%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 426.65 741.40 Td (Issuer Free ) Tj ET Q q 0 0 0 rg BT 477.77 741.40 Td (W) Tj ET Q q 0 0 0 rg BT 487.71 741.40 Td (riting Prospectus) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 433.05 728.20 Td (Filed Pursuant to Rule433\(f\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 410.75 715.00 Td (Registration Number 333- 177963) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 507.90 701.80 Td (July 2, 2014 ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 154.70 676.60 Td (JONES LANG LASALLE INCOME PROPER) Tj ET Q q 0 0 0 rg BT 375.56 676.60 Td (TY) Tj ET Q q 0 0 0 rg BT 390.44 676.60 Td ( ) Tj ET Q q 0 0 0 rg BT 392.99 676.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 428.85 676.60 Td (, INC.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 651.40 Td (On June 27, 2014, Jones Lang LaSalle Income Property ) Tj ET Q q 0 0 0 rg BT 316.17 651.40 Td (T) Tj ET Q q 0 0 0 rg BT 322.50 651.40 Td (rust, Inc. \(which we refer to herein as our company ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 638.20 Td (and, together with our company) Tj ET Q q 0 0 0 rg BT 193.27 638.20 Td (s subsidiaries, we, our) Tj ET Q q 0 0 0 rg BT 304.93 638.20 Td (, and us\) became aware of an article published by Real ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 625.00 Td (Estate Finance & Investment, a financial news publication, containing statements regarding our company made by ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 611.80 Td (Jason Kern, the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 206.20 611.80 Td (ficer) Tj ET Q q 0 0 0 rg BT 225.90 611.80 Td (, ) Tj ET Q q 0 0 0 rg BT 230.80 611.80 Td (Americas, of LaSalle Investment Management, Inc., our advisor and a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 598.60 Td (member of the board of directors of our company) Tj ET Q q 0 0 0 rg BT 266.77 598.60 Td (. ) Tj ET Q q 0 0 0 rg BT 272.07 598.60 Td (The full text of the article and certain clarifications with respect ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 585.40 Td (to statements included in the article are set forth below) Tj ET Q q 0 0 0 rg BT 290.29 585.40 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 560.20 Td (Real Estate Finance & Investment is not af) Tj ET Q q 0 0 0 rg BT 256.28 560.20 Td (filiated with our company and neither our company nor any of our ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 547.00 Td (af) Tj ET Q q 0 0 0 rg BT 58.35 547.00 Td (filiates has made any payment or given any consideration in connection with the article or any other publication ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 533.80 Td (by Real Estate Finance & Investment. ) Tj ET Q q 0 0 0 rg BT 219.34 533.80 Td (The article was not prepared by us and should not be considered of) Tj ET Q q 0 0 0 rg BT 513.61 533.80 Td (fering ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 520.60 Td (material in connection with our continuous public of) Tj ET Q q 0 0 0 rg BT 281.05 520.60 Td (fering of common stock. ) Tj ET Q q 0 0 0 rg BT 391.75 520.60 Td (W) Tj ET Q q 0 0 0 rg BT 401.69 520.60 Td (ith the exception of the quotations ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 507.40 Td (in the article attributed directly to Mr) Tj ET Q q 0 0 0 rg BT 213.11 507.40 Td (. Kern, the article represents the author) Tj ET Q q 0 0 0 rg BT 384.56 507.40 Td () Tj ET Q q 0 0 0 rg BT 387.62 507.40 Td (s opinion, which is not endorsed or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 494.20 Td (adopted by us.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 115.00 467.80 Td (Full ) Tj ET Q q 0 0 0 rg BT 136.50 467.80 Td (T) Tj ET Q q 0 0 0 rg BT 142.83 467.80 Td (ext of Real Estate Finance & Investment ) Tj ET Q q 0 0 0 rg BT 334.38 467.80 Td (Article Published on June 30, 2014) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 50 441.13369140625 m 171.88623046875 441.13369140625 l s q 0 0 0 rg BT 50.00 442.60 Td (CEO Interview: Jason Kern) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 417.40 Td (LaSalle Builds Out Non-T) Tj ET Q q 0 0 0 rg BT 166.02 417.40 Td (raded REIT) Tj ET Q q 0 0 0 rg BT 217.43 417.40 Td ( Platform) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 392.20 Td (LaSalle Investment Management sees room to expand its expertise into the emer) Tj ET Q q 0 0 0 rg BT 422.44 392.20 Td (ging world of non-traded real ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 379.00 Td (estate investment trusts. Non-traded REIT) Tj ET Q q 0 0 0 rg BT 239.54 379.00 Td (s have always been an interesting investment vehicle in the market. On ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 365.80 Td (paper) Tj ET Q q 0 0 0 rg BT 73.99 365.80 Td (, they of) Tj ET Q q 0 0 0 rg BT 110.14 365.80 Td (fer investors all of the return and low correlation benefits of exposure to commercial real estate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 352.60 Td (without the daily volatility and stronger correlation to equities of the public REIT) Tj ET Q q 0 0 0 rg BT 407.87 352.60 Td (s. ) Tj ET Q q 0 0 0 rg BT 417.45 352.60 Td (The challenge is that the real ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 339.40 Td (estate industry has struggled to create more investor) Tj ET Q q 0 0 0 rg BT 278.57 339.40 Td (-friendly investment structures for individuals, said Jason ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 326.20 Td (Kern, ) Tj ET Q q 0 0 0 rg BT 76.88 326.20 Td (Americas CEO. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 301.00 Td (The company is raising capital for Jones Lang LaSalle Income Property ) Tj ET Q q 0 0 0 rg BT 386.40 301.00 Td (T) Tj ET Q q 0 0 0 rg BT 392.73 301.00 Td (rust, a non-traded REIT) Tj ET Q q 0 0 0 rg BT 497.00 301.00 Td ( that with ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 287.80 Td (some rare features. Investors have access to daily valuations, the fund has an infinite life and while most similar ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 274.60 Td (vehicles begin as blind pools, JLLIPT) Tj ET Q q 0 0 0 rg BT 216.61 274.60 Td ( has an existing portfolio of assets that generate current cash flow) Tj ET Q q 0 0 0 rg BT 503.94 274.60 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 249.40 Td (LaSalle is responding in part to growing demand from the defined contribution market but also believes there is ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 236.20 Td (substantial interest in a non-traded REIT) Tj ET Q q 0 0 0 rg BT 228.50 236.20 Td ( that employs some of the best practices of LaSalle) Tj ET Q q 0 0 0 rg BT 455.46 236.20 Td (s existing private equity ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 223.00 Td (funds and other well known mutual funds. Defined contribution investment portfolios have lar) Tj ET Q q 0 0 0 rg BT 469.85 223.00 Td (gely in the past been ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 209.80 Td (devoid of exposure to alternative investment categories, such as private equity and real assets, due to valuation ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 196.60 Td (reporting and liquidity constraints. In particular) Tj ET Q q 0 0 0 rg BT 258.51 196.60 Td (, many sophisticated defined benefit pension plan, foundation and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 183.40 Td (endowment portfolios have for some time had significant 5-15% exposures to private commercial real estate and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 170.20 Td (have generally out-performed as a result, Kern said. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 145.00 Td (The real estate industry needs to figure out how to provide access to institutional-quality direct property ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 131.80 Td (investments for high net-worth individuals and individuals in the defined contribution market, It is imperative that ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 118.60 Td (we, and other strong institutional real estate investment managers, create investment vehicles that are viable options ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 105.40 Td (for these investors, Kern added. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 80.20 Td (One of Kern) Tj ET Q q 0 0 0 rg BT 126.03 80.20 Td (s goals is to make LaSalle) Tj ET Q q 0 0 0 rg BT 243.65 80.20 Td (s brand the go-to name for core- or value-added commercial real estate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 67.00 Td (in the non-traded space. W) Tj ET Q q 0 0 0 rg BT 172.20 67.00 Td (ere not trying to push uphill in terms of raising capital in areas where we can) Tj ET Q q 0 0 0 rg BT 516.87 67.00 Td (t execute ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 53.80 Td (as well or better than anyone else, Kern said. Our forte in the U.S. is core and value-added property investments ) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 741.40 Td (and we will look particularly at certain property types and markets that fit our research strategy and in which we ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 728.20 Td (have confidence that we have best-in-class execution capabilities. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 703.00 Td (Kern underscored that while JLL) Tj ET Q q 0 0 0 rg BT 212.99 703.00 Td ( Income Property ) Tj ET Q q 0 0 0 rg BT 291.90 703.00 Td (T) Tj ET Q q 0 0 0 rg BT 298.24 703.00 Td (rust has a dedicated portfolio management team, it draws ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 689.80 Td (from the same research and acquisitions teams and transactions are approved by the same investment committee as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 676.60 Td (the firm's institutional private equity funds, ) Tj ET Q q 0 0 0 rg BT 242.32 676.60 Td (Allan Swaringen, president of Jones Lang LaSalle Income Property ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 663.40 Td (T) Tj ET Q q 0 0 0 rg BT 56.33 663.40 Td (rust, heads the team.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 638.20 Td (The non-traded REIT) Tj ET Q q 0 0 0 rg BT 165.74 638.20 Td (s daily NA) Tj ET Q q 0 0 0 rg BT 211.99 638.20 Td (V) Tj ET Q q 0 0 0 rg BT 219.73 638.20 Td ( is captured by a third party) Tj ET Q q 0 0 0 rg BT 339.98 638.20 Td (, he added, noting that only five non-traded REIT) Tj ET Q q 0 0 0 rg BT 556.71 638.20 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 625.00 Td (of) Tj ET Q q 0 0 0 rg BT 58.96 625.00 Td (fer daily valuations today) Tj ET Q q 0 0 0 rg BT 170.36 625.00 Td (. Daily-NA) Tj ET Q q 0 0 0 rg BT 223.31 625.00 Td (V) Tj ET Q q 0 0 0 rg BT 231.05 625.00 Td ( non-traded REIT) Tj ET Q q 0 0 0 rg BT 307.87 625.00 Td (s should in the future be a viable alternative-but certainly ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 611.80 Td (not a substitute-for public REIT) Tj ET Q q 0 0 0 rg BT 190.33 611.80 Td ( exposure, Kern added. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 586.60 Td (The fund has about $850 million of assets under management and owns properties in all of the major sectors as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 573.40 Td (well as some emer) Tj ET Q q 0 0 0 rg BT 131.36 573.40 Td (ging areas such as student housing and medical of) Tj ET Q q 0 0 0 rg BT 351.10 573.40 Td (fice. ) Tj ET Q q 0 0 0 rg BT 372.89 573.40 Td (W) Tj ET Q q 0 0 0 rg BT 382.39 573.40 Td (ere trying to create an index-type ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 560.20 Td (exposure with core and core-plus type returns, Kern said. ) Tj ET Q q 0 0 0 rg BT 309.13 560.20 Td (The REIT) Tj ET Q q 0 0 0 rg BT 353.22 560.20 Td ( will have a long term holding period. W) Tj ET Q q 0 0 0 rg BT 536.54 560.20 Td (e can ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 547.00 Td (hold assets forever but we have also sold quite a few assets and redeployed the capital into new assets in order to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 533.80 Td (improve the quality of the portfolio, he added. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 508.60 Td (Kern told REFI his personal philosophy of investment management is directly entwined with LaSalle) Tj ET Q q 0 0 0 rg BT 516.78 508.60 Td (s, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 495.40 Td (explaining that the most important thing is to be a good and responsible steward of capital. LaSalle has always had ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 482.20 Td (the perspective that in a crisis, when the tides go down, you realize who isn) Tj ET Q q 0 0 0 rg BT 385.21 482.20 Td (t wearing pants. During the global ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 469.00 Td (financial crisis, our clients saw firsthand evidence that they were aligned with a good steward of capital, Kern said. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 455.80 Td (W) Tj ET Q q 0 0 0 rg BT 64.38 455.80 Td (e gave capital back to investors when we felt like it wasn) Tj ET Q q 0 0 0 rg BT 318.62 455.80 Td (t a good time to invest. ) Tj ET Q q 0 0 0 rg BT 421.79 455.80 Td (Y) Tj ET Q q 0 0 0 rg BT 428.63 455.80 Td (ou want to make sure the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 442.60 Td (manager's interests are fully aligned with its investors and that the manager is looking at investment opportunities ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 429.40 Td (from the perspective of a true owner) Tj ET Q q 0 0 0 rg BT 209.44 429.40 Td (. - Samantha Rowan) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 391.00 Td (Clarifications) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 365.80 Td (W) Tj ET Q q 0 0 0 rg BT 77.50 365.80 Td (e believe that the following information contained in the article is appropriate to clarify:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 340.60 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.25 340.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 340.60 Td (The article includes the following quotation attributed to Mr) Tj ET Q q 0 0 0 rg BT 350.55 340.60 Td (. Kern: ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 388.73 340.60 Td (W) Tj ET Q q 0 0 0 rg BT 396.88 340.60 Td (er) Tj ET Q q 0 0 0 rg BT 409.30 340.60 Td (e trying to cr) Tj ET Q q 0 0 0 rg BT 466.02 340.60 Td (eate an index-type ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 86.00 327.40 Td (exposur) Tj ET Q q 0 0 0 rg BT 120.42 327.40 Td (e with cor) Tj ET Q q 0 0 0 rg BT 164.00 327.40 Td (e and cor) Tj ET Q q 0 0 0 rg BT 205.14 327.40 Td (e-plus type r) Tj ET Q q 0 0 0 rg BT 259.72 327.40 Td (eturns) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 287.22 327.40 Td (. Our investment strategy is to construct a well-diversified ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 314.20 Td (portfolio designed to provide our stockholders with stable distributions and attractive long-term risk-) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 301.00 Td (adjusted returns. However) Tj ET Q q 0 0 0 rg BT 201.33 301.00 Td (, we have not established a tar) Tj ET Q q 0 0 0 rg BT 333.39 301.00 Td (get rate of return for our stockholders and, as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 287.80 Td (disclosed in our prospectus, the use of forecasts by us, our af) Tj ET Q q 0 0 0 rg BT 353.10 287.80 Td (filiates and all participants in our of) Tj ET Q q 0 0 0 rg BT 509.91 287.80 Td (fering is ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 274.60 Td (prohibited. Neither our prospectus nor marketing materials approved for use in connection with the of) Tj ET Q q 0 0 0 rg BT 533.92 274.60 Td (fering ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 261.40 Td (include predictions about the amount or certainty of any returns. Further) Tj ET Q q 0 0 0 rg BT 403.55 261.40 Td (, an investment in our common ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 248.20 Td (stock is not an investment in any property index.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 223.00 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.25 223.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 223.00 Td (The article includes the following quotation attributed to Mr) Tj ET Q q 0 0 0 rg BT 350.55 223.00 Td (. Kern: ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 399.73 223.00 Td (On paper) Tj ET Q q 0 0 0 rg BT 440.36 223.00 Td (, they offer investors all of ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 86.00 209.80 Td (the r) Tj ET Q q 0 0 0 rg BT 106.06 209.80 Td (eturn and low corr) Tj ET Q q 0 0 0 rg BT 188.46 209.80 Td (elation benefits of exposur) Tj ET Q q 0 0 0 rg BT 304.45 209.80 Td (e to commer) Tj ET Q q 0 0 0 rg BT 358.41 209.80 Td (cial r) Tj ET Q q 0 0 0 rg BT 381.53 209.80 Td (eal estate without the daily volatility and ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 86.00 196.60 Td (str) Tj ET Q q 0 0 0 rg BT 97.21 196.60 Td (onger corr) Tj ET Q q 0 0 0 rg BT 144.16 196.60 Td (elation to equities of the public REIT) Tj ET Q q 0 0 0 rg BT 305.68 196.60 Td (s) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 309.96 196.60 Td (. ) Tj ET Q q 0 0 0 rg BT 319.73 196.60 Td (As noted above, we have not established a tar) Tj ET Q q 0 0 0 rg BT 520.22 196.60 Td (get rate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 183.40 Td (of return for our stockholders and, as disclosed in our prospectus, the use of forecasts by us, our af) Tj ET Q q 0 0 0 rg BT 518.66 183.40 Td (filiates ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 170.20 Td (and all participants in our of) Tj ET Q q 0 0 0 rg BT 210.13 170.20 Td (fering is prohibited. ) Tj ET Q q 0 0 0 rg BT 299.74 170.20 Td (The statement that shares of non-traded REIT) Tj ET Q q 0 0 0 rg BT 499.96 170.20 Td (s are not ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 157.00 Td (subject to fluctuations in value as a result of the daily volatility of the stock market in the same manner as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 143.80 Td (shares of listed REIT) Tj ET Q q 0 0 0 rg BT 178.40 143.80 Td (s should be balanced by disclosure regarding other characteristics of non-traded ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 130.60 Td (REIT) Tj ET Q q 0 0 0 rg BT 109.67 130.60 Td (s. In particular) Tj ET Q q 0 0 0 rg BT 173.07 130.60 Td (, investors should be aware that non-traded REIT) Tj ET Q q 0 0 0 rg BT 388.57 130.60 Td (s of) Tj ET Q q 0 0 0 rg BT 404.56 130.60 Td (fer limited liquidity to investors ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 117.40 Td (due to the lack of a public market for their shares and restrictions upon the number of shares that can be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 104.20 Td (repurchased annually and the sources of funding available for such share repurchases. ) Tj ET Q q 0 0 0 rg BT 468.41 104.20 Td (Although our share ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 91.00 Td (repurchase program permits stockholders to request share repurchases on a daily basis and is generally ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 77.80 Td (much less restrictive than the repurchase programs of) Tj ET Q q 0 0 0 rg BT 320.69 77.80 Td (fered by traditional non-listed REIT) Tj ET Q q 0 0 0 rg BT 478.15 77.80 Td (s, our share ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 64.60 Td (repurchase program is still subject to significant limitations, as described in our prospectus.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 68.00 741.40 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.25 741.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 741.40 Td (The article includes the following quotation attributed to Mr) Tj ET Q q 0 0 0 rg BT 350.55 741.40 Td (. Kern: ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 399.73 741.40 Td (Y) Tj ET Q q 0 0 0 rg BT 404.83 741.40 Td (ou want to make sur) Tj ET Q q 0 0 0 rg BT 493.64 741.40 Td (e the ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 86.00 728.20 Td (manager) Tj ET Q q 0 0 0 rg BT 125.52 728.20 Td () Tj ET Q q 0 0 0 rg BT 127.76 728.20 Td (s inter) Tj ET Q q 0 0 0 rg BT 155.16 728.20 Td (ests ar) Tj ET Q q 0 0 0 rg BT 183.78 728.20 Td (e fully aligned with its investors and that the manager is looking at investment ) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 86.00 715.00 Td (opportunities fr) Tj ET Q q 0 0 0 rg BT 154.35 715.00 Td (om the perspective of a true owner) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 307.09 715.00 Td (. ) Tj ET Q q 0 0 0 rg BT 316.87 715.00 Td (As disclosed in our prospectus, our advisor and its ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 701.80 Td (af) Tj ET Q q 0 0 0 rg BT 94.35 701.80 Td (filiates, of) Tj ET Q q 0 0 0 rg BT 138.74 701.80 Td (ficers and directors will experience various conflicts of interests in connection with the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 688.60 Td (management of our business.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 68.00 663.40 Td (Jones ) Tj ET Q q 0 0 0 rg BT 96.77 663.40 Td (Lang ) Tj ET Q q 0 0 0 rg BT 123.71 663.40 Td (LaSalle ) Tj ET Q q 0 0 0 rg BT 161.65 663.40 Td (Income ) Tj ET Q q 0 0 0 rg BT 198.96 663.40 Td (Pr) Tj ET Q q 0 0 0 rg BT 210.37 663.40 Td (operty ) Tj ET Q q 0 0 0 rg BT 243.22 663.40 Td (T) Tj ET Q q 0 0 0 rg BT 249.74 663.40 Td (rust, ) Tj ET Q q 0 0 0 rg BT 273.92 663.40 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 294.44 663.40 Td (has ) Tj ET Q q 0 0 0 rg BT 312.83 663.40 Td (filed ) Tj ET Q q 0 0 0 rg BT 336.09 663.40 Td (a ) Tj ET Q q 0 0 0 rg BT 344.08 663.40 Td (r) Tj ET Q q 0 0 0 rg BT 348.76 663.40 Td (egistration ) Tj ET Q q 0 0 0 rg BT 401.35 663.40 Td (statement ) Tj ET Q q 0 0 0 rg BT 449.66 663.40 Td (\(including ) Tj ET Q q 0 0 0 rg BT 499.83 663.40 Td (a ) Tj ET Q q 0 0 0 rg BT 507.82 663.40 Td (pr) Tj ET Q q 0 0 0 rg BT 518.62 663.40 Td (ospectus\) ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 650.20 Td (with ) Tj ET Q q 0 0 0 rg BT 72.66 650.20 Td (the ) Tj ET Q q 0 0 0 rg BT 89.20 650.20 Td (Securities ) Tj ET Q q 0 0 0 rg BT 136.89 650.20 Td (and ) Tj ET Q q 0 0 0 rg BT 156.50 650.20 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 204.22 650.20 Td (Commission ) Tj ET Q q 0 0 0 rg BT 264.15 650.20 Td (\(the ) Tj ET Q q 0 0 0 rg BT 284.36 650.20 Td (SEC\) ) Tj ET Q q 0 0 0 rg BT 322.29 650.20 Td (for) Tj ET Q q 0 0 0 rg BT 336.14 650.20 Td ( ) Tj ET Q q 0 0 0 rg BT 338.02 650.20 Td (the ) Tj ET Q q 0 0 0 rg BT 354.56 650.20 Td (offering ) Tj ET Q q 0 0 0 rg BT 393.70 650.20 Td (to ) Tj ET Q q 0 0 0 rg BT 404.74 650.20 Td (which ) Tj ET Q q 0 0 0 rg BT 434.73 650.20 Td (this ) Tj ET Q q 0 0 0 rg BT 453.72 650.20 Td (communication ) Tj ET Q q 0 0 0 rg BT 528.32 650.20 Td (r) Tj ET Q q 0 0 0 rg BT 533.00 650.20 Td (elates. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 637.00 Td (Befor) Tj ET Q q 0 0 0 rg BT 76.07 637.00 Td (e ) Tj ET Q q 0 0 0 rg BT 83.39 637.00 Td (you ) Tj ET Q q 0 0 0 rg BT 102.95 637.00 Td (invest, ) Tj ET Q q 0 0 0 rg BT 135.64 637.00 Td (you ) Tj ET Q q 0 0 0 rg BT 155.20 637.00 Td (should ) Tj ET Q q 0 0 0 rg BT 188.84 637.00 Td (r) Tj ET Q q 0 0 0 rg BT 193.52 637.00 Td (ead ) Tj ET Q q 0 0 0 rg BT 212.46 637.00 Td (the ) Tj ET Q q 0 0 0 rg BT 229.57 637.00 Td (pr) Tj ET Q q 0 0 0 rg BT 240.37 637.00 Td (ospectus ) Tj ET Q q 0 0 0 rg BT 282.54 637.00 Td (included ) Tj ET Q q 0 0 0 rg BT 325.33 637.00 Td (in ) Tj ET Q q 0 0 0 rg BT 336.94 637.00 Td (that ) Tj ET Q q 0 0 0 rg BT 358.33 637.00 Td (r) Tj ET Q q 0 0 0 rg BT 363.01 637.00 Td (egistration ) Tj ET Q q 0 0 0 rg BT 415.56 637.00 Td (statement ) Tj ET Q q 0 0 0 rg BT 463.81 637.00 Td (and ) Tj ET Q q 0 0 0 rg BT 483.99 637.00 Td (other) Tj ET Q q 0 0 0 rg BT 508.84 637.00 Td ( ) Tj ET Q q 0 0 0 rg BT 511.28 637.00 Td (documents ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 623.80 Td (Jones ) Tj ET Q q 0 0 0 rg BT 79.17 623.80 Td (Lang ) Tj ET Q q 0 0 0 rg BT 106.50 623.80 Td (LaSalle ) Tj ET Q q 0 0 0 rg BT 144.84 623.80 Td (Income ) Tj ET Q q 0 0 0 rg BT 182.55 623.80 Td (Pr) Tj ET Q q 0 0 0 rg BT 193.95 623.80 Td (operty ) Tj ET Q q 0 0 0 rg BT 227.17 623.80 Td (T) Tj ET Q q 0 0 0 rg BT 233.69 623.80 Td (rust, ) Tj ET Q q 0 0 0 rg BT 258.27 623.80 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 279.19 623.80 Td (has ) Tj ET Q q 0 0 0 rg BT 297.97 623.80 Td (filed ) Tj ET Q q 0 0 0 rg BT 321.63 623.80 Td (with ) Tj ET Q q 0 0 0 rg BT 345.29 623.80 Td (the ) Tj ET Q q 0 0 0 rg BT 362.84 623.80 Td (SEC ) Tj ET Q q 0 0 0 rg BT 387.12 623.80 Td (for) Tj ET Q q 0 0 0 rg BT 400.97 623.80 Td ( ) Tj ET Q q 0 0 0 rg BT 403.85 623.80 Td (mor) Tj ET Q q 0 0 0 rg BT 423.20 623.80 Td (e ) Tj ET Q q 0 0 0 rg BT 430.97 623.80 Td (complete ) Tj ET Q q 0 0 0 rg BT 476.00 623.80 Td (information ) Tj ET Q q 0 0 0 rg BT 535.10 623.80 Td (about ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 610.60 Td (Jones ) Tj ET Q q 0 0 0 rg BT 78.74 610.60 Td (Lang ) Tj ET Q q 0 0 0 rg BT 105.66 610.60 Td (LaSalle ) Tj ET Q q 0 0 0 rg BT 143.58 610.60 Td (Income ) Tj ET Q q 0 0 0 rg BT 180.87 610.60 Td (Pr) Tj ET Q q 0 0 0 rg BT 192.27 610.60 Td (operty ) Tj ET Q q 0 0 0 rg BT 225.10 610.60 Td (T) Tj ET Q q 0 0 0 rg BT 231.62 610.60 Td (rust, ) Tj ET Q q 0 0 0 rg BT 255.78 610.60 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 276.27 610.60 Td (and ) Tj ET Q q 0 0 0 rg BT 296.47 610.60 Td (this ) Tj ET Q q 0 0 0 rg BT 316.05 610.60 Td (offering. ) Tj ET Q q 0 0 0 rg BT 358.17 610.60 Td (Y) Tj ET Q q 0 0 0 rg BT 364.89 610.60 Td (ou ) Tj ET Q q 0 0 0 rg BT 378.97 610.60 Td (may ) Tj ET Q q 0 0 0 rg BT 401.60 610.60 Td (obtain ) Tj ET Q q 0 0 0 rg BT 434.02 610.60 Td (these ) Tj ET Q q 0 0 0 rg BT 460.31 610.60 Td (documents ) Tj ET Q q 0 0 0 rg BT 513.50 610.60 Td (for) Tj ET Q q 0 0 0 rg BT 527.34 610.60 Td ( ) Tj ET Q q 0 0 0 rg BT 529.81 610.60 Td (fr) Tj ET Q q 0 0 0 rg BT 538.15 610.60 Td (ee ) Tj ET Q q 0 0 0 rg BT 550.38 610.60 Td (by ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 597.40 Td (visiting ) Tj ET Q q 0 0 0 rg BT 87.90 597.40 Td (EDGAR ) Tj ET Q q 0 0 0 rg BT 131.30 597.40 Td (on ) Tj ET Q q 0 0 0 rg BT 146.59 597.40 Td (the ) Tj ET Q q 0 0 0 rg BT 164.93 597.40 Td (SEC) Tj ET Q q 0 0 0 rg BT 189.58 597.40 Td (s ) Tj ET Q q 0 0 0 rg BT 197.54 597.40 Td (web ) Tj ET Q q 0 0 0 rg BT 220.16 597.40 Td (site ) Tj ET Q q 0 0 0 rg BT 239.71 597.40 Td (at ) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 252.54931640625 595.678564453125 m 311.515625 595.678564453125 l s q 0 0 0 rg BT 252.55 597.40 Td (www) Tj ET Q q 0 0 0 rg BT 275.77 597.40 Td (.sec.gov) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 311.21 597.40 Td (. ) Tj ET Q q 0 0 0 rg BT 316.83 597.40 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 377.92 597.40 Td (, ) Tj ET Q q 0 0 0 rg BT 384.35 597.40 Td (Jones ) Tj ET Q q 0 0 0 rg BT 414.30 597.40 Td (Lang ) Tj ET Q q 0 0 0 rg BT 442.43 597.40 Td (LaSalle ) Tj ET Q q 0 0 0 rg BT 481.55 597.40 Td (Income ) Tj ET Q q 0 0 0 rg BT 520.05 597.40 Td (Pr) Tj ET Q q 0 0 0 rg BT 531.45 597.40 Td (operty ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 584.20 Td (T) Tj ET Q q 0 0 0 rg BT 56.52 584.20 Td (rust, ) Tj ET Q q 0 0 0 rg BT 81.58 584.20 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 105.73 584.20 Td (the ) Tj ET Q q 0 0 0 rg BT 123.75 584.20 Td (dealer) Tj ET Q q 0 0 0 rg BT 152.88 584.20 Td ( ) Tj ET Q q 0 0 0 rg BT 156.24 584.20 Td (manager) Tj ET Q q 0 0 0 rg BT 197.59 584.20 Td ( ) Tj ET Q q 0 0 0 rg BT 200.95 584.20 Td (for) Tj ET Q q 0 0 0 rg BT 214.80 584.20 Td ( ) Tj ET Q q 0 0 0 rg BT 218.17 584.20 Td (Jones ) Tj ET Q q 0 0 0 rg BT 247.81 584.20 Td (Lang ) Tj ET Q q 0 0 0 rg BT 275.63 584.20 Td (LaSalle ) Tj ET Q q 0 0 0 rg BT 314.45 584.20 Td (Income ) Tj ET Q q 0 0 0 rg BT 352.64 584.20 Td (Pr) Tj ET Q q 0 0 0 rg BT 364.04 584.20 Td (operty ) Tj ET Q q 0 0 0 rg BT 397.71 584.20 Td (T) Tj ET Q q 0 0 0 rg BT 404.23 584.20 Td (rust, ) Tj ET Q q 0 0 0 rg BT 429.29 584.20 Td (Inc.) Tj ET Q q 0 0 0 rg BT 450.57 584.20 Td (s ) Tj ET Q q 0 0 0 rg BT 458.22 584.20 Td (offering ) Tj ET Q q 0 0 0 rg BT 498.85 584.20 Td (or) Tj ET Q q 0 0 0 rg BT 509.03 584.20 Td ( ) Tj ET Q q 0 0 0 rg BT 512.40 584.20 Td (any ) Tj ET Q q 0 0 0 rg BT 532.88 584.20 Td (dealer) Tj ET Q q 0 0 0 rg BT 562.00 584.20 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 571.00 Td (participating ) Tj ET Q q 0 0 0 rg BT 113.66 571.00 Td (in ) Tj ET Q q 0 0 0 rg BT 125.38 571.00 Td (the ) Tj ET Q q 0 0 0 rg BT 142.59 571.00 Td (offering ) Tj ET Q q 0 0 0 rg BT 182.40 571.00 Td (will ) Tj ET Q q 0 0 0 rg BT 202.06 571.00 Td (arrange ) Tj ET Q q 0 0 0 rg BT 241.87 571.00 Td (to ) Tj ET Q q 0 0 0 rg BT 253.58 571.00 Td (send ) Tj ET Q q 0 0 0 rg BT 277.52 571.00 Td (you ) Tj ET Q q 0 0 0 rg BT 297.18 571.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.39 571.00 Td (pr) Tj ET Q q 0 0 0 rg BT 325.19 571.00 Td (ospectus ) Tj ET Q q 0 0 0 rg BT 367.46 571.00 Td (if ) Tj ET Q q 0 0 0 rg BT 376.73 571.00 Td (you ) Tj ET Q q 0 0 0 rg BT 396.39 571.00 Td (r) Tj ET Q q 0 0 0 rg BT 401.08 571.00 Td (equest ) Tj ET Q q 0 0 0 rg BT 433.57 571.00 Td (it ) Tj ET Q q 0 0 0 rg BT 442.83 571.00 Td (by ) Tj ET Q q 0 0 0 rg BT 456.99 571.00 Td (calling ) Tj ET Q q 0 0 0 rg BT 490.71 571.00 Td (\(855\) ) Tj ET Q q 0 0 0 rg BT 517.08 571.00 Td (652-0277.) Tj ET Q endstream endobj 9 0 obj <> /View <>>>>> endobj 10 0 obj <> /View <>>>>> endobj 11 0 obj <> endobj 12 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;