# EDGAR Filing Document

**Accession Number:** 0001939433
**File Stem:** 0001939433-25-000126
**Filing Date:** 2025-9
**Character Count:** 376489
**Document Hash:** c6a84cc6cc18728bef43c9758af92a18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001939433-25-000126.hdr.sgml**: 20250911

**ACCESSION NUMBER**: 0001939433-25-000126

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250909

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250911

**DATE AS OF CHANGE**: 20250911

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cohen & Steers Income Opportunities REIT, Inc.
- **CENTRAL INDEX KEY:** 0001939433
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-269416
- **FILM NUMBER:** 251308429

**BUSINESS ADDRESS:**
- **STREET 1:** 1166 AVENUE OF THE AMERICAS
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-832-3232

**MAIL ADDRESS:**
- **STREET 1:** 1166 AVENUE OF THE AMERICAS
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

?xml version='1.0' encoding='ASCII'? cnsreit-20250909

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________

**FORM 8-K**

____________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): September 9, 2025**

____________________

**Cohen & Steers Income Opportunities REIT, Inc.**

**(Exact Name of Registrant as Specified in its Charter)**

____________________

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| | | |
|:---|:---|:---|
| **Maryland** | **333-269416** | **88-3609651** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS. Employer<br>Identification No.)** |

---

**1166 Avenue of the Americas**

**New York, New York 10036**

**(Address of Principal Executive Offices) (Zip Code)**

**(212) 832-3232**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⌧

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**Item 1.01. Entry into a Material Definitive Agreement.**

***Amended and Restated Expense Limitation and Reimbursement Agreement***

On September 9, 2025, Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation (the "Company"), entered into an Amended and Restated Expense Limitation and Reimbursement Agreement (the "A&R Expense Limitation and Reimbursement Agreement") by and between the Company and Cohen & Steers Capital Management, Inc. (the "Advisor"), which amends and restates in its entirety the Expense Limitation Agreement, dated January 24, 2023, by and between the Company and the Advisor. Pursuant to the A&R Expense Limitation and Reimbursement Agreement, the Advisor has contractually agreed, until the earlier of (1) December 31, 2026 or (2) the month that the Company's aggregate net asset value ("NAV") is at least $750 million (the "Limitation Period"), to waive reimbursement and/or pay the Company's Specified Expenses (as defined in the A&R Expense Limitation and Reimbursement Agreement) to the extent necessary to ensure the Company's Specified Expenses will not exceed 0.50% of net assets (annualized). The Company has agreed to repay these amounts, when and if requested by the Advisor, but only if and to the extent that Specified Expenses are less than 0.50% of the average net asset value (annualized) (or, if a lower expense limit is then in effect, such lower limit) within three years after the date the Advisor waived or reimbursed such fees or expenses. Any Excess Expense (as defined in the A&R Expense Limitation and Reimbursement Agreement) will not be recognized as an expense until it is probable that the Company will reimburse the Advisor for such cost. This agreement cannot be terminated prior to the end of the Limitation Period without the consent of the board of directors of the Company (the "Board"), including a majority of independent directors.

The foregoing summary description of the A&R Expense Limitation and Reimbursement Agreement does not purport to be complete and is qualified in its entirety by reference to the A&R Expense Limitation and Reimbursement Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

***Private Offering of New Share Classes***

The Company intends to conduct a private offering of new classes of common stock. In connection with the private offering, the Board approved the authorization, designation and offering of the Company's Class B common stock (the "Class B shares"), Class R-I common stock (the "Class R-I shares"), Class R-S common stock (the "Class R-S shares"), Class M-I common stock (the "Class M-I shares") and Class M-S common stock (the "Class M-S shares"), each with a par value of $0.01 per share (collectively, the "New Share Classes"). The preferences, rights, voting powers, restrictions, qualifications and terms and conditions of redemption for the New Share Classes are substantially similar to the rights, preferences and terms for each of the Company's existing classes of common stock, including the same proportional rights to the Company's assets. In connection with the designation of the New Share Classes, the Company amended certain of its documents as described below.

*Second Amended and Restated Advisory Agreement*

On September 9, 2025, the Company entered into a Second Amended and Restated Advisory Agreement (the "Advisory Agreement") by and among the Company, Cohen & Steers Income Opportunities REIT Operating Partnership, L.P. (the "Operating Partnership") and the Advisor to, among other things, (i) make certain updates to reflect the designation of the New Share Classes, (ii) extend the period during which the Advisor will advance the Company's organization and offering expenses through the earlier of (1) December 31, 2026 or (2) the month that the Company's NAV is at least $750 million, subject to the reimbursement conditions included therein.

*Second Amended and Restated Limited Partnership Agreement of Cohen & Steers Income Opportunities REIT Operating Partnership, L.P.*

On September 9, 2025, the Company entered into a Second Amended and Restated Limited Partnership Agreement (the "OP Agreement") for the Operating Partnership by and among the Company, Cohen & Steers Income Opportunities REIT Special Limited Partner, LLC and the limited partners party thereto, to make certain updates to reflect the designation of the New Share Classes and corresponding units of the Operating Partnership.

The foregoing summary descriptions of the Advisory Agreement and the OP Agreement do not purport to be complete and are qualified in their entirety by reference to the Advisory Agreement and the OP Agreement, copies of which are included as Exhibits 10.2 and 10.3, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

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**Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**

*Articles of Amendment and Articles Supplementary*

In connection with the designation and offering of the New Share Classes, on September 9, 2025, the Company filed Articles of Amendment (the "Articles of Amendment") to its charter with the Maryland State Department of Assessments and Taxation ("SDAT") to increase the number of shares of capital stock that the Company has authority to issue to 3,448,000,000 and the number of shares of common stock, par value $0.01 per share, that the Company has authority to issue to 3,348,000,000. Immediately following the filing of the Articles of Amendment, the Company filed with SDAT Articles Supplementary (the "Articles Supplementary" and, together with the Articles of Amendment, the "Charter Amendments") to its charter, pursuant to which the Company classified and designated the following authorized but unissued shares of common stock: 38,000,000 as Class B shares, 45,000,000 as Class R-I shares, 45,000,000 as Class R-S shares, 180,000,000 as Class M-I shares and 240,000,000 as Class M-S shares.

The foregoing descriptions of the Articles of Amendment and Articles Supplementary do not purport to be complete and are qualified in their entirety by reference to the Articles of Amendment and Articles Supplementary, copies of which are filed as Exhibits 3.1 and 3.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference. Except as described in this Current Report on Form 8-K, the Charter Amendments did not amend, alter or modify any other terms or provisions of the Company's charter.

**Item 8.01. Other Events.**

*Share Repurchase Plan*

Effective September 9, 2025, the Board amended the Company's share repurchase plan (the "Share Repurchase Plan") to incorporate the New Share Classes and make other governance updates.

*Distribution Reinvestment Plan*

In addition, effective September 9, 2025, the Board adopted a distribution reinvestment plan (the "DRIP") to cover all investors in the Company, including investors in the New Share Classes, and make other governance updates. The DRIP supersedes and replaces all prior distribution reinvestment plans of the Company.

The foregoing summary descriptions of the Share Repurchase Plan and DRIP do not purport to be complete and are qualified in their entirety by reference to the Share Repurchase Plan and DRIP, copies of which are filed as Exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits.**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | <u>[Articles of Amendment, dated](cnsreitarticlesofamendment.htm)[September 9, 2025](cnsreitarticlesofamendment.htm)</u> |
| 3.2 | <u>[Articles Supplementary, dated](cnsreitarticlessupplementa.htm)[September 9, 2025](cnsreitarticlessupplementa.htm)</u> |
| 4.1 | <u>[Share Repurchase Plan, effective](cnsreitsharerepurchaseplan.htm)[September 9, 2025](cnsreitsharerepurchaseplan.htm)</u> |
| 4.2 | <u>[Distribution Reinvestment Plan, dated](cnsreitdistributionreinves.htm)[September 9, 2025](cnsreitdistributionreinves.htm)</u> |
| 10.1 | <u>[Amended and Restated Expense Limitation and Reimbursement Agreement, dated](cnsreit-arexpenselimitatio.htm)[September 9, 2025](cnsreit-arexpenselimitatio.htm)</u> |
| 10.2 | <u>[Second Amended and Restated Advisory Agreement, dated](cnsreit-2ndaradvisoryagree.htm)[September 9, 2025](cnsreit-2ndaradvisoryagree.htm)</u> |
| 10.3 | <u>[Second Amended and Restated Limited Partnership Agreement, dated](csincomeopportunitiesreito.htm)[September 9, 2025](csincomeopportunitiesreito.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | **COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.** | **COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.** |
| Date: | September 11, 2025 |  |  |
|  |  | By: | /s/ Arjun Mahalingam |
|  |  | Name: | Arjun Mahalingam |
|  |  | Title: | Chief Financial Officer & Treasurer |

---

## Exhibit 3.1

**Exhibit 3.1**

**<u>COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.</u>**

**ARTICLES OF AMENDMENT**

Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation (the "<u>Corporation</u>"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

<u>FIRST</u>: The charter of the Corporation (the "<u>Charter</u>") is hereby amended to delete the first two sentences of Section 5.1 of Article V in their entirety and to substitute in lieu thereof the following sentences:

The Corporation has authority to issue 3,448,000,000 Shares, consisting of 3,348,000,000 shares of common stock, $0.01 par value per share (the "<u>Common Shares</u>"), 800,000,000 of which are classified as Class P common stock (the "<u>Class P Common Shares</u>"), 80,000,000 of which are classified as Class T common stock (the "<u>Class T Common Shares)</u>, 800,000,000 of which are classified as Class S common stock (the "<u>Class S Common Shares</u>"), 160,000,000 of which are classified as Class D common stock (the "<u>Class D Common Shares</u>"), 600,000,000 of which are classified as Class I common stock (the "<u>Class I Common Shares</u>"), 20,000,000 of which are classified as Class F-T common stock (the "<u>Class F-T Common Shares</u>"), 200,000,000 of which are classified as Class F-S common stock (the "<u>Class F-S Common Shares</u>"), 40,000,000 of which are classified as Class F-D common stock (the "<u>Class F-D Common Shares</u>") and 100,000,000 of which are classified as Class F-I common stock (the "<u>Class F-I Common Shares</u>"), and 100,000,000 shares of preferred stock, par value $0.01 per share (the "<u>Preferred Shares</u>"). The aggregate par value of all authorized Shares having par value is $34,480,000.

<u>SECOND</u>: The total number of shares of stock which the Corporation had authority to issue immediately prior to the foregoing amendment of the Charter was 2,900,000,000, consisting of 2,800,000,000 shares of common stock, $0.01 par value per share, of which 800,000,000 shares were classified as Class P Common Shares, 80,000,000 shares were classified as Class T Common Shares, 800,000,000 shares were classified as Class S Common Shares, 160,000,000 shares were classified as Class D Common Shares, 600,000,000 shares were classified as Class I Common Shares, 20,000,000 shares were classified as Class F-T Common Shares, 200,000,000 shares were classified as Class F-S Common Shares, 40,000,000 shares were classified as Class F-D Common Shares and 100,000,000 shares were classified as Class F-I Common Shares, and 100,000,000 Preferred Shares. The aggregate par value of all authorized shares of stock having par value was $29,000,000.

<u>THIRD</u>: The total number of shares of stock which the Corporation has authority to issue pursuant to the foregoing amendment of the Charter is 3,448,000,000, consisting of 3,348,000,000 shares of common stock, $0.01 par value per share, of which 800,000,000 shares are classified as Class P Common Shares, 80,000,000 shares are classified as Class T Common Shares,800,000,000 shares are classified as Class S Common Shares, 160,000,000 shares are

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classified as Class D Common Shares, 600,000,000 shares are classified as Class I Common Shares, 20,000,000 shares are classified as Class F-T Common Shares, 200,000,000 shares are classified as Class F-S Common Shares, 40,000,000 shares are classified as Class F-D Common Shares and 100,000,000 shares are classified as Class F-I Common Shares, and 100,000,000 Preferred Shares. The aggregate par value of all authorized shares of stock having par value is $34,480,000.

<u>FOURTH</u>: The information required by Section 2-607(b)(2)(i) of the Maryland General Corporation Law (the "<u>MGCL</u>") is not changed by the foregoing amendment of the Charter.

<u>FIFTH</u>: The foregoing amendment of the Charter was approved by a majority of the entire Board of Directors of the Corporation as required by law and was limited to a change expressly authorized by Section 2-105(a)(13) of the MGCL without any action by the stockholders of the Corporation.

<u>SIXTH</u>: The undersigned acknowledges these Articles of Amendment to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be signed in its name and on its behalf by its Chief Executive Officer & Chief Investment Officer and attested to by its Secretary on this 9<sup>th</sup> day of September, 2025.

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| | |
|:---|:---|
| ATTEST: | COHEN & STEERS INCOME OPPORTUNITIES REIT, INC. |
| /s/ Brian W. Heller | /s/ James S. Corl |
| Name: Brian W. Heller<br>Title: Secretary | Name: James S. Corl<br>Title: Chief Executive Officer & Chief Investment Officer |

---

## Exhibit 3.2

**Exhibit 3.2**

**<u>COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.</u>**

**ARTICLES SUPPLEMENTARY** 

Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation (the "<u>Corporation</u>"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

<u>FIRST</u>: Under a power contained in Section 5.1 of Article V of the charter of the Corporation (the "<u>Charter</u>"), the Board of Directors of the Corporation (the "<u>Board of Directors</u>"), by duly adopted resolutions, classified and designated (i) 38,000,000 authorized but unissued shares of common stock, $0.01 par value per share (the "<u>Common Shares</u>"), of the Corporation as shares of Class B common stock, $0.01 par value per share (the "<u>Class B Common Shares</u>"), of the Corporation, (ii) 45,000,000 authorized but unissued Common Shares as shares of Class R-I common stock, $0.01 par value per share (the "<u>Class R-I Common Shares</u>"), of the Corporation, (iii) 45,000,000 authorized but unissued Common Shares as shares of Class R-S common stock, $0.01 par value per share (the "<u>Class R-S Common Shares</u>"), of the Corporation, (iv) 180,000,000 authorized but unissued Common Shares as shares of Class M-I common stock, $0.01 par value per share (the "<u>Class M-I Common Shares</u>"), of the Corporation, and (v) 240,000,000 authorized but unissued Common Shares as shares of Class M-S common stock, $0.01 par value per share (the "<u>Class M-S Common Shares</u>"), of the Corporation, with the following preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, or terms or conditions of redemption, which, upon any restatement of the Charter, shall become part of Article IV or Article V of the Charter, as appropriate, with any necessary or appropriate renumbering or relettering of the sections or subsections hereof. Unless otherwise defined below, capitalized terms used below have the meanings given to them in the Charter.

<u>Class B Common Shares</u>

1)<u>Authorized Shares</u>. Of the total number of authorized Common Shares, 38,000,000 Common Shares are classified as Class B Common Shares.

2)<u>Definitions</u>. As used herein, the following terms shall have the following meanings unless the context otherwise requires:

"<u>Class B Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class B NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class B NAV Per Share</u>" shall mean the net asset value of the Corporation allocable to the Class B Common Shares, determined as described in the Class B Private Placement Memorandum, divided by the number of outstanding Class B Common Shares.

"<u>Class B Private Placement Memorandum</u>" shall mean the private placement memorandum of the Corporation with respect to the offer and sale of the Class B Common Shares, as it may be supplemented, amended or restated from time to time, including all exhibits and appendixes thereto.

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3)<u>Conversion of Class B Common Shares to Class I Common Shares</u>. Each Class B Common Share held in a Stockholder's account shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares equal to the Class B Conversion Rate on the earliest of (a) a Listing of Class I Common Shares or Class F-I Common Shares and (b) a merger or consolidation of the Corporation with or into another entity, or the sale or other disposition of all or substantially all of the Corporation's assets.

4)<u>Rights Upon Liquidation</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any Distribution of the assets of the Corporation, the aggregate assets of the Corporation available for Distribution to holders of the Common Shares shall be determined in accordance with applicable law. The holder of each Class B Common Share shall be entitled to be paid, out of the assets of the Corporation that are legally available for Distribution to the holders of the Common Shares, a liquidation payment equal to the Class B NAV Per Share.

<u>Class R-I Common Shares</u>

1)<u>Authorized Shares</u>. Of the total number of authorized Common Shares, 45,000,000 Common Shares are classified as Class R-I Common Shares.

2)<u>Definitions</u>. As used herein, the following terms shall have the following meanings unless the context otherwise requires:

"<u>Class R-I Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class R-I NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class R-I NAV Per Share</u>" shall mean the net asset value of the Corporation allocable to the Class R-I Common Shares, determined as described in the Class R Private Placement Memorandum, divided by the number of outstanding Class R-I Common Shares.

"<u>Class R Private Placement Memorandum</u>" shall mean the private placement memorandum of the Corporation with respect to the offer and sale of the Class R-S and Class R-I Common Shares, as it may be supplemented, amended or restated from time to time, including all exhibits and appendixes thereto.

3)<u>Conversion of Class R-I Common Shares to Class I Common Shares</u>. Each Class R-I Common Share held in a Stockholder's account shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares equal to the Class R-I Conversion Rate on the earliest of (a) a Listing of Class I Common Shares or Class F-I Common Shares and (b) a merger or consolidation of the Corporation with or into another entity, or the sale or other disposition of all or substantially all of the Corporation's assets.

4)<u>Rights Upon Liquidation</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any Distribution of the assets of the Corporation, the

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aggregate assets of the Corporation available for Distribution to holders of the Common Shares shall be determined in accordance with applicable law. The holder of each Class R-I Common Share shall be entitled to be paid, out of the assets of the Corporation that are legally available for Distribution to the holders of the Common Shares, a liquidation payment equal to the Class R-I NAV Per Share.

<u>Class R-S Common Shares</u>

1)<u>Authorized Shares</u>. Of the total number of authorized Common Shares, 45,000,000 Common Shares are classified as Class R-S Common Shares.

2)<u>Definitions</u>. As used herein, the following terms shall have the following meanings unless the context otherwise requires:

"<u>Class R-S Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class R-S NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class R-S NAV Per Share</u>" shall mean the net asset value of the Corporation allocable to the Class R-S Common Shares (including any reduction for Stockholder Servicing Fees as described in the Class R Private Placement Memorandum), determined as described in the Class R Private Placement Memorandum, divided by the number of outstanding Class R-S Common Shares.

3)<u>Conversion of Class R-S Common Shares to Class I Common Shares</u>. Each Class R-S Common Share held in a Stockholder's account shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares equal to the Class R-S Conversion Rate on the earliest of (a) a Listing of Class I Common Shares or Class F-I Common Shares and (b) a merger or consolidation of the Corporation with or into another entity, or the sale or other disposition of all or substantially all of the Corporation's assets.

4)<u>Rights Upon Liquidation</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any Distribution of the assets of the Corporation, the aggregate assets of the Corporation available for Distribution to holders of the Common Shares shall be determined in accordance with applicable law. The holder of each Class R-S Common Share shall be entitled to be paid, out of the assets of the Corporation that are legally available for Distribution to the holders of the Common Shares, a liquidation payment equal to the Class R-S NAV Per Share.

<u>Class M-I Common Shares</u>

1)<u>Authorized Shares</u>. Of the total number of authorized Common Shares, 180,000,000 Common Shares are classified as Class M-I Common Shares.

2)<u>Definitions</u>. As used herein, the following terms shall have the following meanings unless the context otherwise requires:

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"<u>Class M-I Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class M-I NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class M-I NAV Per Share</u>" shall mean the net asset value of the Corporation allocable to Class M-I Common Shares, determined as described in the Class M Private Placement Memorandum, divided by the number of outstanding Class M-I Common Shares.

"<u>Class M Private Placement Memorandum</u>" shall mean the private placement memorandum of the Corporation with respect to the offer and sale of the Class M-S and Class M-I Common Shares, as it may be supplemented, amended or restated from time to time, including all exhibits and appendixes thereto.

3)<u>Conversion of Class M-I Common Shares to Class I Common Shares</u>. Each Class M-I Common Share held in a Stockholder's account shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares equal to the Class M-I Conversion Rate on the earliest of (a) a Listing of Class I Common Shares or Class F-I Common Shares and (b) a merger or consolidation of the Corporation with or into another entity, or the sale or other disposition of all or substantially all of the Corporation's assets.

4)<u>Rights Upon Liquidation</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any Distribution of the assets of the Corporation, the aggregate assets of the Corporation available for Distribution to holders of the Common Shares shall be determined in accordance with applicable law. The holder of each Class M-I Common Share shall be entitled to be paid, out of the assets of the Corporation that are legally available for Distribution to the holders of the Common Shares, a liquidation payment equal to the Class M-I NAV Per Share.

<u>Class M-S Common Shares</u>

1)<u>Authorized Shares</u>. Of the total number of authorized Common Shares, 240,000,000 Common Shares are classified as Class M-S Common Shares.

2)<u>Definitions</u>. As used herein, the following terms shall have the following meanings unless the context otherwise requires:

"<u>Class M-S Conversion Rate</u>" shall mean the fraction, the numerator of which is the Class M-S NAV Per Share and the denominator of which is the Class I NAV Per Share.

"<u>Class M-S NAV Per Share</u>" shall mean the net asset value of the Corporation allocable to Class M-S Common Shares (including any reduction for Stockholder Servicing Fees as described in the Class M Private Placement Memorandum), determined as described in the Class M Private Placement Memorandum, divided by the number of outstanding Class M-S Common Shares.

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3)<u>Conversion of Class M-S Common Shares to Class I Common Shares</u>. Each Class M-S Common Share held in a Stockholder's account shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares equal to the Class M-S Conversion Rate on the earliest of (a) a Listing of Class I Common Shares or Class F-I Common Shares and (b) a merger or consolidation of the Corporation with or into another entity, or the sale or other disposition of all or substantially all of the Corporation's assets.

4)<u>Rights Upon Liquidation</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any Distribution of the assets of the Corporation, the aggregate assets of the Corporation available for Distribution to holders of the Common Shares shall be determined in accordance with applicable law. The holder of each Class M-S Common Share shall be entitled to be paid, out of the assets of the Corporation that are legally available for Distribution to the holders of the Common Shares, a liquidation payment equal to the Class M-S NAV Per Share.

<u>SECOND</u>: The Class B Common Shares, the Class R-I Common Shares, the Class R-S Common Shares, the Class M-I Common Shares and the Class M-S Common Shares have been classified and designated by the Board of Directors under the authority contained in the Charter.

<u>THIRD</u>: These Articles Supplementary have been approved by the Board of Directors in the manner and by the vote required by law.

<u>FOURTH</u>: The undersigned acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be signed in its name and on its behalf by its Chief Executive Officer & Chief Investment Officer and attested to by its Secretary on this 9<sup>th</sup> day of September, 2025.

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| | |
|:---|:---|
| ATTEST: | COHEN & STEERS INCOME OPPORTUNITIES REIT, INC. |
| /s/ Brian W. Heller | /s/ James S. Corl |
| Name: Brian W. Heller<br>Title: Secretary | Name: James S. Corl<br>Title: Chief Executive Officer & Chief Investment Officer |

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## Exhibit 4.1

**Exhibit 4.1**

**COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.** 

<br> **Class T, Class S, Class D, Class I, Class F-T, Class F-S, Class F-D, Class F-I and Class P, Class B, Class R-I, Class R-S, Class M-I and Class M-S Share Repurchase Plan**<br>

**Adopted September 9, 2025**

**Definitions**

*Advisor —* Cohen & Steers Capital Management, Inc.

*Class B shares —* shall mean the shares of the Company's common stock classified as Class B.

*Class D shares —* shall mean the shares of the Company's common stock classified as Class D.

*Class F-D shares —* shall mean the shares of the Company's common stock classified as Class F-D.

*Class F-I shares —* shall mean the shares of the Company's common stock classified as Class F-I.

*Class F-S shares —* shall mean the shares of the Company's common stock classified as Class F-S.

*Class F-T shares —* shall mean the shares of the Company's common stock classified as Class F-T.

*Class I shares —* shall mean the shares of the Company's common stock classified as Class I.

*Class P shares —* shall mean the shares of the Company's common stock classified as Class P.

*Class M-I shares —* shall mean the shares of the Company's common stock classified as Class M-I.

*Class M-S shares —* shall mean the shares of the Company's common stock classified as Class M-S.

*Class R-I shares —* shall mean the shares of the Company's common stock classified as Class R-I.

*Class R-S shares —* shall mean the shares of the Company's common stock classified as Class R-S.

*Class S shares —* shall mean the shares of the Company's common stock classified as Class S.

*Class T shares —* shall mean the shares of the Company's common stock classified as Class T.

*Code —* shall mean the Internal Revenue Code of 1986, as amended.

*Cohen & Steers –* shall mean Cohen & Steers, Inc. and its affiliates.

*Company —* shall mean Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation.

*Dealer Manager —* shall mean Cohen & Steers Securities, LLC.

*NAV —* shall mean the net asset value of the Company attributable to its Stockholders or the net asset value of a class of its shares, as the context requires, determined in accordance with the Company's Net

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Asset Value Calculation and Valuation Guidelines as described in the Company's prospectus or private placement memorandum, as applicable.

*Operating Partnership —* shall mean Cohen & Steers Income Opportunities REIT Operating Partnership L.P.

*Operating Partnership units —* shall mean limited partnership interests in the Operating Partnership.

*Plan —* shall mean this share repurchase plan of the Company.

*Securities Act —* shall mean the Securities Act of 1933, as amended.

*Special Limited Partner —* shall mean Cohen & Steers Income Opportunities REIT Special Limited Partner, LLC

*Stockholders —* shall mean the holders of Class T, Class S, Class D, Class I, Class F-T, Class F-S, Class F-D, Class F-I, Class P, Class B, Class R-I, Class R-S, Class M-I and Class M-S shares.

*Transaction Price —* shall mean the repurchase price per share for each class of common stock, which shall be equal to the then-current offering price before applicable selling commissions and dealer manager fees.

**Share Repurchase Plan**

Stockholders may request that the Company repurchase shares of its common stock through their financial advisor or directly with the Company's transfer agent. The procedures relating to the repurchase of shares of the Company's common stock are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Certain broker-dealers require that their clients process repurchases through their broker-dealer, which may impact the time necessary to process such repurchase request, impose more restrictive deadlines than described under this Plan, impact the timing of a Stockholder receiving repurchase proceeds and require different paperwork or process than described in this Plan. Stockholders should contact their broker-dealer first if they want to request the repurchase of their shares.

&nbsp;&nbsp;&nbsp;&nbsp;• Under this Plan, to the extent the Company chooses to repurchase shares in any particular month, the Company will only repurchase shares as of the opening of the last calendar day of that month (a "Repurchase Date"). To have shares repurchased, a Stockholder's repurchase request and required documentation must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. Repurchase requests received and processed by the Company's transfer agent will be effected at a repurchase price equal to the Transaction Price on the applicable Repurchase Date (which will generally be equal to the Company's prior month's NAV per share), subject to any Early Repurchase Deduction (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;• A Stockholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the Stockholder's financial intermediary, on our toll-free, automated telephone line, 855-400-5947. The line is open on each business day between the hours of 9:00 a.m. and 6:00 p.m. (Eastern time). Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the last business day of the applicable month.

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&nbsp;&nbsp;&nbsp;&nbsp;• If a repurchase request is received after 4:00 p.m. (Eastern time) on the second to last business day of the applicable month, the repurchase request will be executed, if at all, on the next month's Repurchase Date at the Transaction Price applicable to that month (subject to any Early Repurchase Deduction), unless such request is withdrawn prior to the repurchase. Repurchase requests received and processed by the Company's transfer agent on a business day, but after the close of business on that day or on a day that is not a business day, will be deemed received on the next business day. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase requests may be made by mail or by contacting a financial intermediary, both subject to certain conditions described in this Plan. If making a repurchase request by contacting the Stockholder's financial intermediary, the Stockholder's financial intermediary may require the Stockholder to provide certain documentation or information. If making a repurchase request by mail to the transfer agent, the Stockholder must complete and sign a repurchase authorization form, which can be found at the end of this Plan and which is available on our website, *www.cnsreit.com.* Written requests should be sent to the transfer agent at the following address:

SS&C GIDS, Inc.<br>PO Box 219121<br>Kansas City, MO 64121-9121

Overnight Address:<br>SS&C GIDS, Inc.<br>801 Pennsylvania Ave, Suite 219121<br>Kansas City, MO 64105-9121

Toll Free Number: 855-400-5947

Corporate investors and other non-individual entities must have an appropriate certification on file authorizing repurchases. A signature guarantee may be required.

&nbsp;&nbsp;&nbsp;&nbsp;• For processed repurchases, Stockholders may request that repurchase proceeds are to be paid by mailed check provided that the check is mailed to an address on file with the transfer agent for at least 30 days. Stockholders should check with their broker-dealer that such payment may be made via check or wire transfer, as further described below.

&nbsp;&nbsp;&nbsp;&nbsp;• Stockholders may also receive repurchase proceeds via wire transfer, provided that wiring instructions for their brokerage account or designated U.S. bank account are provided. For all repurchases paid via wire transfer, the funds will be wired to the account on file with the transfer agent or, upon instruction, to another financial institution provided that the Stockholder has made the necessary funds transfer arrangements. The customer service representative can provide detailed instructions on establishing funding arrangements and designating a bank or brokerage account on file. Funds will be wired only to U.S. financial institutions (ACH network members).

&nbsp;&nbsp;&nbsp;&nbsp;• A medallion signature guarantee will be required in certain circumstances described below. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution which participates in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges

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Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. The Company reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any repurchase or transaction request. The Company may require a medallion signature guarantee if, among other reasons: (1) the amount of the repurchase request is over $500,000; (2) a Stockholder wishes to have repurchase proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days or sent to an address other than such Stockholder's address of record for the past 30 days; or (3) the Company's transfer agent cannot confirm a Stockholder's identity or suspects fraudulent activity.

&nbsp;&nbsp;&nbsp;&nbsp;• If a Stockholder has made multiple purchases of shares of the Company's common stock, any repurchase request will be processed on a first in/first out basis unless otherwise requested in the repurchase request.

***Minimum Account Repurchases***

In the event that any Stockholder fails to maintain the minimum balance of $500 of shares of the Company's common stock, the Company may repurchase all of the shares held by that Stockholder at the repurchase price in effect on the date the Company determines that such Stockholder has failed to meet the minimum balance, less any Early Repurchase Deduction. Minimum account repurchases will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company's NAV. Minimum account repurchases are subject to Early Repurchase Deduction.

***Sources of Funds for Repurchases***

The Company may fund repurchase requests from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds (including from sales of the Company's common stock or Operating Partnership units to the Special Limited Partner), and the Company has no limits on the amounts it may pay from such sources.

***Repurchase Limitations***

The Company may repurchase fewer shares than have been requested in any particular month to be repurchased under this Plan, or none at all, in its discretion at any time. In addition, the aggregate NAV of total repurchases of Class T, Class S, Class D, Class I, Class F-T, Class F-S, Class F-D, Class F-I, Class P, Class B, Class R-I, Class R-S, Class M-I and Class M-S shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) will be limited to no more than 2% of the Company's aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). The Company will only process repurchases of Class P or other shares held by Cohen & Steers after all other Stockholder repurchase requests have been processed and to the extent there is availability under the Plan's 2% monthly and 5% quarterly caps (except with respect to or repurchases of shares of common stock that the Advisor receives in lieu of a management fee (including any Operating Partnership units that are subsequently converted to shares of the Company's common stock)).

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In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares submitted for repurchase during such month will be repurchased on a pro rata basis after the Company has repurchased all shares for which repurchase has been requested due to death, disability or divorce. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of this Plan, as applicable.

If the Transaction Price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no repurchase requests will be accepted for such month and Stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests. The Transaction Price for each month will be available on our website at *www.cnsreit.com* and in prospectus supplements filed with the Securities and Exchange Commission, as applicable.

Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing the Company's shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular month than have been requested to be repurchased, or none at all. Further, the Company's board of directors may make exceptions to, modify or suspend for a period of time or indefinitely this Plan if, in its reasonable judgment, it deems such action to be in the best interest of the Company and its Stockholders. The Company's board of directors cannot terminate this Plan absent a liquidity event which results in Stockholders receiving cash or securities listed on a national securities exchange or where otherwise required by law. Material modifications, including any amendment to the 2% monthly or 5% quarterly limitations on repurchases, to and suspensions of the Plan will be promptly disclosed to Stockholders in a prospectus supplement (or post-effective amendment if required by the Securities Act) or current or periodic report filed by us. Material modifications will also be disclosed on the Company's website at *www.cnsreit.com*. In addition, the Company may determine to suspend this Plan due to regulatory changes, changes in law or if the Company becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are repurchased. Once this Plan is suspended, the Company's board of directors will be required to consider at least quarterly whether the continued suspension of the Plan is in the best interests of the Company and the Stockholders. The Company's board of directors must affirmatively authorize the recommencement of this Plan if it is suspended before Stockholder requests will be considered again.

Shares held by the Advisor acquired as payment of the Advisor's management fee will not be subject to this Plan, including with respect to any repurchase limits, the Early Repurchase Deduction or the calculation of NAV. In addition, any repurchases of shares in respect of distributions on the performance participation interest will not be subject to the Early Repurchase Deduction. Stockholders who are exchanging a class of the Company's shares for an equivalent aggregate NAV of another class of the Company's shares will not be subject to, and will not be treated as repurchases for the calculation of, the 2% monthly or 5% quarterly limitations on repurchases and will not be subject to the Early Repurchase Deduction.

*Early Repurchase Deduction*

Except as noted below with respect to Class P shares, there is no minimum holding period for shares of the Company's common stock and Stockholders can request that the Company repurchase their shares at any time. However, subject to limited exceptions, (i) any class of shares other than Class B, Class R-I and

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Class R-S shares that have not been outstanding for at least one year and (ii) any Class B, Class R-I and Class R-S shares that have not been outstanding for at least two years, will be repurchased at 95% of the Transaction Price (an "Early Repurchase Deduction") on the applicable Repurchase Date. For shares other than Class P shares, the one-year holding period is measured as of the first calendar day immediately following the prospective Repurchase Date. For Class P shares, the one-year holding period is measured as of the subscription closing immediately following the prospective repurchase date (for example if you purchase any of such shares on June 1 of a given year and then request the repurchase of such shares in May of the following year, such shares would be repurchased as of May 31 and such period would be deemed to be one year). For Class B, R-I and R-S shares, the two-year holding period is measured as of the subscription closing immediately following the prospective repurchase date (for example if you purchase any of such shares on October 1 of a given year and then request the repurchase of such shares in September of the second year thereafter, such shares would be repurchased as of September 30 and such period would be deemed to be two years). Additionally, Stockholders who have received shares of the Company's common stock in exchange for their Operating Partnership units may include the period of time such Stockholder held such Operating Partnership units for purposes of calculating the holding period for such shares of the Company's common stock. This Early Repurchase Deduction will also generally apply to minimum account repurchases. The Early Repurchase Deduction will not apply to Class P or other shares held by Cohen & Steers. The Early Repurchase Deduction will not apply to shares acquired through the Company's distribution reinvestment plan.

The Company may, from time to time, waive the Early Repurchase Deduction in the following circumstances (subject to conditions described below):

&nbsp;&nbsp;&nbsp;&nbsp;• repurchases resulting from death, qualifying disability or divorce;

&nbsp;&nbsp;&nbsp;&nbsp;• in the event that a Stockholder's shares are repurchased because such Stockholder has failed to maintain the $500 minimum account balance; or

&nbsp;&nbsp;&nbsp;&nbsp;• due to trade or operational error.

As set forth above, the Company may waive the Early Repurchase Deduction in respect of repurchase of shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a Stockholder who is a natural person, including shares held by such Stockholder through a trust or an individual retirement account or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the Stockholder, the recipient of the shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust, (ii) in the case of qualified disability, receiving written notice from such Stockholder, provided that the condition causing the qualifying disability was not pre-existing on the date that the Stockholder became a Stockholder or (iii) in the case of divorce, receiving written notice from the Stockholder of the divorce and the Stockholder's instructions to effect a transfer of the shares (through the repurchase of the shares by the Company and the subsequent purchase by the Stockholder) to a different account held by the Stockholder (including trust or an individual retirement account or other retirement or profit-sharing plan). The Company must receive the written repurchase request within 12 months after the death of the Stockholder, the initial determination of the Stockholder's disability or divorce in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death, disability or divorce of a Stockholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the Stockholder. If spouses are joint registered holders of shares, the request to have the shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the

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Stockholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Deduction upon death, disability or divorce does not apply.

In addition, shares of the Company's common stock are sold to certain feeder vehicles primarily created to hold the Company's shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Company will not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations.

***Class P Shares***

Requests for repurchase of Class P shares, including Class P shares held by Cohen & Steers, may only be made following the two-year anniversary of the initial closing of the Company's private offering. Following such holding period, Stockholders may request on a monthly basis that the Company repurchase all or any portion of their Class P shares.

***Items of Note***

&nbsp;&nbsp;&nbsp;&nbsp;• Stockholders will not receive interest on amounts represented by uncashed repurchase checks;

&nbsp;&nbsp;&nbsp;&nbsp;• Under applicable anti-money laundering regulations and other federal regulations, repurchase requests may be suspended, restricted or canceled and the proceeds may be withheld;

&nbsp;&nbsp;&nbsp;&nbsp;• IRS regulations require the Company to determine and disclose on Form 1099-B the adjusted cost basis for shares of the Company's stock sold or repurchased. Although there are several available methods for determining the adjusted cost basis, unless a Stockholder elects otherwise, which such Stockholder may do by checking the appropriate box on the repurchase authorization form or calling the Company's customer service number at 855-400-5947, the Company will utilize the first-in-first-out method; and

&nbsp;&nbsp;&nbsp;&nbsp;• All shares of the Company's common stock requested to be repurchased must be beneficially owned by the Stockholder of record making the request or his or her estate, heir or beneficiary, or the party requesting the repurchase must be authorized to do so by the Stockholder of record of the shares or his or her estate, heir or beneficiary, and such shares of common stock must be fully transferable and not subject to any liens or encumbrances. In certain cases, the Company may ask the requesting party to provide evidence satisfactory to the Company that the shares requested for repurchase are not subject to any liens or encumbrances. If the Company determines that a lien exists against the shares, the Company will not be obligated to repurchase any shares subject to the lien.

**Mail and Telephone Instructions**

The Company and its transfer agent will not be responsible for the authenticity of mail or phone instructions or losses, if any, resulting from unauthorized Stockholder transactions if they reasonably believe that such instructions were genuine. The Company's transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Stockholder to provide certain specific identifying information on file and sending written confirmation to Stockholders of record. Failure by the Stockholder or its agent to notify the Company's transfer agent in a timely manner, but in no event more than 60 days from receipt of such confirmation, that the instructions were not properly

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acted upon or any other discrepancy will relieve the Company, the Company's transfer agent and the financial advisor of any liability with respect to the discrepancy.

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|:---|:---|
| ![image_0.jpg](image_0.jpg) | **REPURCHASE AUTHORIZATION**<br>**<u>FOR Cohen & Steers Income Opportunities REIT, Inc.</u>** |

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Use this form to request repurchase of your shares in Cohen & Steers Income Opportunities REIT, Inc. Please complete all sections below.

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| | | |
|:---|:---|:---|
| **1 REPURCHASE FROM THE FOLLOWING ACCOUNT** | **1 REPURCHASE FROM THE FOLLOWING ACCOUNT** | **1 REPURCHASE FROM THE FOLLOWING ACCOUNT** |
| Name(s) on the Account | Name(s) on the Account |  |
| Account Number | Account Number | Social Security Number/TIN |
| Financial Advisor Name | Financial Advisor Name | Financial Advisor Phone Number |
| **2 REPURCHASE AMOUNT** *(Check one, required)*<br>☐ All Shares<br>☐ Number of Shares <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>☐ Dollar Amount $<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> | **2 REPURCHASE AMOUNT** *(Check one, required)*<br>☐ All Shares<br>☐ Number of Shares <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>☐ Dollar Amount $<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> | **3 REPURCHASE TYPE** *(Check one, required)*<br>☐ Normal<br>☐ Death<br>☐ Disability<br>☐ Divorce |
| *Additional documentation is required if repurchasing due to Death, Disability or Divorce. Contact Investor Relations for detailed instructions at 855-400-5947.* | *Additional documentation is required if repurchasing due to Death, Disability or Divorce. Contact Investor Relations for detailed instructions at 855-400-5947.* | *Additional documentation is required if repurchasing due to Death, Disability or Divorce. Contact Investor Relations for detailed instructions at 855-400-5947.* |
| **4 PAYMENT INSTRUCTIONS** *(Select only one)* | **4 PAYMENT INSTRUCTIONS** *(Select only one)* | **4 PAYMENT INSTRUCTIONS** *(Select only one)* |
| Indicate how you wish to receive your repurchase payment below. If an option is not selected, a check will be sent to your address of record. Repurchase proceeds for qualified accounts, including IRAs and other Custodial accounts, and certain Broker-controlled accounts as required by your Broker/Dealer of record, will automatically be issued to the Custodian or Broker/Dealer of record, as applicable. ***All Custodial held and Broker-controlled accounts must include the Custodian and/or Broker/Dealer signature.***<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**Cash/Check Mailed to Address of Record**<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**Cash/Check Mailed to Third Party/Custodian** *(Signature Guarantee required)*<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**I authorize Cohen & Steers Income Opportunities REIT, Inc. or its agent to deposit my distribution into my checking or savings account.** | Indicate how you wish to receive your repurchase payment below. If an option is not selected, a check will be sent to your address of record. Repurchase proceeds for qualified accounts, including IRAs and other Custodial accounts, and certain Broker-controlled accounts as required by your Broker/Dealer of record, will automatically be issued to the Custodian or Broker/Dealer of record, as applicable. ***All Custodial held and Broker-controlled accounts must include the Custodian and/or Broker/Dealer signature.***<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**Cash/Check Mailed to Address of Record**<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**Cash/Check Mailed to Third Party/Custodian** *(Signature Guarantee required)*<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**I authorize Cohen & Steers Income Opportunities REIT, Inc. or its agent to deposit my distribution into my checking or savings account.** | Indicate how you wish to receive your repurchase payment below. If an option is not selected, a check will be sent to your address of record. Repurchase proceeds for qualified accounts, including IRAs and other Custodial accounts, and certain Broker-controlled accounts as required by your Broker/Dealer of record, will automatically be issued to the Custodian or Broker/Dealer of record, as applicable. ***All Custodial held and Broker-controlled accounts must include the Custodian and/or Broker/Dealer signature.***<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**Cash/Check Mailed to Address of Record**<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**Cash/Check Mailed to Third Party/Custodian** *(Signature Guarantee required)*<br>☐&nbsp;&nbsp;&nbsp;&nbsp;**I authorize Cohen & Steers Income Opportunities REIT, Inc. or its agent to deposit my distribution into my checking or savings account.** |
| Name / Entity Name / Financial Institution | Name / Entity Name / Financial Institution | Mailing Address |
| City | State | Account Number |
| ☐ Cash/Direct Deposit Attach a <u>pre-printed voided check</u>. *(Non-Custodian Investors Only)* | ☐ Cash/Direct Deposit Attach a <u>pre-printed voided check</u>. *(Non-Custodian Investors Only)* | ☐ Cash/Direct Deposit Attach a <u>pre-printed voided check</u>. *(Non-Custodian Investors Only)* |
| *I authorize Cohen & Steers Income Opportunities REIT, Inc. or its agent to deposit my distribution into my checking or savings account. In the event that Cohen & Steers Income Opportunities REIT, Inc. deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.* | *I authorize Cohen & Steers Income Opportunities REIT, Inc. or its agent to deposit my distribution into my checking or savings account. In the event that Cohen & Steers Income Opportunities REIT, Inc. deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.* | *I authorize Cohen & Steers Income Opportunities REIT, Inc. or its agent to deposit my distribution into my checking or savings account. In the event that Cohen & Steers Income Opportunities REIT, Inc. deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.* |
| Financial Institution Name | Mailing Address | State |

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|:---|:---|
| Your Bank's ABA Routing Number | Your Bank Account Number |
| **PLEASE ATTACH A PRE-PRINTED VOIDED CHECK** | **PLEASE ATTACH A PRE-PRINTED VOIDED CHECK** |
| **5 SHARE REPURCHASE PLAN CONSIDERATIONS *(Select only one)***<br>Our share repurchase plan contains limitations on the number of shares that can be repurchased under the plan during any month and quarter. In addition to these limitations, we cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period and we may elect to repurchase fewer shares than have been requested in any particular month, or none at all. If the number of shares subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each stockholder's request will be reduced on a pro rata basis after we have repurchased all shares for which repurchase has been requested due to death, disability or divorce. If repurchase requests are reduced on a pro rata basis after we have repurchased all shares for which repurchase has been requested due to death, disability or divorce, you may elect (at the time of your repurchase request) to either withdraw your entire request for repurchase or have your request honored on a pro-rata basis. If you wish to have the remainder of your initial request repurchased, you must resubmit a new repurchase request for the remaining amount. **Please select one of the following options below. If an option is not selected, your repurchase request will be processed on a pro-rata basis, if needed.**<br>☐&nbsp;&nbsp;&nbsp;&nbsp;Process my repurchase request on a pro-rata basis.<br>☐&nbsp;&nbsp;&nbsp;&nbsp;Withdraw (do not process) my entire repurchase request if amount will be reduced on a pro-rata basis. | **5 SHARE REPURCHASE PLAN CONSIDERATIONS *(Select only one)***<br>Our share repurchase plan contains limitations on the number of shares that can be repurchased under the plan during any month and quarter. In addition to these limitations, we cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period and we may elect to repurchase fewer shares than have been requested in any particular month, or none at all. If the number of shares subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each stockholder's request will be reduced on a pro rata basis after we have repurchased all shares for which repurchase has been requested due to death, disability or divorce. If repurchase requests are reduced on a pro rata basis after we have repurchased all shares for which repurchase has been requested due to death, disability or divorce, you may elect (at the time of your repurchase request) to either withdraw your entire request for repurchase or have your request honored on a pro-rata basis. If you wish to have the remainder of your initial request repurchased, you must resubmit a new repurchase request for the remaining amount. **Please select one of the following options below. If an option is not selected, your repurchase request will be processed on a pro-rata basis, if needed.**<br>☐&nbsp;&nbsp;&nbsp;&nbsp;Process my repurchase request on a pro-rata basis.<br>☐&nbsp;&nbsp;&nbsp;&nbsp;Withdraw (do not process) my entire repurchase request if amount will be reduced on a pro-rata basis. |
| **6 COST BASIS SELECTION *(Select only one)***<br>U.S. federal income tax information reporting rules generally apply to certain transactions in our shares. Where they apply, the "cost basis" calculated for the shares involved will be reported to the Internal Revenue Service ("IRS") and to you. Generally these rules apply to our shares, including those purchased through our distribution reinvestment plan. You should consult your own tax advisor regarding the consequences of these new rules and your cost basis reporting options.<br>Indicate below the cost basis method you would like us to apply. | **6 COST BASIS SELECTION *(Select only one)***<br>U.S. federal income tax information reporting rules generally apply to certain transactions in our shares. Where they apply, the "cost basis" calculated for the shares involved will be reported to the Internal Revenue Service ("IRS") and to you. Generally these rules apply to our shares, including those purchased through our distribution reinvestment plan. You should consult your own tax advisor regarding the consequences of these new rules and your cost basis reporting options.<br>Indicate below the cost basis method you would like us to apply. |
| IMPORTANT: If an option is not selected, your cost basis will be calculated using the FIFO method.<br>☐&nbsp;&nbsp;&nbsp;&nbsp;FIFO (First — In / First Out)<br>☐&nbsp;&nbsp;&nbsp;&nbsp;LIFO (Last — In / First Out) *Consult your tax advisor to determine whether this method is available to you.*<br>☐&nbsp;&nbsp;&nbsp;&nbsp;Specific Lots | IMPORTANT: If an option is not selected, your cost basis will be calculated using the FIFO method.<br>☐&nbsp;&nbsp;&nbsp;&nbsp;FIFO (First — In / First Out)<br>☐&nbsp;&nbsp;&nbsp;&nbsp;LIFO (Last — In / First Out) *Consult your tax advisor to determine whether this method is available to you.*<br>☐&nbsp;&nbsp;&nbsp;&nbsp;Specific Lots |
| If you have selected "Specific Lots," please identify the lots below: | If you have selected "Specific Lots," please identify the lots below: |
| Date of Purchase:&nbsp;&nbsp;&nbsp;&nbsp; | Amount of Purchase: |
| Date of Purchase:&nbsp;&nbsp;&nbsp;&nbsp; | Amount of Purchase: |
| Date of Purchase:&nbsp;&nbsp;&nbsp;&nbsp; | Amount of Purchase: |

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|:---|:---|:---|:---|
| **7 AUTHORIZATION AND SIGNATURE**<br>**IMPORTANT: Signature Guarantee may be required if any of the following applies:**<br>• Amount to be repurchased is $500,000 or more.<br>• The repurchase is to be sent to an address other than the address we have had on record for the past 30 days.<br>• The repurchase is to be sent to an address other than the address on record.<br>• If name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A one-and-the-same signature guarantee must state " is one-and-the-same as " and you must sign your old and new name.<br>• The repurchase proceeds are deposited directly according to banking instructions provided on this form. *(Non-Custodial Investors Only)* | **7 AUTHORIZATION AND SIGNATURE**<br>**IMPORTANT: Signature Guarantee may be required if any of the following applies:**<br>• Amount to be repurchased is $500,000 or more.<br>• The repurchase is to be sent to an address other than the address we have had on record for the past 30 days.<br>• The repurchase is to be sent to an address other than the address on record.<br>• If name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A one-and-the-same signature guarantee must state " is one-and-the-same as " and you must sign your old and new name.<br>• The repurchase proceeds are deposited directly according to banking instructions provided on this form. *(Non-Custodial Investors Only)* | **7 AUTHORIZATION AND SIGNATURE**<br>**IMPORTANT: Signature Guarantee may be required if any of the following applies:**<br>• Amount to be repurchased is $500,000 or more.<br>• The repurchase is to be sent to an address other than the address we have had on record for the past 30 days.<br>• The repurchase is to be sent to an address other than the address on record.<br>• If name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A one-and-the-same signature guarantee must state " is one-and-the-same as " and you must sign your old and new name.<br>• The repurchase proceeds are deposited directly according to banking instructions provided on this form. *(Non-Custodial Investors Only)* | **7 AUTHORIZATION AND SIGNATURE**<br>**IMPORTANT: Signature Guarantee may be required if any of the following applies:**<br>• Amount to be repurchased is $500,000 or more.<br>• The repurchase is to be sent to an address other than the address we have had on record for the past 30 days.<br>• The repurchase is to be sent to an address other than the address on record.<br>• If name has changed from the name in the account registration, we must have a one-and-the-same name signature guarantee. A one-and-the-same signature guarantee must state " is one-and-the-same as " and you must sign your old and new name.<br>• The repurchase proceeds are deposited directly according to banking instructions provided on this form. *(Non-Custodial Investors Only)* |
| Investor Name (Please Print) | Signature | Signature | Date |
| Co-Investor Name (Please Print) | Signature | Signature | Date |
| **Signature Guarantee**<br> *(Affix Medallion or Signature Guarantee Stamp Below)* | **Signature Guarantee**<br> *(Affix Medallion or Signature Guarantee Stamp Below)* | **Custodian and/or Broker/Dealer Authorization**<br> *(if applicable)* | **Custodian and/or Broker/Dealer Authorization**<br> *(if applicable)* |
|  |  | Signature of Authorized Person | Signature of Authorized Person |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the prospectus or private placement memorandum, as applicable, you received in connection with your initial investment in Cohen & Steers Income Opportunities REIT, Inc., as amended by any amendments or supplements, for a description of the current terms of our share repurchase plan. A copy of the prospectus, as amended and supplemented to date, is located at *www.cnsreit.com* and *www.sec.gov*. The repurchase price will be available in our prospectus supplements and at *www.cnsreit.com* and *www.sec.gov*, as applicable. There are various limitations on your ability to request that we repurchase your shares, including, subject to certain exceptions, an early repurchase deduction if your shares have been outstanding for less than one year or two years, as applicable. In addition, the aggregate NAV of total repurchases of Class T, Class S, Class D, Class I, Class F-T, Class F-S, Class F-D, Class F-I, Class P, Class B, Class R-I, Class R-S, Class M-I and Class M-S shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) will be limited to no more than 2% of the Company's aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). Our board of directors may determine to make exceptions to, amend or suspend our share repurchase plan without stockholder approval. Material modifications to and suspensions of the share repurchase plan will be disclosed in a filing with the SEC at *www.sec.gov*. which will also be made available at *www.cnsreit.com*. Repurchase of shares, when requested, will generally be made monthly; provided however, that the board of directors may determine from time to time to adjust the timing of repurchases. All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. A Stockholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the Stockholder's financial intermediary, on our toll-free, automated telephone line, 855-400-5947. Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the applicable Repurchase Date (or if such Repurchase Date is not a business day, the prior business day). We cannot guarantee that we will have sufficient available funds or that we will otherwise be able to accommodate any or all requests made in any applicable repurchase period. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding. | \*&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the prospectus or private placement memorandum, as applicable, you received in connection with your initial investment in Cohen & Steers Income Opportunities REIT, Inc., as amended by any amendments or supplements, for a description of the current terms of our share repurchase plan. A copy of the prospectus, as amended and supplemented to date, is located at *www.cnsreit.com* and *www.sec.gov*. The repurchase price will be available in our prospectus supplements and at *www.cnsreit.com* and *www.sec.gov*, as applicable. There are various limitations on your ability to request that we repurchase your shares, including, subject to certain exceptions, an early repurchase deduction if your shares have been outstanding for less than one year or two years, as applicable. In addition, the aggregate NAV of total repurchases of Class T, Class S, Class D, Class I, Class F-T, Class F-S, Class F-D, Class F-I, Class P, Class B, Class R-I, Class R-S, Class M-I and Class M-S shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) will be limited to no more than 2% of the Company's aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). Our board of directors may determine to make exceptions to, amend or suspend our share repurchase plan without stockholder approval. Material modifications to and suspensions of the share repurchase plan will be disclosed in a filing with the SEC at *www.sec.gov*. which will also be made available at *www.cnsreit.com*. Repurchase of shares, when requested, will generally be made monthly; provided however, that the board of directors may determine from time to time to adjust the timing of repurchases. All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. A Stockholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the Stockholder's financial intermediary, on our toll-free, automated telephone line, 855-400-5947. Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the applicable Repurchase Date (or if such Repurchase Date is not a business day, the prior business day). We cannot guarantee that we will have sufficient available funds or that we will otherwise be able to accommodate any or all requests made in any applicable repurchase period. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding. | \*&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the prospectus or private placement memorandum, as applicable, you received in connection with your initial investment in Cohen & Steers Income Opportunities REIT, Inc., as amended by any amendments or supplements, for a description of the current terms of our share repurchase plan. A copy of the prospectus, as amended and supplemented to date, is located at *www.cnsreit.com* and *www.sec.gov*. The repurchase price will be available in our prospectus supplements and at *www.cnsreit.com* and *www.sec.gov*, as applicable. There are various limitations on your ability to request that we repurchase your shares, including, subject to certain exceptions, an early repurchase deduction if your shares have been outstanding for less than one year or two years, as applicable. In addition, the aggregate NAV of total repurchases of Class T, Class S, Class D, Class I, Class F-T, Class F-S, Class F-D, Class F-I, Class P, Class B, Class R-I, Class R-S, Class M-I and Class M-S shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) will be limited to no more than 2% of the Company's aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). Our board of directors may determine to make exceptions to, amend or suspend our share repurchase plan without stockholder approval. Material modifications to and suspensions of the share repurchase plan will be disclosed in a filing with the SEC at *www.sec.gov*. which will also be made available at *www.cnsreit.com*. Repurchase of shares, when requested, will generally be made monthly; provided however, that the board of directors may determine from time to time to adjust the timing of repurchases. All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. A Stockholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the Stockholder's financial intermediary, on our toll-free, automated telephone line, 855-400-5947. Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the applicable Repurchase Date (or if such Repurchase Date is not a business day, the prior business day). We cannot guarantee that we will have sufficient available funds or that we will otherwise be able to accommodate any or all requests made in any applicable repurchase period. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding. | \*&nbsp;&nbsp;&nbsp;&nbsp;Please refer to the prospectus or private placement memorandum, as applicable, you received in connection with your initial investment in Cohen & Steers Income Opportunities REIT, Inc., as amended by any amendments or supplements, for a description of the current terms of our share repurchase plan. A copy of the prospectus, as amended and supplemented to date, is located at *www.cnsreit.com* and *www.sec.gov*. The repurchase price will be available in our prospectus supplements and at *www.cnsreit.com* and *www.sec.gov*, as applicable. There are various limitations on your ability to request that we repurchase your shares, including, subject to certain exceptions, an early repurchase deduction if your shares have been outstanding for less than one year or two years, as applicable. In addition, the aggregate NAV of total repurchases of Class T, Class S, Class D, Class I, Class F-T, Class F-S, Class F-D, Class F-I, Class P, Class B, Class R-I, Class R-S, Class M-I and Class M-S shares (including repurchases at certain non-U.S. investor access funds primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) will be limited to no more than 2% of the Company's aggregate NAV per month (measured using the aggregate NAV as of the end of the immediately preceding month) and no more than 5% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the immediately preceding three months). Our board of directors may determine to make exceptions to, amend or suspend our share repurchase plan without stockholder approval. Material modifications to and suspensions of the share repurchase plan will be disclosed in a filing with the SEC at *www.sec.gov*. which will also be made available at *www.cnsreit.com*. Repurchase of shares, when requested, will generally be made monthly; provided however, that the board of directors may determine from time to time to adjust the timing of repurchases. All requests for repurchases must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day of the applicable month. A Stockholder may withdraw his or her repurchase request by notifying the transfer agent, directly or through the Stockholder's financial intermediary, on our toll-free, automated telephone line, 855-400-5947. Repurchase requests must be cancelled before 4:00 p.m. (Eastern time) on the applicable Repurchase Date (or if such Repurchase Date is not a business day, the prior business day). We cannot guarantee that we will have sufficient available funds or that we will otherwise be able to accommodate any or all requests made in any applicable repurchase period. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding. |

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**Mail to:** Cohen & Steers Income Opportunities REIT, Inc. SS&C GIDS, Inc. PO Box 219121 Kansas City, MO 64121-9121

**Overnight Delivery:** Cohen & Steers Income Opportunities REIT, Inc. SS&C GIDS, Inc. 801 Pennsylvania Ave, Suite 219121 Kansas City, MO 64105-9121

**Investor Relations:** 855-400-5947

## Exhibit 4.2

**Exhibit 4.2**

**DISTRIBUTION REINVESTMENT PLAN**

This Distribution Reinvestment Plan (the "<u>Plan</u>") has been adopted by Cohen & Steers Income Opportunities REIT, Inc. (the "<u>Company</u>") pursuant to its Second Articles of Amendment and Restatement (as amended, restated or otherwise modified from time to time, the "<u>Charter</u>"). Unless otherwise defined herein, capitalized terms shall have the same meaning as set forth in the Charter. This Plan shall supersede and replace all prior distribution reinvestment plans of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.***Distribution Reinvestment.*** As agent for the stockholders (the "<u>Stockholders</u>") of the Company who purchase shares of the Company's common stock (collectively the "<u>Shares</u>") pursuant to (i) the Company's continuous public offering (the "Public Offering"), (ii) any unregistered private offering of Shares (each, a "<u>Private Placement</u>") pursuant to applicable exemptions from registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or (iii) any future public offering of the Company (a "<u>Future Public Offering</u>"), and who do not opt out of participating in the Plan or who affirmatively elect to participate in the Plan, as applicable (as set forth in Section 3 below (the "<u>Participants</u>")), the Company will apply all dividends and other distributions declared and paid in respect of the Shares held by each Participant and attributable to the class of Shares purchased by such Participant (the "<u>Distributions</u>"), including Distributions paid with respect to any full or fractional Shares acquired under the Plan, to the purchase of additional Shares of the same class for such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.***Effective Date.*** The effective date of the Plan shall be September 9, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.***Procedure for Participation.*** Any Stockholder who has received a prospectus (the "<u>Prospectus</u>"), as contained in the Company's registration statement filed with the Securities and Exchange Commission (the "<u>SEC</u>") with respect to the Public Offering or any Future Public Offering, as applicable, will automatically become a Participant unless they elect not to become a Participant by noting such election on their subscription agreement; <u>provided</u>, <u>however</u> that any Stockholder who (i) resides in a state or jurisdiction that requires affirmative enrollment in the Plan (as disclosed in the Prospectus) or (ii) is a client of a participating broker-dealer that requires affirmative enrollment in the Plan will only become a Participant if they elect to become a Participant by noting such election on their subscription agreement. Any Stockholder who has received a copy of the private placement memorandum with respect to any Private Placement will become a Participant by completing and executing a subscription agreement, enrollment form or any other appropriate form as may be provided by the Company, the Company's transfer agent, the dealer manager for the applicable Private Placement or any soliciting dealer or registered investment advisor participating in the distribution of Shares for such Private Placement. If any Stockholder initially elects not to be a Participant, they may later become a Participant by subsequently completing and executing an enrollment form or any appropriate authorization form as may be available from the Company, the Company's transfer agent, the dealer manager for the Public Offering or any soliciting dealer participating in the distribution of Shares for the Public Offering. Participation in the Plan will begin with the next Distribution payable after acceptance of a Participant's subscription, enrollment or authorization. Shares will be purchased under the Plan on the date that Distributions are paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.***Suitability.*** Each Participant is requested to promptly notify the Company in writing if the Participant experiences a material change in his or her financial condition, including the failure to meet the income, net worth, investment concentration, status as an "accredited investor" as defined by Regulation D of the Securities Act (solely with respect to purchasers in any Private Placement) or other investment suitability standards imposed by such Participant's state of residence or the Company and set forth in the Company's most recent Prospectus or the applicable private placement memorandum with

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respect to a Private Placement, as applicable. For the avoidance of doubt, this request in no way shifts to the Participant the responsibility of the Company's sponsor, or any other person selling Shares on behalf of the Company to the Participant, to make every reasonable effort to determine that the purchase of Shares by Stockholders who purchased Shares in the Public Offering or any Future Public Offering is a suitable and appropriate investment based on information provided by such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.***Purchase of Shares.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Participants will acquire Shares from the Company (including Shares purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed)) under the Plan (the "<u>Plan Shares</u>") at a price equal to the most recently disclosed transaction price per Share applicable to the class of Shares purchased by the Participant on the date that the Distribution is payable (calculated as of the most recent month end). No upfront selling commissions will be payable with respect to shares purchased pursuant to the Plan, but such shares will be subject to ongoing stockholder servicing fees. Participants in the Plan may purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares and such Participant's participation in the Plan will be terminated to the extent that a reinvestment of such Participant's Distributions in Shares would cause the percentage ownership or other limitations contained in the Charter to be violated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (i) Shares that will be registered with the SEC in connection with the Public Offering; (ii) Shares that will be issued by the Company in a Private Placement pursuant to applicable exemptions from registration under the Securities Act; or (iii) Shares to be registered with the SEC in connection with a Future Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.***Taxes.*** THE REINVESTMENT OF DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY INCOME TAX LIABILITY THAT MAY BE PAYABLE ON THE DISTRIBUTIONS. INFORMATION REGARDING POTENTIAL TAX INCOME LIABILITY OF PARTICIPANTS MAY BE FOUND IN THE PUBLIC FILINGS MADE BY THE COMPANY WITH THE SEC OR THE PRIVATE PLACEMENT MEMORANDUM WITH RESPECT TO A PRIVATE PLACEMENT, AS APPLICABLE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.***Share Certificates***. The ownership of the Shares purchased through the Plan will be in book-entry form unless and until the Company issues certificates for its outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.***Reports***. On a quarterly basis, the Company shall provide each Participant a statement of account describing, as to such Participant: (i) the Distributions reinvested during the quarter; (ii) the number and class of Shares purchased pursuant to the Plan during the quarter; (iii) the per share purchase price for such Shares; and (iv) the total number of Shares purchased on behalf of the Participant under the Plan. On an annual basis, tax information with respect to income earned on Shares under the Plan for the calendar year will be provided to each applicable Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.***Termination by Participant***. A Participant may terminate participation in the Plan at any time, without penalty, by delivering 10 business days' prior written notice to the Company. This notice must be received by the Company prior to the last day of a month in order for a Participant's termination to be effective for such month (i.e., a timely termination notice will be effective as of the last day of a month in which it is timely received and will not affect participation in the Plan for any prior month). Any transfer of Shares by a Participant to a non-Participant will terminate participation in the Plan with respect to the

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transferred Shares. If a Participant requests that the Company repurchase all or any portion of the Participant's Shares, the Participant's participation in the Plan with respect to the Participant's Shares for which repurchase was requested but that were not repurchased will be terminated. If a Participant terminates Plan participation, the Company may, at its option, ensure that the terminating Participant's account will reflect the whole number of shares in such Participant's account and provide a check for the cash value of any fractional share in such account. Upon termination of Plan participation for any reason, future Distributions will be distributed to the Stockholder in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. ***Amendment, Suspension or Termination by the Company.*** The Board of Directors may by majority vote amend any aspect of the Plan; *provided* that the Plan cannot be amended to eliminate a Participant's right to terminate participation in the Plan and that notice of any material amendment must be provided to Participants at least 10 business days prior to the effective date of that amendment. The Board of Directors may by majority vote suspend or terminate the Plan for any reason upon 10 business days' written notice to the Participants. Any public disclosure of an amendment, suspension or termination of the Plan by the Company in a filing with the SEC shall constitute notice under this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. ***Liability of the Company***. The Company shall not be liable for any act done in good faith, or for any good faith omission to act, including, without limitation, any claims or liability (i) arising out of failure to terminate a Participant's account upon such Participant's death prior to timely receipt of notice in writing of such death or (ii) with respect to the time and the prices at which Shares are purchased or sold for a Participant's account. To the extent that indemnification may apply to liabilities arising under the Securities Act, or the securities laws of a particular state, the Company has been advised that, in the opinion of the SEC and certain state securities commissioners, such indemnification is contrary to public policy and, therefore, unenforceable.

## Exhibit 10.1

**Exhibit 10.1**

**AMENDED AND RESTATED EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

**THIS AMENDED AND RESTATED EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT** (this "Expense Limitation Agreement") is made as of September 9, 2025, by and between Cohen & Steers Income Opportunities REIT, Inc. (the "Company") and Cohen & Steers Capital Management, Inc. (the "Advisor"). This Expense Limitation Agreement amends and restates in its entirety the Expense Limitation Agreement dated January 24, 2023, by and between the Company and the Advisor.

**WHEREAS**, the Advisor serves as investment adviser to the Company pursuant to a second amended and restated advisory agreement by and among the Company, Cohen & Steers Income Opportunities REIT Operating Partnership, L.P. and the Advisor, dated September 9, 2025 (as may be amended from time to time, the "Advisory Agreement").

**NOW**, **THEREFORE**, in consideration of the mutual covenants herein contained and other good and valuable consideration, the parties hereto agree as follows:

1. **Expense Limitation.** The Advisor hereby contractually agrees, from September 9, 2025 until the earlier of (1) December 31, 2026 or (2) the month that the Company's aggregate net asset value is at least $750 million (the "Limitation Period"), to waive reimbursement of and/or pay the Company's Specified Expenses (defined below) to the extent necessary to ensure the Company's Specified Expenses will not exceed 0.50% of net assets (annualized) (the "Expense Limitation").

"Specified Expenses" includes all expenses attributable to the operations of the Company, excluding organizational and offering costs and the following exceptions: (i) the Company Management Fee, (ii) the performance participation interest, (iii) stockholder servicing fees, (iv) property-level expenses, (v) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated investments, (vi) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (vii) taxes, and (viii) extraordinary expenses (as determined in the sole discretion of the Advisor). "Company Management Fee" has the meaning ascribed to it in the Company's Advisory Agreement.

Where applicable, the Advisor agrees to waive reimbursement of and/or pay shared operating expenses on any share class to the same extent that it waives and/or pays such expenses on any other share class.

The Company hereby agrees to repay the amounts provided by the Advisor hereunder, when and if requested by the Advisor, but only if and to the extent that Specified Expenses are less than 0.50% of the average net asset value (annualized) (or, if a lower expense limit is then in effect, such lower limit) within three years after the date the Advisor waived or reimbursed such fees or expenses.

2. **Term.** This agreement may not be terminated prior to the end of the Limitation Period without the prior approval of the Company's Board of Directors, including a majority of the independent directors. This Expense Limitation Agreement will remain in effect throughout the Limitation Period, unless terminated by the Company's Board of Directors upon thirty (30) days' written notice to the Advisor. This Agreement may be renewed by the mutual agreement of the Advisor and the Company for successive terms. Unless so renewed, this Agreement will terminate automatically at the end of the Limitation Period. This Agreement will also terminate automatically upon the termination of the Advisory Agreement unless a new advisory agreement with the Advisor (or with an affiliate under common control with the Advisor) becomes effective upon such termination.

3. **Excess Expenses.** In consideration of the Advisor's agreement as provided herein, the Company agrees to carry forward the amount of the expenses paid, absorbed or reimbursed by the Advisor pursuant to this Expense Limitation Agreement, for a period not to exceed three years from the date in which the Advisor waived or reimbursed such fees or expenses ("Excess Expenses") and to reimburse the Advisor in the amount of such Excess Expenses as promptly as possible, on a monthly basis, but only to the extent that such reimbursement does not cause the Company's Specified Expenses plus recoupment to exceed 0.50% of the net assets (on an annualized basis). For

------

the avoidance of doubt, if, at the end of any fiscal year in which the Company has reimbursed the Advisor for any Excess Expenses, the Company's Specified Expenses for such fiscal year exceed the Expense Limitation, the Advisor shall promptly pay the Company an amount equal to the lesser of: (i) the amount by which the Company's Specified Expenses for such fiscal year exceed the Expense Limitation; and (ii) the amount of reimbursements for Excess Expenses paid by the Company to the Advisor in such fiscal year. Any payment by the Advisor to the Company pursuant to the foregoing sentence shall be subject to later reimbursement by the Company in accordance with this Section 3. The Advisor's obligations under this Section 3 shall survive termination of this Expense Limitation Agreement.

4. **Entire Agreement; Amendment.** This Expense Limitation Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements between the parties hereto relating to the matters contained herein and may not be modified, waived or terminated orally and may only be amended by an agreement in writing signed by the parties hereto.

5. **Construction and Forum.** This Expense Limitation Agreement shall be governed by the laws of the State of New York, without regard to its conflicts of law principles. Each of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York, in any action or proceeding arising out of or relating to this Expense Limitation Agreement or the transactions contemplated hereby, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court.

6. **Counterparts.** This Expense Limitation Agreement may be executed in any number of separate counterparts, each of which shall be deemed an original, but the several counterparts shall together constitute but one and the same agreement of the parties hereto.

7. **Severability.** If any one or more of the covenants, agreements, provisions or texts of this Expense Limitation Agreement shall be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Expense Limitation Agreement and shall in no way affect the validity or enforceability of the other provisions of this Expense Limitation Agreement.

[SIGNATURE PAGE FOLLOWS]

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**IN WITNESS WHEREOF**, the parties hereto have caused this Expense Limitation Agreement to be executed as of the date first above written.

---

| | |
|:---|:---|
| COHEN & STEERS CAPITAL MANAGEMENT, INC.  | COHEN & STEERS CAPITAL MANAGEMENT, INC.  |
| <br>By: | /s/ Francis C. Poli |
| Name: | Francis C. Poli |
| Title: | Executive Vice President, General Counsel and Secretary |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accepted and Agreed:

---

| | |
|:---|:---|
| COHEN & STEERS REAL ESTATE INCOME OPPORTUNITIES REIT, INC.  | COHEN & STEERS REAL ESTATE INCOME OPPORTUNITIES REIT, INC.  |
| <br>By: | /s/ Brian W. Heller |
| Name: | Brian W. Heller |
| Title: | Secretary |

---

## Exhibit 10.2

**Exhibit 10.2**

**SECOND AMENDED AND RESTATED ADVISORY AGREEMENT** 

**AMONG** 

**COHEN & STEERS INCOME OPPORTUNITIES REIT, INC., COHEN & STEERS INCOME OPPORTUNITIES REIT OPERATING PARTNERSHIP, L.P.,** 

**AND** 

**COHEN & STEERS CAPITAL MANAGEMENT, INC.** 

------

**Table of Contents**

**Page**

---

| | |
|:---|:---|
| [1. DEFINITIONS](#i8641669bff4343b5b75e5701dd14d1b0) | [1](#i8641669bff4343b5b75e5701dd14d1b0) |
| [2. APPOINTMENT](#i857cc3dac1e140d18b4cde4da7bd81e4) | [5](#i857cc3dac1e140d18b4cde4da7bd81e4) |
| [3. DUTIES OF THE ADVISOR](#iacc144d1b72b49f381124394fe4248ba) | [5](#iacc144d1b72b49f381124394fe4248ba) |
| [4. AUTHORITY OF ADVISOR](#ib1e8a182937f4762b6fefdf94100bb05) | [7](#ib1e8a182937f4762b6fefdf94100bb05) |
| [5. BANK ACCOUNTS](#ifb68d4c2d33a4c5d807d001b6faaff92) | [7](#ifb68d4c2d33a4c5d807d001b6faaff92) |
| [6. RECORDS; ACCESS](#i146814f6734f4600be4087f89fbad485) | [7](#i146814f6734f4600be4087f89fbad485) |
| [7. LIMITATIONS ON ACTIVITIES](#ic8971f438a554a8f9501613a0e5d66ee) | [8](#ic8971f438a554a8f9501613a0e5d66ee) |
| [8. OTHER ACTIVITIES OF THE ADVISOR](#i460d55a8fc8e4316aac762186a2b751d) | [8](#i460d55a8fc8e4316aac762186a2b751d) |
| [9. RELATIONSHIP WITH DIRECTORS AND OFFICERS](#i6bb9259d7e7548a396f92ae523318205) | [8](#i6bb9259d7e7548a396f92ae523318205) |
| [10. MANAGEMENT FEE](#ia7996d05145540e0a58f17bf613790c4) | [9](#ia7996d05145540e0a58f17bf613790c4) |
| [11. EXPENSES](#i45a05d1f3db9401f9107ca56adfd237a) | [10](#i45a05d1f3db9401f9107ca56adfd237a) |
| [12. OTHER SERVICES](#i632faf36ce2d4a198c5fa38371b06bd0) | [12](#i632faf36ce2d4a198c5fa38371b06bd0) |
| [13. REIMBURSEMENT TO THE ADVISOR](#ifef35eb929604f5f9e613172974d758b) | [12](#ifef35eb929604f5f9e613172974d758b) |
| [14. NO JOINT VENTURE](#ibaefddd1ce8b43248c6ef5b96cbd9ff2) | [12](#ibaefddd1ce8b43248c6ef5b96cbd9ff2) |
| [15. TERM OF AGREEMENT](#i093d2413b7d5474da837b623482de6d0) | [12](#i093d2413b7d5474da837b623482de6d0) |
| [16. TERMINATION BY THE PARTIES](#i4538beef653c4a069072ffb1e6437eeb) | [12](#i4538beef653c4a069072ffb1e6437eeb) |
| [17. ASSIGNMENT TO AN AFFILIATE](#i5e04e69bff5d48a9a2c911bc780aa82b) | [12](#i5e04e69bff5d48a9a2c911bc780aa82b) |
| [18. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION](#i8829cef0688a400cb117ecb09150004b) | [12](#i8829cef0688a400cb117ecb09150004b) |
| [19. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP](#i26a31ec21b7044b4a8569a6556ddb933) | [13](#i26a31ec21b7044b4a8569a6556ddb933) |
| [20. INDEMNIFICATION BY ADVISOR](#i2638bad385ba4836a33369b6f062261b) | [13](#i2638bad385ba4836a33369b6f062261b) |
| [21. NON-SOLICITATION](#i139f693aec77491eb2988e2ece607056) | [13](#i139f693aec77491eb2988e2ece607056) |
| [22. MISCELLANEOUS](#ia2f2d880de814e99a052244d85c79056) | [13](#ia2f2d880de814e99a052244d85c79056) |
| [23. INITIAL INVESTMENT](#icf4a64ded83c4f578939e03b4169562f) | [15](#icf4a64ded83c4f578939e03b4169562f) |

---

i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**<u>SECOND AMENDED AND RESTATED ADVISORY AGREEMENT</u>**

THIS SECOND AMENDED AND RESTATED ADVISORY AGREEMENT (this "<u>Agreement</u>"), dated as of the 9<sup>th</sup> day of September, 2025, is by and among Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation (the "<u>Company</u>"), Cohen & Steers Income Opportunities REIT Operating Partnership, L.P., a Delaware limited partnership (the "<u>Operating Partnership</u>"), and Cohen & Steers Capital Management, Inc., a New York corporation (the "<u>Advisor</u>" and, together with the Company and the Operating Partnership, the "<u>Parties</u>"). This Agreement amends and restates the Amended and Restated Advisory Agreement dated as of September 18, 2023. Capitalized terms used herein shall have the meanings ascribed to them in <u>Section 1</u> below.

**W I T N E S S E T H** 

WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code;

WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all of its business and makes all or substantially all Investments through the Operating Partnership;

WHEREAS, the Company and the Operating Partnership desire to avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board, all as provided herein;

WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth;

WHEREAS, the Parties entered into that certain Advisory Agreement, dated as of January 24, 2023 (the "<u>Original Advisory Agreement</u>");

WHEREAS, the Parties amended and restated the Original Advisory Agreement pursuant to that certain Amended and Restated Advisory Agreement, dated as of September 18, 2023 (the "<u>Amended and Restated Advisory Agreement</u>"); and

WHEREAS, the Parties now desire to amend and restate in its entirety the Amended and Restated Advisory Agreement pursuant to the terms hereof.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. DEFINITIONS.** As used in this Agreement, the following terms have the definitions hereinafter indicated:

"**<u>Acquisition Expenses</u>**" shall have the meaning set forth in the Charter.

"**<u>Advisor</u>**" shall mean Cohen & Steers Capital Management, Inc., a New York corporation.

"**<u>Advisor Expenses</u>**" shall have the meaning set forth in <u>Section 11(b)</u>.

"**<u>Affiliate</u>**" shall have the meaning set forth in the Charter.

"**<u>Amended and Restated Advisory Agreement</u>**" shall have the meaning set forth in the recitals to this Agreement.

"**<u>Average Invested Assets</u>**" shall have the meaning set forth in the Charter.

"**<u>Board</u>**" shall mean the board of directors of the Company, as of any particular time.

"**<u>Business Day</u>**" shall have the meaning set forth in the Charter.

"**<u>Bylaws</u>**" shall mean the bylaws of the Company, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

"**<u>Capital Commitment</u>**" shall mean the capital commitment made by each investor in the Company's private offering to purchase Class P Common Shares pursuant to a subscription agreement.

"**<u>Cause</u>**" shall mean, with respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Advisor in connection with performing its duties hereunder.

"**<u>CEA</u>**" shall mean the U.S. Commodities Exchange Act, as amended.

"**<u>Change of Control</u>**" shall mean any event (including, without limitation, issue, transfer or other disposition of shares of capital stock of the Company or equity interests in the Operating Partnership, merger, share exchange or consolidation) after which any "person" (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the "beneficial owner" (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Company or the Operating Partnership representing greater than 50% or more of the combined voting power of Company's or the Operating Partnership's then outstanding securities, respectively; provided, that, a Change of Control shall not be deemed to occur as a result of any widely distributed public or private offering of the Shares.

"**<u>Charter</u>**" shall mean the Articles of Incorporation of the Company filed with the Maryland State Department of Assessments and Taxation in accordance with the Maryland General Corporation Law, as amended from time to time.

"**<u>Class B Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class B NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class D Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class D NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-D Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-D NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-I Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-I NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-S Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-S NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-T Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class F-T NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class I Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class I NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class M-I Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class M-I NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class M-S Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class M-S NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class P Common Shares</u>**" shall have the meaning set forth in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

"**<u>Class P NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class R-I Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class R-I NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class R-S Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class R-S NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class S Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class S NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Class T Common Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Class T NAV Per Share</u>**" shall have the meaning set forth in the Charter.

"**<u>Code</u>**" shall mean the Internal Revenue Code of 1986, as amended.

"**<u>Cohen & Steers</u>**" means, collectively, Cohen & Steers, Inc., a Delaware corporation, and any Affiliate thereof.

"**<u>Commencement Date</u>**" shall mean the date on which the Registration Statement is declared effective by the Securities and Exchange Commission and each applicable state securities regulator.

"**<u>Company</u>**" shall have the meaning set forth in the preamble of this Agreement.

"**<u>Company Management Fee</u>**" shall have the meaning set forth in <u>Section 10(a)</u>.

"**<u>Director</u>**" shall mean a member of the Board.

"**<u>Distributions</u>**" shall have the meaning set forth in the Charter.

"**<u>Excess Amount</u>**" shall have the meaning set forth in <u>Section 13</u>.

"**<u>Exchange Act</u>**" shall have the meaning set forth in the Charter.

"**<u>Expense Year</u>**" shall have the meaning set forth in <u>Section 13</u>.

"**<u>GAAP</u>**" shall mean generally accepted accounting principles as in effect in the United States of America from time to time.

"**<u>Gross Proceeds</u>**" shall mean the aggregate purchase price of all Shares sold for the account of the Company through a public offering, without deduction for Selling Commissions. The purchase price of any Class T Common Share, Class S Common Share, Class D Common Share, Class F-T Common Share, Class F-S Common Share or Class F-D Common Share shall be deemed to be the full, non-discounted offering price at the time of purchase of each such Class T Common Share, Class S Common Share, Class D Common Share, Class F-T Common Share, Class F-S Common Share or Class F-D Common Share.

"**<u>Independent Appraiser</u>"** shall have the meaning set forth in the Charter.

"**<u>Independent Director</u>**" shall have the meaning set forth in the Charter.

"**<u>Initial Investment</u>**" shall have the meaning set forth in <u>Section 23</u>.

"**<u>Initial Public Offering</u>**" shall have the meaning set forth in the Charter.

"**<u>Investment Company Act</u>**" shall mean the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

"**<u>Investment Guidelines</u>**" shall mean the investment guidelines adopted by the Board, as amended from time to time, pursuant to which the Advisor has discretion to acquire and dispose of Investments for the Company without the prior approval of the Board.

"**<u>Investments</u>**" shall mean any investments by the Company or the Operating Partnership, directly or indirectly, in Real Property, Real Estate-Related Assets or other assets.

"**<u>Joint Ventures</u>**" shall have the meaning set forth in the Charter.

"**<u>Management Fee</u>**" shall have the meaning set forth in <u>Section 10(a)</u>.

"**<u>Mortgages</u>**" shall have the meaning set forth in the Charter.

"**<u>NASAA REIT Guidelines</u>**" shall have the meaning set forth in the Charter.

"**<u>NAV</u>**" shall mean the Company's net asset value, calculated pursuant to the Valuation Guidelines.

"**<u>Net Income</u>**" shall have the meaning set forth in the Charter.

"**<u>Offering</u>**" shall have the meaning set forth in the Charter.

"**<u>Operating Partnership</u>**" shall have the meaning set forth in the preamble of this Agreement.

"**<u>Operating Partnership Agreement</u>**" shall mean the Limited Partnership Agreement of the Operating Partnership, as amended and/or restated from time to time.

"**<u>OP Management Fee</u>**" shall have the meaning set forth in <u>Section 10(a)</u>.

"**<u>Original Advisory Agreement</u>**" shall have the meaning set forth in the recitals to this Agreement.

"**<u>Organization and Offering Expenses</u>**" shall have the meaning set forth in the Charter.

"**<u>Other Cohen & Steers Accounts</u>**" shall mean investment funds, registered investment companies, REITs, vehicles, accounts, products and/or other similar arrangements sponsored, advised, sub-advised and/or managed by Cohen & Steers, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds, co-investment vehicles and other entities formed by, or in connection with an investment by, Cohen & Steers side-by-side or additional general partner investments with respect thereto).

"**<u>Person</u>**" shall mean an individual, corporation, business trust, estate, trust, partnership, joint venture, limited liability company or other legal entity.

"**<u>Prospectus</u>**" shall have the meaning set forth in the Charter.

"**<u>Real Estate-Related Securities</u>**" shall have the meaning set forth in the Charter.

"**<u>Real Estate-Related Assets</u>**" shall mean any investments by the Company or the Operating Partnership in Mortgages and Real Estate-Related Securities.

"**<u>Real Property</u>**" shall have the meaning set forth in the Charter.

"**<u>Registration Statement</u>**" shall mean the registration statement on Form S-11, as may be amended from time to time, of the Company filed with the Securities and Exchange Commission related to the registration of the Shares for the Company's Initial Public Offering.

"**<u>REIT</u>**" shall have the meaning set forth in the Charter.

"**<u>Securities Act</u>**" shall have the meaning set forth in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

"**<u>Selling Commissions</u>**" shall have the meaning set forth in the Charter.

"**<u>Shares</u>**" shall have the meaning set forth in the Charter.

"**<u>Stockholder Servicing Fee</u>**" shall have the meaning set forth in the Charter.

"**<u>Stockholders</u>**" shall have the meaning set forth in the Charter.

"**<u>Termination Date</u>**" shall mean the date of termination of this Agreement or expiration of this Agreement in the event this Agreement is not renewed for an additional term.

"**<u>Total Operating Expenses</u>**" shall have the meaning set forth in the Charter.

"**<u>Treasury Regulations</u>**" shall mean the Procedures and Administration Regulation promulgated by the U.S. Department of Treasury under the Code, as amended.

"**<u>2%/25% Guidelines</u>**" shall have the meaning set forth in the Charter.

"**<u>Valuation Guidelines</u>**" shall mean the valuation guidelines adopted by the Board, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. APPOINTMENT.** The Company and the Operating Partnership hereby appoint the Advisor to serve as their investment advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. By accepting such appointment, the Advisor acknowledges that it has a contractual and fiduciary responsibility to the Company and the Stockholders. Except as otherwise provided in this Agreement, the Advisor hereby agrees to use its commercially reasonable efforts to perform the duties set forth herein, provided that the Company reimburses the Advisor for costs and expenses in accordance with <u>Section 11</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. DUTIES OF THE ADVISOR.** Subject to the oversight of the Board and the terms and conditions of this Agreement (including the Investment Guidelines) and consistent with the provisions of the Company's most recent Prospectus for the Shares, the Charter and Bylaws and the Operating Partnership Agreement, the Advisor will have plenary authority with respect to the management of the business and affairs of the Company and the Operating Partnership and will be responsible for implementing the investment strategy of the Company and the Operating Partnership. The Advisor will perform (or cause to be performed through one or more of its Affiliates or third parties) such services and activities relating to the selection of investments and rendering investment advice to the Company and the Operating Partnership as may be appropriate or otherwise mutually agreed from time to time, which may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) serving as an advisor to the Company and the Operating Partnership with respect to the establishment and periodic review of the Investment Guidelines for the Company's and the Operating Partnership's investments, financing activities and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sourcing, evaluating and monitoring the Company's and Operating Partnership's investment opportunities and executing the acquisition, management, financing and disposition of the Company's and Operating Partnership's assets, in accordance with the Company's Investment Guidelines, policies and objectives and limitations, subject to oversight by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to prospective acquisitions, purchases, sales, exchanges or other dispositions of Investments, conducting negotiations on the Company's and Operating Partnership's behalf with sellers, purchasers, and other counterparties and, if applicable, their respective agents, advisors and representatives, and determining the structure and terms of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) providing the Company with portfolio management and other related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) serving as the Company's advisor with respect to decisions regarding any of the Company's financings, hedging activities or borrowings undertaken by the Company, including (1) assisting the Company in developing criteria for debt and equity financing that is specifically tailored to the Company's investment objectives, and (2) advising the Company with respect to obtaining appropriate financing for the Investments (which, in accordance with applicable law and the terms and conditions of this Agreement and the Company's Charter and Bylaws, may include financing by the Advisor or its Affiliates) and (3) negotiating and entering into, on the Company's and Operating Partnership's behalf, financing arrangements (including one or more credit facilities), repurchase agreements, interest rate or currency swap agreements, hedging arrangements, foreign exchange transactions, derivative transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

and other agreements and instruments required or appropriate in connection with the Company's and Operating Partnership's activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) engaging and supervising, on the Company's and Operating Partnership's behalf and at the Company's and Operating Partnership's expense, independent contractors, advisors, consultants, attorneys, accountants, administrators, auditors, appraisers, independent valuation agents and other service providers (which may include Affiliates of the Advisor) that provide various services with respect to the Company and Operating Partnership, including, without limitation, on-site managers, building and maintenance personnel, investment banking, securities brokerage, mortgage brokerage, credit analysis, risk management services, asset management services, loan servicing, other financial, legal or accounting services, due diligence services, underwriting review services, and all other services (including custody and transfer agent and registrar services) as may be required relating to the Company's and Operating Partnership's activities or investments (or potential Investments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) coordinating and managing operations of any Joint Venture or co-investment interests held by the Company or Operating Partnership and conducting matters with the Joint Venture or co-investment partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) communicating on the Company's and Operating Partnership's behalf with the holders of any of the Company's equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) advising the Company in connection with policy decisions to be made by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) engaging one or more subadvisors with respect to the management of the Company and Operating Partnership, including, where appropriate, Affiliates of the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Company's and Operating Partnership's behalf, consistent with the Company's qualification as a REIT and with the Investment Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investing and reinvesting any moneys and securities of the Company and the Operating Partnership (including investing in short-term investments pending investment in other investments, payment of fees, costs and expenses, or payments of dividends or distributions to the Company's stockholders and partners) and advising the Company as to the Company's and Operating Partnership's capital structure and capital raising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) determining valuations for the Company's Real Property and Real Estate-Related Assets and calculating the NAV for each class of Shares in accordance with the Valuation Guidelines, and in connection therewith, obtain appraisals performed by an Independent Appraiser and other independent third party appraisal firms concerning the value of the Real Properties and obtain market quotations or conduct fair valuation determinations concerning the value of Real Estate-Related Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) providing input in connection with the appraisals performed by the Independent Appraisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) monitoring the Company's Real Property and Real Estate Related Assets for events that may be expected to have a material impact on the most recent estimated values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) monitoring each Independent Appraiser's valuation process to ensure that it complies with the Company's valuation guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) delivering to, or maintaining on behalf of, the Company copies of appraisals obtained in connection with the investments in any Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) in the event that the Company is a commodity pool under the CEA, acting as the Company's commodity pool operator for the period and on the terms and conditions set forth in this Agreement, including, for the avoidance of doubt, the authority to make any filings, submissions or registrations (including for exemptive or "no action" relief) to the extent required or desirable under the CEA (and the Company hereby appoints the Advisor to act in such capacity and the Advisor accepts such appointment and agrees to be responsible for such services);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) placing, or arranging for the placement of, orders of Real Estate-Related Assets pursuant to the Advisor's investment determinations for the Company and the Operating Partnership either directly with the issuer or with a broker or dealer (including any Affiliated broker or dealer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) performing such other services from time to time in connection with the management of the Company's investment activities as the Board shall reasonably request and/or the Advisor shall deem appropriate under the particular circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. AUTHORITY OF ADVISOR.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to the terms of this Agreement (including the restrictions included in this <u>Section 4</u> and in <u>Section 7</u>), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Board (by virtue of its approval of this Agreement and authorization of the execution hereof by the officers of the Company) hereby delegates to the Advisor the authority to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments or other documents and to do any and all things that, in the judgment of the Advisor, may be necessary or advisable in connection with the Advisor's duties described in <u>Section 3</u>, including the making of any Investment that fits within the Company's investment objectives, strategy and guidelines, policies and limitations and within the discretionary limits and authority as granted to the Advisor from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, any Investment that does not fit within the Investment Guidelines will require the prior approval of the Board or any duly authorized committee of the Board, as the case may be. Except as otherwise set forth herein, in the Investment Guidelines or in the Charter, any Investment that fits within the Investment Guidelines may be made by the Advisor on the Company's or the Operating Partnership's behalf without the prior approval of the Board or any duly authorized committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The prior approval of a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board will review the Investment Guidelines with sufficient frequency and at least annually and may, at any time upon the giving of notice to the Advisor, amend the Investment Guidelines; *provided*, *however*, that such modification or revocation shall be effective upon receipt by the Advisor or such later date as is specified by the Board and included in the notice provided to the Advisor and such modification or revocation shall not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification, or if later, the effective date of such modification or revocation specified by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Advisor may retain, for and on behalf, and at the sole cost and expense, of the Company, such services as the Advisor deems necessary or advisable in connection with the management and operations of the Company, which may include Affiliates of the Advisor; provided, that any such services may only be provided by Affiliates to the extent such services are approved by a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such transactions as being fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties. In performing its duties under <u>Section 3</u>, the Advisor shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by the Advisor at the Company's sole cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. BANK ACCOUNTS.** The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership and any subsidiary thereof and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company or the Operating Partnership, consistent with the Advisor's authority under this Agreement, provided that no funds shall be commingled with the funds of the Advisor or the funds of any other Person; and the Advisor shall from time to time render, upon request by the Board, its audit committee or the auditors of the Company, appropriate accountings of such collections and payments to the Board, its audit committee and the auditors of the Company, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. RECORDS; ACCESS.** The Advisor shall maintain appropriate records of its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. LIMITATIONS ON ACTIVITIES.** The Advisor shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT under the Code or the Company's and the Operating Partnership's status as entities excluded from investment company status under the Investment Company Act, or (iii) would materially violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company and the Operating Partnership or of any exchange on which the securities of the Company may be listed or that would otherwise not be permitted by the Charter, Bylaws or Operating Partnership Agreement. If the Advisor is ordered to take any action by the Board, the Advisor shall seek to notify the Board if it is the Advisor's reasonable judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Charter, Bylaws or Operating Agreement. Notwithstanding the foregoing, neither the Advisor nor any of its Affiliates shall be liable to the Company, the Operating Partnership, the Board, or the Stockholders for any act or omission by the Advisor or any of its Affiliates, except as provided in <u>Section 20</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. OTHER ACTIVITIES OF THE ADVISOR.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Agreement shall (i) prevent the Advisor or any of its Affiliates, officers, directors or employees from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment objectives or policies of any such other Person or entity are similar to those of the Company, including, without limitation, the sponsoring, closing and/or managing of any Other Cohen & Steers Accounts, (ii) in any way bind or restrict the Advisor or any of its Affiliates, officers, directors or employees from buying, selling or trading any securities, commodities or other property for their own accounts or for the account of others for whom the Advisor or any of its Affiliates, officers, directors or employees may be acting, or (iii) prevent the Advisor or any of its Affiliates from receiving fees or other compensation or profits from such activities described in this <u>Section 8(a)</u> which shall be for the Advisor's (and/or its Affiliates') sole benefit. While information and recommendations supplied to the Company shall, in the Advisor's reasonable and good faith judgment, be appropriate under the circumstances and in light of the investment objectives and policies of the Company, such information and recommendations may be different in certain material respects from the information and recommendations supplied by the Advisor or any Affiliate of the Advisor to others (including, for greater certainty, the Other Cohen & Steers Accounts and their investors, as described more fully in <u>Section 8(b)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advisor and the Company acknowledge and agree that, notwithstanding anything to the contrary contained herein, (i) the Advisor is the investment advisor to Other Cohen & Steers Accounts and may in the future become the investment advisor to additional Other Cohen & Steers Accounts and (ii) to the extent an investment is determined by the Advisor to satisfy both the investment objectives of the Company and Other Cohen & Steers Accounts, such investment will generally be allocated in accordance with the Advisor's existing policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Advisor is not permitted to consummate on the Company's behalf any transaction that involves (i) the sale of any investment to or (ii) the acquisition of any investment from Cohen & Steers, any Other Cohen & Steers Account or any of their respective Affiliates unless such transaction is approved by a majority of the Directors, including a majority of the Independent Directors, not otherwise interested in such transaction as being fair and reasonable to the Company. In addition, for any such acquisition by the Company, the Company's purchase price will be limited to either (i) the cost of the property to the Affiliate, including acquisition-related expenses or (ii) the current appraised value of the property, as determined by an Independent Appraiser. In addition, the Company may enter into Joint Ventures alongside Other Cohen & Steers Accounts, or with Cohen & Steers, the Advisor, any member of Cohen & Steers, one or more Directors, or any of their respective Affiliates, only if a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in the transaction approve the transaction as being fair and reasonable to the Company and on substantially the same, or no less favorable, terms and conditions as those received by other Affiliate joint venture partners. The Advisor will seek to resolve any conflicts of interest in a fair and reasonable manner in accordance with its prevailing policies and procedures with respect to conflicts resolution among Other Cohen & Steers Accounts generally, but only those transactions set forth in this <u>Section 8(c)</u> will be expressly required to be presented for approval to the Independent Directors or any committee thereof (unless otherwise required by the Charter or the Investment Guidelines).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, it is understood that neither the Company nor the Board has the authority to determine the salary, bonus or any other compensation paid by the Advisor to any director, officer, member, partner, employee, or stockholder of the Advisor or its Affiliates, including any person who is also a director or officer employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. RELATIONSHIP WITH DIRECTORS AND OFFICERS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 7</u> of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, managers, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parent of an Affiliate,

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may serve as a Director or officer of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than (a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board or (b) as otherwise approved by the Board, including a majority of the Independent Directors, and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. MANAGEMENT FEE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will pay the Advisor a management fee (the "<u>Company Management Fee</u>") equal to (i) 1.25% of NAV attributable to Class T Common Shares, Class S Common Shares, Class D Common Shares, Class I Common Shares, Class R-I Common Shares, Class R-S Common Shares, Class M-I Common Shares and Class M-S Common Shares; (ii) 1.10% of NAV attributable to Class B Common Shares; (iii) 1.00% of NAV attributable to Class F-T Common Shares, Class F-S Common Shares, Class F-D Common Shares and Class F-I Common Shares; and (iv) 0.90% of NAV attributable to Class P Common Shares until such time that the aggregate Capital Commitments in Class P Common Shares (whether funded or unfunded, excluding any amounts acquired by Cohen & Steers) (the "<u>Aggregate Class P Commitment Amount</u>") reaches $200 million, then 0.80% of NAV attributable to Class P Common Shares until such time that the Aggregate Class P Commitment Amount reaches $300 million and thereafter 0.75% of NAV attributable to Class P Common Shares, in each case, per annum payable monthly, before giving effect to any accruals for the Company Management Fee, the Stockholder Servicing Fee, the Performance Allocation (as defined in the Operating Partnership Agreement) or any Distributions. The Operating Partnership will pay the Advisor a monthly management fee (the "<u>OP Management Fee</u>" and, together with the Company Management Fee, the "<u>Management Fee</u>") with respect to all outstanding units held by unitholders other than the Company at a per annum rate with respect to net asset value equal to the rate applicable to the corresponding share class of such unit (e.g., for Class I Units, the rate applicable to the Class I Common Shares). The Advisor shall receive the Management Fee as compensation for services rendered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Fee may be paid, at the Advisor's election, in cash or cash equivalent aggregate NAV amounts of Class P Common Shares, Class I Common Shares, Class P Units or Class I Units (as defined in the Operating Partnership Agreement). If the Advisor elects to receive any portion of its Management Fee in Class P Common Shares, Class I Common Shares, Class P Units or Class I Units, the Advisor may elect to have the Company repurchase such Class P Common Shares, Class I Common Shares, Class P Units or Class I Units from the Advisor at a later date. Class P Common Shares, Class I Common Shares, Class P Units and Class I Units obtained by the Advisor will not be subject to the repurchase limits of the Company's share repurchase plan or any reduction or penalty for an early repurchase. Notwithstanding the foregoing, the Independent Directors will oversee the repurchase activity of the Advisor. Approval of the Independent Directors is required for any repurchase request of the Advisor for Class I Common Shares or Class P Common Shares received as payment for the Management Fee that, when combined with any stockholder repurchase requests submitted through the Company's share repurchase plan, would cause the Company to exceed the monthly and quarterly repurchase limitations of its share repurchase plan, and any such approval must find that the repurchase would not impair the Company's capital or operations and be consistent with the fiduciary duties of the Independent Directors. Repurchase requests of the Advisor for Class I Common Shares or Class P Common Shares received as payment of the Management Fee will not take priority over repurchase requests submitted by stockholders through the Company's share repurchase plan. The Operating Partnership will repurchase any such Class P Units or Class I Units for cash unless the Board determines that any such repurchase for cash would be prohibited by applicable law or the Charter, in which case such Class P Units or Class I Units will be repurchased for any class of Shares with an equivalent aggregate NAV. The Advisor will have the option of exchanging Class P Common Shares or Class I Common Shares for an equivalent aggregate NAV amount of any class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event this Agreement is terminated or its term expires without renewal, the Advisor will be entitled to receive its prorated Management Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event the Company or the Operating Partnership commences a liquidation of its Investments during any calendar year, the Company will pay the Advisor the Management Fee from the proceeds of the liquidation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. EXPENSES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As required by the NASAA REIT Guidelines, the cumulative Selling Commissions, Stockholder Servicing Fees and Organization and Offering Expenses paid by the Company in connection with the sale of Shares in a public offering will not exceed 15.0% of Gross Proceeds from the sale of Shares in such public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Sections 4(e)</u> and <u>11(c)</u>, the Advisor shall be responsible for the expenses related to any and all personnel of the Advisor who provide investment advisory services to the Company pursuant to this Agreement (including, without limitation, each of the officers of the Company and any Directors who are also directors, officers or employees of the Advisor or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and costs of insurance with respect to such personnel ("<u>Advisor Expenses</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the compensation paid to the Advisor pursuant to <u>Section 10</u> hereof, the Company or the Operating Partnership shall pay all of its costs and expenses directly or reimburse the Advisor or its Affiliates for costs and expenses of the Advisor and its Affiliates incurred on behalf of the Company, other than Advisor Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company or the Operating Partnership are not Advisor Expenses and shall be paid by the Company or the Operating Partnership and shall not be paid by the Advisor or Affiliates of the Advisor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Organization and Offering Expenses; provided that within 60 days after the end of the month in which a public offering terminates, the Advisor shall reimburse the Company to the extent the Organization and Offering Expenses, Selling Commissions and Stockholder Servicing Fees borne by the Company exceed 15.0% of the Gross Proceeds raised in the completed public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Acquisition Expenses, subject to limitations set forth in the Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fees, costs and expenses in connection with the issuance and transaction costs incident to the trading, settling, disposition and financing of the Investments of the Company and its Subsidiaries (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and settlement charges, forfeited deposits, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, settling, monitoring or disposing of actual or potential investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the actual cost of goods and services used by the Company and obtained from Persons not Affiliated with the Advisor, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the purchase and sale of Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees, costs and expenses of legal, tax, accounting, consulting, auditing (including internal audit), finance, administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, property management, data or technology services and other non-investment advisory services rendered to the Company by the Advisor or its Affiliates in compliance with <u>Section 4(e)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) expenses of managing and operating the Company's and the Operating Partnership's Real Properties, whether payable to an Affiliate of the Advisor or a non-Affiliated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the compensation and expenses of the Directors (excluding those directors who are directors, officers or employees of the Advisor) and the cost of liability insurance to indemnify the Company's directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) interest and fees and expenses arising out of borrowings made by the Company, including, but not limited to, costs associated with the establishment and maintenance of any of the Company's credit facilities, other financing arrangements, or other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company's securities offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) expenses connected with communications to holders of the Company's securities or securities of the Subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing and/or trading of the Company's

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securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company's annual report to the Stockholders and proxy materials with respect to any meeting of the Stockholders and any other reports or related statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Company's allocable share of costs associated with technology-related expenses related to the creation and maintenance of the Company's website, including without limitation, any computer software or hardware, technology service providers and related software/hardware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Company's allocable share of expenses incurred by managers, officers, personnel and agents of the Advisor for travel on the Company's behalf and other out-of-pocket expenses incurred by them in connection with the purchase, financing, refinancing, sale or other disposition of an Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) expenses relating to compliance-related matters and regulatory filings made on behalf of the Company or relating to the Company's activities (including, without limitation, expenses relating to the Company's filings with the Securities and Exchange Commission and other regulators);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the costs of any litigation involving the Company or the Operating Partnership or their assets and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all taxes and license fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) all insurance costs incurred in connection with the operation of the Company's business except for the costs attributable to the insurance that the Advisor elects to carry for itself and its personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) expenses of managing, improving, developing, operating and selling Investments, whether payable to an Affiliate of the Advisor or a non-Affiliated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board to or on account of holders of the Company's securities, including, without limitation, in connection with any distribution reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) expenses connected with meetings with individual Stockholders, potential Stockholders and third parties related to Investments (including, without limitation, related travel and lodging expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company or the Operating Partnership, or against any Director or officer of the Company or in his or her capacity as such for which the Company is required to indemnify such Director or officer by any court or governmental agency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) expenses incurred in connection with the formation, organization and continuation of any corporation, partnership, Joint Venture or other entity through which the Company's investments are made or in which any such entity invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor may, at its option, elect not to seek reimbursement for certain expenses during a given period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any reimbursement payments owed by the Company to the Advisor may be offset by the Advisor against amounts due to the Company from the Advisor. Cost and expense reimbursement to the Advisor shall be subject to adjustment at the end of each calendar year in connection with the annual audit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, the Advisor shall pay for all Organization and Offering Expenses (other than Selling Commissions and Stockholder Servicing Fees) incurred through the earlier of (1) December 31, 2026 or (2) the month that the Company's NAV is at least $750 million. All Organization and Offering Expenses (other than Selling Commissions and Stockholder Servicing Fees) paid by the Advisor pursuant to this <u>Section 11(f)</u> shall be reimbursed by the Company to the Advisor in 60 equal monthly installments commencing with the earlier of (1) December 31, 2026 or (2) the month that the Company's NAV is at least $750 million.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. OTHER SERVICES.** Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company and the Operating Partnership other than set forth in <u>Section 3</u>, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. REIMBURSEMENT TO THE ADVISOR.** Commencing upon the earlier to occur of four fiscal quarters after (i) the Company makes its first investment or (ii) six months after the date the Company first accepts third-party consideration for the purchase of Shares in the Initial Public Offering, the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that in the four consecutive fiscal quarters then ended (the "<u>Expense Year</u>") exceed (the "<u>Excess Amount</u>") the greater of 2.0% of Average Invested Assets or 25.0% of Net Income (the "<u>2%/25% Guidelines</u>") for such four fiscal quarters unless the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors that the Independent Directors deem sufficient. If the Independent Directors do not approve such Excess Amount as being so justified, the Advisor shall reimburse the Company the amount by which the Total Operating Expenses exceeded the 2%/25% Guidelines. If the Independent Directors determine such Excess Amount was justified, then, within 60 days after the end of any fiscal quarter of the Company for which Total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Independent Directors, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the Securities and Exchange Commission within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that such excess were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. NO JOINT VENTURE.** The Company and the Operating Partnership, on the one hand, and the Advisor on the other, are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. TERM OF AGREEMENT.** This Agreement shall continue in force for a period of one year from the date in which the Registration Statement was declared effective by the Securities and Exchange Commission, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Board to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. TERMINATION BY THE PARTIES.** This Agreement may be terminated (i) at the option of the Advisor immediately upon a Change of Control of the Company or Operating Partnership; (ii) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor; or (iii) upon 60 days' written notice without Cause or penalty by a majority vote of the Independent Directors; or (iv) upon 60 days' written notice by the Advisor. The provisions of <u>Sections 18</u> through <u>22</u> survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. ASSIGNMENT TO AN AFFILIATE.** This Agreement may be assigned by the Advisor to an Affiliate of the Advisor with the approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the consent of the Board. This Agreement shall not be assigned by the Company or the Operating Partnership without the approval of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation or other organization which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement. This Agreement shall be binding on successors to the Company resulting from a Change in Control or sale of all or substantially all the assets of the Company or the Operating Partnership, and shall likewise be binding on any successor to the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement, subject to the 2%/25% Guidelines to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advisor shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deliver to the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cooperate with, and take all reasonable actions requested by, the Company and Board in making an orderly transition of the advisory function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that Cohen & Steers Capital Management, Inc. is terminated as the Advisor, Cohen & Steers Capital Management, Inc. shall be entitled to full reimbursement of Organization and Offering Expenses it incurred on behalf of the Company at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP.** The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys' fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the fullest extent possible without such indemnification being inconsistent with the laws of the State of Maryland, the Charter or the provisions of Section II.G of the NASAA REIT Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. INDEMNIFICATION BY ADVISOR.** The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys' fees, to the extent that (i) such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and (ii) are incurred by reason of the Advisor's bad faith, fraud, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement; *provided*, *however*, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. NON-SOLICITATION.** In the event of a termination without Cause of this Agreement by the Company pursuant to <u>Section 16(iii)</u> hereof, for two (2) years after the Termination Date, the Company shall not, without the consent of the Advisor, employ or otherwise retain any employee of the Advisor or any of its Affiliates or any person who has been employed by the Advisor or any of its Affiliates at any time within the two (2) year period immediately preceding the date on which such person commences employment with or is otherwise retained by the Company. The Company acknowledges and agrees that, in addition to any damages, the Advisor may be entitled to equitable relief for any violation of this <u>Section 21</u> by the Company, including, without limitation, injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. MISCELLANEOUS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Notices</u>**. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier, by registered or certified mail, by electronic mail or posted on a password protected website maintained by the Advisor and for which the Company has received access instructions by electronic mail, when posted, using the contact information set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The Company: | Cohen & Steers Income Opportunities REIT, Inc.<br>1166 Avenue of the Americas<br>New York, New York 10036<br>Attention: Arjun Mahalingam<br>Email: AMahalingam@cohenandsteers.com |
| The Advisor: | Cohen & Steers Capital Management, Inc.<br>1166 Avenue of the Americas<br>New York, New York 10036<br>Attention: Francis C. Poli<br>Email: FPoli@cohenandsteers.com |
| with required copies to: | Simpson Thacher & Bartlett LLP<br>425 Lexington Avenue<br>New York, New York 10017<br>Attention: Benjamin Wells<br>Email: BWells@stblaw.com |

---

Any party may at any time give notice in writing to the other parties of a change in its address for the purposes of this <u>Section 22(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Modification</u>**. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Severability</u>**. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Governing Law; Exclusive Jurisdiction; Jury Trial</u>**. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in Borough of Manhattan, New York for purposes of any suit, action or other proceeding arising from this Agreement, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. Each of the parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Entire Agreement</u>**. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Indulgences, Not Waivers</u>**. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Gender; Number</u>**. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Headings</u>**. The titles and headings of Sections and Subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Execution in Counterparts</u>**. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. INITIAL INVESTMENT.** The Advisor or one of its Affiliates has contributed $200,000 (the "<u>Initial Investment</u>") in exchange for the initial issuance of Shares of the Company. The Advisor or its Affiliates may not sell any of the Shares purchased with the Initial Investment while the Advisor acts in an advisory capacity to the Company. The restrictions included above shall not apply to any Shares acquired by the Advisor or its Affiliates other than the Shares acquired through the Initial Investment. Neither the Advisor nor its Affiliates shall vote any Shares they now own, or hereafter acquire, or consent that such Shares be voted, on matters submitted to the Stockholders regarding (i) the removal of Cohen & Steers Capital Management, Inc. as the Advisor; (ii) the removal of any member of the Board; or (iii) any transaction by and between the Company and the Advisor, a member of the Board or any of their Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**IN WITNESS WHEREOF**, the parties hereto have executed this Second Amended and Restated Advisory Agreement as of the date and year first above written.

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| | |
|:---|:---|
| **Cohen & Steers Income Opportunities REIT, Inc.** | **Cohen & Steers Income Opportunities REIT, Inc.** |
| By: | /s/ Brian W. Heller  |
|  | Name: Brian W. Heller |
|  | Title: Secretary |
| **Cohen & Steers Income Opportunities REIT Operating Partnership, L.P.** | **Cohen & Steers Income Opportunities REIT Operating Partnership, L.P.** |
| By: | Cohen & Steers Income Opportunities REIT, Inc., as general partner |
| By: | /s/ James S. Corl  |
|  | Name: James S. Corl |
|  | Title: Chief Executive Officer and Chief Investment Officer |
| **Cohen & Steers Capital Management, Inc.** | **Cohen & Steers Capital Management, Inc.** |
| By: | /s/ Francis C. Poli |
|  | Name: Francis C. Poli |
|  | Title: Executive Vice President, General Counsel and Secretary |

---

## Exhibit 10.3

**Exhibit 10.3**

**SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

**OF**

**COHEN & STEERS INCOME OPPORTUNITIES REIT OPERATING PARTNERSHIP, L.P.**

**A DELAWARE LIMITED PARTNERSHIP**

**September 9, 2025**

------

**<u>**TABLE OF CONTENTS**</u>**

**Page**

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| | |
|:---|:---|
| ARTICLE 1 DEFINED TERMS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2.&nbsp;&nbsp;&nbsp;&nbsp;Interpretation | 12 |
| ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1.&nbsp;&nbsp;&nbsp;&nbsp;Formation | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2.&nbsp;&nbsp;&nbsp;&nbsp;Name, Office and Registered Agent | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3.&nbsp;&nbsp;&nbsp;&nbsp;Partners | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4.&nbsp;&nbsp;&nbsp;&nbsp;Term and Dissolution | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.5.&nbsp;&nbsp;&nbsp;&nbsp;Filing of Certificate and Perfection of Limited Partnership | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.6.&nbsp;&nbsp;&nbsp;&nbsp;Certificates Representing Partnership Units | 14 |
| ARTICLE 3 BUSINESS OF THE PARTNERSHIP | 14 |
| ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1.&nbsp;&nbsp;&nbsp;&nbsp;Capital Contributions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2.&nbsp;&nbsp;&nbsp;&nbsp;Classes of Partnership Units | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3.&nbsp;&nbsp;&nbsp;&nbsp;Additional Capital Contributions and Issuances of Additional Partnership Interests | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4.&nbsp;&nbsp;&nbsp;&nbsp;Additional Funding | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5.&nbsp;&nbsp;&nbsp;&nbsp;Capital Accounts | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6.&nbsp;&nbsp;&nbsp;&nbsp;Percentage Interests | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7.&nbsp;&nbsp;&nbsp;&nbsp;No Interest on Contributions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.8.&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital Contributions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.9.&nbsp;&nbsp;&nbsp;&nbsp;No Third Party Beneficiary | 19 |
| ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1.&nbsp;&nbsp;&nbsp;&nbsp;Allocation of Profit and Loss | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;Distribution of Cash | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3.&nbsp;&nbsp;&nbsp;&nbsp;REIT Distribution Requirements | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.4.&nbsp;&nbsp;&nbsp;&nbsp;No Right to Distributions in Kind | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.5.&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Return of Capital Contributions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.6.&nbsp;&nbsp;&nbsp;&nbsp;Amendments to Reflect Additional Partnership Units | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.7.&nbsp;&nbsp;&nbsp;&nbsp;Distributions Upon Liquidation | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.8.&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment | 27 |
| ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1.&nbsp;&nbsp;&nbsp;&nbsp;Management of the Partnership | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Authority | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification and Exculpation of Indemnitees | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4.&nbsp;&nbsp;&nbsp;&nbsp;Liability and Obligations of the General Partner | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.5.&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement of General Partner | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.6.&nbsp;&nbsp;&nbsp;&nbsp;Outside Activities | 35 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;6.7.&nbsp;&nbsp;&nbsp;&nbsp;Transactions With Affiliates | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.8.&nbsp;&nbsp;&nbsp;&nbsp;Title to Partnership Assets | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.9.&nbsp;&nbsp;&nbsp;&nbsp;Repurchases and Exchanges of REIT Shares | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.10.&nbsp;&nbsp;&nbsp;&nbsp;No Duplication of Fees or Expenses | 37 |
| ARTICLE 7 CHANGES IN GENERAL PARTNER | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1.&nbsp;&nbsp;&nbsp;&nbsp;Transfer of the General Partner's Partnership Interest | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.&nbsp;&nbsp;&nbsp;&nbsp;Admission of a Substitute or Additional General Partner | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3.&nbsp;&nbsp;&nbsp;&nbsp;Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4.&nbsp;&nbsp;&nbsp;&nbsp;Removal of a General Partner | 39 |
| ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1.&nbsp;&nbsp;&nbsp;&nbsp;Management of the Partnership | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2.&nbsp;&nbsp;&nbsp;&nbsp;Power of Attorney | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Liability of Limited Partners | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.4.&nbsp;&nbsp;&nbsp;&nbsp;Ownership by Limited Partner of Corporate General Partner or Affiliate | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.5.&nbsp;&nbsp;&nbsp;&nbsp;Redemption Right | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.6.&nbsp;&nbsp;&nbsp;&nbsp;Required Redemption of Limited Partners | 44 |
| ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1.&nbsp;&nbsp;&nbsp;&nbsp;Purchase for Investment | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2.&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfer of Limited Partnership Interests | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.3.&nbsp;&nbsp;&nbsp;&nbsp;Admission of Substitute Limited Partner | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.4.&nbsp;&nbsp;&nbsp;&nbsp;Rights of Assignees of Partnership Interests | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.5.&nbsp;&nbsp;&nbsp;&nbsp;Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.6.&nbsp;&nbsp;&nbsp;&nbsp;Joint Ownership of Interests | 48 |
| ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1.&nbsp;&nbsp;&nbsp;&nbsp;Books and Records | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2.&nbsp;&nbsp;&nbsp;&nbsp;Custody of Partnership Funds; Bank Accounts | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3.&nbsp;&nbsp;&nbsp;&nbsp;Fiscal and Taxable Year | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4.&nbsp;&nbsp;&nbsp;&nbsp;Annual Tax Information and Report | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5.&nbsp;&nbsp;&nbsp;&nbsp;Partnership Representative; Tax Elections; Special Basis Adjustments | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.6.&nbsp;&nbsp;&nbsp;&nbsp;Reports to Limited Partners | 50 |
| ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER | 51 |
| ARTICLE 12 GENERAL PROVISIONS | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.1.&nbsp;&nbsp;&nbsp;&nbsp;Notices | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.2.&nbsp;&nbsp;&nbsp;&nbsp;Survival of Rights | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.3.&nbsp;&nbsp;&nbsp;&nbsp;Additional Documents | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.4.&nbsp;&nbsp;&nbsp;&nbsp;Severability | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.5.&nbsp;&nbsp;&nbsp;&nbsp;Side Letters | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.6.&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.7.&nbsp;&nbsp;&nbsp;&nbsp;Pronouns and Plurals | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.8.&nbsp;&nbsp;&nbsp;&nbsp;Headings | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.9.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts | 52 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;12.10.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.11.&nbsp;&nbsp;&nbsp;&nbsp;No Partition | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.12.&nbsp;&nbsp;&nbsp;&nbsp;No Rights as Stockholders | 53 |

---

**<u>EXHIBITS</u>**

EXHIBIT A—Notice of Exercise of Redemption Right

iii

------

**SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

**OF**

**COHEN & STEERS INCOME OPPORTUNITIES REIT OPERATING PARTNERSHIP, L.P.**

This Second Amended and Restated Limited Partnership Agreement (this "<u>Agreement</u>"), dated as of September 9, 2025, is entered into by and among Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation, as general partner (the "<u>General Partner</u>") and as a Limited Partner, Cohen & Steers Income Opportunities REIT Special Limited Partner, LLC, a Delaware limited liability company (the "<u>Special Limited Partner</u>"), and the Limited Partners party hereto from time to time.

**RECITALS:**

WHEREAS, Cohen & Steers Income Opportunities REIT Operating Partnership, L.P. (the "<u>Partnership</u>") was formed on July 22, 2022 as a limited partnership under the laws of the State of Delaware and a certificate of limited partnership was filed with the Secretary of State of the State of Delaware (the "<u>Certificate of Limited Partnership</u>");

WHEREAS, the Partnership was previously governed by that certain Amended and Restated Limited Partnership Agreement of the Partnership, dated as of January 24, 2023 (the "<u>Existing Agreement</u>"); and

WHEREAS, the parties to this Agreement desire to amend and restate the Existing Agreement as set forth herein.

NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE 1**

**<u>DEFINED TERMS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>**. The following defined terms used in this Agreement shall have the meanings specified below:

"<u>Act</u>" means the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, or any successor statute thereto.

"<u>Additional Funds</u>" has the meaning set forth in <u>Section 4.4</u>.

"<u>Additional Securities</u>" means any additional REIT Shares (other than REIT Shares issued in connection with a redemption pursuant to <u>Section 8.5</u>) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in <u>Section 4.3(a)(iii)</u>.

------

"<u>Administrative Expenses</u>" means (i) all administrative and operating costs and expenses incurred by the Partnership and its Subsidiaries, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; <u>provided</u>, <u>however</u>, that Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner that are attributable to assets that are not owned directly or indirectly by the Partnership.

"<u>Advisor</u>" means the Person appointed, employed or contracted with by the General Partner and the Partnership and responsible for directing or performing the day-to-day business affairs of the General Partner and the Partnership, including any Person to whom the Advisor subcontracts all or substantially all of such functions.

"<u>Advisory Agreement</u>" means the agreement between the General Partner, the Partnership and the Advisor pursuant to which the Advisor will direct or perform the day-to-day business affairs of the General Partner and the Partnership, as such agreement may be amended, restated and/or renewed from time to time.

"<u>Affiliate</u>" means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, including any partnership in which such Person is a general partner; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee or general partner.

"<u>Aggregate Share Ownership Limit</u>" has the meaning set forth in the Charter.

"<u>Agreed Value</u>" means the fair market value of a Partner's non-cash Capital Contribution as of the date of contribution as agreed to by such Partner and the General Partner. The Agreed Value of any non-cash Capital Contributions by a Partner as of the date of contribution are set forth on the Partnership's books and records.

"<u>Agreement</u>" means this Second Amended and Restated Limited Partnership Agreement, as amended, modified supplemented or restated from time to time, as the context requires.

"<u>Applicable Percentage</u>" has the meaning set forth in <u>Section 8.5(b)</u>.

"<u>Advisory Fees</u>" means the fees payable to the Advisor pursuant to the Advisory Agreement.

"<u>Board of Directors</u>" has the meaning set forth in the Charter.

------

"<u>Charter</u>" means the Articles of Amendment and Restatement of the General Partner filed with the Maryland State Department of Assessments and Taxation on January 23, 2023, as further amended, restated and/or supplemented from time to time.

"<u>Capital Account</u>" has the meaning set forth in <u>Section 4.5</u>.

"<u>Capital Contribution</u>" means the total amount of cash, cash equivalents or the Agreed Value of any Property or other asset (other than cash or cash equivalents) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner.

"<u>Carrying Value</u>" means, with respect to any asset of the Partnership, the asset's adjusted net basis for federal income tax purposes or, in the case of any asset contributed to the Partnership, the fair market value of such asset at the time of contribution, reduced by any amounts attributable to the inclusion of liabilities in basis pursuant to Section 752 of the Code, except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective fair market values (as determined by the General Partner), in accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in <u>Section 4.5</u>. In the case of any asset of the Partnership that has a Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of depreciation, depletion and amortization calculated for purposes of the definition of Profit and Loss rather than the amount of depreciation, depletion and amortization determined for federal income tax purposes.

"<u>Cash Amount</u>" means an amount of cash per Partnership Unit equal to the applicable Redemption Price determined by the General Partner.

"<u>Certificate</u>" means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by any of the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in <u>Section 8.2</u>) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction and shall include, but not limited to, the Certificate of Limited Partnership.

"<u>Charter</u>" means the charter of the General Partner, as amended or supplemented from time to time.

"<u>Class</u>" means a class of REIT Shares or Partnership Units, as the context may require.

"<u>Class B REIT Shares</u>" means the REIT Shares referred to as "Class B Common Shares" in the Charter.

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"<u>Class B Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class B Unit as provided in this Agreement.

"<u>Class D REIT Shares</u>" means the REIT Shares referred to as "Class D Common Shares" in the Charter.

"<u>Class D Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class D Unit as provided in this Agreement.

"<u>Class F-D REIT Shares</u>" means the REIT Shares referred to as "Class F-D Common Shares" in the Charter.

"<u>Class F-D Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class F-D Unit as provided in this Agreement.

"<u>Class F-I REIT Shares</u>" means the REIT Shares referred to as "Class F-I Common Shares" in the Charter.

"<u>Class F-I Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class F-I Unit as provided in this Agreement.

"<u>Class F-S REIT Shares</u>" means the REIT Shares referred to as "Class F-S Common Shares" in the Charter.

"<u>Class F-S Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class F-S Unit as provided in this Agreement.

"<u>Class F-T REIT Shares</u>" means the REIT Shares referred to as "Class F-T Common Shares" in the Charter.

"<u>Class F-T Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class F-T Unit as provided in this Agreement.

"<u>Class I REIT Shares</u>" means the REIT Shares referred to as "Class I Common Shares" in the Charter.

"<u>Class I Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class I Unit as provided in this Agreement.

"<u>Class M-I REIT Shares</u>" means the REIT Shares referred to as "Class M-I Common Shares" in the Charter.

"<u>Class M-I Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class M-I Unit as provided in this Agreement.

"<u>Class M-S REIT Shares</u>" means the REIT Shares referred to as "Class M-S Common Shares" in the Charter.

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"<u>Class M-S Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class M-S Unit as provided in this Agreement.

"<u>Class P REIT Shares</u>" means the REIT Shares referred to as "Class P Common Shares" in the Charter.

"<u>Class P Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class P Unit as provided in this Agreement.

"<u>Class R-I REIT Shares</u>" means the REIT Shares referred to as "Class R-I Common Shares" in the Charter.

"<u>Class R-I Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class R-I Unit as provided in this Agreement.

"<u>Class R-S REIT Shares</u>" means the REIT Shares referred to as "Class R-S Common Shares" in the Charter.

"<u>Class R-S Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class R-S Unit as provided in this Agreement.

"<u>Class S REIT Shares</u>" means the REIT Shares referred to as "Class S Common Shares" in the Charter.

"<u>Class S Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S Unit as provided in this Agreement.

"<u>Class T REIT Shares</u>" means the REIT Shares referred to as "Class T Common Shares" in the Charter.

"<u>Class T Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class T Unit as provided in this Agreement.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code.

"<u>Commission</u>" means the U.S. Securities and Exchange Commission.

"<u>Common Share Ownership Limit</u>" has the meaning set forth in the Charter.

"<u>DRIP</u>" has the meaning set forth in <u>Section 5.8</u>.

"<u>DRIP Participant</u>" has the meaning set forth in <u>Section 5.8</u>.

"<u>Electronic Signature</u>" has the meaning set forth in <u>Section 12.9</u>.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

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"<u>Event of Bankruptcy</u>" as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days.

"<u>Excepted Holder Limit</u>" has the meaning set forth in the Charter.

"<u>Excess Profits</u>" has the meaning set forth in <u>Section 5.2(c)(i)</u>.

"<u>Exchanged REIT Shares</u>" has the meaning set forth in <u>Section 6.9(b)</u>.

"Existing <u>Agreement</u>" has the meaning set forth in the Recitals.

"<u>General Partner</u>" means Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner, in such Person's capacity as a General Partner of the Partnership.

"<u>General Partnership Interest</u>" means any Partnership Interest held by the General Partner, other than any Partnership Interest it holds as a Limited Partner.

"<u>Hurdle Amount</u>" for any period during a calendar year means that amount that results in a 6% annualized internal rate of return on the Net Asset Value of the Performance Participation OP Units outstanding at the beginning of the then-current calendar year and all Performance Participation OP Units issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Performance Participation OP Units and all issuances of Performance Participation OP Units over the period and calculated in accordance with recognized industry practices. The ending Net Asset Value of the Performance Participation OP Units used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Performance Allocation and any applicable stockholder servicing fee expenses, provided that the calculation of the Hurdle Amount for any period will exclude any Performance Participation OP Units repurchased during such period, which Performance Participation OP Units will be subject to the Performance Allocation upon such repurchase as described in <u>Section 5.2(c)</u>.

"<u>Indemnitee</u>" means (i) any Person made a party to a proceeding by reason of its status as the General Partner or a director, officer or employee of the General Partner or the Partnership (including the Partnership Representative), (ii) the Adviser, (iii) the Special Limited Partner and

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(iv) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion.

"<u>Joint Venture</u>" means any joint venture or partnership arrangement (other than the Partnership) in which the Partnership or any of its Subsidiaries is a co-venturer or partner established to acquire Real Property or hold other assets of the Partnership.

"<u>Limited Partner</u>" means the General Partner in its capacity as a Limited Partner, and any other Person identified as a Limited Partner on the Partnership's books and records, upon the execution and delivery by such Person of an additional limited partner signature page, and any Person who becomes a Substitute Limited Partner, in such Person's capacity as a Limited Partner in the Partnership.

"<u>Limited Partnership Interest</u>" means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. A Limited Partnership Interest may be expressed as a number of Partnership Units.

"<u>Listing</u>" means the listing of the REIT Shares on a national securities exchange. Upon such Listing, the shares shall be deemed "Listed."

"<u>Loss</u>" has the meaning set forth in <u>Section 5.1(e)</u>.

"<u>Loss Carryforward Amount</u>" shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Performance Participation OP Units repurchased during such year, which Performance Participation OP Units will be subject to the Performance Allocation upon such repurchase as described in <u>Section 5.2(c)</u>.

"<u>Net Asset Value</u>" means (i) for any Partnership Units, the net asset value of such Partnership Units, determined as of the last business day of each month as described in the Prospectus and (ii) for any REIT Shares, the net asset value of such REIT Shares, determined as of the last business day of each month as described in the Prospectus.

"<u>Net Asset Value Per REIT Share</u>" means, for each Class of REIT Shares, the net asset value per share of such Class of REIT Shares, determined as of the last business day of each month as described in the Prospectus.

"<u>Net Asset Value Per Unit</u>" means, for each Class of Partnership Unit, the net asset value per unit of such Class of Partnership Unit, determined as of the last business day of each month as described in the Prospectus.

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"<u>Notice of Redemption</u>" means the Notice of Exercise of Redemption Right substantially in the form attached as <u>Exhibit A</u>.

"<u>Offer</u>" has the meaning set forth in <u>Section 7.1(b)</u>.

"<u>Offering</u>" means an offer and sale of securities, including, without limitation, REIT Shares and Units.

"<u>Partner</u>" means any General Partner, Special Limited Partner or Limited Partner.

"<u>Partner Nonrecourse Debt Minimum Gain</u>" means an amount with respect to each Partner's nonrecourse debt (as defined in Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Regulations Section 1.752-1(a)(2)) determined in accordance with Regulations Section 1.704-2(i)(3).

"<u>Partnership</u>" has the meaning set forth in the Recitals.

"<u>Partnership Interest</u>" means an ownership interest in the Partnership held by a Limited Partner, the General Partner or the Special Limited Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement.

"<u>Partnership Minimum Gain</u>" has the meaning set forth in Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

"<u>Partnership Record Date</u>" means the record date established by the General Partner for the distribution of cash pursuant to <u>Section 5.2</u>, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution.

"<u>Partnership Register</u>" has the meaning set forth in <u>Section 4.1</u>.

"<u>Partnership Representative</u>" has the meaning set forth in <u>Section 10.5(a)</u>.

"<u>Partnership Unit</u>" means a fractional, undivided share of the Partnership Interests (other than the General Partnership Interest and the Special Limited Partner Interest) of all Partners issued hereunder, including Class T Units, Class S Units, Class D Units, Class I Units, Class F-T Units, Class F-S Units, Class F-D Units, Class F-I Units, Class P Units, Class B Units, Class R-I Units, Class R-S Units, Class M-I Units and Class M-S Units. The allocation of Partnership Units of each Class among the Partners shall be as set forth on the Partnership's books and records.

"<u>Percentage Interest</u>" means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number

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of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on the Partnership's books and records.

"<u>Performance Allocation</u>" has the meaning set forth in <u>Section 5.2(c)</u>.

"<u>Performance Participation OP Units</u>" means, collectively, the Class T Units, Class S Units, Class D Units, Class I Units, Class F-T Units, Class F-S Units, Class F-D Units, Class F-I Units, Class M-I Units and Class M-S Units. Class P Units, Class B Units, Class R-I Units and Class R-S Units shall not be considered Performance Participation OP Units.

"<u>Person</u>" means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other legal entity.

"<u>Profit</u>" has the meaning set forth in <u>Section 5.1(e)</u> hereof.

"<u>Property</u>" means any Real Property, Real Estate-Related Securities or other investment in which the Partnership holds an ownership interest.

"<u>Prospectus</u>" means the prospectus included in the most recent effective registration statement filed by the General Partner with the Commission with respect to the applicable public offering of REIT Shares, as such prospectus may be amended or supplemented from time to time, and the private placement memorandum related to any applicable private offering of REIT Shares, as such private placement memorandum may be amended or supplemented from time to time.

"<u>Real Estate-Related Securities</u>" means equity and debt securities of both publicly traded and private companies, including REITs and pass-through entities, that own Real Property or loans secured by real estate, including investments in commercial mortgage-backed securities and derivative instruments, owned by the General Partner or the Partnership directly or indirectly through one or more of its Affiliates.

"<u>Real Property</u>" means land, rights in land (including leasehold interests) and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land.

"<u>Received REIT Shares</u>" has the meaning set forth in <u>Section 6.9(b)</u>.

"<u>Redemption</u>" has the meaning set forth in <u>Section 8.5(a)</u>.

"<u>Redemption Price</u>" means the Value of the REIT Shares Amount as of the end of the Specified Redemption Date.

"<u>Redemption Right</u>" has the meaning set forth in <u>Section 8.5(a)</u>.

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"<u>Regulations</u>" means the Federal income tax regulations promulgated under the Code, as amended and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations.

"<u>Regulatory Allocations</u>" has the meaning set forth in <u>Section 5.1(g)</u>.

"<u>REIT</u>" means a corporation, trust, association or other legal entity (other than a real estate syndication) that is engaged primarily in investing in equity interests in real estate (including fee ownership and leasehold interests) or in loans secured by real estate or both as defined pursuant to Sections 856 through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder.

"<u>REIT Expenses</u>" means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes of this defined term, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer, or employee of the General Partner or service providers to the General Partner (including service providers affiliated with the Adviser), (ii) costs and expenses relating to any Offering or registration of securities by the General Partner or the Partnership and all filings, statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts, placement fees and selling commissions applicable to any such Offering, any stockholder servicing fees, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) Advisory Fee and other fees and expenses payable to other services providers of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuance or redemption of Partnership Interests or REIT Shares, (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership, and (ix) without duplication, amounts required to be paid or reimbursed to the Advisor pursuant to Section 11(c) of the Advisory Agreement.

"<u>REIT Requirements</u>" means the requirements for qualifying as a REIT under the Code and Regulations.

"<u>REIT Share</u>" means a share of common stock of the General Partner (or successor entity, as the case may be).

"<u>REIT Shares Amount</u>" means a number of REIT Shares having the same Class designation as the Class of Partnership Units offered for exchange by a Tendering Party equal to

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such number of Partnership Units; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the "rights"), and the rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights.

"<u>Related Party</u>" means, with respect to any Person, any other Person whose ownership of shares of the General Partner's capital stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)).

"<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference to any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Service</u>" means the United States Internal Revenue Service.

"<u>Side Letter</u>" has the meaning set forth in <u>Section 12.5</u>.

"<u>Special Limited Partner</u>" means Cohen & Steers Income Opportunities REIT Special Limited Partner, LLC, a Delaware limited liability company, which shall be a limited partner of the Partnership and recognized as such under applicable Delaware law, but not a "Limited Partner" within the meaning of this Agreement (other than to the extent it owns Partnership Units).

"<u>Special Limited Partner Interest</u>" means the interest of the Special Limited Partner in the Partnership representing solely its right as the holder of an interest in distributions described in <u>Section 5.2(c)</u> (and any corresponding allocations of income, gain, loss and deduction under this Agreement), and not any interest in Partnership Units it may own from time to time.

"<u>Specified Redemption Date</u>" means the first business day of the month following the month of the day that is 45 days after the receipt by the General Partner of the Notice of Redemption.

"<u>Subsidiary</u>" means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

"<u>Substitute Limited Partner</u>" means any Person admitted to the Partnership as a Limited Partner pursuant to <u>Section 9.3</u>.

"<u>Successor Entity</u>" has the meaning set forth in <u>Section 4.3(a)(ii)</u>.

"<u>Survivor</u>" has the meaning set forth in <u>Section 7.1(c)</u>.

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"<u>Tendered Units</u>" has the meaning set forth in <u>Section 8.5(a)</u>.

"<u>Tendering Party</u>" has the meaning set forth in <u>Section 8.5(a)</u>.

"<u>Total Return</u>" for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions (including any deemed distributions under <u>Section 5.2(a)</u>) accrued or paid (without duplication) on the Performance Participation OP Units outstanding at the end of such period since the beginning of the then-current calendar year *plus* (ii) the change in aggregate Net Asset Value of such Performance Participation OP Units since the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Performance Participation OP Units, (y) any allocation or accrual to the Performance Allocation and (z) any applicable stockholder servicing fee expenses (including any payments made to the General Partner for payment of such expenses). For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the Net Asset Value of Performance Participation OP Units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Performance Participation OP Units.

"<u>Transfer</u>" has the meaning set forth in <u>Section 9.2(a)</u>.

"<u>Value</u>" means, for any Class of REIT Shares: (i) if such Class of REIT Shares are Listed, the average closing price per share for the previous 30 trading days, or (ii) if such Class of REIT Shares are not Listed, the Net Asset Value Per REIT Share for REIT Shares of that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>**. The definitions in <u>Section 1.1</u> shall apply equally to both the singular and plural forms of the terms defined. Wherever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine and neuter forms. For all purposes of this Agreement, the term "control" and variations thereof shall mean possession of the authority to direct or cause the direction of the management and policies of the specified entity, through the direct or indirect ownership of equity interests therein, by contract or otherwise. As used in this Agreement, the words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." As used in this Agreement, the terms "herein," "hereof" and "hereunder" shall refer to this Agreement in its entirety. Any references in this Agreement to "Sections" or "Articles" shall, unless otherwise specified, refer to Sections or Articles, respectively, in this Agreement. Any references in this Agreement to an "Exhibit" shall, unless otherwise specified, refer to an Exhibit attached to this Agreement, as such Exhibit may be amended from time to time. Each such Exhibit shall be deemed incorporated in this Agreement in full.

**ARTICLE 2<u><br>PARTNERSHIP FORMATION AND IDENTIFICATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1. <u>Formation</u>**. The Partnership was formed as a limited partnership pursuant to the Act and all other pertinent laws of the State of Delaware, for the purposes and upon the terms and conditions set forth in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2. <u>Name, Office and Registered Agent</u>**. The name of the Partnership is Cohen & Steers Income Opportunities REIT Operating Partnership, L.P. The specified office and principal place of business of the Partnership shall be 1166 Avenue of the Americas, New York, New York 10036. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership's registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware, 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3. <u>Partners</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner of the Partnership is Cohen & Steers Income Opportunities REIT, Inc., a Maryland corporation. Its principal place of business is the same as that of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Limited Partners are the General Partner (in its capacity as Limited Partner) and any other Persons identified as Limited Partners on the Partnership's books and records. A Person shall be admitted as a Limited Partner of the Partnership at the time that this Agreement or a counterpart hereof is executed by or on behalf of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Special Limited Partner is Cohen & Steers Income Opportunities REIT Special Limited Partner, LLC, a Delaware limited liability company. Its principal place of business is the same as that of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4. <u>Term and Dissolution</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Partnership commenced upon the filing for record of the Certificate of Limited Partnership in the office of the Secretary of State of the State of Delaware on July 22, 2022, and shall continue indefinitely, except that the Partnership shall be dissolved upon the first to occur of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to <u>Section 7.3(b)</u>; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The election by the General Partner that the Partnership should be dissolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to <u>Section 7.3(b)</u>), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership's assets and apply and distribute the proceeds thereof in accordance with <u>Section 5.7</u>. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the Partnership's debts and obligations), or (ii) distribute the assets to the Partners in kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5. <u>Filing of Certificate and Perfection of Limited Partnership</u>**. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6. <u>Certificates Representing Partnership Units</u>**. At the request of a Limited Partner, the General Partner, in its sole discretion, may issue (but in no way is obligated to issue) a certificate specifying the number and Class of Partnership Units owned by the Limited Partner as of the date of such certificate. Any such certificate (a) shall be in form and substance as approved by the General Partner, (b) shall not be negotiable and (c) shall bear a legend to the following effect:

"This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the Limited Partnership Agreement of Cohen & Steers Income Opportunities REIT Operating Partnership, L.P., as amended from time to time."

**ARTICLE 3<u><br>BUSINESS OF THE PARTNERSHIP</u>**

The purpose and nature of the business to be conducted by the Partnership is (a) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code (to the extent the General Partner determines not being subject to such taxes is desirable), unless the General Partner otherwise ceases to qualify as a REIT, (b) to enter into any partnership, Joint Venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (c) to do anything necessary or incidental to the foregoing. Notwithstanding the foregoing, the Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Charter. The General Partner on behalf of the Partnership shall also be empowered to

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do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code.

**ARTICLE 4<u><br>CAPITAL CONTRIBUTIONS AND ACCOUNTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. <u>Capital Contributions</u>**. The General Partner and the Limited Partners have made capital contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on the Partnership's books and records. The General Partner may keep the Partnership's books and records which shall include, among other things, a register that contains the name, address, and number and Class of Partnership Units of each Partner (the "<u>Partnership Register</u>") and that reflect periodic changes to the capital contributions made by the Partners and redemptions and other purchases of Partnership Units by the Partnership, and corresponding changes to the Partnership Interests of the Partners, without preparing an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2. <u>Classes of Partnership Units</u>**. The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class T Units, Class S Units, Class D Units, Class I Units, Class F-T Units, Class F-S Units, Class F-D Units, Class F-I Units, Class P Units, Class B Units, Class R-I Units, Class R-S Units, Class M-I Units and Class M-S Units. Each such Class shall have the rights and obligations attributed to that Class under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3. <u>Additional Capital Contributions and Issuances of Additional Partnership Interests</u>**. Except as provided in this <u>Section 4.3</u> or in <u>Section 4.4</u>, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this <u>Section 4.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Issuances of Additional Partnership Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>General</u>**. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner, including but not limited to, (A) Partnership Units issued in connection with the issuance of REIT Shares of or other interests in the General Partner, (B) Partnership Units issued to the Special Limited Partner with respect to payments made pursuant to the Performance Allocation, (C) Partnership Units issued to the Advisor in lieu of cash management fees pursuant to the Advisory Agreement, (D) upon the conversion, redemption or exchange of any debt, Partnership Units, or other securities issued by the Partnership, (E) in connection with any merger of any other Person into the Partnership, (F) upon the contribution of property or assets to the Partnership or otherwise in connection with the Partnership's acquisition

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of a property or assets, and (G) for such consideration as the General Partner may determine. Upon the issuance of any additional Partnership Interest, the General Partner may, without the approval of any other Partners, amend the Partnership Register as appropriate to reflect such issuance. Any additional Partnership Interests issued thereby may be issued in one or more Classes (including the Classes specified in this Agreement or any other Classes), or one or more series of any of such Classes, with such designations, preferences and relative, participating, optional or other special rights, voting and other powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (A) the allocations of items of Partnership income, gain, loss, deduction and credit to each such Class or series of Partnership Interests; (B) the right of each such Class or series of Partnership Interests to share in Partnership distributions; and (C) the rights of each such Class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the additional Partnership Interests are issued in connection with an issuance of Additional Securities by the General Partner in accordance with <u>Section 4.3(a)(iii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the additional Partnership Interests are issued in exchange for property owned by the General Partner or in exchange for other consideration with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the additional Partnership Interests are issued upon the conversion, redemption or exchange of debt, Partnership Units or other securities issued by the Partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the additional Partnership Interests are issued to all Partners holding Partnership Units of the same Class or series in proportion to the Partnership Units of such Class or series held by such Partners.

Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Adjustment Events</u>**. In the event the General Partner (A) declares or pays a dividend on any Class of its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of any Class of its outstanding REIT Shares in REIT Shares, (B) subdivides any Class of its outstanding REIT Shares, or (C) combines any Class of its outstanding REIT Shares into a smaller number of REIT Shares with respect to any Class of REIT Shares, then a corresponding adjustment to the number of outstanding Partnership Units of the applicable Class necessary to maintain the proportionate

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relationship between the number of outstanding Partnership Units of such Class to the number of outstanding REIT Shares of such Class shall automatically, and without further action by the General Partner or any Limited Partner, be made. Additionally, in the event that any other entity shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the "<u>Successor Entity</u>"), the number of outstanding Partnership Units of each Class shall be adjusted by multiplying such number by the number of shares of the Successor Entity into which one REIT Share of such Class is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the number of outstanding Partnership Units of any Class shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, or such merger, consolidation or combination, the number of outstanding Partnership Units of any Class shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend, distribution, subdivision or combination or such merger, consolidation or combination. If the General Partner takes any other action affecting the REIT Shares other than actions specifically described above and, in the opinion of the General Partner such action would require an adjustment to the number of Partnership Units to maintain the proportionate relationship between the number of outstanding Partnership Units to the number of outstanding REIT Shares, the General Partner shall have the right to make such adjustment to the number of Partnership Units, to the extent permitted by law, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **<u>Upon Issuance of Additional Securities</u>**. Upon the issuance by the General Partner of any Additional Securities (including pursuant to the General Partner's distribution reinvestment plan) other than to all holders of REIT Shares, the General Partner shall contribute any net proceeds from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership in return for, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights such that their economic interests are substantially similar to those of the Additional Securities; *provided, however*, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of assets that would not be owned directly or indirectly by the Partnership, but if and only if, such acquisition and issuance of Additional Securities have been approved and determined to be in or not opposed to the best interests of the General Partner and the Partnership; *provided further*, that the General Partner is allowed to use net proceeds from the issuance and sale of such Additional Securities to repurchase REIT Shares pursuant to a share repurchase plan. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as the General Partner

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concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. Without limiting the foregoing, if the General Partner issues REIT Shares of any Class for a cash purchase price and contributes all of the net proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Partnership Units having the same Class designation as the issued REIT Shares equal to the number of such REIT Shares of that Class issued by the General Partner the proceeds of which were so contributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Certain Deemed Contributions of Proceeds of Issuance of REIT Shares</u>**. In connection with any and all issuances of REIT Shares, to the extent that the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, if the proceeds actually received and contributed by the General Partner in respect of the REIT Shares the proceeds of which were so contributed are less than the gross proceeds of such issuance as a result of any underwriter's discount, placement fee or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with <u>Section 6.5</u> and in connection with the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to <u>Section 4.3(a)</u>, and any such expense shall be allocable solely to the Class of Partnership Units issued to the General Partner at such time. In connection with any and all issuances of REIT Shares pursuant to the General Partner's distribution reinvestment plan, the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the distributions that have been reinvested in respect of the REIT Shares issued by the General Partner in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4. <u>Additional Funding</u>**. If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds ("<u>Additional Funds</u>") for any Partnership purpose, the General Partner may (a) cause the Partnership to obtain such funds from outside borrowings, (b) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans, purchase of additional Partnership Interests or otherwise (which the General Partner or such Affiliates will have the option, but not the obligation, of providing) or (c) cause the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance with <u>Section 4.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5. <u>Capital Accounts</u>**. A separate capital account (a "<u>Capital Account</u>") shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv) and a Partner shall have a single Capital Account with respect to all Partnership Interests held by such Partner. If (a) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a *de minimis* Capital Contribution, (b) the Partnership distributes to a Partner more than a *de minimis* amount of Partnership property or money as consideration for a Partnership Interest, (c) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), (d) the Partnership grants a Partnership Interest (other than a *de minimis* interest) as consideration for the provision of services to or for the benefit of the Partnership, or (e) another event occurs pursuant to which the Partnership may revalue its

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Property, the General Partner may revalue the Property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership's Property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such Property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to <u>Section 5.1</u> if there were a taxable disposition of such Property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6. <u>Percentage Interests</u>**. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners' Percentage Interests are adjusted pursuant to this <u>Section 4.6</u>, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (a) as if the taxable year had ended on the date of the adjustment or (b) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7. <u>No Interest on Contributions</u>**. No Partner shall be entitled to interest on its Capital Contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8. <u>Return of Capital Contributions</u>**. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner's Capital Contribution for so long as the Partnership continues in existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9. <u>No Third Party Beneficiary</u>**. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold,

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transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership.

**ARTICLE 5<u><br>PROFITS AND LOSSES; DISTRIBUTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1. <u>Allocation of Profit and Loss</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>General Partner Gross Income Allocation</u>**. There shall be specially allocated to the General Partner an amount of (i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of the cumulative reimbursements made to the General Partner under <u>Section 6.5(b)</u> (other than reimbursements which would properly be treated as "guaranteed payments" or which are attributable to the reimbursement of expenses which would properly be either deductible by the Partnership or added to the tax basis of any Partnership asset) over the cumulative allocations of Partnership income and gain to the General Partner under this <u>Section 5.1(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>General Allocations</u>**. The items of Profit and Loss of the Partnership for each fiscal year or other applicable period, other than any items allocated under <u>Section 5.1(a)</u>, shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under <u>Section 5.1(a)</u>, <u>5.1(c)</u>, <u>5.1(f)</u>, <u>5.1(g)</u> and <u>5.2(c)</u>) cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal (i) the amount of the hypothetical distribution that such Partner would receive if the Partnership were liquidated on the last day of such period and all assets of the Partnership, including cash, were sold for cash equal to their Carrying Values, taking into account any adjustments thereto for such period, all liabilities of the Partnership were satisfied in full in cash according to their terms (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and the remaining cash proceeds (after satisfaction of such liabilities) were distributed in full pursuant to <u>Section 5.2</u>, minus (ii) the sum of such Partner's share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to contribute to the capital of the Partnership, all computed as of the date of the hypothetical sale of assets*.* Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Regulatory Allocations</u>**. Notwithstanding any other provision of this Agreement:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Minimum Gain Chargeback</u>**. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain (determined in accordance with the principles of Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f). This <u>Section 5.1(c)(i)</u> is intended to comply with the minimum gain chargeback requirements in such Regulations Sections and shall be interpreted consistently therewith; including that no chargeback shall be required to the extent of the exceptions provided in Regulations Sections 1.704-2(f) and 1.704-2(i)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **<u>Gross Income Allocation</u>**. If one or more Partners has a deficit Capital Account at the end of any fiscal year that is in excess of the sum of (A) the amount each such Partner is obligated to restore, if any, pursuant to any provision of this Partnership Agreement, and (B) the amount each such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible (in proportion to the amount of such deficit); provided that an allocation pursuant to this <u>Section 5.1(c)(iii)</u> shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article 5 have been tentatively made as if <u>Section 5.1(c)(ii)</u> and this <u>Section 5.1(c)(iii)</u> were not in this Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **<u>Payee Allocation</u>**. If any payment to any person that is treated by the Partnership as the payment of an expense is recharacterized by a taxing authority as a Partnership distribution to the payee as a partner, such payee shall be specially allocated, in the manner determined by the General Partner, an amount of Partnership gross income and gain as quickly as possible equal to the amount of the distribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **<u>Nonrecourse Deductions</u>**. Nonrecourse Deductions shall be allocated pro rata based on the number of Partnership Units held by each Partner. "<u>Partner Nonrecourse Deductions</u>" has the meaning specified in Regulations Section 1.704-2(i)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **<u>Partner Nonrecourse Deductions</u>**. Partner Nonrecourse Deductions for any taxable period shall be allocated to the Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(j). "<u>Partner Nonrecourse Deductions</u>" has the meaning specified in Regulations Section 1.704-2(i)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **<u>Special Allocations</u>**. Any special allocations of income or gain pursuant to <u>Section 5.1(c)(ii)</u> or <u>Section 5.1(c)(iii)</u> hereof shall be taken into account in computing subsequent allocations pursuant to <u>Section 5.1(b)</u> and this <u>Section 5.1(c)(vii)</u>, so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to <u>Section 5.1(c)(ii)</u> or <u>Section 5.1(c)(iii)</u> had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Allocations Between Transferor and Transferee</u>**. If a Partner Transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership's fiscal year had ended on the date of the Transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Definition of Profit and Loss</u>**. "Profit" and "Loss" and any items of income, gain, expense or loss referred to in this Agreement shall be determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (i) all items of income, gain, loss or deduction allocated pursuant to <u>Sections 5.1(c)(i)</u> through <u>(iii)</u> shall not be taken into account in computing such taxable income or loss; (ii) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profit and Loss shall be added to such taxable income or loss; (iii) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any depreciation, amortization, gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (iv) upon an adjustment to the Carrying Value of any asset pursuant to the definition of Carrying Value (other than an adjustment in respect of depreciation, amortization or cost recovery deductions), the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (v) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with respect to such asset for purposes of Profit and Loss shall be an amount which bears the same

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ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the Partners may use any reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profit and Loss; and (vi) except for items in (i) above, any expenditures of the Partnership not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profit and Loss pursuant to this definition shall be treated as deductible items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Tax Allocations</u>**. All items of income, gain, loss, deduction and credit of the Partnership shall be allocated among the Partners for federal, state and local income tax purposes consistent with the manner that the corresponding constituent items of Profit and Loss shall be allocated among the Partners pursuant to this Partnership Agreement in the manner determined by the General Partner, except as may otherwise be provided herein or by the Code. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Curative Allocations</u>**. The allocations set forth in <u>Section 5.1(c)</u> of this Agreement (the "<u>Regulatory Allocations</u>") are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this <u>Section 5.1(g)</u>. Therefore, notwithstanding any other provision of this <u>Section 5.1</u> (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner's Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to <u>Sections 5.1(a)</u> and <u>(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Substantial Economic Effect</u>**. It is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners' interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. <u>Section 5.1</u> and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2. <u>Distribution of Cash</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Partnership shall distribute cash on a monthly (or, at the election of the General Partner, in its sole discretion, more or less frequently) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such month (or other distribution period) in accordance with <u>Section 5.2(b)</u>. The Partnership shall be deemed to have distributed cash to the General Partner in an amount equal to the amount of distributions by the General Partner that are

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reinvested in REIT Shares issued by the General Partner pursuant to the General Partner's distribution reinvestment plan, and the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares. The Partnership shall be deemed to have distributed cash to a Limited Partner in an amount equal to the amount of distributions by the Partnership that are reinvested in Partnership Units issued by the Partnership to such Limited Partner pursuant to <u>Section 5.8</u>, and such Limited Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions in return for such Partnership Units issued pursuant to <u>Section 5.8</u>. The number of Partnership Units issued to any such Limited Partner in respect of such reinvested distributions shall equal the amount of such reinvested distributions divided by the most recent Net Asset Value Per Unit of the applicable Class of Partnership Units at the time of such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for distributions pursuant to <u>Section 5.7</u> in connection with the dissolution and liquidation of the Partnership and subject to the provisions of <u>Sections 5.2(c)</u>, <u>5.2(d)</u>, <u>5.2(e)</u>, <u>5.3</u> and <u>5.4</u>, all distributions of cash (including any deemed distributions pursuant to <u>Section 5.2(a)</u>) shall be made to the Partners in amounts proportionate to the aggregate Net Asset Value of the Partnership Units held by the respective Partners on the Partnership Record Date, except that the amount distributed per Partnership Unit of any Class may differ from the amount per Partnership Unit of another Class (i) on account of differences in Class-specific expense allocations with respect to REIT Shares as described in the Prospectus or with respect to Partnership Units (including, without limitation stockholder servicing fees, Advisory Fees and the Performance Allocation which shall be a Class-specific expense allocable to Classes of Partnership Units (and corresponding Classes of REIT Shares)), or (ii) for other reasons as determined by the Board of Directors of the General Partner (including Advisory Fees and the Performance Allocation payable to the Special Limited Partner, each of which are class-specific expenses). Any such differences shall correspond to differences in the amount of distributions per REIT Share for REIT Shares of different Classes, with the same adjustments being made to the amount of distributions per Partnership Unit for Partnership Units of a particular Class as are made to the distributions per REIT Share by the General Partner with respect to REIT Shares having the same Class designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, so long as the Advisory Agreement has not been terminated (including by means of non-renewal), the Special Limited Partner shall be entitled to a distribution (the "<u>Performance Allocation</u>") with respect to the Performance Participation OP Units, promptly following the end of each year and at the other times described below (which shall accrue on a monthly basis) in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *First*, if the Total Return for the applicable period exceeds the sum of (A) the Hurdle Amount for that period and (B) the Loss Carryforward Amount (any such excess, "<u>Excess Profits</u>"), 100% of such Excess Profits until the total amount allocated to the Special Limited Partner equals 10% of the sum of (X) the Hurdle Amount for that period and (Y) any amount allocated to the Special Limited Partner pursuant to this clause; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Second*, to the extent there are remaining Excess Profits, 10% of such remaining Excess Profits.

Any amount by which Total Return falls below the Hurdle Amount and that does not constitute Loss Carryforward Amount will not be carried forward to subsequent periods.

With respect to all Performance Participation OP Units that are repurchased at the end of any month in connection with repurchases of REIT Shares pursuant to the General Partner's share repurchase plan, the Special Limited Partner shall be entitled to such Performance Allocation in an amount calculated as described above calculated in respect of the portion of the year for which such Performance Participation OP Units were outstanding, and proceeds for any such Performance Participation OP Unit repurchase will be reduced by the amount of any such Performance Allocation.

Distributions on the Performance Allocation may be payable in cash, Class I units or any other Partnership Units at the election of the Special Limited Partner. If the Special Limited Partner elects to receive such distributions in Partnership Units, the Special Limited Partner will receive the number of Partnership Units that results from dividing the Performance Allocation by the Net Asset Value per Unit of the applicable Class of Partnership Units at the time of such distribution. If the Special Limited Partner elects to receive such distributions in Partnership Units, the Special Limited Partner may request the Partnership to redeem such Partnership Units from the Special Limited Partner at any time thereafter pursuant to <u>Section 8.5</u>.

The measurement of the change in Net Asset Value Per Unit for the purpose of calculating the Total Return is subject to adjustment by the Board of Directors of the General Partner to account for any dividend, split, recapitalization or any other similar change in the Partnership's capital structure or any distributions that the Board of Directors of the General Partner deems to be a return of capital if such changes are not already reflected in the Partnership's net assets.

The Special Limited Partner will not be obligated to return any portion of the Performance Allocation paid due to the subsequent performance of the Partnership.

In the event the Advisory Agreement is terminated (including by means of non-renewal), the Special Limited Partner will be allocated any accrued Performance Allocation with respect to all Performance Participation OP Units as of the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the Partnership is required by law to withhold or to make tax payments (including interest and penalties thereon) on behalf of or with respect to any Partner or as a result of such Partner's participation in the Partnership or failure to provide the requested information, forms or certifications as described herein ("<u>Tax Advances</u>"), the General Partner may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall, at the option of the General Partner, (i) be promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing

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the proceeds of liquidation otherwise payable to such Partner. Whenever the General Partner selects the option set forth in clause (ii) of the immediately preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Partnership Agreement such Partner shall be treated as having received all distributions unreduced by the amount of such Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership and the General Partner and any member, director or officer of the General Partner from and against any liability with respect to Tax Advances required on behalf of or with respect to such Partner or as a result of such Partner's participation in the Partnership or failure to provide the requested information, forms or certifications as described herein. Each Partner shall furnish the General Partner with such information, forms and certifications as it may require and as are necessary to comply with the regulations governing the obligations of withholding tax agents, as well as such information, forms and certifications as are necessary with respect to any withholding taxes imposed by countries other than the United States and represents and warrants that the information and forms furnished by it shall be true and accurate in all respects. The amount of any taxes paid by or withheld from receipts of the Partnership (or any investment in which the Partnership invests that is treated as a flow-through entity for U.S. federal income tax purposes) allocable to a Partner from an Investment shall be deemed to have been distributed to each Partner to the extent that the payment or withholding of such taxes reduced distribution proceeds otherwise distributable to such Partner as provided herein. The obligations of a Partner set forth in this <u>Section 5.2(d)</u> shall survive the withdrawal of a Partner from the Partnership, any transfer or redemption of a Partner's Partnership Interest, and any other event that causes a Partner to cease to be a Partner of the Partnership (including the termination, dissolution, liquidation and winding up of the Partnership).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3. <u>REIT Distribution Requirements</u>**. The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to make stockholder distributions that will allow the General Partner to (a) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (b) avoid any federal income or excise tax liability imposed by the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4. <u>No Right to Distributions in Kind</u>**. No Partner shall be entitled to demand property other than cash in connection with any distributions by the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5. <u>Limitations on Return of Capital Contributions</u>**. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner's Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6. <u>Amendments to Reflect Additional Partnership Units</u>**. In the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article 4 hereof, the

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General Partner is hereby authorized, without the approval of any other Partner, to make such revisions to this Article 5 and other provisions of this Agreement as it determines are necessary or desirable to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential distributions and allocations to holders of certain Classes of Partnership Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7. <u>Distributions Upon Liquidation</u>**. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts, obligations and establishment of reserves of the Partnership, including any Partner loans, and after payment of any accrued Performance Allocation to the Special Limited Partner and any preferred return owed to any other Partnership Units, the holder of each Partnership Unit shall be entitled to be paid out of the assets of the Partnership that are legally available for distribution to the holders of Partnership Unit applicable to the Class of Partnership Units so held.

Notwithstanding any other provision of this Agreement, the amount by which the value, as determined in good faith by the General Partner, of any property other than cash to be distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent not otherwise recognized by the Partnership, be taken into account in computing Profit and Loss of the Partnership for purposes of crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners, pursuant to this Agreement.

To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8. <u>Reinvestment</u>**. Subject to legal, tax, regulatory or other similar considerations, each Limited Partner holding Partnership Units agrees to participate in the reinvestment program of distributions to the holders of Partnership Units (the "<u>DRIP</u>" and any participating Limited Partner, a "<u>DRIP Participant</u>") unless otherwise agreed with the General Partner in writing. The following provisions shall apply to the DRIP and any Limited Partner's participation therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 5.8(b)(v)</u>, the General Partner shall, on behalf of each DRIP Participant, reinvest all distributions to be made to such DRIP Participant with respect to its Partnership Units in exchange for such DRIP Participant being issued additional Partnership Units of the same Class of Partnership Units held by such DRIP Participant with respect to which such distribution is being made. Partnership Units issued pursuant to the DRIP shall be purchased at the applicable Net Asset Value Per Unit on the date that the distribution is payable (calculated as of the most recent month end).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with this <u>Section 5.8</u>, each Limited Partner agrees and acknowledges as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Partnership has designated the General Partner to administer the DRIP and act as agent for the DRIP Participants. The General Partner shall credit distributions to DRIP Participants on the basis of whole or fractional Partnership Units, and shall reinvest

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such distributions in additional Partnership Units of the same Class of Partnership Units to which the distribution relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A DRIP Participant shall remain in the DRIP until such DRIP Participant withdraws from the DRIP in accordance with <u>Section 5.8(b)(v)</u> or the General Partner terminates or suspends the DRIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A DRIP Participant shall, on the date that the distribution is payable, be deemed to have received a cash distribution from the Partnership and then made a Capital Contribution in the same amount for the purchase of additional Partnership Units (at the most recent Net Asset Value Per Unit of the applicable Class of Partnership Units at the time of such distribution). No interest shall be paid on cash distributions pending reinvestment under the terms of the DRIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No DRIP Participant shall have any authorization or power to direct the time or price at which Partnership Units shall be purchased. The total amount to be invested shall depend on the amount of any distributions paid on the number of Partnership Units owned by the DRIP Participant, as well as any withholding taxes paid on behalf of such DRIP Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) DRIP Participants may elect to withdraw from the DRIP with respect to the Partnership Units held in their account in the DRIP by providing 10 days' prior written notice of such election to withdraw in a form acceptable to the General Partner and such election to withdraw shall be effective until rescinded by providing written notice of an election to reinstate participation in the DRIP in a form acceptable to the General Partner. Such written notice of such election to withdraw or be reinstated, as the case may be, must be received by the General Partner prior to the last business day of the month in order for a DRIP Participant's termination to be effective for such month (i.e., a timely termination notice will be effective as of the last business day of a month in which it is timely received and will not affect participation in the DRIP for any prior month). Any Transfer of Partnership Units by a DRIP Participant to a non-DRIP Participant will terminate participation in the DRIP with respect to the transferred Partnership Units. If a DRIP Participant requests that the Company repurchase all or any portion of the DRIP Participant's Partnership Units, the DRIP Participant's participation in the DRIP will be terminated. Upon termination of DRIP participation for any reason, future distributions will be distributed to the Investor in cash (except for allowable in-kind distributions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This <u>Section 5.8</u> shall not apply to any distributions to the General Partner made pursuant to <u>Section 5.2(a)</u>.

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**ARTICLE 6<u><br>RIGHTS, OBLIGATIONS AND<br>POWERS OF THE GENERAL PARTNER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1. <u>Management of the Partnership.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement and without limiting any powers of the Advisor pursuant to the Advisory Agreement, the powers of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to acquire, purchase, own, operate, lease and dispose of any Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to construct buildings and make other improvements on the Properties owned or leased by the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any Class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to pay, either directly or by reimbursement, for all operating costs and general administrative expenses of the Partnership to third parties or to the General Partner or its Affiliates as set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative

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expenses of the General Partner, the Partnership or any Subsidiary of either of the foregoing, to third parties or to the General Partner as set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to lease all or any portion of any of the Partnership's assets, whether or not any portion of the Partnership's assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation, including in all such legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, with respect to the Partners, the Partnership or the Partnership's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to file applications, communicate and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership's assets or any other aspect of the Partnership business including the registration of any Class or series of the Partnership Units under the Securities Act or the Securities Exchange Act of 1934, as amended, and the listing of any debt securities of the Partnership on any securities exchange or trading forum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to make or revoke any election permitted or required of the Partnership by any taxing authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as the General Partner shall determine from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) to determine whether or not to apply any insurance proceeds for any Property to the restoration of such Property or to distribute such proceeds in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other Persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor such remuneration as the General Partner may deem reasonable and proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) to maintain accurate accounting records and to file all federal, state and local income tax returns on behalf of the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) to distribute Partnership cash or other Partnership assets in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) to form or acquire an interest in, and contribute property to, any further limited or general partnerships, Joint Ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of Property to, its Subsidiaries and any other Person in which it has an equity interest from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to establish Partnership reserves for working capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) to merge, consolidate or combine the Partnership with or into another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary of the Partnership, or any other Person in which the Partnership has a direct or indirect interest pursuant to contractual or other arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) to enter into transactions in derivative instruments (including without limitation structuring an investment as a credit default swap, total return swap or other over-the-counter derivative contract, instrument or participation or using a similar arrangement to leverage, access or enhance investments) and hedging arrangements (including without limitation to reduce the Partnership's equity, currency, commodity price or interest rate exposure or other risks related to an investment).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2. <u>Delegation of Authority</u>**. The General Partner may delegate any or all of its powers, rights and obligations hereunder to any Person, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person (which may include the Adviser) may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3. <u>Indemnification and Exculpation of Indemnitees</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Partnership shall indemnify and hereby agrees to indemnify and hold harmless an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, costs and expenses (including reasonable legal fees and expenses), judgments, fines, settlements, penalties and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnitee and that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and constituted willful misconduct or gross negligence; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by settlement, judgment, order or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that an Indemnitee did not act in good faith and in a manner that the Indemnitee believed to be in or not opposed to the best interests of the Partnership or that the Indemnitee's conduct constituted fraud, willful misconduct, gross negligence, a material breach of this Agreement, a breach of its fiduciary duty or, with respect to any criminal action or proceeding, an Indemnitee had no reasonable cause to believe his conduct was unlawful. Any indemnification pursuant to this <u>Section 6.3</u> shall be made only out of the assets of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this <u>Section 6.3</u> has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnification provided by this <u>Section 6.3</u> shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant

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to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership's activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of this <u>Section 6.3</u>, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this <u>Section 6.3</u>; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An Indemnitee shall not be denied indemnification in whole or in part under this <u>Section 6.3</u> because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement and the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The provisions of this <u>Section 6.3</u> are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4. <u>Liability and Obligations of the General Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission not amounting to willful misconduct or gross negligence. The General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity; provided that the General Partner, acting in good faith, abides by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its stockholders collectively, and that neither the General Partner nor its Board of Directors is under any obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the

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Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or any Limited Partner shall be resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to its obligations and duties as General Partner set forth in <u>Section 6.1</u> hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT, (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, or (iii) to ensure that the Partnership will not be classified as a "publicly traded partnership" under section 7704 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amendment, modification or repeal of this <u>Section 6.4</u> or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner's liability to the Partnership and the Limited Partners under this <u>Section 6.4</u> as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5. <u>Reimbursement of General Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this <u>Section 6.5</u> and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all Administrative Expenses incurred by the General Partner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6. <u>Outside Activities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 6.8</u> hereof, the Charter and any agreements entered into by the General Partner or its Affiliates with the Partnership or any of its Subsidiaries, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and may have, directly or indirectly, business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to communicate or offer any opportunities or interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person, even if it may raise a conflict of interest with the Limited Partners or the Partnership. The General Partner will not be liable for breach of any fiduciary or other duty by reason of the fact that such party pursues or acquires for, or directs such opportunity or interest to another Person or does not communicate or offer such opportunity or interest to the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Limited Partner shall, by reason of being a Limited Partner in the Partnership, have any right to participate in any manner in any profits or income earned or derived by or accruing to the General Partner and its respective Affiliates, or the respective members, partners, officers, directors, employees, stockholders, agents or representatives thereof from the conduct of any business other than the business of the Partnership or from any transaction in instruments effected by the General Partner and its Affiliates or the respective members, partners, stockholders, officers, directors, employees or agents thereof for any account other than that of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7. <u>Transactions With Affiliates</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Affiliate of the General Partner or the Advisor may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Partnership may transfer assets to Joint Ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant, and in which any of its Affiliates may or may not be a participant, upon such terms and subject to such conditions as the

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General Partner deems are consistent with this Agreement, applicable law, the Charter and the REIT status of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any Property to, or purchase any Property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in the General Partner's sole discretion, on terms that are fair and reasonable to the Partnership and in compliance with the Charter, the Advisory Agreement and the investment guidelines as established from time to time by the Board of Directors or the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8. <u>Title to Partnership Assets</u>**. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the Property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9. <u>Repurchases and Exchanges of REIT Shares</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Repurchases</u>**. If the General Partner repurchases any REIT Shares (other than REIT Shares repurchased with proceeds received from the issuance of other REIT Shares), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units having the same Class designation as the redeemed REIT Shares for that Class of Partnership Units on the same terms that the General Partner repurchased such REIT Shares (including any applicable discount to Net Asset Value).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Exchanges</u>**. If the General Partner exchanges any REIT Shares of any Class ("<u>Exchanged REIT Shares</u>") for, or converts any REIT Shares of any Class to, REIT Shares of a different Class ("<u>Received REIT Shares</u>"), then the General Partner shall, and shall cause the Partnership to, exchange or convert a number of Partnership Units having the same Class designation as the Exchanged REIT Shares, for Partnership Units having the same Class designation as the Received REIT Shares on the same terms that the General Partner exchanged or converted the Exchanged REIT Shares. The exchange of Partnership Units shall occur automatically after the close of business on the applicable date of the exchange of REIT Shares, as of which time the holder of a Class of Partnership Units having the same designation as the Exchanged REIT Shares shall be credited on the Partnership Register with the issuance, as of the opening of business on the next day, of the applicable number of Partnership Units having the same designation as the Received REIT Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10. <u>No Duplication of Fees or Expenses</u>**. The Partnership may not incur or be responsible for any fee or expense (in connection with an Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner.

**ARTICLE 7<u><br>CHANGES IN GENERAL PARTNER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1. <u>Transfer of the General Partner's Partnership Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner shall not Transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as provided in, or in connection with a transaction contemplated by, <u>Section 7.1(b)</u>, <u>(c)</u> or <u>(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this <u>Section 7.1</u> or <u>Section 7.4</u> hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner's state of incorporation or organizational form) in each case which results in a change of control of the General Partner (a "<u>Transaction</u>"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a result of such Transaction all Limited Partners will receive for each Partnership Unit of each Class an amount of cash, securities, or other property equal to the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share having the same Class designation as that Partnership Unit in consideration of such REIT Share; provided that if, in connection with the Transaction, a purchase, tender or exchange offer ("<u>Offer</u>") shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner holding Partnership Units would have received had it (1) exercised its Redemption Right and (2) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Redemption Right immediately prior to the expiration of the Offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners receive in exchange for their Partnership Units of each Class, an amount of cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares having the same Class designation as the Partnership Units being exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding <u>Section 7.1(b)</u>, the General Partner may merge with or into or consolidate with another entity if immediately after such merger or consolidation (i) substantially

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all of the assets of the successor or surviving entity (the "<u>Survivor</u>"), other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this <u>Section 7.1(c)</u>. The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount and the REIT Shares Amount after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares of each Class or options, warrants or other rights relating thereto, and which a holder of Partnership Units of any Class could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for in <u>Section 4.3(a)(ii)</u>. The Survivor also shall in good faith modify the definition of REIT Shares and make such amendments to <u>Section 8.5</u> so as to approximate the existing rights and obligations set forth in <u>Section 8.5</u> as closely as reasonably possible. The above provisions of this <u>Section 7.1(c)</u> shall similarly apply to successive mergers or consolidations permitted hereunder.

In respect of any transaction described in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction; provided that such efforts are consistent with the exercise of the Board of Directors' fiduciary duties to the stockholders of the General Partner under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding <u>Section 7.1(b)</u>, a General Partner may Transfer all or any portion of its General Partnership Interest to (i) a wholly-owned Subsidiary of such General Partner or (ii) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2. <u>Admission of a Substitute or Additional General Partner</u>**. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a Certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by <u>Section 2.5</u> in connection with such admission shall have been performed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person's authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the state or any other jurisdiction as may be necessary) that (x) the admission of the Person to be admitted as a substitute or additional General Partner is in conformity with the Act and (y) none of the actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the loss of any Limited Partner's limited liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3. <u>Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to <u>Section 7.4(a)</u>) or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to <u>Section 7.3(b)</u>. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to <u>Section 7.2</u> shall not be deemed to be the withdrawal, dissolution or removal of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to <u>Section 7.4(a)</u> hereof) or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is, on the date of such occurrence, a partnership, the withdrawal of, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership by selecting, subject to <u>Section 7.2</u> and any other provisions of this Agreement, a substitute General Partner by consent of the Limited Partners holding a majority of the Percentage Interests of all Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired a Partnership Interest of a Partner in the Partnership shall be governed by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4. <u>Removal of a General Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or

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dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a General Partner has been removed pursuant to this <u>Section 7.4</u> and the Partnership is continued pursuant to <u>Section 7.3</u>, such General Partner shall promptly Transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by the Limited Partners in accordance with <u>Section 7.3(b)</u> and otherwise admitted to the Partnership in accordance with <u>Section 7.2</u>. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and the Limited Partners holding a majority of the Percentage Interests of all Limited Partners within 10 days following the removal of the General Partner. If the parties are unable to agree upon an appraiser, the removed General Partner and the Limited Partners holding a majority of the Percentage Interests of all Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner's General Partnership Interest within 30 days of the General Partner's removal, and the fair market value of the removed General Partner's General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner's General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner's General Partnership Interest shall be the average of the two appraisals closest in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The General Partnership Interest of a removed General Partner, during the time after default until Transfer under <u>Section 7.4(b)</u>, shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the Transfer is effective pursuant to <u>Section 7.4(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be legally necessary**,** desirable and sufficient to effect all the foregoing provisions of this Section.

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**ARTICLE 8<u><br>RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1. <u>Management of the Partnership</u>**. The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2. <u>Power of Attorney</u>**. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3. <u>Limitation on Liability of Limited Partners</u>**. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due pursuant to the terms of this Agreement. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4. <u>Ownership by Limited Partner of Corporate General Partner or Affiliate</u>**. No Limited Partner shall at any time, either directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners would, in the opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is required to establish compliance by the Limited Partners with the provisions of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5. <u>Redemption Right</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to this <u>Section 8.5</u> and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner other than the General Partner, after holding any Partnership Units for at least one year (or such shorter period as consented to by the General Partner in its sole discretion), shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem (a "<u>Redemption</u>") all or a portion of such Partnership Units (the "<u>Tendered Units</u>") in exchange for REIT Shares issuable on, or the Cash Amount payable on, the Specified Redemption Date, as determined by the General Partner in its sole discretion (a "<u>Redemption Right</u>"). Any Redemption Right shall be exercised pursuant to a Notice of

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Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner exercising the Redemption Right (the "<u>Tendering Party</u>"). Within 15 days of receipt of a Notice of Redemption, the Partnership will send to the Limited Partner submitting the Notice of Redemption a response stating whether the General Partner has determined the applicable Partnership Units will be redeemed for REIT Shares or the Cash Amount. In either case, the Limited Partner shall be entitled to withdraw the Notice of Redemption if (i) it provides notice to the Partnership that it wishes to withdraw the request and (ii) the Partnership receives the notice no less than two business days prior to the Specified Redemption Date. Notwithstanding the foregoing, the Special Limited Partner and the Advisor (or in the case of the Partnership Units received in consideration for management fees or the Performance Allocation, the assignees of the Special Limited Partner or the Advisor) shall have the right to require the Partnership to redeem all or a portion of their Class P Units, Class I Units, or other Partnership Units, as applicable, pursuant to this <u>Section 8.5</u> at any time irrespective of the period the Partnership Units have been held by the Special Limited Partner or the Adviser or their respective assignees. The Partnership shall redeem any such Partnership Units of the Special Limited Partner or the Advisor for equivalent class REIT Shares or the Cash Amount (at the Adviser's or Special Limited Partner's election) unless the Board of Directors of the General Partner determines that any such redemption for cash would be prohibited by applicable law or this Agreement, in which case such Partnership Units will be redeemed for an amount of the equivalent class REIT Shares with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Partnership Units (subject to the satisfaction of the restrictions set forth in <u>Section 8.5(c)</u> and <u>Section 8.5(e)</u>). Notwithstanding the foregoing, the redemption of any Partnership Units by the Special Limited Partner or its assignee received in connection with the Performance Allocation will be subject to the limits set forth in the General Partner's share repurchase plan as if such Partnership Units were REIT Shares; provided that such Partnership Units will not be subject to the Early Repurchase Deduction (as defined therein).

A Limited Partner other than the Special Limited Partner and the Advisor may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Tendering Party shall have no right, with respect to any Partnership Units so redeemed, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or after the Specified Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the General Partner (or, if applicable, the Advisor or Special Limited Partner) elects to redeem Tendered Units for REIT Shares rather than cash, then the Partnership shall direct the General Partner to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this <u>Section 8.5(b)</u>, in which case, (i) the General Partner, acting as a distinct legal entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party's exercise of its Redemption Right, and (ii) such transaction shall be treated, for federal income tax purposes, as a transfer by the Tendering Party of such Tendered Units to the General Partner in exchange for REIT Shares. The percentage of the Tendered Units tendered for Redemption by the Tendering Party for which the General Partner (or, if applicable, the Advisor or Special Limited Partner) elects to issue REIT Shares (rather than the Cash Amount) is referred to as the "<u>Applicable Percentage</u>." In making such election to acquire Tendered Units, the

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Partnership shall act in a fair, equitable and reasonable manner that neither prefers one group or class of Limited Partners over another nor discriminates against a group or class of Limited Partners. If the Partnership elects to redeem any number of Tendered Units for REIT Shares rather than Cash Amount, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the General Partner in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. The product of the Applicable Percentage and the REIT Shares Amount, if applicable, shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares free of any pledge, lien, encumbrance or restriction, other than the Aggregate Share Ownership Limit (as calculated in accordance with the Charter) and other restrictions provided in the Article of Incorporation, the bylaws of the General Partner, the Securities Act and relevant state securities or "blue sky" laws. Notwithstanding the provisions of <u>Section 8.5(a)</u> and this <u>Section 8.5(b)</u>, the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with an exercise of the Redemption Right pursuant to this <u>Section 8.5</u>, the Tendering Party shall submit the following to the General Partner, in addition to the Notice of Redemption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A written affidavit, dated the same date as the Notice of Redemption, (A) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) any Related Party and (B) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares in excess of the Aggregate Share Ownership Limit or the Common Share Ownership Limit (or, if applicable the Excepted Holder Limit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A written representation that neither the Tendering Party nor any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Redemption on the Specified Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An undertaking to certify, at and as a condition to the closing of the Redemption on the Specified Redemption Date, that either (A) the actual and constructive ownership of REIT Shares by the Tendering Party and any Related Party remain unchanged from that disclosed in the affidavit required by <u>Section 8.5(c)(1)</u> or (B) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Aggregate Share Ownership Limit (or, if applicable, the Excepted Holder Limit); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other documents as the General Partner may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Cash Amount to be paid to a Tendering Party pursuant to this <u>Section 8.5</u> shall be paid on the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 180 days to the extent required for the Partnership or the General Partner to obtain financing to be used to make such payment of the Cash Amount, by causing additional REIT Shares to be issued or

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otherwise. Notwithstanding the foregoing, the General Partner agrees to use its commercially reasonable efforts to cause the closing of the acquisition of Tendered Units hereunder to occur as quickly as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Redemption Rights to prevent, among other things, (i) any Person from owning shares in excess of the Common Share Ownership Limit, the Aggregate Share Ownership Limit and the Excepted Holder Limit, (ii) the REIT Shares from being owned by less than 100 persons and the General Partner from being "closely held" within the meaning of Section 856(h) of the Code, (iii) as and if deemed necessary to ensure that the Partnership does not constitute a "publicly traded partnership" under Section 7704 of the Code, (iv) the Partnership's assets being considered "plan assets" with the meaning of ERISA or any regulations proposed or promulgated thereunder, (v) the violation of the Securities Act or other comparable state law, (vi) the registration of the Partnership as an investment company under the Investment Company Act, (vii) the registration of the Partnership, the General Partner or any Affiliate thereof (that is not already registered as an investment adviser under the Advisers Act) as an investment adviser under the Advisers Act, (viii) the termination of the Partnership's status as a partnership for tax purposes, (ix) the violation of any law, rule, regulation by such Limited Partner, the Partnership, the General Partner and their respective officers, directors, employers, shareholders, partners, members or any Affiliate thereof, and (x) a non-exempt prohibited transaction under ERISA. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof to each of the Limited Partners holding Partnership Units, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the foregoing, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A redemption fee may be charged (other than to the Adviser, Special Limited Partner or their Affiliates) in connection with an exercise of Redemption Rights pursuant to this <u>Section 8.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6. <u>Required Redemption of Limited Partners</u>**.

The General Partner, in its sole discretion, may require a Limited Partner to surrender all or any portion of its Partnership Units and withdraw from the Partnership to the extent such redemption is in the best interest of the Partnership, as determined by the General Partner in good faith at any time for any reason or no reason with or without prior notice to such Limited Partner. A notice of mandatory redemption pursuant to this <u>Section 8.6</u> shall have the same effect as a request for redemption by a Limited Partner given pursuant to <u>Section 8.5</u>; provided that the mandatory redemption of all or any portion of such Limited Partner's Partnership Units shall be effective on the date determined by the General Partner and indicated in such notice.

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**ARTICLE 9<u><br>TRANSFERS OF LIMITED PARTNERSHIP INTERESTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1. <u>Purchase for Investment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in <u>Section 9.1(a)</u> above and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2. <u>Restrictions on Transfer of Limited Partnership Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 9.2(b)</u> and <u>(c)</u>, no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of its Limited Partnership Interest, or any of such Limited Partner's economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a "<u>Transfer</u>") without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion; provided that the Special Limited Partner may Transfer all or any portion of its Limited Partnership Interest, or any of its economic rights as a Limited Partner, to any of its Affiliates without the consent of the General Partner. Any such purported Transfer undertaken without such consent shall be considered to be null and void *ab initio* and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to <u>Section 9.5</u> below) of all of its Partnership Interest pursuant to this Article 9 or pursuant to a redemption of all of its Partnership Units pursuant to <u>Section 8.5</u>. Upon the permitted Transfer or redemption of all of a Limited Partner's Partnership Interest, such Limited Partner shall cease to be a Limited Partner.

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Partner for the benefit of such Limited Partner and/or any such person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, without the consent of the General Partner, which may be withheld in its sole and absolute discretion, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities Act, the registration of the General Partner or any Affiliate thereof (that is not currently registered as an investment adviser under the Advisers Act, or cause the Partnership to be treated as a "publicly traded partnership" within the meaning of U.S. Code Section 7704(b), or would otherwise violate any applicable federal or state securities or blue sky laws (including investment suitability standards).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Transfer by a Limited Partner of its Partnership Interest, in whole or in part, may be made to any Person without the consent of the General Partner, which may be withheld in its sole and absolute discretion, if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership's being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code and the General Partner determines such treatment would be in the best interest of the Partnership), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code, (iii) in the opinion of legal counsel for the Partnership, the Transfer would cause the Partnership not to qualify for the safe harbor described in Regulations Section 1.7704-1(h), (iv) the Transfer would result in the Partnership at any time during its taxable year having more than 100 partners, within the meaning of Section 1.7704-1(h)(1)(ii) of the Regulations (taking into account Section 1.7704-1(h)(3) of the Regulations), or (v) such Transfer is effectuated through an "established securities market" or a "secondary market (or the substantial equivalent thereof)" within the meaning of Section 7704 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No transfer by a Limited Partner of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender may be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a Partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Prior to the consummation of any Transfer under this Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3. <u>Admission of Substitute Limited Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or an amendment thereof and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The assignee shall have delivered a letter containing the representation set forth in <u>Section 9.1(a)</u> hereof and the agreement set forth in <u>Section 9.1(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee's authority to become a Limited Partner under the terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in <u>Section 8.2</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The assignee has obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in <u>Section 9.3(a)(ii)</u> hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4. <u>Rights of Assignees of Partnership Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Sections 9.1</u> and <u>9.2</u> hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Person who is the assignee of all or any portion of a Limited Partner's Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited Partnership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5. <u>Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner</u>**. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6. <u>Joint Ownership of Interests</u>**. A Partnership Interest may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be

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divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners.

**ARTICLE 10<u><br>BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1. <u>Books and Records</u>**. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership's specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all Certificates of amendment thereto, (c) copies of the Partnership's federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2. <u>Custody of Partnership Funds; Bank Accounts</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested in any manner determined by the General Partner in its sole discretion. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment permitted by this <u>Section 10.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3. <u>Fiscal and Taxable Year</u>**. The fiscal and taxable year of the Partnership shall be the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4. <u>Annual Tax Information and Report</u>**. Within 90 days after the end of each fiscal year of the Partnership (subject to reasonable delays in the event of the late receipt of any necessary financial statements of the Person in which the Partnership holds an interest), the General Partner shall furnish to each person who was a Limited Partner at any time during such fiscal year the tax information necessary to file such Limited Partner's individual tax returns as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5. <u>Partnership Representative; Tax Elections; Special Basis Adjustments</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner shall act as or appoint the "partnership representative" within the meaning of Section 6223(a) of the Code and, to the extent necessary, a "designated individual" within the meaning of Regulations Section 301.6223-1(b) through whom the "partnership representative" may act for purposes of implementing the provisions of this <u>Section 10.5</u> and

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Sections 6221 through 6241 of the Code (as amended by the Bipartisan Budget Act of 2015) (such "partnership representative" and "designated individual," collectively, the "<u>Partnership Representative</u>") and the equivalent for applicable state and local tax purposes. As Partnership Representative, the General Partner (or its appointee) shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Partnership Representative. The General Partner (or its appointee) shall have the right to retain professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner (or its appointee) on behalf of the Partnership as Partnership Representative shall constitute Partnership expenses. Each Partner shall provide such cooperation and assistance as is reasonably requested by the Partnership Representative. The taking of any action and the incurring of any expense by the Partnership Representative in connection with any such action, except to the extent required by law, is a matter in the sole and absolute discretion of the Partnership Representative and the provisions relating to indemnification of the General Partner set forth in <u>Section 6.3</u> hereof shall be fully applicable to the Partnership Representative in its capacity as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All elections required or permitted to be made by the Partnership under the Code or any applicable state, local or foreign tax law shall be made by the General Partner in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of the payment by the Partnership of an assessed imputed underpayment, the Partnership Representative is authorized to allocate the assessed amount among the Partners in a manner it deems equitable in its sole discretion so that each Partner economically bears any taxes paid by the Partnership allocable to such Partner, and such imputed underpayment and other amount attributable to any such Partner shall be treated as a Tax Advance with respect to such Partner in accordance with <u>Section 5.2(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a Transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership's assets. Notwithstanding anything contained in Article 5, any adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6. <u>Reports to Limited Partners</u>**. As soon as practicable after the close of each fiscal year, but in no event later than the date on which the General Partner mails its annual report to holders of the REIT Shares, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial statements shall be audited by accountants selected by the General Partner.

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**ARTICLE 11<u><br>AMENDMENT OF AGREEMENT; MERGER</u>**

The General Partner's consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement, in its sole discretion, including in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to <u>Section 7.1(b)</u>, <u>(c)</u> or <u>(d)</u> hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment affecting the operation of the Redemption Right (except as provided in <u>Section 8.5(d)</u>, <u>7.1(b)</u> or <u>7.1(c)</u>) in a manner adverse to the Limited Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to <u>Section 4.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amendment that would alter the Partnership's allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant to <u>Section 4.3</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership.

**ARTICLE 12<u><br>GENERAL PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1. <u>Notices</u>**. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth on the Partnership's books and records; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2. <u>Survival of Rights</u>**. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3. <u>Additional Documents</u>**. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4. <u>Severability</u>**. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from

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this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5. <u>Side Letters</u>**. Notwithstanding anything to the contrary contained herein, it is hereby acknowledged and agreed that the General Partner, on its own behalf or on behalf of the Partnership, and without the approval of any Limited Partner or any other Person, may enter into a side letter or similar agreement (collectively, "<u>Side Letters</u>") with one or more Limited Partners which has the effect of establishing rights under, or altering or supplementing the terms hereof. As a result of such Side Letters, certain Limited Partners may receive additional benefits, which may be more favorable than those offered to any other Partners. The parties hereto agree that any terms contained in a Side Letter with one or more such Persons shall govern with respect to such Persons notwithstanding anything to the contrary contained herein. Except as required by applicable law, the General Partner will not be required to notify all Limited Partners of any such Side Letters or any of the rights or terms or provisions thereof, and will not be required to offer such additional or different rights or terms to all Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6. <u>Entire Agreement</u>**. This Agreement, the exhibits attached hereto, and any Side Letters constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7. <u>Pronouns and Plurals</u>**. When the context in which words are used in the Agreement indicates that such is the intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8. <u>Headings</u>**. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any particular Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9. <u>Counterparts</u>**. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. For the avoidance of doubt, a Person's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "<u>Electronic Signature</u>"), including via Docusign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such Person and shall bind such Person to the terms of this Agreement. The Partners hereto agree that this Agreement and any additional information incidental hereto may be maintained as electronic records. Any Person executing and delivering this Agreement by Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement, as may be reasonably requested by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10. <u>Governing Law</u>**. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11. <u>No Partition</u>**. No Partner nor any successor-in-interest to a Partner shall have the right while this Agreement remains in effect to have any property of the Partnership partitioned,

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or to file a complaint or institute any proceeding at law or in equity to have such Property of the Partnership partitioned, and each Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Partners that the rights of the parties hereto and their successors-in-interest to Partnership Property, as among themselves, shall be governed by the terms of this Agreement and that the rights of the Partners and their respective successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12. <u>No Rights as Stockholders</u>**. Nothing contained in this Agreement shall be construed as conferring upon the holders of Partnership Units any rights whatsoever as stockholders of the General Partner, including without limitation any right to receive dividends or other distributions made to stockholders of the General Partner or to vote or to consent or receive notice as stockholders in respect of any meeting of stockholders of the General Partner for the election of directors of the General Partner or any other matter.

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IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Second Amended and Restated Agreement of Limited Partnership, all as of the date first set forth above.

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| | |
|:---|:---|
| **GENERAL PARTNER:** | **GENERAL PARTNER:** |
| **COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.** | **COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.** |
| By: | /s/ Brian W. Heller  |
|  | Name: Brian W. Heller |
|  | Title: Secretary |
| **SPECIAL LIMITED PARTNER:** | **SPECIAL LIMITED PARTNER:** |
| **COHEN & STEERS INCOME OPPORTUNITIES REIT SPECIAL LIMITED PARTNER, LLC** | **COHEN & STEERS INCOME OPPORTUNITIES REIT SPECIAL LIMITED PARTNER, LLC** |
| By: | Cohen & Steers, Inc., as its sole member |
| By: | /s/ Francis C. Poli |
|  | Name: Francis C. Poli |
|  | Title: Executive Vice President, General Counsel and Secretary |
| **LIMITED PARTNERS:** | **LIMITED PARTNERS:** |
| By: | Cohen & Steers Income Opportunities REIT, Inc., as attorney-in-fact for the Persons whose names are set forth in the books and records of the Partnership as Limited Partners |
| By: | /s/ James S. Corl |
|  | Name: James S. Corl |
|  | Title: Chief Executive Officer and Chief Investment Officer |

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**EXHIBIT A**

**<u>NOTICE OF EXERCISE OF REDEMPTION RIGHT</u>**

In accordance with Section 8.5 of the Limited Partnership Agreement (the "<u>Agreement</u>") of Cohen & Steers Income Opportunities REIT Operating Partnership, L.P., the undersigned hereby irrevocably (i) presents for redemption Partnership Units in Cohen & Steers Income Opportunities REIT Operating Partnership, L.P. in accordance with the terms of the Agreement and the Redemption Right referred to in Section 8.5 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below.

 <br> Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, (Name of Limited Partner)<br>(Signature of Limited Partner)<br>(Mailing Address)<br>(City) (State) (Zip Code)<br>Signature Guaranteed by:

If REIT Shares are to be issued, issue to:

Name:

Social Security or<br>Tax I.D. Number:

<br>