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<head> </head> <body lang=EN-US> <div style=page:WordSection1> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-FAMILY:'Times New Roman','serif'">UNITED STATES</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-FAMILY:'Times New Roman','serif'">SECURITIES AND EXCHANGE COMMISSION</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-FAMILY:'Times New Roman','serif'">Washington, D.C. 20549</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-FAMILY:'Times New Roman','serif'">FORM 8-K/A</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">CURRENT REPORT</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-FAMILY:'Times New Roman','serif'">Pursuant to Section 13 or 15(d) of the</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-FAMILY:'Times New Roman','serif'">Securities Exchange Act of 1934</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Date of Report (Date of earliest event reported): <b>May 22, 2014 (February 7, 2014)</b></font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><u><font style="FONT-FAMILY:'Times New Roman','serif'; COLOR:black">HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.</font></u></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><font style="FONT-FAMILY:'Times New Roman','serif'; COLOR:black">(Exact name of registrant as specified in charter)</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center>&nbsp;</p> <table width=100% style=WIDTH:100% cellpadding=0 cellspacing=0> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=37% style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:37.3%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" /> <td width=24% style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:24.72%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" /> <td width=35% colspan=2 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:35.44%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" /> <td colspan=6 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=37% style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:black 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; WIDTH:37.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Maryland</font></b></p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=24% style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:black 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; WIDTH:24.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">333-185336</font></b></p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=35% colspan=2 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:black 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; WIDTH:35.44%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">26-3455189</font></b></p></td> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:black 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:black 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:black 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td colspan=6 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style="HEIGHT:37.5pt; PAGE-BREAK-INSIDE:avoid"> <td width=37% style="HEIGHT:37.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:37.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">(State or other jurisdiction </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">of incorporation)</font></p></td> <td style="HEIGHT:37.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=24% style="HEIGHT:37.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:24.72%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">(Commission File Number)</font></p></td> <td style="HEIGHT:37.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=35% colspan=2 style="HEIGHT:37.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:35.44%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">(IRS Employer Identification No.)</font></p></td> <td style="HEIGHT:37.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="HEIGHT:37.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="HEIGHT:37.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td colspan=6 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=37% colspan=2 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:37.82%" /> <td width=24% style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:24.72%" /> <td width=6% colspan=2 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:6.2%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 9pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=30% colspan=4 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:30.88%" /> <td colspan=6 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=37% colspan=2 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:black 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; WIDTH:37.82%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">2909 Hillcroft, Suite 420, Houston, Texas</font></b></p></td> <td width=24% style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:24.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=6% colspan=2 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:6.2%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><b></b>&nbsp;</p></td> <td width=30% colspan=4 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:black 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in; WIDTH:30.88%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">77057</font></b></p></td> <td colspan=6 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=37% colspan=2 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:37.82%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">(Address of principal executive offices)</font></p></td> <td width=24% style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:24.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=6% colspan=2 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:6.2%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center>&nbsp;</p></td> <td width=30% colspan=4 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:30.88%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">(Zip Code)</font></p></td> <td colspan=6 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=99% colspan=7 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:99.04%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Registrant</font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial Unicode MS','sans-serif'" lang=ZH-CN>&#146;</font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">s telephone number, including area code: (713) 467-2222</font></p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td colspan=6 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=99% colspan=7 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:99.04%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td colspan=6 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=99% colspan=7 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:99.04%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td colspan=5 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=99% colspan=7 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:99.04%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:9pt; FONT-FAMILY:'Times New Roman','serif'">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td colspan=5 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=99% colspan=7 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:99.04%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:9pt; FONT-FAMILY:'Times New Roman','serif'">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule #14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td colspan=5 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=99% colspan=7 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:99.04%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:9pt; FONT-FAMILY:'Times New Roman','serif'">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td colspan=5 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; BORDER-LEFT:0px; PADDING-RIGHT:0in"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=99% colspan=7 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:99.04%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.25pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:9pt; FONT-FAMILY:'Times New Roman','serif'">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" valign=top> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.52%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /> <td style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:0in; PADDING-RIGHT:0in; WIDTH:0.06%" /></tr> <tr> <td width=264 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td width=4 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td width=175 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td width=4 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td width=40 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td width=211 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td width=4 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td width=4 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /> <td width=1 style="BORDER-TOP:0px; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; BORDER-LEFT:0px" /></tr></table><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%"><br clear=all style=PAGE-BREAK-BEFORE:always></font></b> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%"><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%"><b><u><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Explanatory Note.</font></u></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">On March 14, 2014, Hartman Short Term Income Properties XX, Inc. (the &#147;Company&#148;) filed a Current Report on Form 8-K to report the completion of the acquisition of the Gulf Plaza Property on March 11, 2014.&nbsp; After reasonable inquiry we are not aware of any other material factors relating to the acquisition that would cause the reported financial information not to be necessarily indicative of future operating results.&nbsp; This amendment is being filed for the sole purpose of filing the financial statements and pro forma financial information required by Item 9.01 of Form 8-K, and should be read in conjunction with the Form 8-K filing referred to hereinabove.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Item 9.01 Financial Statements and Exhibits.</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">On March 11, 2014, the Company acquired a fee simple interest in an office building comprising approximately 120,651 square feet located in the Energy Corridor of Houston, Texas and commonly known as Gulf Plaza (the &#147;Gulf Plaza Property&#148;), through Hartman Gulf Plaza, LLC (&#147;Gulf Plaza LLC&#148;), a wholly owned subsidiary of the Company.&nbsp; </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%; TEXT-INDENT:-0.25in"><a name=_Aci_An1_286129><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">(a)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Financial Statement of Business Acquired.</font></a></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><i><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Gulf Plaza Property</font></i></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Report of Independent Registered Public Accounting Firm.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Statement of Revenues Over Certain Operating Expenses for the Year Ended December 31, 2013. </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Notes to Statement of Revenues Over Certain Operating Expenses.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%; TEXT-INDENT:-0.25in"><a name=_Aci_An2_286229><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">(b)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">&nbsp;Pro Forma Financial Information</font></a></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><i><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Hartman Short Term Income Properties XX, Inc. and Subsidiaries</font></i></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt 0.5in; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Summary of Unaudited Pro Forma Consolidated Financial Information.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt 0.5in; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Unaudited Pro Forma Consolidated Statements of Operations for the Year Ended December 31, 2013.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt 0.5in; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Notes to Unaudited Pro Forma Consolidated Statements of Operations.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p></div><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%"><br clear=all style=PAGE-BREAK-BEFORE:always></font> <div style=page:WordSection2> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; TEXT-ALIGN:center; MARGIN:6pt 0in; TEXT-JUSTIFY:inter-ideograph" align=center><b><font style="FONT-FAMILY:'Times New Roman','serif'; BACKGROUND:white">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></b></p> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; TEXT-ALIGN:left; MARGIN:6pt 0in; TEXT-JUSTIFY:inter-ideograph" align=left><font style=BACKGROUND:white>To the Board of Directors and<br>Stockholders of Hartman Short Term Income Properties XX, Inc. (the &#147;Company&#148;)</font></p> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; TEXT-ALIGN:justify; MARGIN:6pt 0in; TEXT-JUSTIFY:inter-ideograph"><font style=BACKGROUND:white>We have audited the accompanying statement of revenues over certain operating expenses (the Historical Summary) of Hartman Gulf Plaza, LLC (the &#147;Gulf Plaza Property&#148; or &#147;Gulf Plaza LLC&#148;) as of December 31, 2013. The Historical Summary is the responsibility of the Property&#146;s management. Our responsibility is to express an opinion on this financial statement based on our audit.</font></p> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; TEXT-ALIGN:justify; MARGIN:6pt 0in; TEXT-JUSTIFY:inter-ideograph"><font style=BACKGROUND:white>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company&#146;s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</font></p> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; TEXT-ALIGN:justify; MARGIN:6pt 0in; TEXT-JUSTIFY:inter-ideograph"><font style=BACKGROUND:white>The accompanying Historical Summary was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission (for inclusion in this Form 8-K/A of Hartman Short Term Income Properties XX, Inc.) as described in Note 2 to the Historical Summary and is not intended to be a complete presentation of the Property&#146;s revenues and expenses.</font></p> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; TEXT-ALIGN:justify; MARGIN:6pt 0in; TEXT-JUSTIFY:inter-ideograph"><font style=BACKGROUND:white>In our opinion, the Historical Summary referred to above present fairly, in all material respects, the revenues over certain operating expenses of the Property for the year ended December, 31 2013 in conformity with accounting principles generally accepted in the United States of America.</font></p> <table width=333 style="BORDER-COLLAPSE:collapse; WIDTH:250pt" cellpadding=0 cellspacing=0> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=333 colspan=2 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:4.5pt; PADDING-RIGHT:4.5pt; WIDTH:250pt" valign=top> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; MARGIN:0in 0in 0pt"><font style=BACKGROUND:white>/s/ WEAVER AND TIDWELL, L.L.P.</font></p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=267 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:4.5pt; PADDING-RIGHT:4.5pt; WIDTH:200pt" valign=top> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width=67 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:4.5pt; PADDING-RIGHT:4.5pt; WIDTH:50pt" valign=top> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; MARGIN:0in 0in 0pt">&nbsp;</p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=333 colspan=2 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:4.5pt; PADDING-RIGHT:4.5pt; WIDTH:250pt" valign=top> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; MARGIN:0in 0in 0pt"><font style=BACKGROUND:white>Houston, Texas</font></p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=267 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:4.5pt; PADDING-RIGHT:4.5pt; WIDTH:200pt" valign=top> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN-LEFT:0in; MARGIN-RIGHT:0in">May 22, 2014</p></td> <td width=67 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:4.5pt; PADDING-RIGHT:4.5pt; WIDTH:50pt" valign=top> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN-LEFT:0in; MARGIN-RIGHT:0in">&nbsp;</p></td></tr></table> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; TEXT-ALIGN:left; MARGIN:0in 0in 0pt; TEXT-JUSTIFY:inter-ideograph" align=left>&nbsp;</p> <p style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'; TEXT-ALIGN:left; MARGIN:0in 0in 0pt; TEXT-JUSTIFY:inter-ideograph" align=left>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p><font style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; LINE-HEIGHT:115%"><br clear=all style=PAGE-BREAK-BEFORE:always></font> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%" /> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%" align=center><b></b>&nbsp;</p> <div align=center> <table width=100% style="BORDER-COLLAPSE:collapse; WIDTH:100%" cellpadding=0 cellspacing=0> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=100% colspan=2 nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:100%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">GULF PLAZA </font></b></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=100% colspan=2 nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:100%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;STATEMENT OF REVENUES OVER CERTAIN OPERATING EXPENSES </font></b></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p></td> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom /> <td width=38% style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; COLOR:black">&nbsp;Year Ended December 31, 2013 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom /> <td width=38% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Revenues: </font></p></td> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Rental income </font></p></td> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,294,907 </font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Tenant reimbursements and other income </font></p></td> <td width=38% nowrap style="BORDER-TOP:0px; HEIGHT:12.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,091 </font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom /> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Total revenues </font></p></td> <td width=38% nowrap style="BORDER-TOP:0px; HEIGHT:12.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,369,998 </font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom /> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Certain operating expenses: </font></p></td> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Operating, maintenance and management </font></p></td> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696,913 </font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Real estate taxes and insurance </font></p></td> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353,846 </font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;General and administrative expenses </font></p></td> <td width=38% nowrap style="BORDER-TOP:0px; HEIGHT:12.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,099 </font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom /> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Total certain operating expenses </font></p></td> <td width=38% nowrap style="BORDER-TOP:0px; HEIGHT:12.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,078,858 </font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom /> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:13.5pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;Excess of revenues over certain operating expenses </font></p></td> <td width=38% nowrap style="BORDER-TOP:0px; HEIGHT:13.5pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,291,140 </font></p></td></tr> <tr style="HEIGHT:13.5pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom /> <td width=38% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=61% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:61.72%" valign=bottom /> <td width=38% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:38.28%" valign=bottom /></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=100% colspan=2 nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:100%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><i><font style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; COLOR:black">&nbsp;See accompanying notes to statement of revenues over certain operating expenses </font></i></p></td></tr></table></div></div><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%"><br clear=all style=PAGE-BREAK-BEFORE:always></font></b> <div style=page:WordSection3> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">GULF PLAZA</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">NOTES TO STATEMENT OF REVENUES OVER CERTAIN OPERATING EXPENSES</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%"><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">1.&nbsp; DESCRIPTION OF REAL ESTATE PROPERTY</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">On March 11, 2014, Hartman Short Term Income Properties XX, Inc. (the &#147;Company&#148;) acquired an office building comprising approximately 120,651 square feet located in Houston, Texas, commonly known as Gulf Plaza (the &#147;Gulf Plaza Property&#148; ), through Hartman Gulf Plaza, LLC (&#147;Gulf Plaza LLC&#148;), a wholly owned subsidiary of the Company. &nbsp;Gulf Plaza LLC acquired the Gulf Plaza Property from fourteen (14) tenant-in common owners including Hartman Gulf Plaza Acquisitions, L.P., an affiliate and related party to Hartman Income REIT, Inc., for a purchase price of $13,950,000, exclusive of closing costs. </font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">The Gulf Plaza Property was constructed in 1983.&nbsp; The Gulf Plaza Property is 100% occupied by Gulf Interstate Engineering Company (&#147;GIE&#148;).</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Gulf Plaza LLC funded the payment of the purchase price for the Gulf Plaza Property with proceeds from the Company&#146;s ongoing public offering and loan proceeds drawn under the Company&#146;s revolving loan agreement with a bank.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">2.&nbsp; BASIS OF PRESENTATION</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">The accompanying Statement of Revenues over Certain Operating Expenses (the &#147;Historical Summary&#148;) has been prepared for the purpose of complying with Rule 3-14 of Regulation S-X, promulgated by the Securities and Exchange Commission, and is not intended to be a complete presentation of the Gulf Plaza Property&#146;s revenues and expenses.&nbsp; The Historical Summary has been prepared on the accrual basis of accounting and requires management to make estimates and assumptions that affect the reported amounts of the revenue and operating expenses during the reporting period.&nbsp; Excluded items include interest, depreciation and amortization, and certain general and administrative costs. Actual results may differ from those estimates.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">The Historical Summary for the year ended December 31, 2013 has been prepared in accordance with accounting principles generally accepted in the United States; however, it does not include all of the information and footnotes required for complete financial statements.&nbsp; In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.&nbsp; The Gulf Plaza Property is owned by Hartman Gulf Plaza, LLC.&nbsp; For the quarter ended March 31, 2014, Hartman Gulf Plaza, LLC has been reported as a consolidated subsidiary of the Company.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">3.&nbsp; SIGNIFICANT ACCOUNTING POLICIES</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Revenue</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Leases are accounted for as operating leases and minimum rental income is recognized as due under the terms of the respective leases.&nbsp; Certain leases provide for tenant occupancy during periods for which no rent is due and/or for increases or decreases in the minimum lease payments over the term of the leases.&nbsp; Rental income is recognized on the straight-line basis over the terms of the individual leases.&nbsp; Revenue recognition under a lease begins when the tenant takes possession of or controls the physical use of the leased space.&nbsp; Cost recoveries from tenants are included in tenant reimbursement income in the period the related costs are incurred.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b></b>&nbsp;</p><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'"><br clear=all style=PAGE-BREAK-BEFORE:always></font></b> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">GULF PLAZA</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">NOTES TO STATEMENT OF REVENUES OVER CERTAIN OPERATING EXPENSES</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%" align=center><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Certain Operating Expenses</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Certain operating expenses include those expenses expected to be comparable to the proposed future operations of the Gulf Plaza Property.&nbsp; Repairs and maintenance are charged to operations as incurred.&nbsp; Expenses such as depreciation and amortization are excluded from the accompanying Historical Summary.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">4.&nbsp; FUTURE MINIMUM LEASE INCOME</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">The weighted average remaining lease terms for the tenant occupying the Gulf Plaza Property was 4.2 years as of December 31, 2013.&nbsp; Minimum rents to be received from the tenant under non-cancellable operating leases, exclusive of tenant expense reimbursements, as of December 31, 2013 were as follows:</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%">&nbsp;</p> <div align=center> <table width=100% style="BORDER-COLLAPSE:collapse; WIDTH:100%" cellpadding=0 cellspacing=0> <tr style="HEIGHT:13.5pt; PAGE-BREAK-INSIDE:avoid"> <td width=58% colspan=2 nowrap style="BORDER-TOP:0px; HEIGHT:13.5pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:58.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">Years ending December 31,</font></b></p></td> <td width=5% nowrap style="BORDER-TOP:0px; HEIGHT:13.5pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:5.14%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><b></b>&nbsp;</p></td> <td width=36% nowrap style="BORDER-TOP:0px; HEIGHT:13.5pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:36.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">Minimum Future Rents</font></b></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=55% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:55.08%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2014</font></p></td> <td width=3% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:3.48%" valign=bottom /> <td width=5% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:5.14%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">$</font></p></td> <td width=36% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:36.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2,347,502</font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=55% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:55.08%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2015</font></p></td> <td width=3% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:3.48%" valign=bottom /> <td width=5% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:5.14%" valign=bottom /> <td width=36% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:36.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2,397,353</font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=55% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:55.08%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2016</font></p></td> <td width=3% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:3.48%" valign=bottom /> <td width=5% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:5.14%" valign=bottom /> <td width=36% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:36.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2,402,338</font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=55% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:55.08%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2017</font></p></td> <td width=3% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:3.48%" valign=bottom /> <td width=5% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:5.14%" valign=bottom /> <td width=36% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:36.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2,400,758</font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=55% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:55.08%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">2018</font></p></td> <td width=3% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:3.48%" valign=bottom /> <td width=5% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:5.14%" valign=bottom /> <td width=36% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:36.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">398,810</font></p></td></tr> <tr style="HEIGHT:12.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=55% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:55.08%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">Thereafter</font></p></td> <td width=3% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:3.48%" valign=bottom /> <td width=5% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:5.14%" valign=bottom /> <td width=36% nowrap style="HEIGHT:12.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:36.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">-</font></p></td></tr> <tr style="HEIGHT:13.5pt; PAGE-BREAK-INSIDE:avoid"> <td width=55% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:55.08%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">Total</font></b></p></td> <td width=3% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:3.48%" valign=bottom /> <td width=5% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:5.14%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">$</font></p></td> <td width=36% nowrap style="BORDER-TOP:windowtext 1pt solid; HEIGHT:13.5pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:36.3%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Arial','sans-serif'">9,946,761</font></p></td></tr></table></div> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">The Gulf Plaza Property is 100% occupied by GIE.&nbsp; The lease agreement with GIE expires February 28, 2018.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">5.&nbsp; COMMITMENTS AND CONTINGENCIES</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Litigation</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Gulf Plaza LLC may be subject to legal claims in the ordinary course of business as a property owner.&nbsp; The Company believes that the ultimate settlement of any potential claims will not have a material impact on the Gulf Plaza Property&#146;s results of operations.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Environmental Matters</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">In connection with the ownership and operation of real estate, Gulf Plaza LLC may be potentially liable for costs and damages related to environmental matters.&nbsp; Gulf Plaza LLC has not been notified by any governmental authority of any non-compliance, liability, or other claim, and the Company is not aware of any other environmental condition that they believe will have a material adverse effect on the Gulf &nbsp;Plaza Property&#146;s results of operations.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">6.&nbsp; SUBSEQUENT EVENTS</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Subsequent to December 31, 2013 and through May 22, 2014, management did not identify any subsequent events requiring additional disclosure other than as disclosed in these notes to the statement of revenues over certain operating expenses.<br clear=all style=PAGE-BREAK-BEFORE:always></font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">SUMMARY OF UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">The following pro forma consolidated financial information should be read in conjunction with the consolidated balance sheet of the Company as of December 31, 2013, and the related consolidated statements of operations, stockholders&#146; equity, and cash flows for the year ended December 31, 2013 and the notes thereto contained in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 31, 2014.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">The following unaudited pro forma consolidated statements of operations for the year ended December 31, 2013 have been prepared to give effect to the acquisition of the Gulf Plaza Property, based on the revenues and certain operating expenses presented in the Historical Summary, as if the acquisition occurred on January 1, 2013.&nbsp; In the opinion of management, no other pro forma adjustments are required.</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 10pt; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">These unaudited pro forma consolidated financial statements are prepared for information purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisition of the Gulf Plaza Property occurred on January 1, 2013.<b><br clear=all style=PAGE-BREAK-BEFORE:always></b></font></p> <div align=center> <table width=100% style="BORDER-COLLAPSE:collapse; WIDTH:100%" cellpadding=0 cellspacing=0> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=100% colspan=8 style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:100%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.</font></b></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=100% colspan=8 style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:100%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS</font></b></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=100% colspan=8 nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:100%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">For the Year Ended December 31, 2013</font></b></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=32% colspan=3 nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:32.6%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Pro Forma Adjustments</font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom /></tr> <tr style="HEIGHT:44pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:44pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom /> <td width=15% style="BORDER-TOP:0px; HEIGHT:44pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.48%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; COLOR:black">Hartman Short Term Income Properties XX, Inc. [a]</font></p></td> <td width=2% style="HEIGHT:44pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% style="BORDER-TOP:0px; HEIGHT:44pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:14.78%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Gulf Plaza</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;[b]</font></p></td> <td width=2% style="HEIGHT:44pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% style="BORDER-TOP:0px; HEIGHT:44pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.5%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Adjustments</font></p></td> <td width=4% style="HEIGHT:44pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:44pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.56%"> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Pro Forma Total</font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom /></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom /></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal">&nbsp;</p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Revenues</font></b></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom /></tr> <tr style="HEIGHT:17.25pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:17.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Rental revenues</font></p></td> <td width=15% nowrap style="HEIGHT:17.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,064,190 </font></p></td> <td width=2% nowrap style="HEIGHT:17.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:17.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,294,907 </font></p></td> <td width=2% nowrap style="HEIGHT:17.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:17.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=4% nowrap style="HEIGHT:17.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:17.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,359,097 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Tenant reimbursements and other revenues</font></p></td> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,249,386 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75,091 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,324,477 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Total revenues</font></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,313,576 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,369,998 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp; </font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,683,574 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom /></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Expenses</font></b></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom /></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Property operating expenses</font></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,880,124 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696,913 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,577,037 </font></p></td></tr> <tr style="HEIGHT:21.15pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:21.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Asset management and acquisition fees</font></p></td> <td width=15% nowrap style="HEIGHT:21.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526,529 </font></p></td> <td width=2% nowrap style="HEIGHT:21.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:21.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=2% nowrap style="HEIGHT:21.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:21.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104,625 </font></p></td> <td width=4% nowrap style="HEIGHT:21.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">[c]</font></p></td> <td width=15% nowrap style="HEIGHT:21.15pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">631,154</font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Organization and offering costs</font></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543,943 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543,943 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Real estate taxes and insurance</font></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,305,578 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353,846 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,659,424 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Depreciation and amortization</font></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,745,701 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138,158 </font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">[d]</font></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,883,859 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">General and administrative</font></p></td> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696,434 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,099 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724,533 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Interest expense</font></p></td> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766,781 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;313,875</font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">[e]</font></p></td> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,080,656 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Total expenses</font></p></td> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,465,090 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,078,858 </font></p></td> <td width=2% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556,658</font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,100,606 </font></p></td></tr> <tr style="HEIGHT:26.25pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:26.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Income (loss) from continuing operations</font></p></td> <td width=15% nowrap style="HEIGHT:26.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,151,514)</font></p></td> <td width=2% nowrap style="HEIGHT:26.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:26.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,291,140 </font></p></td> <td width=2% nowrap style="HEIGHT:26.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:26.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556,658) </font></p></td> <td width=4% nowrap style="HEIGHT:26.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" /> <td width=15% nowrap style="HEIGHT:26.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,417,032)</font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Income from discontinued operations</font></p></td> <td width=15% style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166,641 </font></p></td> <td width=2% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=2% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% style="BORDER-TOP:0px; HEIGHT:15.75pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 1pt solid; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166,641 </font></p></td></tr> <tr style="HEIGHT:15.75pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Net income (loss)</font></p></td> <td width=15% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,984,873)</font></p></td> <td width=2% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,291,140 </font></p></td> <td width=2% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556,658)</font></p></td> <td width=4% nowrap style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% style="HEIGHT:15.75pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(1,250,391)</font></p></td></tr> <tr style="HEIGHT:23.25pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:23.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Basic and diluted loss per common share:</font></p></td> <td width=15% style="HEIGHT:23.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% style="HEIGHT:23.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% style="HEIGHT:23.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% style="HEIGHT:23.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% style="HEIGHT:23.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:23.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% style="HEIGHT:23.25pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom /></tr> <tr style="HEIGHT:16.5pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:16.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Loss attributable to common stockholders</font></p></td> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:16.5pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)</font></p></td> <td width=2% nowrap style="HEIGHT:16.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:16.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:16.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:16.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:16.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:16.5pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25)</font></p></td></tr> <tr style="HEIGHT:51pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:51pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">Weighted average number of common shares outstanding, basic and diluted</font></p></td> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:51pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal; TEXT-INDENT:20pt" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,927,708 </font></p></td> <td width=2% nowrap style="HEIGHT:51pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:51pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:51pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:51pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:51pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="BORDER-TOP:0px; HEIGHT:51pt; BORDER-RIGHT:0px; BORDER-BOTTOM:windowtext 2.25pt double; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; BORDER-LEFT:0px; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:right; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal; TEXT-INDENT:20pt" align=right><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,927,708 </font></p></td></tr> <tr style="HEIGHT:13.5pt; PAGE-BREAK-INSIDE:avoid"> <td width=29% style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:29.84%" valign=bottom /> <td width=15% style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.48%" valign=bottom /> <td width=2% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=14% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:14.78%" valign=bottom /> <td width=2% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:2.32%" valign=bottom /> <td width=15% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.5%" valign=bottom /> <td width=4% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:4.2%" valign=bottom /> <td width=15% nowrap style="HEIGHT:13.5pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:15.56%" valign=bottom /></tr> <tr style="HEIGHT:24pt; PAGE-BREAK-INSIDE:avoid"> <td width=100% colspan=8 style="HEIGHT:24pt; PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:100%" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt; LINE-HEIGHT:normal" align=center><i><font style="FONT-SIZE:8pt; FONT-FAMILY:'Times New Roman','serif'; COLOR:black">See accompanying notes to unaudited pro forma consolidated statements of operations.</font></i></p></td></tr></table></div> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b></b>&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 0pt" align=center><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'">NOTES TO UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS</font></b></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%; TEXT-INDENT:-0.25in"><a name=_Aci_An3_286129><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">(a)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Historical financial information for the year ended December 31, 2013 is derived from the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2013.</font></a></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%; TEXT-INDENT:-0.25in"><a name=_Aci_An4_286229><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">(b)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Represents items of revenue and certain operating expenses for the Gulf Plaza Property for the year ended December 31, 2013.</font></a></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt 0.5in; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%; TEXT-INDENT:-0.25in"><a name=_Aci_An5_286329><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">(c)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Pro form asset management fees payable to Hartman Advisors LLC at the rate of 0.75% per annum multiplied by the $13,950,000 acquisition cost.</font></a></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt 0.5in; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%; TEXT-INDENT:-0.25in"><a name=_Aci_An6_286429><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">(d)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Pro forma depreciation and amortization expense are based on the Company&#146;s initial purchase price allocation.&nbsp; The Company&#146;s actual final purchase price allocation may be different.</font></a></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 0pt 0.5in; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.5in; TEXT-JUSTIFY:inter-ideograph; LINE-HEIGHT:115%; TEXT-INDENT:-0.25in"><a name=_Aci_An7_286529><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">(e)<font style="FONT:7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; LINE-HEIGHT:115%">Pro forma interest expense assumes 50% leverage based on the Gulf Plaza Property purchase price of $13,950,000 and an annual interest rate of 4.5%.</font></a></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt 0.5in; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; PAGE-BREAK-BEFORE:always; MARGIN:0in 0in 9pt"><font style="FONT-SIZE:11pt; COLOR:black">SIGNATURE</font></p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN:0in 0in 9pt">&nbsp;</p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN:0in 0in 9pt"><font style="FONT-SIZE:11pt; COLOR:black">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.</font></p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN:0in 0in 9pt">&nbsp;</p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN:0in 0in 9pt"><font style="FONT-SIZE:11pt; COLOR:black">HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.</font></p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN:0in 0in 9pt"><font style="FONT-SIZE:11pt; COLOR:black">(Registrant)</font></p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN:0in 0in 9pt">&nbsp;</p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN-LEFT:0in; MARGIN-RIGHT:0in"><font style="FONT-SIZE:11pt; COLOR:black">Date: May 22, 2014</font></p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN-LEFT:0in; MARGIN-RIGHT:0in"><font style="FONT-SIZE:11pt; COLOR:black">By:&nbsp;&nbsp;<u>/s/ Louis T. Fox, III</u></font></p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN:0in 0in 9pt"><font style="FONT-SIZE:11pt; COLOR:black">Louis T. Fox, III</font></p> <p style="FONT-SIZE:12pt; FONT-FAMILY:'Times New Roman','serif'; MARGIN:0in 0in 9pt"><font style="FONT-SIZE:11pt; COLOR:black">Chief Financial Officer</font></p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%">&nbsp;</p> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 9pt; LINE-HEIGHT:normal"><b><u><font style="FONT-FAMILY:'Times New Roman','serif'; COLOR:black">EXHIBIT INDEX</font></u></b></p> <table style=BORDER-COLLAPSE:collapse cellpadding=0 cellspacing=0> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=109 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:81.9pt" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.15pt; LINE-HEIGHT:normal"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; COLOR:black">Exhibit No.</font></b></p></td> <td width=18 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:13.5pt" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.15pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=511 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:383.4pt" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.15pt; LINE-HEIGHT:normal"><b><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; COLOR:black">Description</font></b></p></td></tr> <tr style=PAGE-BREAK-INSIDE:avoid> <td width=109 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:81.9pt" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.15pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; COLOR:black">23.1</font></p></td> <td width=18 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:13.5pt" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.15pt; LINE-HEIGHT:normal">&nbsp;</p></td> <td width=511 style="PADDING-BOTTOM:0in; PADDING-TOP:0in; PADDING-LEFT:5.4pt; PADDING-RIGHT:5.4pt; WIDTH:383.4pt" valign=bottom> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; MARGIN:0in 0in 8.15pt; LINE-HEIGHT:normal"><font style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman','serif'; COLOR:black">Consent of Independent Registered Public Accounting Firm</font></p></td></tr></table> <p style="FONT-SIZE:11pt; FONT-FAMILY:'Calibri','sans-serif'; TEXT-ALIGN:center; MARGIN:0in 0in 10pt; LINE-HEIGHT:115%" align=center><b></b>&nbsp;</p></div></body>
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{"company-data": {"conformed-name": "Hartman Short Term Income Properties XX, Inc.", "cik": "0001446687", "assigned-sic": "6500", "irs-number": "263455189", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-53912", "film-number": "14864846"}, "business-address": {"street1": "2909 HILLCROFT, SUITE 420", "city": "HOUSTON", "state": "TX", "zip": "77057", "phone": "713-467-2222"}, "mail-address": {"street1": "2909 HILLCROFT, SUITE 420", "city": "HOUSTON", "state": "TX", "zip": "77057"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 22, 2014 (February 7, 2014)
HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.
(Exact name of registrant as specified in charter)
Maryland
333-185336
26-3455189
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
2909 Hillcroft, Suite 420, Houston, Texas
77057
(Address of principal executive offices)
(Zip Code)
Registrant
'
s telephone number, including area code: (713) 467-2222
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ]      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]      Soliciting material pursuant to Rule #14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Explanatory Note.
On March 14, 2014, Hartman Short Term Income Properties XX, Inc. (the "Company") filed a Current Report on Form 8-K to report the completion of the acquisition of the Gulf Plaza Property on March 11, 2014.  After reasonable inquiry we are not aware of any other material factors relating to the acquisition that would cause the reported financial information not to be necessarily indicative of future operating results.  This amendment is being filed for the sole purpose of filing the financial statements and pro forma financial information required by Item 9.01 of Form 8-K, and should be read in conjunction with the Form 8-K filing referred to hereinabove.
Item 9.01 Financial Statements and Exhibits.
On March 11, 2014, the Company acquired a fee simple interest in an office building comprising approximately 120,651 square feet located in the Energy Corridor of Houston, Texas and commonly known as Gulf Plaza (the "Gulf Plaza Property"), through Hartman Gulf Plaza, LLC ("Gulf Plaza LLC"), a wholly owned subsidiary of the Company.
(a)
Financial Statement of Business Acquired.
Gulf Plaza Property
Report of Independent Registered Public Accounting Firm.
Statement of Revenues Over Certain Operating Expenses for the Year Ended December 31, 2013.
Notes to Statement of Revenues Over Certain Operating Expenses.
(b)
Pro Forma Financial Information
Hartman Short Term Income Properties XX, Inc. and Subsidiaries
Summary of Unaudited Pro Forma Consolidated Financial Information.
Unaudited Pro Forma Consolidated Statements of Operations for the Year Ended December 31, 2013.
Notes to Unaudited Pro Forma Consolidated Statements of Operations.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Stockholders of Hartman Short Term Income Properties XX, Inc. (the "Company")
We have audited the accompanying statement of revenues over certain operating expenses (the Historical Summary) of Hartman Gulf Plaza, LLC (the "Gulf Plaza Property" or "Gulf Plaza LLC") as of December 31, 2013. The Historical Summary is the responsibility of the Property's management. Our responsibility is to express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
The accompanying Historical Summary was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission (for inclusion in this Form 8-K/A of Hartman Short Term Income Properties XX, Inc.) as described in Note 2 to the Historical Summary and is not intended to be a complete presentation of the Property's revenues and expenses.
In our opinion, the Historical Summary referred to above present fairly, in all material respects, the revenues over certain operating expenses of the Property for the year ended December, 31 2013 in conformity with accounting principles generally accepted in the United States of America.
/s/ WEAVER AND TIDWELL, L.L.P.
Houston, Texas
May 22, 2014
GULF PLAZA
STATEMENT OF REVENUES OVER CERTAIN OPERATING EXPENSES
Year Ended December 31, 2013
Revenues:
Rental income
$                                                   2,294,907
Tenant reimbursements and other income
75,091
Total revenues
$                                                   2,369,998
Certain operating expenses:
Operating, maintenance and management
696,913
Real estate taxes and insurance
353,846
General and administrative expenses
28,099
Total certain operating expenses
1,078,858
Excess of revenues over certain operating expenses
$                                                   1,291,140
See accompanying notes to statement of revenues over certain operating expenses
GULF PLAZA
NOTES TO STATEMENT OF REVENUES OVER CERTAIN OPERATING EXPENSES
1.  DESCRIPTION OF REAL ESTATE PROPERTY
On March 11, 2014, Hartman Short Term Income Properties XX, Inc. (the "Company") acquired an office building comprising approximately 120,651 square feet located in Houston, Texas, commonly known as Gulf Plaza (the "Gulf Plaza Property" ), through Hartman Gulf Plaza, LLC ("Gulf Plaza LLC"), a wholly owned subsidiary of the Company.  Gulf Plaza LLC acquired the Gulf Plaza Property from fourteen (14) tenant-in common owners including Hartman Gulf Plaza Acquisitions, L.P., an affiliate and related party to Hartman Income REIT, Inc., for a purchase price of $13,950,000, exclusive of closing costs.
The Gulf Plaza Property was constructed in 1983.  The Gulf Plaza Property is 100% occupied by Gulf Interstate Engineering Company ("GIE").
Gulf Plaza LLC funded the payment of the purchase price for the Gulf Plaza Property with proceeds from the Company's ongoing public offering and loan proceeds drawn under the Company's revolving loan agreement with a bank.
2.  BASIS OF PRESENTATION
The accompanying Statement of Revenues over Certain Operating Expenses (the "Historical Summary") has been prepared for the purpose of complying with Rule 3-14 of Regulation S-X, promulgated by the Securities and Exchange Commission, and is not intended to be a complete presentation of the Gulf Plaza Property's revenues and expenses.  The Historical Summary has been prepared on the accrual basis of accounting and requires management to make estimates and assumptions that affect the reported amounts of the revenue and operating expenses during the reporting period.  Excluded items include interest, depreciation and amortization, and certain general and administrative costs. Actual results may differ from those estimates.
The Historical Summary for the year ended December 31, 2013 has been prepared in accordance with accounting principles generally accepted in the United States; however, it does not include all of the information and footnotes required for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.  The Gulf Plaza Property is owned by Hartman Gulf Plaza, LLC.  For the quarter ended March 31, 2014, Hartman Gulf Plaza, LLC has been reported as a consolidated subsidiary of the Company.
3.  SIGNIFICANT ACCOUNTING POLICIES
Revenue
Leases are accounted for as operating leases and minimum rental income is recognized as due under the terms of the respective leases.  Certain leases provide for tenant occupancy during periods for which no rent is due and/or for increases or decreases in the minimum lease payments over the term of the leases.  Rental income is recognized on the straight-line basis over the terms of the individual leases.  Revenue recognition under a lease begins when the tenant takes possession of or controls the physical use of the leased space.  Cost recoveries from tenants are included in tenant reimbursement income in the period the related costs are incurred.
GULF PLAZA
NOTES TO STATEMENT OF REVENUES OVER CERTAIN OPERATING EXPENSES
Certain Operating Expenses
Certain operating expenses include those expenses expected to be comparable to the proposed future operations of the Gulf Plaza Property.  Repairs and maintenance are charged to operations as incurred.  Expenses such as depreciation and amortization are excluded from the accompanying Historical Summary.
4.  FUTURE MINIMUM LEASE INCOME
The weighted average remaining lease terms for the tenant occupying the Gulf Plaza Property was 4.2 years as of December 31, 2013.  Minimum rents to be received from the tenant under non-cancellable operating leases, exclusive of tenant expense reimbursements, as of December 31, 2013 were as follows:
Years ending December 31,
Minimum Future Rents
2014
$
2,347,502
2015
2,397,353
2016
2,402,338
2017
2,400,758
2018
398,810
Thereafter
-
Total
$
9,946,761
The Gulf Plaza Property is 100% occupied by GIE.  The lease agreement with GIE expires February 28, 2018.
5.  COMMITMENTS AND CONTINGENCIES
Litigation
Gulf Plaza LLC may be subject to legal claims in the ordinary course of business as a property owner.  The Company believes that the ultimate settlement of any potential claims will not have a material impact on the Gulf Plaza Property's results of operations.
Environmental Matters
In connection with the ownership and operation of real estate, Gulf Plaza LLC may be potentially liable for costs and damages related to environmental matters.  Gulf Plaza LLC has not been notified by any governmental authority of any non-compliance, liability, or other claim, and the Company is not aware of any other environmental condition that they believe will have a material adverse effect on the Gulf  Plaza Property's results of operations.
6.  SUBSEQUENT EVENTS
Subsequent to December 31, 2013 and through May 22, 2014, management did not identify any subsequent events requiring additional disclosure other than as disclosed in these notes to the statement of revenues over certain operating expenses.
HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES
SUMMARY OF UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
The following pro forma consolidated financial information should be read in conjunction with the consolidated balance sheet of the Company as of December 31, 2013, and the related consolidated statements of operations, stockholders' equity, and cash flows for the year ended December 31, 2013 and the notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 31, 2014.
The following unaudited pro forma consolidated statements of operations for the year ended December 31, 2013 have been prepared to give effect to the acquisition of the Gulf Plaza Property, based on the revenues and certain operating expenses presented in the Historical Summary, as if the acquisition occurred on January 1, 2013.  In the opinion of management, no other pro forma adjustments are required.
These unaudited pro forma consolidated financial statements are prepared for information purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisition of the Gulf Plaza Property occurred on January 1, 2013.
HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the Year Ended December 31, 2013
Pro Forma Adjustments
Hartman Short Term Income Properties XX, Inc. [a]
Gulf Plaza
[b]
Adjustments
Pro Forma Total
Revenues
Rental revenues
$           6,064,190
$           2,294,907
$                        -
$           8,359,097
Tenant reimbursements and other revenues
1,249,386
75,091
-
1,324,477
Total revenues
7,313,576
2,369,998
-
9,683,574
Expenses
Property operating expenses
1,880,124
696,913
-
2,577,037
Asset management and acquisition fees
526,529
-
104,625
[c]
631,154
Organization and offering costs
543,943
-
-
543,943
Real estate taxes and insurance
1,305,578
353,846
-
1,659,424
Depreciation and amortization
3,745,701
-
138,158
[d]
3,883,859
General and administrative
696,434
28,099
-
724,533
Interest expense
766,781
-
313,875
[e]
1,080,656
Total expenses
9,465,090
1,078,858
556,658
11,100,606
Income (loss) from continuing operations
(2,151,514)
1,291,140
(556,658)
(1,417,032)
Income from discontinued operations
166,641
-
-
166,641
Net income (loss)
$        (1,984,873)
$           1,291,140
$        (556,658)
$          (1,250,391)
Basic and diluted loss per common share:
Loss attributable to common stockholders
$                   (0.40)
$                   (0.25)
Weighted average number of common shares outstanding, basic and diluted
4,927,708
4,927,708
See accompanying notes to unaudited pro forma consolidated statements of operations.
HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
(a)
Historical financial information for the year ended December 31, 2013 is derived from the Company's Annual Report on Form 10-K for the year ended December 31, 2013.
(b)
Represents items of revenue and certain operating expenses for the Gulf Plaza Property for the year ended December 31, 2013.
(c)
Pro form asset management fees payable to Hartman Advisors LLC at the rate of 0.75% per annum multiplied by the $13,950,000 acquisition cost.
(d)
Pro forma depreciation and amortization expense are based on the Company's initial purchase price allocation.  The Company's actual final purchase price allocation may be different.
(e)
Pro forma interest expense assumes 50% leverage based on the Gulf Plaza Property purchase price of $13,950,000 and an annual interest rate of 4.5%.
SIGNATURE
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.
HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.
(Registrant)
Date: May 22, 2014
By:
/s/ Louis T. Fox, III
Louis T. Fox, III
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
23.1
Consent of Independent Registered Public Accounting Firm