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<head><title>Hartman XX</title> </head> <body style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman'; COLOR:#000000; MARGIN-TOP:0px"> <div style=WIDTH:576px> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>UNITED STATES</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>SECURITIES AND EXCHANGE COMMISSION</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>Washington, D.C. 20549</b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>FORM 8-K</b></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center>CURRENT REPORT</p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>Pursuant to Section 13 or 15(d) of the</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>Securities Exchange Act of 1934</b></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center>Date of Report (Date of earliest event reported): <b>April 11, 2016</b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b><u>HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.</u></b></p> <p style="FONT-SIZE:9pt; MARGIN:0px" align=center>(Exact name of registrant as specified in its charter)</p> <p style=MARGIN:0px align=center><br></p> <table width=100% style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=233> <td width=1> <td width=173> <td width=1> <td width=167 /> </tr><tr> <td width=233 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px align=center><b><u>Maryland</u></b></p></td> <td width=1 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=173 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px align=center><b><u>333-185336</u></b></p></td> <td width=1 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=167 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px align=center><b><u>26-3455189</u></b></p></td></tr> <tr> <td width=233 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px align=center>(State&nbsp;or&nbsp;other&nbsp;jurisdiction&nbsp;of</p> <p style=MARGIN:0px align=center>incorporation&nbsp;or&nbsp;organization)</p></td> <td width=1 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=173 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px align=center>(Commission</p> <p style=MARGIN:0px align=center>File&nbsp;Number)</p></td> <td width=1 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=167 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px align=center>(I.R.S.&nbsp;Employer</p> <p style=MARGIN:0px align=center>Identification&nbsp;No.)</p></td></tr> <tr> <td width=233 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=1 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=173 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=1 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=167 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td></tr> <tr> <td width=407 colspan=3 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909 Hillcroft, Suite 420, Houston, Texas</b></p></td> <td width=1 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=167 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px align=center><b>77057</b></p></td></tr> <tr> <td width=407 colspan=3 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address&nbsp;of&nbsp;principal&nbsp;executive&nbsp;offices)</p></td> <td width=1 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=167 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=bottom> <p style=MARGIN:0px align=center>(Zip&nbsp;Code)</p></td></tr></table> <p style=MARGIN:0px>&nbsp;</p> <p style=MARGIN:0px align=center>Registrant's telephone number, including area code: <b>(713) 467-2222</b></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><b>Not applicable</b></p> <p style=MARGIN:0px align=center>(Former Name or Former Address, if Changed Since Last Report)</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px>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:</p> <p style=MARGIN:0px>&nbsp;</p> <table width=100% style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=48> <td width=36> <td width=492 /> </tr><tr> <td width=48 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>&nbsp;&nbsp;</p></td> <td width=36 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="FONT-FAMILY:'Wingdings'; MARGIN:0px">o</p></td> <td width=492 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style=MARGIN:0px>&nbsp;</p> <table width=100% style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=48> <td width=36> <td width=492 /> </tr><tr> <td width=48 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>&nbsp;&nbsp;</p></td> <td width=36 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="FONT-FAMILY:'Wingdings'; MARGIN:0px">o</p></td> <td width=492 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td></tr></table> <p style=MARGIN:0px>&nbsp;</p> <table width=100% style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=48> <td width=36> <td width=492 /> </tr><tr> <td width=48 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=36 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="FONT-FAMILY:'Wingdings'; MARGIN:0px">o</p></td> <td width=492 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR &nbsp;240.14d-2(b))</p></td></tr></table> <p style=MARGIN:0px>&nbsp;</p> <table width=100% style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=48> <td width=36> <td width=492 /> </tr><tr> <td width=48 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=36 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="FONT-FAMILY:'Wingdings'; MARGIN:0px">o</p></td> <td width=492 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR &nbsp;240.13e-4(c))&nbsp;</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style=MARGIN:0px><br><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><b>Item 7.01 &nbsp;&nbsp;Regulation FD Disclosure.</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><b>Our Board of Directors<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font> Determination of Estimated Value Per Share</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><i>Background</i></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>On October 27, 2015, the board of directors (the &#147;Board&#148;) of Hartman Short Term Income Properties XX, Inc. (the &#147;Company&#148;) approved the formation of a valuation committee (the &#147;Valuation Committee&#148;) comprised of the independent members of the Board as an initial step in the process of determining an estimated value per share of the Company&#146;s shares of common stock as of December 31, 2015. &nbsp;</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>On April 7, 2016, the Board determined an estimated value per share of the Company&#146;s common stock of $12.40 as of December 31, 2015. The Company is providing the estimated value per share of its common stock to assist the broker dealers that participated in the Company&#146;s initial and follow-on public offerings in meeting their ongoing customer account statement reporting obligations under the current rules of the Financial Industry Regulatory Authority, Inc. (&#147;FINRA&#148;). &nbsp;</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>The Valuation Committee and the Board oversaw this process of determining the estimated value per share. In determining the estimated value per share, the Valuation Committee relied upon information provided in a report provided by WKW Financial Advisors (&#147;WKW&#148;), an independent consulting firm providing authoritative studies, financial analysis, valuation and strategic advisory services, engaged with the approval of the Valuation Committee, and the Board&#146;s experience with, and knowledge of, the Company and its real property and other assets as of December 31, 2015.</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>As outlined in WKWs report, dated April 6, 2016 (the &#147;Valuation Report&#148;), the scope of WKWs engagement and analysis included, but was not limited to:</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:72px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:48px">&#183;</p> <p style="PADDING-LEFT:72px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>Discussions with the Company&#146;s management to gather pertinent facts and data;</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:72px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:48px">&#183;</p> <p style="PADDING-LEFT:72px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>Examination of current market conditions including supply and demand factors, growth patterns, and their effect of each of the Company&#146;s properties;</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:72px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:48px">&#183;</p> <p style="PADDING-LEFT:72px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>Application of the income capitalization approach, by discounted cash flow or direct capitalization as appropriate, for each of the Company&#146;s properties;</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:72px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:48px">&#183;</p> <p style="PADDING-LEFT:72px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>Application of the sales comparison approach, as applicable or required to validate credible results, for any of the Company&#146;s properties which may or may not include an analysis of the ad valorem tax values;</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:72px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:48px">&#183;</p> <p style="PADDING-LEFT:72px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>Determination of an estimated value for each of the Company&#146;s properties;</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:72px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:48px">&#183;</p> <p style="PADDING-LEFT:72px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>Review of other assets and liabilities of the Company and estimation of their fair values as of the valuation date, including assets and liabilities which are contingent in nature as of the valuation date and which may not be quantified in the Company&#146;s financial statements or notes to financial statements as of the valuation date.</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>The members of the Valuation Committee and the Board met with WKW to review and understand the facts, capitalization rate assumptions, and economic considerations of the various real estate sub-markets in which the Company&#146;s properties are located.</p> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px align=justify><i>Valuation Methodology</i></p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify><i>Real Estate Investments.</i> &nbsp;As of December 31, 2015, the Company owned 15 commercial properties. &nbsp;The Board determined the fair value of the Company&#146;s real estate investments to be $247,300,000 as of that date. This determination was based on an income capitalization approach. &nbsp;Real estate investment </p> <p style=MARGIN:0px align=justify><br><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=justify>valuations were performed in accordance with Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation and Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, issued by the Investment Program Association, of the &#147;IPA,&#148; in April 2013.</p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>&nbsp;</p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify><i>Notes Payable.</i> &nbsp;The Valuation Report included an estimated valuation of the Company&#146;s notes payable as equal to fair value as of December 31, 2015. &nbsp;The Board determined that the fair value of notes payable as of December 31, 2015 was $76,417,905.</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify><i>Other Assets and Liabilities.</i> The Valuation Report included [an estimated valuation of] the Company&#146;s other assets and liabilities, consisting primarily of cash and cash equivalents, restricted cash, accounts receivable, and other prepaid expenses and other assets. &nbsp;These other assets and liabilities were considered by the Board to be equal to their fair values as of December 31, 2015 due to their short maturities.</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify><i>Estimated Value Per Share.</i> &nbsp;The estimated value per share was based upon 13,769,384 shares of the Company&#146;s common stock outstanding as of December 31, 2015. &nbsp;Although the estimated value per share has been developed as a measure of value as of a specific time, December 31, 2015, the estimated value per share does not reflect a liquidity discount for the fact that the shares are not currently traded on a national securities exchange or the limited nature in which a shareholder may redeem shares under the Company&#146;s share redemption program (if at all), a discount for the non-assumability or prepayment obligations associated with certain of the Company&#146;s debt, or a discount for the Company&#146;s corporate level overhead.</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>The following table presents how the estimated value per share was determined as of December 31, 2015:</p></div> <table style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=433> <td width=157 /> </tr><tr> <td width=433 style="BORDER-BOTTOM:#dfdfdf 2px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#ffffff" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 2px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#ffffff" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Investment in real estate assets</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>$247,300,000</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Cash, cash equivalents and restricted cash</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>8,279,890</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Other assets and liabilities (excluding goodwill), net</b></p></td> <td width=157 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>(2,527,098)</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=157 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>253,052,792</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Notes payable</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>76,417,905</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Estimated value of convertible preferred shares</b></p></td> <td width=157 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>5,889,330</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=157 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>82,307,235</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Estimated value</b></p></td> <td width=157 style="BORDER-BOTTOM:#000000 3px double; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>170,745,557</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Common stock outstanding</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>13,769,384</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Estimated value per share</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>12.40</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Estimated value per share allocated on a per share basis:</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Investment in real estate assets</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>$17.96</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Cash, cash equivalents and restricted cash</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>0.60</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Other assets and liabilities, net</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>(0.18)</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Notes payable</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>(5.55)</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Estimated value of convertible preferred shares</b></p></td> <td width=157 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>(0.43)</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Estimated value per share</b></p></td> <td width=157 style="BORDER-BOTTOM:#000000 3px double; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>$12.40</p></td></tr></table> <div style=WIDTH:576px> <p style=MARGIN:0px align=justify>&nbsp;</p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify><i>Material Assumptions in Property Valuations.</i> &nbsp;WKW made certain key assumptions in the income capitalization approach that it used to value the Company&#146;s real estate properties, which are set forth below:</p></div> <table style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=433> <td width=157 /> </tr><tr> <td width=433 style="BORDER-BOTTOM:#dfdfdf 2px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#ffffff" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 2px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#ffffff" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Direct capitalization &#150; capitalization rate</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>7.19%</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Yield capitalization &#150; discount rate</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>10.24%</p></td></tr> <tr> <td width=433 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Yield capitalization &#150; terminal capitalization rate</b></p></td> <td width=157 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>7.44%</p></td></tr></table> <div style=WIDTH:576px> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>While the Company believes that WKW&#146;s assumptions are reasonable, a change in these assumptions would significantly impact the appraised value of the Company&#146;s real estate investments and thus, the Company&#146;s estimated value per share. The table below illustrates the impact on the estimated value per </p> <p style=MARGIN:0px align=justify><br><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=justify>share if the capitalization rates and discount rate listed above were increased or decreased by 2.5%, assuming all other factors remain unchanged:</p> <p style=MARGIN:0px align=justify><br></p></div> <table style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=319> <td width=138> <td width=133 /> </tr><tr> <td width=319 style="BORDER-BOTTOM:#dfdfdf 2px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#ffffff" valign=top> <p style=MARGIN:0px>&nbsp;</p></td> <td width=271 colspan=2 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#ffffff" valign=bottom> <p style=MARGIN:0px align=center><b>Increase (Decrease) in the Estimated Value per Share due to</b></p></td></tr> <tr> <td width=319 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=138 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=bottom> <p style=MARGIN:0px align=center><b>Decrease of 2.5%</b></p></td> <td width=133 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=bottom> <p style=MARGIN:0px align=center><b>Increase of 2.5%</b></p></td></tr> <tr> <td width=319 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Direct capitalization &#150; capitalization rate</b></p></td> <td width=138 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>$12.87</p></td> <td width=133 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>$11.93</p></td></tr> <tr> <td width=319 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=justify><b>Yield capitalization &#150; discount rate</b></p></td> <td width=138 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>$12.90</p></td> <td width=133 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px; BACKGROUND-COLOR:#d9e2f3" valign=top> <p style=MARGIN:0px align=right>$11.90</p></td></tr> <tr> <td width=319 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=justify><b>Yield capitalization &#150; terminal capitalization rate</b></p></td> <td width=138 style="BORDER-RIGHT:#dfdfdf 1px solid; BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>$12.99</p></td> <td width=133 style="BORDER-BOTTOM:#dfdfdf 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px align=right>$11.81</p></td></tr></table> <div style=WIDTH:576px> <p style=MARGIN:0px align=justify>&nbsp;&nbsp;</p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify><i>Limitations of Valuation Method</i>. FINRA rules provide limited guidance on the methods an issuer must use to determine its estimated value per share. As with any valuation method, and as noted above, the methods used to determine the Company&#146;s estimated value per share were based upon a number of assumptions, estimates and judgments that may not be accurate or complete. The estimated value per share determined by the Board is not a representation, warranty or guarantee that, among other things:</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:24px">&#183;</p> <p style="PADDING-LEFT:48px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>a stockholder would be able to realize the estimated value per share if such stockholder attempts to sell his or her shares;</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:24px">&#183;</p> <p style="PADDING-LEFT:48px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>a stockholder would ultimately realize distributions per share equal to the estimated value per share upon liquidation of the Company&#146;s assets and settlement of the Company&#146;s liabilities or a sale of the Company;</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:24px">&#183;</p> <p style="PADDING-LEFT:48px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>shares of the Company&#146;s common stock would trade at the estimated value per share on a national securities exchange;</p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:48px; FLOAT:left; MARGIN-TOP:0px; TEXT-INDENT:24px">&#183;</p> <p style="PADDING-LEFT:48px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>a third party would offer the estimated value per share in an arms-length transaction to purchase all or substantially all of the shares of the Company&#146;s common stock; or</p> <p style="MARGIN-BOTTOM:-2px; FONT-FAMILY:'Symbol'; WIDTH:48px; FLOAT:left; CLEAR:left; MARGIN-TOP:0px; TEXT-INDENT:24px">&#183;</p> <p style="PADDING-LEFT:48px; MARGIN:0px; TEXT-INDENT:-2px" align=justify>the methods used to determine the estimated value per share would be acceptable to FINRA, under the Employee Retirement Income Security Act, the Securities and Exchange Commission or any state securities regulatory entity with respect to their respective requirements.</p> <p style="CLEAR:left; MARGIN:0px; TEXT-INDENT:24px" align=justify>&nbsp;</p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>Further, the estimated value per share was calculated as of a particular moment in time and the value of the Company&#146;s shares will fluctuate over time as a result of, among other things, future acquisitions or dispositions of assets (including acquisitions and dispositions of real estate investments since December 31, 2015), developments related to individual assets and changes in the real estate and capital markets.</p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>&nbsp;</p> <p style="MARGIN:0px; TEXT-INDENT:24px" align=justify>The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.</p> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px><b>Item 9.01 &nbsp;&nbsp;Financial Statements and Exhibits.</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><b>(d) Exhibits.</b></p> <p style=MARGIN:0px><br></p></div> <table style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=55> <td width=18> <td width=517 /> </tr><tr> <td width=55 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Exhibit</p></td> <td width=18 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=517 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Description</p></td></tr> <tr> <td width=55 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>99.1</p></td> <td width=18 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=517 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Press Release - NAV</p></td></tr></table> <div style=WIDTH:576px> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><br><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center>__________________________________________________________________</p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><b>SIGNATURE</b></p> <p style=MARGIN:0px>&nbsp;</p> <p style=MARGIN:0px align=justify>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.</p> <p style=MARGIN:0px align=justify><br></p> <table width=100% style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=180> <td width=47> <td width=347 /> </tr><tr> <td width=180 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>&nbsp;&nbsp;</p></td> <td width=395 colspan=2 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. </p></td></tr> <tr> <td width=180 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=395 colspan=2 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px><br></p></td></tr> <tr> <td width=180 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Date: April 11, 2016</p></td> <td width=47 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>By:&nbsp;&nbsp;</p></td> <td width=347 style="BORDER-BOTTOM:#000000 2px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>/s/ &nbsp;Louis T. Fox, III</p></td></tr> <tr> <td width=228 colspan=2 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>&nbsp;&nbsp;</p></td> <td width=347 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Louis T. Fox, III</p></td></tr> <tr> <td width=228 colspan=2 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>&nbsp;&nbsp;</p></td> <td width=347 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Chief Financial Officer</p></td></tr></table> <p style=MARGIN:0px align=center><br><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><b>___________________________________________________________________</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><b><u>EXHIBIT INDEX</u></b></p> <p style=MARGIN:0px align=justify><br></p></div> <table style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0> <tr style=FONT-SIZE:0px> <td width=55> <td width=18> <td width=517 /> </tr><tr> <td width=55 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Exhibit</p></td> <td width=18 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=517 style="BORDER-BOTTOM:#000000 1px solid; PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Description</p></td></tr> <tr> <td width=55 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>99.1</p></td> <td width=18 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style="PADDING-LEFT:9px; MARGIN:0px; PADDING-RIGHT:9px">&nbsp;</p></td> <td width=517 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:9px; MARGIN-TOP:0px; PADDING-RIGHT:9px" valign=top> <p style=MARGIN:0px>Press Release &#150; NAV</p></td></tr></table> <div style=WIDTH:576px> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></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": "161565729"}, "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"}}
Hartman XX
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 11, 2016
HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.
(Exact name of registrant as specified in its charter)
Maryland
333-185336
26-3455189
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. 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
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR  240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR  240.13e-4(c))
Item 7.01   Regulation FD Disclosure.
Our Board of Directors
'
Determination of Estimated Value Per Share
Background
On October 27, 2015, the board of directors (the "Board") of Hartman Short Term Income Properties XX, Inc. (the "Company") approved the formation of a valuation committee (the "Valuation Committee") comprised of the independent members of the Board as an initial step in the process of determining an estimated value per share of the Company's shares of common stock as of December 31, 2015.
On April 7, 2016, the Board determined an estimated value per share of the Company's common stock of $12.40 as of December 31, 2015. The Company is providing the estimated value per share of its common stock to assist the broker dealers that participated in the Company's initial and follow-on public offerings in meeting their ongoing customer account statement reporting obligations under the current rules of the Financial Industry Regulatory Authority, Inc. ("FINRA").
The Valuation Committee and the Board oversaw this process of determining the estimated value per share. In determining the estimated value per share, the Valuation Committee relied upon information provided in a report provided by WKW Financial Advisors ("WKW"), an independent consulting firm providing authoritative studies, financial analysis, valuation and strategic advisory services, engaged with the approval of the Valuation Committee, and the Board's experience with, and knowledge of, the Company and its real property and other assets as of December 31, 2015.
As outlined in WKWs report, dated April 6, 2016 (the "Valuation Report"), the scope of WKWs engagement and analysis included, but was not limited to:
·
Discussions with the Company's management to gather pertinent facts and data;
·
Examination of current market conditions including supply and demand factors, growth patterns, and their effect of each of the Company's properties;
·
Application of the income capitalization approach, by discounted cash flow or direct capitalization as appropriate, for each of the Company's properties;
·
Application of the sales comparison approach, as applicable or required to validate credible results, for any of the Company's properties which may or may not include an analysis of the ad valorem tax values;
·
Determination of an estimated value for each of the Company's properties;
·
Review of other assets and liabilities of the Company and estimation of their fair values as of the valuation date, including assets and liabilities which are contingent in nature as of the valuation date and which may not be quantified in the Company's financial statements or notes to financial statements as of the valuation date.
The members of the Valuation Committee and the Board met with WKW to review and understand the facts, capitalization rate assumptions, and economic considerations of the various real estate sub-markets in which the Company's properties are located.
Valuation Methodology
Real Estate Investments.
As of December 31, 2015, the Company owned 15 commercial properties.  The Board determined the fair value of the Company's real estate investments to be $247,300,000 as of that date. This determination was based on an income capitalization approach.  Real estate investment
valuations were performed in accordance with Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation and Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, issued by the Investment Program Association, of the "IPA," in April 2013.
Notes Payable.
The Valuation Report included an estimated valuation of the Company's notes payable as equal to fair value as of December 31, 2015.  The Board determined that the fair value of notes payable as of December 31, 2015 was $76,417,905.
Other Assets and Liabilities.
The Valuation Report included [an estimated valuation of] the Company's other assets and liabilities, consisting primarily of cash and cash equivalents, restricted cash, accounts receivable, and other prepaid expenses and other assets.  These other assets and liabilities were considered by the Board to be equal to their fair values as of December 31, 2015 due to their short maturities.
Estimated Value Per Share.
The estimated value per share was based upon 13,769,384 shares of the Company's common stock outstanding as of December 31, 2015.  Although the estimated value per share has been developed as a measure of value as of a specific time, December 31, 2015, the estimated value per share does not reflect a liquidity discount for the fact that the shares are not currently traded on a national securities exchange or the limited nature in which a shareholder may redeem shares under the Company's share redemption program (if at all), a discount for the non-assumability or prepayment obligations associated with certain of the Company's debt, or a discount for the Company's corporate level overhead.
The following table presents how the estimated value per share was determined as of December 31, 2015:
Investment in real estate assets
$247,300,000
Cash, cash equivalents and restricted cash
8,279,890
Other assets and liabilities (excluding goodwill), net
(2,527,098)
253,052,792
Notes payable
76,417,905
Estimated value of convertible preferred shares
5,889,330
82,307,235
Estimated value
170,745,557
Common stock outstanding
13,769,384
Estimated value per share
12.40
Estimated value per share allocated on a per share basis:
Investment in real estate assets
$17.96
Cash, cash equivalents and restricted cash
0.60
Other assets and liabilities, net
(0.18)
Notes payable
(5.55)
Estimated value of convertible preferred shares
(0.43)
Estimated value per share
$12.40
Material Assumptions in Property Valuations.
WKW made certain key assumptions in the income capitalization approach that it used to value the Company's real estate properties, which are set forth below:
Direct capitalization – capitalization rate
7.19%
Yield capitalization – discount rate
10.24%
Yield capitalization – terminal capitalization rate
7.44%
While the Company believes that WKW's assumptions are reasonable, a change in these assumptions would significantly impact the appraised value of the Company's real estate investments and thus, the Company's estimated value per share. The table below illustrates the impact on the estimated value per
share if the capitalization rates and discount rate listed above were increased or decreased by 2.5%, assuming all other factors remain unchanged:
Increase (Decrease) in the Estimated Value per Share due to
Decrease of 2.5%
Increase of 2.5%
Direct capitalization – capitalization rate
$12.87
$11.93
Yield capitalization – discount rate
$12.90
$11.90
Yield capitalization – terminal capitalization rate
$12.99
$11.81
Limitations of Valuation Method
. FINRA rules provide limited guidance on the methods an issuer must use to determine its estimated value per share. As with any valuation method, and as noted above, the methods used to determine the Company's estimated value per share were based upon a number of assumptions, estimates and judgments that may not be accurate or complete. The estimated value per share determined by the Board is not a representation, warranty or guarantee that, among other things:
·
a stockholder would be able to realize the estimated value per share if such stockholder attempts to sell his or her shares;
·
a stockholder would ultimately realize distributions per share equal to the estimated value per share upon liquidation of the Company's assets and settlement of the Company's liabilities or a sale of the Company;
·
shares of the Company's common stock would trade at the estimated value per share on a national securities exchange;
·
a third party would offer the estimated value per share in an arms-length transaction to purchase all or substantially all of the shares of the Company's common stock; or
·
the methods used to determine the estimated value per share would be acceptable to FINRA, under the Employee Retirement Income Security Act, the Securities and Exchange Commission or any state securities regulatory entity with respect to their respective requirements.
Further, the estimated value per share was calculated as of a particular moment in time and the value of the Company's shares will fluctuate over time as a result of, among other things, future acquisitions or dispositions of assets (including acquisitions and dispositions of real estate investments since December 31, 2015), developments related to individual assets and changes in the real estate and capital markets.
The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for the purpose of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 9.01   Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Description
99.1
Press Release - NAV
__________________________________________________________________
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.
Date: April 11, 2016
By:
/s/  Louis T. Fox, III
Louis T. Fox, III
Chief Financial Officer
___________________________________________________________________
EXHIBIT INDEX
Exhibit
Description
99.1
Press Release – NAV