**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**

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**FORM 10-K/A**

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| x **Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2012** |
|  ̈ **Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 000-53912**   |

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**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC.****(Exact name of registrant as specified in its charter)**

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|  

 

 

**Maryland**

 

**26-3455189**

(State of Organization)

 

(I.R.S. Employer Identification Number)

 

**2909 Hillcroft, Suite 420**

**Houston, Texas**

 

 

 

**77057**

(Address of principal executive offices)

 

(Zip Code)

(713) 467-2222(Registrant’s telephone number, including area code)

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**Securities registered pursuant to Section 12 (b) of the Act:  None**

**Securities registered pursuant to Section 12 (g) of the Act:  Common stock, $0.001 par value**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o⁫

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x No o⁫

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer o

 

 

Accelerated filer o

 

Non-accelerated filer o

(Do not check if a smaller reporting company)

Smaller reporting company x

 

 

     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o  No x

There is no established market for the registrant's shares of common stock. The registrant is currently conducting an ongoing initial public offering of its shares of common stock pursuant to a Registration Statement on Form S-11, which shares are being sold at $10.00 per share, with discounts available for certain categories of purchasers. There were 2,632,030 shares of common stock held by non-affiliates at June 30, 2012; the last business day of the registrant's most recently completed second fiscal quarter.

    As of March 27, 2013, there were 4,177,980 shares of the Registrant’s common shares issued and outstanding.

**EXPLANATORY NOTE**

In this Amendment No. 1 to Annual Report on Form 10-K (this “Form 10-K/A”), we refer to Hartman Short Term Income Properties XX, Inc., a Maryland corporation, as “we”, “us”, “our”, “the Company” or “our Company.”

We are filing this Amendment No. 1 Annual Report on Form 10-K/A to amend certain disclosures contained in Part I, Item 4 – Controls and Procedures – in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as originally filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2013 (our “Report”).  The principal changes to our Report in the amendment are as follows:

We have identified a deficiency in our disclosure controls and procedures as they apply to compliance with undertakings set forth in Industry Guide 5 and the Securities Act of 1933, specifically as the relate to identification, delegation and accountability for filing timely supplements and post-effective amendments to any prospectus.  Supplements which include audited annual and unaudited quarterly financial statements were not filed.  Additionally, financial statements required to be filed under Rule 3-14 of Regulation S-X with respect to acquisitions of real property were not timely filed.

We have corrected Part I, Item 4. Controls and Procedures to reflect the occurrence of and the corrective action taken to remedy the deficiencies described above.

We have also corrected Part I, Item2. Properties to correctly note that the table presenting lease expirations for the following ten years does in fact not include the impact of renewal options.  Following the lease expirations table we have noted why the table does not total 100%. 

Other than the correction of the disclosures described above, all other information in our original Form 10-K remains unchanged.  For the convenience of the reader, this amendment includes, in their entirety, those items in our original filing not being amended.  Except for the amendment, this Form 10-K/A continues to describe conditions as of our original filing, and does not update disclosures contained herein to reflect events that occurred at a later date.  Accordingly, this Form 10-K/A should be read in conjunction with our other filings made with the SEC subsequent to the filing of our Report, if any.

**Hartman Short Term Income Properties XX, Inc.**

**Table of Contents**

**PART I**

 

 

Item 1.     

Business

2

Item 1A.     

Risk Factors

4

Item 1B.   

Unresolved Staff Comments

8

Item 2.      

Properties

9

Item 3.    

Legal Proceedings

11

Item 4.    

Mine Safety Disclosures

11

 

 

 

**PART II**

 

 

Item 5.     

Market For Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

12

Item 6.    

Selected Financial Data

16

Item 7.     

Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

Item 7A.     

Quantitative and Qualitative Disclosures about Market Risks

23

Item 8.     

Financial Statements and Supplementary Data

24

Item 9.      

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

24

Item 9A(T).   

Controls and Procedures

24

Item 9B. 

Other Information

25

 

 

 

**PART III**

 

 

Item 10.    

Directors, Executive Officers and Corporate Governance

25

Item 11.    

Executive Compensation

28

Item 12.    

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

29

Item 13.    

Certain Relationships and Related Transactions and Director Independence

30

Item 14.    

Principal Accounting Fees and Services

32

**PART IV**

 

 

Item 15.    

Exhibits, Financial Statement Schedules

35

 

 

 

 

      ** SIGNATURES**

 

***Unless the context otherwise requires or clearly indicates otherwise, all references in this report to “we,” “us” or “our” are to Hartman Short Term Income Properties XX, Inc. and its consolidated subsidiaries.***

 

**Forward-Looking Statements**

 

          This Form 10-K contains forward-looking statements, including discussion and analysis of our financial condition, anticipated capital expenditures required to complete projects, amounts of anticipated cash distributions to our shareholders in the future and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

 

          Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. You are cautioned to not place undue reliance on forward-looking statements, which reflect our management’s view only as of the date of this Form 10-K. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Factors that could cause actual results to differ materially from any forward-looking statements made in this Form 10-K include:

  

  

  

  

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the imposition of federal taxes if we fail to qualify as a REIT in any taxable year or forego an opportunity to ensure REIT status;

  

  

  

  

●

uncertainties related to the national economy, the real estate industry in general and in our specific markets;

  

  

  

  

●

legislative or regulatory changes, including changes to laws governing REITS;

  

  

  

  

●

construction costs that may exceed estimates or construction delays;

  

  

  

  

●

increases in interest rates;

  

  

  

  

●

availability of credit or significant disruption in the credit markets;

  

  

  

  

●

litigation risks;

  

  

  

  

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lease-up risks;

  

  

  

  

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inability to obtain new tenants upon the expiration of existing leases;

  

  

  

  

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inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; and

  

  

  

  

●

the potential need to fund tenant improvements or other capital expenditures out of operating cash flow.

 

          The forward-looking statements should be read in light of these factors and the factors identified in the “Risk Factors” sections of this Form 10-K.

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**PART I**

**Item 1.     Business**

**General**

We are a Maryland corporation formed on February 5, 2009, to acquire and invest in income-producing commercial properties, including office buildings, shopping centers, other retail and commercial properties, some of which may be actively leased to a number of tenants having relatively short (1-3) year leases and others may be net leased to a single tenant.  We expect to make our investments in or in respect of real estate assets located in the United States based on our view of existing market conditions.  We have elected to be treated as a real estate investment trust, or REIT, for federal income tax purposes beginning with the taxable year ended December 31, 2011. 

We are externally managed by Hartman Advisors, LLC, which we refer to as our “advisor,” pursuant to an advisory agreement by and among us and the advisor, the “Advisory Agreement.”  Subject to certain restrictions and limitations, our advisor manages our day-to-day operations and our portfolio of properties and real estate related assets.  Our advisor sources and presents investment opportunities to our board of directors.  Our advisor also provides investment management, marketing, investor relations and other administrative services on our behalf.

Our offices are located at 2909 Hillcroft, Suite 420, Houston, Texas 77057.  Our telephone number is 713-467-2222.  Information regarding the Company is available via the internet at www.hi-reit.com. 

*Business Objectives*

Our primary investment objectives are to:

  

·

realize growth in the value of our investments within five years of the termination of our initial offering;

  

·

to preserve, protect and return your capital contribution;

 

·

to grow net cash from operations such that more cash is available for distributions to you; and

 

·

to enable you to realize a return of your investment by beginning the process of liquidating and distributing cash to you, by listing our shares for trading on a national securities exchange or by merging with another Hartman sponsored entity within five years after termination of this offering.

 

       We intend to begin the process of liquidating our assets, listing our shares by merging with another Hartman sponsored entity within five years of the termination of our initial offering.  We believe that we will require up to 2 to 3 years after the close of our initial offering, acquiring a portfolio of real property assets, up to 5 years to fully lease the properties and bring them to their potential value. After that time, we expect to commence the sale and liquidation of our portfolio or cause our shares to be listed for sale on a national securities exchange. We believe that our projected time table is a short term cycle in the context of a real estate investment fund raising capital, acquiring a portfolio of properties, bringing the properties up to their potential in income and value, and liquidating the portfolio.

*Management and Advisory Agreements*

      We operate under the direction of our board of directors, the members of which are accountable to us and our shareholders.  Our external advisor is Hartman Advisors, LLC (“Hartman Advisors” or the “Advisor”) which is responsible for managing our affairs on a day-to-day basis and for identifying and making acquisitions and investments on our behalf.  The key personnel of Hartman Advisors will be involved in the selection, acquisition, financing and disposition of our properties, and raising the capital to purchase.  The key personnel of our advisor have extensive experience in selecting and operating commercial real estate and in operating investment entities that acquire commercial real estate.  Our property manager is Hartman Income REIT Management, Inc. (“HIR Management” or the “Property Manager”) which is responsible for maintaining and operating our properties.  HIR Management is the wholly owned second tier subsidiary of Hartman Income REIT, Inc. (“HIREIT”), a real estate investment trust that has investment objectives that in many material respects are similar to those that we employ.
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*Offering and Structure*

On February 9, 2010, we commenced our initial public offering (the “Offering”) to sell a maximum of 25.0 million shares of common stock at a price of $10 per share (the “Primary Offering”) and 2.5 million shares of common stock available pursuant to our dividend reinvestment plan. We also have 5.0 million shares of our common stock reserved for issuance under our stock incentive plan. Our Registration Statement on Form S-11 (the “Registration Statement”) was declared effective under the Securities Act of 1933 on February 9, 2010 and we began offering shares of our common stock for sale to the public as of that date. 

We issued 1,000 shares of convertible preferred stock to our Advisor on February 5, 2009 for $10 per share.  We issued 19,000 shares of our common stock to Hartman XX Holdings, Inc. on February 5, 2009 for $10 per share.  On December 20, 2010 we had received and accepted sufficient subscriptions of our shares of common stock to meet the minimum requirements of our Primary Offering.  Our Offering was originally set to expire on February 9, 2012. As permitted under Rule 415 of the Securities Act of 1933, on January 24, 2012, our Board of Directors approved an extension of our Offering of up to 25.0 million shares of common stock and up to 2.5 million shares of common stock pursuant to our distribution reinvestment program until February 9, 2013. We reserve the right to reallocate the shares of common stock registered in our Offering between the Primary Offering and the distribution reinvestment program. We may terminate our Offering at any time.

 

On December 7, 2012 we filed a registration statement on Form S-11 (the “Follow-On Offering”) with the U.S. Securities and Exchange Commission (the “SEC”) to register 20.0 million shares of our common stock (exclusive of shares of common stock to be sold pursuant to the Company’s distribution reinvestment program) at a price of $10.00 per share (subject to certain volume discounts described in the prospectus), for aggregate gross offering proceeds of $200.0 million, pursuant to a follow-on offering to our Offering. As permitted by Rule 415 under the Securities Act of 1933, we are continuing our Primary Offering until the earlier of August 8, 2013 or the date the SEC declares the registration statement for the Follow-On Offering effective. 

Allied Beacon Partners, Inc. (formerly American Beacon Partners, Inc.) served as the dealer manager of our Primary Offering from February 5, 2009 to February 1, 2012.  Effective February 1, 2012, D.H. Hill Securities, LLLP succeeded Allied Beacon Partners, Inc. as the dealer manager for the Offering. 

Shares of our common stock are not currently listed on a national securities exchange. Although we do not currently intend to so, we may subsequently seek to list our shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of our stockholders. We do not anticipate that there will be any market for our shares of common stock until they are listed for trading. In the event we do not obtain listing prior to the tenth anniversary of the completion or termination of our Primary Offering, our charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the Company.

*Competition*

We anticipate that there will be competing properties in areas where we may acquire properties.  The amount of competition in a particular area could impact our ability to acquire commercial real estate, lease space and impact the amount of rent we are able to charge.  We may be competing with owners, including but not limited to, other REITs, insurance companies and pension funds, with access to greater resources than those available to us.

*Employees*

Although we have executive officers who will manage our operations, we do not have any paid employees.  Substantially all of the paid services performed for us are rendered through the advisor or the property manager, with respect to the operation and maintenance of our properties.

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*Environmental Matters*

Under various federal and state environmental laws and regulations, as an owner or operator of real estate, we may be required to investigate and clean up certain hazardous or toxic substances, asbestos-containing materials, or petroleum product releases at our properties.  We may also be held liable to a governmental entity or to third parties for property damage and for investigation and cleanup costs incurred by those parties in connection with the contamination.  In addition, some environmental laws create a lien on the contaminated site in favor of the government for damages and costs it incurs in connection with the contamination.  The presence of contamination or the failure to remediate contaminations at any of our properties may adversely affect our ability to sell or lease the properties or to borrow using the properties as collateral.

 

We will not purchase any property unless and until we obtain what is generally referred to as a “Phase I” environmental site assessment and are generally satisfied with the environmental status of the property.  A Phase I environmental site assessment basically consists of a visual survey of the building and the property in an attempt to identify areas of potential environmental concerns, visually observing neighboring properties to assess surface conditions or activities that may have an adverse environmental impact on the property, and contacting local governmental agency personnel and performing a regulatory agency file search in an attempt to determine any known environmental concerns in the immediate vicinity of the property.  A Phase I environmental site assessment does not generally include any sampling or testing of soil, groundwater or building materials from the property.  Certain properties that we have acquired contain, or contained, dry-cleaning establishments utilizing solvents.  Where believed to be warranted, samplings of building materials or subsurface investigations were undertaken with respect to these and other properties.

*Website*

Copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, as well as Reports on Forms 3, 4 and 5 regarding our officers, directors or 10% beneficial owners, filed or furnished pursuant to Section 13(a), 15(d) or 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) are available free of charge through our website (www.hi-reit.com) as soon as reasonably practicable after we electronically file the material with, or furnish it to, the Securities and Exchange Commission (“SEC”).  We have also made available on our website copies of our Audit Committee Charter, Compensation Committee Charter, Nominating and Governance Committee Charter. In the event of any changes to these charters or the code or guidelines, changed copies will also be made available on our website.  You may also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. Materials on our website are not part of our Annual Report on Form 10-K.  The SEC maintains a website, http://www.sec.gov, that contains our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, proxy statements and other filings with the SEC.  Access to these filings is free of charge.

**Item 1A.     Risk Factors**

 The following describes risk factors which we believe are applicable to the Company:

·

There is no public trading market for our shares, and we cannot assure you that one will ever develop.  Until our shares are listed, if ever, you may not sell your shares unless the buyer meets the applicable suitability and minimum purchase standards.  Furthermore, if we do not achieve our goal of commencing a liquidation or listing within five years after the termination of this offering, your shares may continue to be illiquid and you may, for an indefinite period of time, be unable to convert your investment into cash easily with minimum loss.  In addition, our charter prohibits the ownership of more than 9.8% of our outstanding shares of common or preferred stock by any stockholder, unless exempted by our board of directors.  Until our shares are publicly traded, you will have difficulty selling your shares, and even if you are able to sell your shares, you will likely have to sell them at a substantial discount.

·

Our board of directors arbitrarily set the offering price of our shares of common stock, and this price bears no relationship to the book or net value of our assets or to our expected operating income.  Pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the rules of the Financial Industry Regulatory Authority (FINRA), we will provide annual estimates of the current value of a share of our common stock.  Until eighteen months after the offering of our shares (unless a subsequent offering is underway within eighteen months 

4

of the close of the offering, in which case the price at which our shares are then being offered will apply), we intend to use the offering price of shares in our most recent primary offering as the estimated value of a share of our common stock (unless we have sold assets and made special distributions to stockholders of net proceeds from such sales, in which case the estimated value of a share of our common stock will equal the offering price less the amount of those special distributions constituting a return of capital).  This valuation method may not result in an estimated per share value that accurately reflects the proceeds you would receive upon liquidation or upon the sale of your shares.  Thereafter our board will determine the value of our common stock based on the latest data concerning our properties’ then current fair market value, as estimated by our board, and based on the amount and terms of any debt that we may issue and any classes of senior preferred stock that we may issue.  The board may but need not employ an independent appraiser to assist with the valuation of the properties.  If we engage in a subsequent offering of our shares, we will rely on the offering price of our shares to value our shares during that offering.

·

We have a limited operating history, and the prior performance of real estate investment programs sponsored by affiliates of our advisor may not be an indication of our future results.

·

The offering is a “blind pool” offering.  We currently have continuing operations from only three properties.  Except as disclosed in this report, we may not identify any additional assets to acquire with proceeds from our offering.  You will not have the opportunity to evaluate our investments prior to our making them.  You must rely totally upon our advisor’s ability to select our investments.

·

Our ability to acquire, develop and operate our properties could be impacted by the current slowing or recession in the U.S. economy.  Because the U.S. economy has slowed and has been in recession, demand for our properties could be adversely impacted.  If the U.S. economy continues to operate at the present rates or if it declines further, our strategy to acquire, develop, lease, finance and sell our properties could be impacted.

·

Acquisition and ownership of real estate is subject to risks associated with environmental hazards.  We may be liable for environmental hazards at our properties, including those created by prior owners or occupants, existing tenants, abutters or other persons.  Some of the properties that we plan to develop or acquire may include facilities and tanks for the storage of petroleum products and other hazardous substances, all of which create the potential for environmental damages.  As a result, we may be expected to regularly incur environmental clean up costs.  We intend to include in the leases that we enter with future tenants, an agreement for such tenants to indemnify us from all environmental liabilities arising from their activities at such property during the term of the lease.  Despite this indemnity, various federal and state laws impose environmental liabilities upon property owners, such as us, for any environmental damages arising on properties they own or occupy, and we cannot be assured that we will not be held liable for environmental clean up at our properties, including environmental damages at sites we own and lease.  As an owner or previous owner of properties which contain environmental hazards, we also may be liable to pay damages to governmental agencies or third parties for costs and damages they incur arising from environmental hazards at the properties.  Moreover, the costs and damages which may arise from environmental hazards are often difficult to project and our future tenants may not have sufficient resources to pay their environmental liabilities.

·

The number of investments that we will make and the diversification of those investments will be reduced to the extent that we sell less than the maximum offering of 20,000,000 shares. If we sell substantially less than the maximum offering amount of 20,000,000 shares, we will make fewer acquisitions and the value of your investment may fluctuate more widely with the performance of these specific investments. There is a greater risk that you will lose money in your investment if we cannot diversify our portfolio.

·

Our ability to achieve our investment objectives and to make distributions depends on the performance of our advisor for the day-to-day management of our business and the selection of our real estate properties, loans and other investments.

·

Our property acquisition strategy may involve the acquisition of properties in markets that are depressed or overbuilt, and/or those with high growth potential in real estate lease rates and sale prices. As a result of our investment in these types of markets, we will face increased risks relating to changes in local market conditions 

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and increased competition for similar properties in the same market, as well as increased risks that these markets will not recover and the value of our properties in these markets will not increase, or will decrease, over time. Our intended approach to acquiring and operating income-producing properties involves more risk than comparable real estate programs that have a targeted holding period for investments longer than ours, utilize leverage to a lesser degree and/or employ more conservative investment strategies.

·

Until the proceeds from the offering are invested and generating operating cash flow sufficient to make distributions to our stockholders, some or all of our distributions will be paid from other sources, such as from the proceeds of the offering or other offerings, cash advances to us by our advisor, cash resulting from a deferral of asset management fees, and borrowings (including borrowings secured by our assets) in anticipation of future operating cash flow, which may reduce the amount of capital we ultimately invest in assets, and negatively impact the return on your investment and the value of your investment.  There is no limit on the amount of offering proceeds we may use to fund distributions. 

·

We expect to have little, if any, cash flow from operations available for distribution until we make substantial investments and until we have leased any properties developed by us.  To the extent our investments are in development or redevelopment projects or in properties that have significant capital requirements, our ability to make distributions may be negatively impacted, especially during our early periods of operation.

·

We expect that cash distributions to you will generally be paid from cash available or anticipated from the operating cash flows of our investments in properties or other real estate related assets.  To the extent that cash flow from operations is insufficient to make distributions to you, we have paid and may continue to pay, some or all of our distributions from sources other than cash flow from operations, including proceeds from subscription proceeds, asset sales or borrowings.  To the extent distributions are paid from sources other than cash flow from operations, we may have less capital available to invest in real estate and other real estate related investments. This may negatively impact our ability to make investments, reduce current returns and negatively impact the value of your investment.

·

Because we have paid and may continue to pay distributions from sources other than cash flow from operations, distributions at any point in time may not reflect the current performance of our properties or our operating cash flows.  Our organizational documents permit us to make distributions from any source, including the sources described in the risk factor above. Because distribution funds may exceed our cash flow from operations, distributions may not reflect the current performance of our properties or our current operating cash flows. To the extent distributions exceed cash flow from operating activities, distributions may be treated as a return of your investment and could reduce your basis in our stock. A reduction in a stockholder’s basis in our stock could result in the stockholder recognizing more gain upon disposition of his or her shares, which in turn could result in greater taxable income to such stockholder. In addition, as of December 31, 2012, we had paid distributions in excess of our cash flow from operating activities, as defined by accounting principles generally accepted in the United States of America (“GAAP”), and we may continue to pay distributions in excess of our cash flow from operations in the future.

·

For the years ended December 31, 2012, 2011 and 2010 our distribution coverage, defined as distributions paid divided by our modified funds from operations (“MFFO”) was 245%, 860% and 0%, respectively.  MFFO is a non-GAAP supplemental financial performance measure to evaluate the operating performance of our real estate investments.  MFFO is more fully described in Item 7 – Management’s Discussion and Analysis of Financial Condition under the caption *Funds From Operations and Modified Funds From Operations.*

·

We will pay significant fees to our advisor and its affiliates, some of which are payable based upon factors other than the quality of services provided to us. These fees could influence our advisor’s advice to us as well as the judgment of affiliates of our advisor performing services for us.

·

Our advisor and its affiliates will face various conflicts of interest resulting from their activities, such as conflicts related to allocating the purchase and leasing of properties and other assets between us and other Hartman-sponsored programs, conflicts related to any joint ventures, or other co-ownership arrangements between us and 

6

any such other programs and conflicts arising from time demands placed on our advisor and its executive officers in serving other Hartman-sponsored programs.

·

We have issued to Hartman Advisors, our advisor, 1,000 shares of our convertible preferred stock at a purchase price of $10.00 per share. Our convertible preferred stock will convert to shares of common stock if  (1) we have made total distributions on then outstanding shares of our common stock equal to the “issue price” of those shares, i.e., the gross amount originally paid to us for those shares, plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares,  (2) we list our common stock for trading on a national securities exchange if the sum of prior distributions on then outstanding shares of our common stock plus the aggregate market value of our common stock (based on the 30-day average closing price) meets the same 6% performance threshold, or  (3) our advisory agreement with Hartman Advisors expires without renewal or is terminated (other than because of a material breach by our advisor), and at the time of such expiration or termination we are deemed to have met the foregoing 6% performance threshold based on our enterprise value and prior distributions and, at or subsequent to the expiration or termination, the stockholders actually realize such level of performance upon listing or through total distributions. In general, our convertible preferred stock will convert into shares of common stock with a value equal to 15% of the excess of our enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of our common stock over the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares. With respect to conversion in connection with the termination of the advisory agreement, this calculation is made at the time of termination even though the actual conversion may occur later or not at all. 

·

We may incur substantial debt.  For the most part, loans we incur will be secured by one or more of our properties, which will put those properties at risk of forfeiture if we are unable to pay our debts and could hinder our ability to make distributions to our stockholders or could decrease the return on your investment and the value of your investment in the event income on such properties, or their value, falls.  Principal and interest payments on these loans reduce the amount of money available to make distributions to you.

·

To ensure that we continue to qualify as a REIT, our charter contains certain protective provisions, including a provision that prohibits any stockholder from owning more than 9.8% of our outstanding shares of common or preferred stock during any time that we are qualified as a REIT.  However, our charter also allows our board to waive compliance with certain of these protective provisions, which may have the effect of jeopardizing our REIT status.  Furthermore, this limitation does not apply to the holder of our convertible preferred stock or shares of common stock issued upon conversion of our convertible preferred stock.

·

We may not qualify or remain qualified as a REIT for federal income tax purposes, which would subject us to the payment of tax on our income at corporate rates and reduce the amount of funds available for payment of distributions to our stockholders.

·

If we hold and sell one or more properties through taxable REIT subsidiaries (“TRSs”), our return to stockholders would be diminished because the gain from any such sale would be subject to a corporate-level tax, thereby reducing the net proceeds from such sale available for distribution to our stockholders.  Moreover, if the ownership and sale of one or more of our properties by a TRS causes the value of our non-mortgage securities in our TRSs to exceed 20% of the value of all of our assets at the end of any calendar quarter, we may lose our status as a REIT.

·

Real estate investments are subject to general downturns in the industry as well as downturns in specific geographic areas. We cannot predict what the occupancy level will be in a particular building or that any tenant or mortgage or other real estate-related loan borrower will remain solvent.  We also cannot predict the future value of our properties.  Accordingly, we cannot guarantee that you will receive cash distributions or appreciation of your investment.

·

You will not have preemptive rights as a stockholder; thus, any shares we issue in the future may dilute your interest in us.

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·

We may invest some of the offering proceeds to acquire vacant land on which a building will be constructed in the future.  Additionally, we may acquire property for redevelopment.  These types of investments involve risks relating to the construction company’s ability to control construction costs, failure to perform, or failure to build or redevelop in conformity with plan specifications and timetables.  We will be subject to potential cost overruns and time delays for properties under construction or redevelopment.  Increased costs of newly constructed or redeveloped properties may reduce our returns to you, while construction delays may delay our ability to distribute cash to you.

·

Each of our executive officers, including Allen R. Hartman, who also serves as the chairman of our board of directors, also serve as officers of our advisor and other entities affiliated with our advisor, including the advisors to other Hartman-sponsored real estate programs, and as a result they will face conflicts of interest relating from their duties to these other entities.

·

Because federal income tax laws may restrict us as a REIT from operating certain of our properties, we have determined not to manage our properties.  Instead, we have retained a manager to manage our properties pursuant to the Property Management Agreement.   Our income from our properties may be adversely affected if our property manager fails to provide quality services and amenities to our tenants.  While we monitor our property manager’s performance, we have limited recourse under our property management agreement if we believe that the property manager is not performing adequately.  Failure by our property manager to fully perform the duties agreed to in our property management agreement could adversely affect our results of operations.

·

We may be unable to access the capital necessary to grow.  To retain our status as a REIT, we are required to distribute 90% of our taxable income to shareholders and we generally cannot retain sufficient income from operations to develop or invest in our properties or fund our acquisitions.  Accordingly, our business and growth strategy depend, in part, upon our ability to raise additional capital at reasonable costs to repay our debt maturities and to fund new investments.   However, the U.S. capital markets are currently experiencing severe liquidity constraints and our ability to raise reasonably priced capital is not guaranteed; we may be unable to raise reasonably priced capital because of reasons related to our business or for reasons beyond our control, such as the current restrictive market conditions in the debt capital market.

·

We believe the deteriorating business conditions which have recently affected the locations in which we operate, including the impact of the slowing U.S. economy, the weak U.S. dollar and the high and volatile fuel prices, could adversely affect our tenants and may make it difficult for our tenants to pay the rent due to us.  A failure by our tenants to pay rents to us may cause us to continue to experience losses or cause our losses to increase.

*Lack of Separate Representation*

  

Irvine Venture Law Firm LLP and James H. Stokes, Jr., our General Counsel, each act, and may in the future act, as counsel to us, Hartman Advisors, Hartman Income REIT Management, Inc. and their affiliates in connection with the offering.  There is a possibility that in the future the interests of the various parties may become adverse, and under the Code of Professional Responsibility of the legal profession, Irvine Venture Law Firm, LLP or James H. Stokes, Jr. may be precluded from representing any one or all of such parties.  In the event that a dispute were to arise between us, Hartman Advisors, Hartman Income REIT Management, Inc. or any of our respective affiliates, separate counsel for such matters will be retained as and when appropriate. 

**Item 1B.   Unresolved Staff Comments**

      Not applicable. 

8

**Item 2.      Properties**

*General*

As of December 31, 2012, we owned 3 commercial properties in the Dallas, Texas metropolitan area.  As of that date we also owned a retail shopping center located in Houston, Texas which is being held for resale to an affiliate of the Company.  See Item 13 under the caption - *Currently Proposed Transactions*.

We intend to acquire, develop and own other commercial, retail, industrial, and warehouse real estate and real estate-related assets.  Our properties may be existing, income-producing properties developed by an affiliate of our advisor, newly constructed properties or properties under development or construction.  

We may invest in a wide variety of light commercial properties, including, without limitation, office buildings, business and industrial parks, manufacturing facilities, single-tenant properties, warehouses and distribution facilities.  We may purchase properties that have been constructed and have operating histories, are newly constructed, are under development or construction, or are not yet developed.  Additionally, as a property reaches what we believe to be its optimum value, we will consider disposing of the property and may do so for the purpose of either distributing the net sale proceeds to our stockholders or investing the proceeds in other properties that we believe may produce a higher overall future return to our investors.  We anticipate that such dispositions typically would occur during the period from three to six years after the termination of the offering.  However, we may consider investing in properties with a different anticipated holding period in the event such properties provide an opportunity for an attractive overall return. 

We may enter into one or more joint ventures or other co-ownership arrangements for the acquisition, development or improvement of properties with third parties or certain affiliates of our advisor, including other present and future REITs and real estate limited partnerships sponsored by affiliates of our advisor.  We may also serve as lender to these joint ventures or other Hartman-sponsored programs.   The Company will not make or invest in mortgage loans, including construction loans, on any one Property if the aggregate amount of all mortgage loans outstanding on the Property, including our loans, would exceed an amount equal to 85% of the appraised value of the Property as determined by appraisal unless substantial justification exists because of the presence of other underwriting criteria.

We do not and will not directly manage our properties.  The management of our properties will be through Hartman Income REIT Management, Inc.  Our property management agreement is renewable annually.  Our Board of Directors has approved the renewal of the property management agreement which will expire on February 9, 2014.

Our tenants consist of national, regional and local businesses.  In addition to property management, the Property Manager is also responsible for leasing our properties.

Substantially all of our revenues consist of base rents and expense recoveries under leases that generally have terms that range from less than one year to 9 years.  Approximately 48% of existing leases as of December 31, 2012 contain “rent bump” rental provisions which provide for increases in base rental amounts over the term of the lease.

The following table summarizes certain information relating to our properties as of December 31, 2012:

**Commercial Properties**

**Gross Leasable Area**

**Average Occupancy as of 12/31/2012**

** **

**Annualized Base Rental Revenue **

**Average Annualized Base Rental Revenue Per Sq Ft**

Retail

329,129

60.4

%

 $          2,769,568 

 $                13.94 

Office

139,609

63.8

%

1,564,557

      17.56

**Total**

468,738

61.1

%

 $          4,334,125 

 $                15.14 

9

As of December 31, 2012, we had 3 properties that accounted for 100% of total gross revenue from continuing operations.  As of December 31, 2012, the Company had $15.0 million of debt outstanding under a $30.0 million revolving credit facility provided by a bank.  As of December 31, 2012 the borrowing base of our credit facility was $20.0 million, including a $2.0 million restricted borrowing base component for the Richardson Heights Property.  Borrowings under the revolving credit facility bear interest at the lesser of 5.0% per annum or the bank’s prime rate plus 1% per annum.  The interest rate was 5.0% per annum as of December 31, 2012.  Monthly payments of interest only began November 10, 2012.  The loan matures on May 9, 2015.  As of December 31, 2012 the outstanding balance under the Credit Facility is $15.0 million and the amount available to be borrowed is $3.0 million, exclusive of the $2.0 million restricted borrowing base.  The revolving credit facility is secured by three (3) properties.

*Location of Properties*

All three of our properties which represent continuing operations are located in the Dallas metropolitan statistical area (“MSA”).

We believe the Dallas-Fort Worth-Arlington MSA’s long-term outlook remains positive, although economic growth had suffered through 2011.  While its cost advantages are slowly eroding and competition has increased with other regional centers such as Houston and Atlanta, the Dallas market’s skilled labor force, high per capita income, affordable housing and strong demographic trends will help maintain its position as one of the nation’s top performers. 

*General Physical and Economic Attributes*

The following table sets forth certain information relating to each of our properties owned as of December 31, 2012:

 ** **

** **

**Property Name**

 

** **

** **

**Location**

 

** **

**Year Built/**

**Renovated**

 

**Gross Leasable**

**Square Feet**

 

**Percent**

**Occupied at**

**12/31/2012**

 

**Annualized Base**

**Rental Revenue **

 

**Average**

**Base Rental**

**Revenue Per**

**Sq. Ft.**

 

**Average Net Effective Annual Base Rent Per Leased Sq. Ft.**

**Retail:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richardson Heights

 

Richardson

 

1958

 

201,433

 

 

47

%

 

$

1,475,181

 

 

$

15.60

 

 

$

17.17

Cooper Street Plaza

 

Arlington

 

1992

 

127,696

 

 

92

%

 

1,294,387

 

 

11.03

 

 

11.37

 Total – Retail

 

 

 

 

 

329,129

 

 

64

%

 

2,769,568

 

 

13.07

 

 

14.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Office:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bent Tree Green

 

Dallas

 

1983

 

139,609

 

 

63

%

 

 $        1,564,557

 

 

$               17.80

 

 

$                  18.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Total**

 

 

 

 

 

468,738

 

 

64

%

 

$        4,334,125

 

 

$               14.46

 

 

$                  15.36

10

*Significant Tenants*

The following table sets forth information about our five largest tenants as of December 31, 2012:

**Tenant Name**

 

**Location**

 

**Annualized Rental Revenue**

 

**Percentage of Total Annualized Base Rental Revenues**

 

**Initial Lease Date**

 

**Year Expiring**

Purdy-McGuire, Inc.

 

Dallas

 

$              361,958

 

 

8.3

%

 

10/30/2008

 

2019

K&G Men’s Company Inc.

 

Arlington

 

338,335

 

 

7.8

%

 

07/01/2007

 

2017

Home Depot USA Inc.

 

Arlington

 

304,632

 

 

7.0

%

 

05/01/2002

 

2023

Dental One Inc.

 

Dallas

 

278,802

 

 

6.4

%

 

02/01/2009

 

2016

TJ Maxx #236

 

Richardson

 

265,553

 

 

6.1

%

 

03/01/1988

 

2015

 

 

 

 

$           1,549,280

 

 

35.6

%

 

 

 

 

*Lease Expirations*

The following table shows lease expirations for our properties as of December 31, 2012 during each of the next ten years:

 

 

 

 

 

 

 

 

**Annualized Base Rent**

 

 

 

 

**Gross Leasable Area**

 

**as of December 31, 2012**

**Year**

 

Number ofLeases

 

ApproximateSquare Feet

 

Percentof Total

Occupied

 

Amount

 

Percent ofTotal

2013

 

6

 

 

22,730

 

 

7.6

%

 

$

418,551

 

 

9.6

%

2014

 

3

 

 

23,906

 

 

8.0

%

 

195,056

 

 

4.5

%

2015

 

11

 

 

51,552

 

 

17.3

%

 

692,276

 

 

15.9

%

2016

 

9

 

 

41,605

 

 

14.0

%

 

625,166

 

 

14.3

%

2017

 

12

 

 

68,034

 

 

22.9

%

 

1,009,466

 

 

23.1

%

2018

 

3

 

 

7,213

 

 

2.4

%

 

140,889

 

 

3.2

%

2019

 

4

 

 

34,677

 

 

11.7

%

 

605,180

 

 

13.9

%

2020

 

1

 

 

-

 

 

-

%

 

61,727

 

 

1.4

%

2021

 

-

 

 

-

 

 

-

%

 

-

 

 

-

%

2022

 

3

 

 

-

 

 

-

%

 

104,664

 

 

2.4

%

**Total**

 

**52**

 

 

**249,717**

 

 

**83.9**

**%**

 

**$**

**3,852,975**

 

 

**88.3**

**%****(1)**

(1)

Leases expiring beyond the period presented are not included in the table above, therefore the percent of total annualized base rents do not total to 100%.

**Item 3.    Legal Proceedings**

     We are not presently subject to any material litigation nor, to our knowledge, is any litigation threatened against us or any of our properties, other than routine actions arising in the ordinary course of business, some of which are expected to be covered by liability insurance and all of which collectively are not expected to have a material adverse effect on our business or financial condition or results of operations.

**Item 4.    Mine Safety Disclosures.**

**     Not applicable.**

11

**PART II**

**Item 5.     Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities**

*Common Shares*

     There is currently no established public market in which our common shares are traded.  As of December 31, 2012, we had 3,538,682 common shares issued and outstanding.  

  

*Distribution Reinvestment Plan*

You may participate in our distribution reinvestment plan pursuant to which you may have the distributions you receive reinvested in shares of our common stock. Regardless of whether you participate in our distribution reinvestment plan, you will be taxed on your distributions to the extent they constitute taxable income. If you elect to participate in the distribution reinvestment plan and are subject to federal income taxation, you will incur a tax liability for distributions allocated to you even though you have elected not to receive the distributions in cash but rather to have the distributions withheld and reinvested pursuant to the distribution reinvestment plan. Specifically, you will be treated as if you have received the distribution from us in cash and then applied such distribution to the purchase of additional shares. In addition, to the extent you purchase shares through our distribution reinvestment plan at a discount to their fair market value, you will be treated for tax purposes as receiving an additional distribution equal to the amount of the discount. In other words, based on the current offering price, participants in our distribution reinvestment plan will be treated as having received a distribution of $10.00 for each $9.50 reinvested by them under our distribution reinvestment plan. You will be taxed on the amount of such distribution as a dividend to the extent such distribution is from current or accumulated earnings and profits, unless we have designated all or a portion of the distribution as a capital gain dividend.

 

We may terminate the distribution reinvestment plan in our discretion at any time upon ten days’ notice to plan participants. See the “Summary of Distribution Reinvestment Plan and Automatic Purchase Plan” for further explanation of our distribution reinvestment plan. A complete copy of our distribution reinvestment plan and automatic purchase plan are located at pages C-1 and D-1 of the prospectus.

*Share Redemption Program*

Our board of directors has adopted a share redemption program that permits you to sell your shares back to us after you have held them for at least one year, subject to the significant conditions and limitations described below.  Our board of directors can amend the provisions of our share redemption program without the approval of our stockholders.  The purchase price for shares redeemed under the redemption program will be as set forth below.  Our board of directors will periodically value our properties and our other assets to determine the value of our shares.  Except for redemptions sought upon a stockholder’s death or qualifying disability or redemptions sought upon a stockholder’s confinement to a long-term care facility, the purchase price for shares redeemed under the redemption program will equal:

• 

in the first year, the amount by which (a) the lesser of (1) 90% of the average gross price per share the original purchaser or purchasers of your shares paid to us, which we refer to as the “issue price,” for all of your shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our shares of common stock) or (2) 90% of the offering price of shares in our most recent primary offering exceeds (b) the aggregate amount of net sale proceeds per share, if any, distributed to investors prior to the redemption date as a result of the sale of one or more of our investments, or

• 

in the second year, the amount by which (a) the lesser of (1) 92.5% of the average gross price per share the original purchaser or purchasers of your shares paid to us, which we refer to as the “issue price,” for all of your shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our shares of common stock) or (2) 92.5% of the offering price of shares in our most recent primary offering exceeds (b) the aggregate amount of net sale proceeds per share, if any, distributed to investors prior to the redemption date as a result of the sale of one or more of our investments, or

12

• 

in the third year, the amount by which (a) the lesser of (1) 95% of the average gross price per share the original purchaser or purchasers of your shares paid to us, which we refer to as the “issue price,” for all of your shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our shares of common stock) or (2) 95% of the offering price of shares in our most recent primary offering exceeds (b) the aggregate amount of net sale proceeds per share, if any, distributed to investors prior to the redemption date as a result of the sale of one or more of our investments, or

• 

in the fourth year, the amount by which (a) the lesser of (1) 97.5% of the average gross price per share the original purchaser or purchasers of your shares paid to us, which we refer to as the “issue price,” for all of your shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our shares of common stock) or (2) 97.5% of the offering price of shares in our most recent primary offering exceeds (b) the aggregate amount of net sale proceeds per share, if any, distributed to investors prior to the redemption date as a result of the sale of one or more of our investments, or

• 

thereafter the lesser of (1) 100% of the average issue price per share for all of your shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our shares of common stock) or (2) 90% of the net asset value per share, as determined by the board of directors.  

 

Our board of directors reserves the right in its sole discretion at any time to (1) waive the one-year holding period in the event of other exigent circumstances affecting a stockholder such as bankruptcy or a mandatory distribution requirement under a stockholder’s IRA, (2) reject any request for redemption, (3) change the purchase price for redemptions, or (4) otherwise amend the terms of our redemption program.

Subject to the limitations described in this supplement and provided that the redemption request is made within 270 days of the event giving rise to the following special circumstances, we will waive the one-year holding requirement (a) upon the request of the estate, heir or beneficiary of a deceased stockholder or (b) upon the disability of  a stockholder or upon a stockholder’s confinement to a long-term care facility, provided that the condition causing such disability or need for long-term care was not preexisting on the date that such person became a stockholder 

The purchase price per share for shares redeemed upon the death or disability of the stockholder or upon such stockholder’s confinement to a long-term care facility will be equal to the amount by which (a) the average issue price per share for all of your shares (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the shares of common stock) exceeds (b) the aggregate amount of net sale proceeds per share, if any, distributed to investors prior to the redemption date as a result of the sale of one or more of our investments.

 

We intend to redeem shares quarterly under the program.  We will not redeem in excess of 5% of the weighted-average number of shares outstanding during the 12-month period immediately prior to the date of redemption.  Generally, the cash available for redemption will be limited to proceeds from our distribution reinvestment plan plus, if we had positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous fiscal year. These limitations apply to all redemptions, including redemptions sought upon a stockholder’s death, qualifying disability or confinement to a long-term care facility. If those limitations prevent us from redeeming shares, those shares will remain in line to be redeemed with priority based on the date that the redemption is first requested.  The redemption price will be the value of the shares as of the date of redemption.  You may withdraw a request for redemption by submitting written instructions withdrawing your redemption request at any time prior to the date that we redeem your shares submitted.  You will have no right to request redemption of your shares if the shares are listed for trading on a national securities exchange.

A request for redemption may be withdrawn in whole or in part by a stockholder in writing at any time prior to redemption.  We cannot guarantee that the funds set aside for the share redemption program will be sufficient to accommodate all requests made in any particular redemption period.  If we cannot accommodate a redemption request due to the foregoing limitations, the stockholder or his or her estate, heir or beneficiary can (1) withdraw the request for redemption, or (2) ask that we honor the request at such time, if any, when the limitations no longer prevent redemption. Such pending requests will be honored among all requests for redemptions in any given redemption period, as follows:  first, pro rata as to redemptions sought upon a stockholder’s death or disability or sought upon a stockholder’s confinement to a long-term care facility; next, pro rata as to redemptions to stockholders who demonstrate, in the discretion of our board of directors, another involuntary, exigent circumstance, such as bankruptcy; next, pro rata as to redemptions to 

13

stockholders subject to a mandatory distribution requirement under their IRAs; and, finally, pro rata as to other redemption requests.

In general, a stockholder or his or her estate, heir or beneficiary may present to us fewer than all of the shares then owned for redemption, except that the minimum number of shares that must be presented for redemption shall be at least 25% of the holder’s shares.  However, as little as 10% of a stockholder’s shares may be presented for redemption if the holder’s redemption request is made within 270 days of the event giving rise to the special circumstances described in this sentence, where redemption is being requested (1) on behalf of a deceased stockholder; (2) by a stockholder with a qualifying disability, who is deemed by our board of directors to be permanently disabled or who is seeking redemption upon confinement to a long-term care facility; (3) by a stockholder due to other involuntary, exigent circumstances, such as bankruptcy; or (4) by a stockholder due to a mandatory distribution under such stockholder’s IRA; provided, however, that any future redemption request by such stockholder must present for redemption at least 25% of such stockholder’s remaining shares.  In the case of stockholders who undertake a series of partial redemptions, appropriate adjustments in the purchase price for the redeemed shares will be made so that the blended price per share for all redeemed shares is reflective of the issue price per share of all shares owned by such stockholder through the date of each redemption.

 

In connection with a request for redemption, the stockholder or his estate, heir or beneficiary will be required to certify to us that the stockholder acquired the shares to be repurchased either (1) directly from us or (2)  from the original investor by way of (i) a bona fide gift not for value to, or for the benefit of, a member of the investor’s immediate or extended family (including the investor’s spouse, parents, siblings, children or grandchildren and including relatives by marriage), (ii)  a transfer to a custodian, trustee or other fiduciary for the account of the investor or members of the investor’s immediate or extended family in connection with an estate planning transaction, including by bequest or inheritance upon death or (iii) operation of law.

For the year ended December 31, 2012 we received four requests for share redemption pursuant to the terms of the share redemption program.  We redeemed 36,000 shares at $10.00 per share.  Each of the requests was made on account of the death of the investor.  For the period from our effective date (February 9, 2009) to December 31, 2012 we have received and fulfilled four share redemption requests representing 36,000 of our common shares.  All of the requests were made on account of the death of the investor and each request was redeemed at the subscription price of $10.00 per common share.  The source of cash used to fund the redemption requests was subscription proceeds.  As of December 31, 2012 we have no unfilled redemption requests.

*Distribution Policy*

We elected to be taxed and qualified as a REIT for federal income tax purposes beginning with our taxable year ended December 31, 2011.  As a REIT we are required to distribute annually 90% of our taxable income (excluding capital gains) to our stockholders.  One of our primary goals is to pay regular monthly distributions to our stockholders.

 

For federal income tax purposes, distributions to commons stockholders are characterized as ordinary dividends, capital gain distributions or nontaxable distributions.  To the extent that we make distributions in excess of our current or accumulated earnings and profits, the distribution will be a nontaxable return of capital which reduces the tax basis of each share of common stock held by a U.S. stockholder.  The amount of distributions in excess of a U.S. stockholder’s tax basis will be a taxable gain realized upon the sale of the stockholders’ shares.

The following table shows the character of distributions paid to our common shareholders in total and on a per share basis during the years ended December 31, 2012 and 2011:

 

 

 

**Total Distributions Paid**

 

 

**Distributions Paid per Common Share**

 

 

**Nontaxable Distributions**

 

 

**Ordinary Dividends**

2012

 

$

1,759,516

 

$

0.70

 

$

0.66

 

$

0.04

2011

 

$

495,555

 

$

0.70

 

$

0.70

 

$

0.00

*Omnibus Stock Incentive Plan*

The Hartman Short Term Income Properties XX, Inc. Omnibus Stock Incentive Plan, our stock incentive plan, was adopted by our board of directors and approved by our stockholders prior to the consummation of this offering. The stock 

14

incentive plan permits us to make grants of "incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, dividend equivalent rights and other stock-based awards" within the meaning of Section 422 of the Code, or any combination of the foregoing.  We have initially reserved 5,000,000 shares of our common stock for the issuance of awards under our stock incentive plan, but in no event more than ten (10%) percent of our issued and outstanding shares.  The number of shares reserved under our stock incentive plan is also subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization.  Generally, shares that are forfeited or canceled from awards under our stock incentive plan also will be available for future awards.

Our stock incentive plan is administered by the compensation committee of our board of directors.  The compensation committee may interpret the stock incentive plan and may make all determinations necessary or desirable for the administration of the stock incentive plan and has full power and authority to select the participants to whom awards will be granted, to make any combination of awards to participants, to accelerate the exercisability or vesting of any award and to determine the specific terms and conditions of each award, subject to the provisions of our stock incentive plan.  All full-time and part-time officers, employees, directors and other key persons (including consultants and prospective employees) are eligible to participate in our stock incentive plan. 

We may issue incentive stock options or non-qualified stock options under the stock incentive plan.  The incentive stock options granted under the stock incentive plan are intended to qualify as incentive stock options.  The exercise price of stock options awarded under our stock incentive plan may not be less than 100% of the fair market value of our common stock on the date of the option grant. The compensation committee will determine at what time or times each option may be exercised (provided that in no event may it exceed ten years from the date of grant) and the period of time, if any, after retirement, death, disability or other termination of employment during which options may be exercised.

Stock appreciation rights may be granted under our stock incentive plan. Stock appreciation rights allow the participant to receive the appreciation in the fair market value of our common stock between the exercise date and the date of grant in the form of shares of our common stock.  The exercise price of stock appreciation rights awarded under our stock incentive plan may not be less than 100% of the fair market value of our common stock on the date of grant.  The compensation committee determines the terms of stock appreciation rights, including when such rights become exercisable and the period of time, if any, after retirement, death, disability or other termination of employment during which stock appreciation rights may be granted.

 

Restricted stock and deferred stock awards may also be granted under our stock incentive plan.  Restricted stock awards are shares of our common stock that vest in accordance with terms and conditions established by the compensation committee.  The compensation committee may impose whatever conditions to vesting it determines to be appropriate, including attainment of performance goals.  Shares of restricted stock that do not satisfy the vesting conditions are subject to our right of repurchase or forfeiture.  Deferred stock awards are stock units entitling the participant to receive shares of stock paid out on a deferred basis and subject to such restrictions and conditions as the compensation committee shall determine.  The compensation committee may impose whatever conditions to vesting it determines to be appropriate, including attainment of performance goals.  Deferred stock awards that do not satisfy the vesting conditions are subject to forfeiture.

Dividend equivalent rights may also be granted under our stock incentive plan.  These rights entitle the participant to receive credits for dividends that would be paid if the participant had held specified shares of our common stock.  Dividend equivalent rights may be granted as a component of another award or as a freestanding award.

Other stock-based awards under our stock incentive plan will include awards that are valued in whole or in part by reference to shares of our common stock, other convertible or exchangeable securities, partnership interests in a subsidiary or our operating partnership (if formed), awards valued by reference to book value, fair value or performance of a subsidiary, and any class of profits interest or limited liability company membership interest.

Unless the compensation committee provides otherwise, our stock incentive plan does not generally allow for the transfer of awards, and only the participant may exercise an award during his or her lifetime.  In the event of a change-in-control of the company, our board of directors and the board of directors of the surviving or acquiring entity shall, as to outstanding awards under our stock incentive plan, make appropriate provision for the continuation or assumption of such awards and may provide for the acceleration of vesting with respect to existing awards.

15

The terms of the stock incentive plan provide that we may amend, suspend or terminate the stock incentive plan at any time, but stockholder approval of any such action will be obtained if required to comply with applicable law.  Further, no action may be taken that adversely affects any rights under outstanding awards without the holder's consent.  The stock incentive plan will terminate on the tenth anniversary of the date on which stockholder approval was received.

**Item 6.    Selected Financial Data**

The following table sets forth selected financial data for the years ended December 31, 2012, 2011 and 2010.  Certain information in the table has been derived from the Company’s audited financial statements and notes thereto.  This data should be read in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 15, the Financial Statements and Notes thereto, appearing elsewhere in this Annual Report on Form 10-K.  During the period from the Company’s date of inception on February 5, 2009 to December 28, 2010, the Company owned no properties, had no revenue exclusive of interest income, and was primarily engaged in offering and organizational activities.  The Company made its initial real estate related investment on December 28, 2010.  During 2011 the Company acquired additional interest in the Richardson Heights Shopping Center from Hartman XIX and, effective November 1, 2011 owned 100% of the property.  In May 2012 and October 2012, respectively, the Company acquired the Cooper Street Plaza Shopping Center and the Bent Tree Green office building.

 

 

**As of December 31,**

**Balance Sheet Data**

 

**2012**

**2011**

**2010**

Total real estate assets, at cost

 

$           42,316,291

$         18,968,145

$                          -

Total real estate assets , net

 

39,783,190

18,615,533

-

Total assets

 

44,831,501

26,455,723

2,553,264

Notes payable

 

15,000,000

9,575,000

-

Total liabilities

 

17,546,000

11,249,025

460,422

Total stockholders’ equity

 

27,285,501

15,206,698

2,092,842

 

 

 

 

 

 

 

**For the years ended December 31,**

 

 

**2012**

**2011**

**2010**

**Operating Data**

 

 

 

 

Total revenues

 

$              3,611,616

$              354,048

$                          -

Net loss

 

(2,111,037)

(520,394)

(247,191)

Net loss per common share – basic and diluted

 

(0.80)

(0.61)

(5.31)

 

 

 

 

 

**Other Data**

 

 

 

 

Cash flow provided by (used  in)

 

 

 

 

Operating activities

 

$                 166,764

$            (153,830)

$                78,404

Investing activities

 

(26,951,817)

(6,654,339)

(1,915,000)

Financing activities

 

19,406,585

13,612,008

2,472,019

**Item 7.     Management’s Discussion and Analysis of Financial Condition and Results of Operations**

We were formed as a Maryland corporation on February 5, 2009 to invest in and operate real estate and real estate-related assets on an opportunistic basis.  We may acquire a wide variety of commercial properties, including office, industrial, retail, and other real properties.  These properties may be existing, income-producing properties, newly constructed properties or properties under development or construction. In particular, we will focus on acquiring properties with significant possibilities for short-term capital appreciation, such as those requiring development, redevelopment or repositioning or those located in markets with high growth potential.  We also may invest in real estate-related securities and, to the extent that our advisor determines that it is advantageous, we may invest in mortgage loans.  We expect to make our investments in or in respect of real estate assets located in the United States and other countries.  The net proceeds of the offering will provide funds to enable us to purchase properties and other real estate-related investments.  As of the date of this Form 10-K, we have acquired three commercial real properties and one commercial real property that is being held for resale.  We do not consider a contract to acquire a property to be a material definitive contract until such time as any earnest money deposit becomes at risk.  The number of assets we acquire will depend upon the number of shares sold in the offering and the resulting amount of the net proceeds available for investment in properties.  See “Risk Factors.”

 

16

We elected under Section 856(c) of the Internal Revenue Code to be taxed as a REIT, beginning with the taxable year ending December 31, 2011.  Once qualified as a REIT for federal income tax purposes; we are not generally be subject to federal income tax.  Once having made an election to be taxed as a REIT should we later fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year in which our qualification is denied. Such an event could materially and adversely affect our net income. However, we believe that we are organized and will operate in a manner that will enable us to qualify for treatment as a REIT for federal income tax purposes and we intend to operate so as to remain, thereafter qualified as a REIT for federal income tax purposes. 

 

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and the notes thereto.

 

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

Our results of operations and financial condition, as reflected in the accompanying consolidated financial statements and related notes, require us to make estimates and assumptions that are subject to management’s evaluation and interpretation of business conditions, changing capital market conditions and other factors related to the ongoing viability of our customers.  With different estimates or assumptions, materially different amounts could be reported in our consolidated financial statements.  We believe the following are our more critical accounting policies due to the significance, subjectivity and judgment used in determining our estimates included in the preparation of our consolidated financial statements. See also Note 2 of the Notes to Consolidated Financial Statements for a discussion of the application of these and other accounting policies. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable and appropriate based upon the circumstances.

***Revenue Recognition***

Our leases are accounted for as operating 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 terms of the leases.  Revenue is recognized on a 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.  When the Company acquires a property, the term of existing leases is considered to commence as of the acquisition date for the purposes of this calculation. Accrued rents are included in accrued rent and accounts receivable, net.  In accordance with ASC 605-10-S99, Revenue Recognition, the Company will defer the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Cost recoveries from tenants are included in tenant reimbursement income in the period the related costs are incurred.

  

***Real Estate***

***Allocation of Purchase Price of Acquired Assets***

       Upon the acquisition of real properties, it is the Company’s policy to allocate the purchase price of properties to acquired tangible assets, consisting of land and buildings, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and leasehold improvements and value of tenant relationships, based in each case on their fair values. The Company utilizes internal valuation methods to determine the fair values of the tangible assets of an acquired property (which includes land and buildings).

The fair values of above-market and below-market in-place lease values, including below-market renewal options for which renewal has been determined to be reasonably assured, are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) an estimate of fair market lease rates for the corresponding in-place leases and below-market renewal options, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease. The above-market and below-market lease and renewal option values are capitalized as intangible lease assets or liabilities and amortized as an adjustment of rental income over the remaining expected terms of the respective leases.

17

The fair values of in-place leases include direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease, and tenant relationships. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based on independent appraisals and management’s consideration of current market costs to execute a similar lease. These direct costs are included in intangible lease assets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Customer relationships are valued based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. These intangibles are included in intangible lease assets in the consolidated balance sheets and are amortized to expense over the remaining term of the respective leases.

The determination of the fair values of the assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income.

***Depreciation and amortization***

       Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for buildings and improvements.  Tenant improvements are depreciated using the straight-line method over the lesser of the life of the improvement or the remaining term of the lease.  In-place leases are amortized using the straight-line method over the weighted years calculated on terms of all of the leases in-place when acquired.

***Impairment***

       We review our real estate assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations.  We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property.  If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value.  Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2012 and 2011.

Projections of expected future cash flows require management to estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, discount rates, the number of months it takes to release the property and the number of years the property is held for investment. The use of inappropriate assumptions in the future cash flow analysis would result in an incorrect assessment of the property’s future cash flow and fair value and could result in the overstatement of the carrying value of our real estate and related intangible assets and net income.

***Accrued Rent and Accounts Receivable***

       Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends.  As of December 31, 2012 and 2011, we had an allowance for uncollectible accounts of $163,302 and $36,791, respectively.  For the years ended December 31, 2012 and for the period from November 1, 2011 to December 31, 2011, we recorded bad debt expense in the amount of $126,511 and $36,791 related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness.  Bad debt expenses and any related recoveries are included in property operating expenses.

* *

***Deferred Leasing Commissions and Loan Costs***

       Leasing commissions are amortized using the straight-line method over the term of the related lease agreements.  Loan costs are amortized using the straight-line method over the terms of the loans, which approximates the interest method.

18

***Goodwill***

       Generally accepted accounting principles in the United States require the Company to test goodwill for impairment at least annually or more frequently whenever events or circumstances occur indicating goodwill might be impaired.  The Company has the option to perform a qualitative assessment to determine if it is more likely than not that the fair value is less than the carrying amount.  If the qualitative assessment determines that it is more likely than not that the fair value is less than the carrying amount, or if the Company elects to bypass the qualitative assessment, the Company performs a two-step impairment test.  In the first step, management compares its net book value of the Company to the carrying amount of goodwill at the balance sheet date. In the event net book value of the Company is less than the carrying amount of goodwill, the Company proceeds to step two and assesses the need to record an impairment charge. For the years ended December 31, 2012 and 2011 no goodwill impairment was recognized. 

**RESULTS OF CONTINUING OPERATIONS**

 

As of December 31, 2012, we owned 3 commercial real properties comprising approximately 469,000 square feet plus 3 pad sites.  As of that date we also owned a retail shopping center located in Houston, Texas which is being held for resale to an affiliate of the Company.  See Item 13 under the caption - *Currently Proposed Transactions*.  As of December 31, 2011, we owned 1 retail commercial property comprising approximately 201,000 square feet plus 3 pad sites.  

*Revenues –*The primary source of our revenue is rental revenues and tenant reimbursements.  For the year ended December 31, 2012 we had total rental revenues and tenant reimbursements of $3,611,616.  For the year ended December 31, 2011 we had total rental revenues and tenant reimbursements of $354,048 from the Richardson Heights property which we fully owned as of November 1, 2011.

*Operating expenses****–***Operating expenses consist of property operating expenses (contract services, repairs and maintenance, utilities and management fees); real estate taxes and insurance; depreciation and amortization expense; and, general and administrative expenses.  

*Fees to affiliates****–***We paid acquisition fees and asset management fees to our advisor in connection with the acquisition of properties and management of the Company.  Asset management fees were $219,001 and $56,357 for the years ended December 31, 2012 and 2011, respectively.  Acquisition costs were $649,005 and $430,875 for the years ended December 31, 2012 and 2011, respectively, related to the acquisition of our properties.  We paid property management and leasing commissions to our property manager in connection with the management and leasing of our properties.  For the years ended December 31, 2012 and 2011 we paid our Property Manager $170,491 and $17,450, respectively for property management fees and $660,888 and $0, respectively for leasing commissions.

*General and administrative expenses -*General and administrative expenses were $328,756 and $162,104 for the years ended December 31, 2012 and 2011, respectively.  General and administrative expenses consist primarily of audit fees, transfer agent fees, other professional fees, and independent director compensation.  We expect general and administrative expenses to increase only modestly in future periods as we acquire additional real estate and real estate related assets.  We expect general and administrative expenses to decrease substantially as a percentage of total revenue.

*Organizational and offering costs -*The Company has incurred certain expenses in connection with organizing the Company and registering to sell common shares.  These costs principally relate to professional and filing fees. As of December 31, 2012, such costs totaled $621,693 and have been expensed as incurred since February 5, 2009, date of inception.  For the years ending December 31, 2012 and 2011 organization and offering costs were $136,321 and $51,806, respectively.

*Net loss –*******We incurred net losses of $2,111,037 and $520,394 for the years ended December 31, 2012 and 2011, respectively.  The net loss for the year ended December 31, 2012 is primarily attributable to (i) acquisition fees incurred with the acquisition of the Cooper Street and Bent Tree Green properties; (ii) depreciation and amortization expense related to the properties owned; and, (iii) organization and offering costs incurred in connection with our public offering.

19

*Funds From Operations and Modified Funds From Operations*

       Funds From Operations (“FFO”) is a non-GAAP financial performance measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and widely recognized by investors and analysts as one measure of operating performance of a real estate company.  The FFO calculation begins with net income (loss) and excludes items such as real estate depreciation and amortization, and gains and losses on the sale of real estate assets.  Depreciation and amortization as applied in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time.  Since real estate values have historically risen or fallen with market conditions, it is management’s view, and we believe the view of many industry investors and analysts, that the presentation of operating results for real estate companies by using the GAAP basis alone is insufficient.  In addition, FFO excludes gains and losses from the sale of real estate, which we believe provides management and investors with a helpful additional measure of the performance of our real estate portfolio, as it allows for comparisons, year to year, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs.

In addition to FFO, we use Modified Funds From Operations (“MFFO”) as a non-GAAP supplemental financial performance measure to evaluate the operating performance of our real estate portfolio.  MFFO, as defined by our Company, excludes from FFO acquisition related costs and real estate impairment charges, which are required to be expensed in accordance with GAAP.  In evaluating the performance of our portfolio over time, management employs business models and analyses that differentiate the costs to acquire investments from the investments’ revenues and expenses.  Management believes that excluding acquisition costs from MFFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time, including after the Company ceases to acquire properties on a frequent and regular basis.  MFFO also allows for a comparison of the performance of our portfolio with other REITs that are not currently engaging in acquisitions, as well as a comparison of our performance with that of other non-traded REITs, as MFFO, or an equivalent measure, is routinely reported by non-traded REITs, and we believe often used by analysts and investors for comparison purposes.

Additionally, impairment charges are items that management does not include in its evaluation of the operating performance of its real estate investments, as management believes that the impact of these items will be reflected over time through changes in rental income or other related costs.  As many other non-traded REITs exclude impairments in reporting their MFFO, we believe that our calculation and reporting of MFFO will assist investors and analysts in comparing our performance versus other non-traded REITs.

For all of these reasons, we believe FFO and MFFO, in addition to net income and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of our real estate portfolio over time. However, not all REITs calculate FFO and MFFO the same way, so comparisons with other REITs may not be meaningful. FFO and MFFO should not be considered as alternatives to net income or to cash flows from operating activities, and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs.  

MFFO may provide investors with a useful indication of our future performance, particularly after our acquisition stage, and of the sustainability of our current distribution policy.  However, because MFFO excludes acquisition expenses, which are an important component in an analysis of the historical performance of a property, MFFO should not be construed as a historic performance measure.  Neither the SEC, NAREIT, nor any other regulatory body has evaluated the acceptability of the exclusions contemplated to adjust FFO in order to calculate MFFO and its use as a non-GAAP financial performance measure.

Our calculation of FFO and MFFO, and reconciliation to net loss, which is the most directly comparable GAAP financial measure, is presented in the table below for the years ended December 31, 2012, 2011 and 2010.  FFO and MFFO are influenced by the timing of acquisitions and the operating performance of our real estate investments.

20

 

** **

**Year Ending December 31,**

 

 

**2012**

 

**2011**

 

** **

**2010**

Net loss

$

(2,111,037)

 $

(520,394)

 

$

(247,191)

 Depreciation and amortization of real estate assets

 

2,180,489

 

655,185

(1)

 

323

 Gain on re-measurement

 

-

 

(508,047)

 

 

-

Funds from operations (FFO)

 

69,452

 

(373,256)

 

 

(246,868)

 

 

 

 

 

 

 

 

 Acquisition related expenses

 

649,005

 

430,875

 

 

47,875

Modified funds from operations (MFFO)

$

718,457

 $

57,619

 

$

(198,993)

(1)

Includes depreciation and amortization of real estate included in equity in earnings of unconsolidated joint venture, net

**Distributions**

The following table summarizes the annual distributions we paid in cash and pursuant to our distribution reinvestment plan (DRIP) for the period from January 2011 (the month we first paid distributions) through December 31, 2012:

**Period**

** **

**Cash (1)**

 

**DRIP (1) (3)**

 

**Total**

** **

**Net Cash Provided by (used in) Operating Activities**

Period From inception to December 31, 2010(2) 

$

               -   

$

               -   

$

                   -   

$

78,404 

First Quarter 2011

$

20,555

$

20,363

$

40,918

$

(80,884)

Second Quarter 2011

$

44,563

$

50,974

$

95,537

$ 

(64,102)

Third Quarter 2011

$ 

69,559

$

69,516

$

139,075

$ 

(51,262)

Fourth Quarter 2011

$ 

119,000

$

101,025

$

220,025

$ 

42,418 

First Quarter 2012

$

174,784

$

149,574

$

324,358

$

(513,052)

Second Quarter 2012

$

208,865

$

194,091

$

402,956

$

(930,975)

Third Quarter 2012

$

236,090

$

246,096

$

482,186

$

236,450 

Fourth Quarter 2012

$

271,424

     $

278,592

$

550,016

$

1,374,341

**Total**

**$**

**1,144,840**

**$**

**1,110,231**

**$**

**2,255,071**

**$**

**91,338**

(1)

Distributions are paid on a monthly basis. Distributions for all record dates of a given month are paid    approximately 20 days following the end of such month.

(2)

Distributions accrued for the period from December 27, 2010 through December 31, 2010 were paid on January 20, 2011, the date we first paid a distribution.

(3)

Amount of distributions paid in shares of common stock pursuant to our distribution reinvestment plan.

For the year ended December 31, 2012, we paid aggregate distributions of $1,759,516. During the same period, cash provided by operating activities was $166,764 and our modified funds from operations, or MFFO, was $718,457.   For the year ended December 31, 2011, we paid aggregate distributions of $495,555, our net cash used in operating activities was $153,830 and our MFFO was $57,619.  For the period from inception to December 31, 2012, we paid aggregate distributions of $2,255,071.  Of the $2,255,071 in distributions we paid in the period from January 20, 2011 (the date we first paid distributions) to December 31, 2012, $1,144,840, or approximately 51% was paid in cash, and $1,110,231, or approximately 49%, was paid pursuant to our distribution reinvestment plan in the form of additional shares of common stock.  Of the $2,255,071 in distributions we paid to our stockholders from inception to December 31, 2012, approximately 

21

26% was attributable to MFFO and approximately 74% constituted a return of capital funded from offering proceeds.  Our net loss from our inception through December 31, 2012 was $3,210,608.  For the period from inception through December 31, 2012, net cash used in operations was $91,338.  From inception through December 31, 2012, MFFO was $245,097.  For a discussion of how we calculate FFO and MFFO, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Funds From Operations and Modified Funds From Operations” hereinabove. 

The tax composition of our distributions declared for the years ending December 31, 2012 and 2011 was as follows:

 

**2012**

**2011**

Ordinary Income

6%

0%

Return of Capital

94%

100%

Total

100%

100%

*Liquidity and Capital Resources*

 As of December 31, 2012, the Company had issued 3,388,690 shares of common stock in its public offering, resulting in gross proceeds to the Company of $33,517,675.

Our principal demands for funds will be for real estate and real estate-related acquisitions, for the payment of operating expenses and distributions, and for the payment of interest on our outstanding indebtedness.  Generally, we expect to meet cash needs for items other than acquisitions from our cash flow from operations, and we expect to meet cash needs for acquisitions from the net proceeds of this offering and from financings.

 

There may be a delay between the sale of our shares and the purchase of properties or other investments, which could result in a delay in our ability to make distributions to our stockholders.  Some or all of our distributions will be paid from other sources, such as from the proceeds of this offerings, cash advances to us by our advisor, cash resulting from a waiver of asset management fees and borrowings secured by our assets in anticipation of future operating cash flow until such time as we have sufficient cash flow from operations to fund fully the payment of distributions.  We expect to have little, if any, cash flow from operations available for distribution until we make substantial investments.  In addition, to the extent our investments are in development or redevelopment projects or in properties that have significant capital requirements, our ability to make distributions may be negatively impacted, especially during our early periods of operation.

 

We intend to borrow money to acquire properties and make other investments.  There is no limitation on the amount we may invest in any single property or other asset or on the amount we can borrow for the purchase of any individual property or other investment.  We do not expect that the maximum amount of our indebtedness will exceed 300% of our “net assets” (as defined by the NASAA REIT Guidelines) as of the date of any borrowing; however, we may exceed that limit if approved by a majority of our independent directors and if disclosed to the stockholders in the next quarterly report along with the explanation for such excess borrowings.  Our board of directors has adopted a policy to generally limit our aggregate borrowings to approximately 50% of the aggregate value of our assets unless substantial justification exists that borrowing a greater amount is in our best interests.  Our policy limitation, however, does not apply to individual real estate assets and only will apply once we have ceased raising capital under the offering or any subsequent offering and invested substantially all of our capital.  As a result, we expect to borrow more than 50% of the contract purchase price of each real estate asset we acquire to the extent our board of directors determines that borrowing these amounts is prudent.  Our policy of limiting the aggregate debt to equity ratio to 50% relates primarily to mortgage loans and other debt that will be secured by our properties.  The NASAA guideline limitation of 300% of our net assets includes secured and unsecured indebtedness that we may issue.  We do not anticipate issuing significant amounts of unsecured debt and therefore we intend to limit the balance of our borrowings to 50% of the purchase prices, in the aggregate, of our property portfolio. 

 

Our advisor may, but is not required to, establish capital reserves from gross offering proceeds, out of cash flow generated by operating properties and other investments or out of non-liquidating net sale proceeds from the sale of our properties and other investments.  Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions and major capital expenditures. Alternatively, a lender may require its own formula for escrow of capital reserves.

 

22

Potential future sources of capital include proceeds from secured or unsecured financings from banks or other lenders, proceeds from the sale of properties and undistributed funds from operations.  If necessary, we may use financings or other sources of capital in the event of unforeseen significant capital expenditures.

*Cash Flows from Operating Activities*

As of December 31, 2012 we had continuing operations from three commercial real estate properties versus one property owned as of the end of 2011.  During the year ended December 31, 2012, net cash provided by operating activities was $166,764 versus $153,830 net cash used in operating activities for the year ended December 31, 2011.  The primary increase in cash flow from operating activities is attributable to the increase in the number of operating properties owned by the Company.  We expect cash flows from operating activities to increase in future periods as a result of additional acquisitions of real estate and real estate related investments.

*Cash Flows from Investing Activities*

During the year ended December 31, 2012, net cash used in investing activities was $26,951,817 versus $6,654,339 for the year ended December 31, 2011 and consisted primarily of cash used for the acquisition of the Cooper Street and Bent Tree Green properties, the acquisition of real estate assets that are being held for resale, and an earnest money deposit for a property to be acquired in the first quarter of 2013.

*Cash Flows from Financing Activities*

Cash flows from financing activities consisted primarily of proceeds from our ongoing public offering and distributions paid to our common shareholders.  Net cash provided by financing activities for the years ending December 31, 2012 and 2011, respectively, was $19,406,585 and $13,612,008 and consisted of the following:

·

$15,167,958 and $13,867,669, respectively of cash provided by offering proceeds related to our public offering, net of payments of commissions on sales of common stock and related dealer manager fees of $908,514 and $1,000,356, respectively; and,

·

$5,130,868 and $0, respectively of cash provided by net refinancing of notes payable; and,

·

$892,241 and $252,207, respectively of net cash distributions, after giving effect to distributions reinvested by shareholders of $924,827 and $288,045, respectively.

 

*Discontinued Operations*

During the year ended December 31, 2012 we acquired a retail shopping located in Houston, Texas (the “Harwin Property”).  Subsequent to the acquisition of the Harwin Property, our board of directors approved the sale of the property to an affiliate of the Company (See Item 13 – Currently Proposed Transactions).  The Harwin Property is accounted for as a discontinued operation in the accompanying consolidated financial statements.  For the year ending December 31, 2012 the loss from discontinued operations was $27,253.

*Contractual Obligations
 

Our board of directors has approved our entering into the Advisory Agreement, the Property Management Agreement, and the Dealer Management Agreement. 

*Off-Balance Sheet Arrangements*

     As of December 31, 2012 and 2011, we had no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

*Recent Accounting Pronouncements*

Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements. 

23

 

**Item 7A.     Quantitative and Qualitative Disclosures about Market Risks
 

We will be exposed to interest rate changes primarily as a result of short and long-term debt used to acquire properties and make loans and other permitted investments.  Our interest rate risk management objectives will be to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs.  To achieve these objectives, we expect to borrow primarily at fixed rates or variable rates with the lowest margins available and, in some cases, with the ability to convert variable rates to fixed rates.  With regard to variable rate financing, we will assess interest rate cash flow risk by continually identifying and monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating hedging opportunities.

**Item 8.     Financial Statements and Supplementary Data**

The information required by this Item 8 is incorporated by reference to our Consolidated Financial Statements beginning on page F-1 of this Annual Report on Form 10-K.

**Item 9.      Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

On November 3, 2011 the Company dismissed RBSM LLP (“RBSM”) as the Registrant’s independent registered public accounting firm. The decision to dismiss RBSM as the Company’s independent registered public accounting firm was approved by the Audit Committee of the Company’s Board of Directors.  The report of RBSM dated March 31, 2011 with respect to the balance sheets of the Company as of December 31, 2010 and 2009, and the related statements of operations, equity and cash flows for the year ended December 31, 2010 and for the period from February 5, 2009 (date of inception) through December 31, 2009 did not contain an adverse opinion or disclaimer of opinion, and such report was not qualified or modified as to uncertainty, audit scope, or accounting principle.

During the term of RBSM’s engagement and through November 3, 2011, the Company did not have any disagreements with RBSM on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to RBSM’s satisfaction, would have caused them to make reference thereto in their reports on the Company’s financial statements for such periods.

During the term of RBSM’s engagement and through November 3, 2011, there were no reportable events, as defined in Item 304(a) (1) (v) of Regulation S-K.

The Company provided RBSM with a copy of the disclosure required under Item 4.01 together with a request to furnish a letter addressed to the Securities & Exchange Commission stating whether or not they agreed with the above statements.

On October 7, 2011 (the “Engagement Date”), the Company engaged Weaver and Tidwell, L.L.P. (“Weaver”) as its independent registered public accounting firm for the Company’s fiscal year ended December 31, 2011. The decision to engage Weaver as the Company’s independent registered public accounting firm was approved by the Audit Committee of the Company’s Board of Directors.

During the two fiscal years preceding and through the Engagement Date, the Company has not consulted with Weaver regarding either:

(1) the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report was provided to the Company nor oral advice was provided that Weaver concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or

(2) any matter that was either the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K and the related instructions thereto) or a reportable event (as described in paragraph (a)(1)(v) of Item 304 of Regulation S-K).

24

**Item 9A(T).     Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

In connection with the preparation of this Form 10-K, as of December 31, 2012, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act. In performing this evaluation, management reviewed the selection, application and monitoring of our historical accounting policies. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of December 31, 2012, these disclosure controls and procedures were effective and designed to ensure that the information required to be disclosed in our reports filed with the SEC is recorded, processed, summarized and reported on a timely basis. **The Chief Executive Officer and the Chief Financial Officer have subsequently determined that as of December 31, 2012, disclosure controls and procedures as they apply to compliance with undertakings set forth in Industry Guide 5 and the Securities Act have been deficient.  As of the date of this filing, the Chief Executive Officer and Chief Financial Officer have taken steps which they believe will be effective to overcome any identified deficiency.  The relevant actions include the identification, delegation and establishment of an accountability system to insure that during the term of any effective registration statement, the Company shall prepare and timely file required supplements to any prospectus to include annual audited and quarterly unaudited financial statements; the Company shall prepare and timely file required post-effective amendments to any prospectus to cumulate period supplements previously filed; and to otherwise detect and prevent any failure to comply with undertakings set forth in Industry Guide 5 and the Securities Act of 1933.**  In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Management is required to apply judgment in evaluating the cost-benefit relationship of possible controls and procedures.

***Management’s Annual Report on Internal Control Over Financial Reporting***

 Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f).  Under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in *Internal Control—Integrated Framework* issued by the Committee of Sponsoring Organizations of the Treadway Commission.  Based on our evaluation under the framework in *Internal Control—Integrated Framework,* our management concluded that our internal control over financial reporting was effective as of December 31, 2012.  As noted above under *Evaluation of Disclosure Controls and Procedures*, our management has subsequently concluded that our disclosure controls and procedures as they apply to compliance with undertakings set forth in Industry Guide 5 and the Securities Act of 1933, specifically as the relate to identification, delegation and accountability for filing timely supplements and post-effective amendments to any prospectus were not effective as of December 31, 2012.

***Changes in Internal Control Over Financial Reporting***

There have been no changes during the Company’s quarter ended December 31, 2012, in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financing reporting.  There have, however, been changes to the Company’s disclosure controls and procedures as they apply to compliance with undertakings set forth in Industry Guide 5 and the Securities Act subsequent to March 31, 2013.  These changes include identifying and delegating appropriate tasks and actions to ensure compliance with such requirements as more fully described above.

 

**Item 9B. Other Information**

 

None.

**PART III**

**Item 10.    Directors, Executive Officers and Corporate Governance**

Our current directors and executive officers and their respective ages and positions are listed below:

25

**Name**

** **

**Age**

** **

**Position**

Allen R. Hartman

 

61

 

Chairman of the Board, Chief Executive Officer and President

Louis T. Fox, III

 

52

 

Chief Financial Officer and Treasurer

James H. Stokes, Jr.

 

55

 

General Counsel and Secretary

Jack I. Tompkins

 

66

 

Independent Director

Richard R. Ruskey

 

58

 

Independent Director

**Allen R. Hartman***,*age 61, has served as our CEO and Chairman of our Board of Directors as well as President of our advisor, Hartman Advisors, and our property manager, HIR Management since our inception in February, 2009. In 1984, Mr. Hartman formed Hartman Management and began sponsoring private real estate investment programs. Over the next 24 years, Mr. Hartman built Hartman Management into one of the leading commercial property management firms in the state of Texas and sponsored 20 privately offered programs and one publicly offered program that invested in commercial real estate in Houston, San Antonio and Dallas, Texas. In 1998, Mr. Hartman merged the Hartman real estate programs and formed Hartman Commercial Properties REIT (HCP REIT), now known as Whitestone REIT. He served as CEO and Chairman of the Board of HCP REIT until October, 2006. In April, 2008, Mr. Hartman merged 4 of the 5 Hartman programs to form Hartman Income REIT (HIREIT) and contributed the assets and ongoing business operations of Hartman Management into Hartman Income REIT Management, a wholly owned subsidiary of HIREIT. Currently Mr. Hartman oversees a staff of approximately 60 employees who manage 36 commercial properties encompassing over 4.8 million square feet. In addition to his day-to-day management responsibilities, Mr. Hartman serves as the principal officer of each Hartman sponsored investment program. Mr. Hartman attended the University of Colorado and studied Business Administration.

       Our board of directors, excluding Mr. Hartman, has determined that the leadership positions previously and currently held by Mr. Hartman, and the extensive experience Mr. Hartman has accumulated from acquiring and managing investments in commercial real estate and debt, have provided Mr. Hartman with the experiences, attributes and skills necessary to effectively carry out the duties and responsibilities of a director. Accordingly, our board of directors has determined that Mr. Hartman is a highly qualified candidate for directorship and should therefore continue to serve as one of our directors.

**Louis T. Fox, III*,***age 52, is our Chief Financial Officer and Treasurer. Mr. Fox also serves as Chief Financial Officer for our advisor and our property manager. He has responsibility for financial reporting, accounting, treasury and investor relations. Prior to joining Hartman Management (now, HIR Management) in March, 2007, Mr. Fox served as Chief Financial Officer of Legacy Brands, a restaurant group from April, 2006 until January, 2007. Prior to that, Mr. Fox served as Chief Financial Officer of Unidynamics, Inc., a specialized EPC manufacturer of unique handling system solutions for the marine and energy industries from January, 2004 until April, 2006. He also served as Treasurer and CFO of Goodman Manufacturing, a major manufacturer of residential and commercial HVAC products for 9 years prior to that. In addition to his years of experience in the manufacturing industry, he has served in senior financial positions in the construction and debt collection service concerns. Fox is a former practicing certified public accountant. He received a Bachelor of Arts degree in accounting from the University of Texas at San Antonio. He started his career as a tax accountant with Arthur Andersen & Co.

**James H. Stokes Jr.,**age 55, is our General Counsel and Secretary. Mr. Stokes also serves as General Counsel for both our advisor and property manager. In this capacity, Stokes manages our advisor’s in-house legal department and is responsible for all legal matters affecting the Hartman companies. Before joining Hartman Management, (now HIR Management) in September, 2006, Stokes spent over 20 years in his own private law practice, primarily in real estate, corporate law, bankruptcy and civil litigation. He also served as a branch manager for First Colony Commonwealth Title Company and American National Title. Stokes graduated from the University of Texas with a B.A. degree from the Plan II honors program in 1978 and continued his education at the University of Texas School of Law where he received his J.D in 1981.

**Jack I. Tompkins**, age 66, has served as an independent director of the Company since our inception in February, 2009.  Mr. Tompkins has served since 1998 as Chairman & CEO of ARTA Equity Advisors, L.L.C., which was formed to engage in various entrepreneurial opportunities. After obtaining his MBA from Baylor University, Mr. Tompkins began his career with Arthur Young & Co., working as a certified public accountant there for three years before joining Arthur Andersen, L.L.P., where he was elected to the partnership in 1981 and served until 1988. While at Andersen he was in charge of the Merger and Acquisition Program for the Houston office as well as head of the Natural Gas Industry Group. From 1988 

26

until October 1996, Mr. Tompkins served as Chief Financial Officer, Senior Vice President and Chief Information, Administrative & Accounting Officer of a large publicly traded energy company. Corporate functions reporting to Mr. Tompkins included financial planning, risk management, tax, accounting, information systems, administration and internal audit. Mr. Tompkins served as Chairman & CEO of Automotive Realty Trust Company of America from its inception in 1997 until its sale to a publicly traded REIT in January 1999. Automotive Realty was formed to engage in the business of consolidating real estate properties owned by automobile dealerships into a REIT. From March to September of 1999, Mr. Tompkins served as interim Executive Vice President and CFO of Crescent Real Estate Equities as the Company restructured. Mr. Tompkins served as an independent director of Hartman XIX from July 2009 until March 2010 and as an independent director of Hartman Income REIT from January 2008 until July 2009. Mr. Tompkins previously served on the board of directors of Bank of America Texas and Michael Petroleum Corp. He is a member of American Institute of Certified Public Accountants.

       Our board of directors, excluding Mr. Tompkins, has determined that the experience as a certified public accountant and leadership positions previously and currently held by Mr. Tompkins, including experience Mr. Tompkins has accumulated from acquiring and managing investments in commercial real estate and debt, have provided Mr. Tompkins with the experiences, attributes and skills necessary to effectively carry out the duties and responsibilities of a director. Accordingly, our board of directors has determined that Mr. Tompkins is a highly qualified candidate for directorship and should therefore continue to serve as one of our directors.

**Richard R. Ruskey**, age 58, has served as an independent director of the Company since April 2011.  Mr. Ruskey began his professional career in 1978 as a Certified Public Accountant with the accounting firm of Peat, Marwick, Mitchell, & Co. in St. Louis, Missouri where he obtained extensive experience in both the audit and tax departments.  In 1983 he joined the firm of Deloitte, Haskins, & Sells as a manager in the tax department.  In 1986 Mr. Ruskey transitioned into the security brokerage industry as the chief financial officer of Westport Financial Group.  Within a one year period he became a full-time broker and due diligence officer for the firm.  In 1990 he continued his career in financial services by joining the broker dealer firm of R. T. Jones Capital Equities, Inc. where he served as due diligence officer.  In June 2010 Mr. Ruskey joined the broker dealer firm of Moloney Securities Co. Inc. where he currently serves as an investment broker and due diligence officer.  Mr. Ruskey received dual B.S. degrees in Accounting and Finance in 1978 from Southern Illinois University – Carbondale. He is a Certified Public Accountant and Certified Financial Planner and is a member of the American Institute of Certified Public Accountants and the Missouri Society of Certified Public Accountants.  He has been an active investor in numerous real estate and business ventures throughout his 30 year career in financial services.

       Our board of directors, excluding Mr. Ruskey, has determined that the experience as a certified public accountant and leadership positions previously and currently held by Mr. Ruskey, including experience Mr. Ruskey has accumulated from analyzing and advising with respect to investments in commercial real estate and debt, have provided Mr. Ruskey with the experiences, attributes and skills necessary to effectively carry out the duties and responsibilities of a director. Accordingly, our board of directors has determined that Mr. Ruskey is a highly qualified candidate for directorship and should therefore continue to serve as one of our directors.

**Meetings and Committees of the Board of Directors**

       Our board of directors met four times during 2012 and all of our directors attended such meetings.  The members of our Audit Committee met four times with our independent registered public accounts.  The members of the Audit, Compensation and Nominating and Governance Committees met one time during 2012 to review, consider and report the functions, duties and obligations of the various committees called for by the respective committee charters.

**Board Committees**

*Audit Committee*

The Audit Committee meets on a regular basis at least four times a year. Our Audit Committee is comprised of our two independent directors, Jack Tompkins and Richard Ruskey. Our Board of Directors has adopted our Audit Committee Charter and it is posted on Hartman’s web site at www.hi-reit.com. The audit committee’s primary functions are to evaluate and approve the services and fees of our independent auditors; to periodically review the auditors’ independence; and to assist our board of directors in fulfilling its oversight responsibilities by reviewing the financial information to be 

27

provided to the stockholders and others, the system of internal controls that management has established, and the audit and financial reporting process.

*Compensation Committee*

We have established a Compensation Committee to assist the board of directors in discharging its responsibility in all matters of compensation practices, including any salary and other forms of compensation for our officers and our directors, and employees in the event we ever have employees. Our Compensation Committee is comprised of our two independent directors, Jack I. Tompkins and Richard R. Ruskey. Our Board of Directors has adopted our Compensation Committee Charter and it is posted on Hartman’s web site at www.hi-reit.com. The primary duties of the Compensation Committee include reviewing all forms of compensation for our executive officers, if any, and our directors; approving all stock option grants, warrants, stock appreciation rights and other current or deferred compensation payable with respect to the current or future value of our shares; and advising on changes in compensation of members of the Board of Directors.

28

*Nominating and Corporate Governance Committee*

We have established a Nominating and Corporate Governance Committee (“Nominating Committee”). Our Nominating Committee is comprised of our two independent directors, Jack I. Tompkins and Richard R. Ruskey. Our Board of Directors has adopted our Nominating Committee Charter and it is posted on Hartman’s web site at www.hi-reit.com. The Nominating Committee will recommend nominees to serve on our Board of Directors. The Nominating Committee will consider nominees recommended by stockholders if submitted to the committee in accordance with the procedures specified in our bylaws. Generally, this requires that the stockholder send certain information about the nominee to our corporate secretary between 120 and 150 days prior to the first anniversary of the mailing of notice for the annual meeting held in the prior year. Because our directors take a critical role in guiding our strategic direction and oversee our management, board candidates must demonstrate broad-based business and professional skills and experiences, concern for the long-term interests of our stockholders, and personal integrity and judgment. In addition, directors must have time available to devote to board activities and to enhance their knowledge of our industry. The Nominating Committee is responsible for assessing the appropriate mix of skills and characteristics required of board members in the context of the perceived needs of the board at a given point in time and shall periodically review and recommend for approval by the board any updates to the criteria as deemed necessary. Diversity in personal background, race, gender, age and nationality for the board as a whole may be taken into account favorably in considering individual candidates. The nominating committee will evaluate the qualifications of each director candidate against these criteria in making its recommendation to the Board concerning nominations for election or reelection as a director. The process for evaluating candidates recommended by our stockholders pursuant to our bylaws will be no different than the process for evaluating other candidates considered by the Nominating Committee.

**Item 11.    Executive Compensation**

**Compensation of our Executive Officers**

       Our executive officers do not receive compensation directly from us for services rendered to us. As a result, we do not nor has our Board of Directors considered a compensation policy for our executive officers.  As a result, we have not included a Compensation and Discussion Analysis in this Annual Report on Form 10-K.

       Each of our executive officers, including each executive officer who serves as a director, is an officer or employee of our advisor or its affiliates and receives compensation for his or her services, including services performed on our behalf, from such entities.  See Item 13, “Certain Relationships and Related Transactions and Director Independence” below for a discussion of fees paid to our advisor and its affiliates.

**Compensation of our Directors**

       The following table sets forth certain information regarding compensation earned by or paid to our directors during the year ended December 31, 2012.  Directors who are also our executive officers do not receive compensation for services rendered as a director.

 

**Name**

** **

**Fees Earned or Paid in Cash(1)**

** **

** **

**Restricted Stock (2)**

** **

** **

**All Other Compensation**

** **

** **

**Total**

** **

Allen R. Hartman

 

 

$                —

 

 

 

$                 —

 

 

 

$               —

 

 

 

$              —

 

Jack I. Tompkins

 

 

16,000

 

 

 

30,000

 

 

 

-

 

 

 

46,000

 

Richard R. Ruskey

 

 

16,000

 

 

 

30,000

 

 

 

-

 

 

 

46,000

 

**Total**

** **

** **

**$        32,000**

 

 

 

**$         60,000**

 

 

 

**$                   -**

 

 

 

**$       92,000**

** **

(1)  

The amounts shown in this column include fees earned for attendance at board of director and committee meetings and annual retainers, as described below under “Cash Compensation.”

(2)  

As described below under “Independent Directors Compensation Plan,” each of Messrs. Tompkins and Ruskey has been received vested restricted common shares as non-cash compensation for their service as independent members of our Board of Directors.  Amounts shown reflect the aggregate fair value of the shares of restricted stock as of the date of grant computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718.

29

***Cash Compensation***

 

       We pay each of our independent directors an annual retainer of $10,000, plus $1,000 per board meeting attended, $500 per committee meeting attended; provided, however, we do not pay an additional fee to our directors for attending a committee meeting when the committee meeting is held on the same day as a board meeting.  We also reimburse all directors for reasonable out-of-pocket expenses incurred in connection with attending board meetings.

***Independent Directors Compensation Plan***

       We have approved and adopted an independent director’s compensation plan.  Under our independent directors compensation plan, each of our current independent directors received 3,000 shares of vested restricted common stock annually in addition to the cash compensation described above.   As of December 31, 2012, 14,250 shares of restricted common stock have been granted to our current independent directors.

**Compensation Committee Interlocks and Insider Participation**

       The Company does not separately compensate its executive officers.  During the fiscal year ended December 31, 2012, our executive officers, Messrs. Hartman, Fox and Stokes, all served as executive officers of our advisor and property manager.  In addition, Mr. Hartman served as a director of Hartman Income REIT, Inc.  Since Messrs. Hartman, Fox and Stokes are also officers of our advisor and its affiliates; they did not receive any separate compensation from us for service as our executive officers and/or directors, and also did not receive any separate compensation for their service as executive officers and/or directors of those entities.

**Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters**

**BENEFICIAL OWNERSHIP OF EQUITY SECURITIES**

The following table sets forth information as of December 31, 2012, regarding the beneficial ownership of our common stock by each person known by us to own 5% or more of the outstanding shares of common stock, each of our directors, and each named executive officer, and our directors and executive officers as a group. The percentage of beneficial ownership is calculated based on 3,538,682 shares of common stock outstanding as of December 31, 2012. The address of each beneficial owner listed below is c/o Hartman Short Term Income Properties XX, Inc., 2909 Hillcroft, Suite 420, Houston, Texas 77057.

Name of Beneficial Owner

Amount and Nature of Shares Beneficially Owned (1)

 

Number

Percentage

Allen R. Hartman (2)

19,000

0.5

Louis T. Fox, III

-

-

James H. Stokes, Jr. 

-

-

Jack I. Tompkins

9,000

*

Richard R. Ruskey

5,250

*

All Officers and Directors as a group

33,250

0.9

James A. Cardwell

154,780

4.4

* Represents less than 1% of the outstanding common stock.

(1)

Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities and shares issuable pursuant to options warrants and similar rights held by the respective person or group which may be exercised within 60 days following December 31, 2012. Except as otherwise indicated by footnote, and subject to community property laws where applicable, the persons named in the table above have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them.

(2)

Includes 19,000 shares owned by Hartman XX Holdings. Mr. Hartman is the sole stockholder of Hartman XX Holdings and controls the voting and disposition decisions of Hartman XX Holdings.

30

**Item 13.    Certain Relationships and Related Transactions and Director Independence**

**Ownership Interests**

The Company initially issued 100 shares of the Company’s common stock to Hartman XX Holdings, Inc. (“Holdings”) for $1,000.  Holdings, is a Texas corporation wholly owned by Allen R. Hartman.  Holdings, was formed solely for the purpose of facilitating the organization and offering of the initial offering of the Company’s shares.  Effective October 15, 2009 the Company issued an additional 18,900 shares to Holdings for $189,000.  Holdings contributed a related party liability in the amount of $189,000 to the Company in exchange for the issuance of an additional 18,900 common shares of the Company.  The transaction resulted in a total of 19,000 common shares issued since inception for total consideration of $190,000.

The Company issued the Advisor, Hartman Advisors LLC, 1,000 shares of non-voting convertible preferred stock for $100.  Effective October 15, 2009 the Company received additional consideration of $9,900 with respect to the non-voting convertible preferred stock.  The Advisor contributed a related party liability in the amount of $9,900 to the Company as donated capital related to the convertible common stock previously issued by the Company to the Advisor.  Accordingly, the overall issue price for the 1,000 convertible preferred shares is $10,000 or $10 per share.  Upon the terms described below, these shares may be converted into shares of the Company’s common stock, resulting in dilution of the stockholders’ interest in the Company.

Our convertible preferred stock will convert to shares of common stock if (1) the Company has made total distributions on then outstanding shares of the Company’s common stock equal to the issue price of those shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares, (2) the Company lists its common stock for trading on a national securities exchange if the sum of prior distributions on then outstanding shares of our common stock plus the aggregate market value of our common  stock  (based on the  30-day  average  closing   price) meets  the  same  6%  performance  threshold,  or  (3)  the Company’s advisory agreement with Hartman Advisors, LLC expires without renewal or is terminated (other than because of a material breach by our advisor), and at the time of such expiration or termination the Company is deemed to have met the foregoing 6% performance threshold based on the Company’s enterprise value and prior distributions and, at or subsequent to the expiration or termination, the shareholders actually realize such level of performance upon listing or through total distributions. In general, the convertible stock will convert into shares of common stock with a value equal to 15% of the excess of the Company’s enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of common stock over the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares. With respect to conversion in connection with the termination of the advisory agreement, this calculation is made at the time of termination even though the actual conversion may occur later, or not at all.

**Our Relationships with our Advisor and our Sponsor**

 

Hartman Advisors, LLC is our advisor and, as such, supervises and manages our day-to-day operations and selects our real property investments and real estate-related investments, subject to the oversight by our board of directors. Our advisor also provides marketing, sales and client services on our behalf. Our advisor was formed in March 2009 and is owned 70% by Allen R. Hartman individually and 30% by the Property Manager.  The Property Manager is a wholly owned subsidiary of Hartman Income REIT Management, LLC, which is wholly owned by Hartman Income REIT of which Allen R. Hartman is the Chief Executive Officer and Chairman of the Board of Directors.

**Fees and Expense Reimbursements Paid to our Advisor**

Pursuant to the terms of our Advisory Agreement, we pay our advisor the fees described below.

•

We pay our advisor an acquisition fee of 2.5% of (1) the total cost of investment, as defined in connection with the acquisition or origination of any type of real property or real estate-related asset or (2) our allocable cost of a real property or real estate-related asset acquired in a joint venture, in each case including purchase price, acquisition expenses and any debt attributable to such investments. For the period from January 1, 2010 to December 31, 2012, we incurred acquisition fees of $1,127,755 in connection with the acquisitions. 

31

•

We pay our advisor an annual asset management fee that is payable monthly in an amount equal to one-twelfth of 0.75% of the higher of the cost or value of each asset, where the cost equals the amount actually paid or budgeted (excluding acquisition fees and expenses).  For the fiscal years ended December 31, 2012 and 2011 we incurred asset management fees payable to our advisor of $219,001 and $56,356, respectively.

•

We pay our advisor a debt financing fee equal to 1.0% of the amount available under any loan or line of credit we obtain and use to acquire properties or other permitted investments, which will be in addition to the acquisition fee paid to our advisor.  For the fiscal years ended December 31, 2012 and 2011 we had not paid our advisor any debt financing fees.

•

If our advisor provides a substantial amount of services, as determined by our independent directors, in connection with the sale of one or more assets, it will receive a disposition fee equal to (1) in the case of the sale of real property, the lesser of: (A) one-half of the aggregate brokerage commission paid (including the disposition fee) or, if none is paid, the amount that customarily would be paid, or (B) 3% of the sales price of each property sold, and (2) in the case of the sale of any asset other than real property, 3% of the sales price of such asset.  We pay our advisor a disposition fee of 3.0% of the contract sales price of each property sold if our advisor or its affiliates provides a substantial amount of services, as determined by our independent directors, in connection with the sale of a real property or real estate-related asset. With respect to a property held in a joint venture, the foregoing commission will be reduced to a percentage of such amounts reflecting our economic interest in the joint venture. For the fiscal years ended December 31, 2012 and 2011 we did not pay our advisor any disposition fees. 

In addition to the fees we pay to our advisor pursuant to the Advisory Agreement, we also reimburse our advisor and its affiliates for the costs and expenses described below, subject to the limitations described under the heading “2%/25% Guidelines.” 

**Selling Commissions and Fees Paid to our Dealer Manager**

The dealer manager for our offerings of common stock is D.H. Hill Securities, LLLP. Our dealer manager is a licensed broker-dealer registered with FINRA. As the dealer manager for our offering, D.H. Hill Securities, LLLP is entitled to certain selling commissions, dealer manager fees and reimbursements relating to raising capital. Our dealer manager agreement with D.H. Hill Securities, LLLP provides for the following compensation: 

•

We pay our dealer manager selling commissions of up to 7.0% of the gross offering proceeds from the sale of our shares in the private and public offerings, all of which may be reallowed to participating broker-dealers. For the period from January 1, 2011 to December 31, 2012, we paid $1,908,870 in selling commissions to our dealer manager.

•

We pay our dealer manager a dealer manager fee of up to 2.5% of the gross offering proceeds from the sale of our shares in the private and public offerings, a portion of which may be reallowed to participating broker-dealers. For the period from January 1, 2011 to December 31, 2012, we paid $130,091 in dealer manager fees to our dealer manager.

**Property Management Fees Paid to Our Property Manager**

We have entered into property management agreements with Hartman Income REIT Management, Inc., or the property manager, an affiliate of our sponsor, with respect to the management of properties. Pursuant to the management agreement, we pay the property manager a monthly management fee in an amount equal to between 3% and 5% of each property's gross revenues (as defined in the respective management agreements) for each month. Each management agreement has an initial one year term and will continue thereafter on a month-to-month basis unless either party gives prior notice of its desire to terminate the management agreement, provided that we may terminate the management agreement at any time without cause or upon an uncured breach of the agreement upon thirty (30) days prior written notice to the property manager. For the fiscal years ended December 31, 2012 and 2011 we have paid property management fees of $170,491 and $17,450, respectively, to our property manager.

**Currently Proposed Transactions**

On May 2, 2012, the Company acquired the lenders interest of Wells Fargo Bank, N.A., as Trustee for the Registered Holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 

32

2005-C6, in a promissory note dated August 11, 2005 in the face amount of $5,200,000 (the “Haute Harwin Note”).  The Haute Harwin Note is secured by a Deed of Trust and Security Agreement together with other customary security instruments covering a commercial retail shopping center consisting or approximately 38,813 rentable square feet and located at 6959 Harwin Drive, Houston, Texas (the “Harwin Property”).

The assets secured by the lenders interest are subject to a receivership order dated August 5, 2011 by the 164th Judicial District Court of Harris County, Texas.  The Company paid $3,215,237 cash for the lenders interest acquired.

The Haute Harwin Note was posted for foreclosure in Harris County, Texas and on August 7, 2012, the Company acquired fee simple title to the Harwin Property.  The receivership has terminated and the case giving rise to the receivership order has been dismissed.

        On July 23, 2012 the Company’s board of directors approved a sale of the Company’s interest in the Harwin Property to Hartman XIX for $3,272,000 cash.  Entry into a material definitive agreement for the sale is subject to an independent appraisal of the Harwin Property.

       

       On August 7, 2012, the Company foreclosed on its investment in the Haute Harwin Note and converted its ownership in the Harwin Property to fee simple.  The Harwin Property is recorded on the consolidated balance sheets as real estate assets held for disposition, consistent with the board of director’s resolution to sell the property.

       On October 23, 2012 the Company’s board of directors reviewed the independent appraisal reflecting an “As Is” fair value of $3.4 million.  Based on the independent appraisal the board of directors amended its offer to sell the Harwin Property to increase the asking price to $3.4 million.  The board of directors of Harwin XIX accepted the price modification.  The parties are proceeding to enter into a definitive purchase agreement.

Other than as described above, there is no currently proposed material transactions with related persons other than those covered by the terms of the agreements described above.

**Policies and Procedures for Transactions with Related Persons**

In order to reduce or eliminate certain potential conflicts of interest, our charter and our Advisory Agreement contain restrictions and conflict resolution procedures relating to transactions we enter into with our advisor, our directors or their respective affiliates. Each of the restrictions and procedures that apply to transactions with our advisor and its affiliates will also apply to any transaction with any entity or real estate program controlled by our advisor and its affiliates. As a general rule, any related party transaction must be approved by a majority of the directors (including a majority of independent directors) not otherwise interested in the transaction. In determining whether to approve or authorize a particular related party transaction, these persons will consider whether the transaction between us and the related party is fair and reasonable to us and has terms and conditions no less favorable to us than those available from unaffiliated third parties.

**Director Independence**

As required by our charter, a majority of the members of our Board of Directors must qualify as “independent” as affirmatively determined by the board. The board consults with our legal counsel and counsel to the independent directors to ensure that the board’s determinations are consistent with our Charter and applicable securities and other laws and regulations regarding the definition of “independent.”  After review of all relevant transactions or relationships between each director, or any of his family members, and the Company, our senior management and our independent registered public accounting firm, the board has determined that Messrs. Tompkins and Ruskey, who comprise the majority of our board, qualify as independent directors. 

**Item 14.    Principal Accounting Fees and Services**

**Independent Registered Public Accounting Firm**

For the year ended December 31, 2011 Weaver and Tidwell, L.L.P. (“Weaver”) served as our independent registered public accounting firm.  RBSM LLP (“RBSM”), served as our independent registered public accounting firm from January 2010 to November 2011. The decision to change our independent registered public accounting firm was approved by the 

33

audit committee of our Board of Directors. As discussed in Item 9 (Changes in and Disagreements with Accountants on Accounting and Financial Disclosure), on October 7, 2011, the audit committee of our Board of Directors approved the engagement of Weaver, as our independent registered public accounting firm for the fiscal year ended December 31, 2011.

The audit committee has engaged Weaver as our independent registered public accounting firm to audit our consolidated financial statements for the year ended December 31, 2012.  The audit committee reserves the right to select new auditors at any time in the future in its discretion if it deems such decision to be in the best interests of the Company and its stockholders.  Any such decision would be disclosed to the stockholders in accordance with applicable securities laws.

**Pre-Approval Policies**

The audit committee charter imposes a duty on the audit committee to pre-approve all auditing services performed for us by our independent auditors as well as all permitted non-audit services in order to ensure that the provision of such services does not impair the auditors’ independence. In determining whether or not to pre-approve services, the audit committee will consider whether the service is a permissible service under the rules and regulations promulgated by the SEC. The audit committee, may, in its discretion, delegate to one or more of its members the authority to pre-approve any audit or non-audit services to be performed by the independent auditors, provided any such approval is presented to and approved by the full audit committee at its next scheduled meeting.

All services rendered to us by RBSM and Weaver for the years ended December 31, 2012 and 2011 were pre-approved in accordance with the policies and procedures described above.

**Independent Registered Public Accounting Firm Fees**

***Weaver***

The audit committee reviewed the audit and non-audit services performed by Weaver, as well as the fees charged by Weaver for such services. In its review of the non-audit service fees, the audit committee considered whether the provision of such services is compatible with maintaining the independence of Weaver. The aggregate fees billed to us by Weaver professional accounting services for the years ended December 31, 2012 and 2011 are set forth in the table below.

  

 

**2012**

 

**2011**

Audit fees

 

$45,000 

 

$45,000 

Audit related fees

 

62,500

 

-

Tax fees

 

-

 

5,500

All other fees

 

-

 

-

Total

 

$107,500 

 

$50,500 

***RBSM***

The audit committee reviewed the audit and non-audit services performed by RBSM, as well as the fees charged by RBSM for such services. In its review of the non-audit service fees, the audit committee considered whether the provision of such services is compatible with maintaining the independence of RBSM. The aggregate fees billed to us by RBSM for professional accounting services rendered during the years ended December 31, 2012 and 2011 are set forth in the table below.

  

 

**2012**

 

**2011**

Audit fees

 

$           -

              

$29,912 

Audit related fees

 

6,500

 

4,000

Tax fees

 

-

 

-

All other fees

 

-

 

-

Total

 

$   6,500 

 

$33,912 

34

For purposes of the preceding tables, Weaver and RBSM’s professional fees are classified as follows:

●

*Audit fees*—These are fees for professional services performed for the audit of our annual financial statements, the required review of quarterly financial statements, registration statements and other procedures performed by PKF in order for them to be able to form an opinion on our consolidated financial statements. These fees also cover services that are normally provided by independent auditors in connection with statutory and regulatory filings or engagements.

●

*Audit-related fees*—These are fees for assurance and related services that traditionally are performed by independent auditors that are reasonably related to the performance of the audit or review of the financial statements, such as audits and due diligence related to acquisitions and dispositions, attestation services that are not required by statute or regulation, internal control reviews, and consultation concerning financial accounting and reporting standards.

●

*Tax fees*—These are fees for all professional services performed by professional staff in our independent auditor’s tax division, except those services related to the audit of our financial statements. These include fees for tax compliance, tax planning, and tax advice, including federal, state, and local issues. Services may also include assistance with tax audits and appeals before the IRS and similar state and local agencies, as well as federal, state, and local tax issues related to due diligence.

●

*All other fees—*These are fees for any services not included in the above-described categories, including assistance with internal audit plans and risk assessments.

35

**PART IV**

**Item 15.    Exhibits, Financial Statement Schedules**

1.

Financial Statements.  The list of our consolidated financial statements filed as part of this Annual Report on Form 10-K is set forth on page F-1 herein.

2.

Financial Statement Schedules.  The financial statement schedules have been omitted because the required information on such schedules is not present, is not present in amounts sufficient to require a schedule or is included in the consolidated financial statements.

3.

Exhibits.  This list of exhibits filed as a part of this Annual Report on Form 10-K in response to Item 601 of Regulation S-K is submitted on the Exhibit Index attached hereto.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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.**

By:

 

/s/ Allen R. Hartman

 

Date: April 1, 2013

 

 

**Allen R. Hartman,Chairman of the Board andChief Executive Officer(Principal Executive Officer)**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

 

/s/ Louis T. Fox, III

 

Date: April 1, 2013

 

 

**Louis T. Fox, III,Chief Financial Officer(Principal Financial and Principal Accounting Officer)**

 

 

 

 

 

 

36

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature appears below constitutes and appoints Allen R. Hartman and Louis T. Fox, III, and each of them, acting individually, as his attorney-in-fact, each with full power of substitution and resubstitution, for him or her and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the date indicated.

By:

 

/s/ Allen R. Hartman

 

Date: April 1, 2013

 

 

**Allen R. Hartman, Director**

 

 

 

By:

 

/s/ Jack I. Tompkins

 

Date: April 1, 2013

 

 

**Jack I. Tompkins, Director**

 

 

 

By:

 

/s/ Richard R. Ruskey

 

Date: April 1, 2013

 

 

**Richard R. Ruskey, Director**

 

 

37

**EXHIBIT INDEX**

**ExhibitNumber**

 

**Description of Documents**

 1.1  

 

Dealer Manager Agreement (Incorporated by reference to Exhibit 1.1 to the Company’s Form 8-K filed February 1, 2012)

 3.1.1  

 

First Articles of Amendment to Third Amended and Restated Articles of Incorporation of the Registrant. (Incorporated by reference to Exhibit 3.1to the Company’s Form 10-K filed April 12, 2012)****

 3.1.2  

 

Third Amended and Restated Articles of Incorporation of the Registrant. (Incorporated by reference to Exhibit 1 to the registrant’s registration statement on Form 8-A12G (SEC File No. 000-53912) March 22, 2010)

 3.2  

 

Bylaws of the Registrant (Incorporated by reference to Exhibit 2 to the registrant’s registration statement on Form 8-A12G (SEC File No. 000-53912) March 22, 2010)

10.1  

 

Form of Advisory Agreement between the Registrant and Hartman Advisors, LLC. (Incorporated by reference to Exhibit 10.1 to the registrant’s registration statement on Form S-11 Amendment No. 9 (SEC File No. 333-154750) November 24, 2009)

10.2  

 

Form of Property Management Agreement between the Registrant and Hartman Income REIT Management, Inc. (Incorporated by reference to Exhibit 10.2 to registrant’s registration statement on Form S-11 Amendment No. 9 (SEC File No. 333-154750) November 24, 2009)

10.3  

 

Form of Employee and Director Incentive Share Plan (Incorporated by reference to Exhibit 10.3 to registrant’s registration statement on Form S-11 Amendment No. 5 (SEC File No. 333-154750) July 14, 2009)

10.4      

 

Operating Agreement of Hartman Richardson Heights Properties, LLC(Incorporated by reference to Exhibit 10.4 to the Company’s Form 10-K filed March 31, 2011)

 10.5  

 

Economic Development and Incentive Agreement by and between the City of Richardson, Texas and Hartman Richardson Heights Properties, LLC (Incorporated by reference to Exhibit 10.12 to the Company’s Form 10-Q filed August 14, 2012)

 10.6  

 

Loan Agreement, dated May 11, 2012, by and among Texas Capital Bank, NA and Hartman Richardson Heights Properties, LLC, Hartman Short Term Income Properties XX, Inc., and Hartman Cooper Street Plaza, LLC. (Incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K filed May 18, 2012)

 10.7  

 

Promissory Note, dated May 11, 2012, by Hartman Richardson Heights Properties, LLC, Hartman Short Term Income Properties XX, Inc., and Hartman Cooper Street Plaza, LLC in favor of Texas Capital Bank, NA (Incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K filed May 18, 2012)

 10.8  

 

Assignment and Subordination of Management Agreement, dated as of May 11, 2012, by and between Hartman Richardson Heights Properties, LLC, Hartman Income REIT Management, Inc. and Texas Capital Bank, NA (Incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K filed May 18, 2012)

 10.9  

 

Assignment and Subordination of Management Agreement, dated as of May 11, 2012, by and between Hartman Cooper Street Plaza, LLC, Hartman Income REIT Management, Inc. and Texas Capital Bank, NA (Incorporated by reference to Exhibit 10.6 to the Company’s Form 8-K filed May 18, 2012)

 10.10  

 

Assignment of Rents, dated as of May 11, 2012, by and between Hartman Richardson Heights Properties, LLC and Texas Capital Bank, NA (Incorporated by reference to Exhibit 10.7 to the Company’s Form 8-K filed May 18, 2012)

 10.11  

 

Assignment of Rents, dated as of May 11, 2012, by and between Hartman Cooper Street Plaza, LLC and Texas Capital Bank, NA (Incorporated by reference to Exhibit 10.8 to the Company’s Form 8-K filed May 18, 2012)

 10.12  

 

Assignment of Licenses, Permits and Contracts, dated as of May 11, 2012, by and between Hartman Richardson Heights Properties, LLC, Hartman Short Term Income Properties XX, Inc., Hartman Cooper Street Plaza, LLC, and Texas Capital Bank, NA (Incorporated by reference to Exhibit 10.9 to the Company’s Form 8-K filed May 18, 2012)

 10.13  

 

Guaranty Agreement (Validity), dated as of May 11, 2012, by Allen R. Hartman as guarantor in favor of Texas Capital Bank, NA (Incorporated by reference to Exhibit 10.10 to the Company’s Form 8-K filed May 18, 2012)

 10.14  

 

Real Property and Company Management Agreement, dated as of March 26, 2012, by and among Hartman Cooper Street Plaza, LLC and Hartman Income REIT Management, Inc. (Incorporated by reference to Exhibit 10.11 to the Company’s Form 8-K filed May 18, 2012)

 10.15  

 

Loan Modification Agreement, dated October 16, 2012, by and among Texas Capital Bank, NA and Hartman Bent Tree Green, LLC; Hartman Richardson Heights Properties, LLC, Hartman Short Term Income Properties XX, Inc., and Hartman Cooper Street Plaza, LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed October 19, 2012)

 10.16  

 

Promissory Note, dated October 16, 2012, by Hartman Bent Tree Green, LLC; Hartman Richardson Heights Properties, LLC, Hartman Short Term Income Properties XX, Inc., and Hartman Cooper Street Plaza, LLC in favor of Texas Capital Bank, NA (Incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed October 19, 2012)

 10.17  

 

Real Property Management Agreement, dated as of October 16, 2012, by and among Hartman Bent Tree Green, LLC and Hartman Income REIT Management, Inc. (Incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K filed October 19, 2012)

21.1      

 

List of subsidiaries of Hartman Short Term Income Properties XX, Inc. **(FILED HEREWITH)**

31.1      

 

Certification of the Company’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 **(FILED HEREWITH)**

31.2      

 

Certification of the Company’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 **(FILED HEREWITH)**

32.1      

 

Certification of the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 **(FILED HEREWITH)**

32.2      

 

Certification of the Company’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 **(FILED HEREWITH)**

 

 

 

101.INS

 

XBRL INSTANCE DOCUMENT

101.SCH

 

XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

101.CAL

 

XBRL EXTENSION CALCUATION LINKBASE DOCUMENT

101.DEF

 

XBRL EXTENSION DEFINITION LINKBASE DOCUMENT

101.LAB

 

XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

101.PRE

 

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

 

 

 

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

 

**Page #**

Report of Independent Registered Public Accounting Firm

**F-1**

Consolidated Balance Sheets as of December 31, 2012 and 2011

**F-2**

Consolidated Statements of Operations for the Years Ended December 31, 2012 and 2011

**F-3**

Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2012 and 2011

**F-4**

Consolidated Statements of Cash Flows for the Years Ended December 31, 2012 and 2011

**F-5**

Notes to Consolidated Financial Statements

**F-6**

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders ofHartman Short Term Income Properties XX, Inc. and Subsidiaries

We have audited the accompanying consolidated balance sheets of Hartman Short Term Income Properties XX, Inc. (a Maryland corporation) and Subsidiaries (the Company) as of December 31, 2012 and 2011, and the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2012. The Company’s management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits 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 consolidated financial statements are 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 consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Hartman Short Term Income Properties XX, Inc. and Subsidiaries as of December 31, 2012 and 2011, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2012 in conformity with accounting principles generally accepted in the United States of America. 

/s/ WEAVER AND TIDWELL, L.L.P.

 

 

WEAVER AND TIDWELL, L.L.P.

Houston, Texas

March 28, 2013

F-1

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

 

 

 

 

 

 

 

**December 31,**

 

 

**2012**

 

**2011**

**ASSETS**

 

 

 

 

Real estate assets, at cost:

 

 

 

 

Property

 

 $      42,316,291 

 

 $    18,968,145 

Accumulated depreciation and amortization

 

         (2,533,101)

 

          (352,612)

Real estate assets, net

 

         39,783,190 

 

       18,615,533 

 

 

 

 

 

Cash and cash equivalents

 

                61,894 

 

         7,440,362 

Accrued rent and accounts receivable, net

 

              176,159 

 

              36,047 

Deferred loan and leasing commission costs, net

 

              902,038 

 

              95,153 

Goodwill

 

              249,686 

 

            249,686 

Prepaid expenses and other assets

 

              404,863 

 

              18,942 

Real estate assets held for disposition

 

           3,253,671 

 

                     -   

Total assets

 

 $      44,831,501

 

 $    26,455,723 

 

 

 

 

 

 

 

 

 

 

**LIABILITIES AND STOCKHOLDERS' EQUITY**

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

Note payable

 

 $      15,000,000 

 

 $      9,575,000 

Accounts payable and accrued expenses

 

           1,588,746 

 

            698,508 

Due to related parties

 

              664,911 

 

            908,511 

Tenants' security deposits

 

              292,343 

 

              67,006 

Total liabilities

 

         17,546,000 

 

       11,249,025 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

Preferred stock, $0.001 par value 200,000,000 convertible, non-voting shares authorized, 1,000 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively

 

                         1 

 

                       1 

Common stock, $0.001 par value, 750,000,000 authorized, 3,538,682 shares and 1,813,513 shares issued and outstanding at  December 31, 2012 and December 31, 2011, respectively

 

                  3,538 

 

                1,813 

Additional paid in capital

 

         32,957,063 

 

       16,902,468 

Accumulated distributions and net loss

 

         (5,675,101)

 

       (1,697,584)

Total stockholders' equity

 

         27,285,501 

 

       15,206,698 

Total liabilities and total stockholders' equity

 

 $      44,831,501 

 

 $    26,455,723 

 

 

 

 

 

*The accompanying notes are an integral part of these consolidated financial statements.*

F-2

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

 

 

** Year Ended December 31,**

 

**2012**

**2011**

**Revenues**

 

 

Rental revenues

 $                     2,830,366 

 $                        301,348 

Tenant reimbursements and other revenues

            781,250 

              52,700 

Total revenues

         3,611,616 

            354,048 

 

 

 

**Expenses**

 

 

Property operating expenses

            487,517 

              54,495 

Asset management and acquisition fees

         1,038,497 

            504,682 

Organization and offering costs

            136,321 

              51,806 

Real estate taxes and insurance

            769,023 

            119,037 

Depreciation and amortization

         2,180,489 

            354,101 

General and administrative

            336,710 

            162,104 

Total expenses

         4,948,557 

         1,246,225 

 

 

 

Loss before other income (expense) and equity in earnings of unconsolidated joint venture, net

        (1,336,941)

           (892,177)

 

 

 

**Other income (expense)**

 

 

Gain on re-measurement

                      -   

            508,047 

Interest expense

           (746,843)

             (96,586)

Other income (expense), net

           (746,843)

            411,461 

 

 

 

Loss after other income (expense)  and before equity in earnings of unconsolidated joint venture, net

        (2,083,784)

           (480,716)

Equity in earnings of unconsolidated joint venture, net

                      -   

             (39,678)

Loss from continuing operations

 $     (2,083,784)

 $        (520,394)

 

 

 

Loss from discontinued operations

             (27,253)

                      -   

 

 

 

Net loss

 $     (2,111,037)

 $        (520,394)

Basic and diluted loss per common share:

 

 

Loss attributable to common stockholders

 $              (0.80)

 $              (0.61)

Weighted average number of common shares outstanding, basic and diluted

   2,647,039 

      854,149

 

 

 

*The accompanying notes are an integral part of these consolidated financial statements.*

F-3

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

 

 

 

 

 

 

** **

** **

 

 

 

**Preferred Stock**

**Common Stock**

 

 

**Accumulated**

 

 

** **

** **

** **

** **

**Common Stock**

**Additional Paid-In**

**Distributions**

 

 

**Shares**

**Amount**

**Shares**

**Amount**

**Subscribed**

**Capital**

**and Net Loss**

** Total**

**Balance, December 31, 2010**

            1,000 

$1 

                 274,966 

$        275 

$            100,000 

$2,573,210 

($580,644)

$2,092,842 

Issuance of common shares (cash investment)

                    - 

            - 

              1,500,961 

       1,500 

                         - 

              14,966,525 

                                 - 

                 14,968,025 

Issuance of common shares (non-cash)

                    - 

            - 

                   37,586 

            38 

                         - 

                   363,089 

                                 - 

                      363,127 

Common shares subscribed

                    - 

            - 

                            - 

               - 

            (100,000)

                               - 

                                 - 

                    (100,000)

Selling commissions

                    - 

            - 

                            - 

               - 

                         - 

              (1,000,356)

                                 - 

                 (1,000,356)

Dividends and distributions (stock)

                    - 

            - 

                            - 

               - 

                         - 

-

                    (288,045)

                    (288,045)

Dividends and distributions (cash)

                    - 

            - 

                            - 

               - 

                         - 

                               - 

                    (308,501)

                    (308,501)

Net loss

                    - 

            - 

                            - 

               - 

                         - 

                               - 

                    (520,394)

                    (520,394)

**Balance, December 31, 2011**

            1,000 

$1 

              1,813,513 

$     1,813 

$                        - 

$16,902,468 

($1,697,584)

$15,206,698 

Issuance of common shares (cash investment)

                    - 

            - 

              1,631,763 

       1,632 

                         - 

              16,074,840 

                                 - 

                 16,076,472 

Issuance of common shares (non-cash)

                    - 

            - 

                   93,406 

            93 

                         - 

                   888,269 

                                 - 

                      888,362 

Selling commissions

                    - 

            - 

                            - 

               - 

                         - 

                 (908,514)

                                 - 

                    (908,514)

Dividends and distributions (stock)

                    - 

            - 

                            - 

               - 

                         - 

                     -   

                    (924,827)

                    (924,827)

Dividends and distributions (cash)

                    - 

            - 

                            - 

               - 

                         - 

                     -   

                    (941,653)

                    (941,653)

Net loss

                    - 

            - 

                            - 

               - 

                         - 

                             -   

                 (2,111,037)

(2,111,037)

**Balance, December 31, 2012**

            1,000 

$1 

              3,538,682 

$     3,538 

 $                      - 

$32,957,063 

($5,675,101)

$27,285,501

 

 

 

 

 

 

 

 

 

*The accompanying notes are an integral part of these consolidated financial statements.*

F-4

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

 

 

 

 

 

 

** Year Ended December 31,**

 

 

**2012**

**2011**

 

 

 

 

**Cash flows from operating activities:**

 

 

 

Net Loss

 

 $                  (2,111,037)

 $               (520,394)

**Adjustments to reconcile net loss to net cash provided by (used in) operating activities:**

 

Stock based compensation

 

                            80,000 

                     81,250 

Depreciation and amortization

 

                       2,180,489 

                   354,101 

Deferred loan and leasing commission costs amortization

 

                          148,135 

                       7,353 

Bad debt provision

 

                          126,511 

                     36,791 

Equity in earnings of unconsolidated joint venture, net

 

                                    -   

                     39,678 

Gain on re-measurement

 

                                    -   

                  (508,047)

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accrued rent and accounts receivable

 

                        (266,623)

                   130,739 

Deferred leasing commissions

 

                        (660,888)

                             -   

Prepaid expenses and other assets

 

                          (35,921)

                      (5,697)

Accounts payable and accrued expenses

 

                          724,361 

                     30,159 

Due to related parties

 

                        (243,600)

                   201,787 

Tenants' security deposits

 

                          225,337 

                      (1,550)

** Net cash provided by (used in) operating activities**

 

                          166,764 

                  (153,830)

 

 

 

 

**Cash flows from investing activities:**

 

 

 

Acquisition deposit

 

                        (350,000)

                             -   

Additions to real estate

 

                   (26,601,817)

                             -   

Investment in formerly unconsolidated joint venture

 

                                    -   

               (6,654,339)

**Net cash used in investing activities**

 

                   (26,951,817)

               (6,654,339)

 

 

 

 

**Cash flows from financing activities:**

 

 

 

Dividend distributions paid in cash

 

                        (892,241)

                  (252,207)

Payment of selling commissions

 

                        (908,514)

               (1,000,356)

Deferred loan costs paid

 

                        (294,132)

                    (91,908)

Repayment of note payable

 

                     (9,575,000)

                             -   

Borrowings net of repayment under insurance premium finance note

 

                                    -   

                     88,454 

Proceeds from refinancing, net (revolving line of credit)

 

                     15,000,000 

                             -   

Proceeds from issuance of common stock 

 

                     16,076,472 

              14,868,025 

**Net cash provided by financing activities**

 

                     19,406,585 

              13,612,008 

 

 

 

 

Net change in cash and cash equivalents

 

                     (7,378,468)

                6,803,839 

Cash and cash equivalents at the beginning of period 

 

                       7,440,362 

                   636,523 

Cash and cash equivalents at the end of period 

 

 $                         61,894 

 $             7,440,362 

 

 

 

 

**Supplemental cash flow information:**

 

 

 

Cash paid for interest

 

                          595,061 

                     52,731 

 

 

 

 

**Supplemental disclosures of non-cash investing and financing activities:**

 

 

 

Real estate assets

 

                                    -   

                     18,968 

Goodwill

 

                                    -   

                   249,686 

Notes payable

 

                                    -   

                9,575,000 

Increase in distribution payable

 

56,465

46,167

Distributions made to common stockholders through common stock issuances pursuant to the distribution reinvestment plan

 

868,362

241,878

 

 

 

 

*The accompanying notes are an integral part of these consolidated financial statements.*

F-5

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 — Organization and Business**

Hartman Short Term Income Properties XX, Inc. (the “Company”), is a Maryland corporation formed on February 5, 2009.  The Company elected to be treated as a real estate investment trust (“REIT”) beginning with the taxable year ending December 31, 2011.  The Company is offering shares to the public in its primary offering (exclusive of 2,500,000 shares available pursuant to the Company’s dividend reinvestment plan) at a price of $10.00 per share. The Company was originally a majority owned subsidiary of Hartman XX Holdings, Inc.  Hartman XX Holdings, Inc. is a Texas corporation wholly owned by Allen R. Hartman.  The Company sold 19,000 shares to Hartman XX Holdings, Inc. at a price of $10.00 per share.  The Company has also issued 1,000 shares of convertible preferred shares to its advisor, Hartman Advisors LLC at a price of $10.00 per share.  Hartman Advisors LLC (the “Advisor”) is the Company’s advisor. The Advisor is owned 70% by Allen R. Hartman and 30% by Hartman Income REIT Management, Inc.

As of December 31, 2012, the Company had accepted investor’s subscriptions for, and issued 3,388,690 shares of the Company’s common stock in its public offering, resulting in gross proceeds to the Company of $33,517,675.

The management of the Company is through the Advisor.  Management of the Company’s properties is through Hartman Income REIT Management, Inc. (“HIR Management” or the “Property Manager”). Allied Beacon Partners, Inc. (formerly American Beacon Partners, Inc.) served as the dealer manager of the Company’s public offering from February 5, 2009 to February 1, 2012.  Effective February 1, 2012, D.H. Hill Securities, LLLP succeeded Allied Beacon Partners, Inc. as the dealer manager for the offering.  These parties receive compensation and fees for services related to the offering and for the investment and management of the Company’s assets. These entities will receive fees during the offering, acquisition, operational and liquidation stages.

As of December 31, 2012 we owned 3 commercial properties located in Richardson, Arlington, and Dallas, Texas comprising approximately 469,000 square feet plus 3 pad sites.  As of December 31, 2011 we owned 1 commercial property located in Richardson, Texas comprising approximately 201,000 square feet.  As of December 31, 2012 we also owned a retail shopping center located in Houston, Texas which is being held for resale to an affiliate of the Company.  See Note 5 – Real estate assets held for disposition.

**Note 2 — Summary of Significant Accounting Policies**

***Basis of Presentation***

The accompanying consolidated financial statements as of December 31, 2012 and 2011 have been prepared by us in accordance with accounting principles generally accepted in the United States and pursuant to the rules and regulations of the Securities and Exchange Commission, including Form 10-K and Regulation S-K. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments), which are, in the opinion of management necessary to fairly present the operating results for the respective periods.

        These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Hartman Richardson Heights Properties, LLC for the twelve months ended December 31, 2012, and the period from October 31, 2011, the date we acquired control of this subsidiary, to December 31, 2011, and Hartman Cooper Street Plaza, LLC for the period from May 11, 2012, the date this subsidiary acquired the Cooper Street Property, to December 31, 2012, and Hartman Haute Harwin, LLC for the period from August 7, 2012, the date this subsidiary acquired the Harwin Property, to December 31, 2012, and Hartman Bent Tree, LLC for the period from October 16, 2012, the date this subsidiary acquired the Bent Tree Green Property, to December 31, 2012.  All significant intercompany balances and transactions have been eliminated.

***Use of Estimates***

 

The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

F-6

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Reclassifications***

We have reclassified certain prior fiscal year amounts in the accompanying financial statements in order to be consistent with the current fiscal year presentation. These reclassifications had no effect on the previously reported working capital or results of operations.

***Cash and Cash Equivalents***

 

All highly liquid investments with original maturities of three months or less are considered to be cash equivalents.  Cash and cash equivalents as of December 31, 2012 and 2011 consisted of demand deposits at commercial banks.

***Financial Instruments***

       The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, accrued rent and accounts receivable, accounts payable and accrued expenses and due to related parties.  The Company considers the carrying value to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization.  Based on borrowing rates currently available to the Company for loans with similar terms, the carrying value of its note payable approximates fair value.

***Revenue Recognition***

Our leases are accounted for as operating 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 terms of the leases.  Revenue is recognized on a 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.  When the Company acquires a property, the term of existing leases is considered to commence as of the acquisition date for the purposes of this calculation. Accrued rents are included in accrued rent and accounts receivable, net.  In accordance with ASC 605-10-S99, Revenue Recognition, the Company will defer the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Cost recoveries from tenants are included in tenant reimbursement income in the period the related costs are incurred.

***Real Estate***

***Allocation of Purchase Price of Acquired Assets***

       Upon the acquisition of real properties, it is the Company’s policy to allocate the purchase price of properties to acquired tangible assets, consisting of land and buildings, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and leasehold improvements and value of tenant relationships, based in each case on their fair values. The Company utilizes internal valuation methods to determine the fair values of the tangible assets of an acquired property (which includes land and buildings).

The fair values of above-market and below-market in-place lease values, including below-market renewal options for which renewal has been determined to be reasonably assured, are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) an estimate of fair market lease rates for the corresponding in-place leases and below-market renewal options, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease. The above-market and below-market lease and renewal option values are capitalized as intangible lease assets or liabilities and amortized as an adjustment of rental income over the remaining expected terms of the respective leases.

The fair values of in-place leases include direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease, and tenant relationships. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based on independent appraisals and management’s consideration of current market costs to execute a similar lease. These direct costs are included in intangible lease assets and are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease. Customer relationships are valued based on expected renewal of a lease or the likelihood of obtaining a particular tenant for other locations. These intangibles are included in real estate assets in the consolidated balance sheets and are being amortized to expense over the remaining term of the respective leases.

F-7

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The determination of the fair values of the assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income.

***Depreciation and amortization***

       Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for buildings and improvements.  Tenant improvements are depreciated using the straight-line method over the lesser of the life of the improvement or the remaining term of the lease. In-place leases are amortized using the straight-line method over the weighted years calculated on terms of all of the leases in-place when acquired. 

***Impairment***

       We review our real estate assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations.  We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property.  If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value.  Management has determined that there has been no impairment in the carrying value of our real estate assets for the periods ending December 31, 2012 and 2011.

Projections of expected future cash flows require management to estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, discount rates, the number of months it takes to release the property and the number of years the property is held for investment. The use of inappropriate assumptions in the future cash flow analysis would result in an incorrect assessment of the property’s future cash flow and fair value and could result in the overstatement of the carrying value of our real estate and related intangible assets and net income.

***Accrued Rent and Accounts Receivable***

       Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends.  As of December 31, 2012 and 2011, we had an allowance for uncollectible accounts of $163,302 and $36,791, respectively. For years ended December 31, 2012 and 2011we recorded bad debt expense in the amount of $126,511 and $36,791, respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness.  Bad debt expenses and any related recoveries are included in property operating expenses in the accompanying consolidated statements of operations.

* *

***Deferred Leasing Commissions and Loan Costs***

       Leasing commissions are amortized using the straight-line method over the term of the related lease agreements.  Loan costs are amortized using the straight-line method over the terms of the loans, which approximate the interest method.

***Goodwill***

       Generally accepted accounting principles in the United States require the Company to test goodwill for impairment at least annually or more frequently whenever events or circumstances occur indicating goodwill might be impaired.  The Company has the option to perform a qualitative assessment to determine if it is more likely than not that the fair value is less than the carrying amount.  If the qualitative assessment determines that it is more likely than not that the fair value is less than the carrying amount, or if the Company elects to bypass the qualitative assessment, the Company performs a two-step impairment test.  In the first step, management compares its net book value of the Company to the carrying amount of goodwill at the balance sheet date. In the event net book value of the Company is less than the carrying amount of goodwill, the Company proceeds to step two and assesses the need to record an impairment charge. For the years ended December 31, 2012 and 2011, no goodwill impairment was recognized. 

F-8

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

***Organization and Offering Costs***

The Company has incurred certain expenses in connection with organizing the company. These costs principally relate to professional and filing fees. For the years ended December 31, 2012 and 2011 such costs totaled $136,321 and $51,806, respectively, which have been expensed as incurred.

Organization and offering costs will be reimbursed by the Advisor as set forth in the “*Costs of Formation and Fees to Related Parties”*section of the prospectus, to the extent that organization and offering costs ultimately exceed 1.5% of gross offering proceeds.  As of December 31, 2012 and 2011 the offering and organizational expense incurred in excess of 1.5% of gross offering proceeds is $118,928 and $223,754, respectively.  No demand has been made of the Advisor for reimbursement as of December 31, 2012 and no receivable has been recorded with respect to the excess costs as of that date.  The Company expects the excess cost to diminish as additional offering proceeds are received. Selling commissions in connection with the offering are recorded and charged to additional paid-in-capital.

 

***Stock-Based Compensation***

The Company follows ASC 718- Compensation- Stock Compensation with regard to issuance of stock in payment of services.  ASC 718 requires that compensation cost relating to share-based payment transactions be recognized in financial statements. The compensation cost is measured based on the fair value of the equity or liability instruments issued.

The Company recorded stock-based compensation for non-employee directors of $60,000 and $61,250 for the issuance of 6,000 and 6,125 shares of restricted common stock at the current offering price of $10.00 per share for the years ended December 31, 2012 and 2011, respectively.

**       **Stock-based compensation expense is included in general and administrative expense in the accompanying consolidated statements of operations.

***Advertising***

       The Company expenses advertising costs as incurred and such costs are included in general and administrative expenses in the accompanying consolidated statements of operations.  Advertising costs totaled $11,962 and $875 for the years ended December 31, 2012 and 2011, respectively.

***Income Taxes***

We have elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2011. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP).  As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its stockholders.  If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions.  Such an event could materially and adversely affect the Company’s net income and net cash available for distribution to stockholders.  However, the Company believes that it is organized and will operate in such a manner as to qualify for treatment as a REIT.  

For the years ended December 31, 2012 and 2011, the Company incurred a net loss of $2,111,037 and $520,394, respectively.  The Company does not currently anticipate forming any taxable REIT subsidiaries or otherwise generating future taxable income which may be offset by the net loss carry forward.  The Company considers that any deferred tax benefit and corresponding deferred tax asset which may be recorded in light of the net loss carry forward would be properly offset by an equal valuation allowance in that no future taxable income is expected.  Accordingly no deferred tax benefit or deferred tax asset has been recorded in the consolidated financial statements.

F-9

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The Company is required to recognize in its consolidated financial statements the financial effects of a tax position only if it is determined that it is more likely than not that the tax position will not be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position.  Management has reviewed the Company’s tax positions and is of the opinion that material positions taken by the Company would more likely than not be sustained upon examination.  Accordingly, the Company has not recognized a liability related to uncertain tax positions.

***Loss Per Share***

 

The computations of basic and diluted loss per common share are based upon the weighted average number of common shares outstanding and potentially dilutive securities.  The Company’s potentially dilutive securities include preferred shares that are convertible into the Company’s common stock.  As of December 31, 2012 and 2011, there were no shares issuable in connection with these potentially dilutive securities.  These potentially dilutive securities were excluded from the computations of diluted net loss per share for the years ended December 31, 2012 and 2011 because no shares are issuable and inclusion of such potentially dilutive securities would have been anti-dilutive.

***Concentration of Risk***

       Substantially all of our revenues are derived from two retail and one office building properties located in the Dallas, Texas metropolitan area.  We maintain cash accounts in two U.S. financial institutions.  The terms of these deposits are on demand to minimize risk.  The balances of these accounts may exceed the federally insured limits.  No losses have been incurred in connection with these deposits nor are any expected.

**Note 3 — Investment in Unconsolidated Joint Venture**

On December 28, 2010, the Company entered into the limited liability company operating agreement of Hartman Richardson Heights Properties LLC (the “Joint Venture”).  The Company made an initial capital contribution to the Joint Venture of $1,915,000 cash representing a 10% interest in the Joint Venture.  Hartman Short Term Income Properties XIX, Inc. (“Hartman XIX”), the other member of the Joint Venture, is a REIT that is managed by affiliates of the Company’s manager and real property manager.  As of December 31, 2010 Hartman XIX made capital contributions totaling $17,235,000 cash to the Joint Venture representing a 90% interest therein.

On April 19, 2011 the Board of Directors of the Company authorized the Company’s officers to consider and execute a series of related transactions to acquire up to all of the limited liability company interest of Hartman XIX in the Joint Venture.  The Company was not obligated to acquire any specific portion of the Hartman XIX joint venture interest.  Each prospective acquisition was subject to management’s discretion and the Company’s financial position and liquidity.

      On April 20, 2011 the Company acquired an additional 15% limited liability company interest in the Joint Venture from Hartman XIX for $2,872,500 cash.  On May 27, 2011 the Company acquired an additional 4% limited liability company interest in the Joint Venture from Hartman XIX for $766,000 cash.  On June 30, 2011 the Company acquired an additional 2% limited liability company interest in the Joint Venture from Hartman XIX for $383,000 cash.  On July 20, 2011 the Company acquired an additional 4% limited liability company interest in the Joint Venture from Hartman XIX for $766,000 cash.  On August 12, 2011 the Company acquired an additional 7% limited liability company interest in the Joint Venture from Hartman XIX for $1,340,500 cash. On September 13, 2011 the Company acquired an additional 7% limited liability company interest in the Joint Venture from Hartman XIX for $1,340,500 cash.  The source of the cash used to acquire the interest of Hartman XIX in the Joint Venture was proceeds from the current public offering of the Company’s common shares.

        On October 31, 2011 the Joint Venture distributed a note receivable of $9,750,000 by the Joint Venture from Hartman XIX to Hartman XIX as a reduction in equity capital attributable to Hartman XIX.  The Company acquired the remaining equity interest of Hartman XIX in the Joint Venture for $16,500 cash.  As of November 1, 2011 the Company is the sole member of the Joint Venture. 

F-10

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

 

       The Company’s equity in earnings of unconsolidated entities from its investment in Richardson Heights Shopping Center was $(39,678) for the ten months ended October 31, 2011.

       Included in our 2011 consolidated statement of operations are total revenues of $354,048 and net loss of $260,296 related to the operations of the Richardson Heights property for the period from November 1, 2011 through December 31, 2011.  

**Note 4 — Real Estate**

Real estate assets consisted of the following:

 

**December 31,**

 

 

**2012**

 

**2011**

Land

$

10,443,750

$

4,787,500

Buildings and improvements

 

23,468,037

 

10,706,882

In-place lease value intangible

 

8,404,504

 

3,473,763

 

 

42,316,291

 

18,968,145

Less accumulated depreciation and amortization

 

(2,533,101)

 

(352,612)

Total real estate assets

$

39,783,190

$

18,615,533

Depreciation expense for the years ended December 31, 2012 and 2011 was $756,019 and $87,880, respectively.

       We identify and record the value of acquired lease intangibles at the property acquisition date. Such intangibles include the value of acquired in-place leases and above and below-market leases. Acquired lease intangibles are amortized over the leases' remaining terms.  With respect to all properties owned by the Company, we consider all of the in-place leases to be market rate leases.

     The amount of total in-place lease intangible asset and the respective accumulated amortization as of December 31, 2012 and 2011 are as follows:

 

**December 31,**

 

 

**2012**

 

**2011**

Acquired lease intangible assets:

 

 

 

 

In-place lease value intangible

$

8,404,504

$

3,473,763

In-place leases – accumulated amortization

 

(1,689,202)

 

(264,732)

 Acquired lease intangible assets, net

$

6,715,302

$

3,209,031

     The estimated aggregate future amortization amounts from acquired lease intangibles are as follows:

Years ending December 31,

In-place- lease amortization

2013

$

2,167,839

2014

 

2,250,231

2015

 

1,101,416

2016

 

1,108,870

2017

 

86,946

Thereafter

 

-

Total

$

6,715,302

Amortization expense for the year ended December 31, 2012 and 2011 was $1,424,470 and $264,732, respectively.

F-11

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

As of December 31, 2012 we owned 3 commercial properties located in Richardson, Arlington, and Dallas, Texas comprising approximately 469,000 square feet plus 3 pad sites.  As of December 31, 2011 we owned 1 commercial property located in Richardson, Texas comprising approximately 201,000 square feet.  As of December 31, 2012 we also owned a retail shopping center located in Houston, Texas which is being held for resale to an affiliate of the Company.  See Note 5 – Real estate assets held for disposition.

The following table summarizes the fair values of the Bent Tree Green office building assets acquired and liabilities assumed at the acquisition date:

Assets acquired:

 

 

Real estate assets

$

12,012,500

  Total assets acquired

 

12,012,500

 

 

 

Liabilities assumed:

 

 

Accounts payable and accrued expenses

 

38,623

Tenants’ security deposits

 

144,575

  Total liabilities assumed

 

183,198

 

 

 

Fair value of net assets acquired

$

11,829,302

The following table summarizes the fair values of the Cooper Street Plaza Shopping Center assets acquired and liabilities assumed at the acquisition date:

Assets acquired:

 

 

Real estate assets

$

10,612,500

  Total assets acquired

 

10,612,500

 

 

 

Liabilities assumed:

 

 

Accounts payable and accrued expenses

 

85,407

Tenants’ security deposits

 

27,823

  Total liabilities assumed

 

113,230

 

 

 

Fair value of net assets acquired

$

 10,499,270

As noted in Note 3, on November 1, 2011 the Company acquired the remaining 51% interest of the joint venture we previously did not control.  In accordance with ASC Topic 810 – Business Combinations, the Company re-measured its previously held 49% interest, with a carrying value of $9,361,988.  The acquisition date fair value of the previous equity interest in the Joint Venture was $9,870,093.  Therefore, we recognized a gain of $508,047 as a result of revaluing our prior equity interest held before the acquisition to fair value as of October 31, 2011.  The gain is reflected as “gain on re-measurement” in the consolidated statements of operations.

The following table summarizes the fair values of the Richardson Heights Shopping Center assets acquired and liabilities assumed at the acquisition date:

Assets acquired:

 

 

Real estate assets

$

18,968,145

Cash and cash equivalents

 

830,671

Accounts receivable

 

36,608

Other assets

 

285,011

  Total assets acquired

 

20,120,435

Liabilities assumed:

 

 

Note payable

 

9,575,000

Accounts payable and accrued expenses

 

504,658

Tenant security deposits

 

68,556

Due to related parties

 

351,814

  Total liabilities assumed

 

10,500,028

 

 

 

Fair value of net assets acquired

$

 9,620,407

Fair value of previous equity interest at acquisition date

$

9,870,093

Recognized goodwill

$

249,686

F-12

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

The Company acquired the controlling interest in the Joint Venture without the transfer of consideration, as defined in ASC Topic 805, as control was obtained by a distribution of equity to the former controlling interest.  Therefore, as required by ASC Topic 805, in order to determine whether the Company had goodwill or a bargain purchase gain as a result of this transaction, the fair value of the assets acquired and liabilities assumed  is compared to the value of the investment in the acquired entity.  The fair value of the identifiable assets and liabilities assumed were less than the fair value of the investment in the Joint Venture.  As a result we recognized goodwill of $249,686.  None of the goodwill recognized is expected to be deductible for tax purposes.  Management has determined that the goodwill asset has not been impaired as of December 31, 2012 or December 31, 2011, and accordingly no impairment loss has been recorded for the years then ended, respectively.

As further discussed in Note 3, the Company’s interest in the now former Unconsolidated Joint Venture increased from 49% to 100% effective November 1, 2011.  For the period from November 1, 2011 through December 31, 2011 the accounts of Hartman Richardson Heights Properties, LLC are consolidated with the accounts of the Company.  All significant inter-company balances have been eliminated.

**Note 5 — Real estate assets held for disposition**

On May 2, 2012, the Company acquired the lender’s interest of Wells Fargo Bank, N.A., as Trustee for the Registered Holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-C6, in a promissory note dated August 11, 2005 in the face amount of $5,200,000 (the “Haute Harwin Note”).  The Haute Harwin Note is secured by a Deed of Trust and Security Agreement together with other customary security instruments covering a commercial retail shopping center consisting or approximately 38,813 rentable square feet and located at 6959 Harwin Drive, Houston, Texas (the “Harwin Property”).

The assets secured by the lenders interest were subject to a receivership order dated August 5, 2011 by the 164th Judicial District Court of Harris County, Texas.  The Company paid $3,215,237 cash for the lender’s interest acquired.

The Haute Harwin Note was posted for foreclosure in Harris County, Texas and on August 7, 2012, the Company acquired fee simple title to the Harwin Property.  The receivership order has terminated and the case giving rise to the receivership order has been dismissed.

        On July 23, 2012 the Company’s board of directors approved a sale of the Company’s interest in the Harwin Property to Hartman XIX for $3,272,000 cash.

       

       On August 7, 2012, the Company foreclosed on its investment in the Haute Harwin Note and converted its ownership in the Harwin Property to fee simple.  The Harwin Property is recorded on the consolidated balance sheets as real estate assets held for disposition, and the related operations are presented as discontinued operations on the consolidated statements of operations, consistent with the board of director’s resolution to sell the property.

       On October 23, 2012 the company’s board of directors reviewed the independent appraisal reflecting an “As Is” fair value of $3.4 million.  Based on the independent appraisal the board of directors amended its offer to sell the Harwin Property to increase the asking price to $3.4 million.  The board of director of Harwin XIX accepted the price modification. 

F-13

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Loss from discontinued operations is comprised as follows:

 

**Years ended December 31,**

 

 

**2012**

 

**2011**

Total property revenues

$

113,948

$

-

 

 

 

 

 

Property operating expenses

 

60,227

 

-

Real estate taxes and insurance

 

80,974

 

-

Depreciation & amortization

 

-

 

-

  Total property and other expenses

 

141,201

 

-

 

 

 

 

 

Loss from discontinued operations 

$

(27,253)

$

-

**Note 6 — Accrued Rent and Accounts Receivable, net**

 

 

**December 31,**

 

 

**2012**

 

 

**2011**

Tenant receivables

  $

257,665

 

$

67,857

Accrued rent

 

81,796

 

 

4,981

Allowance for doubtful accounts

 

(163,302)

 

 

(36,791)

 

$

176,159

 

$

36,047

**Note 7 — Deferred Leasing Commissions and Loan Costs**

Costs which have been deferred consist of the following:

 

 

**December 31,**

 

 

**2012**

 

 

**2011**

 

 

 

 

 

 

Deferred loan costs 

           $

427,537

 

      $

133,405

Less:  deferred loan cost accumulated amortization

 

(186,083)

 

 

(38,252)

  Total cost, net of accumulated amortization

$

 241,454

 

$

 95,153

 

 

**December 31,**

 

 

**2012**

 

 

**2011**

 

 

 

 

 

 

Deferred Leasing Commissions 

  $

           660,888

 

                        $

-

Less:  deferred leasing commissions accumulated amortization

 

(304)

 

 

-

  Total cost, net of accumulated amortization

$

660,584

 

$

 -

**Note 8 — Future Minimum Lease Income**

 

We lease the majority of our properties under noncancelable operating leases which provide for minimum base rentals.  A summary of minimum future rentals to be received (exclusive of renewals, tenant reimbursements, and contingent rentals) under noncancelable operating leases in existence at December 31, 2012 is as follows:

Years ending December 31,

Minimum Future Rents

2013

$

4,328,870

2014

 

4,447,133

2015

 

3,855,847

2016

 

3,413,032

2017

 

2,569,903

Thereafter

 

11,070,713

Total

$

29,685,498

F-14

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 9 — Note Payable**

 In connection with the acquisition of the Cooper Street Property, the Company entered into a $30.0 million revolving credit agreement (the “Credit Facility”) with a bank.  The borrowing base of the Credit Facility may be adjusted from time to time subject to the lenders underwriting with respect to real property collateral.  The Credit Facility had an initial borrowing base of $14.0 million.  The Company initially borrowed $14.0 million to repay the $9.575 million mortgage note secured by Richardson Heights and $4.425 million for the Cooper Street Property acquisition.  In connection with the acquisition of the Bent Tree Green Property, the Credit Facility borrowing base was increased to $20.0 million which includes a restricted borrowing base of $2.0 million to provide construction funding if required in connection with substantial building and tenant improvement requirements being undertaken in connection with a substantial new tenant of the Richardson Heights Property.  The note bears interest at the lesser of 5.0% per annum or the bank’s prime rate plus 1% per annum.  The interest rate was 5.0% per annum as of December 31, 2012.  Monthly payments of interest only began November 10, 2012.  The loan matures on May 9, 2015.  As of December 31, 2012 the outstanding balance under the Credit Facility is $15.0 million and the amount available to be borrowed is $3.0 million, exclusive of the $2.0 million restricted borrowing base.  The loan is subject to customary covenants.  As of December 31, 2012 we were in compliance with all loan covenants.  We have requested that the bank provide a formal consent to incur capital costs in excess of the annual covenant amount provided for in the Credit Facility for a substantial new tenant for Richardson Heights.  See Note 15 – Commitments and Contingencies.

Related to the Richardson Heights property acquisition discussed in Note 4, we acquired a $9.575 million mortgage note payable with a bank secured by the Richardson Heights shopping center.  Loan proceeds of $9.575 million were funded at closing.  The note bears interest at the lesser of 5.5% per annum or the bank’s prime rate plus 1% per annum.  The interest rate was 5.5% per annum as of December 31, 2011.  Monthly payments of interest only began February 14, 2011.  The loan was subject to customary covenants.  As of December 31, 2011 we were in compliance with all loan covenants.  The loan was repaid in full on May 11, 2012 in connection with the Cooper Street Property acquisition and refinancing described above.

**Note 10 — Loss Per Share**

       Basic earnings (loss) per share is computed using net income (loss) attributable to common stockholders and the weighted average number of common shares outstanding.  Diluted weighted average shares outstanding reflect common shares issuable from the assumed conversion of convertible preferred stock into common shares. Only those items that have a dilutive impact on basic earnings (loss) per share are included in the diluted earnings (loss) per share.

 

**Year Ended December 31,**

 

 

**2012**

 

 

**2011**

Numerator:

 

 

 

 

 

 Net loss attributable to common stockholders

 

($2,111,037)

 

 

($520,394)

Denominator:

 

 

 

 

 

 Basic and diluted weighted average shares outstanding

 

2,647,039

 

 

854,149

 Basic and diluted loss per common share:

 

 

 

 

 

 Net loss attributable to common stockholders

 

($0.80)

 

 

($0.61)

**Note 11 — Income Taxes**

       Federal income taxes are not provided for because we qualify as a REIT under the provisions of the Internal Revenue Code and because we have distributed and intend to continue to distribute all of our taxable income to our stockholders. Our stockholders include their proportionate taxable income in their individual tax returns. As a REIT, we must distribute at least 90% of our real estate investment trust taxable income to our stockholders and meet certain income sources and investment restriction requirements. In addition, REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates.  The Company’s federal income tax returns for the years ended December 31, 2009, 2010 and 2011 have not been examined by the Internal Revenue Service.  The Company’s federal income tax return for the year ended December 31, 2009 may be examined on or before September 15, 2013. 

F-15

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Taxable income differs from net income for financial reporting purposes principally due to differences in the timing of recognition of interest, real estate taxes, depreciation and rental revenue.

For Federal income tax purposes, the cash dividends distributed to stockholders are characterized as follows for the years ended December 31:

 

**2012**

 

**2011**

Ordinary income ***(unaudited)***

6.0%

 

- %

Return of capital ***(unaudited)***

94.0%

 

100.0%

Capital gains distribution ***(unaudited)***

- %

- 

- %

**Total**

**100.0%**

 

**100.0%**

A provision for Texas Franchise tax under the Texas Margin Tax Bill in the amount of $25,364 and $14,966 was recorded in the consolidated financial statements for the year ended December 31, 2012 and 2011, respectively with a corresponding charge to real estate taxes and insurance. 

**Note 12 — Related Party Transactions**

Hartman Advisors LLC, is a Texas limited liability company owned 70% by Allen R. Hartman individually and 30% by the Property Manager.  The Property Manager is a wholly owned subsidiary of Hartman Income REIT Management, LLC, which is wholly owned by Hartman Income REIT of which Allen R. Hartman is the Chief Executive Officer and Chairman of the Board of Directors.

We pay acquisition fees and asset management fees to our Advisor in connection with the acquisition of properties and management of the Company.  We pay property management and leasing commissions to our Property Manager in connection with the management and leasing of our properties.  For the years ended December 31, 2012 and 2011 we paid our Property Manager $170,491 and $17,450, respectively for property management fees and $660,888 and $0, respectively for leasing commissions.  We paid the Advisor $219,001 and $56,357, respectively for asset management fees.  Acquisition fees paid to our Advisor were $649,005 and $430,875 for the years ended December 31, 2012 and 2011.  Acquisition fees in 2012 includes $80,380 fee related to the investment in the Haute Harwin note.

       As of December 31, 2012 and December 31, 2011, respectively, the Company had a balance due to the Property Manager of $188,660 and $556,698.

The Company owed the Advisor $111,973 and $56,356 for asset management fees as of December 31, 2012 and December 31, 2011, respectively.  These fees are monthly fees equal to one-twelfth of 0.75% of the sum of the higher of the cost or value of each asset. The asset management fee will be based only on the portion of the cost or value attributable to the Company’s investment in an asset, if we do not own all or a majority of an asset.

The Company owed $364,278 and $351,813 to Hartman XIX as of December 31, 2012 and December 31, 2011, respectively.  The balance due to Hartman XIX represents undistributed funds from operations due to Hartman XIX with respect to its former ownership interest in the Joint Venture.

**Note 13 – Stockholders’ Equity**

*Common Stock*

 

        Shares of common stock entitle the holders to one vote per share on all matters which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law.  The common stock has no preferences or preemptive, conversion or exchange rights.

       Under our articles of incorporation, we have authority to issue 750,000,000 common shares of beneficial interest, $0.001 par value per share, and 200,000,000 preferred shares of beneficial interest, $0.001 par value per share.

       

       As of December 31, 2012, the Company has accepted investors’ subscriptions for and issued 3,388,690 shares of the Company’s common stock it is public offering, resulting in gross proceeds to the Company of $33,517,675.

F-16

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

      

*Preferred Stock*

       Under our articles of incorporation the Company’s board of directors has the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such stock, the board of directors shall have the power to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares.  As of December 31, 2012 and 2011 we have issued 1,000 shares of convertible preferred shares to Hartman Advisors LLC at a price of $10.00 per share.

*Common Stock Issuable Upon Conversion of Convertible Preferred Stock* - The convertible preferred stock will convert to shares of common stock if (1) the Company has made total distributions on then outstanding shares of the Company’s common stock equal to the issue price of those shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares, (2) the Company lists its common stock for trading on a national securities exchange if the sum of prior distributions on then outstanding shares of our common stock plus the aggregate market value of our common  stock  (based on the  30-day  average  closing   price) meets  the  same  6%  performance  threshold,  or  (3)  the Company’s advisory agreement with Hartman Advisors, LLC expires without renewal or is terminated (other than because of a material breach by our advisor), and at the time of such expiration or termination the Company is deemed to have met the foregoing 6% performance threshold based on the Company’s enterprise value and prior distributions and, at or subsequent to the expiration or termination, the shareholders actually realize such level of performance upon listing or through total distributions. In general, the convertible stock will convert into shares of common stock with a value equal to 15% of the excess of the Company’s enterprise value plus the aggregate value of distributions paid to date on then outstanding shares of common stock over the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares. With respect to conversion in connection with the termination of the advisory agreement, this calculation is made at the time of termination even though the actual conversion may occur later, or not at all.

*Stock-Based Compensation*

       We award vested restricted common shares to non-employee directors as compensation in part for their service as members of the board of directors of the Company.  These shares are fully vested when granted.  These shares may not be sold while an independent director is serving on the board of directors.  For the years ended December 31, 2012 and 2011, respectively, the Company granted 6,000 and 6,125 shares of restricted common stock to independent directors as compensation for services.  We recognized $60,000 and $61,250 as share-based compensation expense for the year ended December 31, 2012 and 2011, respectively, based upon the estimated fair value per share.  Share based compensation also includes incentive plan awards discussed at Note 14.  These amounts are included in general and administrative expenses for the years ending December 31, 2012 and 2011, respectively in the accompanying consolidated statements of operations.

*Distributions*

The following table reflects the total distributions we have paid, including the total amount paid and amount paid per common share, in each indicated quarter:

F-17

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Quarter paid**

 

**Distributions per Common Share**

 

 

**Total Distributions Paid**

2012

 

 

 

 

 

 

 4th Quarter

 

$

0.175

 

$

550,016

 3rd Quarter

 

 

0.175

 

 

482,186

 2nd Quarter

 

 

0.175

 

 

402,956

 1st Quarter

 

 

0.175

 

 

324,358

Total

 

$

0.700

 

$

1,759,516

 

 

 

 

 

 

 

2011

 

 

 

 

 

 

 4th Quarter

 

$

0.175

 

$

220,025

 3rd Quarter

 

 

0.175

 

 

139,075

 2nd Quarter

 

 

0.175

 

 

95,537

 1st Quarter

 

 

0.175

 

 

40,918

Total

 

$

0.700

 

$

495,555

**Note 14 – Incentive Awards Plan**

The Company has adopted an incentive plan (the “Omnibus Stock Incentive Plan” or the “Incentive Plan”) that provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, dividend equivalent rights and other stock-based awards within the meaning of Internal Revenue Code Section 422, or any combination of the foregoing. We have initially reserved 5,000,000 shares of our common stock for the issuance of awards under our stock incentive plan, but in no event more than ten (10%) percent of our issued and outstanding shares. The number of shares reserved under our stock incentive plan is also subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. Generally, shares that are forfeited or canceled from awards under our stock incentive plan also will be available for future awards.  On January 24, 2012, the Compensation Committee of the Board of Directors approved awards of 1,000 shares of restricted common stock that were effective January 1, 2012 to each of two executives of Hartman Income REIT Management, the Property Manager for the Company. We recognized stock-based compensation expense of $20,000 and $20,000 with respect to these awards based on the amount offering price of $10 per share during the years ending December 31, 2012 and 2011, respectively.

**Note 15 – Commitments and Contingencies**

***Economic Dependency***

       The Company is dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company’s shares of common stock and preferred stock available for issue; the identification, evaluation, negotiation, purchase and disposition of properties’, management of the daily operations of the Company’s real estate portfolio, and other general and administrative responsibilities.  In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other providers.

***Litigation***

The Company is subject to various claims and legal actions that arise in the ordinary course of business.  Management of the Company believes that the final disposition of such matters will not have a material adverse effect on the financial position of the Company.

**Note 16 – Subsequent Events**

Effective March 15, 2013 the Company disposed of the Harwin Property for $3.4 million.

On March 28, 2013, the Company acquired a fee simple interest in a 136,506 square foot office building located in Dallas, Texas commonly known as Parkway I & II (the “Parkway Property”) through Hartman Parkway, LLC (“Parkway LLC”), a wholly owned subsidiary of the Company.

F-18

**HARTMAN SHORT TERM INCOME PROPERTIES XX, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

Parkway LLC acquired the Parkway Property from Merit 99 Office Portfolio LP, an unrelated third party seller, for a purchase price of $9,490,000, exclusive of closing costs.  Parkway LLC financed the payment of the purchase price for the Parkway Property with (1) proceeds from the Company’s ongoing public offering and (2) loan proceeds drawn under a revolving loan agreement (the “Loan Agreement”) provided by a bank.

In connection with the Parkway Property acquisition, the Credit Facility provided by the lender was modified effective March 15, 2013.  The borrowing base under the Credit Facility was increased from $20.0 million to $22.5 million.

An acquisition fee of approximately $237,250 was earned by Hartman Advisors LLC, the Company’s advisor (the “Advisor”), in connection with the purchase of the Parkway Property.  The acquisition fee is payable to the Advisor pursuant to the terms of the advisory agreement between the Company and the Advisor.

       For the period from January 1, 2013 to March 27, 2013, the Company issued 639,298 shares of its common stock from its public offering, resulting in gross proceeds of $5,940,243.  As of March 27, 2013 there were 4,177,980 shares of common stock issued and outstanding.

F-19*** |
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