# EDGAR Filing Document

**Accession Number:** 0001412502
**File Stem:** 0001104659-26-053473
**Filing Date:** 2026-5
**Character Count:** 52082
**Document Hash:** cf5deacd7209c0e7166f40d5c8ad7312
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-053473.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001104659-26-053473

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260319

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sterling Real Estate Trust
- **CENTRAL INDEX KEY:** 0001412502
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 900115411
- **STATE OF INCORPORATION:** ND
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-54295
- **FILM NUMBER:** 26928909

**BUSINESS ADDRESS:**
- **STREET 1:** 4340 18TH AVE SOUTH
- **STREET 2:** SUITE 200
- **CITY:** FARGO
- **STATE:** ND
- **ZIP:** 58103
- **BUSINESS PHONE:** 701-353-2720

**MAIL ADDRESS:**
- **STREET 1:** 4340 18TH AVE SOUTH
- **STREET 2:** SUITE 200
- **CITY:** FARGO
- **STATE:** ND
- **ZIP:** 58103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INREIT Real Estate Investment Trust
- **DATE OF NAME CHANGE:** 20070917

?xml version='1.0' encoding='ASCII'? Sterling Real Estate Trust_March 19, 2026

------

**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): March 19, 2026**

## Sterling Real Estate Trust
dba Sterling Multifamily Trust

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **North Dakota** | **000-54295** | **90-0115411** |
| (State or other Jurisdiction of<br>Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **4340 18th Ave South Ste. 200**<br>**Fargo, North Dakota** | **58103** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(701) 353-2720**

(Former name or former address if changed since last report.)

Securities Registered pursuant to Section 12(b) of the Act

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Shares, $0.01 par value per share | N/A | N/A |

---

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).

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 Redemption Plans*

On March 19, 2026, the Company amended its Redemption Plans to increase the aggregate maximum amount of shares and units that may be redeemed from $75.0 million to $100.0 million effective March 19, 2026.

The description herein of the Amended and Restated Redemption Plans are qualified in their entirety, and the terms therein are incorporated herein, by reference to the Amended and Restated Redemption Plans filed as Exhibits 99.1 and 99.2 hereto.

*Amendment No. 3 to Amended and Restated Independent Trustee Stock Plan*

On March 19, 2026, the Company adopted Amendment No. 3 to Amended and Restated Independent Trustee Common Shares Plan to increase the number of shares authorized under the plan from 40,000 to 60,000.

The description herein of Amendment No. 3 to Amended and Restated Independent Trustee Stock Plan is qualified in its entirety, and the terms therein are incorporated herein, by reference to Amendment No. 3 to Amended and Restated Independent Trustee Stock Plan filed as Exhibit 99.3 hereto.

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

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Title** |
| 99.1 | [Amended and Restated Share Redemption Plan](sret-20260319xex99d1.htm) |
| 99.2 | [Amended and Restated Unit Redemption Plan](sret-20260319xex99d2.htm) |
| 99.3 | [Amendment No. 3 to Amended and Restated Independent Trustee Stock Plan](sret-20260319xex99d3.htm) |
| 104 | Cover Page Interactive Data File, (Formatted in inline XBRL). |

---

**SIGNATURES**

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.

---

| | | |
|:---|:---|:---|
|  | **Sterling Real Estate Trust** | **Sterling Real Estate Trust** |
| Date: May 1, 2026 |  |  |
|  | By: | /s/ Megan E. Schreiner |
|  | Name: Megan E. Schreiner | Name: Megan E. Schreiner |
|  | Title: President | Title: President |

---

## Exhibit 99.1

**Exhibit 99.1**

**STERLING MULTIFAMILY TRUST**

**AMENDED AND RESTATED** 

**SHARE REDEMPTION PLAN**

The Board of Trustees (the "Board") of Sterling Multifamily Trust, a North Dakota real estate investment trust (the "Trust"), has adopted a share redemption plan (the "Redemption Plan") by which shares of the Trust's common stock, par value $0.01 per share ("Shares"), may be redeemed by the Trust from shareholders subject to certain conditions and limitations. The purpose of this Redemption Plan is to provide limited interim liquidity for shareholders (under the conditions and limitations set forth below) until a liquidity event occurs. No shareholder is required to participate in the Redemption Plan.

**1.** **Redemption of Shares.** The Trust may, at its sole discretion, acting for the Trust, or as General Partner of Sterling Properties, LLLP, redeem up to an aggregate of $100,000,000 of Shares and/or Units presented to the Trust or Limited Partnership for cash to the extent it has sufficient proceeds to do so and subject to the conditions and limitations set forth herein. Any and all Shares redeemed by the Trust shall be canceled, and will have the status of authorized but unissued Shares. Shares acquired by the Trust through the Redemption Plan will not be reissued unless they are first registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and other appropriate state securities laws or otherwise issued pursuant to exemptions from applicable registration requirements of such laws.

**2.** **Redemption Price.** The redemption price will be determined by the Board on an annual basis prior to January 1 of each calendar year the Redemption Plan remains in effect.

**3.** **Funding and Operation of Redemption Plan.** The Trust may make purchases under the Redemption Plan quarterly, at its sole discretion, on a pro rata basis.

**4.** **Shareholder Requirements.** Any shareholder may request a redemption with respect to all or a designated portion of their Shares, subject to the following conditions and limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Holding Period***.* Only Shares that have been held by the presenting shareholder for at least one (1) year are eligible for redemption by the Trust. However, the Trust will waive the holding period for Shares (1) purchased with reinvested dividends; (2) redeemed in connection with a stockholder's death; or (3) held in a 401(k) account. Appropriate legal documentation will be required for redemption requests upon death of a stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **No Encumbrances.** All Shares presented for repurchase must be owned by the shareholder(s) making the presentment, or the party presenting the Shares must be authorized to do so by the owner(s) of the Shares. Such Shares must be fully transferable and not subject to any liens or other encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Share Redemption Form.** The presentment of Shares must be accompanied by a completed Share Redemption Request form, a copy of which is attached hereto as *Exhibit "A."* All Share certificates must be properly endorsed, if such Shares are certificated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Deadline for Presentment***.* All Shares presented and all completed Share Redemption Request forms must be received by the Trust or any redemption agent on or before the last day of the second month of each calendar quarter in order to have such Shares eligible for redemption for that quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Redemption Request Withdrawal.** A shareholder may withdraw his or her repurchase request upon written notice to the Trust at any time prior to the date of repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Ineffective Withdrawal.** In the event the Trust receives a written notice of withdrawal from a shareholder after the Trust has repurchased all or a portion of such shareholder's Shares, the notice of withdrawal shall be ineffective with respect to the Shares already repurchased, but shall be effective with respect to any of such shareholder's Shares that have not been repurchased. The Trust shall provide any such shareholder with prompt written notice of the ineffectiveness or partial ineffectiveness of such shareholder's written notice of withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Repurchase Agent.** The Trust may utilize a registered broker dealer in connection with the repurchases under this Redemption Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Termination, Amendment or Suspension of Plan.** The Redemption Plan will terminate and the Trust will not accept Shares for repurchase in the event the Shares are listed on any national securities exchange, the subject of bona fide quotes on any inter-dealer quotation system or electronic communications network or are the subject of bona fide quotes in the pink sheets. Additionally,

------

the Board, in its sole discretion, may terminate, amend or suspend the Redemption Plan if it determines to do so is in the best interest of the Trust. A determination by the Board to terminate, amend or suspend the Redemption Plan will require the affirmative vote of a majority of the Trustees, including a majority of the independent Trustees. If the Trust terminates, amends or suspends the Redemption Plan, the Trust will provide shareholders with thirty (30) days advance written notice and the Trust will disclose the changes in the appropriate current or periodic report filed with the Securities and Exchange Commission.

**5.** **Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Advisor Ineligible.** The Advisor to the Trust, Sterling Management, LLC, shall not be permitted to participate in the Redemption Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Liability.** Neither the Trust nor any repurchase agent shall have any liability to any shareholder for the value of the shareholder's Shares, the redemption price of the shareholder's Shares, or for any damages resulting from the shareholder's presentation of his or her Shares, the redemption of the Shares under this Redemption Plan or from the Trust's determination not to redeem Shares under the Redemption Plan, except as a result from the Trust's or the redemption agent's gross negligence, recklessness or violation of applicable law; provided, however, that nothing contained herein shall constitute a waiver or limitation of any rights or claims a shareholder may have under federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Taxes.** Shareholders shall have complete responsibility for payment of all taxes, assessments, and other applicable obligations resulting from the Trust's redemption of Shares.

------

**EXHIBIT "A"**

**Redemption Request Form**

![Graphic](sret-20260319xex99d1003.jpg)

**Entity and Account Number**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**□** **Sterling Multifamily Trust** (Shares) Acct. No. ________________________________

*or*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**□** **Sterling Multifamily Properties, LLLP** (Units) Acct. No. ________________________________

**Account Information**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;____________________________________________ ____________________________________ | &nbsp;&nbsp;____________________________________________ ____________________________________ |
| &nbsp;&nbsp;Account Title (Ex: *John and Jane Doe, Jt Ten*) | &nbsp;&nbsp; SSN or Tax ID |
| &nbsp;&nbsp;<br>____________________________________________  | &nbsp;&nbsp;<br>____________________________________________  |
| &nbsp;&nbsp;Account Holder(s) Name(s)<br>|  |
| &nbsp;&nbsp;**Relationship to Account Holder**: □ Self □ Joint Tenants □ Custodian □ Beneficiary □ Officer | &nbsp;&nbsp;**Relationship to Account Holder**: □ Self □ Joint Tenants □ Custodian □ Beneficiary □ Officer |

---

**Redemption Information**<br>

Shares or Units are redeemed pursuant to the terms of the applicable Redemption Plan, which I have received and reviewed. I understand that as of January 1, 2026, the redemption price is $24.22 per Share/Unit.

**Select one of the following options:** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;□Redeem All Shares/Units (at $24.22/Share or Unit).  |
| &nbsp;&nbsp;&nbsp;&nbsp;□Redeem ___________ Shares/Units (at $24.22/Share or Unit) for a Total of $_______________ |

---

**Why are you redeeming?** 

**□**Retirement Income

**□**Significant Purchase

**□**Redemption Due to Owner's Death

**□**Other: _________________________________________________________________________

*[Continued on Following Page]*

------

**Method of Payment Information**<br>

---

| |
|:---|
| **Please send my redemption payment by check, mailed to the address on file with Computershare.** *By selecting this option, you confirm that your mailing information on file with Computershare is accurate and up to date.* |
| **Please send my redemption payment by Direct Deposit**, **using the banking information on file with Computershare.** *If you wish to receive your redemption by Direct Deposit but have not yet added your banking information to your Computershare profile, you must do so prior to submitting this Redemption Request.* |
| **I am a Custodian and will include complete payment instructions, including whether payment should be made via check or by wire, with this form.** |

---

**Attestation & Signature**<br>

By signing below, I attest and affirm that I have lawful authority over the above-named Sterling holdings and all information I have provided in this form is accurate and correct. Further, I affirm that the Shares/Units I am requesting to redeem have been held by the account holder(s) for more than one calendar year and that these Shares/Units are not pledged as collateral to any security holder.

---

| | |
|:---|:---|
| *Account Holder:*<br>**________________________________________**<br>Signature<br> **_______________________________________**<br> Print Name Date | *Joint Account Holder (if applicable):*<br>**__________________________________________**<br>Signature<br>**__________________________________________**<br>Print Name Date |
| *Custodian (if applicable):*<br>**______________________________________****<br> Signature<br>**______________________________________**<br> Print Name Date<br>|  |

---

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**Redemption Request Form**: Instructions & FAQs

**Instructions**<br>

Please complete each section of the Redemption Request form, then return the completed form to Sterling Management via email (smftir@sretrust.com) or by mail (Attn: Investor Relations, 4340 18<sup>th</sup> Ave S, Suite 200, Fargo, ND 58103). Please ensure that you mail Sterling the **original** copy if the form contains a Medallion Signature Guarantee.

**Typically, investors receive their redemption payment four to six weeks after delivering their redemption request to Sterling.** Redemption Requests received during a Transaction Freeze <u>may be delayed by an additional four weeks</u>. Routine Transaction Freezes occur during the four weeks preceding each quarterly dividend date (1/15, 4/15, 7/15, and 10/15) and one week before each SEC filing date (3/11, 4/22, 5/6, 8/5, and 11/4).

If you have any questions or need help completing your Redemption Request, please contact the Investor Relations team at smftir@sretrust.com or by phone at 701-373-2717 and we'll be happy to assist you.

**Frequently Asked Questions**<br>

1. How can I update my payment instructions or my address? You can update your payment information by logging into your Computershare Investor Center account.

2. What is a Medallion Signature Guarantee and how do I obtain one? A Medallion Signature Guarantee ("Medallion") is a method of verifying a requestor's identity and guaranteeing the value of the security to be redeemed to protect against fraud. Medallions are required by Computershare as part of their compliance with the Securities and Exchange Commission's (SEC's) rules and regulations. Computershare cannot accept any alternative to a Medallion. <u>Medallions are only provided by banks, brokerages, and similar organizations; Sterling</u> *cannot* <u>issue Medallions.</u>

You are required to obtain a Medallion Signature Guarantee in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Shares/Units are held by an IRA, Trust, Corporation, or Partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Shares/Units are held by a grantor, who has passed away, and are being redeemed by one or more of the grantor's beneficiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Redemption Request is executed by an Attorney-in-Fact on behalf of the owner.

*Sterling Multifamily Trust and its Advisor, Sterling Management, reserve the right to modify this requirement, as permitted by law, any time and without notice.* 

**Most banks offer Medallions to clients who have an existing relationship with that bank** (i.e., have a bank account at that institution). The bank will likely ask you to present documentation for proof of your ownership and identity, such as government-issued photo identification. <u>Sterling recommends calling your bank to set up a Medallion appointment ahead of your visit to ensure that (1) your bank will provide a Medallion to you and (2) you bring the correct documentation.</u> 

**You may need to submit multiple Redemption Requests if your holdings exceed the limit guaranteed by the Medallion.** For example, if you have a value of $2,000,000 in holdings, and your bank only offers Medallion Signature Guarantees for a value of $1,000,000, you must complete two Redemption Requests to ensure your holdings are protected.

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## Exhibit 99.2

**Exhibit 99.2**

**STERLING PROPERTIES, LLLP**

**AMENDED AND RESTATED**

**UNIT REDEMPTION PLAN**

The Board of Trustees (the "Board") of Sterling Multifamily Trust, a North Dakota real estate investment trust (the "Trust"), as General Partner of Sterling Properties, LLLP, a North Dakota Limited Liability Limited Partnership (the "Limited Partnership"), has adopted a unit redemption plan (the "Redemption Plan") by which units of the Limited Partnership, par value $0.01 per unit ("Units"), may be redeemed by the Limited Partnership from unitholders subject to certain conditions and limitations. The purpose of this Redemption Plan is to provide limited interim liquidity for unitholders (under the conditions and limitations set forth below) until a liquidity event occurs. No unitholder is required to participate in the Redemption Plan.

**1.** **Redemption of Units.** The Trust may, at its sole discretion, acting for itself, or as General Partner of the Limited Partnership, redeem up to an aggregate of $100,000,000 of Shares and/or Units presented to the Trust or Limited Partnership for cash to the extent it has sufficient proceeds to do so and subject to the conditions and limitations set forth herein. Any and all Units redeemed by the Limited Partnership shall be canceled, and will have the status of authorized but unissued Units. Units acquired by the Limited Partnership through the Redemption Plan will not be reissued unless they are first registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and other appropriate state securities laws or otherwise issued pursuant to exemptions from applicable registration requirements of such laws.

**2.** **Redemption Price.** The redemption price will be determined by the Board on an annual basis prior to January 1 of each calendar year the Redemption Plan remains in effect.

**3.** **Funding and Operation of Redemption Plan.** The Limited Partnership may make purchases under the Redemption Plan quarterly, at its sole discretion, on a pro rata basis.

**4.** **Unitholder Requirements.** Any unitholder may request a redemption with respect to all or a designated portion of their Units, subject to the following conditions and limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Holding Period***.* Only Units that have been held by the presenting unitholder for at least one (1) year are eligible for redemption by the Limited Partnership. However, the Limited Partnership will waive the holding period for Units to be redeemed in connection with a unitholder's death. Appropriate legal documentation will be required for redemption requests upon death of a unitholder. Further, the Limited Partnership will waive the holding period for Units held in a 401(k) account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **No Encumbrances.** All Units presented for redemption must be owned by the unitholder(s) making the presentment, or the party presenting the Units must be authorized to do so by the owner(s) of the Units. Such Units must be fully transferable and not subject to any liens or other encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Unit Redemption Form.** The presentment of Units must be accompanied by a completed Unit Redemption Request form, a copy of which is attached hereto as *Exhibit "A."* All Unit certificates must be properly endorsed, if such Units are certificated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Deadline for Presentment***.* All Units presented and all completed Unit Redemption Request forms must be received by the Limited Partnership or any redemption agent on or before the last day of the second month of each calendar quarter in order to have such Units eligible for redemption for that quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Redemption Request Withdrawal.** A unitholder may withdraw his or her redemption request upon written notice to the Limited Partnership at any time prior to the date of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Ineffective Withdrawal.** In the event the Limited Partnership receives a written notice of withdrawal from a unitholder after the Limited Partnership has redeemed all or a portion of such unitholder's Units, the notice of withdrawal shall be ineffective with respect to the Units already redeemed, but shall be effective with respect to any of such unitholder's Units that have not been redeemed. The Limited Partnership shall provide any such unitholder with prompt written notice of the ineffectiveness or partial ineffectiveness of such unitholder's written notice of withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Redemption Agent.** The Limited Partnership may utilize a registered broker dealer in connection with the redemptions under this Redemption Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Termination, Amendment or Suspension of Plan.** The Redemption Plan will terminate and the Limited Partnership will not accept Units for redemption in the event the Units are listed on any national securities exchange, the subject of bona fide quotes on any inter-dealer quotation system or electronic communications network or are the subject of bona fide quotes in the pink sheets.

------

Additionally, the Board, in its sole discretion, may terminate, amend or suspend the Redemption Plan if it determines to do so is in the best interest of the Limited Partnership. A determination by the Board to terminate, amend or suspend the Redemption Plan will require the affirmative vote of a majority of the Trustees, including a majority of the independent Trustees. If the Trustees terminate, amend or suspend the Redemption Plan, the Limited Partnership will provide unitholders with thirty (30) days advance written notice and the Limited Partnership will, to the extent applicable, disclose the changes in the appropriate current or periodic report filed with the Securities and Exchange Commission.

**5.** **Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Advisor Ineligible.** The Advisor to the Trust, Sterling Management, LLC, shall not be permitted to participate in the Redemption Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Liability.** The Trust, acting as itself or as General Partner of the Limited Partnership, and any redemption agent shall not have any liability to any unitholder for the value of the unitholder's Units, the redemption price of the unitholder's Units, or for any damages resulting from the unitholder's presentation of his or her Units, the redemption of the Units under this Redemption Plan or from the Trust's determination not to redeem Units under the Redemption Plan, except as a result from the Trust's or the redemption agent's gross negligence, recklessness or violation of applicable law; provided, however, that nothing contained herein shall constitute a waiver or limitation of any rights or claims a unitholder may have under federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Taxes.** Unitholders shall have complete responsibility for payment of all taxes, assessments, and other applicable obligations resulting from the Limited Partnership's redemption of Units.

------

**EXHIBIT "A"**

**Redemption Request Form**

![Graphic](sret-20260319xex99d2002.jpg)

**Entity and Account Number**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**□** **Sterling Multifamily Trust** (Shares) Acct. No. ________________________________

*or*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**□** **Sterling Multifamily Properties, LLLP** (Units) Acct. No. ________________________________

**Account Information**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;____________________________________________ ____________________________________ | &nbsp;&nbsp;____________________________________________ ____________________________________ |
| &nbsp;&nbsp;Account Title (Ex: *John and Jane Doe, Jt Ten*) | &nbsp;&nbsp; SSN or Tax ID |
| &nbsp;&nbsp;<br>____________________________________________  | &nbsp;&nbsp;<br>____________________________________________  |
| &nbsp;&nbsp;Account Holder(s) Name(s)<br>|  |
| &nbsp;&nbsp;**Relationship to Account Holder**: □ Self □ Joint Tenants □ Custodian □ Beneficiary □ Officer | &nbsp;&nbsp;**Relationship to Account Holder**: □ Self □ Joint Tenants □ Custodian □ Beneficiary □ Officer |

---

**Redemption Information**<br>

Shares or Units are redeemed pursuant to the terms of the applicable Redemption Plan, which I have received and reviewed. I understand that as of January 1, 2026, the redemption price is $24.22 per Share/Unit.

**Select one of the following options:** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;□Redeem All Shares/Units (at $24.22/Share or Unit).  |
| &nbsp;&nbsp;&nbsp;&nbsp;□Redeem ___________ Shares/Units (at $24.22/Share or Unit) for a Total of $_______________ |

---

**Why are you redeeming?** 

**□**Retirement Income

**□**Significant Purchase

**□**Redemption Due to Owner's Death

**□**Other: _________________________________________________________________________

*[Continued on Following Page]*

**Method of Payment Information**<br>

**□Please send my redemption payment by check, mailed to the address on file with Computershare.** *By selecting this option, you confirm that your mailing information on file with Computershare is accurate and up to date.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**□** **Please send my redemption payment by Direct Deposit**, **using the banking information on file with Computershare.** *If you wish to receive your redemption by Direct Deposit but have not yet added your banking information to your Computershare profile, you must do so prior to submitting this Redemption Request.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**□** **I am a Custodian and will include complete payment instructions, including whether payment should be made via check or by wire, with this form.** 

**Attestation & Signature**<br>

By signing below, I attest and affirm that I have lawful authority over the above-named Sterling holdings and all information I have provided in this form is accurate and correct. Further, I affirm that the Shares/Units I am requesting to redeem have been held by the account holder(s) for more than one calendar year and that these Shares/Units are not pledged as collateral to any security holder.

---

| | |
|:---|:---|
| *Account Holder:*<br>**________________________________________**<br>Signature<br> **_______________________________________**<br> Print Name Date<br>| *Joint Account Holder (if applicable):*<br>**__________________________________________**<br>Signature<br>**__________________________________________**<br>Print Name Date |
| *Custodian (if applicable):*<br>**______________________________________****<br> Signature<br>**______________________________________**<br> Print Name Date<br>|  |

---

------

**Redemption Request Form**: Instructions & FAQs

**Instructions**<br>

Please complete each section of the Redemption Request form, then return the completed form to Sterling Management via email (smftir@sretrust.com) or by mail (Attn: Investor Relations, 4340 18<sup>th</sup> Ave S, Suite 200, Fargo, ND 58103). Please ensure that you mail Sterling the **original** copy if the form contains a Medallion Signature Guarantee.

**Typically, investors receive their redemption payment four to six weeks after delivering their redemption request to Sterling.** Redemption Requests received during a Transaction Freeze <u>may be delayed by an additional four weeks</u>. Routine Transaction Freezes occur during the four weeks preceding each quarterly dividend date (1/15, 4/15, 7/15, and 10/15) and one week before each SEC filing date (3/11, 4/22, 5/6, 8/5, and 11/4).

If you have any questions or need help completing your Redemption Request, please contact the Investor Relations team at smftir@sretrust.com or by phone at 701-373-2717 and we'll be happy to assist you.

**Frequently Asked Questions**<br>

1. How can I update my payment instructions or my address? You can update your payment information by logging into your Computershare Investor Center account.

2. What is a Medallion Signature Guarantee and how do I obtain one? A Medallion Signature Guarantee ("Medallion") is a method of verifying a requestor's identity and guaranteeing the value of the security to be redeemed to protect against fraud. Medallions are required by Computershare as part of their compliance with the Securities and Exchange Commission's (SEC's) rules and regulations. Computershare cannot accept any alternative to a Medallion. <u>Medallions are only provided by banks, brokerages, and similar organizations; Sterling</u> *cannot* <u>issue Medallions.</u>

You are required to obtain a Medallion Signature Guarantee in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Shares/Units are held by an IRA, Trust, Corporation, or Partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Shares/Units are held by a grantor, who has passed away, and are being redeemed by one or more of the grantor's beneficiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Redemption Request is executed by an Attorney-in-Fact on behalf of the owner.

*Sterling Multifamily Trust and its Advisor, Sterling Management, reserve the right to modify this requirement, as permitted by law, any time and without notice.* 

**Most banks offer Medallions to clients who have an existing relationship with that bank** (i.e., have a bank account at that institution). The bank will likely ask you to present documentation for proof of your ownership and identity, such as government-issued photo identification. <u>Sterling recommends calling your bank to set up a Medallion appointment ahead of your visit to ensure that (1) your bank will provide a Medallion to you and (2) you bring the correct documentation.</u> 

**You may need to submit multiple Redemption Requests if your holdings exceed the limit guaranteed by the Medallion.** For example, if you have a value of $2,000,000 in holdings, and your bank only offers Medallion Signature Guarantees for a value of $1,000,000, you must complete two Redemption Requests to ensure your holdings are protected.

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## Exhibit 99.3

**Exhibit 99.3**

**STERLING REAL ESTATE TRUST D/B/A STERLING MULTIFAMILY TRUST**

**THIRD AMENDED AND RESTATED**

**INDEPENDENT TRUSTEE COMMON SHARES PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Purposes**. The purposes of this AMENDED AND RESTATED STERLING REAL ESTATE TRUST INDEPENDENT TRUSTEE COMMON SHARES PLAN are: (i) to promote the growth and long-term interests of the Trust and its Affiliates by strengthening the Trust's ability to attract, motivate and retain Independent Trustees; (ii) conserve cash assets of the Trust by providing for Independent Trustees to receive their compensation for service as an Independent Trustee in the form of shares of the Trust's Common Shares; and (iii) closely associate the interests of Independent Trustees with that of the Trust's Shareholders by allowing Independent Trustees to have a personal financial stake in the Trust through an ownership interest in the Common Shares, which the Board of Trustees believes will benefit the Trust and the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Eligibility**. Only Independent Trustees of the Trust, as defined below, shall be participants in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Definitions**. As used in this Plan, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **" Affiliate "** means any entity that is (i) a member of a controlled group of corporations (within the meaning of Code Section 414(b)) that includes the Trust,

&nbsp;&nbsp;&nbsp;&nbsp;&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) any trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c)) with the Trust, (iii) any organization (whether or not incorporated) which is a member of an affiliated service group (as defined in Code Section 414(m)) which includes the Trust, and (iv) any other entity required to be aggregated with the Trust pursuant to regulations under Code Section 414(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **" Board of Trustees "** or **" Board "** means the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **" Code "** means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **" Committee "** means any Committee of the Board of Trustees appointed by the Board to administer the Plan. The Committee may be comprised of the entire Board or two or more members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **" Common Shares "** means the Trust's Common Shares of Beneficial Interest,

$0.01 par value per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **" Fair Market Value "** means (i) if the Common Shares are listed or admitted to unlisted trading privileges on any national securities exchange, the average of the closing sales prices of the Common Shares on the end of any day on all national securities exchanges on which the Common Shares may at the time be listed or, if there have been no sales on any such exchange on any day, the average of the highest bid and lowest asked prices on all such exchanges at the end of such day or, (ii) if the Common Shares are not so listed or admitted to unlisted trading privileges on any national securities exchange, and bid and asked prices therefor

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in the domestic over-the-counter market are reported by the National Quotation Bureau, Incorporated (or any comparable reporting service), the average of the closing bid and asked prices on such day as reported by the National Quotation Bureau, Incorporated (or any comparable reporting service), or (iii) if the Common Shares are not listed on any national securities exchange or quoted in the domestic over-the-counter market, the fair value of the Common Shares determined by the Board of Trustees or the Committee in good faith in the exercise of its reasonable discretion based upon a reasonable application of a reasonable valuation method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **" Independent Trustee "** shall have the meaning set forth in Article II of the Sterling Real Estate Trust Trustee Independence Policy, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **" Plan "** means this Amended and Restated Sterling Real Estate Trust Independent Trustee Common Shares Plan, outlined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **" Shareholders "** means the holders of the Trust's outstanding Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **" Schedule of Compensation "** shall mean the attached <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. **" Trust "** means Sterling Real Estate Trust, a trust established under the laws of the State of North Dakota.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. **" Trustee "** shall mean a member of the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Issuance of Common Shares**. With respect to any compensation for service as an Independent Trustee that becomes payable following the date on which this Plan is adopted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. One Hundred percent (100.00%) of each Independent Trustee's compensation for service as an Independent Trustee shall be paid to the Independent Trustee in the form of Whole Common Shares based upon the Fair Market Value of such Common Shares. Any fractional Common Share otherwise payable will be paid as cash compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compensation for service as an Independent Trustee shall be calculated based on the Schedule of Compensation, as amended from time to time in accordance with this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Payment of compensation under this Plan for each Independent Trustee's prior year of service shall be paid in the month of July, such date to be determined by the Board of Trustees or the Committee, or such other date as determined by the Board of Trustees or the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Available Common Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The maximum number of Common Shares which may be issued under the Plan is Sixty Thousand (60,000) Common Shares. In addition, the number of

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Common Shares authorized for issuance under the Plan may be increased from time to time by approval of the Board of Trustees or the Committee and, if required by the Code or any rules or regulations adopted thereunder, the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust will at all times during the term of the Plan reserve and keep available, and will use its commercially reasonable best efforts to seek or obtain approval from any regulatory body having jurisdiction over the transactions contemplated by this Plan necessary in order to issue such number of Common Shares as shall be sufficient to satisfy the requirements of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Administration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Board of Trustees or Committee .** Except as otherwise provided for in this Plan, the Plan shall be administered by the Board of Trustees or the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Powers and Duties .** Subject to the provisions of this Plan, the Board of Trustees or the Committee shall have sole authority to do everything necessary or appropriate to administer the Plan, including, without limitation, making any rules and regulations governing the administration of the Plan; determining whether any restrictions shall be placed on Common Shares granted under the Plan, interpreting the Plan; and making all other determinations necessary or advisable for the administration of the Plan. The determinations of the Board or the Committee need not be uniform and may be made by it selectively among persons who are eligible to receive Common Shares under the Plan, whether or not such persons are similarly situated. All decisions, determinations and interpretations of the Board of Trustees or the Committee regarding the Plan shall be final and binding on all Trustees. The day-to-day administrative duties for the Plan may be delegated by the Board of Trustees or the Committee to one or more executive officers of the Trust. All actions authorized to be taken by the Board of Trustees under this Plan may as well be taken by any appropriately appointed committee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Amendment or Termination** <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Board of Trustees or Committee may amend the Plan from time to time in such respects as the Board of Trustees or Committee may deem advisable, and, if required, seek the Shareholders approval for such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Board of Trustees or the Committee may at any time terminate the Plan. Any such termination of the Plan shall not affect Common Shares already granted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Income Tax Treatment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Government jurisdiction and income reporting requirements will be complied with by the Trust whenever the Common Shares are issued and any income tax payment and any income tax prepayment requirements (including any tax withholding requirements imposed upon the Trust) will be effectively borne by the Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust recognizes that certain persons who receive Common Shares may be subject to restrictions regarding their right to trade Common Shares under Section 16(b) of the Securities Exchange Act of 1934. Such restrictions may cause Independent Trustees not to be taxable when they receive the Common Shares. However, it may be more beneficial to an Independent Trustee to be taxed upon grant of the Common Shares as opposed to when trading restrictions lapse. Accordingly, Independent Trustees receiving Common Shares under those circumstances may consider making an election under Section 83(b) of the Code to be taxed at the time of grant of the Shares. If requested, the Trust shall provide reasonable assistance to such Independent Trustees to effect a Section 83(b) election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **No Right to Continued Providing of Services**. Nothing in this Plan or in any agreement entered into in accordance with the Plan shall confer on an Independent Trustee any right to continuance as an Independent Trustee of or the providing of services to the Trust or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Expenses of Plan .** The expenses of administering this Plan shall be borne by the Trust and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Reliance on Reports .** Each member of the Board or Committee and each member of the Board of Trustees shall be fully justified in relying or acting in good faith upon any report made by the independent public accountants of the Trust and its Affiliates and upon any other information furnished in connection with this Plan by any person or persons other than himself or herself. In no event shall any person who is or shall have been a member of the Board of Trustees or of a Committee of the Board of Trustees be liable for any determination made or other action taken or omitted in reliance upon any such report or information, or for any action taken or omitted, including the furnishing of information, in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **General Restrictions .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Common Share granted pursuant to the Plan shall be subject to the requirement that if, in the opinion of the Board or Committee, the listing, registration, or qualification of any Common Shares related thereto upon any securities exchange or under any state or federal law, the consent or approval of any regulatory body, or an agreement by the recipient with respect to the disposition of any such units, is necessary or desirable as a condition of the issuance or sale of such shares, such Common Share shall not be granted without restriction and/or such Common Shares shall not be sold unless and until such

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listing, registration, qualification, consent, approval, or agreement is effected or obtained in form satisfactory to the Board or Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust may restrict the transfer of the Common Shares purchased or received and affix a legend to the certificate representing such shares, stating that such shares may not be transferred without an opinion of counsel satisfactory to the Trust that the proposed transfer may lawfully be made without registration under the federal Securities Act of 1933 and registration, notice or approval under any applicable state securities laws, or such applicable registration(s), notice(s) and approval(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Successors and Assigns**. This Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Trust and the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **North Dakota Law**. The validity, construction, interpretation, administration and effect of the Plan, any rules, regulations and actions relating to the Plan, and the agreements evidencing Common Shares granted under the Plan, will be governed by and construed exclusively in accordance with the laws of the State of North Dakota.

I hereby certify that this Third Amended and Restated Plan was adopted by the Board of Trustees of the Trust effective March 19, 2026.

**STERLING MULTIFAMILY TRUST**

By: Name: Its:

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**STERLING REAL ESTATE TRUST INDEPENDENT TRUSTEE SCHEDULE OF COMPENSATION**

The following schedule shall be in effect for Independent Trustee compensation:

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| | |
|:---|:---|
| &nbsp;&nbsp;Board Chairman – Board Meeting | 105 Common Shares per meeting\*\* |
| &nbsp;&nbsp;Trustee\* – Board Meeting | 75 Common Shares per meeting\*\* |
| &nbsp;&nbsp;Committee Chair – Committee Meeting | 30 Common Shares per meeting\*\* |
| &nbsp;&nbsp;Trustee\* – Committee Meeting | 30 Common Shares per meeting\*\* |

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*\*Compensation shall only be paid to Independent Trustees.*

*\*\* Common Shares earned in accordance with the Schedule of Compensation shall be calculated on an annual basis. Common Shares earned for each Independent Trustees' prior year of service shall be issued on or about July 15, as determined by the Board of Trustees or the Committee.*

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