The following summarizes the Partnership’s condensed consolidating information as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014, and 2013:

CONDENSED CONSOLIDATING BALANCE SHEET

As of September 30, 2014

(in thousands)

(unaudited)


	Issuers		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Net real estate	$	49	$	1,523,158	$	15,708	$	—		$	1,538,915
Cash and cash equivalents		14,689		637		508		—			15,834
Deferred finance costs, net		17,637		—		14		—			17,651
Other		27,042		75,088		2,958		—			105,088
Investment in and due from related parties, net		1,560,447		—		—		(1,560,447	)		—

Total assets	$	1,619,864	$	1,598,883	$	19,188	$	(1,560,447	)	$	1,677,488

Liabilities and partners’ capital
Secured loan	$	—	$	—	$	13,478	$	—		$	13,478
Unsecured loan		652,410		—		—		—			652,410
Line of credit		175,000		—		—		—			175,000
Accrued interest payable		10,857		—		46		—			10,903
Dividends and distributions payable		21,078		—		—		—			21,078
Accounts payable and accrued expenses		987		10,885		22		—			11,894
Tenant security and escrow deposits		140		23,684		242		—			24,066
Other liabilities		1,152		9,267		—		—			10,419

Total liabilities		861,624		43,836		13,788		—			919,248
Total partners’ capital		758,240		1,555,047		5,400		(1,560,447	)		758,240

Total liabilities and partners’ capital	$	1,619,864	$	1,598,883	$	19,188	$	(1,560,447	)	$	1,677,488

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2013

(in thousands)

(unaudited)


	Issuers		Subsidiary Guarantors			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Net real estate	$	55	$	1,148,057		$	15,376	$	—		$	1,163,488
Cash and cash equivalents		50,709		(714	)		769		—			50,764
Deferred finance costs, net		12,681		3,948			14		—			16,643
Other		25,260		71,372			2,906		—			99,538
Investment in and due from related parties, net		1,168,729		—			—		(1,168,729	)		—

Total assets	$	1,257,434	$	1,222,663		$	19,065	$	(1,168,729	)	$	1,330,433

Liabilities and partners’ capital
Secured loan	$	—	$	—		$	13,654	$	—		$	13,654
Unsecured loan		652,752		—			—		—			652,752
Line of credit		—		20,000			—		—			20,000
Accrued interest payable		14,750		487			47		—			15,284
Dividends and distributions payable		17,694		—			—		—			17,694
Accounts payable and accrued expenses		2,082		8,473			—		—			10,555
Tenant security and escrow deposits		765		20,572			249		—			21,586
Other liabilities		946		9,517			—		—			10,463

Total liabilities		688,989		59,049			13,950		—			761,988
Total partners’ capital		568,445		1,163,614			5,115		(1,168,729	)		568,445

Total liabilities and partners’ capital	$	1,257,434	$	1,222,663		$	19,065	$	(1,168,729	)	$	1,330,433

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended September 30, 2014

(in thousands)

(unaudited)


	Issuers			Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Revenues
Rental income	$	—		$	45,715	$	364	$	—		$	46,079
Interest on loans and financing lease		278			823		—		—			1,101
Interest and other income		8			183		—		—			191

Total revenues		286			46,721		364		—			47,371
Expenses
Interest expense incurred		12,237			—		139		—			12,376
Amortization of deferred financing costs		988			—		—		—			988
Depreciation and amortization		2			11,414		106		—			11,522
General and administrative		1,982			3,301		14		—			5,297
Transaction costs		52			1,168		—		—			1,220
Loss on impairment		—			1,479		—		—			1,479
Reserve for uncollectible loan receivables and other receivables		—			9		—		—			9
Loss on sale of assets, net		—			2,445		—		—			2,445
Loss on extinguishment of debt		—			—		—		—			—

Total expenses		15,261			19,816		259		—			35,336

Net (loss) income		(14,975	)		26,905		105		—			12,035
Equity in income (loss) of subsidiaries		27,010			—		—		(27,010	)		—

Net income (loss) allocable to units	$	12,035		$	26,905	$	105	$	(27,010	)	$	12,035

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended September 30, 2013

(in thousands)

(unaudited)


	Issuers			Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Revenues
Rental income	$	—		$	31,005	$	688	$	—		$	31,693
Interest on loans and financing lease		262			869		—		—			1,131
Interest and other income		—			49		—		—			49

Total revenues		262			31,923		688		—			32,873
Expenses
Interest expense incurred		7,641			795		141		—			8,577
Amortization of deferred financing costs		369			441		—		—			810
Depreciation and amortization		2			8,130		170		—			8,302
General and administrative		1,393			2,458		16		—			3,867
Transaction costs		536			674		—		—			1,210
Reserve for uncollectible loan receivables and other receivables		—			27		—		—			27
Loss on sale of assets, net		—			—		13		—			13

Total expenses		9,941			12,525		340		—			22,806

Net (loss) income		(9,679	)		19,398		348		—			10,067

Equity in income (loss) of subsidiaries		19,746			—		—		(19,746	)		—

Net income (loss) allocable to units	$	10,067		$	19,398	$	348	$	(19,746	)	$	10,067

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Nine Months Ended September 30, 2014

(in thousands)

(unaudited)


	Issuers			Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Revenues
Rental income	$	—		$	126,869	$	1,072	$	—		$	127,941
Interest on loans and financing lease		727			2,536		—		—			3,263
Interest and other income		482			750		—		—			1,232

Total revenues		1,209			130,155		1,072		—			132,436
Expenses
Interest expense incurred		34,903			1,167		419		—			36,489
Amortization of deferred financing costs		2,288			656		—		—			2,944
Depreciation and amortization		6			31,155		309		—			31,470
General and administrative		6,855			10,044		61		—			16,960
Transaction costs		134			3,678		1		—			3,813
Loss on impairment		—			2,341		—		—			2,341
Reserve for uncollectible loan receivables and other receivables		3,211			298		—		—			3,509
Loss on sale of assets, net		—			2,458		—		—			2,458
Loss on extinguishment of debt		—			501		—		—			501

Total expenses		47,397			52,298		790		—			100,485

Net (loss) income		(46,188	)		77,857		282		—			31,951
Equity in income (loss) of subsidiaries		78,139			—		—		(78,139	)		—

Net income (loss) allocable to units	$	31,951		$	77,857	$	282	$	(78,139	)	$	31,951

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the Nine Months Ended September 30, 2013

(in thousands)

(unaudited)


	Issuers			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues
Rental income	$	—		$	96,666	$	2,540		$	—		$	99,206
Interest on loans and financing lease		836			2,436		—			—			3,272
Interest and other income		5			123		—			—			128

Total revenues		841			99,225		2,540			—			102,606
Expenses
Interest expense incurred		22,932			6,200		467			—			29,599
Amortization of deferred financing costs		1,094			1,422		—			—			2,516
Depreciation and amortization		4			23,881		514			—			24,399
General and administrative		13,714			7,364		72			—			21,150
Transaction costs		718			1,173		15			—			1,906
Reserve for uncollectible loan receivables and other receivables		(10	)		77		(10	)		—			57
Loss (gain) on sale of assets, net		—			374		(400	)		—			(26	)
Loss on extinguishment of debt		—			10,974		—			—			10,974

Total expenses		38,452			51,465		658			—			90,575

Net (loss) income		(37,611	)		47,760		1,882			—			12,031

Equity in income (loss) of subsidiaries		49,642			—		—			(49,642	)		—

Net income (loss) allocable to units	$	12,031		$	47,760	$	1,882		$	(49,642	)	$	12,031

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2014

(in thousands)

(unaudited)


	Issuers			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(358,512	)	$	428,124		$	476		$	—	$	70,088
Investing activities
Purchase of real estate		—			(368,870	)		—			—		(368,870	)
Proceeds from sales of real estate, net		—			1,337			—			—		1,337
Capital improvements		—			(9,673	)		(620	)		—		(10,293	)
Development projects		—			(30,316	)		—			—		(30,316	)
Loan receivables received from others		2,102			5,511			—			—		7,613
Loan receivables funded to others		(7,648	)		(4,762	)		—			—		(12,410	)

Net cash used in investing activities		(5,546	)		(406,773	)		(620	)		—		(412,939	)
Financing activities
Borrowings of debt		185,000			98,000			—			—		283,000
Repayment of debt		(10,000	)		(118,000	)		(117	)		—		(128,117	)
Payment of financing costs		(4,588	)		—			—			—		(4,588	)
Capital contributions		60			—			—			—		60
Public offering proceeds		221,720			—			—			—		221,720
Cost of raising capital		(10,551	)		—			—			—		(10,551	)
Units issued for settlement of vested stock and exercised unit options, net		3,053			—			—			—		3,053
Cash distributions to partners		(56,656	)		—			—			—		(56,646	)

Net cash provided by (used in) financing activities		328,038			(20,000	)		(117	)		—		307,921

Net (decrease) increase in cash and cash equivalents		(36,020	)		1,351			(261	)		—		(34,930	)
Cash and cash equivalents:
Beginning of period		50,709			(714	)		769			—		50,764

End of period	$	14,689		$	637		$	508		$	—	$	15,834

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2013

(in thousands)

(unaudited)


	Issuers			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Net cash (used in) provided by operating activities	$	(220,414	)	$	259,381		$	(2,572	)	$	—	$	36,395
Investing activities
Purchase of real estate		—			(38,076	)		—			—		(38,076	)
Proceeds from sales of real estate, net		—			1,772			3,070			—		4,842
Capital improvements		(6	)		(9,865	)		(38	)		—		(9,909	)
Development projects		—			(14,380	)		—			—		(14,380	)
Loan receivables received from others		2,041			1,181			—			—		3,222
Loan receivables funded to others		(370	)		(2,387	)		—			—		(2,707	)

Net cash provided by (used in) investing activities		1,665			(61,705	)		3,032			—		(57,008	)
Financing activities
Borrowings of debt		—			160,000			—			—		160,000
Repayment of debt		—			(353,091	)		(112	)		—		(353,203	)
Payment of financing costs		—			(5,290	)		—			—		(5,290	)
Capital contributions		425			—			—			—		425
Initial public offering proceeds		303,600			—			—			—		303,600
Cost of raising capital		(25,380	)		—			—			—		(25,380	)
Cash distributions to partners		(65,183	)		—			—			—		(65,183	)

Net cash provided by (used in) financing activities		213,462			(198,381	)		(112	)		—		14,969

Net increase (decrease) in cash and cash equivalents		(5,287	)		(705	)		348			—		(5,644	)
Cash and cash equivalents:
Beginning of period		16,869			(1,861	)		526			—		17,876

End of period	$	11,582		$	(2,566	)	$	874		$	—	$	12,232