all contracts as of January 1, 2018 or (ii) only to contracts that were not completed as of January 1, 2018.  A completed contract is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP that was in effect before the date of initial application. The Company elected to apply this standard only to contracts that were not completed as of January 1, 2018.
Based on the Company’s evaluation of contracts within the scope of ASU No. 2014-09, revenue that is impacted by ASU No. 2014-09 includes revenue generated by other operating income and tenant reimbursements for substantial services earned at the Company’s office properties and hotel revenues. The recognition of such revenue will occur when the services are provided and the performance obligations are satisfied.
Hotel Revenue
The Company recognizes revenue for hotels as hotel revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from the Company’s guests. Additionally, some of the Company’s hotel rooms are booked through independent internet travel intermediaries. If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the Company at the price the Company sold the room to the independent internet travel intermediary, less any discount or commission paid. If the guest pays the Company directly, revenue for the room is booked by the Company on a gross basis. The Company participates in frequent guest programs sponsored by the brand owners of the Company’s hotels and the Company expenses the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated in the real estate footnote into the categories of rooms revenue, food, beverage and convention services revenue, campground revenue and other revenue to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows.
Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room. The Company’s contract performance obligations are fulfilled at the end of the day that the customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is secured at the end of the contract upon check-out by the customer from the Company’s hotel. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the Company’s hotels. Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest’s stay. The Company notes no significant judgments regarding the recognition of rooms revenue.
Food, beverage and convention revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or convention services. The Company’s contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the convention facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at the Company’s hotels. Advanced deposits for food and beverage revenue are included in the balance of other liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. The Company notes no significant judgements regarding the recognition of food and beverage revenue.
Campground revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured.
Real Estate Equity Securities
The Company’s real estate equity securities are carried at their estimated fair value based on quoted market prices for the security. Transaction costs that are directly attributable to the acquisition of real estate equity securities are capitalized to its cost basis. Upon adoption of ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU No. 2016-01”) on January 1, 2018, unrealized gains and losses on real estate equity securities are recognized in earnings.
Dividend income from real estate equity securities is recognized on an accrual basis based on eligible shares as of the ex-dividend date.
Segments
The Company has invested in opportunistic real estate investments, real estate equity securities and originated a loan secured by a non-stabilized real estate asset, which was repaid on January 12, 2018. In general, the Company intends to hold its investments in opportunistic real estate, real estate equity securities and other real estate-related assets for capital appreciation. Traditional performance metrics of opportunistic real estate and other real estate-related assets may not be meaningful as these investments are generally non-stabilized and do not provide a consistent stream of interest income or rental revenue. These investments exhibit similar long-term financial performance and have similar economic characteristics. These investments typically involve a higher degree of risk and do not provide a constant stream of ongoing cash flows. As a result, the Company’s management views opportunistic real estate and other real estate-related assets as similar investments. Substantially all of its revenue and net income (loss) is from opportunistic real estate and other real estate-related assets, and therefore, the Company currently aggregates its operating segments into one reportable business segment. In addition, the Company has invested in a participating loan facility secured by a portfolio of light industrial properties located in Europe. However, based on the Company’s investment portfolio and future investment focus, the Company does not believe that its investment in the European asset is a reportable segment.
Per Share Data
The Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. The undistributed earnings are allocated to all outstanding common shares based on the relative percentage of each class of shares to the total number of outstanding shares. The Company does not have any participating securities outstanding other than Class A Common Stock and Class T Common stock during the periods presented.
Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock issued and outstanding for each class of share outstanding during such period. Diluted net income (loss) per share of common stock equals basic net income (loss) per share of common stock as there were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2018 and 2017. For the purpose of determining the weighted-average number of shares outstanding, stock dividends issued are adjusted retroactively and treated as if they were issued and outstanding for all periods presented. 
Square Footage, Occupancy and Other Measures Policy
Any references to square footage, occupancy or annualized base rent are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Recently Issued Accounting Standards Updates
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). The amendments in ASU No. 2016-02 change the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of ASU No. 2016-02 as of its issuance is permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon adoption of ASU No. 2016-02, the Company expects to adopt the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company will 1) not reassess whether any expired or existing contracts are or contain leases, 2) not reassess the lease classification for any expired or existing lease, and 3) not reassess initial direct costs for any existing leases. The Company does not expect to elect the practical expedient related to using hindsight to reevaluate the lease term. In addition, the Company expects to adopt the practical expedient for land easements to not assess whether existing or expired land easements that were not previously accounted for as leases under the current lease accounting standards of Topic 840 are or contain a lease under Topic 842.
In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements (“ASU No. 2018-11”), which provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue recognition standard (Topic 606) and if certain conditions are met. Upon adoption of the lease accounting standard under Topic 842, the Company expects to adopt this practical expedient, specifically related to its tenant reimbursements which would otherwise be accounted for under the new revenue recognition standard. The Company believes the two conditions have been met for tenant reimbursements as 1) the timing and pattern of transfer of the nonlease components and associated lease components are the same and 2) the lease component would be classified as an operating lease. In addition, ASU No. 2018-11 provides an additional optional transition method to allow entities to apply the new lease accounting standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease accounting standard will continue to be reported under the current lease accounting standards of Topic 840. The Company expects to adopt this transition method upon adoption of the lease accounting standard of Topic 842 on January 1, 2019.
The Company is currently evaluating the impact of adopting the new lease accounting standards on its consolidated financial statements. The Company is in process of creating an inventory of its leases where the Company may be a lessee to assess the potential impact to the Company’s financial statements upon adoption of the new lease accounting standards.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU No. 2016-13”).  ASU No. 2016-13 affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income.  The amendments in ASU No. 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset.  ASU No. 2016-13 also amends the impairment model for available-for-sale debt securities.  An entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU No. 2016-13 also requires new disclosures.  For financial assets measured at amortized cost, an entity will be required to disclose information about how it developed its allowance for credit losses, including changes in the factors that influenced management’s estimate of expected credit losses and the reasons for those changes.  For financing receivables and net investments in leases measured at amortized cost, an entity will be required to further disaggregate the information it currently discloses about the credit quality of these assets by year of the asset’s origination for as many as five annual periods. For available-for-sale debt securities, an entity will be required to provide a roll-forward of the allowance for credit losses and an aging analysis for securities that are past due.  ASU No. 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years.  Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.  The Company is still evaluating the impact of adopting ASU No. 2016-13 on its financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820):  Disclosure Framework -Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”).  The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. ASU No. 2018-13 removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and to disclose the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop the Level 3 fair value measurement.  In addition, public entities are required to provide information about the measurement uncertainty of recurring Level 3 fair value measurements from the use of significant unobservable inputs if those inputs reasonably could have been different at the reporting date. ASU No. 2018-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company is still evaluating the impact of adopting ASU No. 2018-13 on its financial statements, but does not expect the adoption of ASU No. 2018-13 to have a material impact on its financial statements.
Fair Value Measurements
Cash and cash equivalents, restricted cash, rent and other receivables and accounts payable and accrued liabilities: These balances approximate their fair values due to the short maturities of these items.
Real estate equity securities: The Company’s real estate equity securities are presented at fair value on the accompanying consolidated balance sheet. The fair values of real estate equity securities were based on a quoted price in an active market on a major stock exchange. The Company classifies these inputs as Level 1 inputs.
Real estate loan receivable: The Company’s real estate loan receivable is presented in the accompanying consolidated balance sheets at its amortized cost net of recorded loan loss reserves (if any) and not at fair value. The fair value of real estate loan receivable was estimated using an internal valuation model that considered the expected cash flows for the loan, underlying collateral value (for collateral-dependent loans) and estimated yield requirements of institutional investors for loans with similar characteristics, including remaining loan term, loan-to-value, type of collateral and other credit enhancements. The Company classifies these inputs as Level 3 inputs.
Derivative instruments: The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The valuation of these instruments are determined using a proprietary model that utilizes observable inputs. As such, the Company classifies these inputs as Level 2 inputs. The proprietary model uses the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps (floors) are determined using the market standard methodology of discounting the future expected cash payments (receipts) which would occur if variable interest rates rise above (below) the strike rate of the caps (floors). The variable interest rates used in the calculation of projected payments (receipts) on the cap (floor) are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities. The fair value of foreign currency forward contract are valued by comparing the contracted forward exchange rate to the current market exchange rate.
Notes payable: The fair value of the Company’s notes payable are estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities or similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Dividends Declared and Shares Issued
The Company’s board of directors has declared and issued stock dividends on shares of the Company’s common stock during the three and nine months ended September 30, 2018 and 2017 as follows:
Three Months Ended September 30,
 
Amount Declared per Share Outstanding (1)
 
Total Shares Issued
2017
 
0.005001 shares
 
131,477
2018
 
0.005001 shares
 
148,412
__________________________________
(1) Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Nine Months Ended September 30,
 
Amount Declared per Share Outstanding (1)
 
Total Shares Issued
2017
 
0.015003 shares
 
357,215
2018
 
0.015003 shares
 
433,633
__________________________________
(1) Amount declared per share outstanding includes monthly dividends and assumes each share was issued and outstanding for the entire periods presented. Stock dividends are issued in the same class of shares as the shares for which such stockholder received the stock dividend.
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method
The Company’s calculated earnings per share for the three and nine months ended September 30, 2018 and 2017 were as follows (in thousands, except share and per share amounts):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders
 
$
(4,963
)
 
$
2,893

 
$
(8,133
)
 
$
(834
)
Less: Class A Common Stock cash distributions declared
 
862

 
777

 
2,505

 
2,187

Less: Class T Common Stock cash distributions declared
 
487

 
258

 
1,050

 
660

Undistributed net (loss) income attributable to common stockholders
 
$
(6,312
)
 
$
1,858

 
$
(11,688
)
 
$
(3,681
)
Class A Common Stock:
 
 
 
 
 
 
 
 
Undistributed net (loss) income attributable to common stockholders
 
$
(3,776
)
 
$
1,127

 
$
(7,019
)
 
$
(2,311
)
Class A Common Stock cash distributions declared
 
862

 
777

 
2,505

 
2,187

Net (loss) income attributable to Class A common stockholders
 
$
(2,914
)
 
$
1,904

 
$
(4,514
)
 
$
(124
)
Net (loss) income per common share, basic and diluted
 
$
(0.16
)
 
$
0.12

 
$
(0.26
)
 
$
(0.01
)
Weighted-average number of common shares outstanding, basic and diluted
 
17,938,824

 
16,514,730

 
17,640,671

 
15,759,082

Class T Common Stock:
 
 
 
 
 
 
 
 
Undistributed net (loss) income attributable to common stockholders
 
$
(2,536
)
 
$
731

 
$
(4,669
)
 
$
(1,370
)
Class T Common Stock cash distributions declared
 
487

 
258

 
1,050

 
660

Net (loss) income attributable to Class T common stockholders
 
$
(2,049
)
 
$
989

 
$
(3,619
)
 
$
(710
)
Net (loss) income per common share, basic and diluted
 
$
(0.17
)
 
$
0.09

 
$
(0.31
)
 
$
(0.08
)
Weighted-average number of common shares outstanding, basic and diluted
 
12,044,757

 
10,714,415

 
11,733,316

 
9,339,643
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Tables)
 9 Months Ended
Sep. 30, 2018
Real Estate [Abstract]  
Schedule of Real Estate
The following table summarizes the Company’s real estate as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Land
 
$
104,138

 
$
104,138

Buildings and improvements
 
368,448

 
362,210

Construction in progress
 
65,106

 
63,732

Tenant origination and absorption costs
 
17,728

 
19,006

Total real estate, cost and net of impairment charge (1)
 
555,420

 
549,086

Accumulated depreciation and amortization
 
(31,578
)
 
(18,646
)
Total real estate, net
 
$
523,842

 
$
530,440


_____________________
(1) See “ – Impairment of Real Estate” below.
The following table provides summary information regarding the Company’s real estate as of September 30, 2018 (in thousands):
Property
 
Date
Acquired
 
City
 
State
 
Property Type
 
Land
 
Building
and Improvements (1) 
 
Tenant Origination and Absorption
 
Total Real Estate, at Cost and Net of Impairment Charge
 
Accumulated Depreciation and Amortization
 
Total Real Estate, Net
 
Ownership %
Springmaid Beach Resort
 
12/30/2014
 
Myrtle Beach
 
SC
 
Hotel
 
$
27,438

 
$
33,402

 
$
—

 
$
60,840

 
$
(6,475
)
 
$
54,365

 
90.0%
Q&C Hotel
 
12/17/2015
 
New Orleans
 
LA
 
Hotel
 
1,232

 
53,075

 
—

 
54,307

 
(5,512
)
 
48,795

 
90.0%
2200 Paseo Verde
 
12/23/2015
 
Henderson
 
NV
 
Office
 
1,850

 
11,728

 
553

 
14,131

 
(1,505
)
 
12,626

 
100.0%
Lincoln Court
 
05/20/2016
 
Campbell
 
CA
 
Office
 
14,706

 
34,064

 
2,881

 
51,651

 
(4,137
)
 
47,514

 
100.0%
Lofts at NoHo Commons
 
11/16/2016
 
North Hollywood
 
CA
 
Apartment
 
26,222

 
77,305

 
—

 
103,527

 
(3,629
)
 
99,898

 
90.0%
210 West 31st Street (2)
 
12/01/2016
 
New York
 
NY
 
Retail
 
—

 
65,106

 
—

 
65,106

 
—

 
65,106

 
80.0%
Oakland City Center
 
08/18/2017
 
Oakland
 
CA
 
Office
 
22,150

 
138,939

 
11,494

 
172,583

 
(8,871
)
 
163,712

 
100.0%
Madison Square (3)
 
10/03/2017
 
Phoenix
 
AZ
 
Office
 
10,540

 
19,935

 
2,800

 
33,275

 
(1,449
)
 
31,826

 
90.0%
 
 
 
 
 
 
 
 
 
 
$
104,138

 
$
433,554

 
$
17,728

 
$
555,420

 
$
(31,578
)
 
$
523,842

 
 
_____________________
(1) Building and improvements includes construction in progress.
(2) The Company acquired the rights to a leasehold interest with respect to this property. The leasehold interest expires January 31, 2114.
(3) The Company acquired the rights to a leasehold interest with respect to the land at this property. This property was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy for this property.
Schedule of Office Property Revenue and Expense
The following table provides detailed information regarding the Company’s office revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Office revenues:
 
 
 
 
 
 
 
 
Rental income
 
$
6,653

 
$
3,983

 
$
20,082

 
$
7,406

Tenant reimbursements and other income (1)
 
862

 
235

 
2,393

 
418

Office revenues
 
$
7,515

 
$
4,218

 
$
22,475

 
$
7,824

 
 
 
 
 
 
 
 
 
Office expenses:
 
 
 
 
 
 
 
 
Operating, maintenance, and management
 
$
2,219

 
$
1,094

 
$
6,072

 
$
1,890

Real estate taxes and insurance
 
1,022

 
442

 
2,879

 
823

Office expenses
 
$
3,241

 
$
1,536

 
$
8,951

 
$
2,713


_____________________
(1) For the three and nine months ended September 30, 2018, included in tenant reimbursements and other income for office properties is $0.2 million and $0.6 million, respectively, of other operating income and tenant reimbursements for substantial services accounted for under ASU No. 2014-09.
Schedule of Future Minimum Rental Income for Company's Properties
As of September 30, 2018, the future minimum rental income from the Company’s office properties under its non-cancelable operating leases was as follows (in thousands):
October 1, 2018 through December 31, 2018
$
5,406

2019
21,359

2020
19,285

2021
16,290

2022
13,002

Thereafter
30,556

 
$
105,898
Schedules of Concentration of Risk, by Risk Factor
As of September 30, 2018, the highest tenant industry concentrations (greater than 10% of annualized base rent) in the Company’s portfolio were as follows:
Industry
 
Number of Tenants
 
Annualized Base Rent (1) 
(in thousands)
 
Percentage of
Annualized Base Rent
Professional, Scientific and Legal
 
14
 
$
3,753

 
16.1
%
Legal Services
 
12
 
3,647

 
15.6
%
Public Administration (Government)
 
6
 
3,168

 
13.6
%
Finance
 
13
 
2,505

 
10.7
%
 
 
 
 
$
13,073

 
56.0
%
_____________________
(1) Annualized base rent represents annualized contractual base rental income as of September 30, 2018, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.
Schedule of Hotel Revenue and Expense
As of September 30, 2018, the Company owned two hotel properties. The following table provides detailed information regarding the Company’s hotel revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Hotel revenues:
 
 
 
 
 
 
 
 
Room
 
$
8,094

 
4,973

 
$
20,207

 
13,304

Food, beverage and convention services
 
1,574

 
1,031

 
3,893

 
2,785

Campground
 
298

 
288

 
879

 
838

Other (1)
 
495

 
5,868

 
1,255

 
6,546

Hotel revenues
 
$
10,461

 
$
12,160

 
$
26,234

 
$
23,473

 
 
 
 
 
 
 
 
 
Hotel expenses:
 
 
 
 
 
 
 
 
Room
 
$
1,824

 
1,391

 
$
4,839

 
3,604

Food, beverage and convention services
 
1,084

 
868

 
3,005

 
2,381

General and administrative
 
704

 
601

 
2,149

 
1,748

Sales and marketing
 
932

 
690

 
2,381

 
2,058

Repairs and maintenance
 
571

 
454

 
1,566

 
1,350

Utilities
 
364

 
325

 
916

 
777

Property taxes and insurance
 
447

 
867

 
1,311

 
1,650

Other
 
180

 
611

 
994

 
1,271

Hotel expenses
 
$
6,106

 
$
5,807

 
$
17,161

 
$
14,839

_____________________
(1) Hotel revenues - other includes $5.5 million and $5.8 million of business interruption insurance recovery for the three and nine months ended September 30, 2017, respectively.
Schedule of Contract with Customer, Asset and Liability
The following table summarizes the Company’s contract liabilities, which are included in other liabilities in the accompanying consolidated balance sheets, as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
September 30, 2018
 
December 31, 2017
Contract liability
 
$
431

 
$
358

Revenue recognized in the period from:
 
 
 
 
Amounts included in contract liability at the beginning of the period
 
$
302

 
(1) 

_____________________
(1) The amount of revenue recognized in the period from amounts included in contract liability at the beginning of the period is not relevant for the year ended December 31, 2017, as the Company adopted ASU No. 2014-09 effective January 1, 2018.
Schedule of Apartment Property Revenue and Expense
The following table provides detailed information regarding the Company’s apartment revenues and expenses for the three and nine months ended September 30, 2018 and 2017 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Apartment revenues:
 
 
 
 
 
 
 
 
Rental income
 
$
1,774

 
$
1,638

 
$
5,003

 
$
4,856

Tenant reimbursements and other income
 
166

 
108

 
456

 
328

Apartment revenues
 
$
1,940

 
$
1,746

 
$
5,459

 
$
5,184

 
 
 
 
 
 
 
 
 
Apartment expenses:
 
 
 
 
 
 
 
 
Operating, maintenance, and management
 
$
639

 
$
683

 
$
1,844

 
$
1,704

Real estate taxes and insurance
 
337

 
343

 
1,014

 
1,020

Apartment expenses
 
$
976

 
$
1,026

 
$
2,858

 
$
2,724
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2018
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]  
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities
As of September 30, 2018 and December 31, 2017, the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities (excluding fully amortized assets and liabilities and accumulated amortization) were as follows (in thousands):
 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
September 30, 2018
 
December 31, 2017
 
September 30, 2018
 
December 31, 2017
 
September 30, 2018
 
December 31, 2017
Cost
$
17,728

 
$
19,006

 
$
99

 
$
99

 
$
(11,823
)
 
$
(12,869
)
Accumulated Amortization
(5,690
)
 
(3,473
)
 
(30
)
 
(16
)
 
3,710

 
2,086

Net Amount
$
12,038

 
$
15,533

 
$
69

 
$
83

 
$
(8,113
)
 
$
(10,783
)
Amortization of Tenant Origination and Absorption Costs, Above-Market Leases and Below-Market Lease Liabilities
Increases (decreases) in net income as a result of amortization of the Company’s tenant origination and absorption costs, above-market lease assets and below-market lease liabilities for the three and nine months ended September 30, 2018 and 2017 were as follows (in thousands):
 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
For the Three Months Ended September 30,
 
For the Three Months Ended September 30,
 
For the Three Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Amortization
$
(1,117
)
 
$
(865
)
 
$
(5
)
 
$
(2
)
 
$
838

 
$
647

 
Tenant Origination and Absorption Costs
 
Above-Market Lease Assets
 
Below-Market Lease Liabilities
 
For the Nine Months Ended September 30,
 
For the Nine Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Amortization
$
(3,495
)
 
$
(2,578
)
 
$
(14
)
 
$
(5
)
 
$
2,670

 
$
979
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE LOAN RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Schedule of Real Estate Loan Receivable
Information for the real estate loan receivable was as follows (in thousands):
Loan Name
Location of Related Property or Collateral
 
Date Originated
 
Property Type
 
Loan Type
 
Outstanding Principal Balance as of
September 30, 2018
 
Book Value as of September 30, 2018 (1)
 
Book Value as of December 31, 2017 (1)
 
Contractual Interest Rate
 
Annualized Effective Interest Rate
 
Maturity Date
655 Summer Street First Mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Boston, Massachusetts
 
09/04/2014
 
Office
 
Mortgage
 
$
—

 
$
—

 
$
3,500

 
9.25%
 
(2) 
 
(2) 
_____________________
(1) Book value of the real estate loan receivable represents outstanding principal balance adjusted for unamortized origination fees and direct origination and acquisition costs.
(2) On January 12, 2018, the real estate loan receivable was repaid in full.
Schedule of Activity Related to Real Estate Loan Receivable
The following summarizes the activity related to the real estate loan receivable for the nine months ended September 30, 2018 (in thousands):
Real estate loan receivable - December 31, 2017
 
$
3,500

Principal repayment
 
(3,500
)
Real estate loan receivable - September 30, 2018
 
$
—
Schedule of Interest and Other Income
For the three and nine months ended September 30, 2018 and 2017, interest income from the real estate loan receivable consisted of the following (in thousands):
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Contractual interest income
 
$
—

 
$
83

 
$
10

 
$
245

Amortization of closing costs and origination fees, net
 
—

 
20

 
—

 
58

Interest income from real estate loan receivable
 
$
—

 
$
103

 
$
10

 
$
303
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE EQUITY SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of Activity of Real Estate Securities
The following summarizes the activity related to real estate equity securities for the nine months ended September 30, 2018 (in thousands):
 
 
Amortized Cost Basis
 
Unrealized Loss
 
Total
Real estate equity securities - December 31, 2017
 
$
—

 
$
—

 
$
—

Acquisition of real estate equity securities
 
6,800

 
—

 
6,800

Acquisition fee to affiliate and purchase commission
 
186

 
—

 
186

Loss on real estate equity securities
 
—

 
(172
)
 
(172
)
Real estate equity securities - September 30, 2018
 
$
6,986

 
$
(172
)
 
$
6,814
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
As of September 30, 2018 and December 31, 2017, the Company’s notes payable consisted of the following (in thousands):
 
 
Book Value as of September 30, 2018
 
Book Value as of December 31, 2017
 
Contractual Interest Rate (1)
 
Effective Interest Rate (1)
 
Payment Type
 
Maturity Date
Springmaid Beach Resort Mortgage Loan
 
$
37,460

 
$
38,000

 
One-month LIBOR + 3.00%
 
5.11%
 
Principal &
Interest
 
12/30/2018
Q&C Hotel Mortgage Loan
 
23,716

 
28,330

 
One-month LIBOR + 3.25%
 
5.36%
 
Principal &
Interest
 
12/17/2018
2200 Paseo Verde Mortgage Loan (2)
 
7,947

 
7,947

 
One-month LIBOR + 2.25%
 
4.36%
 
Interest Only (2)
 
07/01/2020
Lincoln Court Mortgage Loan
 
33,500

 
33,500

 
One-month LIBOR + 1.75%
 
3.85%
 
Interest Only
 
06/01/2020
Lofts at NoHo Commons Mortgage Loan
 
72,100

 
72,100

 
One-month LIBOR + 2.66%
 
4.77%
 
Interest Only
 
12/01/2019
210 West 31st Street Mortgage Loan (3)
 
37,821

 
35,763

 
One-month LIBOR + 5.50%
 
7.60%
 
Interest Only
 
12/01/2019
Oakland City Center Mortgage Loan (4)
 
94,500

 
94,500

 
One-month LIBOR + 1.75%
 
3.85%
 
Interest Only (4)
 
09/01/2022
Madison Square Mortgage Loan (5)
 
21,895

 
21,895

 
One-month LIBOR + 4.05% (5)
 
6.11%
 
Interest Only
 
10/09/2020
Total notes payable principal outstanding
 
328,939

 
332,035

 
 
 
 
 
 
 
 
   Deferred financing costs, net
 
(2,530
)
 
(3,684
)
 
 
 
 
 
 
 
 
Total notes payable, net
 
$
326,409

 
$
328,351

 
 
 
 
 
 
 
 
_____________________
(1) Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2018. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2018 (consisting of the contractual interest rate, contractual floor rates and the effects of interest rate caps, if applicable), using interest rate indices at September 30, 2018, where applicable.
(2) As of September 30, 2018, $7.9 million had been disbursed to the Company and up to $1.6 million is available for future disbursements to be used for tenant improvement costs, capital improvements costs and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning August 1, 2019, monthly payments include principal amortization payments of $10,000 per month.
(3) As of September 30, 2018, $37.8 million had been disbursed to the Company and up to $9.3 million is available for future disbursements to be used for capital improvement costs, tenant improvement costs, leasing commissions and operating/interest shortfall, subject to certain terms and conditions contained in the loan documents.
(4) As of September 30, 2018, $94.5 million had been disbursed to the Company and up to $8.9 million is available for future disbursements to be used for tenant improvements and leasing commissions, subject to certain terms and conditions contained in the loan documents. Beginning October 1, 2020, monthly payments will include principal and interest with principal payments of $110,000 or, in the event the Company repays any principal of the loan amount, with principal payments calculated using an amortization schedule of 30 years and an annual interest rate of 6.0%, subject to certain terms and conditions contained in the loan documents.
(5) As of September 30, 2018, $21.9 million had been disbursed to the Company and up to $12.2 million is available for future disbursements to be used for tenant improvements and leasing expenses, subject to certain terms and conditions contained in the loan documents. The Madison Square Mortgage Loan bears interest at a floating rate of 405 basis points over one-month LIBOR, but at no point shall the interest rate be less than 5.05%. The property securing this mortgage loan was formerly known as Grace Court and was re-named Madison Square in connection with the Company’s re-branding strategy of the property.
Schedule of Maturities of Long-term Debt
The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of September 30, 2018 (in thousands):
October 1, 2018 through December 31, 2018
 
$
61,176

2019
 
109,971

2020
 
63,622

2021
 
1,320

2022
 
92,850

 
 
$
328,939
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position
The following table summarizes the notional amount and other information related to the Company’s derivative instruments as of September 30, 2018 and December 31, 2017. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
Fair Value of Asset
 
 
Derivative Instruments
 
Effective Date
 
Maturity Date
 
Notional Value
 
Reference Rate
 
September 30, 2018
 
December 31, 2017
 
Balance Sheet Location
Interest Rate Cap
 
12/29/2014
 
01/01/2018
 
$
26,000

 
One-month LIBOR at 3.00%
 
$
—

 
$
—

 
Prepaid expenses and other assets
Interest Rate Cap
 
12/15/2015
 
12/23/2018
 
$
28,330

 
One-month LIBOR at 3.00%
 
—

 
—

 
Prepaid expenses and other assets
Interest Rate Cap
 
12/01/2016
 
12/01/2019
 
$
47,110

 
One-month LIBOR at 3.00%
 
22

 
9

 
Prepaid expenses and other assets
Interest Rate Cap
 
10/03/2017
 
10/15/2019
 
$
34,125

 
One-month LIBOR at 3.00%
 
10

 
4

 
Prepaid expenses and other assets
Interest Rate Cap
 
02/02/2018
 
12/30/2018
 
$
26,000

 
One-month LIBOR at 3.00%
 
—

 
—

 
Prepaid expenses and other assets
Total Derivative Instruments not designated as hedging instruments
 
 
$
32

 
$
13

 
 
Schedule of Interest Rate Derivatives
The following table summarizes the notional amount and other information related to the Company’s foreign currency forward contract as of September 30, 2018. The notional amount is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (currency in thousands):
Derivative Instrument
 
Notional Amount
 
Strike Price
 
Trade Date
 
Maturity Date
Derivative instrument not designated as hedging instrument
Foreign currency forward contract
 
$
2,668

 
1.2704 USD-EUR
 
09/05/2017
 
09/07/2021
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE DISCLOSURES (Tables)
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Face Value, Carrying Amounts and Fair Value
The following were the face value, carrying amount and fair value of the Company’s financial instruments as of September 30, 2018 and December 31, 2017, which carrying amounts do not approximate the fair values (in thousands):
 
September 30, 2018
 
December 31, 2017
 
Face Value
 
Carrying Amount
 
Fair Value
 
Face Value
 
Carrying Amount
 
Fair Value
Financial asset:
 
 
 
 
 
 
 
 
 
 
 
Real estate loan receivable
$
—

 
$
—

 
$
—

 
$
3,500

 
$
3,500

 
$
3,500

Financial liability:
 
 
 
 
 
 
 
 
 
 
 
Notes payable
$
328,939

 
$
326,409

 
$
331,265

 
$
332,035

 
$
328,351

 
$
333,336
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
As of September 30, 2018, the Company measured the following assets at fair value on a recurring basis (in thousands):
 
 
 
 
Fair Value Measurements Using
 
 
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Recurring Basis:
 
 
 
 
 
 
 
 
Real estate equity securities
 
$
6,814

 
$
6,814

 
$
—

 
$
—

Asset derivatives - interest rate caps
 
$
32

 
$
—

 
$
32

 
$
—

Liability derivative - foreign currency forward contract
 
$
6

 
$
—

 
$
6

 
$
—
Schedule of Fair Value Measurements, Nonrecurring Basis
As of September 30, 2018, the Company measured the following assets at fair value on a nonrecurring basis (in thousands):
 
 
 
 
Fair Value Measurements Using
 
 
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Nonrecurring Basis:
 
 
 
 
 
 
 
 
Impaired real estate (1)
 
$
58,300

 
$
—

 
$
—

 
$
58,300

_____________________
(1) Amount represents the fair value for a real estate asset impacted by an impairment charge during the nine months ended September 30, 2018, as of the date that the fair value measurement was made. The carrying value for the real estate asset may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Schedule of Related Party Costs
Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and nine months ended September 30, 2018 and 2017, respectively, and any related amounts payable as of September 30, 2018 and December 31, 2017 (in thousands):
 
 
Incurred
 
Payable as of
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
September 30, 2018
 
December 31, 2017
 
 
2018
 
2017
 
2018
 
2017
 
 
Expensed
 
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
 
$
1,020

 
$
739

 
$
2,940

 
$
1,820

 
$
20

 
$
22

Reimbursable operating expenses (1)
 
113

 
65

 
337

 
239

 
64

 
42

Capitalized
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition fees
 
19

 
4,126

 
234

 
4,151

 
133

 
76

Asset management fees
 
—

 
—

 
—

 
67

 
—

 
—

Additional Paid-in Capital
 
 
 
 
 
 
 
 
 
 
 
 
Sales commissions
 
190

 
267

 
614

 
2,028

 
—

 
—

Dealer manager fees
 
92

 
133

 
337

 
1,180

 
—

 
—

Stockholder servicing fees (2)
 
(2
)
 
505

 
14

 
1,041

 
—

 
680

Reimbursable other offering costs (3)
 
45

 
87

 
174

 
583

 
54

 
1,042

 
 
$
1,477

 
$
5,922

 
$
4,650

 
$
11,109

 
$
271

 
$
1,862

_____________________
(1) Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber-security related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $0.1 million and $0.3 million for the three and nine months ended September 30, 2018, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2017, respectively, and were the only employee costs reimbursed under the Advisory Agreement for the three and nine months ended September 30, 2018 and 2017. The Advisor may seek reimbursement for certain other employee costs under the Advisory Agreement. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company.
(2) Reflects the stockholder servicing fee paid based on the terms of the Class T Shares. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan of the Company, the Company ceased accruing for stockholder servicing fees after July 31, 2018.
(3) See “Other Offering Costs” below.
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Contractual Obligation, Fiscal Year Maturity Schedule
As of September 30, 2018, the Company had leasehold interests expiring on various expiration dates between October 1, 2018 and 2114. Future minimum lease payments owed by the Company under the capital leases as of September 30, 2018 are as follows (in thousands):
October 1, 2018 through December 31, 2018
$
150

2019
635

2020
680

2021
735

2022
935

Thereafter
53,841

Total expected minimum lease obligations
56,976

Less: Amount representing interest (1)
(48,648
)
Present value of net minimum lease payments (2)
$
8,328


_____________________
(1) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company’s incremental borrowing rate at acquisition.
(2) The present value of net minimum lease payments are presented in other liabilities in the accompanying consolidated balance sheets.
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION (Details)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended 13 Months Ended 45 Months Ended
Feb. 13, 2018
USD ($)
shares
Jul. 14, 2017
USD ($)
shares
Jul. 31, 2014
USD ($)
shares
Apr. 02, 2014
USD ($)
shares
Sep. 30, 2018
USD ($)
property
investment
subsidiary
shares
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
shares
Aug. 11, 2014
USD ($)
shares
Sep. 30, 2018
USD ($)
property
investment
subsidiary
shares
Nov. 14, 2013
shares
Jul. 03, 2013
$ / shares
shares
Organizational Structure [Line Items]                      
Partnership interest in Operating Partnership         0.10%            
Partnership interest in the Operating Partnership and is its sole limited partner         99.90%            
Number of wholly owned subsidiaries | subsidiary         3       3    
Number of investments in an unconsolidated entity | investment         1       1    
Number of investments in equity securities | investment         1       1    
Proceeds from issuance of common stock | $         $ 16,921 $ 61,559          
Proceeds from issuance of common stock, dividend reinvestment plan | $                 $ 4,400    
Issuance of common stock | $         $ 19,093   $ 71,916        
Class A                      
Organizational Structure [Line Items]                      
Common stock, shares issued (in shares)         17,963,199   16,888,940   17,963,199    
Class T                      
Organizational Structure [Line Items]                      
Common stock, shares issued (in shares)         12,100,736   11,031,895   12,100,736    
Private Placement                      
Organizational Structure [Line Items]                      
Proceeds from issuance of common stock | $               $ 32,200      
IPO                      
Organizational Structure [Line Items]                      
Proceeds from issuance of common stock | $                 $ 228,600    
Proceeds from issuance of common stock, dividend reinvestment plan | $                 $ 6,700    
Common Stock | Class A                      
Organizational Structure [Line Items]                      
Issuance of common stock (in shares)         1,047,279   2,641,090        
Shares, dividend reinvestment plan (in shares)                 440,842    
Issuance of common stock | $         $ 10   $ 27        
Common Stock | Class T                      
Organizational Structure [Line Items]                      
Issuance of common stock (in shares)         937,874   4,822,456        
Shares, dividend reinvestment plan (in shares)                 63,926    
Issuance of common stock | $         $ 9   $ 48        
Common Stock | Private Placement                      
Organizational Structure [Line Items]                      
Issuance of common stock (in shares)               3,619,851      
Common Stock | IPO                      
Organizational Structure [Line Items]                      
Shares registered in primary offering (in shares)                   100,000,000  
Shares registered for sale under dividend reinvestment plan (in shares)                   80,000,000  
Common Stock | IPO | Class A                      
Organizational Structure [Line Items]                      
Issuance of common stock (in shares)                 11,977,758    
Shares, dividend reinvestment plan (in shares)                 549,572    
Common Stock | IPO | Class T                      
Organizational Structure [Line Items]                      
Issuance of common stock (in shares)                 11,537,701    
Shares, dividend reinvestment plan (in shares)                 178,325    
Common Stock | IPO | Maximum                      
Organizational Structure [Line Items]                      
Stock offering, shares authorized for issuance (in shares)                   180,000,000  
Hotel                      
Organizational Structure [Line Items]                      
Number of real estate properties | property         2       2    
Office Building                      
Organizational Structure [Line Items]                      
Number of real estate properties | property         4       4    
Apartment Building                      
Organizational Structure [Line Items]                      
Number of real estate properties | property         1       1    
Retail Property                      
Organizational Structure [Line Items]                      
Number of real estate properties | property         1       1    
KBS Capital Advisors LLC                      
Organizational Structure [Line Items]                      
Common stock, shares issued (in shares)                     21,739
Common stock, purchase price per share | $ / shares                     $ 9.20
Willowbrook Capital Group LLC | Common Stock | Private Placement | Class A                      
Organizational Structure [Line Items]                      
Issuance of common stock (in shares) 10,935 214,175 120,106 120,106              
Issuance of common stock | $ $ 100 $ 2,000 $ 1,000 $ 1,000              
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
$ / shares
Sep. 30, 2017
$ / shares
Sep. 30, 2018
segment
$ / shares
Sep. 30, 2017
$ / shares
Summary of Significant Accounting Policies [Line Items]        
Number of reportable segments | segment     1  
Distribution rate per share per day, declared (in dollars per share)       $ 0.00052548
Dividend Paid        
Summary of Significant Accounting Policies [Line Items]        
Distribution rate per share per day, declared (in dollars per share)     $ 0.00052548  
Class A        
Summary of Significant Accounting Policies [Line Items]        
Distributions declared per common share (in dollars per share) $ 0.048 $ 0.048 0.143 0.143
Class T        
Summary of Significant Accounting Policies [Line Items]        
Distributions declared per common share (in dollars per share) $ 0.041 $ 0.025 $ 0.09 $ 0.073
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock Dividends) (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
shares
Sep. 30, 2017
shares
Sep. 30, 2018
shares
Sep. 30, 2017
shares
Accounting Policies [Abstract]        
Amount Declared per Share Outstanding 0.005001 0.005001 0.015003 0.015003
Total Shares Issued (in shares) 148,412 131,477 433,633 357,215
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (EPS Two-class Method) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Net (loss) income attributable to common stockholders $ (4,963) $ 2,893 $ (8,133) $ (834)
Undistributed net (loss) income attributable to common stockholders (6,312) 1,858 (11,688) (3,681)
Class A        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Net (loss) income attributable to common stockholders (2,914) 1,904 (4,514) (124)
Less: Common Stock cash distributions declared 862 777 2,505 2,187
Undistributed net (loss) income attributable to common stockholders $ (3,776) $ 1,127 $ (7,019) $ (2,311)
Net (loss) income per common share, basic and diluted (in dollars per share) $ (0.16) $ 0.12 $ (0.26) $ (0.01)
Weighted-average number of common shares outstanding, basic and diluted (in shares) 17,938,824 16,514,730 17,640,671 15,759,082
Class T        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Net (loss) income attributable to common stockholders $ (2,049) $ 989 $ (3,619) $ (710)
Less: Common Stock cash distributions declared 487 258 1,050 660
Undistributed net (loss) income attributable to common stockholders $ (2,536) $ 731 $ (4,669) $ (1,370)
Net (loss) income per common share, basic and diluted (in dollars per share) $ (0.17) $ 0.09 $ (0.31) $ (0.08)
Weighted-average number of common shares outstanding, basic and diluted (in shares) 12,044,757 10,714,415 11,733,316 9,339,643
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Narrative) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 01, 2016
USD ($)
Sep. 30, 2018
USD ($)
property
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
property
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Real Estate Properties [Line Items]            
Impairment charge on real estate   $ 4,245 $ 0 $ 4,245 $ 0  
Real estate   523,842   523,842   $ 530,440
210 West 31st Street            
Real Estate Properties [Line Items]            
Impairment charge on real estate   4,200   4,200    
Real estate   58,300   58,300    
Purchase price $ 48,000          
Transaction costs 1,800          
Capitalized development cost 3,500          
Capitalized costs $ 9,200          
Capital lease obligations   $ 6,800   $ 6,800    
Hotel            
Real Estate Properties [Line Items]            
Number of real estate properties | property   2   2    
Office Building            
Real Estate Properties [Line Items]            
Number of real estate properties | property   4   4    
Apartment Building            
Real Estate Properties [Line Items]            
Number of real estate properties | property   1   1    
Retail Property            
Real Estate Properties [Line Items]            
Number of real estate properties | property   1   1    
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Schedule of Real Estate Investments) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge $ 555,420 $ 549,086
Accumulated depreciation and amortization (31,578) (18,646)
Total real estate, net $ 523,842 530,440
Springmaid Beach Resort    
Real Estate Properties [Line Items]    
Date Originated Dec. 30, 2014  
Total real estate, cost and net of impairment charge $ 60,840  
Accumulated depreciation and amortization (6,475)  
Total real estate, net $ 54,365  
Ownership % 90.00%  
Q&C Hotel    
Real Estate Properties [Line Items]    
Date Originated Dec. 17, 2015  
Total real estate, cost and net of impairment charge $ 54,307  
Accumulated depreciation and amortization (5,512)  
Total real estate, net $ 48,795  
Ownership % 90.00%  
2200 Paseo Verde    
Real Estate Properties [Line Items]    
Date Originated Dec. 23, 2015  
Total real estate, cost and net of impairment charge $ 14,131  
Accumulated depreciation and amortization (1,505)  
Total real estate, net $ 12,626  
Ownership % 100.00%  
Lincoln Court    
Real Estate Properties [Line Items]    
Date Originated May 20, 2016  
Total real estate, cost and net of impairment charge $ 51,651  
Accumulated depreciation and amortization (4,137)  
Total real estate, net $ 47,514  
Ownership % 100.00%  
Lofts at NoHo Commons    
Real Estate Properties [Line Items]    
Date Originated Nov. 16, 2016  
Total real estate, cost and net of impairment charge $ 103,527  
Accumulated depreciation and amortization (3,629)  
Total real estate, net $ 99,898  
Ownership % 90.00%  
210 West 31st Street    
Real Estate Properties [Line Items]    
Date Originated Dec. 01, 2016  
Total real estate, cost and net of impairment charge $ 65,106  
Accumulated depreciation and amortization 0  
Total real estate, net $ 65,106  
Ownership % 80.00%  
Oakland City Center    
Real Estate Properties [Line Items]    
Date Originated Aug. 18, 2017  
Total real estate, cost and net of impairment charge $ 172,583  
Accumulated depreciation and amortization (8,871)  
Total real estate, net $ 163,712  
Ownership % 100.00%  
Madison Square    
Real Estate Properties [Line Items]    
Date Originated Oct. 03, 2017  
Total real estate, cost and net of impairment charge $ 33,275  
Accumulated depreciation and amortization (1,449)  
Total real estate, net $ 31,826  
Ownership % 90.00%  
Land    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge $ 104,138 104,138
Land | Springmaid Beach Resort    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 27,438  
Land | Q&C Hotel    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 1,232  
Land | 2200 Paseo Verde    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 1,850  
Land | Lincoln Court    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 14,706  
Land | Lofts at NoHo Commons    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 26,222  
Land | 210 West 31st Street    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 0  
Land | Oakland City Center    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 22,150  
Land | Madison Square    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 10,540  
Buildings and improvements    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 368,448 362,210
Construction in progress    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 65,106 63,732
Buildings and Improvements    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 433,554  
Buildings and Improvements | Springmaid Beach Resort    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 33,402  
Buildings and Improvements | Q&C Hotel    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 53,075  
Buildings and Improvements | 2200 Paseo Verde    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 11,728  
Buildings and Improvements | Lincoln Court    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 34,064  
Buildings and Improvements | Lofts at NoHo Commons    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 77,305  
Buildings and Improvements | 210 West 31st Street    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 65,106  
Buildings and Improvements | Oakland City Center    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 138,939  
Buildings and Improvements | Madison Square    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 19,935  
Tenant origination and absorption costs    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 17,728 $ 19,006
Tenant origination and absorption costs | Springmaid Beach Resort    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 0  
Tenant origination and absorption costs | Q&C Hotel    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 0  
Tenant origination and absorption costs | 2200 Paseo Verde    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 553  
Tenant origination and absorption costs | Lincoln Court    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 2,881  
Tenant origination and absorption costs | Lofts at NoHo Commons    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 0  
Tenant origination and absorption costs | 210 West 31st Street    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 0  
Tenant origination and absorption costs | Oakland City Center    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge 11,494  
Tenant origination and absorption costs | Madison Square    
Real Estate Properties [Line Items]    
Total real estate, cost and net of impairment charge $ 2,800  
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Office Property) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
USD ($)
ft²
property
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
ft²
property
Sep. 30, 2017
USD ($)
Real Estate Properties [Line Items]        
Total revenues $ 19,993 $ 18,227 $ 54,291 $ 36,784
Total expenses $ 24,877 16,218 $ 63,164 39,562
Office Building        
Real Estate Properties [Line Items]        
Number of real estate properties | property 4   4  
Net rentable area | ft² 864,940   864,940  
Percentage of portfolio occupied 72.00%   72.00%  
Rental income $ 6,653 3,983 $ 20,082 7,406
Tenant reimbursements and other income 862 235 2,393 418
Total revenues 7,515 4,218 22,475 7,824
Operating, maintenance, and management 2,219 1,094 6,072 1,890
Real estate taxes and insurance 1,022 442 2,879 823
Total expenses 3,241 $ 1,536 8,951 $ 2,713
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Other operating income and tenant reimbursements $ 200   $ 600  
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Operating Leases) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Real Estate Properties [Line Items]          
Deferred rent recognized $ 0.2 $ 0.3 $ 1.2 $ 0.3  
Deferred rent receivables 2.6   2.6   $ 1.3
Incentive to lessee 0.2   0.2   0.2
Other Liabilities          
Real Estate Properties [Line Items]          
Security deposit liability $ 1.3   $ 1.3   $ 1.1
Maximum          
Real Estate Properties [Line Items]          
Operating lease, term     9 years 10 months 24 days    
Weighted Average          
Real Estate Properties [Line Items]          
Operating lease, term     3 years 7 months 6 days    
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Future Minimum Rental Income) (Details)
$ in Thousands
Sep. 30, 2018
USD ($)
Real Estate [Abstract]  
October 1, 2018 through December 31, 2018 $ 5,406
2019 21,359
2020 19,285
2021 16,290
2022 13,002
Thereafter 30,556
Future minimum rental income $ 105,898
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Highes Tenant Industry Concentrations - Greater than 10% of Annual Base Rent) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
USD ($)
tenant
Concentration Risk [Line Items]  
Number of Tenants | tenant 100
Annualized Base Rent | $ $ 13,073
Percentage of Annualized Base Rent 56.00%
Professional, Scientific and Legal  
Concentration Risk [Line Items]  
Number of Tenants | tenant 14
Annualized Base Rent | $ $ 3,753
Percentage of Annualized Base Rent 16.10%
Legal Services  
Concentration Risk [Line Items]  
Number of Tenants | tenant 12
Annualized Base Rent | $ $ 3,647
Percentage of Annualized Base Rent 15.60%
Public Administration (Government)  
Concentration Risk [Line Items]  
Number of Tenants | tenant 6
Annualized Base Rent | $ $ 3,168
Percentage of Annualized Base Rent 13.60%
Finance  
Concentration Risk [Line Items]  
Number of Tenants | tenant 13
Annualized Base Rent | $ $ 2,505
Percentage of Annualized Base Rent 10.70%
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Hotel Revenue and Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Real Estate [Abstract]        
Insurance recoveries   $ 5,500   $ 5,800
Hotel expenses:        
General and administrative $ 704 1,146 $ 1,947 2,492
Hotel expenses 6,106 5,807 17,161 14,839
Hotel        
Hotel revenues:        
Hotel revenues 10,461 12,160 26,234 23,473
Hotel expenses:        
Room 1,824 1,391 4,839 3,604
Food, beverage and convention services 1,084 868 3,005 2,381
General and administrative 704 601 2,149 1,748
Sales and marketing 932 690 2,381 2,058
Repairs and maintenance 571 454 1,566 1,350
Utilities 364 325 916 777
Property taxes and insurance 447 867 1,311 1,650
Other 180 611 994 1,271
Hotel expenses 6,106 5,807 17,161 14,839
Hotel | Room        
Hotel revenues:        
Hotel revenues 8,094 4,973 20,207 13,304
Hotel | Food, beverage and convention services        
Hotel revenues:        
Hotel revenues 1,574 1,031 3,893 2,785
Hotel | Campground        
Hotel revenues:        
Hotel revenues 298 288 879 838
Hotel | Other        
Hotel revenues:        
Hotel revenues $ 495 $ 5,868 $ 1,255 $ 6,546
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Contract Liability) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Real Estate [Abstract]    
Contract liability $ 431 $ 358
Amounts included in contract liability at the beginning of the period $ 302  
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Apartment Property) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
USD ($)
property
unit
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
property
unit
Sep. 30, 2017
USD ($)
Real Estate Properties [Line Items]        
Total revenues $ 19,993 $ 18,227 $ 54,291 $ 36,784
Total expenses $ 24,877 16,218 $ 63,164 39,562
Apartment Building        
Real Estate Properties [Line Items]        
Number of real estate properties | property 1   1  
Number of units in real estate property | unit 292   292  
Percentage of real estate portfolio occupied 91.00%   91.00%  
Rental income $ 1,774 1,638 $ 5,003 4,856
Tenant reimbursements and other income 166 108 456 328
Total revenues 1,940 1,746 5,459 5,184
Operating, maintenance, and management 639 683 1,844 1,704
Real estate taxes and insurance 337 343 1,014 1,020
Total expenses $ 976 $ 1,026 $ 2,858 $ 2,724
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE (Geographic Concentration Risk) (Details)
 9 Months Ended
Sep. 30, 2018
Real Estate Properties [Line Items]  
Concentration risk, percentage 56.00%
Assets, Total | California  
Real Estate Properties [Line Items]  
Concentration risk, percentage 53.40%
Assets, Total | New York  
Real Estate Properties [Line Items]  
Concentration risk, percentage 11.20%
XML 59 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Abstract]          
Tenant Origination And Absorption Costs, Cost $ 17,728   $ 17,728   $ 19,006
Tenant Origination and Absorption Costs, Accumulated Amortization (5,690)   (5,690)   (3,473)
Tenant Origination and Absorption Costs, Net Amount 12,038   12,038   15,533
Tenant Origination and Absorption Costs, Amortization expense (1,117) $ (865) (3,495) $ (2,578)  
Above-Market Lease Assets, Cost 99   99   99
Above-Market Lease Assets, Accumulated Amortization (30)   (30)   (16)
Above-Market Lease Assets, Net Amount 69   69   83
Above-Market Lease Assets, Amortization expense (5) (2) (14) (5)  
Below-Market Lease Liabilities, Cost (11,823)   (11,823)   (12,869)
Below-Market Lease Liabilities, Accumulated Amortization 3,710   3,710   2,086
Below-Market Lease Liabilities, Net Amount (8,113)   (8,113)   $ (10,783)
Below-Market Lease Liabilities, Amortization expense $ 838 $ 647 $ 2,670 $ 979  
XML 60 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]          
Remaining amortization period     31 years 9 months 18 days   31 years 9 months 18 days
Depreciation and amortization $ 5,150 $ 3,709 $ 15,322 $ 9,176  
Housing Subsidy Intangible Asset          
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]          
Depreciation and amortization 20 $ 20 60 $ 60  
Property Tax Abatement Intangible Asset          
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]          
Depreciation and amortization 100   $ 400    
Property Tax Abatement Intangible Asset | Minimum          
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]          
Remaining amortization period     8 months 12 days    
Property Tax Abatement Intangible Asset | Maximum          
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]          
Remaining amortization period     6 years 7 months 6 days    
Prepaid Expenses and Other Assets          
Tenant Origination and Absorption Costs, Above-Market Lease Assets and Below-Market Lease Liabilities [Line Items]          
Intangible assets 2,400   $ 2,400   $ 2,400
Unamortized tax abatement intangible asset $ 2,400   $ 2,400   $ 2,800
XML 61 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE LOAN RECEIVABLE (Schedule of Real Estate Loans Receivable) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Number of real estate loans receivable | loan   1
Book Value $ 0 $ 3,500
Office Building | 655 Summer Street First Mortgage | Mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Date Originated Sep. 04, 2014  
Outstanding Principal Balance $ 0  
Book Value $ 0 $ 3,500
Contractual Interest Rate 9.25%  
XML 62 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE LOAN RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
USD ($)
Real Estate Loans Receivable [Roll Forward]  
Real estate loan receivable - December 31, 2017 $ 3,500
Principal repayment (3,500)
Real estate loan receivable - September 30, 2018 $ 0
XML 63 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE LOAN RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Receivables [Abstract]        
Contractual interest income $ 0 $ 83 $ 10 $ 245
Amortization of closing costs and origination fees, net 0 20 0 58
Interest income from real estate loan receivable $ 0 $ 103 $ 10 $ 303
XML 64 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE EQUITY SECURITIES (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Schedule of Available-for-sale Securities [Line Items]        
Dividend income from real estate equity securities $ 77 $ 0 $ 113 $ 0
Franklin Street Properties Corp.        
Schedule of Available-for-sale Securities [Line Items]        
Cost basis $ 7,000   $ 7,000  
Available-for-sale Securities | Franklin Street Properties Corp.        
Schedule of Available-for-sale Securities [Line Items]        
Shares purchased     852,797  
XML 65 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
REAL ESTATE EQUITY SECURITIES (Schedule of Activity of Real Estate Securities) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
USD ($)
Available-for-sale Securities [Roll Forward]  
Real estate securities, Amortized Cost Basis $ 0
Real estate securities, Unrealized Loss 0
Real estate securities, Total 0
Acquisition of real estate equity securities 6,800
Acquisition fee to affiliate and purchase commission 186
Loss on real estate equity securities (172)
Real estate securities, Amortized Cost Basis 6,986
Real estate securities, Unrealized Loss (172)
Real estate securities, Total $ 6,814
XML 66 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVESTMENT IN UNCONSOLIDATED ENTITY (Details)
$ in Thousands, € in Millions
 3 Months Ended 9 Months Ended
Jun. 28, 2016
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
Jun. 28, 2016
EUR (€)
Schedule of Equity Method Investments [Line Items]            
Equity in income of unconsolidated entity   $ 94 $ 14 $ 225 $ 40  
Real Estate Joint Venture | Industrial            
Schedule of Equity Method Investments [Line Items]            
Current capacity $ 2,900         € 2.6
Amount outstanding $ 2,300         € 2.1
Ownership interest 5.00%         5.00%
Investments in unconsolidated joint ventures $ 105,600         € 95.5
Amortization of acquisition costs $ 200          
Equity in income of unconsolidated entity   $ 94 $ 14 $ 225 $ 40  
XML 67 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Schedule of Notes Payable) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 328,939 $ 332,035
Deferred financing costs, net (2,530) (3,684)
Total notes payable, net 326,409 328,351
Mortgage | Springmaid Beach Resort Mortgage Loan    
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 37,460 38,000
Effective Interest Rate 5.11%  
Mortgage | Springmaid Beach Resort Mortgage Loan | One-month LIBOR    
Debt Instrument [Line Items]    
Contractual Interest Rate 3.00%  
Mortgage | Q&C Hotel Mortgage Loan    
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 23,716 28,330
Effective Interest Rate 5.36%  
Mortgage | Q&C Hotel Mortgage Loan | One-month LIBOR    
Debt Instrument [Line Items]    
Contractual Interest Rate 3.25%  
Mortgage | 2200 Paseo Verde Mortgage Loan    
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 7,947 7,947
Effective Interest Rate 4.36%  
Mortgage | 2200 Paseo Verde Mortgage Loan | Secured Debt    
Debt Instrument [Line Items]    
Amount outstanding $ 7,900  
Unused borrowing capacity, amount 1,600  
Mortgage | 2200 Paseo Verde Mortgage Loan | Secured Debt | Beginning August 1, 2019    
Debt Instrument [Line Items]    
Periodic payment $ 10  
Mortgage | 2200 Paseo Verde Mortgage Loan | One-month LIBOR    
Debt Instrument [Line Items]    
Contractual Interest Rate 2.25%  
Mortgage | Lincoln Court Mortgage Loan    
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 33,500 33,500
Effective Interest Rate 3.85%  
Mortgage | Lincoln Court Mortgage Loan | One-month LIBOR    
Debt Instrument [Line Items]    
Contractual Interest Rate 1.75%  
Mortgage | Lofts at NoHo Commons Mortgage Loan    
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 72,100 72,100
Effective Interest Rate 4.77%  
Mortgage | Lofts at NoHo Commons Mortgage Loan | One-month LIBOR    
Debt Instrument [Line Items]    
Contractual Interest Rate 2.66%  
Mortgage | 210 West 31st Street Mortgage Loan    
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 37,821 35,763
Effective Interest Rate 7.60%  
Mortgage | 210 West 31st Street Mortgage Loan | Secured Debt    
Debt Instrument [Line Items]    
Amount outstanding $ 37,800  
Unused borrowing capacity, amount $ 9,300  
Mortgage | 210 West 31st Street Mortgage Loan | One-month LIBOR    
Debt Instrument [Line Items]    
Contractual Interest Rate 5.50%  
Mortgage | Oakland City Center Mortgage Loan    
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 94,500 94,500
Effective Interest Rate 3.85%  
Periodic payment $ 110  
Amortization schedule of mortgage loans on real estate 30 years  
Contractual Interest Rate 6.00%  
Mortgage | Oakland City Center Mortgage Loan | Secured Debt    
Debt Instrument [Line Items]    
Amount outstanding $ 94,500  
Unused borrowing capacity, amount $ 8,900  
Mortgage | Oakland City Center Mortgage Loan | One-month LIBOR    
Debt Instrument [Line Items]    
Contractual Interest Rate 1.75%  
Mortgage | Madison Square Mortgage Loan    
Debt Instrument [Line Items]    
Total notes payable principal outstanding $ 21,895 $ 21,895
Effective Interest Rate 6.11%  
Mortgage | Madison Square Mortgage Loan | One-month LIBOR    
Debt Instrument [Line Items]    
Contractual Interest Rate 4.05%  
Mortgage | Grace Court Mortgage Loan | Maximum    
Debt Instrument [Line Items]    
Contractual Interest Rate 5.05%  
Mortgage | Grace Court Mortgage Loan | Secured Debt    
Debt Instrument [Line Items]    
Amount outstanding $ 21,900  
Unused borrowing capacity, amount $ 12,200  
XML 68 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Derivative [Line Items]          
Interest expense $ 3,435 $ 2,255 $ 9,740 $ 5,798  
Amortization of deferred financing costs 400 400 1,300 1,100  
Interest capitalized 1,300 1,300 3,920 2,985  
Interest payable 1,300   1,300   $ 1,100
Interest Rate Cap          
Derivative [Line Items]          
Unrealized gain (loss) on derivative instruments $ 1 $ (12) $ 11 $ (84)  
XML 69 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTES PAYABLE (Schedule of Maturities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Debt Disclosure [Abstract]    
October 1, 2018 through December 31, 2018 $ 61,176  
2019 109,971  
2020 63,622  
2021 1,320  
2022 92,850  
Total $ 328,939 $ 332,035
XML 70 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
USD ($)
instrument
Sep. 30, 2017
USD ($)
Sep. 30, 2018
USD ($)
instrument
Sep. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Derivative [Line Items]          
Fair Value of Asset $ 32,000   $ 32,000   $ 13,000
Interest Rate Cap          
Derivative [Line Items]          
Number of Instruments Held | instrument 4   4    
Unrealized gain (loss) on derivative instruments $ 1,000 $ (12,000) $ 11,000 $ (84,000)  
Interest Rate Cap | One-month LIBOR          
Derivative [Line Items]          
Reference Rate 3.00%   3.00%    
Interest Rate Cap | Prepaid Expenses and Other Assets          
Derivative [Line Items]          
Notional Value $ 26,000,000   $ 26,000,000    
Fair Value of Asset $ 0   $ 0   0
Interest Rate Cap 1 | One-month LIBOR          
Derivative [Line Items]          
Reference Rate 3.00%   3.00%    
Interest Rate Cap 1 | Prepaid Expenses and Other Assets          
Derivative [Line Items]          
Notional Value $ 28,330,000   $ 28,330,000    
Fair Value of Asset $ 0   $ 0   0
Interest Rate Cap 2 | One-month LIBOR          
Derivative [Line Items]          
Reference Rate 3.00%   3.00%    
Interest Rate Cap 2 | Prepaid Expenses and Other Assets          
Derivative [Line Items]          
Notional Value $ 47,110,000   $ 47,110,000    
Fair Value of Asset $ 22,000   $ 22,000   9,000
Interest Rate Cap 3 | One-month LIBOR          
Derivative [Line Items]          
Reference Rate 3.00%   3.00%    
Interest Rate Cap 3 | Prepaid Expenses and Other Assets          
Derivative [Line Items]          
Notional Value $ 34,125,000   $ 34,125,000    
Fair Value of Asset $ 10,000   $ 10,000   4,000
Interest Rate Cap 4 | One-month LIBOR          
Derivative [Line Items]          
Reference Rate 3.00%   3.00%    
Interest Rate Cap 4 | Prepaid Expenses and Other Assets          
Derivative [Line Items]          
Notional Value $ 26,000,000   $ 26,000,000    
Fair Value of Asset 0   0   0
Foreign currency forward contract | General and Administrative Expense          
Derivative [Line Items]          
Foreign currency gain (loss) 22,000 $ (33,000) 73,000 $ (33,000)  
Foreign currency forward contract | Not Designated as Hedging Instrument          
Derivative [Line Items]          
Notional Value $ 2,668,000   $ 2,668,000    
Strike Price 1.2704   1.2704    
Foreign currency forward contract | Other Liabilities          
Derivative [Line Items]          
Derivative liability $ 6,000   $ 6,000   $ 79,000
XML 71 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Real estate loans receivable, Face Value $ 0 $ 3,500
Notes payable, Face Value 328,939 332,035
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Real estate loans receivable, Value 0 3,500
Notes payable, Value 326,409 328,351
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Real estate loans receivable, Value 0 3,500
Notes payable, Value $ 331,265 $ 333,336
XML 72 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE DISCLOSURES (Schedule of Assets at Fair Value) (Details) - Recurring Basis:
$ in Thousands
Sep. 30, 2018
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Real estate equity securities $ 6,814
Asset derivatives - interest rate caps 32
Liability derivative - foreign currency forward contract 6
Quoted Prices in Active Markets for Identical Assets (Level 1)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Real estate equity securities 6,814
Asset derivatives - interest rate caps 0
Liability derivative - foreign currency forward contract 0
Significant Other Observable Inputs (Level 2)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Real estate equity securities 0
Asset derivatives - interest rate caps 32
Liability derivative - foreign currency forward contract 6
Significant Unobservable Inputs (Level 3)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Real estate equity securities 0
Asset derivatives - interest rate caps 0
Liability derivative - foreign currency forward contract $ 0
XML 73 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
a (Details) - Nonrecurring Basis:
$ in Thousands
Sep. 30, 2018
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Impaired real estate $ 58,300
Quoted Prices in Active Markets for Identical Assets (Level 1)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Impaired real estate 0
Significant Other Observable Inputs (Level 2)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Impaired real estate 0
Significant Unobservable Inputs (Level 3)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Impaired real estate $ 58,300
XML 74 R62.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Related Party Transaction [Line Items]    
Term of advisory agreement 1 year  
Period of termination notice 30 days  
Private Placement    
Related Party Transaction [Line Items]    
Offering costs (other than selling commissions and dealer manager fees) $ 1,000  
Selling commissions and dealer manager fees 1,900  
IPO    
Related Party Transaction [Line Items]    
Selling commissions and dealer manager fees 14,500  
Organization and offering costs incurred by related party 10,900  
Due to officers or stockholders 1,700  
Other organization and offering costs $ 2,300  
KBS Capital Advisors LLC    
Related Party Transaction [Line Items]    
Period of termination notice 90 days  
KBS Capital Advisors LLC | IPO | Minimum    
Related Party Transaction [Line Items]    
Percent of aggregate gross proceeds 15.00%  
Reimbursable offering costs determination, gross offering costs, percentage 1.00%  
KBS Capital Advisors LLC | Follow-on Offering    
Related Party Transaction [Line Items]    
Organization and offering costs incurred by related party $ 100  
KBS Capital Advisors LLC | Property Insurance Rebate    
Related Party Transaction [Line Items]    
Property insurance rebates $ 35 $ 21
XML 75 R63.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS (Related-party Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Related Party Transaction [Line Items]          
Payable as of $ 271   $ 271   $ 1,862
Payment for administrative fees 100 $ 100 300 $ 200  
Advisor and Dealer Manager          
Related Party Transaction [Line Items]          
Incurred 1,477 5,922 4,650 11,109  
Payable as of 271   271   1,862
Advisor and Dealer Manager | Asset management fees          
Related Party Transaction [Line Items]          
Expenses 1,020 739 2,940 1,820  
Payable as of 20   20   22
Advisor and Dealer Manager | Reimbursable operating expenses          
Related Party Transaction [Line Items]          
Expenses 113 65 337 239  
Payable as of 64   64   42
Advisor and Dealer Manager | Acquisition fees          
Related Party Transaction [Line Items]          
Expenses 19 4,126 234 4,151  
Payable as of 133   133   76
Advisor and Dealer Manager | Asset management fees          
Related Party Transaction [Line Items]          
Expenses 0 0 0 67  
Payable as of 0   0   0
Advisor and Dealer Manager | Sales commissions          
Related Party Transaction [Line Items]          
Incurred 190 267 614 2,028  
Payable as of 0   0   0
Advisor and Dealer Manager | Dealer manager fees          
Related Party Transaction [Line Items]          
Incurred 92 133 337 1,180  
Payable as of 0   0   0
Advisor and Dealer Manager | Stockholder servicing fees          
Related Party Transaction [Line Items]          
Incurred (2) 505 14 1,041  
Payable as of 0   0   680
Advisor and Dealer Manager | Reimbursable other offering costs          
Related Party Transaction [Line Items]          
Incurred 45 $ 87 174 $ 583  
Payable as of $ 54   $ 54   $ 1,042
XML 76 R64.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Lease Obligations        
October 1, 2018 through December 31, 2018 $ 150   $ 150  
2019 635   635  
2020 680   680  
2021 735   735  
2022 935   935  
Thereafter 53,841   53,841  
Total expected minimum lease obligations 56,976   56,976  
Less: Amount representing interest (48,648)   (48,648)  
Present value of net minimum lease payments 8,328   $ 8,328  
Springmaid Beach Resort | Doubletree Management LLC        
Loss Contingencies [Line Items]        
Base fee as percentage of total operating revenue in year one     2.50%  
Base fee as percentage of total operating revenue in year two     2.75%  
Base fee as percentage of total operating revenue, thereafter     3.00%  
Management fee as percent of any campground revenue     2.00%  
Incentive fee as percent of operating cash flow     15.00%  
Percent of total investments     12.00%  
Brand services fee as percent of total room revenue     4.00%  
Fees incurred to management agreement 200 $ 100 $ 500 $ 300
Q&C Hotel | Encore Hospitality, LLC        
Loss Contingencies [Line Items]        
Management agreement, extension period     5 years  
Base fee as percentage of gross revenue     4.00%  
Q&C Hotel | Encore Hospitality, LLC | Direct Costs of Hotels        
Loss Contingencies [Line Items]        
Management agreement, fees accrued 100 100 $ 300 300
Q&C Hotel | Marriott International        
Loss Contingencies [Line Items]        
Brand services fee as percent of total room revenue     2.00%  
Fees incurred to management agreement $ 200 $ 200 $ 800 $ 700
Brand services fee as percent of total room revenue, after three years     5.00%  
Monthly marketing fund contribution fees as percent of gross room sales     1.50%  
XML 77 R65.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS (Offering and Distributions) (Details)
$ / shares in Units, $ in Thousands
 2 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Nov. 02, 2018
shares
Nov. 01, 2018
USD ($)
Oct. 10, 2018
$ / shares
Oct. 02, 2018
shares
Oct. 01, 2018
USD ($)
May 10, 2018
Oct. 31, 2018
$ / shares
Sep. 30, 2018
shares
Sep. 30, 2017
shares
Sep. 30, 2018
USD ($)
$ / shares
shares
Sep. 30, 2017
$ / shares
shares
Dec. 31, 2017
USD ($)
Subsequent Event [Line Items]                        
Dividends, common stock | $                   $ 3,555   $ 3,920
Distribution rate per share per day, declared (in dollars per share)                     $ 0.00052548  
Amount declared per share outstanding               0.005001 0.005001 0.015003 0.015003  
Stock dividends issued (in shares) | shares               148,412 131,477 433,633 357,215  
Dividend Paid                        
Subsequent Event [Line Items]                        
Distribution rate per share per day, declared (in dollars per share)                   $ 0.00052548    
Dividends Issued                        
Subsequent Event [Line Items]                        
Amount declared per share outstanding           0.001667            
Subsequent Event | Dividend Paid                        
Subsequent Event [Line Items]                        
Dividends, common stock | $   $ 500     $ 500              
Distribution rate per share per day, declared (in dollars per share)             $ 0.00052548          
Subsequent Event | Dividends Issued                        
Subsequent Event [Line Items]                        
Stock dividends issued (in shares) | shares 50,250     50,117                
Subsequent Event | Dividend Declared                        
Subsequent Event [Line Items]                        
Distribution rate per share per day, declared (in dollars per share)     $ 0.00052548                  
Amount declared per share outstanding     0.001667                  
EXCEL 78 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 79 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 80 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 82 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 350 347 1 false 105 0 false 14 false false R1.htm 0001000 - Document - Document and Entity Information Sheet http://www.kbssorii.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 1001000 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) Sheet http://www.kbssorii.com/role/ConsolidatedBalanceSheetsUnaudited CONSOLIDATED BALANCE SHEETS (unaudited) Statements 2 false false R3.htm 1001501 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) Sheet http://www.kbssorii.com/role/ConsolidatedBalanceSheetsUnauditedParenthetical CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Sheet http://www.kbssorii.com/role/ConsolidatedStatementsOfOperationsUnaudited CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Statements 4 false false R5.htm 1003000 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) Sheet http://www.kbssorii.com/role/ConsolidatedStatementsOfComprehensiveIncomeLossUnaudited CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) Statements 5 false false R6.htm 1004000 - Statement - CONSOLIDATED STATEMENTS OF EQUITY (unaudited) Sheet http://www.kbssorii.com/role/ConsolidatedStatementsOfEquityUnaudited CONSOLIDATED STATEMENTS OF EQUITY (unaudited) Statements 6 false false R7.htm 1005000 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Sheet http://www.kbssorii.com/role/ConsolidatedStatementsOfCashFlowsUnaudited CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Statements 7 false false R8.htm 1005001 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) Sheet http://www.kbssorii.com/role/ConsolidatedStatementsOfCashFlowsUnauditedParenthetical CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) Statements 8 false false R9.htm 2101100 - Disclosure - ORGANIZATION Sheet http://www.kbssorii.com/role/Organization ORGANIZATION Notes 9 false false R10.htm 2102100 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://www.kbssorii.com/role/SummaryOfSignificantAccountingPolicies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Notes 10 false false R11.htm 2103100 - Disclosure - REAL ESTATE Sheet http://www.kbssorii.com/role/RealEstate REAL ESTATE Notes 11 false false R12.htm 2104100 - Disclosure - TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES Sheet http://www.kbssorii.com/role/TenantOriginationAndAbsorptionCostsAboveMarketLeaseAssetsAndBelowMarketLeaseLiabilities TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES Notes 12 false false R13.htm 2105100 - Disclosure - REAL ESTATE LOAN RECEIVABLE Sheet http://www.kbssorii.com/role/RealEstateLoanReceivable REAL ESTATE LOAN RECEIVABLE Notes 13 false false R14.htm 2106100 - Disclosure - REAL ESTATE EQUITY SECURITIES Sheet http://www.kbssorii.com/role/RealEstateEquitySecurities REAL ESTATE EQUITY SECURITIES Notes 14 false false R15.htm 2107100 - Disclosure - INVESTMENT IN UNCONSOLIDATED ENTITY Sheet http://www.kbssorii.com/role/InvestmentInUnconsolidatedEntity INVESTMENT IN UNCONSOLIDATED ENTITY Notes 15 false false R16.htm 2108100 - Disclosure - NOTES PAYABLE Notes http://www.kbssorii.com/role/NotesPayable NOTES PAYABLE Notes 16 false false R17.htm 2109100 - Disclosure - DERIVATIVE INSTRUMENTS Sheet http://www.kbssorii.com/role/DerivativeInstruments DERIVATIVE INSTRUMENTS Notes 17 false false R18.htm 2110100 - Disclosure - FAIR VALUE DISCLOSURES Sheet http://www.kbssorii.com/role/FairValueDisclosures FAIR VALUE DISCLOSURES Notes 18 false false R19.htm 2111100 - Disclosure - RELATED PARTY TRANSACTIONS Sheet http://www.kbssorii.com/role/RelatedPartyTransactions RELATED PARTY TRANSACTIONS Notes 19 false false R20.htm 2112100 - Disclosure - COMMITMENTS AND CONTINGENCIES Sheet http://www.kbssorii.com/role/CommitmentsAndContingencies COMMITMENTS AND CONTINGENCIES Notes 20 false false R21.htm 2113100 - Disclosure - SUBSEQUENT EVENTS Sheet http://www.kbssorii.com/role/SubsequentEvents SUBSEQUENT EVENTS Notes 21 false false R22.htm 2202201 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://www.kbssorii.com/role/SummaryOfSignificantAccountingPoliciesPolicies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 22 false false R23.htm 2302302 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Sheet http://www.kbssorii.com/role/SummaryOfSignificantAccountingPoliciesTables SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Tables http://www.kbssorii.com/role/SummaryOfSignificantAccountingPolicies 23 false false R24.htm 2303301 - Disclosure - REAL ESTATE (Tables) Sheet http://www.kbssorii.com/role/RealEstateTables REAL ESTATE (Tables) Tables http://www.kbssorii.com/role/RealEstate 24 false false R25.htm 2304301 - Disclosure - TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables) Sheet http://www.kbssorii.com/role/TenantOriginationAndAbsorptionCostsAboveMarketLeaseAssetsAndBelowMarketLeaseLiabilitiesTables TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Tables) Tables http://www.kbssorii.com/role/TenantOriginationAndAbsorptionCostsAboveMarketLeaseAssetsAndBelowMarketLeaseLiabilities 25 false false R26.htm 2305301 - Disclosure - REAL ESTATE LOAN RECEIVABLE (Tables) Sheet http://www.kbssorii.com/role/RealEstateLoanReceivableTables REAL ESTATE LOAN RECEIVABLE (Tables) Tables http://www.kbssorii.com/role/RealEstateLoanReceivable 26 false false R27.htm 2306301 - Disclosure - REAL ESTATE EQUITY SECURITIES (Tables) Sheet http://www.kbssorii.com/role/RealEstateEquitySecuritiesTables REAL ESTATE EQUITY SECURITIES (Tables) Tables http://www.kbssorii.com/role/RealEstateEquitySecurities 27 false false R28.htm 2308301 - Disclosure - NOTES PAYABLE (Tables) Notes http://www.kbssorii.com/role/NotesPayableTables NOTES PAYABLE (Tables) Tables http://www.kbssorii.com/role/NotesPayable 28 false false R29.htm 2309301 - Disclosure - DERIVATIVE INSTRUMENTS (Tables) Sheet http://www.kbssorii.com/role/DerivativeInstrumentsTables DERIVATIVE INSTRUMENTS (Tables) Tables http://www.kbssorii.com/role/DerivativeInstruments 29 false false R30.htm 2310301 - Disclosure - FAIR VALUE DISCLOSURES (Tables) Sheet http://www.kbssorii.com/role/FairValueDisclosuresTables FAIR VALUE DISCLOSURES (Tables) Tables http://www.kbssorii.com/role/FairValueDisclosures 30 false false R31.htm 2311301 - Disclosure - RELATED PARTY TRANSACTIONS (Tables) Sheet http://www.kbssorii.com/role/RelatedPartyTransactionsTables RELATED PARTY TRANSACTIONS (Tables) Tables http://www.kbssorii.com/role/RelatedPartyTransactions 31 false false R32.htm 2312301 - Disclosure - COMMITMENTS AND CONTINGENCIES (Tables) Sheet http://www.kbssorii.com/role/CommitmentsAndContingenciesTables COMMITMENTS AND CONTINGENCIES (Tables) Tables http://www.kbssorii.com/role/CommitmentsAndContingencies 32 false false R33.htm 2401401 - Disclosure - ORGANIZATION (Details) Sheet http://www.kbssorii.com/role/OrganizationDetails ORGANIZATION (Details) Details http://www.kbssorii.com/role/Organization 33 false false R34.htm 2402403 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) Sheet http://www.kbssorii.com/role/SummaryOfSignificantAccountingPoliciesNarrativeDetails SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) Details http://www.kbssorii.com/role/SummaryOfSignificantAccountingPoliciesTables 34 false false R35.htm 2402404 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock Dividends) (Details) Sheet http://www.kbssorii.com/role/SummaryOfSignificantAccountingPoliciesStockDividendsDetails SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock Dividends) (Details) Details http://www.kbssorii.com/role/SummaryOfSignificantAccountingPoliciesTables 35 false false R36.htm 2402405 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (EPS Two-class Method) (Details) Sheet http://www.kbssorii.com/role/SummaryOfSignificantAccountingPoliciesEpsTwoClassMethodDetails SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (EPS Two-class Method) (Details) Details http://www.kbssorii.com/role/SummaryOfSignificantAccountingPoliciesTables 36 false false R37.htm 2403402 - Disclosure - REAL ESTATE (Narrative) (Details) Sheet http://www.kbssorii.com/role/RealEstateNarrativeDetails REAL ESTATE (Narrative) (Details) Details http://www.kbssorii.com/role/RealEstateTables 37 false false R38.htm 2403403 - Disclosure - REAL ESTATE (Schedule of Real Estate Investments) (Details) Sheet http://www.kbssorii.com/role/RealEstateScheduleOfRealEstateInvestmentsDetails REAL ESTATE (Schedule of Real Estate Investments) (Details) Details http://www.kbssorii.com/role/RealEstateTables 38 false false R39.htm 2403404 - Disclosure - REAL ESTATE (Office Property) (Details) Sheet http://www.kbssorii.com/role/RealEstateOfficePropertyDetails REAL ESTATE (Office Property) (Details) Details http://www.kbssorii.com/role/RealEstateTables 39 false false R40.htm 2403405 - Disclosure - REAL ESTATE (Operating Leases) (Details) Sheet http://www.kbssorii.com/role/RealEstateOperatingLeasesDetails REAL ESTATE (Operating Leases) (Details) Details http://www.kbssorii.com/role/RealEstateTables 40 false false R41.htm 2403406 - Disclosure - REAL ESTATE (Future Minimum Rental Income) (Details) Sheet http://www.kbssorii.com/role/RealEstateFutureMinimumRentalIncomeDetails REAL ESTATE (Future Minimum Rental Income) (Details) Details http://www.kbssorii.com/role/RealEstateTables 41 false false R42.htm 2403407 - Disclosure - REAL ESTATE (Highes Tenant Industry Concentrations - Greater than 10% of Annual Base Rent) (Details) Sheet http://www.kbssorii.com/role/RealEstateHighesTenantIndustryConcentrationsGreaterThan10OfAnnualBaseRentDetails REAL ESTATE (Highes Tenant Industry Concentrations - Greater than 10% of Annual Base Rent) (Details) Details http://www.kbssorii.com/role/RealEstateTables 42 false false R43.htm 2403408 - Disclosure - REAL ESTATE (Hotel Revenue and Expenses) (Details) Sheet http://www.kbssorii.com/role/RealEstateHotelRevenueAndExpensesDetails REAL ESTATE (Hotel Revenue and Expenses) (Details) Details http://www.kbssorii.com/role/RealEstateTables 43 false false R44.htm 2403409 - Disclosure - REAL ESTATE (Contract Liability) (Details) Sheet http://www.kbssorii.com/role/RealEstateContractLiabilityDetails REAL ESTATE (Contract Liability) (Details) Details http://www.kbssorii.com/role/RealEstateTables 44 false false R45.htm 2403410 - Disclosure - REAL ESTATE (Apartment Property) (Details) Sheet http://www.kbssorii.com/role/RealEstateApartmentPropertyDetails REAL ESTATE (Apartment Property) (Details) Details http://www.kbssorii.com/role/RealEstateTables 45 false false R46.htm 2403411 - Disclosure - REAL ESTATE (Geographic Concentration Risk) (Details) Sheet http://www.kbssorii.com/role/RealEstateGeographicConcentrationRiskDetails REAL ESTATE (Geographic Concentration Risk) (Details) Details http://www.kbssorii.com/role/RealEstateTables 46 false false R47.htm 2404402 - Disclosure - TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) Sheet http://www.kbssorii.com/role/TenantOriginationAndAbsorptionCostsAboveMarketLeaseAssetsAndBelowMarketLeaseLiabilitiesDetails TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Details) Details http://www.kbssorii.com/role/TenantOriginationAndAbsorptionCostsAboveMarketLeaseAssetsAndBelowMarketLeaseLiabilitiesTables 47 false false R48.htm 2404403 - Disclosure - TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) Sheet http://www.kbssorii.com/role/TenantOriginationAndAbsorptionCostsAboveMarketLeaseAssetsAndBelowMarketLeaseLiabilitiesNarrativeDetails TENANT ORIGINATION AND ABSORPTION COSTS, ABOVE-MARKET LEASE ASSETS AND BELOW-MARKET LEASE LIABILITIES (Narrative) (Details) Details http://www.kbssorii.com/role/TenantOriginationAndAbsorptionCostsAboveMarketLeaseAssetsAndBelowMarketLeaseLiabilitiesTables 48 false false R49.htm 2405402 - Disclosure - REAL ESTATE LOAN RECEIVABLE (Schedule of Real Estate Loans Receivable) (Details) Sheet http://www.kbssorii.com/role/RealEstateLoanReceivableScheduleOfRealEstateLoansReceivableDetails REAL ESTATE LOAN RECEIVABLE (Schedule of Real Estate Loans Receivable) (Details) Details http://www.kbssorii.com/role/RealEstateLoanReceivableTables 49 false false R50.htm 2405403 - Disclosure - REAL ESTATE LOAN RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details) Sheet http://www.kbssorii.com/role/RealEstateLoanReceivableScheduleOfActivityRelatedToRealEstateLoansReceivableDetails REAL ESTATE LOAN RECEIVABLE (Schedule of Activity Related to Real Estate Loans Receivable) (Details) Details http://www.kbssorii.com/role/RealEstateLoanReceivableTables 50 false false R51.htm 2405404 - Disclosure - REAL ESTATE LOAN RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) Sheet http://www.kbssorii.com/role/RealEstateLoanReceivableScheduleOfInterestIncomeFromRealEstateLoansReceivableDetails REAL ESTATE LOAN RECEIVABLE (Schedule of Interest Income from Real Estate Loans Receivable) (Details) Details http://www.kbssorii.com/role/RealEstateLoanReceivableTables 51 false false R52.htm 2406402 - Disclosure - REAL ESTATE EQUITY SECURITIES (Narrative) (Details) Sheet http://www.kbssorii.com/role/RealEstateEquitySecuritiesNarrativeDetails REAL ESTATE EQUITY SECURITIES (Narrative) (Details) Details http://www.kbssorii.com/role/RealEstateEquitySecuritiesTables 52 false false R53.htm 2406403 - Disclosure - REAL ESTATE EQUITY SECURITIES (Schedule of Activity of Real Estate Securities) (Details) Sheet http://www.kbssorii.com/role/RealEstateEquitySecuritiesScheduleOfActivityOfRealEstateSecuritiesDetails REAL ESTATE EQUITY SECURITIES (Schedule of Activity of Real Estate Securities) (Details) Details http://www.kbssorii.com/role/RealEstateEquitySecuritiesTables 53 false false R54.htm 2407401 - Disclosure - INVESTMENT IN UNCONSOLIDATED ENTITY (Details) Sheet http://www.kbssorii.com/role/InvestmentInUnconsolidatedEntityDetails INVESTMENT IN UNCONSOLIDATED ENTITY (Details) Details http://www.kbssorii.com/role/InvestmentInUnconsolidatedEntity 54 false false R55.htm 2408402 - Disclosure - NOTES PAYABLE (Schedule of Notes Payable) (Details) Notes http://www.kbssorii.com/role/NotesPayableScheduleOfNotesPayableDetails NOTES PAYABLE (Schedule of Notes Payable) (Details) Details http://www.kbssorii.com/role/NotesPayableTables 55 false false R56.htm 2408403 - Disclosure - NOTES PAYABLE (Narrative) (Details) Notes http://www.kbssorii.com/role/NotesPayableNarrativeDetails NOTES PAYABLE (Narrative) (Details) Details http://www.kbssorii.com/role/NotesPayableTables 56 false false R57.htm 2408404 - Disclosure - NOTES PAYABLE (Schedule of Maturities) (Details) Notes http://www.kbssorii.com/role/NotesPayableScheduleOfMaturitiesDetails NOTES PAYABLE (Schedule of Maturities) (Details) Details http://www.kbssorii.com/role/NotesPayableTables 57 false false R58.htm 2409402 - Disclosure - DERIVATIVE INSTRUMENTS (Details) Sheet http://www.kbssorii.com/role/DerivativeInstrumentsDetails DERIVATIVE INSTRUMENTS (Details) Details http://www.kbssorii.com/role/DerivativeInstrumentsTables 58 false false R59.htm 2410402 - Disclosure - FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) Sheet http://www.kbssorii.com/role/FairValueDisclosuresScheduleOfFaceValueCarryingAmountsAndFairValueDetails FAIR VALUE DISCLOSURES (Schedule of Face Value, Carrying Amounts and Fair Value) (Details) Details http://www.kbssorii.com/role/FairValueDisclosuresTables 59 false false R60.htm 2410403 - Disclosure - FAIR VALUE DISCLOSURES (Schedule of Assets at Fair Value) (Details) Sheet http://www.kbssorii.com/role/FairValueDisclosuresScheduleOfAssetsAtFairValueDetails FAIR VALUE DISCLOSURES (Schedule of Assets at Fair Value) (Details) Details http://www.kbssorii.com/role/FairValueDisclosuresTables 60 false false R61.htm 2410404 - Disclosure - a (Details) Sheet http://www.kbssorii.com/role/Details a (Details) Details 61 false false R62.htm 2411402 - Disclosure - RELATED PARTY TRANSACTIONS (Narrative) (Details) Sheet http://www.kbssorii.com/role/RelatedPartyTransactionsNarrativeDetails RELATED PARTY TRANSACTIONS (Narrative) (Details) Details http://www.kbssorii.com/role/RelatedPartyTransactionsTables 62 false false R63.htm 2411403 - Disclosure - RELATED PARTY TRANSACTIONS (Related-party Costs) (Details) Sheet http://www.kbssorii.com/role/RelatedPartyTransactionsRelatedPartyCostsDetails RELATED PARTY TRANSACTIONS (Related-party Costs) (Details) Details http://www.kbssorii.com/role/RelatedPartyTransactionsTables 63 false false R64.htm 2412402 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) Sheet http://www.kbssorii.com/role/CommitmentsAndContingenciesDetails COMMITMENTS AND CONTINGENCIES (Details) Details http://www.kbssorii.com/role/CommitmentsAndContingenciesTables 64 false false R65.htm 2413401 - Disclosure - SUBSEQUENT EVENTS (Offering and Distributions) (Details) Sheet http://www.kbssorii.com/role/SubsequentEventsOfferingAndDistributionsDetails SUBSEQUENT EVENTS (Offering and Distributions) (Details) Details http://www.kbssorii.com/role/SubsequentEvents 65 false false All Reports Book All Reports kbsorii-20180930.xml kbsorii-20180930.xsd kbsorii-20180930_cal.xml kbsorii-20180930_def.xml kbsorii-20180930_lab.xml kbsorii-20180930_pre.xml http://xbrl.sec.gov/invest/2013-01-31 http://fasb.org/us-gaap/2017-01-31 http://xbrl.sec.gov/stpr/2011-01-31 http://xbrl.sec.gov/dei/2014-01-31 true true ZIP 84 0001580673-18-000045-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001580673-18-000045-xbrl.zip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�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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