# EDGAR Filing Document

**Accession Number:** 0002100805
**File Stem:** 0001104659-26-027908
**Filing Date:** 2026-3
**Character Count:** 2746188
**Document Hash:** 0cac6ccef3b927e2ced1852e6acc839d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-027908.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001104659-26-027908

**CONFORMED SUBMISSION TYPE**: S-11/A

**PUBLIC DOCUMENT COUNT**: 69

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Janus Living, Inc.
- **CENTRAL INDEX KEY:** 0002100805
- **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:** S-11/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293835
- **FILM NUMBER:** 26754368

**BUSINESS ADDRESS:**
- **STREET 1:** 4600 SOUTH SYRACUSE STREET, SUITE 500
- **STREET 2:** SUITE 500
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** 9494070700

**MAIL ADDRESS:**
- **STREET 1:** 4600 SOUTH SYRACUSE STREET, SUITE 500
- **STREET 2:** SUITE 500
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Janus Parent, LLC
- **DATE OF NAME CHANGE:** 20251211

[**TABLE OF CONTENTS**](#TOC)

#### As filed with the Securities and Exchange Commission on March 16, 2026

#### Registration Statement No. 333-293835

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### AMENDMENT NO. 1 TO

### FORM S-11

#### FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES OF CERTAIN REAL ESTATE COMPANIES

### Janus Living, Inc.
(Exact name of registrant as specified in its governing instruments)

#### c/o Healthpeak Properties, Inc. 4600 South Syracuse Street, Suite 500 Denver, CO 80237 (720) 428-5050
(Address, including Zip Code and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

#### Tracy Porter Executive Vice President and General Counsel c/o Healthpeak Properties, Inc. 4600 South Syracuse Street, Suite 500 Denver, CO 80237 (720) 428-5050
(Name, Address, including Zip Code and Telephone Number, Including Area Code, of Agent for Service)

#### Copies to:

---

| | |
|:---|:---|
| **Lewis W. Kneib, Esq. <br> Charles K. Ruck, Esq. <br> Julian T.H. Kleindorfer, Esq. <br> Devon L. MacLaughlin, Esq. <br> Latham & Watkins LLP <br> 1271 Avenue of the Americas <br> New York, New York 10020 <br> (212) 906-1200**  | **Edward F. Petrosky, Esq. <br> J. Gerard Cummins, Esq. <br> Adam M. Gross, Esq. <br> Sidley Austin LLP <br> 787 Seventh Avenue <br> New York, New York 10019 <br> (212) 839-5300**  |

---

#### Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If delivery of the prospectus is expected to be made pursuant to Rule 434, check the following box. ☐

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

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> 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 7(a)(2)(B) of the Securities Act ☐

 **The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

#### Subject to Completion, dated March 16, 2026

#### Preliminary Prospectus

#### 37,000,000 Shares
![[MISSING IMAGE: lg_janusliving-4c.jpg]](lg_janusliving-4c.jpg)

### Janus Living, Inc.

#### Class A-1 Common Stock
We are offering 37,000,000 shares of our Class A-1 common stock. All of the shares of Class A-1 common stock offered by this prospectus are being sold by us. This is our initial public offering, and no public market currently exists for our Class A-1 common stock. We expect the initial public offering price of our Class A-1 common stock to be between $18.00 and $20.00 per share.

We have applied to list our Class A-1 common stock on the New York Stock Exchange ("NYSE") under the symbol "JAN." We will be externally managed and advised by Healthpeak Investment Management, LLC (our "Manager"), an indirect subsidiary of Healthpeak Properties, Inc. (NYSE: DOC) (together with its consolidated subsidiaries, "Healthpeak"), under the terms of a management agreement.

We intend to elect to qualify as a real estate investment trust ("REIT"), for U.S. federal income tax purposes, commencing with our taxable year ending December 31, 2026. To assist us in qualifying as a REIT, our charter prohibits, with certain exceptions, the beneficial or constructive ownership by any person of more than 9.8% in value of the aggregate of the outstanding shares of our capital stock or more than 9.8% (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding shares of our Class A-1 common stock. In addition, our charter contains various other restrictions on the ownership and transfer of our common stock and capital stock. See "Description of Our Capital Stock — Restrictions on Ownership and Transfer" for a detailed description of the ownership and transfer restrictions applicable to our Class A-1 common stock.

Following this offering, we will have two classes of authorized common stock, Class A-1 common stock and Class A-2 common stock. Each outstanding share of common stock entitles the holder to one vote on all matters on which stockholders are entitled to vote, with holders of shares of our Class A-1 common stock and Class A-2 common stock generally voting together as a single class on such matters, except as otherwise required by law or our charter. Healthpeak will hold all of the outstanding shares of Class A-2 common stock, which provide a one-for-one voting right at Janus Living (as defined herein) for each common unit (as defined herein) held by it until such common unit is sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity (as defined herein)), redeemed for cash or, at our election, exchanged for shares of Class A-1 common stock pursuant to the terms of the operating agreement of our operating company.

After the completion of this offering, affiliates of Healthpeak will continue to own a majority of the voting power of shares of our common stock eligible to vote in the election of our directors. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. See "Management — Controlled Company Exception" and "Principal Stockholders."

We are an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act of 1933, as amended (the "Securities Act"), and, as such, we have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. See "Summary — Implications of Being an Emerging Growth Company."

 **Investing in our Class A-1 common stock involves risks. See "Risk Factors" beginning on page [31](#tRIFA) of this prospectus for factors you should consider before making a decision to invest in our Class A-1 common stock.** 

 **Neither the Securities and Exchange Commission ("SEC") nor any state or other securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

---

| | | |
|:---|:---|:---|
| | **Per Share**  | **Total**  |
| Initial public offering price  |  | $— |
| Underwriting discount<sup>(1)</sup>  |  | $— |
| Proceeds, before expenses, to us  |  | $— |

---

(1) We refer you to "Underwriting" beginning on page [213](#tUND) of this prospectus for additional information regarding underwriting compensation.

At our request, the underwriters have reserved for sale, at the initial public offering price, up to 5% of the shares offered by this prospectus for sale to some of our and Healthpeak's directors, officers, employees, business associates and related persons. If these persons purchase reserved shares it will reduce the number of shares available for sale to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares offered by this prospectus. See "Underwriting — Reserved Share Program" for additional information.

The underwriters have the option, exercisable within 30 days from the date of this prospectus, to purchase up to an additional 5,550,000 shares of our Class A-1 common stock from us at the initial public offering price less the underwriting discount.

The underwriters expect to deliver the shares of Class A-1 common stock to purchasers on or about , 2026.

Funds, accounts and/or investment vehicles managed by CenterSquare Investment Management LLC, DWS Group, funds and/or accounts managed by MFS Investment Management, and PGIM, Inc., on behalf of clients managed by PGIM, Inc. (collectively, the "cornerstone investors"), have, severally and not jointly, indicated an interest in purchasing up to an aggregate of $300 million in shares of our Class A-1 common stock in this offering at the initial public offering price and on the same terms as the other purchasers in this offering. Any shares so purchased by the cornerstone investors will not be subject to a lock-up agreement with the underwriters. Because these indications of interest are not binding agreements or commitments to purchase, the cornerstone investors may determine to purchase more, less, or no shares in this offering, or the underwriters may determine to sell more, less, or no shares to the cornerstone investors.

#### Lead Book-Running Managers

---

| | |
|:---|:---|
| **BofA Securities**  | **J.P. Morgan**  |

---

#### Bookrunners

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Wells Fargo Securities**  | **Barclays**  | **Goldman Sachs & Co. LLC**  | **RBC Capital Markets**  | **Morgan Stanley**  |

---

#### Senior Co-Managers

---

| | | | |
|:---|:---|:---|:---|
| **BNP PARIBAS**  | **Credit Agricole CIB**  | **KeyBanc Capital Markets**  | **PNC Capital Markets LLC**  |

---

---

| | | |
|:---|:---|:---|
| **Scotiabank** | **TD Securities**  | **Truist Securities**  |

---

#### Co-Managers

---

| | | | |
|:---|:---|:---|:---|
| **BTIG** | **Capital One Securities**  | **Huntington Capital Markets**  | **M&T Securities**  |
| **Raymond James**  | **Regions Securities LLC**  | **Santander**  | **SMBC Nikko**  |

---

#### Prospectus dated , 2026

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![[MISSING IMAGE: cv_ifc-4c.jpg]](cv_ifc-4c.jpg)

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#tPRSU)  | [1](#tPRSU) |
| [THE OFFERING](#tTHOF)  | [22](#tTHOF) |
|  [SUMMARY SELECTED HISTORICAL AND PRO FORMA COMBINED FINANCIAL AND OTHER DATA](#tSSHA)  | [24](#tSSHA) |
| [RISK FACTORS](#tRIFA)  | [31](#tRIFA) |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tSNRF)  | [63](#tSNRF) |
| [USE OF PROCEEDS](#tUOP)  | [66](#tUOP) |
| [DISTRIBUTION POLICY](#tDIPO)  | [67](#tDIPO) |
| [CAPITALIZATION](#tCAP)  | [70](#tCAP) |
| [DILUTION](#tDIL)  | [72](#tDIL) |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#tMDAA)  | [74](#tMDAA) |
| [INDUSTRY AND MARKET OVERVIEW](#tIAMO)  | [91](#tIAMO) |
| [BUSINESS AND PROPERTIES](#tBAP)  | [115](#tBAP) |
| [OUR MANAGER AND THE MANAGEMENT AGREEMENT](#tOMAT)  | [132](#tOMAT) |
| [MANAGEMENT](#tMAN)  | [141](#tMAN) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCRAR)  | [154](#tCRAR) |
| [STRUCTURE AND FORMATION OF OUR COMPANY](#tSAFO)  | [156](#tSAFO) |
| [POLICIES WITH RESPECT TO CERTAIN ACTIVITIES](#tPWRT)  | [161](#tPWRT) |
| [DESCRIPTION OF JANUS LIVING OP, LLC'S OPERATING AGREEMENT](#tDOJL)  | [164](#tDOJL) |
| [PRINCIPAL STOCKHOLDERS](#tPRST)  | [171](#tPRST) |
| [DESCRIPTION OF OUR CAPITAL STOCK](#tDOOC)  | [173](#tDOOC) |
| [CERTAIN PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS](#tCPOM)  | [178](#tCPOM) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#tSEFF)  | [185](#tSEFF) |
| [UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS](#tUSFI)  | [187](#tUSFI) |
| [ERISA CONSIDERATIONS](#tERCO)  | [210](#tERCO) |
| [UNDERWRITING](#tUND)  | [213](#tUND) |
| [LEGAL MATTERS](#tLEMA)  | [221](#tLEMA) |
| [EXPERTS](#tEXP)  | [222](#tEXP) |
| [WHERE YOU CAN FIND MORE INFORMATION](#tWYCF)  | [223](#tWYCF) |
| [INDEX TO FINANCIAL STATEMENTS](#tFIN)  | [F-1](#tFIN) |

---

You should rely only on the information contained in this prospectus or in any free writing prospectus prepared by us. We have not, and the underwriters have not, authorized anyone to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it. We and the underwriters are not making an offer to sell the securities offered hereby in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and any free writing prospectus prepared by us is accurate only as of their respective dates or on the date or dates which are specified in these documents. Our business, financial condition, liquidity, results of operations and prospects may have changed since those dates.

In this prospectus, we refer to information and statistics regarding, among other things, the industry, markets, submarkets and sectors in which we operate. We obtained this information and these statistics from various third-party sources and our own internal estimates. We have also obtained the information in "Industry and Market Overview," as well as certain information in "Prospectus Summary," and in other sections of this prospectus where indicated, from the market study prepared for us by Jones Lang LaSalle Americas Inc. ("JLL"), an independent third-party real estate advisory and consulting services firm. Such

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information is included herein in reliance on JLL's authority as an expert on such matters. See "Experts." We believe that these sources and estimates are reliable, but this information and these statistics (whether obtained from JLL, other third-party sources or based on our internal estimates) are subject to assumptions, estimates and other uncertainties, and we have not independently investigated or verified them.

#### Basis of Presentation
In connection with this offering, Healthpeak will engage in a series of transactions (the "formation transactions") prior to or concurrently with the completion of this offering, as further described under "Structure and Formation of Our Company — Formation Transactions." In connection with the formation transactions, we will adopt our charter, which will recapitalize our existing common stock, and Healthpeak will transfer, directly or indirectly, the real estate assets that comprise our initial portfolio to us. In light of the foregoing, the combination of entities and assets owned by Healthpeak prior to the formation transactions and such entities' real estate assets and related operations are referred to as "our predecessor," "the predecessor," or "Janus Living Predecessor" and the financial statements of our predecessor are referred to herein as our predecessor's "combined financial statements."

#### Non-GAAP Financial Measures
In this prospectus, we use certain non-GAAP financial measures as supplemental performance measures of our business, including NOI, Adjusted NOI (which is also referred to as "Cash NOI"), Same-Store NOI, Same-Store Adjusted NOI, Nareit FFO and FFO as Adjusted. For definitions of these metrics, reconciliations of these metrics to the most directly comparable GAAP financial measure and a statement of why our management believes the presentation of these metrics provides useful information to investors and any additional purposes for which management uses such metrics, see "Summary Selected Historical and Pro Forma Combined Financial and Other Data — Non-GAAP Financial Measures."

#### Certain Terms Used in This Prospectus
Unless the context otherwise requires, the following terms and phrases are used throughout this prospectus as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "assisted living" means communities or units within senior housing communities that provide supportive care from trained employees to residents who are unable to live independently and require assistance with activities of daily living (such as walking, bathing, dressing, toileting, transferring, and eating). Assisted living residences, not including memory care, typically have state licensure requirements for the delivery of assisted living services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "average occupancy" means the average occupied units as a percentage of the total available units for the period presented (derived solely from information provided by our operators without independent verification by us), weighted to reflect our ownership share, and excluding any significant redevelopments and any properties held for sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Board" means the board of directors of Janus Living, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Class A-1 common stock" means our Class A-1 common stock, $0.01 par value per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Class A-2 common stock" means our Class A-2 common stock, $0.01 par value per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Code" means the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "common stock" means, collectively, our Class A-1 common stock and our Class A-2 common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "common units" means units of limited liability company interest in our operating company, which are redeemable for cash or, at our election, shares of our Class A-1 common stock on a one-for-one basis, subject to certain adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "delayed-draw term loan facility" means the $100 million delayed-draw term loan facility that we expect to enter into in connection with this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Equity Plan" means the 2026 Janus Living, Inc. Equity Plan;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "formation transactions" means the formation transactions described under "Structure and Formation of our Company;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "GAAP" means generally accepted accounting principles as promulgated by the Financial Accounting Standards Board in the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Healthpeak" or the "Parent" means Healthpeak Properties, Inc., together with its consolidated subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "HERA" means the Housing and Economic Recovery Act of 2008;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "independent living" means multifamily rental properties tailored to seniors with central dining facilities that provide residents with access to meals and other services such as housekeeping, transportation, and social or recreational activities, but do not provide, in a majority of the units, assistance with activities of daily living (such as walking, bathing, dressing, toileting, transferring, and eating);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "IRS" means the U.S. Internal Revenue Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Janus Living," "we," "our," "us" and "our company" mean Janus Living, Inc., a Maryland corporation (formerly known as Janus Parent, LLC), together with its consolidated subsidiaries and the JV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "JV" means SH 2019 Ventures, LLC, which, prior to the JV Buyout, was an unconsolidated joint venture through which we held 19 senior housing communities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "JV Buyout" means the acquisition of our joint venture partner's 46.5% interest in the JV for $314 million (excluding final closing costs and prorations) in January 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "JOBS Act" means the Jumpstart Our Business Startups Act of 2012;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "life plan communities" means a form of senior housing that offer a full continuum of care, including independent living, assisted living, memory care, and skilled nursing, in large-scale communities. Life plan communities differ from other housing and care options for seniors because they typically operate under an entrance fee model, which requires a one-time entrance fee in addition to monthly resident fees, and offer integrated housing, activities, services, and healthcare benefits on a single campus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "LTIP units" means units of our operating company intended to constitute "profits interests" within the meaning of the relevant IRS guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Management Agreement" means the agreement between us, our operating company and our Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Manager" means Healthpeak Investment Management, LLC, an indirect subsidiary of Healthpeak;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "memory care" means communities or units within senior housing communities that provide services for residents with Alzheimer's disease or other forms of dementia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "new credit facilities" means our revolving credit facility and our delayed-draw term loan facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "NOI" means net operating income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "NYSE" means the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "operating agreement" means the Operating Agreement of Janus Living OP, LLC, to be in effect upon the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "operators" means the third-party operators that manage and operate the day-to-day business of our communities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "our operating company" means Janus Living OP, LLC, a Maryland limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "our predecessor" or "Janus Living Predecessor" means a combination of entities and assets owned by Healthpeak prior to the formation transactions and such entities' real estate assets and related operations;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "pro forma basis" means information is presented assuming the completion of this offering, the formation transactions and the other adjustments described in our unaudited pro forma combined financial statements included elsewhere in this prospectus had occurred on December 31, 2025 for purposes of the unaudited pro forma combined balance sheet data and on January 1, 2025 for purposes of the unaudited pro forma combined statement of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "REIT" means real estate investment trust for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "revolving credit facility" means the $500 million revolving credit facility that we expect to enter into in connection with this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "RevPOR" means revenues (including our share of revenues from the JV) per average occupied unit for the applicable period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "RIDEA" means the REIT Investment Diversification and Empowerment Act of 2007;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "RIDEA structure" means a structure permitted by RIDEA, pursuant to which we lease healthcare real estate properties to a TRS, which in turn contracts with an independent qualifying management company or third-party operator (also known as an eligible independent contractor) to manage and operate the day-to-day business of such properties in exchange for a management fee. Under this structure, the operator receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "Same-Store" means properties that were fully operating for the entirety of the comparative periods presented. A property is removed from Same-Store when it is classified as held for sale, sold, placed into redevelopment, or experiences a casualty event or operator transition that significantly impacts operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "skilled nursing" means communities or units within senior housing communities that provide residents 24-hour nursing and/or medical care; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "TRS" means taxable REIT subsidiary within the meaning of Section 856(l) of the Code.

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#### PROSPECTUS SUMMARY
 *The following summary highlights information contained elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider before making a decision to invest in our Class A-1 common stock. You should read the entire prospectus carefully, including the sections entitled "Risk Factors" and "Summary Selected Historical and Pro Forma Combined Financial and Other Data," as well as our predecessor's combined financial statements and related notes included elsewhere in this prospectus, before making an investment decision. Unless otherwise indicated, the information contained in this prospectus assumes that the underwriters' option to purchase additional shares of our Class A-1 common stock is not exercised.* 

#### Our Company

#### Overview
Upon completion of this offering, we will be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only U.S. publicly traded REIT whose entire portfolio is owned and operated under RIDEA structures. We have an initial portfolio consisting of 34 senior housing communities, comprised of 10,422 units as of December 31, 2025. Our communities are located primarily in major retirement markets across 10 states, with units in Florida and Texas representing 69% of the total units as of December 31, 2025. All of our communities are owned and operated under RIDEA structures. Services provided by our operators under a RIDEA structure are primarily paid for directly by the residents, rather than governmental reimbursement programs, which provides us with greater visibility into operating cash flow from our communities.

We will be externally managed by Healthpeak Investment Management, LLC, an indirect subsidiary of Healthpeak, which will be our largest stockholder following the completion of this offering and the formation transactions. Healthpeak is an S&P 500 REIT that invests in and manages real estate focused on healthcare discovery and delivery in the United States. Although our Manager was recently formed, Healthpeak has been a public company and an active investor in healthcare real estate for over 40 years. Healthpeak has an extensive network for sourcing and managing senior housing investments that it has established over its long operating history, and we will benefit from this network through our Manager.

Our initial portfolio reflects our commitment to delivering sustainable growth through differentiated senior housing solutions and strategic collaborations with high quality operators. We intend to focus exclusively on the senior housing sector because we believe that favorable demographic trends will enable us to create long-term value for our stockholders. We intend to grow our initial portfolio by drawing on our Manager's origination and sourcing capabilities and established relationships to execute on attractive investment opportunities in the senior housing sector.

Of the 34 senior housing communities in our initial portfolio, we describe 15 of these communities, comprising an aggregate of 7,067 units as of December 31, 2025, as "life plan communities." Life plan communities are a form of senior housing that offer a full continuum of care, including independent living, assisted living, memory care, and skilled nursing, in large-scale communities. Life plan communities differ from other housing and care options for seniors because they typically operate under an entrance fee model, which requires a one-time entrance fee in addition to monthly resident fees, and offer integrated housing, activities, services, and healthcare benefits on a single campus. Life plan communities are designed for individuals and couples seeking an active lifestyle where they can avoid moving a second or third time as they age, and most entrance fee contracts include some level of discounted rates on future healthcare. Compared to traditional rental senior housing, life plan communities offer resident-driven decision making, lifestyle choice, peace of mind from continuum of care, and larger units, with most of our independent living units averaging approximately 1,100 square feet. Residents typically enter our life plan communities in good health in their late 70s or early 80s and stay for eight to ten years — substantially longer than in traditional rental senior housing — supporting stable occupancy and predictable cash flows. The large size of our life plan community campuses, spanning 48 acres of land on average and consisting of approximately 471 units on average as of December 31, 2025, allows us to offer more substantial indoor and outdoor amenities to provide a highly active social life for seniors and create a differentiated senior housing product

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with high barriers to entry. Due to sizeable land needs, high development costs, financing challenges and pre-leasing requirements, new supply of life plan communities is very low, thereby enabling favorable supply and demand fundamentals for incumbents. We believe life plan communities exhibit consistently resilient occupancy, positioning them as a business with embedded operating leverage and growth visibility, which in turn can provide strong risk-adjusted returns.

The other 19 senior housing communities in our initial portfolio, comprising an aggregate of 3,355 units as of December 31, 2025, are primarily independent living, with certain communities offering assisted living, memory care, and/or skilled nursing. These communities are often amenitized, apartment-like buildings with private residences ranging from studios to large apartments.

#### The RIDEA Structure of Our Portfolio
Our entire initial portfolio is owned and operated under RIDEA structures. We believe the use of RIDEA structures in our portfolio will allow us to capture the full growth potential embedded within our assets. A RIDEA structure allows us, through a TRS, to receive cash flow from the operations of a healthcare facility in compliance with REIT tax requirements. The criteria for operating a healthcare facility through a RIDEA structure require us to lease the facility to an affiliate TRS and for such affiliate TRS to engage an independent qualifying management company or third-party operator (also known as an eligible independent contractor) to manage and operate the day-to-day business of the facility in exchange for management fees.

Our management agreements with our operators generally have remaining terms of less than five years, with mutual renewal options for subsequent terms of up to five years. The contracts can typically be terminated by us on short notice (one year or less) for a modest fee, thereby preserving flexibility. Our management agreements also provide for base management fees and incentive management fees to align our interests with the interests of our operators.

#### Our Competitive Strengths
We believe we possess the following competitive strengths that differentiate us from other market participants:

#### High-Quality Initial Portfolio Located in Highly Desirable Retirement Markets
Our high-quality initial portfolio is well positioned in attractive retirement markets. As of December 31, 2025, approximately 69% of the units in our initial portfolio were located in Florida and Texas, which rank among the top retirement destinations for seniors seeking low taxes, warmer weather, and established healthcare infrastructure. In addition, the markets our communities serve have a median five-year projected 80+ population growth through 2029 of 36% (exceeding the national average of 27%) according to PopStats, and the weighted average median home value in our markets is $421,426 (11% higher than the U.S. median) according to PopStats, reflecting affluent demographics and ability to pay for senior housing. Our initial portfolio is also diversified by unit type and demographic mix, which reduces risks to our cash flows from potential headwinds linked to any one community or unit type. The following charts provide information regarding the senior housing communities in our initial portfolio as of or for the year ended December 31, 2025, unless otherwise noted.

#### Key Portfolio Metrics
![[MISSING IMAGE: fc_keyportfolio-4c.jpg]](fc_keyportfolio-4c.jpg)

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| | |
|:---|:---|
| **Attractive Market Concentration<sup>(1)</sup>**  | **Unit Mix By Product Type<sup>(1)</sup>**  |
| ![[MISSING IMAGE: pc_geographicexpo-4c.jpg]](pc_geographicexpo-4c.jpg)  | ![[MISSING IMAGE: pc_unitmixproduct-4c.jpg]](pc_unitmixproduct-4c.jpg)  |

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(1) Based on 10,422 total senior housing units as of December 31, 2025.

(2) Orlando, FL also represents 9% of total units with 923 units.

(3) Represents percentage of total senior housing units that are independent living, assisted living or memory care.

We have also made significant strategic investments in our initial portfolio to improve resident experience and drive both durable pricing power and long-term value creation. Our expansion and redevelopment initiatives, combined with our historical capital expenditures, have contributed to a meaningful reduction in the effective age of our assets. These upgrades strengthen the long-term competitive positioning of the properties, while supporting higher entrance-fee pricing and faster absorption on renovated inventory.

#### History of Delivering Strong Operational Performance
Our initial portfolio has delivered strong operating performance in recent years, with average occupancy increasing from 77.1% in the first quarter of 2021 to 84.3% and 85.6% for the years ended December 31, 2024 and 2025, respectively. RevPOR increased 4.4% for the year ended December 31, 2025, when compared to the year ended December 31, 2024. Our net income (loss) was $(36.3) million, $(50.5) million and $6.3 million for the years ended December 31, 2020, 2024 and 2025, respectively. Our net income (loss) margin was (8.3)% and 1.1% for the years ended December 31, 2020 and 2025, respectively. We have also maintained a stable Adjusted NOI margin of 25.3% for each of the years ended December 31, 2020 and 2025.

These operating improvements have resulted in strong Adjusted NOI, which grew from $133.6 million for the year ended December 31, 2020 to $157.3 million and $175.7 million for the years ended December 31, 2024 and 2025, respectively. For the year ended December 31, 2020, non-refundable entrance fee sales were $54.7 million, which were less than our recognized amortization by $18.9 million. However, our non-refundable entrance fee sales have exceeded our recognized amortization of such fees in each of the last 19 quarters. For the years ended December 31, 2025 and 2024, non-refundable entrance fee sales were $152.7 million and $142.7 million, respectively. These sales exceeded our recognized amortization for the years ended December 31, 2025 and 2024 by $53.8 million and $53.7 million, respectively.

#### Established Relationships with Experienced Operators
We benefit from long-standing relationships with two of the largest and most experienced operators in the senior housing industry, LCS and Sunrise Senior Living Management, Inc. ("Sunrise"), that manage 13 and 2 of our life plan communities, respectively. These partnerships have been cultivated over decades and are anchored in operational excellence, resident satisfaction, and consistent financial performance. LCS and Sunrise bring deep expertise in senior housing and have maintained senior leadership continuity across our communities, contributing to improved occupancy and margin expansion. In addition, in January 2026, soon after we completed the JV Buyout, we entered into management transition agreements to transition management of certain of our senior housing properties to Pegasus Senior Living and Ciel Senior Living. We expect to complete these transitions in the first half of 2026. We believe these operator transitions will position our senior housing properties to capture embedded occupancy and NOI growth potential from

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improved operational performance. We believe our disciplined approach to operator selection and oversight is a core competency and a key driver of long-term performance.

#### Our Life Plan Communities Offer a Differentiated Senior Housing Solution
Our life plan communities represent a differentiated solution within senior housing, offering a full continuum of care — including independent living, assisted living, memory care, and skilled nursing units — within large-scale, amenity-rich communities. Our life plan communities are designed to appeal to "planners" and couples who prioritize lifestyle, social engagement, emotional well-being, and long-term healthcare security. With an average move-in age several years earlier than that of traditional rental senior housing and a superior average length of stay of eight to ten years, our life plan communities benefit from enhanced resident stability and predictable cash flows. Our life plan communities are operated as entrance fee communities, which provides upfront cash flow to us in return for ensuring predictable monthly resident fees for the residents. With more than two-thirds of the units in our life plan communities being independent living, this creates a natural feeder into the on-campus assisted living, memory care, and skilled nursing units.

#### High Barriers to Entry Limit Future New Supply of Life Plan Communities
Sizeable land needs, high development costs, financing challenges and pre-leasing requirements for new development of life plan communities create meaningful barriers to entry for life plan communities. Life plan communities have sizeable land needs in order to satisfy residents' expectations for indoor and outdoor amenities such as executive golf courses, fishing and boating on lakes, woodworking shops, pubs, sports bars, and indoor pools and spas. Our life plan communities span 48 acres on average with more than 100 acres of developable land across the portfolio, subject to zoning and other approvals. In addition, the complex and strict regulatory requirements associated with operating a life plan community make financing the development of a life plan community difficult and impose significant pre-leasing requirements before a new life plan community can be built. Consequently, there is limited new supply to compete with our existing communities.

#### Healthpeak's Institutional-Scale Operating Platform and Expertise
We are externally-managed by an indirect subsidiary of Healthpeak, which provides us a leadership team with deep industry expertise and public market experience, a strong technology and operating platform, and a proven track record of value creation. Our Manager's platform is designed to scale efficiently as we expand, allowing us to pursue attractive acquisitions, execute development and redevelopment initiatives, and respond dynamically to changing market conditions at a lower overhead cost than recreating another public company infrastructure. Healthpeak's institutional-grade operating platform is designed to support scalable asset management across a geographically diverse portfolio with a focus on real-time monitoring of local market dynamics, operating performance, and real estate fundamentals. This enables us to maintain a lean corporate structure while accessing institutional-grade capabilities across asset management, accounting, tax, legal, investments, financial planning and analysis, investor relations, and technology. Our Manager is equipped with the systems, personnel, and processes necessary to support our growth potential, including real-time performance monitoring, market intelligence, and strategic planning. Our Manager will maintain frequent and structured engagement with our operators to review market positioning, local leadership, marketing, pricing, and financial results, and require performance improvement plans, if needed. This hands-on approach has enabled our predecessor to offer a desirable product and value to residents, drive consistent NOI growth, optimize occupancy, and proactively address operational challenges. This disciplined, proactive management strategy is a core differentiator for us and a key driver of long-term value creation.

#### Healthpeak's Equity Ownership Provides Strong Alignment with Our Interests and Those of Our Stockholders
In addition to controlling our Manager, Healthpeak will be our largest stockholder following the completion of this offering, which facilitates alignment with stockholders by focusing on long-term value creation, disciplined capital deployment, and operational excellence across our senior housing communities.

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#### Conservative Capital Structure Positioned for Future Growth
We are committed to maintaining a flexible and well-capitalized balance sheet to support our business objectives and growth strategies. We anticipate that our balance sheet will provide us with the ability to fund future internal and external growth. As of December 31, 2025, on a pro forma basis, we had no debt outstanding, leaving our portfolio unencumbered and total liquidity, including cash on hand and available capacity under our new credit facilities that we intend to enter into in connection with this offering, of $1.3 billion. We intend to utilize a combination of equity and debt capital to fund growth, and we will evaluate opportunities to optimize our cost of capital. Our capital strategy is designed to support both internal and external growth, while preserving flexibility and maximizing stockholder value.

#### Business Objectives and Growth Strategies
Our business objectives are to grow our cash flows, maintain financial flexibility, increase the value of our portfolio, make regular cash distributions to our stockholders, and generate attractive risk-adjusted returns through the following growth strategies:

#### Drive External Growth Through Disciplined Acquisitions
We intend to expand our senior housing footprint through disciplined acquisitions of high-quality senior housing communities, with a particular focus on assets that can be integrated into our RIDEA operating platform. We believe the RIDEA structure offers superior alignment between ownership and operations, enabling us to actively participate in upside performance while maintaining flexibility in operator selection and asset strategy. We will prioritize acquisitions in both existing markets — where we can leverage operational synergies — and new U.S. geographies that exhibit favorable demographic trends, limited new supply, and strong fundamentals. We see meaningful opportunity to scale our portfolio with both new and existing operators, who bring deep market knowledge and access to proprietary deal flow, and who share our commitment to quality, compliance, and resident outcomes. Our external growth strategy is grounded in our Manager's rigorous underwriting, local market intelligence, and a disciplined approach to capital deployment, all of which positions us to expand our platform while maintaining operational excellence.

We completed the JV Buyout in January 2026 and acquired five additional properties in March 2026. The aggregate gross purchase price of these acquisitions, including the JV Buyout, was $672 million. In the JV Buyout, we acquired our joint venture partner's interest in the JV, which held 19 properties, comprising 3,355 units, 92% of which are located in the 25 top metropolitan areas, for $314 million (excluding final closing costs and prorations). The markets in which these properties are located are projected to have average growth of 39% in the over-80 population from 2024 to 2029 according to PopStats. The remaining two properties located in the Atlanta, Georgia metropolitan area and three properties located in the Orlando, Florida metropolitan area are each comprised of 354 units. We refer to our acquisition of the two properties located in the Atlanta, Georgia metropolitan area and the three properties located in the Orlando, Florida metropolitan area collectively as the "Acquired Properties." The Atlanta, Georgia and Orlando, Florida metropolitan areas are both projected to have 42% growth in the over-80 population from 2024 to 2029 according to PopStats. In addition, we have executed a non-binding letter of intent to acquire a senior housing property located in the Seattle, Washington metropolitan area for a purchase price of approximately $41 million. We anticipate completing this potential acquisition prior to the closing of this offering. If consummated prior to the closing of this offering, this potential acquisition would be funded by Healthpeak. There can be no assurance that we will complete this potential acquisition on the timeline or terms we anticipate, or at all.

#### Continue to Capitalize on Opportunities for Expansion, Redevelopment, and Densification of Our Life Plan Communities
We are actively reinvesting in our existing life plan communities to unlock embedded value and support long-term performance. Across our portfolio of life plan communities, we have identified multiple opportunities for expansion and redevelopments, including the addition of independent living units, amenity upgrades, and wellness-focused programming. These investments are designed to meet evolving resident preferences, extend length of stay, and drive incremental cash flow. We continue to evaluate expansion

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opportunities at select campuses with available land and favorable market dynamics, and we prioritize projects based on yield potential and local demand indicators, and excess land on many of our campuses allows for future development and densification opportunities with no incremental land cost. For example, we are currently doing pre-development work on a potential 118-unit independent living expansion at our life plan community in Houston, Texas, which had average occupancy of 96.2% for the year ended December 31, 2025, as well as a 115-unit independent living expansion at The Villages, a community that had average occupancy of 96.3% for the year ended December 31, 2025. We currently estimate the costs of such development projects will be approximately $560,000 per unit and $890,000 per unit, respectively. Our reinvestment strategy reflects our commitment to maintaining high-quality communities and capturing long-term growth from within our initial portfolio. There can be no assurance that these expansion projects will be completed on the timeline or terms we anticipate, or at all, or will perform as we anticipate or that the actual cost of any of these projects will not exceed our estimates.

#### Leverage Our Life Plan Communities' Unique Entry Fee Model
Our life plan communities are differentiated by an entrance fee model that provides upfront cash flow to us in addition to monthly resident fees. For the year ended December 31, 2025, the non-refundable portion of our entrance fees were, on average, approximately 53% of the median home value in our markets, which we believe positions our communities to capture the upside of residential real estate appreciation while remaining accessible to a broad base of financially secure residents. Non-refundable entrance fee sales have remained strong, with $152.7 million and $142.7 million in the years ended December 31, 2025 and 2024, respectively, and are expected to grow as occupancy and ability to drive higher entrance fee pricing continue to improve. Our entrance fees are predominantly non-refundable, a materially different contract structure than that of traditional continuing care retirement communities that typically skew towards 80% to 90% refundable entry fee models. Additionally, most of our entrance fee contracts come with some level of discounted rates on future healthcare and include rate increase caps equal to the consumer price index plus 2%.

The following table provides information regarding the entrance fees at our life plan communities:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property**  | **Market (MSA)**  | **# Units**  | **Average Non-Refundable <br> Entrance Fee per Sale <br> for the Year Ended <br> December 31, 2025**  | **Median <br> Local Home <br> Sale Price<sup>(1)</sup>**  | **Non-Refundable <br> Portion of Entrance <br> Fee as % of Median <br> Local Home Price**  |
|  Freedom Village at <br> Bradenton  | Sarasota, FL | 632 | $184846 | $485579 | 38.1% |
| Regency Oaks Clearwater  | Tampa, FL | 471 | 194493 | 407650 | 47.7% |
| Cypress Village  | Jacksonville, FL | 542 | 228814 | 399396 | 57.3% |
| Lake Port Square  | Orlando, FL | 511 | 208624 | 434159 | 48.1% |
| South Port Square  | Punta Gorda, FL  | 634 | 154444 | 364420 | 42.4% |
| Freedom Square  | Tampa, FL | 592 | 164702 | 407650 | 40.4% |
| Lake Seminole Square  | Tampa, FL | 337 | 146694 | 407650 | 36.0% |
|  Freedom Plaza Sun City <br> Center  | Tampa, FL | 649 | 256525 | 407650 | 62.9% |
|  Freedom Pointe at the <br> Villages  | Orlando, FL | 412 | 339065 | 434159 | 78.1% |
| Freedom Village at Holland  | Grand Rapids, MI  | 407 | 250033 | 337797 | 74.0% |
|  Freedom Village at <br> Brandywine  | Philadelphia, PA | 436 | 296255 | 421223 | 70.3% |
| Village at Gleannloch Farms  | Houston, TX | 217 | 250623 | 327321 | 76.6% |
| Galleria Woods  | Birmingham, AL  | 203 | 221485 | 280084 | 79.1% |
| The Quadrangle  | Philadelphia, PA | 529 | 294744 | 421223 | 70.0% |
| The Fairfax  | Washington, DC  | 495 | 263772 | 656167 | 40.2% |
| **Total – Life plan communities**  |  | **7067** | $**224584** | $**422677** | **53.1%** |

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(1) Based on MSA. Source: PopStats (March 2025).

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Our entrance fee residents typically fund their move using proceeds from the sale of their primary or secondary home. To reduce home-sale friction and accelerate move-ins, we have long offered a home sale entrance fee bridge financing, which allows financially qualified residents to occupy their unit before closing the sale of their home and paying their full entry fee — which shortens the move-in cycle, accelerates the recognition of monthly service fees and ancillary revenues, and provides predictable cash inflows as balances convert to cash upon home sale closings. Residents typically pay a 20% downpayment in cash, which is nonrefundable in the event of a default on the entrance fee bridge. Historical defaults on this program are low with no defaults in the past 3 years.

#### Our Properties
Our initial portfolio of senior housing communities is strategically located in markets with strong demographic demand and limited new supply. Our initial portfolio includes 34 communities across 10 states. Our properties are operated by experienced operators and are located in states such as Florida, Texas, Pennsylvania, and Colorado.

The charts and table below reflect the geographic footprint and top markets of our initial portfolio as of December 31, 2025:

#### Portfolio Geographic Footprint
![[MISSING IMAGE: mp_geographic-4clr.jpg]](mp_geographic-4clr.jpg)

Note: Percentages may not total to 100% due to rounding.

(1) Represents the percentage of Adjusted NOI for the year ended December 31, 2025 attributable to properties managed by this operator.

(2) In January 2026, soon after we completed the JV Buyout, we entered into separate management transition agreements with Ciel Senior Living and Pegasus Senior Living to assume operations of certain of our senior housing properties previously managed by Brookdale Senior Living under the JV. We expect to complete these operator transitions in the first half of 2026.

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![[MISSING IMAGE: mp_geographicfoot-4c.jpg]](mp_geographicfoot-4c.jpg)

(1) Based on Adjusted NOI for the year ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Top Markets**  | **Top Markets**  | **Top Markets**  | **Top Markets**  | **Top Markets**  |
| **Market (MSA)**  | **Unit <br> Count**  | **% of <br> Total <br> Units**  | **'24A – '29E <br> 80+ Population <br> Growth<sup>(1)</sup>**  | **Median <br> Local Home <br> Sale Price<sup>(1)</sup>**  |
| Tampa, FL  | 2049 | 20% | 37% | $407650 |
| Houston, TX  | 2027 | 19% | 39% | $327321 |
| Philadelphia, PA  | 965 | 9% | 23% | $421223 |
| Orlando, FL  | 923 | 9% | 42% | $434159 |
| Punta Gorda, FL  | 634 | 6% | 45% | $364420 |
| Sarasota, FL  | 632 | 6% | 40% | $485579 |
| Denver, CO  | 592 | 6% | 43% | $652414 |
| Washington, DC  | 574 | 6% | 29% | $656167 |
| Jacksonville, FL  | 542 | 5% | 43% | $399396 |
| Grand Rapids, MI  | 407 | 4% | 26% | $337797 |
| Chicago, IL  | 258 | 2% | 26% | $383382 |
| Birmingham, AL  | 203 | 2% | 24% | $280084 |
| Dallas, TX  | 202 | 2% | 36% | $396485 |
| Memphis, TN  | 182 | 2% | 27% | $268356 |
| Austin, TX  | 136 | 1% | 46% | $477885 |
| Boulder, CO  | 96 | 1% | 42% | $850933 |
| **Total** | **10422** |  |  |  |
| **Weighted Average<sup>(2)</sup>**  |  |  | **36%** | $**421426** |
| National Average  |  |  | 27% | $380000 |

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(1) Source: PopStats (March 2025).

(2) Weighted average based on units.

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The table below sets forth the list of our individual senior housing assets as of December 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Units**  | **Units**  | **Units**  | **Units**  | **Units**  |
| **Property**  | **Market (MSA)**  | **Operator<sup>(2)</sup>**  | **Independent <br> Living**  | **Assisted <br> Living**  | **Memory <br> Care**  | **Skilled <br> Nursing<sup>(1)</sup>**  | **Total**  |
| **<u>Life plan communities portfolio</u>** | | | | | | | |
| Freedom Village at Bradenton  | Sarasota, FL | LCS  | 411 | 92 | 34 | 95 | 632 |
| Regency Oaks Clearwater  | Tampa, FL | LCS  | 385 | 26 |  | 60 | 471 |
| Cypress Village  | Jacksonville, FL | LCS  | 353 | 56 | 33 | 100 | 542 |
| Lake Port Square  | Orlando, FL | LCS  | 396 | 35 |  | 80 | 511 |
| South Port Square  | Punta Gorda, FL  | LCS  | 416 | 76 | 48 | 94 | 634 |
| Freedom Square  | Tampa, FL | LCS  | 304 | 148 | 25 | 115 | 592 |
| Lake Seminole Square  | Tampa, FL | LCS  | 299 | 38 |  |  | 337 |
| Freedom Plaza Sun City Center  | Tampa, FL | LCS  | 425 | 83 | 28 | 113 | 649 |
| Freedom Pointe at the Villages  | Orlando, FL | LCS  | 235 | 65 | 40 | 72 | 412 |
| Freedom Village at Holland  | Grand Rapids, MI  | LCS  | 299 | 50 | 19 | 39 | 407 |
| Freedom Village at Brandywine  | Philadelphia, PA | LCS  | 317 | 56 | 14 | 49 | 436 |
| Village at Gleannloch Farms  | Houston, TX | LCS  | 134 | 30 | 18 | 35 | 217 |
| Galleria Woods  | Birmingham, AL  | LCS  | 149 | 24 |  | 30 | 203 |
| The Quadrangle  | Philadelphia, PA | Sunrise Senior Living  | 339 | 90 | 22 | 78 | 529 |
| The Fairfax  | Washington, DC  | Sunrise Senior Living  | 364 | 52 | 23 | 56 | 495 |
| **Total – Life plan communities portfolio**  |  |  | **4826** | **921** | **304** | **1016** | **7067** |
| **<u>Senior Housing portfolio</u>** |  |  |  |  |  |  |  |
| Meridian Boulder  | Boulder, CO | Brookdale Senior Living  | 96 |  |  |  | 96 |
| Brookdale Meridian Lakewood  | Denver, CO | Brookdale Senior Living  | 114 |  |  | 45 | 159 |
| Village at Lowry  | Denver, CO | Brookdale Senior Living  |  | 140 | 15 |  | 155 |
| Brookdale Meridian Westland  | Denver, CO | Brookdale Senior Living  | 153 |  |  |  | 153 |
| Brookdale Meridian Arvada  | Denver, CO | Brookdale Senior Living  | 125 |  |  |  | 125 |
| Brookdale Vernon Hills  | Chicago, IL | Brookdale Senior Living  | 174 | 47 | 37 |  | 258 |
| Brookdale Olney  | Washington, DC  | Brookdale Senior Living  |  | 49 | 30 |  | 79 |
| Brookdale Dogwood Creek  | Memphis, TN | Brookdale Senior Living  | 130 | 33 | 19 |  | 182 |
| Brookdale N Richland Hills  | Dallas, TX | Brookdale Senior Living  | 21 | 85 |  |  | 106 |
| Brookdale Pecan Park  | Dallas, TX | Brookdale Senior Living  |  | 79 | 17 |  | 96 |
| Brookdale Round Rock  | Austin, TX | Brookdale Senior Living  |  | 57 | 11 |  | 68 |
| Brookdale San Marcos N  | Austin, TX | Brookdale Senior Living  |  | 57 | 11 |  | 68 |
| Brookdale Memorial City  | Houston, TX | Brookdale Senior Living  | 511 |  |  |  | 511 |
| Brookdale W University  | Houston, TX | Brookdale Senior Living  | 326 |  |  |  | 326 |
| Brookdale First Colony  | Houston, TX | Brookdale Senior Living  | 264 |  |  |  | 264 |
| Brookdale Clear Lake  | Houston, TX | Brookdale Senior Living  | 261 |  |  |  | 261 |
| Brookdale Galleria  | Houston, TX | Brookdale Senior Living  | 149 | 39 |  | 56 | 244 |
| Solana Preserve Vintage Park  | Houston, TX | Brookdale Senior Living  | 117 |  |  |  | 117 |
| The Solana Vintage Park  | Houston, TX | Brookdale Senior Living  |  | 61 | 26 |  | 87 |
| **Total – Senior housing portfolio**  |  |  | **2441** | **647** | **166** | **101** | **3355** |
| **Total portfolio (units)**  |  |  | **7267** | **1568** | **470** | **1117** | **10422** |

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(1) Represents bed capacity.

(2) In January 2026, soon after we completed the JV Buyout, we entered into separate management transition agreements with Ciel Senior Living and Pegasus Senior Living to assume operations of certain of our senior housing properties previously managed by Brookdale Senior Living under the JV. We expect to complete these operator transitions in the first half of 2026.

#### Our Manager
We will be externally managed by our Manager, an indirect subsidiary of Healthpeak, which will be our largest stockholder following the completion of this offering and the formation transactions. Healthpeak is an S&P 500 REIT that invests in and manages real estate focused on healthcare discovery and delivery in the United States. Healthpeak has an extensive network for sourcing investments that it has established over

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its long operating history. For more information regarding our Manager and the Management Agreement, please see "— Management Agreement" below and "Our Manager and the Management Agreement." Additionally, concurrently with the completion of this offering, we will enter into an exclusivity agreement with Healthpeak, pursuant to which we and Healthpeak will agree that during the term of the Management Agreement, neither we nor Healthpeak, nor any of our respective affiliates, will engage in, sponsor, own, operate, manage, or otherwise participate in a competing business. See "Our Manager and the Management Agreement — Exclusivity Agreement."

#### Industry Analysis and Opportunity Assessment
 *Unless otherwise indicated, all information in this section is derived from the market study prepared for us by JLL. See "Industry and Market Overview" for more information.* 

#### Demographic shifts underpin senior housing demand
The demand outlook for the senior housing sector is tied to the aging population. Forecasts show the population aged over 75 increasing by 29.3% from 2025 to 2035 compared to 3.7% growth for the under-75 population. The U.S. population over age 75, the target for entry into senior housing, is expected to increase by 7.8 million people during this timeframe.

As the senior population increases, the caregiver ratio (the ratio of persons 45-64 to persons 80+) is anticipated to decline from 5.2 to 1 in 2025 to 3.5 to 1 in 2035. A 2020 study by AARP found that 42% of adults aged over 55 who had difficulty with one or more Activities of Daily Living (ADLs) were single and did not have children.

The aging population, fewer available caregivers, and more seniors without family support will drive increased demand for institutional care facilities. While seniors account for 18% of the population, they are estimated to drive 36% of healthcare expenditures, according to a 2021 Kaiser Family Foundation study.

#### The 75 ± population is forecasted to grow 29.3% in the next ten years, compared with just 6% overall population growth
![[MISSING IMAGE: bc_populationgrowth-4c.jpg]](bc_populationgrowth-4c.jpg)

Source: JLL Research, Lightcast

While the minimum age for active adult properties is typically 55 years and life plan communities are generally available to those with a minimum age of 65, the average age of residents in senior housing is usually in the mid-to-late 80s depending on care type. Active Adult communities (age-restricted rental communities without dining and housekeeping) cater to younger residents with lifestyle-focused amenities, with an average age in the mid-70s, while life plan communities provide similar amenities for independent living with an option for escalating levels of care as residents age.

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#### Primary and secondary senior housing markets
The below map reflects the 31 largest (Primary) and next 68 largest (Secondary) metropolitan statistical areas (MSAs) for senior housing in the continental U.S.

![[MISSING IMAGE: mp_seniorhousingmark-4c.jpg]](mp_seniorhousingmark-4c.jpg)

Source: JLL Research, NICMap

#### Migration trends and impact on senior housing
California, Florida, Texas, New York and Pennsylvania are the five states with the highest population count of residents aged over 75, collectively totaling some 10.1 million people as of 2025. Of the top 15 states with the largest number of seniors, Texas, Washington, Georgia, North Carolina and Florida are expected to see the highest rates of growth over the next five years. The theme of outsized growth in the Sun Belt is pronounced, with four of the fastest-growing large population states for seniors being in the Sun Belt.

When looking at the highest-growing MSAs that are home to more than 50,000 seniors aged over 75, the Sun Belt growth trend is further evident, with nearly 70% of those MSAs being in the Sun Belt. Markets topping the growth forecasts include Myrtle Beach, SC (26.8% growth in the population aged over 75 over the next five years), Austin, TX (26.3%), and Wilmington, NC (23.9%).

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#### States with largest population bases of seniors to see continued strong growth dynamics; Sun Belt will continue to lead
![[MISSING IMAGE: bc_seniorpopulation-4c.jpg]](bc_seniorpopulation-4c.jpg)

Note: Pertains to the 15 states with the highest count of population 75+ in 2025

Source: JLL Research, Esri

#### Nearly 70% of MSAs with highest growth in population of seniors are in the Sun Belt
![[MISSING IMAGE: bc_growthbymarket-4c.jpg]](bc_growthbymarket-4c.jpg)

Note: Analysis pertains to MSAs with a population of residents 75+ over 50,000. Markets plotted represents the 25 MSAs from this set with the highest growth rates

Source: JLL Research, Esri

#### Summary Risk Factors
You should carefully consider the matters discussed in the "Risk Factors" section beginning on page [31](#tRIFA) of this prospectus for factors you should consider before making a decision to invest in our Class A-1 common stock. Some of these risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We or our operators may be negatively impacted by macroeconomic trends that may increase labor, construction, and other operating or administrative costs or impact prospective residents' willingness or ability to move into our communities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our entrance fee refund obligations and related actuarial assumptions may adversely affect our liquidity and results of operations if we are required to refund entrance fees or actual experience differs from our expectations.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are dependent on the performance of our operators for substantially all of our revenues and operating income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A significant portion of our revenues and operating income is dependent on a limited number of operators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may be adversely affected by factors adversely affecting our operators' ability to meet their financial and other contractual obligations to us, which could delay or prevent collection of funds owed from the residents, impede operations of our properties, or limit our ability to protect our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Identifying and securing new or replacement operators can be time consuming and costly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If seniors delay moving to senior housing communities until they require greater care or forgo moving to senior housing communities altogether, such action could have a material adverse effect on us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We depend on real estate investments in the senior housing sector, making us more vulnerable to events affecting the sector, including an economic downturn or slowdown, or laws affecting REIT ownership of senior housing properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The illiquidity of our real estate investments may prevent us from timely responding to economic or investment performance changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We assume operational risks with respect to our communities, all of which are owned and operated under RIDEA structures, that could have a material adverse effect on us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Operators that fail to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements, may cease to operate or be unable to meet their financial and other contractual obligations to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We operate in a highly complex and regulated environment; changes to regulatory, funding, staffing, trade, and other policies and actions could materially and adversely affect our business and our operators' management of our communities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid may adversely affect our operators' ability to meet their financial and other contractual obligations to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Required regulatory approvals can delay or prohibit transfers of our senior housing properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Compliance with the Americans with Disabilities Act (the "ADA") and fire, safety, and other regulations may require us to make expenditures that could materially and adversely affect us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our communities are concentrated within certain geographic regions, and economic conditions, natural disasters, weather, and other events or conditions that negatively affect the geographic areas where we have concentrated investments could have a material adverse effect on us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Uninsured or underinsured losses could result in a significant loss of our capital invested in a property, lower than expected future revenues, and unanticipated expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Competition may make it difficult to identify and purchase, or develop, suitable properties to grow our initial portfolio, to finance acquisitions on favorable terms, or to retain or attract residents and operators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Volatility, disruption, or uncertainty in the financial markets may impair our ability to raise capital, obtain new financing or refinance existing obligations, and fund acquisition and development and redevelopment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If access to external capital is unavailable on favorable terms or at all, it could have a material adverse effect on our ability to grow our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Loss of our tax status as a REIT would substantially reduce our available funds and would have materially adverse consequences for us and the value of our Class A-1 common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our charter and bylaws contain provisions that may delay, defer or prevent an acquisition of our Class A-1 common stock or a change in control.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of common units, which may impede business decisions that could benefit our stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We depend upon the officers and key personnel of Healthpeak and its affiliates, including our Manager, for our success. We may not find a suitable replacement for our Manager if the Management Agreement is terminated or if the officers or key personnel of Healthpeak leave the employment of Healthpeak or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • There are various conflicts of interest in our relationship with Healthpeak and its affiliates, including our Manager, and our officers and/or directors who are also officers and/or directors of Healthpeak.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our formation transactions, the Management Agreement, exclusivity agreement, Stockholders Agreement and registration rights agreement were negotiated between related parties, and their terms may not reflect the same terms that we would have obtained if they had been negotiated at arm's length with an unaffiliated third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Under the Management Agreement, our Manager has a contractually defined duty to us rather than a fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We must pay a fee if we terminate the Management Agreement with our Manager without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our Manager's liability is limited under the Management Agreement, and we have agreed to indemnify our Manager against certain liabilities. As a result, we could experience poor performance or losses for which our Manager would not be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are an "emerging growth company," and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Class A-1 common stock less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Upon the listing of our shares on the NYSE, we will be a "controlled company" within the meaning of NYSE rules and, as a result, will qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • There can be no assurance that we will be able to make or maintain cash distributions, and certain agreements relating to our indebtedness may, under certain circumstances, limit or eliminate our ability to make distributions to holders of our Class A-1 common stock.

#### Structure and Formation of Our Company

#### Formation Transactions
Prior to or concurrently with the completion of this offering, we will consummate a series of transactions referred to herein as our "formation transactions" through which we will adopt our charter, which will recapitalize our existing common stock, and Healthpeak will transfer, directly or indirectly, the real estate assets that comprise our initial portfolio to us. As a result of these transactions, Healthpeak will receive 138,816,246 shares of our Class A-1 common stock and 75,917,780 common units, which collectively have a value of $4.1 billion (based on the mid-point of the price range set forth on the front cover of this prospectus). We will contribute real estate assets we receive directly in the formation transactions to our operating company in exchange for common units, and following such contributions and the formation transactions described above, we will hold 138,816,246 common units in our operating company. In addition, Healthpeak will purchase 75,917,780 shares of Class A-2 common stock, an amount equivalent to the common units Healthpeak will hold upon completion of the formation transactions described above, for aggregate consideration of approximately $760,000. Upon completion of this offering and the formation transactions, substantially all of our assets will be held by, and substantially all of our operations will be conducted through, our operating company, either directly or through its subsidiaries. We will be the sole managing member of our operating company. We intend to contribute the net proceeds from this offering to our operating company and receive 37,000,000 common units (or 42,550,000 common units if the underwriters exercise their option to purchase up to an additional 5,550,000 shares of our Class A-1 common

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stock in full). Following the offering and the formation transactions described above, we will own a 69.8% ownership interest in the operating company (or 70.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full), with Healthpeak holding a 30.1% ownership interest in the operating company (or 29.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full). See "Structure and Formation of Our Company — Formation Transactions."

#### Class A-1 Common Stock, Class A-2 Common Stock and Common Units
Following this offering, we will have two classes of common stock: Class A-1 common stock and Class A-2 common stock. As part of the formation transactions, Healthpeak will directly or indirectly transfer or contribute the senior housing properties comprising our initial portfolio to us and our operating company in exchange for shares of Class A-1 common stock and common units. In addition, Healthpeak will purchase 75,917,780 shares of Class A-2 common stock, a number equivalent to the common units Healthpeak will hold upon completion of the formation transactions described above, for aggregate consideration of approximately $760,000. Our Class A-1 common stock will have both voting and economic rights and will be held by Healthpeak and investors purchasing shares in this offering. Our Class A-2 common stock will be issued only to Healthpeak in a number equal to the common units it owns in our operating company. Our Class A-2 common stock will have voting rights but will not be entitled to receive any dividends or distributions, and are not entitled to any other economic rights. Healthpeak, as an owner of common units, however, will be entitled to distributions per common unit in the same amount we pay to holders of shares of Class A-1 common stock.

The purpose of the Class A-2 common stock is to give Healthpeak voting rights that correspond to its common units, which do not provide holders with the right to vote on matters submitted to the stockholders of Janus Living, Inc. Each outstanding share of common stock entitles the holder to one vote on all matters on which stockholders are entitled to vote, with holders of shares of Class A-1 common stock and Class A-2 common stock generally voting together as a single class on such matters, except as otherwise required by law or our charter. Except for transfers to us, shares of Class A-2 common stock may not be sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity). At such time any common units held by a Healthpeak entity are sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity), redeemed for cash or, at our election, exchanged for shares of Class A-1 common stock pursuant to the terms of the operating agreement, an equivalent number of shares of Class A-2 common stock will be automatically transferred to us and canceled and retired.

Shares of Class A-2 common stock will not be listed on the New York Stock Exchange. We will not issue shares of Class A-2 common stock to any holder other than Healthpeak.

#### Our Structure
The following chart sets forth information about our company, our operating company, certain related parties and the ownership interests therein on a pro forma basis. Ownership percentages in our company and our operating company are presented assuming that the underwriters' option to purchase additional shares of our Class A-1 common stock is not exercised.

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![[MISSING IMAGE: fc_management-bw.jpg]](fc_management-bw.jpg)

(1) Shares of Class A-2 common stock will have no economic rights but will entitle each holder to one vote for each share held of record on all matters to be voted on by stockholders generally. Healthpeak will hold all of the outstanding shares of Class A-2 common stock, which provide a one-for-one voting right at Janus Living for each common unit held by it. Except for transfers to us, shares of Class A-2 common stock may not be sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity). At such time any common units held by a Healthpeak entity are sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity), redeemed for cash or, at our election, exchanged for shares of Class A-1 common stock pursuant to the terms of the operating agreement, an equivalent number of shares of Class A-2 common stock will be automatically transferred to us and canceled and retired.

(2) Excludes 50,426 unvested restricted stock units (based on the mid-point of the price range set forth on the front cover of this prospectus) subject to time-based vesting to be awarded to certain of our and Healthpeak's executive officers, Healthpeak's employees and our independent directors under the Equity Plan. Unvested equity awards will only vest if the vesting conditions are satisfied. The stock-based compensation expense recognized by us in connection with 29,370 of such unvested restricted stock units will reduce the management fee payable under the Management Agreement.

(3) Includes one-time fully-vested grants of 135,532 LTIP units (based on the mid-point of the price range set forth on the front cover of this prospectus) to be issued to certain of our and Healthpeak's executive officers and certain of Healthpeak's employees under the Equity Plan in connection with the completion of this offering. Excludes 267,153 unvested LTIP units (based on the mid-point of the price range set forth on the front cover of this prospectus and assuming maximum performance for performance-vesting awards) subject to time-based vesting or performance-based vesting to be awarded to certain of our and Healthpeak's executive officers and Healthpeak's employees under the Equity Plan. Unvested equity awards will only vest if the vesting conditions are satisfied. The stock-based compensation expense recognized by us in connection with the 267,153 unvested LTIP units will reduce the management fee payable under the Management Agreement.

#### Management Agreement
We will enter into the Management Agreement with our Manager effective upon the completion of this offering. Our Manager will manage the day-to-day operations of our company in conformity with our investment guidelines, which may be modified or supplemented by our Board from time to time.

We have designed the Management Agreement with terms that we believe are beneficial to us and our stockholders. We will pay our Manager an annual management fee of $10.0 million, plus or minus the cumulative effect of an annual amount equal to 0.5% of (i) the gross book value of any investment that is

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the subject of an acquisition (including the JV Buyout and the Acquired Properties) or disposition or (ii) the increase in the gross book value of any investment that was the subject of a capital deployment (as defined in the Management Agreement), in each case, since January 1, 2026 (a "management fee adjustment amount"); provided, that (A) if our investments have a gross book value in excess of $10.0 billion but less than $20.0 billion as of the determination of a management fee adjustment amount pursuant to the terms of the Management Agreement, such 0.5% will be decreased by 0.1% for each dollar of gross book value of any investment that was the subject of an acquisition or disposition, or increase in gross book value of any investment that was the subject of a capital deployment in excess of $10.0 billion but less than $20.0 billion, and (B) if our investments have a gross book value in excess of $20.0 billion as of the determination of a management fee adjustment amount pursuant to the terms of the Management Agreement, such 0.5% will be decreased by 0.15% for each dollar of gross book value of any investment that was the subject of an acquisition or disposition, or increase in the gross book value of any investment that was the subject of a capital deployment, that is in excess of $20.0 billion. As a result of the JV Buyout and the acquisition of the Acquired Properties, the management fee increased by $3.4 million. The management fee payable to our Manager shall be reduced by stock-based compensation expense recognized by us in connection with the accounting for annual equity-based awards granted by us to employees and consultants of our Manager and its affiliates under the Equity Plan during the applicable periods. The Management Agreement will have an initial term of three years from the date of completion of this offering with annual renewals unless terminated by us or our Manager pursuant to the terms of the Management Agreement. The management agreement provides that, for a period not to exceed 12 months following the termination of the management agreement, our Manager will use commercially reasonable efforts to cooperate with us in executing an orderly transition of our management and the management of our subsidiaries' business and operations. During any transition period, our Manager will be entitled to continue receiving any compensation owed pursuant to the terms of the Management Agreement.

We will also reimburse our Manager for documented third-party costs and expenses incurred by our Manager in providing services under the Management Agreement, including expenses related to legal, accounting, due diligence and other services. Expenses will be reimbursed in cash on a quarterly or monthly basis, at our Manager's election. For more information about the Management Agreement, see "Our Manager and the Management Agreement — Management Agreement."

#### Benefits to Related Parties
Upon completion of this offering and the formation transactions, Healthpeak and our directors and executive officers will receive material benefits, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Healthpeak will have received 138,816,246 shares of our Class A-1 common stock and 75,917,780 common units, which collectively have a value of $4.1 billion (based on the mid-point of the price range set forth on the front cover of this prospectus), in connection with the formation transactions and contribution of the initial portfolio to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Healthpeak will have purchased 75,917,780 shares of our Class A-2 common stock, a number equivalent to the common units Healthpeak will hold upon completion of the formation transactions described above, for aggregate consideration of approximately $760,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into the Management Agreement with our Manager, an indirect subsidiary of Healthpeak, pursuant to which our Manager will be entitled to a management fee for its services and reimbursement of certain expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We and Healthpeak will enter into an exclusivity agreement, pursuant to which we and Healthpeak will agree that during the term of the Management Agreement, neither we nor Healthpeak, nor any of our respective affiliates, will engage in, sponsor, own, operate, manage, or otherwise participate in a competing business. See "Our Manager and the Management Agreement — Exclusivity Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into a stockholders agreement with Healthpeak (the "Stockholders Agreement") pursuant to which, among other rights, Healthpeak will be entitled to designate a number of directors to our Board equal to: (i) 40% of the total number of directors on our Board (or the lowest whole number equal to or greater than that percentage) if Healthpeak beneficially owns at least 30% of the outstanding shares of our common stock; and (ii) one nominee to our Board if Healthpeak

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beneficially owns at least 5% (but less than 30%) of the outstanding shares of our common stock at each annual meeting of stockholders. See "Certain Relationships and Related Party Transactions — Stockholders Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We intend to enter into indemnification agreements with each of our directors and executive officers that will obligate us to indemnify them to the maximum extent permitted by Maryland law. See "Management — Indemnification."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into a registration rights agreement with Healthpeak (the "registration rights agreement"), pursuant to which we will grant it certain "demand" registration rights and customary "piggyback" registration rights. See "Certain Relationships and Related Party Transactions — Registration Rights Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will grant a waiver from the ownership limits contained in our charter to Healthpeak to own our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In connection with the completion of this offering, we will grant Healthpeak's non-employee directors (other than Ms. Sandstrom) one-time awards in the form of Class A-1 common stock with an aggregate value of $450,000 (23,688 shares of Class A-1 common stock based on the mid-point of the price range set forth on the front cover of this prospectus). The number of shares of Class A-1 common stock subject to such awards will be based on the initial public offering price per share in this offering.

• We will adopt our Equity Plan to provide equity award opportunities to our independent directors and members of our Manager's management team and employees who perform services for us. See "Management — Executive Compensation — Equity Plan" for further details. We will grant the following awards pursuant to the Equity Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *One-time awards (aggregate value of $4.3 million)*. In connection with the completion of this offering, we will grant the following individuals one-time awards that will be fully vested at the time of grant in recognition of their contributions to the preparation and execution of this offering. These awards are intended to reward services rendered in connection with the offering process and incentivize continued service following the completion of this offering. The number of LTIP units and shares of Class A-1 common stock subject to such awards will be based on the initial public offering price per share in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our independent directors will be granted shares of our Class A-1 common stock with an aggregate value of $200,000 (10,528 shares of Class A-1 common stock based on the mid-point of the price range set forth on the front cover of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Certain of our and Healthpeak's executive officers and Healthpeak's employees will be granted LTIP units with an aggregate value of approximately $2.6 million (135,532 LTIP units based on the mid-point of the price range set forth on the front cover of this prospectus) and shares of our Class A-1 common stock with an aggregate value of approximately $1.5 million (78,174 shares of Class A-1 common stock based on the mid-point of the price range set forth on the front cover of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Annual and new hire awards (aggregate value of $3.9 million)*. In connection with the completion of this offering, we will grant awards under an annual equity award program to our independent directors, certain of our and Healthpeak's executive officers and certain of Healthpeak's employees, as well as one new hire award, which will be subject to time- and/or performance-based vesting. These awards will only vest if the vesting conditions are satisfied. The number of LTIP units (assuming maximum performance for performance-vesting awards) and restricted stock units subject to such awards will be based on the initial public offering price per share in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our independent directors will be granted time-based awards under an annual director compensation program in the form of restricted stock units with an aggregate value of $400,000 (21,056 restricted stock units based on the mid-point of the price range set forth on the front cover of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Certain of our and Healthpeak's executive officers and Healthpeak's employees will be granted time-based and/or performance-based LTIP units with an aggregate value, assuming

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maximum performance for performance-vesting LTIPs, of approximately $2.4 million (240,833 LTIP units based on the midpoint of the price range set forth on the front cover of this prospectus) and restricted stock units with an aggregate value of approximately $558,000 (29,370 restricted stock units based on the mid-point of the price range set forth on the front cover of this prospectus). The stock-based compensation expense recognized by us in connection with annual awards will reduce the management fee payable under the Management Agreement. We will also grant an employee a new hire award subject to time-based vesting in the form of LTIP units with a value of $500,000 (26,320 LTIP units based on the mid-point of the price range set forth on the front cover of this prospectus). Healthpeak will reduce the target-level value of annual equity awards granted to its executive officers and employees who provide services to us by the target-level value of annual equity awards we grant to such individuals.

#### Potential Conflicts of Interest
Conflicts of interest may exist or could arise in the future with Healthpeak and its affiliates, including our Manager, our officers and/or directors who are also officers and/or directors of Healthpeak, and any member of our operating company. Upon completion of the offering and the formation transactions, Healthpeak will own approximately 85.3% of the voting power of our common stock (or 83.4% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full), comprised of 78.9% of the outstanding shares of our Class A-1 common stock (or 76.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full) and all of our Class A-2 common stock, and approximately 30.1% of the outstanding common units of our operating company (or 29.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full). Two directors of Healthpeak will also serve on our Board, including our President and Chief Executive Officer, Scott M. Brinker, who is also President and Chief Executive Officer of Healthpeak, and Katherine M. Sandstrom, who is chair of the board of directors of Healthpeak. Our Manager is an indirect subsidiary of Healthpeak. As a result of the foregoing relationships, Healthpeak will have significant influence over us.

Our formation transactions, the Management Agreement with our Manager, the exclusivity agreement, the Stockholders Agreement and the registration rights agreement were negotiated between related parties and their terms may not reflect the same terms that we would have obtained if they had been negotiated at arm's length with an unaffiliated third party. In addition, the obligations of Healthpeak's officers and other personnel that provide services to us under the Management Agreement to engage in other business activities at Healthpeak may reduce the time that such officers and other personnel spend managing us.

Conflicts of interest may exist or could arise in the future as a result of the relationships between us and our affiliates, on the one hand, and operating company or any member thereof, on the other. Our directors and officers have duties to our company under Maryland law in connection with their management of our company. At the same time, we, as the managing member of our operating company, have certain fiduciary duties and obligations to our operating company and its members under Maryland law and the operating agreement of our operating company in connection with the management of our operating company. Our fiduciary duties and obligations as the managing member of our operating company may come into conflict with the duties of our directors and officers to our company.

#### Distribution Policy
We intend to pay cash distributions to our Class A-1 common stockholders out of assets legally available for distribution. Holders of common units will be entitled to distributions per common unit in the same amount we pay to holders of shares of Class A-1 common stock. We intend to make a pro rata distribution with respect to the period commencing upon the completion of this offering and ending on June 30, 2026 based on a distribution rate of $0.1425 per share of Class A-1 common stock for a full quarter. On an annualized basis, this would be $0.57 per share of Class A-1 common stock, or an annualized distribution rate of approximately 3.0% based on the mid-point of the price range set forth on the front cover of this prospectus. We intend to maintain our initial distribution rate for the 12 months following the completion of this offering unless our results of operations, Nareit FFO and FFO as Adjusted (in each case,

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as defined under "Summary Selected Historical and Pro Forma Combined Financial and Other Data — Non-GAAP Financial Measures"), liquidity, cash flows, financial condition or prospects, economic conditions or other factors differ materially from the assumptions used in our intended initial distribution rate. We intend to make distributions that will enable us to meet the distribution requirements applicable to REITs and to eliminate or otherwise minimize our obligation to pay corporate-level income and excise taxes. For additional information, see the section entitled "Distribution Policy."

#### Implications of Being an Emerging Growth Company
We qualify as an "emerging growth company" as defined in the JOBS Act. For so long as we remain an emerging growth company, we are permitted and currently intend to rely on the following provisions of the JOBS Act that contain exceptions from disclosure and other requirements that otherwise are applicable to companies that conduct initial public offerings and file periodic reports with the SEC. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • being permitted to present only two years of audited financial statements in this prospectus and only two years of related "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our periodic reports and registration statements, including the registration statement of which this prospectus is a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements, including the registration statement of which this prospectus is a part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

We will remain an emerging growth company until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the first to occur of the last day of the fiscal year (i) that follows the fifth anniversary of the completion of this offering, (ii) in which we have total annual gross revenue of at least $1.235 billion or (iii) in which we are deemed to be a "large accelerated filer," as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if it occurs before any of the foregoing dates, the date on which we have issued more than $1.0 billion in non-convertible debt securities over a three-year period.

We have elected to take advantage of certain of the reduced disclosure obligations in this prospectus and may elect to take advantage of other reduced reporting requirements in our future filings with the SEC. As a result, the information that we provide to our stockholders may be different than what you might receive from other public reporting companies in which you hold equity interests.

We have elected to avail ourselves of the provisions of the JOBS Act, which permits emerging growth companies to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies that are not emerging growth companies.

For additional information, see the section titled "Risk Factors — Risks Related to this Offering and Ownership of Shares of Our Class A-1 Common Stock — We are an 'emerging growth company,' and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Class A-1 common stock less attractive to investors."

#### Restrictions on Ownership and Transfer of Our Common Stock
Our charter, subject to certain exceptions, authorizes our Board to take such actions as are necessary or appropriate to allow us to qualify and to preserve our status as a REIT. Furthermore, our charter prohibits, with certain exceptions, the beneficial or constructive ownership by any person of more than 9.8% in value of the aggregate of the outstanding shares of our capital stock or more than 9.8% (in value or in number of

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shares, whichever is more restrictive) of the aggregate of the outstanding shares of our Class A-1 common stock. In addition, our charter contains various other restrictions on the ownership and transfer of our Class A-1 common stock and capital stock. Our Board, in its sole discretion, may exempt a person, prospectively or retroactively, and subject to such conditions and limitations as our Board may deem appropriate, from these ownership limits if certain conditions are satisfied. However, our Board may not grant an exemption from these ownership limits if such exemption would cause us to fail to qualify as a REIT. The ownership limits may delay or impede a transaction or a change of control that might be in your best interest. See "Description of Our Capital Stock — Restrictions on Ownership and Transfer."

We will grant a waiver from the ownership limits contained in our charter to Healthpeak to own our common stock.

#### Controlled Company Status
Upon completion of this offering, Healthpeak will continue to control a majority of the combined voting power of all classes of our stock entitled to vote generally in the election of directors. As a result, we will be a "controlled company" within the meaning of the NYSE corporate governance standards. Under these rules, a company of which more than 50% of the voting power in the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements that, within one year of the date of the listing of our Class A-1 common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a majority of our Board consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our Board have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our Board have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Although upon completion of this offering, a majority of our Board will consist of independent directors, we will not have a compensation committee or a nominating and corporate governance committee, and we may utilize any other exemption prior to the time we cease to be a "controlled company." Accordingly, to the extent and for so long as we utilize these exemptions, you will not have the same protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance requirements.

#### Our Tax Status
We intend to elect to qualify as a REIT for U.S. federal income tax purposes, commencing with our taxable year ending December 31, 2026. We believe that our organization and operations will allow us to qualify as a REIT for U.S. federal income tax purposes. To qualify as a REIT and maintain REIT status, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. See "United States Federal Income Tax Considerations."

#### Corporate Information
We were formed in December 2025. Our principal executive office is located at c/o Healthpeak Properties, Inc., 4600 South Syracuse Street, Suite 500, Denver, CO 80237. Our telephone number is (720) 428-5050. Our website is www.janusreit.com. The contents of our website are not a part of, or incorporated by reference into, this prospectus.

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#### THE OFFERING
Class A-1 common stock offered by us

37,000,000 shares of our Class A-1 common stock (plus up to an additional 5,550,000 shares of our Class A-1 common stock that we may sell upon the exercise in full of the underwriters' option to purchase additional shares of our Class A-1 common stock).

Class A-1 common stock to be outstanding upon completion of this offering

175,928,636 shares of our Class A-1 common stock<sup>(1)</sup>

Class A-2 common stock to be outstanding upon completion of this offering

75,917,780 shares of our Class A-2 common stock

Class A-1 common stock and common units to be outstanding upon completion of this offering and the formation transactions (excluding common units held directly or indirectly by us)

251,981,948 shares of our Class A-1 common stock and common units<sup>(1)(2)</sup>

Use of proceeds

We estimate that the net proceeds to us from this offering will be approximately $632.5 million, or $731.1 million if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full, after deducting the underwriting discount and other estimated expenses, in each case, based on an assumed initial public offering price of $19.00 per share, which is the mid-point of the price range set forth on the front cover of this prospectus and assuming the number of shares offered by us as set forth on the front cover of this prospectus remains the same.

We intend to contribute the net proceeds from this offering to our operating company and receive 37,000,000 common units (or 42,550,000 common units if the underwriters exercise their option to purchase up to an additional 5,550,000 shares of our Class A-1 common stock in full). Our operating company expects to use the net proceeds from this offering to pursue acquisition and investment opportunities that meet our investment criteria and for general corporate purposes. We expect to incur estimated non-recurring, property-related capital expenditures at the 34 properties comprising our initial portfolio of approximately $86 million during the 12 months ending December 31, 2026 and to fund such capital expenditures with proceeds from this offering. However, we do not have agreements or commitments for any material acquisitions or investments at this time. See "Use of Proceeds".

Reserved share program

At our request, the underwriters have reserved for sale, at the initial public offering price, up to 5% of the shares offered by this prospectus for sale to some of our and Healthpeak's directors, officers, employees, business associates and related persons. If purchased by our directors or officers, these shares will be subject to the lock-up restriction described under "Underwriting — No Sales of Similar Securities." The sales will be made by an affiliate of BofA Securities, Inc., a participating underwriter of this offering. If these persons purchase reserved shares it will reduce the number of

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shares available for sale to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares offered by this prospectus. See "Underwriting — Reserved Share Program" for additional information.

Risk factors

Investing in our Class A-1 common stock involves risks. You should carefully read and consider the information set forth under the heading "Risk Factors" beginning on page [31](#tRIFA) and other information included in this prospectus before making a decision to invest in our Class A-1 common stock.

Proposed NYSE symbol

"JAN"

Unless otherwise indicated, all information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • gives effect to the formation transactions, including the adoption of our charter, which will result in Healthpeak receiving 138,816,246 shares of Class A-1 common stock and 75,917,780 common units in exchange for the real estate assets that comprise our initial portfolio, and the purchase by Healthpeak of 75,917,780 shares of Class A-2 common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assumes the underwriters' option to purchase additional shares of Class A-1 common stock has not been exercised.

(1) Includes (i) 37,000,000 shares of our Class A-1 common stock to be issued in this offering, (ii) 23,688 shares of Class A-1 common stock (based on the mid-point of the price range set forth on the front cover of this prospectus) to be issued to Healthpeak's non-employee directors in connection with this offering and (iii) 88,702 shares of Class A-1 common stock (based on the mid-point of the price range set forth on the front cover of this prospectus) to be issued to our independent directors, certain of our and Healthpeak's executive officers and certain of Healthpeak's employees under the Equity Plan in connection with the completion of this offering. Excludes (i) 50,426 shares of our Class A-1 common stock (based on the mid-point of the price range set forth on the front cover of this prospectus) underlying unvested restricted stock units subject to time-based vesting to be awarded to certain executive officers and employees of Healthpeak (including our executive officers) and our independent directors under the Equity Plan as part of our annual equity award program and (ii) 4,458,187 shares of our Class A-1 common stock (based on the mid-point of the price range set forth on the front cover of this prospectus) issuable in the future under the Equity Plan, as more fully described in "Management — Executive Compensation — Equity Plan." The stock-based compensation expense recognized by us in connection with 29,370 of such unvested restricted stock units will reduce the management fee payable under the Management Agreement.

(2) Includes one-time fully-vested grants of 135,532 LTIP units (based on the mid-point of the price range set forth on the front cover of this prospectus) to be issued to certain of our and Healthpeak's executive officers and certain of Healthpeak's employees under the Equity Plan in connection with the completion of this offering. Excludes 267,153 unvested LTIP units (based on the mid-point of the price range set forth on the front cover of this prospectus and assuming maximum performance for performance-vesting awards) subject to time-based vesting or performance-based vesting to be awarded to certain of our and Healthpeak's executive officers and Healthpeak's employees under the Equity Plan as part of our annual equity award program. The stock-based compensation expense recognized by us in connection with the 267,153 unvested LTIP units will reduce the management fee payable under the Management Agreement. Common units are redeemable for cash or, at our election, shares of our Class A-1 common stock on a one-for-one basis, subject to adjustment in certain circumstances, beginning 14 months after the issuance of such units (other than common units held by a Healthpeak entity, which have such redemption rights at any time and are not subject to such 14-month waiting period). Vested LTIP units are convertible as described under "Description of Janus Living OP, LLC's Operating Agreement — LTIP Units — Conversion Rights."

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#### SUMMARY SELECTED HISTORICAL AND PRO FORMA COMBINED FINANCIAL AND OTHER DATA
Set forth below is summary selected combined financial and other data presented on (i) a historical basis for our predecessor and (ii) a pro forma basis. The historical combined balance sheet data as of December 31, 2025 and 2024 of our predecessor and combined statements of operations data for the years ended December 31, 2025 and 2024 of our predecessor have been derived from our predecessor's audited historical combined financial statements included elsewhere in this prospectus.

The accompanying historical combined financial data of our predecessor does not represent the financial condition, results of operations and cash flows of one legal entity, but rather a combination of entities and assets owned by Healthpeak prior to the formation transactions and such entities' real estate assets and related operations. The historical combined financial statements of our predecessor include expense allocations of certain Healthpeak corporate functions, including costs associated with executive management, accounting, finance, legal, human resources, information technology, corporate insurance, and other corporate overhead. These allocations are not indicative of the actual expense that would have been incurred had our predecessor operated as an independent, publicly traded, externally managed company for the periods presented. We believe that the assumptions and estimates used in preparation of the underlying combined financial statements of our predecessor are reasonable. However, the combined financial statements herein do not necessarily reflect what our predecessor's financial condition, results of operations or cash flows would have been if it had been a standalone company during the period presented, nor are they necessarily indicative of our future financial condition, results of operations or cash flows.

The unaudited pro forma combined balance sheet data as of December 31, 2025 and unaudited pro forma combined statement of operations data for the year ended December 31, 2025 have been derived from Janus Living, Inc.'s unaudited pro forma combined financial statements included elsewhere in this prospectus. Our unaudited pro forma combined financial data assume the completion of this offering, the formation transactions and the other adjustments described in our unaudited pro forma combined financial statements had occurred on December 31, 2025 for purposes of the unaudited pro forma combined balance sheet data and on January 1, 2025 for purposes of the unaudited pro forma combined statement of operations data. Our unaudited pro forma combined financial information is not necessarily indicative of what our actual financial condition and results of operations would have been as of the date and for the period indicated, nor does it purport to represent our future financial condition or results of operations.

You should read the following summary selected historical and pro forma combined financial and other data together with "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business and Properties" and the historical and pro forma combined financial statements and related notes appearing elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in thousands)**  | **2025 <br> Unaudited <br> Pro Forma**  | **2025 <br> Historical**  | **2024 <br> Historical**  |
| **Statements of Operations Data:** |  |  |  |
| Resident fees and services  | $771165 | $603989 | $568475 |
| Net income (loss)  | (86785) | 6349 | (50463) |

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| | | | |
|:---|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  | **As of December 31,**  |
| **(in thousands)**  | **2025 <br> Unaudited <br> Pro Forma**  | **2025 <br> Historical**  | **2024 <br> Historical**  |
| **Balance Sheet Data (end of period):** |  |  |  |
| Net real estate  | $2176455 | $1653664 | $1604647 |
| Cash and cash equivalents  | 699999 | 19652 | 18777 |
| Total debt  |  | 102688 | 106247 |
| Total liabilities  | 1007880 | 1059905 | 1034449 |
| Stockholders' equity/Parent's net investment  | 1663110 | 1282310 | 1308853 |

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in thousands)**  | **2025 <br> Unaudited <br> Pro forma**  | **2025 <br> Historical**  | **2024 <br> Historical**  |
| **Non-GAAP Financial Data:** |  |  |  |
| NOI<sup>(1)</sup> | $199643 | $178134 | $160335 |
| Adjusted NOI<sup>(1)</sup>  | 197207 | 175672 | 157311 |
| Same-Store NOI<sup>(1)</sup>  | 156615 | 156615 | 140040 |
| Same-Store Adjusted NOI<sup>(1)</sup>  | 154123 | 154123 | 136918 |
| Nareit FFO<sup>(1)</sup>  | 143819 | 151802 | 119486 |
| FFO as Adjusted<sup>(1)</sup>  | 170093 | 150795 | 137498 |

---

(1) NOI, Adjusted NOI, Same-Store NOI, Same-Store Adjusted NOI, Nareit FFO and FFO as Adjusted are non-GAAP financial measures. For definitions of NOI, Adjusted NOI, Same-Store NOI, Same-Store Adjusted NOI, Nareit FFO and FFO as Adjusted, reconciliations of these metrics to net income (loss), the most directly comparable GAAP financial measure, and a statement of why our management believes the presentation of these metrics provides useful information to investors and any additional purposes for which management uses these metrics, see "— Non-GAAP Financial Measures" below.

#### Non-GAAP Financial Measures
We use the following non-GAAP financial measures as supplemental performance measures of our business: NOI, Adjusted NOI, Same-Store NOI, Same-Store Adjusted NOI, Nareit FFO and FFO as Adjusted.

 *NOI, Adjusted NOI, Same-Store NOI and Same-Store Adjusted NOI* 

NOI and Adjusted NOI are non-GAAP supplemental financial measures used to evaluate the operating performance of real estate. NOI represents resident fees and services less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of operator transition costs and actuarial reserves for insurance claims that have been incurred but not reported. NOI and Adjusted NOI exclude all other financial statement amounts included in net income (loss). NOI and Adjusted NOI are calculated as NOI and Adjusted NOI, respectively, from our properties, using our share of NOI and Adjusted NOI, respectively, from the JV (calculated by applying our actual ownership percentage for the period). We utilize our share of NOI and Adjusted NOI in assessing our performance as the JV contributes to our performance. Our share of NOI and Adjusted NOI should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in NOI and Adjusted NOI do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

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Adjusted NOI is often referred to as "Cash NOI." Management believes NOI and Adjusted NOI are important supplemental measures because they reflect only income and operating expense items that are incurred at the property level and present them on an unlevered basis. We use Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance and to evaluate our Same-Store performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP because they do not reflect various excluded items. Further, our definitions of NOI and Adjusted NOI may not be comparable to the definitions used by other REITs or real estate companies, as they may use different methodologies for calculating NOI and Adjusted NOI.

Properties are included in Same-Store once they are fully operating for the entirety of the comparative periods presented. A property is removed from Same-Store when it is classified as held for sale, sold, placed into redevelopment, or experiences a casualty event or has a planned operator transition that significantly impacts operations. This information allows our stockholders, potential investors, and financial analysts to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties. We include properties from our portfolio, including properties owned by the JV in NOI and Adjusted NOI (see the NOI and Adjusted NOI definitions above for further discussion regarding our use of pro rata share information and its limitations). Same-Store NOI and Same-Store Adjusted NOI exclude certain non-property specific operating expenses that are allocated to our operating segment.

Same-Store NOI and Same-Store Adjusted NOI are not measurements of financial performance under GAAP. In addition, other REITs or real estate companies may not define Same-Store or calculate Same-Store NOI and Same-Store Adjusted NOI in a manner consistent with our definition or calculation. Same-Store NOI and Same-Store Adjusted NOI should be considered as supplements, but not as alternatives, to our results calculated in accordance with GAAP.

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The table below reconciles NOI, Same-Store NOI, Adjusted NOI and Same-Store Adjusted NOI to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in thousands)**  | **2025 <br> Unaudited <br> Pro forma**  | **2025 <br> Historical**  | **2024 <br> Historical**  | **2023 <br> Historical**  | **2022 <br> Historical**  | **2021 <br> Historical**  | **2020 <br> Historical**  |
| Net income (loss)  | $(86785) | $6349 | $(50463) | $(36659) | $(52438) | $(47362) | $(36322) |
|  Depreciation and <br> amortization  | 278806 | 126356 | 137186 | 131869 | 128374 | 125344 | 113851 |
| General and administrative  | 3148 | 10549 | 11921 | 13576 | 14945 | 15100 | 15981 |
|  General and administrative - related party  | 11568 |  |  |  |  |  |  |
| Interest expense  | 1636 | 3797 | 3942 | 6957 | 7509 | 7701 | 7227 |
| Transaction costs  | 23636 | 1607 |  |  |  |  | 17994 |
| (Gain) loss on sales of real estate, net  |  |  | 16413 |  |  |  |  |
|  Loss (gain) on debt extinguishment  | 109 |  |  |  |  |  |  |
| Other (income) expense, net  | (50570) | (863) | 32417 | 846 | 2105 | (696) | (187844) |
| Government grant income  |  |  |  | <sup>(1)</sup>  | 6765 | 1412 | 16198 |
| Income tax (benefit) expense  | 18095 | 11339 | (11490) | 1378 | (4533) | (6992) | (10337) |
|  Equity (income) loss from unconsolidated joint <br> venture  |  | (4068) | (1894) | (4829) | (1566) | (2635) | 75416 |
|  Predecessor's share of <br> unconsolidated joint venture <br> NOI  |  | 23068 | 22303 | 22211 | 16919 | 17483 | 24789 |
| NOI  | $199643 | $178134 | $160335 | $135349 | $118080 | $109355 | $36953 |
| Adjustments to NOI<sup>(</sup><sup>2</sup><sup>)</sup>  | (2436) | (2462) | (3024) | (626) | 2679 | 3703 | 96689 |
| Adjusted NOI  | $197207 | $175672 | $157311 | $134723 | $120759 | $113058 | $133642 |
|  Non-Same-Store <br> adjustments<sup>(</sup><sup>3</sup><sup>)</sup>  | (43084) | (21549) | (20393) |  |  |  |  |
| Same-Store Adjusted NOI  | $154123 | $154123 | $136918 |  |  |  |  |
|  Adjustments to Same-Store Adjusted NOI<sup>(</sup><sup>2</sup><sup>)</sup>  | 2492 | 2492 | 3122 |  |  |  |  |
| Same-Store NOI  | $156615 | $156615 | $140040 |  |  |  |  |

---

(1) Excludes $184 thousand of government grant income not included in NOI during the year ended December 31, 2023.

(2) Includes the effects of actuarial reserves for insurance claims that have been incurred but not reported.

(3) Represents adjustment to exclude the 19 properties that do not meet the definition of Same-Store.

The table below presents the calculation of our net income (loss) margin.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Numerator:** |  |  |  |  |  |  |
| Net income (loss)  | $6349 | $(50463) | $(36659) | $(52438) | $(47362) | $(36322) |
| **Denominator:** |  |  |  |  |  |  |
| Total revenues  | $603989 | $568475 | $527417 | $494935 | $471325 | $436494 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| Net income (loss) margin  | 1.1% | (8.9)% | (7.0)% | (10.6)% | (10.0)% | (8.3)% |

---

The table below presents the calculation of our Adjusted NOI margin.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Numerator:** |  |  |  |  |  |  |
| Adjusted NOI  | $175672 | $157311 | $134723 | $120759 | $113058 | $133642 |
| **Denominator:** |  |  |  |  |  |  |
| Total revenues  | $603989 | $568475 | $527417 | $494935 | $471325 | $436494 |
|  Janus' share of unconsolidated joint <br> venture total revenues  | 89445 | 86402 | 82350 | 74115 | 67938 | 90943 |
|  | $693434 | $654877 | $609767 | $569050 | $539263 | $527437 |
| Adjusted NOI Margin  | 25.3% | 24.0% | 22.1% | 21.2% | 21.0% | 25.3% |

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 *Nareit FFO and FFO as Adjusted* 

Funds from Operations ("FFO"), as defined by the National Association of Real Estate Investment Trusts ("Nareit"), is net income (loss) (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from the JV. Adjustments for the JV are calculated to reflect our pro rata share. We reflect our share of Nareit FFO for the JV by applying our actual ownership percentage for the period to the applicable reconciling items. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

We believe Nareit FFO is an important supplemental non-GAAP measure of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets utilizes straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. The term Nareit FFO was designed by the REIT industry to address this issue. Nareit FFO does not represent cash generated from operating activities in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income (loss). We compute Nareit FFO in accordance with the current Nareit definition; however, other REITs may report Nareit FFO differently or have a different interpretation of the current Nareit definition from ours.

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In addition, we present Nareit FFO on an adjusted basis before the impact of non-comparable items, including, but not limited to, transaction and restructuring-related costs, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances and changes in tax legislation, and other impairments (recoveries) and other losses (gains), as applicable ("FFO as Adjusted"). These adjustments are net of tax, when applicable, and are reflective of our share of the JV. Adjustments for the JV are calculated to reflect our pro rata share. We reflect our share of FFO as Adjusted for the JV by applying our actual ownership percentage for the period to the applicable reconciling items. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in FFO as Adjusted do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Transaction and restructuring-related costs include expenses incurred as a result of acquisitions, operator transitions, severance, and other investment pursuit costs. Prepayment costs (benefits) associated with early retirement of debt include the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of debt. Management believes that FFO as Adjusted provides a meaningful supplemental measurement of our FFO run-rate and is frequently used by stockholders, potential investors, and financial analysts in the evaluation of our performance as a REIT. At the same time that Nareit created and defined its FFO measure for the REIT industry, it also recognized that "management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community." We believe stockholders, potential investors, and financial analysts who review our operating performance are best served by an FFO run-rate earnings measure that includes certain adjustments to net income (loss), in addition to adjustments made to arrive at the Nareit defined measure of FFO. FFO as Adjusted is used by management in analyzing our business and the performance of our properties and we believe it is important that stockholders, potential investors, and financial analysts understand this measure used by management. We use FFO as Adjusted to: (i) evaluate our performance in comparison with expected results and results of previous periods, relative to resource allocation decisions; (ii) evaluate the performance of our Manager; (iii) budget and forecast future results to assist in the allocation of resources; (iv) assess our performance as compared with similar real estate companies and the industry in general; and (v) evaluate how a specific potential investment will impact our future results. Other REITs or real estate companies may use different methodologies for calculating an adjusted FFO measure, and accordingly, our FFO as Adjusted may not be comparable to those reported by other REITs.

The table below reconciles Nareit FFO and FFO as Adjusted to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, and provides other operating data.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in thousands)**  | **2025 <br> Unaudited <br> Pro forma**  | **2025 <br> Historical**  | **2024 <br> Historical**  |
| Net income (loss)  | $(86785) | $6349 | $(50463) |
| &nbsp;&nbsp;&nbsp; Real estate related depreciation and amortization  | 278806 | 126356 | 137186 |
| &nbsp;&nbsp;&nbsp; Our share of real estate related depreciation and amortization from our <br> unconsolidated joint venture  |  | 19097 | 18596 |
| &nbsp;&nbsp;&nbsp; Loss (gain) on sales of depreciable real estate, net  |  |  | 16413 |
| &nbsp;&nbsp;&nbsp; Loss (gain) on change of control, net<sup>(1)</sup>  | (48202) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxes associated with real estate dispositions<sup>(</sup><sup>2</sup><sup>)</sup>  |  |  | (2246) |
| Nareit FFO  | $143819 | $151802 | $119486 |
| Impact of adjustments to Nareit FFO: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction and restructuring-related costs<sup>(</sup><sup>3</sup><sup>)</sup>  | $23636 | $1607 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Casualty-related charges (recoveries), net<sup>(</sup><sup>4</sup><sup>)</sup>  | (3204) | (2614) | 28823 |
| &nbsp;&nbsp;&nbsp; Loss (gain) on debt extinguishment  | 109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Recognition (reversal) of valuation allowance on deferred tax assets<sup>(</sup><sup>5</sup><sup>)</sup>  | 5733 |  | (10811) |
| Total adjustments  | $26274 | $(1007) | $18012 |
| FFO as Adjusted  | $170093 | $150795 | $137498 |
| Other Operating Data: |  |  |  |
| &nbsp;&nbsp;&nbsp; Deferred income taxes  | $153 | $9313 | $5126 |
| &nbsp;&nbsp;&nbsp; Amortization of deferred financing costs and debt discounts (premiums)  | 774 | (736) | (733) |
| &nbsp;&nbsp;&nbsp; Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization  | 53805 | 53805 | 53697 |
| &nbsp;&nbsp;&nbsp; Amortization of stock-based compensation  | 733 |  |  |
| &nbsp;&nbsp;&nbsp; Recurring capital expenditures  | (29902) | (20918) | (20956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other items<sup>(</sup><sup>6</sup><sup>)</sup>  | (2436) | (7268) | (6546) |

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(1) For the unaudited pro forma year ended December 31, 2025, represents the gain recognized upon consolidation of the 19 senior housing properties in connection with the JV Buyout.

(2) For the year ended December 31, 2024, includes the income tax benefit related to the disposition of a portfolio comprised of a land parcel and various vacant buildings on certain campuses.

(3) Includes transaction costs comprised of organization, legal, professional, and other related costs associated with Janus Living, which will be reimbursed to Healthpeak upon completion of the offering.

(4) Casualty-related charges and recoveries are primarily related to claims associated with Hurricane Milton. For the years ended December 31, 2025 and 2024, casualty-related charges (recoveries), net are recognized in other income (expense), net and equity income (loss) from the JV in our predecessor's combined statement of operations.

(5) For the unaudited pro forma year ended December 31, 2025, represents the non-recurring income tax impact related to the change in tax status of certain entities in connection with the formation transactions. For the year ended December 31, 2025, includes the release of a valuation allowance and recognition of a corresponding income tax benefit in connection with a merger of certain TRSs. See Note 14 to our predecessor's combined financial statements included elsewhere in this prospectus.

(6) For the unaudited pro forma year ended December 31, 2025, includes actuarial reserves for insurance claims that have been incurred but not reported. For the years ended December 31, 2025 and 2024, includes our predecessor's share of the JV's recurring capital expenditures and actuarial reserves for insurance claims that have been incurred but not reported.

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#### RISK FACTORS
 *Investing in our Class A-1 common stock involves risks. Before you invest in our Class A-1 common stock, you should carefully consider the risk factors below together with all of the other information included in this prospectus. If any of the risks discussed in this prospectus were to occur, our business, financial condition, liquidity, results of operations and prospects, and our ability to service our debt and make distributions to our stockholders could be materially and adversely affected (which we refer to collectively as "materially and adversely affecting us" or having "a material adverse effect on us" and comparable phrases), the market price of our Class A-1 common stock could decline significantly and you could lose all or part of your investment in our Class A-1 common stock. Some statements in this prospectus, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section in this prospectus entitled "Special Note Regarding Forward-Looking Statements."* 

#### Risks Related to Our Business and Operations
 ***We or our operators may be negatively impacted by macroeconomic trends that may increase labor, construction, and other operating or administrative costs or impact prospective residents' willingness or ability to move into our communities.***

Our communities are labor-intensive and operationally complex. In recent periods, many of our costs, and costs of our operators, including labor, construction, insurance, utilities, and other operating and administrative costs, have increased or been adversely affected by macroeconomic trends. In addition, our operators' ability to effectively manage our communities may be adversely affected by macroeconomic trends, including inflation, wage escalation, labor shortages and unemployment, immigration policies, price volatility, domestic policy shifts, and supply chain disruption, among other factors. In addition, labor market pressures and staffing shortages may impair operators' ability to provide quality care and efficiently operate our communities. A shortage of care givers or other trained personnel, shifts in immigration policy, union activities (including strikes, labor slowdowns, or contract negotiations), wage laws, or general inflationary pressures on wages may require our operators to enhance pay and benefits packages, or to use more expensive contract personnel, and they may be unable to offset these added costs by increasing the rates charged to residents. An inability to attract and retain qualified personnel, including personnel possessing the expertise needed to operate in the senior housing sector, could adversely affect resident satisfaction, occupancy, and entrance fee sales.

These macroeconomic trends may also reduce prospective residents' willingness or ability to move into our communities, particularly those prospective residents who depend on liquidity from the sale of a primary residence or the value of their other assets to finance entrance fee commitments. Demand for our life plan communities is inherently sensitive to residential real estate trends, particularly in the local markets from which our communities draw. Increases in the number of days a home is listed for sale in the market, reductions in home sales volume, or declines in home equity may reduce prospective residents' ability to finance entrance fees on a timely basis. If residential real estate markets weaken for a sustained period, whether due to interest rate conditions, demographic factors, supply-demand imbalances, or broader economic uncertainty, we may experience slower move-ins, reduced occupancy, and delays in receiving entrance fees that are needed to satisfy contractual refund obligations or fund community operations.

 ***Our entrance fee refund obligations and related actuarial assumptions may adversely affect our liquidity and results of operations if we are required to refund entrance fees or actual experience differs from our expectations.***

Our life plan communities utilize an entrance fee model, which gives rise to some refundable entrance fee liabilities as well as predominantly non-refundable entrance fees that are recognized as deferred revenue and amortized into revenue over each resident's estimated length of stay on a straight line basis. Our Adjusted NOI, RevPOR, Nareit FFO, and FFO as Adjusted include the non-cash amortization of deferred entrance fee revenue. However, actual cash receipts of non-refundable entrance fees may be higher than the amortized amount when received. Accordingly, certain operating metrics may not reflect the timing or amount of cash generated by our entrance fee communities.

In addition, the liability and revenue recognition of the entrance fees depends on a number of actuarial and operational assumptions, including expected resident turnover, health and morbidity trends, unit-level

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resale velocity, and projected occupancy for each community. If actual experience differs from these assumptions, such as due to changes in mortality or morbidity rates, shifts in resident demographics, or atypical vacancy patterns, we may underestimate the appropriate level of entrance fees to be charged to residents, be required to adjust our actuarial estimates, modify revenue recognition schedules, or increase reserves. Such adjustments could have a material adverse effect on us.

Refundable entrance fees create a long-term refund obligation that exists, regardless of whether or when a unit is re-occupied or resold, and these liabilities remain outstanding until satisfied in cash. In addition, we may be required to repay the entrance fee (including the non-refundable portion): when a resident vacates in certain instances even though the unit is not resold; if the life plan community fails; or if mandated to do so by regulatory authorities.

Our entrance fee communities rely on the timely resale or re-occupancy of units to generate the entrance fee proceeds needed to satisfy refund obligations and fund operations. Slower re-occupancy, whether due to market conditions, competitive dynamics, local reputational factors, or broader economic conditions, can delay receipt of new entrance fees and extend the period during which we must carry refund liabilities or require us to refund those entrance fees from working capital. Refund obligations may also accumulate during economic downturns, health-related events, or periods of elevated move-outs, which can increase working capital requirements and pressure liquidity. Additionally, certain states impose prescriptive rules on how entrance fees may be used, the timing for issuing refunds, and required minimum liquid reserve levels, which could limit our ability to deploy entrance-fee proceeds to support capital expenditures, debt service, dividends, or operating costs. If we are unable to effectively forecast or manage these obligations, or if we experience prolonged delays in renting units, our liquidity, financial flexibility, and results of operations could be materially and adversely affected.

#### We are dependent on the performance of our operators for substantially all of our revenues and operating income.
Our revenues and operating income are primarily derived from operating cash flows of our communities, all of which are owned and operated under RIDEA structures as described below. Because our communities are owned and operated under RIDEA structures, we rely on third-party operators that qualify as eligible independent contractors under applicable tax laws and regulations to manage and operate our communities, including staffing, entry into third-party contracts (including resident agreements), providing services and care for residents, marketing, and compliance with extensive federal, state, and local regulations. While we have certain oversight and approval rights and the right to review operational and financial reporting information, we are substantially limited in our ability to control or influence day-to-day operations under a RIDEA structure. We thus rely on our operators to manage and operate the business and are dependent upon the performance of our operators for substantially all of our revenues and operating income.

Under our RIDEA structures, we bear the benefits and risks associated with operating performance despite having limited direct control over day-to-day operations, staffing, expense management, care delivery, pricing strategies, and compliance practices at those communities. As a result, our operating results depend heavily on the performance, capabilities, and retention of key personnel of our operators. Operator underperformance, turnover, inability to recruit or retain qualified staff, or failure to implement effective operating, sales, or clinical processes could adversely affect occupancy, revenue, resident satisfaction, and operating margins across our communities. Transitions between operators can be costly, disruptive, and time-consuming. If our operators fail to meet our performance expectations, maintain compliance with applicable laws and regulations, or operate our communities effectively, or if we are required to transition to a new operator for any reason, we could be materially and adversely affected.

#### A significant portion of our revenues and operating income is dependent on a limited number of operators.
During the year ended December 31, 2025, 100% of our consolidated revenues were generated from communities managed by two operators, and as of December 31, 2025, only three operators managed our communities (including communities held in the JV). In particular, approximately 84% and 16% of our consolidated revenues for the year ended December 31, 2025 were generated from communities managed by LCS and Sunrise, respectively. These operators oversee all our life plan communities, including setting resident fees, managing expenses, providing accurate property-level financial results in a timely manner and

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otherwise managing risk and operating our senior housing communities profitably and in compliance with the terms of our management agreements and all applicable laws and regulations. In addition, in January 2026 soon after we completed the JV Buyout, we entered into management transition agreements to transition management of certain of our senior housing properties to Pegasus Senior Living and Ciel Senior Living, from Brookdale Senior Living. We expect to complete these transitions in the first half of 2026. Any deterioration in an operator's financial condition, liquidity, access to capital, disruption of internal operations for any reason (including cyber incidents, data breaches, labor actions, or management turnover), staffing capabilities, or performance could impair our community operations and, in turn, our financial condition and results. Because we have a limited number of operators managing our communities, operational or financial distress at even one significant operator could have a material adverse effect on us.

 ***We may be adversely affected by factors adversely affecting our operators' ability to meet their financial and other contractual obligations to us, which could delay or prevent collection of funds owed from the residents, impede operations of our properties, or limit our ability to protect our investments.***

Occupancy levels at, and rental income from, our communities depend on our ability and the ability of our operators to compete with respect to (i) the quality of care provided, (ii) reputation, (iii) price, (iv) the range of services offered, (v) the physical appearance of a property, (vi) family preference, (vii) referral sources, and (viii) location. For life plan communities, operator management fees and revenue are also tied to the timing of entrance-fee receipts and refunds, which can fluctuate with real estate market conditions and resident turnover. Any legal difficulties or deterioration in an operator's financial condition, liquidity or earnings, whether due to rising attrition, weaker sales performance, unfavorable publicity, regulatory findings, increased staffing costs, or delayed entrance-fee receipts — may impair their ability to meet their financial and other contractual obligations to us or to maintain community performance standards, which could in turn force us to declare a default and terminate the agreement. If operator distress occurs, we may be required to transition communities to new operators or renegotiate existing agreements on less favorable terms.

Although we generally have the right under specified circumstances to terminate an operator, demand immediate payment of obligations to us, or take other actions, we may be unable to enforce these rights or we may determine not to do so if we believe that doing so would be more detrimental than alternative approaches. There can be no assurance that we would be able to find a suitable replacement operator on substantially equivalent or better terms than the prior agreement, if at all, which could affect our ability to operate the property in compliance with REIT and RIDEA requirements. In addition, we could face difficulty and incur significant costs, including the payment of termination fees under the applicable operator management agreement, if we determine to terminate a relationship with an operator and transition to a new operator, and there can be no assurance that the new operator will perform as we expect.

#### Identifying and securing new or replacement operators can be time consuming and costly.
We may fail to identify suitable replacements or enter into management agreements or other arrangements with new operators on a timely basis or on terms as favorable to us as our current agreements, if at all. We also may be required to fund certain expenses and obligations, such as real estate taxes, debt costs, insurance costs, and maintenance expenses, to preserve the value of, and avoid the imposition of liens on, our properties while they are being repositioned to replacement operators. In addition, we may incur certain obligations and liabilities, including obligations to indemnify the replacement operator. Transitioning to a replacement operator may require us to pay a termination fee under our management agreements in certain scenarios. We will be required to pay a termination fee of approximately $2.5 million to Brookdale Senior Living in connection with the transition of management of 19 properties in our senior housing portfolio previously managed by Brookdale Senior Living under the JV. Identifying and securing new or replacement operators can be time consuming and costly and there can be no assurance that the new operators will perform as we expect, any of which could have a material adverse effect on us.

In addition, senior housing communities can be highly customized, and the improvements generally required to conform a property to healthcare use are costly and may be subject to regulatory requirements. A new or replacement operator may require different features in a community, depending on that operator's particular business. Therefore, we may incur substantial expenditures to modify a community and

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experience delays before we are able to secure a new or replacement operator or to accommodate multiple operators, which may have a material adverse effect on us.

 ***Following completion of the JV Buyout, we are transitioning the management of certain of the properties in our senior housing portfolio to Ciel Senior Living and Pegasus Senior Living, neither of which has operated properties for us previously.***

Soon after we completed the JV Buyout in January 2026, we entered into management transition agreements with each of Ciel Senior Living and Pegasus Senior Living to transition management of certain of our senior housing properties from Brookdale to Ciel Senior Living and Pegasus Senior Living. There is no assurance that these replacement operators will operate the properties in our senior housing portfolio in a manner that improves the results and operating performance of these properties. The failure of these replacement operators to maintain or improve the results and operating performance of these properties could have a material adverse effect on us. Additionally, Ciel Senior Living and Pegasus Senior Living have not operated properties for us previously and there is no assurance that residents will be satisfied with the performance of these new operators.

 ***If seniors delay moving to senior housing communities until they require greater care or forgo moving to senior housing communities altogether, such action could have a material adverse effect on us.***

Seniors may choose to delay their moves to senior housing communities, including to our senior housing communities, until they require greater care, or they may forgo moving to senior housing communities altogether. In addition, our communities compete with healthcare services or alternatives such as rehabilitation through an outpatient basis or at home, home health agencies, telemedicine, life care at home, community-based service programs, retirement communities, and convalescent centers. There have been, and there are expected to continue to be, advances and changes in technology, payment models, healthcare delivery models, regulation, and consumer behavior, consumer preferences, and perception that could reduce demand for our communities, or the on-site activities provided at our communities. Delays in moving to senior housing communities may cause decreases in occupancy rates and increases in resident turnover rates at our communities. Moreover, seniors may have greater care needs and require higher acuity services, which may increase our operators' cost of business, expose our operators to additional liability, or result in lost business and shorter stays at our communities if our operators are not able to provide the requisite care services or fail to adequately provide those services. These trends may negatively impact the occupancy rates and revenues at our senior housing communities, which could have a material adverse effect on us. Further, if any of our operators are unable to offset lost revenues from these trends by providing and growing other revenue sources, such as new or increased service offerings to seniors, our communities may be unprofitable, we may receive lower returns and rent, and the value of our properties may decline.

 ***We depend on real estate investments in the senior housing sector, making us more vulnerable to events affecting the sector, including an economic downturn or slowdown, or laws affecting REIT ownership of senior housing properties.***

We concentrate our investments in the senior housing sector. An economic downturn or slowdown in this sector would have a greater adverse impact on our business than if we had investments across multiple sectors, and could negatively impact the ability of our operators to maintain historical rental and occupancy rates or operate our communities profitably, which could have a material adverse effect on us. Additionally, at various times, legislation potentially limiting REIT ownership and investment in the healthcare property sector has been introduced or is under discussion at the federal, state, and/or local level, including laws that would restrict REIT investment in this sector, reduce tax benefits for REITs that own healthcare-related properties, limit the availability of tax advantages under a RIDEA structure, or require burdensome approvals for, or significantly delay the ability of, healthcare entities to transact with REITs. Such events impacting the senior housing property sector could have a material adverse effect on our ability to participate in the ownership of or investment in senior housing properties, the value of our communities, or our ability to sell properties at prices or on terms acceptable or favorable to us.

#### The illiquidity of our real estate investments may prevent us from timely responding to economic or investment performance changes.
Our real estate investments can be relatively illiquid due to: (i) restrictions on our ability to sell properties under applicable REIT tax laws; (ii) other tax-related considerations; (iii) regulatory hurdles; 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;

(iv) market conditions. As a result, we may be unable to recognize full value for any property that we seek to sell. Our inability to timely respond to economic or investment performance changes could have a material adverse effect on us.

 ***We assume operational risks with respect to our communities, all of which are owned and operated under RIDEA structures, that could have a material adverse effect on us.***

Although the RIDEA structure gives us certain oversight and approval rights and the right to review operational and financial reporting information, our operators are ultimately in control of the day-to-day business of the property. As a result, we have limited rights to direct or influence the business or operations of our communities, all of which are owned and operated under RIDEA structures, and we depend on our operators to operate these properties in a manner that complies with applicable law, minimizes legal risk, and maximizes the value of our investment.

Under a RIDEA structure, our TRS is economically and legally responsible for all operational risks and other liabilities of the properties, other than those arising out of certain actions by our operator, such as fraud, gross negligence or willful misconduct. Operational risks include, and our resulting revenues therefore depend on, among other things: (i) occupancy rates; (ii) the entrance fees and rental rates charged to residents; (iii) the requirements of, or changes to, governmental and third-party payment programs such as Medicare or Medicaid, to the extent applicable, including changes to reimbursement rates; (iv) our operators' reputations and ability to attract and retain residents; (v) general economic conditions and market factors that impact seniors, including general inflationary pressures; (vi) competition from other senior housing providers and alternate care venues and programs; (vii) compliance with federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations and standards; (viii) litigation involving our properties, residents/patients or employees of our operators; (ix) the availability and cost of property, general and professional liability, or other insurance coverage or increases in insurance policy deductibles; and (x) the ability to control operating expenses.

We primarily depend on private sources for revenues and the ability of patients and residents to pay fees. Costs associated with independent and assisted living services generally are not reimbursable under governmental reimbursement programs such as Medicare and Medicaid. Approximately 82% of our revenues from our properties were attributable to private sources and approximately 18% of our revenues were attributable to governmental reimbursement programs, in each case, during the year ended December 31, 2025. Accordingly, our operators must attract seniors with appropriate levels of income and assets, which may be affected by many factors, including: (i) prevailing economic and market trends, including general inflationary pressures; (ii) consumer confidence; (iii) demographics; (iv) property condition and safety; (v) public perception about such properties; (vi) social and environmental factors; and (vii) changes in consumer preferences (such as favoring home health services instead of residing in a senior housing community).

If our operators fail to effectively conduct operations on our behalf, or to maintain and improve our communities, it could adversely affect our business reputation as the owner of the communities, subject us to regulatory scrutiny or legal actions, and adversely affect the business reputation of our operators and their ability to attract and retain patients and residents in our communities, which could have a material adverse effect on us.

 ***Operators that fail to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements, may cease to operate or be unable to meet their financial and other contractual obligations to us.***

Our operators are subject to or impacted by extensive, frequently changing federal, state, and local laws, regulations, and requirements. See "Business and Properties — Regulation" for a discussion of certain of these laws and regulations. Unannounced surveys, inspections, or audits occur frequently, including following a regulator's receipt of a complaint about a community, and these surveys, inspections, and audits can result in deficiencies and further adverse action. Our operators' failure to comply with any of the laws, regulations, or requirements applicable to them could result in: (i) loss of accreditation; (ii) denial of payments; (iii) imposition of fines and civil monetary penalties; (iv) suspension, decertification, or exclusion from government healthcare programs (including, but not limited to, Medicare and Medicaid); (v) civil liability;

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and (vi) in certain instances, suspension, or denial of admissions, criminal penalties, loss of license, or closure of the property and/or the incurrence of considerable costs arising from an investigation or regulatory action, which may have an adverse effect on our communities and, accordingly, could materially and adversely affect us.

Furthermore, we are required under RIDEA to rely on our operators to oversee and direct these aspects of the properties' operations to ensure compliance with applicable laws and regulations. If one or more of our communities fails to comply with applicable laws, regulations, and requirements, our TRS (except in limited circumstances, such as the fraud, gross negligence or willful misconduct of our operators, where we would have a contractual claim against them, which may or may not be collectible), could be subject to regulatory penalties, including loss or suspension of licenses, certification or accreditation, exclusion from government healthcare programs (including, but not limited to, Medicare and Medicaid), administrative sanctions, and civil monetary penalties. Some states also reserve the right to sanction affiliates of a licensee when they take administrative action against the licensee, and require a licensee to report all healthcare-related administrative actions that have been brought against any of the licensee's affiliates, even in other states. Additionally, when we receive personally identifiable information or protected health information relating to patients or residents of our communities, we are subject to federal and state data privacy and security laws and rules, and could be subject to liability in the event of an audit, complaint, cybersecurity incident, or data breach. Furthermore, our TRS has exposure to professional liability claims that could arise out of resident claims, such as quality of care, and the associated litigation costs.

 ***We operate in a highly complex and regulated environment; changes to regulatory, funding, staffing, trade, and other policies and actions could materially and adversely affect our business and our operators' management of our communities.***

Our business operates within a highly regulated framework that varies by state and, in some jurisdictions, includes prescriptive requirements around entrance-fee escrows, reserve levels, refund timelines, actuarial reporting, disclosure obligations, and periodic financial examinations. Regulatory agencies may increase oversight during periods of slower unit resales, elevated refund activity, industry stress or for other reasons, and may impose new or more restrictive standards governing the use of entrance fees or liquidity thresholds. Any such changes could increase our working capital needs, limit our ability to deploy entrance fees to support operations or capital investment, or restrict the timing or structure of refunds.

Life plan communities have, from time to time, experienced heightened consumer and media attention focused on refund practices, financial stability, and resident expectations under refundable contracts. If any of our life plan communities fail to meet refund expectations, experience delays in re-occupancy that postpone refunds, or encounter adverse publicity relating to financial practices or care standards, our brand and competitive positioning could be adversely affected. Increased consumer scrutiny, coupled with evolving regulatory expectations, may also elevate compliance costs or expose us to litigation risk, each of which could adversely affect occupancy, sales, legal costs, and cash flows in our life plan communities.

Recent and ongoing changes in U.S. federal government policy have introduced uncertainty within our industry. These policy changes include, but are not limited to, workforce reductions at federal agencies, minimum staffing standards for long-term care facilities participating in the Medicare and Medicaid programs and, more broadly, proposals to control healthcare costs and reform the U.S. healthcare system and government reimbursement programs. These policy shifts and other dynamics may affect our operators' ability to expand within our properties and may affect our revenues, which, as a result, could have a material adverse effect on us. Tariffs and potential tariff actions have also led to market volatility, higher construction costs, and supply chain disruptions, which could delay or increase the cost of our development projects and impair our access to capital.

 ***The requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid may adversely affect our operators' ability to meet their financial and other contractual obligations to us.***

To some degree, our communities and our operators are affected, directly or indirectly, by a complex set of federal, state, and local laws and regulations pertaining to governmental reimbursement programs. These laws and regulations are subject to frequent and substantial changes that are sometimes applied retroactively. See "Business and Properties — Regulation." For example, to the extent that our operators

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receive a significant portion of their revenues from governmental payors, primarily Medicare and Medicaid, they are generally subject to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • statutory and regulatory changes, including changes that impact state reimbursement programs, particularly Medicaid reimbursement and managed care payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • staffing and quality requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • retroactive rate adjustments and recoupment efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • recovery of program overpayments or set-offs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • federal, state, and local litigation and enforcement actions, including, but not limited to, those relating to Covid and the failure to satisfy the terms and conditions of financial relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • administrative proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • policy interpretations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • payment or other delays by fiscal intermediaries or carriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • government funding restrictions (at a program level or with respect to specific properties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced reimbursement rates under managed care contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in reimbursement rates, methods, or timing under governmental reimbursement programs, including changes that impact state reimbursement programs, particularly Medicaid reimbursement and managed care payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pre- and post-payment reviews and audits by governmental authorities, which could result in recoupments, denials or delay of payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • interruption or delays in payments due to any ongoing governmental investigations and audits at such properties or due to a partial or total federal or state government shutdown for a prolonged period of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reputational harm of publicly disclosed enforcement actions, audits, or investigations related to billing and reimbursements.

We are unable to predict future changes to or interpretations of, or the intensity of enforcement efforts with respect to, these laws and regulations, including those that pertain to the Medicare and Medicaid programs. Our operators' failure to comply with the extensive laws, regulations, and other requirements applicable to their business and the operation of our communities could result in, among other challenges: (i) facilities becoming ineligible to receive reimbursement from governmental reimbursement programs or being compelled to repay amounts received; (ii) facilities becoming subject to prepayment reviews or claims for overpayments; (iii) moratoriums on admissions of new patients or residents; (iv) civil or criminal penalties; and (v) significant operational changes, including requirements to increase staffing or the scope of care given to residents. These laws and regulations are enforced by a variety of federal, state, and local agencies and can also be enforced by private litigants through, among other things, federal and state false claims acts, which allow private litigants to bring qui tam or "whistleblower" actions. Any changes in the regulatory framework or the intensity or extent of governmental or private enforcement actions could have a material adverse effect on our operators and on us.

In addition, the patient driven payment model utilized by the Centers for Medicare and Medicaid Services to calculate reimbursement rates for patients in skilled nursing properties (which is among the unit types in our senior housing communities) could result in decreases in payments to our operators or increase our operators' costs. We cannot make any assessment as to the ultimate timing or the effect that any future changes may have on our operators' cost of doing business, and on the amount of reimbursement by government and other third-party payors. Any significant limits on the scope of services reimbursed, reductions in reimbursement rates and fees, or increases in provider or similar types of taxes, could materially and adversely affect our operators' financial condition and liquidity, including their ability to perform their contractual obligations to us, which could have a material adverse effect on us.

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#### Required regulatory approvals can delay or prohibit transfers of our senior housing properties.
Transfers of senior housing properties to successor owners or operators are typically subject to regulatory approvals or ratifications, including change of ownership approvals at the state or local level for licensure and Medicare / Medicaid (if applicable) that are not required for transfers of other types of commercial operations and other types of real estate. Federal and state authorities have become increasingly focused on the review and potential regulation of healthcare transactions for impacts on costs, access to care, and quality, which could involve lengthy review and approval periods, enhanced disclosure obligations, impact analysis, public notices, and hearings. Such regulation could adversely impact the time and cost of completing transactions and, in certain circumstances, affect the feasibility of pursuing or completing such transactions. The sale of, or replacement of any operator at, our communities could be delayed by the regulatory approval process of any federal, state, or local government agency necessary for the transfer of the property or the replacement of the operator licensed to manage the property, during which time the property may experience performance declines. We may also elect to use an interim licensing structure to facilitate such transfers, which structure expedites the transfer by allowing a third party to operate under our license until the required regulatory approvals are obtained, but could subject us to fines or penalties if the third party fails to comply with applicable laws and regulations and fails to indemnify us for such fines or penalties pursuant to the terms of its agreement with us or if the interim licensing structure is otherwise deemed to be a violation of applicable laws and regulations.

#### Compliance with the ADA and fire, safety, and other regulations may require us to make expenditures that could materially and adversely affect us.
Our communities must comply with applicable ADA, and any similar state and local laws. These laws may require removal of barriers to access by persons with disabilities in public areas. Noncompliance could result in the incurrence of additional costs associated with bringing the properties into compliance, the imposition of fines or an award of damages to private litigants in individual lawsuits or as part of a class action. We could also be required to expend funds to comply with the provisions of the ADA and similar state and local laws, which could materially and adversely affect us.

In addition, we are required to operate our communities in compliance with fire and safety regulations, building codes and other land use regulations. New and revised regulations and codes may be adopted by governmental agencies and bodies and become applicable to our properties. Compliance could require substantial capital expenditures, both for significant upgrades and for resident relocations that may be necessary depending on the scope and duration of upgrades, and may restrict our ability to renovate our properties. These expenditures and restrictions could have a material adverse effect on us.

 ***Our communities are concentrated within certain geographic regions, and economic conditions, natural disasters, weather, and other events or conditions that negatively affect the geographic areas where we have concentrated investments could have a material adverse effect on us.***

Our communities are located in 10 states, with approximately 45.8% and 22.7% of our portfolio (based on total units as of December 31, 2025) concentrated in Florida and Texas. Additionally, our largest property, Freedom Plaza Sun City in Tampa, Florida, represented 9.4% of total revenues for the year ended December 31, 2025 and 11.0% of gross real estate assets as of December 31, 2025. Because of our concentration in certain geographic areas, and particularly in the southern United States, we are subject to increased exposure to adverse conditions affecting those geographies, including: (i) downturns in local economies or increases in unemployment rates; (ii) changes in local real estate conditions, including increases in real estate taxes and property insurance premiums; (iii) increased competition; (iv) decreased demand; (v) changes in political administrations, or federal, state, and local legislation, including changes affecting business or property taxes; (vi) local climate events and natural disasters and other catastrophic events, such as hurricanes, pandemics, windstorms, flooding, wildfires, and mudslides and other physical climate risks, including water stress and heat stress; and (vii) failures of regional banks. These risks could significantly disrupt our businesses in the region, harm our ability to compete effectively, result in increased costs, lead to construction delays, and divert management attention, any or all of which could have a material adverse effect on us.

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In addition, significant climate changes in areas where we own property could result in extreme weather and changes in precipitation, temperature, and other weather patterns, all of which could result in physical damage to or a decrease in demand for communities located in these areas or affected by these conditions or delays in construction. Moreover, an increase in volatility and difficulty predicting adverse weather events, such as freeze events in warmer climates in recent years, as well as increased hurricane intensity, may result in additional losses. Intensifying natural disasters resulting from climate change and extreme weather events, coupled with macroeconomic factors, have directly affected the availability of insurance, premiums, deductibles, and capacity that insurers are willing to underwrite. As a result, we may determine to self-insure more of our exposures, absorb more below-deductible losses, and look for alternative means of risk transfer in order to avoid spiraling insurance costs. These events also have indirect effects on our business by increasing the costs of energy, maintenance, and response to weather events at our properties. If changes in the climate have material effects, such as property destruction, or occur for extended periods, such changes could have a material adverse effect on us.

 ***Uninsured or underinsured losses could result in a significant loss of our capital invested in a property, lower than expected future revenues, and unanticipated expenses.***

A large number of our communities are located in areas exposed to hurricanes, flooding, water stress, heat stress, and other common natural disasters and physical climate risks. While we maintain insurance coverage for hurricanes, windstorms, floods, earthquakes, fires, and other natural disasters and physical climate risks, we may be unable to purchase the limits and terms we desire on a commercially reasonable basis due to increased insurance costs or the unavailability of insurance for certain exposures in other regions. For example, because of our significant concentration in Florida, which is known to be subject to hurricanes, a hurricane in Florida could damage a significant portion of our portfolio. During the year ended December 31, 2024, we recognized $32 million of net casualty-related charges primarily related to damages as a result of Hurricane Milton. As a result, aggregate deductible amounts may be material, and our insurance coverage may be materially insufficient to cover our losses. Furthermore, there are certain exposures for which we do not purchase insurance because we do not believe it is economically feasible to do so or there is no viable insurance market.

If one of our communities experiences a loss that is uninsured or that exceeds policy coverage limits, we could lose our investment in the damaged property as well as the anticipated future cash flows. If the damaged community is subject to recourse indebtedness, we could continue to be liable for the indebtedness even if the property is irreparably damaged. In addition, even if damage to our properties is covered by insurance, a disruption of business caused by a casualty event may result in loss of revenues for us. Any business interruption insurance may not fully compensate the lender or us for such loss of revenue. Our insurance coverage does not include damages as a result of a pandemic, including business interruption, loss of revenue or earnings, or any related effects (e.g., increased costs related to personal protective equipment, sanitization/sterilization of surfaces and equipment, and additional staffing). Insurance coverage for pandemics is not generally available; if it does become available again, it may not be on commercially reasonable terms and we may be unable to receive insurance proceeds that would compensate us fully for our liabilities, costs, and expenses in the event of a pandemic.

Our operators also face various forms of class-action lawsuits from time to time, such as wage and hour and consumer rights actions, which generally are not covered by insurance. These class actions could result in significant defense costs, as well as settlements or verdicts that require large payments or materially decrease anticipated revenues and can result in the loss of a portion or all of our invested capital. We may also incur significant out-of-pocket costs associated with legal proceedings or other claims from residents and patients at our properties. Any of the foregoing risks could have a material adverse effect on us.

In addition, the rise in outsized jury verdicts and/or intensifying natural disasters could threaten policy limits and/or sublimits, which may result in the exhaustion of available insurance coverage for the remainder of the policy year and require us to pay any shortfall from working capital or other assets. These events could also have a material adverse effect on us.

#### Property development and redevelopment risks can render a project less profitable or unprofitable and delay or prevent its undertaking or completion.
Our development and redevelopment projects could be canceled, abandoned, delayed or, if completed, fail to perform in accordance with expectations due to, among other things:

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the inability to obtain financing on favorable terms or at all, or the lack of liquidity we deem necessary or appropriate for the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • legal and regulatory hurdles, including moratoriums on development and redevelopment activities, climate regulatory requirements or expectations (such as net zero or carbon neutrality), or other building and energy performance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the failure to obtain, or costs associated with obtaining, necessary zoning, entitlements, and permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cost increases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • encountering unanticipated site or environmental conditions, including unsuitable soils, unmitigated environmental conditions, endangered species or protected historic sites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other factors over which we have limited or no control, including: (i) changes in market and economic conditions; (ii) decline in demand, including after construction has commenced; (iii) natural disasters and other catastrophic events or physical climate risks, such as floods, wildfires, earthquakes, and wind storms; (iv) pandemics or other health crises; (v) labor conditions, including a labor shortage or work stoppage; (vi) shortages of construction materials; (vii) environmental conditions; or (viii) civil unrest and acts of war or terrorism.

In addition, project costs may materially exceed original estimates due to a variety of factors, including the failure of the contractors or subcontractors to perform as contractually required, design defects, unanticipated site conditions, strikes or other labor issues, unexpected market disruptions, higher interest rates and increased material or labor costs.

Demand for a project may decrease prior to a project's completion, and resulting rental rates, and occupancy levels may fail to meet expectations. Finally, a project may have defects that we do not discover through the inspection processes, including latent defects not discovered until after we put a property in service.

The foregoing risks could result in not achieving anticipated returns on investment and could have a material adverse effect on us.

 ***Competition may make it difficult to identify and purchase, or develop, suitable properties to grow our initial portfolio, to finance acquisitions on favorable terms, or to retain or attract residents and operators.***

We face significant competition from other REITs, investment companies, private equity and hedge fund investors, sovereign funds, healthcare operators, lenders, developers, and other institutional investors, some of whom may have a longer and more successful track record, greater resources, lower costs of capital, and higher risk tolerance than we do. Increased competition and resulting capitalization rate compression make it more challenging for us to identify and successfully capitalize on opportunities that meet our business goals and could improve the bargaining power of property owners seeking to sell, thereby impeding our investment, acquisition, and development and redevelopment activities or requiring us to invest in properties with a higher risk profile or less upside potential. Similarly, our communities face competition for residents and our operators' ability to attract and retain personnel from other properties in the same market, which may affect our ability to attract and retain residents and personnel, or may reduce the fees our operators are able to charge. The failure to capitalize on our development and redevelopment pipeline, identify and purchase a sufficient quantity of senior housing properties at favorable prices, finance acquisitions on commercially favorable terms, or attract and retain profitable residents could have a material adverse effect on us.

#### We may be required to recognize reserves, allowances, credit losses, or impairment charges.
Declines in the value of our properties or other assets, or other factors may result in the recognition of reserves, allowances, credit losses, or impairment charges. Our determination of such reserves, allowances, credit losses, or impairment charges relies on estimates regarding the fair value of any loan collateral, which is a complex and subjective process. In addition, we evaluate our assets for impairments based on various triggers, including market conditions, our current intentions with respect to holding or disposing of the assets and the expected future undiscounted cash flows from the assets. Impairments, reserves, allowances, and

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credit losses are based on estimates and assumptions that are inherently uncertain, may increase or decrease in the future, and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant assets. Any such impairment, reserve, allowance, or credit loss, or any change in any of the foregoing, could have a material adverse effect on us.

#### We may invest substantial resources and time in investments or transactions that are not consummated.
We regularly review potential investments and transactions in order to maximize stockholder value. Our review process may require significant management attention, and a potential transaction could be abandoned or rejected by us or the other parties involved after we expend significant expenses, resources, and time.

#### We may not be able to successfully integrate or operate acquisitions or may incur unanticipated liabilities.
Successful integration of acquired properties depends primarily on our ability to consolidate operations, systems, procedures, properties, and personnel, and to eliminate redundancies and reduce costs. We may encounter difficulties in these integrations. Potential difficulties associated with acquisitions include: (i) our ability to effectively monitor and manage our expanded portfolio of properties; (ii) the disruption of our ongoing business or that of the acquired property; (iii) possible inconsistencies in standards, controls, procedures, and policies; and (iv) the assumption of unexpected liabilities and claims, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • liabilities relating to the cleanup or remediation of undisclosed environmental conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unasserted claims of vendors, residents, patients, or other persons dealing with the seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • liabilities, claims, and litigation, whether or not incurred in the ordinary course of business, relating to periods prior to the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • claims for indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • claims for return of government reimbursement payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • liabilities for taxes relating to periods prior to the acquisition.

In addition, acquired properties may fail to perform as expected, including with respect to estimated cost savings. Inaccurate assumptions regarding future rental or occupancy rates could result in overly optimistic estimates of future revenues. Similarly, we may underestimate future operating expenses or the costs necessary to bring properties up to standards established for their intended use or for property improvements. Additionally, acquired properties may be located in new markets where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new community, and unfamiliarity with local governmental laws, rules or regulations. As a result, we cannot assure you that we will achieve the economic benefit we expect from acquisitions.

If we have difficulties with any of these areas, or if we later discover additional liabilities or experience unforeseen costs relating to our acquired property or changing of operators, we may not achieve the anticipated economic benefits from our acquisitions, and this may have a material adverse effect on us.

#### The past industry, market and performance data contained in this prospectus are not indicative of our future performance.
In this prospectus, we describe certain industry and market data, as well as the achievements of Mr. Brinker, our President and Chief Executive Officer, while he served as an executive of a NYSE listed equity REIT that invests primarily in healthcare properties. Mr. Brinker's achievements and the performance of his prior employer occurred during periods with economic and interest rate environments that differ from those we face today and may face in the future. The industry and market data, as well as Mr. Brinker's prior employer's results, reflect past performance, may have been influenced by external factors and are not a guarantee or prediction of our future operating results, our ability to acquire senior housing communities or the returns that our stockholders should expect to achieve. This past industry, market and performance data is not indicative of our future performance.

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 ***We may be affected by unfavorable resolution of litigation or disputes and rising liability and insurance costs as a result thereof or other market factors.***

We and our operators are from time to time parties to litigation, including, for example, disputes regarding the quality of care at the properties or the operations of the properties. The effect of litigation may materially increase our and our operators' costs, including costs to monitor and report quality of care compliance. In addition, the cost of professional liability, medical malpractice, property, business interruption, general liability, and insurance policies can be significant and may increase or not be available at a reasonable cost or at all.

All of our properties are owned and operated under RIDEA structures, pursuant to which we generally directly bear the costs of any such increases in litigation, monitoring, reporting, and insurance. The provision of personal and health care services in the long-term care industry entails an inherent risk of liability. In recent years, participants in the long-term care industry have become subject to an increasing number of lawsuits alleging negligence or related legal theories, many of which involve large claims and result in the incurrence of significant defense costs. Moreover, certain of our senior housing properties offer residents a greater degree of independence in their daily living. This increased level of independence may subject the resident and, therefore, us to risks that would be reduced in other care settings. We are responsible for these claims, litigation, and liabilities, with limited indemnification rights against our operators, which are typically based only on the fraud, gross negligence or willful misconduct by the operator. Moreover, negative publicity arising from litigation, other legal proceedings or investigations may also negatively impact our operators' and our reputations, resulting in lower customer demand and revenues, which could have a material adverse effect on us.

We may also be named as defendants in lawsuits arising out of our alleged actions or the alleged actions of our operators. Unfavorable resolution of any such litigation, including an outsized jury verdict, particularly if it exceeds our or our operators' insurance policy limits or is not covered by insurance at all, or negative publicity as a result of such litigation could have a material adverse effect on us. Regardless of the outcome, litigation or other legal proceedings may result in substantial costs, disruption of our normal business operations, and the diversion of management attention. We may be unable to prevail in, or achieve a favorable settlement of, any pending or future legal action against us. Any of the foregoing could have a material adverse effect on us.

Even when an operator is obligated to indemnify us for liability incurred as a result of a lawsuit pursuant to the terms of its management agreement with us, the operator may fail to satisfy those obligations and, in such event, we would have to incur the costs that should have been covered by operator and to determine whether to expend additional resources to seek the contractually owed indemnity from that operator, including potentially through litigation or arbitration. In some instances, we may decide not to enforce our indemnification rights if we believe that enforcement of such rights would be more detrimental to our business than alternative approaches. Regardless, such an event would divert management attention and may result in a disruption to our normal business operations, any of which could have a material adverse effect on us.

#### Environmental compliance costs and liabilities associated with our real estate investments may be substantial and may materially impair the value of those investments.
Federal, state and local laws, ordinances, and regulations may require us, as a current or previous owner of real estate, to investigate, monitor, and/or clean up certain hazardous or toxic substances released at a property. We may be held liable to a governmental entity or to third parties for injury or property damage and for investigation and cleanup costs incurred in connection with the contamination. The costs of cleanup and remediation could be substantial and could have a material adverse effect on us. In addition, some environmental laws create a lien on the contaminated site in favor of the government for damages and the costs it incurs in connection with the contamination, and/or impose fines and penalties on the property owner with respect to such contamination.

Although we currently carry environmental insurance on our properties in an amount that we believe is commercially reasonable, such liabilities could exceed the amount of our insurance, or the value of the contaminated property. As a current or previous owner of a site, we may also be held liable to third parties

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for damages and injuries resulting from environmental contamination emanating from the site. We may also experience environmental costs and liabilities arising from conditions not known to us or disrupted during development. The cost of defending against these claims, complying with environmental regulatory requirements, conducting remediation of any contaminated property, or paying personal injury or other claims or fines could be substantial and could have a material adverse effect on us. In addition, the presence of contamination or the failure to remediate contamination may adversely affect our ability to use, develop, sell, or lease the property or to borrow using the property as collateral.

#### We may be impacted by epidemics, pandemics, or other infectious disease outbreaks, and health and safety measures intended to reduce their spread.
Epidemics, pandemics, or widespread or localized infectious disease outbreaks, as well as other health concerns, and the health and safety measures taken to reduce the spread or lessen the impact, could cause a material disruption to our industry or deteriorate the economy as a whole. The impacts of such events could be severe and far-reaching, and may impact our operations in several ways, including: (i) operators and residents could experience deteriorating financial condition and liquidity and be unable or unwilling to make payments on time and in full; (ii) we may have to restructure operators' obligations and may not be able to do so on terms that are favorable to us; (iii) inquiries at our properties could decrease; (iv) move-ins and new resident efforts could slow or stop altogether; (v) move-outs from all causes could increase; (vi) operating expenses, including the costs of certain essential services or supplies, including payments to third-party contractors, service providers, and employees essential to ensure continuity in our building operations, may increase; (vii) procedures normally conducted on our properties may be disrupted; (viii) health orders, rent moratoriums, and other initiatives by federal, state, and local authorities could affect our operators' and our ability to collect rent and/or enforce remedies for the failure to pay rent; and (ix) costs of development and redevelopment, including expenditures for materials utilized in construction and labor essential to complete existing developments in progress, may increase substantially.

 ***Our predecessor's past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs could subject us or our operators to disruptive government and financial audits, enforcement actions, and recovery activity.***

Under the Coronavirus Aid, Relief, and Economic Security Act and subsequent Covid relief legislation, Congress allocated more than $178 billion to eligible health care providers through the Public Health and Social Services Emergency Fund (the "Provider Relief Fund" or "PRF"). The U.S. Department of Health and Human Services ("HHS") distributed PRF awards through various general and targeted distributions. Our predecessor and our operators (including operators of senior housing communities that we have subsequently disposed of) received relief funds through several distributions. PRF funds were intended to reimburse eligible providers for unreimbursed health care-related expenses and lost revenues attributable to Covid and were used only to prevent, prepare for, or respond to Covid. PRF funds received under certain targeted distributions were further limited to specific uses. Additionally, the PRF program imposed certain distribution-specific eligibility criteria and required recipients to comply with various terms and conditions. PRF program terms and conditions included limitations and requirements governing use of PRF funds, implementation of controls, retention of records, audit and reporting to governmental authorities, and other PRF program requirements, the interpretation of which could change over time. Failure to comply with program requirements may result in payment recovery or other enforcement actions. Even though no new PRF program funds were received in 2025, we may still be subject to or incur costs related to PRF compliance activities, as well as government oversight and enforcement, including post-payment recovery and recoupment and government investigations, audits, enforcement activity, and penalties. Our current and former operators may similarly be impacted. Differences in operators' PRF policies and protocols may adversely impact availability of data and financial audits.

#### We have experienced net losses in the past and may experience additional losses in the future.
Although we had net income for the year ended December 31, 2025, we have experienced net losses (calculated in accordance with GAAP) in the past (including for the year ended December 31, 2024) and we may not be profitable or realize growth in our business in future periods. Many of our losses can be attributed to property operating expenses, casualty loss, depreciation and amortization and general and

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administrative expense. For a further discussion of the factors affecting our net income (loss), see "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our predecessor's consolidated financial statements appearing elsewhere in this prospectus.

 ***We and our Manager rely on information technology in our operations, and any material failure, inadequacy, interruption, or security failure of that technology could harm our business.***

We, our Manager, and our operators rely on information technology networks, enterprise applications, and other information systems to process, transmit, and store electronic information, and to manage or support a variety of business processes, including financial transactions and records, to maintain personal identifying information and resident and residency agreement data, and to operate building management systems. These information systems utilize software and cloud-based technology from third-party service providers. We, our Manager, and our operators rely on commercially available systems, software, tools, and monitoring to provide security for the processing, transmission, and storage of confidential data, including individually identifiable information relating to residents, resident applications, and financial accounts, as well as building access, security, and operations. Although we, our Manager, and our operators have taken steps to protect the security of these information systems, with multiple layers of controls around the data maintained in those systems, safety and security measures cannot always prevent the systems' improper functioning or damage, or the improper access of systems or disclosure of personally identifiable information such as in the event of cyber-attacks or other cybersecurity incidents. Third-party service providers may also experience unexpected power losses, computer system failures, or data network disruptions, negatively impacting the systems or solutions our operations depend on, which could limit access to data and business information, potentially causing significant disruptions to our operations. Certain of our operators and third-party partners have experienced, and may in the future experience, cybersecurity incidents resulting in inadvertent access of systems and personally identifiable information. We do not control the cybersecurity systems and protocols put in place by our Manager, our operators or other third parties, and such parties may have limited indemnification obligations to us, which could cause us to be negatively impacted as a result.

 ***The use of, or inability to use, artificial intelligence or other disruptive new technologies by us, our Manager, our operators, our vendors, and our investors presents risks and challenges that may materially and adversely impact the business and operating results of our operators and vendors or may adversely impact the requirements and demand for properties, which could have a material adverse effect on us.***

We and our Manager use generative artificial intelligence and/or machine learning (collectively, "AI") tools in our investment and capital allocation decisions and operations, including commercially available AI applications or AI features available through our existing software or technology platforms. If AI tools used by our peers to optimize decisions or operations are used more broadly or effectively than the AI tools we or our Manager use, we may be competitively disadvantaged. However, while AI tools may facilitate optimization and operational efficiencies, they also have the potential for inaccuracy, bias, infringement or misappropriation of intellectual property, and risks related to data privacy and cybersecurity. The use of AI tools may introduce errors or inadequacies that are not easily detectable, including deficiencies, inaccuracies, or biases in the data used for AI training, or in the content, analyses, or recommendations generated by AI applications. The results of such errors or inadequacies may materially and adversely affect us. The legal requirements relating to AI continue to evolve and remain uncertain, including how legal developments could impact our business and ability to enforce our proprietary rights or protect against infringement of those rights, and may expose us to claims, inquiries, demands and proceedings by private parties and global regulatory authorities and subject us to legal liability as well as reputational harm. New laws and regulations governing AI use are being adopted, and existing laws and regulations may be interpreted in ways that would affect our business operations and the way in which we use AI. While our Manager has adopted a governance framework concerning use of AI tools to guard against the aforementioned risks, there can be no assurance that we will realize the anticipated benefits or mitigate such risks of using AI tools.

Cybersecurity threat actors may utilize AI tools to automate and enhance cybersecurity attacks against us. We and our Manager utilize software and platforms designed to detect such cybersecurity threats, including AI-based tools, but these threats could become more sophisticated and harder to detect and counteract, which may pose significant risks to our data security and systems. Such cybersecurity attacks, if successful, could lead to data breaches, loss of confidential or sensitive information, and financial or reputational harm.

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Our and our Manager's vendors may use AI tools in their products or services without our knowledge, and the providers of these tools may not meet the evolving regulatory or industry standards for privacy and data protection. Consequently, this may inhibit our, our Manager's or our or our Manager's vendors' ability to uphold an appropriate level of service and data privacy. If we, our Manager, our or our Manager's vendors, or other third parties with which we conduct business experience an actual or perceived breach of privacy or security incident due to the use of AI, we may be adversely impacted, lose valuable intellectual property or confidential information, and incur harm to our reputation and the public perception of the effectiveness of our security measures.

Investors, analysts, and other market participants may use AI tools to process, summarize or interpret our financial information or other data about us. The use of AI tools in financial and market analysis may introduce risks similar to those described above, including an inaccurate interpretation of our financial or operational performance or market trends or conditions, which in turn could result in inaccurate conclusions or investment recommendations.

In addition, new, disruptive technologies could potentially materially change the delivery of healthcare services to seniors. We may not properly plan for, adopt or respond to the competitive threats posed by those technologies, which could materially and adversely affect us.

 ***If we fail to implement and maintain an effective system of internal control over financial reporting, we may not be able to accurately determine or disclose our financial results. As a result, our stockholders could lose confidence in our financial results.***

Upon completion of this offering, we will become subject to the informational requirements of the Exchange Act and will be required to file reports and other information with the SEC. As a publicly traded company, we will be required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file with, or submit to, the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. They include controls and procedures designed to ensure that information required to be disclosed in reports filed with, or submitted to, the SEC is accumulated and communicated to management, including our principal executive and principal financial officers, to allow timely decisions regarding required disclosure. Effective disclosure controls and procedures are necessary for us to provide reliable reports, effectively prevent and detect fraud, and to operate successfully as a public company. Designing and implementing effective disclosure controls and procedures is a continuous effort that requires significant resources and devotion of time. We may discover deficiencies in our disclosure controls and procedures that may be difficult or time consuming to remediate in a timely manner.

In addition, as a public company, we will be required to document and test our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act so that our management can certify as to the effectiveness of our internal control over financial reporting by the time our second annual report is filed with the SEC and thereafter, which will require us to document and make significant changes to our internal control over financial reporting. Likewise, our independent registered public accounting firm will be required to provide an attestation report on the effectiveness of our internal control over financial reporting at such time as we cease to be an "emerging growth company," as defined in the JOBS Act, and we become an accelerated or large accelerated filer. As described above, we could potentially qualify as an "emerging growth company" until as late as the fifth anniversary of the completion of this offering. In connection with our ongoing monitoring of our internal control over financial reporting or audits of our consolidated financial statements or our management's assessment of the effectiveness of internal control over financial reporting, we or our auditors may identify additional deficiencies in our internal control over financial reporting that may be significant or rise to the level of material weaknesses.

Any failure to maintain effective internal control over financial reporting or disclosure controls and procedures or to timely effect any necessary improvements thereto could cause us to fail to meet our reporting obligations (which could affect the listing of our Class A-1 common stock on the NYSE). Additionally, ineffective internal control over financial reporting or disclosure controls and procedures could also adversely affect our ability to prevent or detect fraud, could result in restatements of our financial statements, harm our reputation and cause investors to lose confidence in our reports filed with, or submitted to, the SEC, which would likely have a negative effect on the market price of our Class A-1 common stock.

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#### Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures or internal control over financial reporting.
The design and effectiveness of our disclosure controls and procedures and internal control over financial reporting, including new and revised financial and IT-related controls that we have been designing, implementing and operating, may not prevent all errors, misstatements or misrepresentations. While management will continue to review the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all control objectives all of the time. Deficiencies in our internal control over financial reporting, including any material weakness which may occur in the future, could result in misstatements of our financial condition or results, restatements of our financial statements, a decline in our stock price, or otherwise materially adversely affect us.

#### Risks Related to Our Capital Structure and Market Conditions
 ***Volatility, disruption, or uncertainty in the financial markets may impair our ability to raise capital, obtain new financing or refinance existing obligations, and fund acquisition and development and redevelopment activities.***

Increased or prolonged market disruption, volatility, or uncertainty could have a material adverse effect on our ability to raise capital, obtain new financing or refinance our existing obligations as they mature, and fund our acquisition, capital expenditure, and development and redevelopment activities. Our lenders and other financial institutions could also require us to agree to more restrictive covenants, grant liens on our assets as collateral, and/or accept other terms that are not commercially beneficial to us in order to obtain financing. One or more of our lenders under the new credit facilities that we intend to enter into in connection with this offering could refuse or fail to fund their financing commitment to us as a result of lender liquidity and/or viability challenges, which financing commitments we may not be able to replace on favorable terms, or at all. In addition, the failure of a bank, or events involving limited liquidity, defaults, non-performance or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, or concerns or rumors about such events, could lead to disruptions in access to our bank deposits, our inability to access our bank deposits in excess of the Federal Deposit Insurance Corporation (FDIC) limits, or otherwise adversely impact our liquidity and financial performance, and our operators could be similarly adversely affected. Market volatility could also lead to significant uncertainty in the valuation of our investments, which may result in a substantial decrease in the value of our properties. As a result, we may be unable to recover the carrying amount of such investments and the associated goodwill, if any, which may require us to recognize impairment charges in earnings.

#### Increased interest rates and borrowing costs could materially adversely impact our business and ability to refinance existing debt, sell properties, and conduct investment activities.
U.S. government policies implemented to address inflation, including actions by the Federal Reserve System's Federal Open Market Committee (the "FOMC") to increase short-term interest rates, resulted in increases in interest rates in the credit markets and other impacts on the macroeconomic environment. Interest rates may remain elevated above historical levels for extended periods or rise again. The FOMC may not reduce the federal funds rate in the amounts or on the timeline currently anticipated, which could result in a higher federal funds rate for a longer period of time, or the FOMC may determine to raise the federal funds rate again, either of which would likely lead to higher short-term interest rates and the possibility of lower asset values, slowing economic growth and increasing the possibility of a recession. Further, actions by the FOMC to decrease short-term interest rates could lead to inflationary pressures.

Elevated interest rates could also negatively impact consumer spending, including resident preferences, and our operators' businesses and future demand for our communities.

Higher borrowing costs could limit our ability to refinance debt when it matures, or cause us to pay higher interest rates upon refinancing and increased interest expense on refinanced indebtedness. Additionally, higher borrowing costs and attendant negative impacts on our business can reduce the amount investors are willing to pay for our Class A-1 common stock. Because REIT stocks are often perceived as high-yield investments, investors may perceive less relative benefit to owning REIT stocks as borrowing costs increase.

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 ***If access to external capital is unavailable on favorable terms or at all, it could have a material adverse effect on our ability to grow our business.***

We intend to rely on external sources of capital (including debt and equity financing) to fulfill our capital requirements. The availability of external capital sources is affected by several factors, some of which we have little or no control over, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general availability of capital, including our ability to raise capital on favorable terms, higher interest rates, and increased borrowing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the market price of our Class A-1 common stock and any preferred securities we may issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the market's perception of our growth potential and our current and potential future earnings and cash distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our degree of financial leverage and operational flexibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the financial integrity of our lenders, which might impair their ability to meet their commitments to us or their willingness to make additional loans to us, and our inability to replace the financing commitment of any such lender on favorable terms, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • bank failures or other events affecting financial institutions, which could adversely affect our or our operators' liquidity and financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the stability of the market value of our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the financial performance and general market perception of our operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our actual or anticipated credit ratings or outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in the credit ratings on U.S. government debt securities or default or delay in payment by the U.S. of its obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issues facing the healthcare industry generally and the senior housing sector specifically, including healthcare reform and changes in government reimbursement policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the performance of the national and global economies generally, including any economic downturn and volatility in the financial markets.

If access to capital is unavailable on favorable terms or at all, it could have a material adverse impact on our ability to fund operations, repay or refinance our debt obligations, fund dividend payments, acquire properties, and make the investments in development and redevelopment activities, as well as capital expenditures, needed to grow our business.

#### Our level of indebtedness following this offering may increase and materially adversely affect our future operations.
As of December 31, 2025, on a pro forma basis, we had no indebtedness outstanding and $500 million of available capacity under the revolving credit facility and $100 million available under the delayed-draw term loan facility that we intend to enter into in connection with this offering. If we incur additional significant indebtedness, it would require us to dedicate a growing portion of our cash flow to interest and principal payments. Greater demands on our cash resources may reduce funds available to us to pay dividends, conduct development and redevelopment activities, make capital expenditures and acquisitions, or carry out other aspects of our business strategy. Increased indebtedness can also make us more vulnerable to general adverse economic and industry conditions and create competitive disadvantages for us compared to other companies with comparatively lower debt levels. Increased future debt service obligations may limit our operational flexibility, including our ability to finance or refinance our properties, contribute properties to joint ventures, or sell properties as needed. In addition, any changes to benchmark rates, or uncertainty as to the nature of such potential changes, may increase the cost of our variable rate debt or cost of funds, adversely affect the trading market for our securities, have an unpredictable impact on the financial markets or otherwise materially and adversely affect us.

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#### Covenants in our debt instruments limit our operational flexibility, and breaches of these covenants could result in adverse actions by our creditors.
The terms of the new credit facilities that we intend to enter into in connection with this offering will, and the agreements governing any future indebtedness are likely to, require us to comply with a number of customary financial and other covenants, such as maintaining leverage ratios, minimum tangible net worth requirements, REIT status, and fixed charge coverage and interest coverage ratios. Our ability to incur additional debt and to conduct business in general is subject to compliance with these covenants, which limits our operational flexibility. These covenants, as well as any additional covenants to which we may be subject in the future because of additional borrowings, could restrict our ability to replace the applicable operator or sell a property or cause us to have to forego investment opportunities, reduce or eliminate distributions to our Class A-1 common stockholders or obtain financing that is more expensive than financing we could obtain if we were not subject to the covenants. Breaches of certain covenants may result in cross-defaults in other indebtedness. Covenants that limit our operational flexibility, as well as defaults resulting from the breach of any of these covenants, could have a material adverse effect on us.

#### Risks Related to Tax, Including REIT-Related Risks, and Related to Our Jurisdiction of Incorporation and Our Structure as an UPREIT
 ***Loss of our tax status as a REIT would substantially reduce our available funds and would have materially adverse consequences for us and the value of our Class A-1 common stock.***

Qualification as a REIT involves the application of numerous highly technical and complex provisions of the Code, for which there are limited judicial and administrative interpretations, as well as the determination of various factual matters and circumstances not entirely within our control. We intend to continue to operate in a manner that enables us to qualify as a REIT. However, our qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, through actual annual operating results, asset diversification, distribution levels, and diversity of stock ownership.

For example, to qualify as a REIT, at least 95% of our gross income in any year must be derived from qualifying sources, and we must make distributions to our stockholders aggregating annually to at least 90% of our REIT taxable income, excluding net capital gains. Rents we receive from a TRS in a RIDEA structure are treated as qualifying rents from real property for REIT tax purposes only if (i) they are paid pursuant to a true lease, (ii) the lease is of a "qualified health care property" and (iii) the operator qualifies as an "eligible independent contractor," as each term is defined in the Code. If either of these requirements is not satisfied, then the rents we receive from the TRS will not be qualifying rents and we may not satisfy the REIT gross income requirements. Furthermore, new legislation, regulations, administrative interpretations, or court decisions could change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is materially adverse to our stockholders. Accordingly, we cannot assure you that we have operated or will continue to operate in a manner so as to qualify or remain qualified as a REIT.

If we lose our REIT status, we will face serious tax consequences that will substantially reduce the funds available to make payments of principal and interest on the debt securities we issue and to make distributions to stockholders. If we fail to qualify as a REIT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we will not be allowed a deduction for distributions to stockholders in computing our taxable income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we will be subject to corporate-level income tax on our taxable income at regular corporate rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we will be subject to increased state and local income taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unless we are entitled to relief under relevant statutory provisions, we will be disqualified from taxation as a REIT for the four taxable years following the year during which we fail to qualify as a REIT.

As a result of all these factors, our failure to qualify as a REIT could also impair our ability to expand our business and raise capital and could materially adversely affect the value of our Class A-1 common stock.

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 ***If Healthpeak failed to qualify as a REIT during certain periods prior to this offering, we would be prevented from electing to qualify as a REIT.***

Under applicable Treasury regulations, if Healthpeak failed, or fails, to qualify as a REIT during certain periods prior to this offering, unless Healthpeak's failure were subject to relief under U.S. federal income tax laws, we would be prevented from electing to qualify as a REIT prior to the fifth calendar year following the year in which Healthpeak failed to qualify.

#### Our TRSs may be subject to corporate level tax.
One or more of our subsidiaries have elected or will elect with us to be treated as TRSs. Other than some activities relating to lodging and health care facilities, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT that the parent REIT could not provide directly. Our senior housing communities are intended to be "qualified health care properties" that are leased to one or more TRSs, which, in turn, contract with our operators to manage the communities on behalf of those TRSs. If one of our TRS entities is treated as directly or indirectly operating a health care facility, that entity would not qualify as a TRS, and as a result we may fail to qualify as a REIT. TRSs are taxed as regular C corporations, and are thus generally required to pay regular corporate income tax, and potentially the alternative minimum tax, on their earnings. Any taxes paid by our TRSs will reduce the amounts that our TRSs could otherwise distribute to us. Furthermore, new legislation, regulations, administrative interpretations, or court decisions could change the tax laws or interpretations of the tax laws regarding our ability to continue to use one or more TRSs or other structures or arrangements in such a manner that could be materially adverse to us.

 ***The tax imposed on any net income from "prohibited transactions" may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.***

We will be required to pay a 100% tax on any net income from prohibited transactions. Prohibited transactions are, in general, sales or other taxable dispositions of property, other than foreclosure property, held as inventory or primarily for sale to customers in the ordinary course of business. A sale will not be considered a prohibited transaction, however, if it meets certain safe harbor requirements. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business (other than through a TRS), such characterization is a factual determination and no guarantee can be given that the U.S. Internal Revenue Service (the "IRS") would agree with our characterization of our properties or that we will always be able to take advantage of available safe harbors.

#### Further changes to U.S. federal income tax laws could materially and adversely affect us and our stockholders.
The present federal income tax treatment of REITs and various transactional structures that we utilize may be modified, possibly with retroactive effect, by legislative, judicial, or administrative action at any time, which could affect the federal income tax treatment of an investment in us. The federal income tax rules dealing with U.S. federal income taxation and REITs are constantly under review by persons involved in the legislative process, the IRS, and the U.S. Treasury Department, which results in statutory changes as well as revisions to regulations and interpretations. We cannot predict how changes in the tax laws might affect our investors or us. Revisions in federal tax laws and interpretations thereof could significantly and negatively affect our ability to qualify as a REIT, as well as the tax considerations relevant to an investment in us, or could cause us to change our investments and commitments.

 ***Acquisitions of property in tax-deferred transactions without a step-up in tax basis in connection with our formation could increase taxable gain on disposition, reduce depreciation deductions, and require higher distributions by us to our shareholders.***

We will acquire certain of our properties in tax-deferred transactions in connection with our formation. To the extent we acquire any such properties, we generally will take a carryover tax basis equal to the transferor's basis which may be significantly lower than the fair market value of such properties at the time of acquisition. Upon a subsequent sale or other disposition of such properties, we would expect to recognize greater taxable gain than if the basis of such properties had been stepped-up to fair market value. In addition, the lower tax basis would reduce the amount of depreciation deductions available to us. Both of

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these factors could have the effect of increasing our taxable income and, in turn, require us to make larger distributions to our shareholders to enable us to meet the distribution requirements applicable to REITs and to eliminate or otherwise minimize our obligation to pay corporate-level income and excise taxes, which, in turn, would reduce cash available to us for reinvestment in other investment opportunities.

#### Potential deferred and contingent tax liabilities from corporate acquisitions, including certain of our acquisitions from Healthpeak, could limit or delay future property sales.
If, during the five-year period beginning on the date we acquire certain assets or companies in certain tax deferred transactions, we recognize a gain on the disposition of any property acquired, then, to the extent of the excess of (i) the fair market value of such property as of the acquisition date, over (ii) our adjusted income tax basis in such property as of that date, we will be required to pay a corporate-level federal income tax on this gain at the highest regular corporate rate. We expect that certain of the assets we will acquire from Healthpeak will be subject to these rules. These potential tax effects could limit or delay future property sales. In addition, the IRS may assert liabilities against us for income taxes of certain entities we acquire for taxable years prior to the time that we acquire such entities, in which case we will owe these taxes plus interest and penalties, if any.

#### There are uncertainties relating to the calculation of non-REIT tax earnings and profits ("E&P") in certain acquisitions, which may require us to distribute E&P.
In order to remain qualified as a REIT, we are required to distribute to our stockholders all of the accumulated non-REIT E&P of certain C corporations that we acquire, prior to the close of the first taxable year in which the acquisition occurs. Failure to make such E&P distributions could result in our disqualification as a REIT. The determination of the amount to be distributed in such E&P distributions is a complex factual and legal determination. We may have less than complete information at the time we undertake our analysis, or we may interpret the applicable law differently from the IRS. We expect that we may inherit non-REIT E&P from certain of the entities we will acquire from Healthpeak. We intend to distribute any such non-REIT E&P prior to the close of the taxable year of the acquisition to satisfy this requirement. There are substantial uncertainties relating to the determination of E&P, including the possibility that the IRS could successfully assert that the taxable income of the companies acquired should be increased, which could increase our non-REIT E&P. Thus, we might fail to satisfy the requirement that we distribute all of our non-REIT E&P by the close of the first taxable year in which the acquisition occurs. Although there are procedures available to cure a failure to distribute all of our E&P, we cannot now determine whether we will be able to take advantage of these procedures or the economic impact on us of doing so.

 ***Our charter and bylaws contain provisions that may delay, defer or prevent an acquisition of our Class A-1 common stock or a change in control.***

Our charter and bylaws contain a number of provisions, the exercise or existence of which could delay, defer or prevent a transaction or a change in control that might involve a premium price for our stockholders or otherwise be in their best interests, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Our Charter Contains Restrictions on the Ownership and Transfer of Our Stock*. In order for us to qualify as a REIT, no more than 50% of the value of outstanding shares of our stock may be owned, beneficially or constructively, by five or fewer individuals at any time during the last half of each taxable year other than the first year for which we elect to be taxed as a REIT. In addition, under our charter, subject to certain exceptions, no person or entity may own, beneficially or constructively, more than 9.8% in value of the aggregate of the outstanding shares of our capital stock or more than 9.8% (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding shares of our Class A-1 common stock. We refer to these restrictions collectively as the "ownership limits." The constructive ownership rules under the Code are complex and may cause the outstanding stock owned by a group of related individuals or entities to be deemed to be constructively owned by one individual or entity. As a result, the acquisition of less than 9.8% of our outstanding stock by an individual or entity could cause that individual or entity or another individual or entity to own constructively in excess of the relevant ownership limits. Any attempt to own or transfer shares of our stock in violation of these restrictions may result in the shares being

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automatically transferred to a charitable trust or may be void. These ownership limits may prevent a third-party from acquiring control of us if our Board does not grant an exemption from the ownership limits, even if our stockholders believe the change in control is in their best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Our Board Has the Power to Cause Us to Issue Additional Shares of Our Stock Without Stockholder Approval*. Our Board, without stockholder approval, has the power under our charter to amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we are authorized to issue, to authorize us to issue authorized but unissued shares of our common stock or preferred stock and to classify or reclassify any unissued shares of our common stock or preferred stock into one or more classes or series of stock and to set the terms of such newly classified or reclassified shares. As a result, we may issue one or more classes or series of common stock or preferred stock with preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption that are senior to, or otherwise conflict with, the rights of holders of our Class A-1 common stock. Although our Board has no such intention at the present time, it could establish a class or series of common stock or preferred stock that could, depending on the terms of such class or series, delay, defer or prevent a transaction or a change of control that might involve a premium price for our Class A-1 common stock or otherwise be in the best interest of our stockholders.

#### Certain provisions of Maryland law may limit the ability of a third party to acquire control of us.
Certain provisions of the Maryland General Corporation Law (the "MGCL") may have the effect of inhibiting a third party from acquiring us or of impeding a change of control under circumstances that otherwise could provide our holders of our Class A-1 common stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "*business combination*" provisions that, subject to limitations, prohibit certain business combinations between an "interested stockholder" (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of our outstanding shares of voting stock or an affiliate or associate of the corporation who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding stock of the corporation) or an affiliate of any interested stockholder and us for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes two supermajority stockholder voting requirements on these combinations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "*control share*" provisions that provide that holders of "control shares" of our company (defined as voting shares of stock that, if aggregated with all other shares of stock owned or controlled by the acquirer, would entitle the acquirer to exercise one of three increasing ranges of voting power in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of issued and outstanding "control shares") have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all of the votes entitled to be cast on the matter, excluding all interested shares.

Pursuant to the Maryland Business Combination Act, our Board has by resolution exempted from the provisions of the Maryland Business Combination Act business combinations between us and any other person, provided that the business combination is first approved by our Board. Our bylaws contain a provision exempting from the Maryland Control Share Acquisition Act any and all acquisitions by any person of shares of our stock. There can be no assurance that these exemptions or resolutions will not be amended or eliminated at any time in the future.

Additionally, the unsolicited takeover statute of the MGCL permits our Board, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to implement certain corporate governance provisions, some of which we do not have. In accordance with the MGCL, our charter provides that we are prohibited from electing to be subject to the provisions of the unsolicited takeover statute relating to the classification of our Board, unless such election is first approved by our stockholders by the affirmative vote of a majority of all the votes entitled to be cast on the matter.

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 ***Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of common units, which may impede business decisions that could benefit our stockholders.***

Conflicts of interest may exist or could arise in the future as a result of the relationships between us and our affiliates, on the one hand, and our operating company or any member thereof, on the other. Our directors and officers have duties to our company under Maryland law in connection with their management of our company. At the same time, we, as the managing member of our operating company, have certain fiduciary duties and obligations to our operating company and its members under Maryland law and the operating agreement of our operating company in connection with the management of our operating company. Our fiduciary duties and obligations as the managing member of our operating company may come into conflict with the duties of our directors and officers to our company.

Under Maryland law, a managing member of a Maryland limited liability company has fiduciary duties of loyalty and care to the limited liability company and its members and must discharge its duties and exercise its rights as managing member under the operating agreement or Maryland law consistent with the obligation of good faith and fair dealing. The operating agreement provides that, to the maximum extent permitted under the Maryland Limited Liability Company Act, the only duties that the managing member owes to our operating company, any member, or any other person, fiduciary or otherwise, are to perform its contractual obligations as expressly set forth in the operating agreement consistently with the implied contractual covenant of good faith and fair dealing. The operating agreement further provides that, in the event of a conflict between the interests of our operating company or any member, on the one hand, and the separate interests of our company or our stockholders, on the other hand, we, in our capacity as the managing member of our operating company, may give priority to the separate interests of our company or our stockholders (including with respect to tax consequences to members, assignees, or our stockholders), and, in the event of such a conflict, any action or failure to act on our part or on the part of our directors or officers that gives priority to the separate interests of our company or our stockholders that does not result in a violation of the contract rights of the members of our operating company under its operating agreement does not violate the duty of loyalty or any other duty that we, in our capacity as the managing member of our operating company, owe to our operating company and its members.

Additionally, the operating agreement provides that we generally will not be liable to our operating company or any member for any action or omission taken in our capacity as managing member, for the debts or liabilities of our operating company or for the obligations of our operating company under the operating agreement, except for liability for our fraud, willful misconduct, or gross negligence, pursuant to any express indemnity we may give to our operating company, or in connection with a redemption. Our operating company generally must indemnify us, our directors and officers, officers of our operating company, and our designees from and against any and all claims that relate to the operations of our operating company, unless (i) an act or omission of the person was material to the matter giving rise to the action and either was committed in bad faith or was the result of active and deliberate dishonesty, (ii) in the case of a criminal proceeding, the indemnified person had reasonable cause to believe that the act or omission was unlawful, or (iii) the person actually received an improper personal benefit in money, property, or services. Our operating company must also pay or reimburse the reasonable expenses of any such person in advance of a final disposition of the proceeding upon its receipt of a written affirmation of the person's good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to repay any amounts paid or advanced if it is ultimately determined that the person did not meet the standard of conduct for indemnification. Our operating company is not required to indemnify or advance funds to any person with respect to any action initiated by the person seeking indemnification without our approval (except for any proceeding brought to enforce such person's right to indemnification under the operating agreement) or in respect of any proceeding in which the person is found to be liable to our operating company if the proceeding was one by or in the right of our operating company.

No reported decision of a Maryland appellate court has interpreted provisions similar to the provisions of the operating agreement of our operating company that modify and reduce our fiduciary duties or obligations as the managing member or reduce or eliminate our liability to our operating company and its members, and we have not obtained an opinion of counsel as to the enforceability of the provisions set forth in the operating agreement that purport to modify or reduce the fiduciary duties and obligations that would be in effect were it not for the operating agreement.

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 ***Certain provisions in the operating agreement of our operating company or other agreements may delay or prevent unsolicited acquisitions of us or certain other transactions.***

Provisions of the operating agreement of our operating company may delay or make more difficult unsolicited acquisitions of us or changes of our control. These provisions could discourage third parties from making proposals involving an unsolicited acquisition of us or change of our control, although some of our stockholders or members of our operating company might consider such proposals, if made, desirable.

Certain provisions in the operating agreement or other agreements may delay or prevent unsolicited acquisitions of us or certain other transactions.

These provisions include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • redemption rights of qualifying parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a requirement that we may not be removed as the managing member of our operating company without our consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfer restrictions on common units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability, as managing member, in some cases, to amend the operating agreement and to cause our operating company to issue additional membership interests with terms that could delay, defer, or prevent a merger or other change of control of us or our operating company without the consent of our stockholders or the members of our operating company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the right of the non-managing members of our operating company to consent to certain transfers of our managing membership interest (whether by sale, disposition, statutory merger or consolidation, liquidation, or otherwise).

Our charter and bylaws, the operating agreement, and Maryland law also contain other provisions that may delay, defer, or prevent a transaction or a change of control that might involve a premium price for our Class A-1 common stock or that our stockholders otherwise believe to be in their best interest.

 ***We are a holding company with no direct operations and, as such, we will rely on funds received from our operating company to pay our liabilities and other obligations, and the interests of our stockholders will be structurally subordinated to all liabilities and other obligations of our operating company and its subsidiaries.***

We are a holding company and conduct substantially all of our operations through our operating company. We do not have, apart from an interest in our operating company, any independent operations. As a result, we rely on distributions from our operating company to pay any dividends we might declare on shares of our Class A-1 common stock. We also rely on distributions from our operating company to meet any of our liabilities or other obligations, including any tax liability on taxable income allocated to us from our operating company. In the event of our bankruptcy, liquidation, or reorganization, our assets will be available to satisfy the claims of our stockholders only after all of our liabilities and other obligations have been paid in full. In addition, because we are a holding company, stockholder claims will be structurally subordinated to all existing and future liabilities and other obligations (whether or not for borrowed money) of our operating company and its subsidiaries. Therefore, in the event of a bankruptcy, liquidation, or reorganization of our operating company, its assets will be available to us as a holder of common units only after all of its liabilities and other obligations and any preferred units have been paid in full.

 ***Our bylaws designate a state court of competent jurisdiction in Maryland and the United States District Court located in Maryland, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders and provide that claims relating to causes of action under the Securities Act may only be brought in federal district courts, which could limit our stockholders' ability to bring a claim in a judicial forum that the stockholders believe is a more favorable judicial forum for disputes with us or our directors, officers or other employees (if any).***

Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, any Circuit Court in the State of Maryland, or, if such state court does not have jurisdiction, the United States District Court for the State of Maryland, will, to the fullest extent permitted by law, be the sole and exclusive

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#### Risks Related to Our Relationship with Our Manager and Healthpeak
 ***We depend upon the officers and key personnel of Healthpeak and its affiliates, including our Manager, for our success. We may not find a suitable replacement for our Manager if the Management Agreement is terminated or if the officers or key personnel of Healthpeak leave the employment of Healthpeak or its affiliates.***

We are externally managed by our Manager, an indirect subsidiary of Healthpeak, and all of our officers are employees of Healthpeak or its affiliates. Pursuant to the Management Agreement, our Manager will be obligated to supply us with our management team. Subject to the investment guidelines adopted by our Board from time to time, our Manager has discretion regarding the implementation of our investment and operating policies and strategies. Accordingly, we believe that our success will depend significantly upon the experience, skill, resources, relationships and contacts of the officers and key personnel of our Manager and its affiliates. The departure of any of the officers or key personnel from our Manager or its affiliates could have a material adverse effect on our performance.

The Management Agreement provides that certain personnel will be primarily dedicated to us. Each of our officers is also an employee of Healthpeak or one of its affiliates and has responsibilities for other Healthpeak matters, which may require them to divide their time, focus, and attention between us and Healthpeak. Consequently, while our Manager is contractually obligated to provide a sufficient level of services and performance to us, we may not receive the level of support that we otherwise might receive if we were internally managed.

In addition, we offer no assurance that our Manager will remain our manager or that we will continue to have access to Healthpeak's employees. The initial term of the Management Agreement with our Manager extends until the third anniversary of the closing of this offering, with automatic one-year renewals thereafter, and may be terminated earlier under certain circumstances. If the Management Agreement is terminated or not renewed and no suitable replacement is found to manage us, we may not be able to execute our business plan, which could have a material adverse effect on us. In addition, we receive more competitive pricing for certain items provided through our Manager and its affiliates, including more favorable rates on property insurance than we might be able to obtain on our own. If we terminate the Management Agreement, we may be unable to purchase the limits and terms we desire on a comparable commercially reasonable basis.

 ***There are various conflicts of interest in our relationship with Healthpeak and its affiliates, including our Manager, and our officers and/or directors who are also officers and/or directors of Healthpeak.***

We are subject to conflicts of interest arising out of our relationship with Healthpeak and its affiliates, including our Manager, and our officers and/or directors who are also officers and/or directors of Healthpeak. Conflicts may include, without limitation: conflicts arising from the enforcement of agreements between us and Healthpeak or our Manager; conflicts with respect to termination of the Management Agreement; conflicts in the amount of time that officers and employees of Healthpeak will spend on our affairs versus Healthpeak's other affairs; conflicts in future transactions that we may pursue with Healthpeak; and conflicts

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in pursuing healthcare properties that could be acquired by either us or Healthpeak. Our directors and officers have duties to our company under applicable Maryland law, and our directors and officers who are also directors or officers of Healthpeak also have duties to Healthpeak under applicable Maryland law. Those duties may come in conflict from time to time.

Upon completion of this offering and the formation transactions, Healthpeak will own approximately 85.3% of the voting power of our common stock (or 83.4% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full), comprised of 78.9% of our outstanding shares of Class A-1 common stock (or 76.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full) and all of our Class A-2 common stock, and will be entitled to nominate two directors for election to our Board. Our Manager is an indirect subsidiary of Healthpeak. The interests of Healthpeak, as well as the interests of Healthpeak's stockholders, may differ from the interests of our stockholders in certain respects, and Healthpeak's significant stockholdings and rights described above may limit other stockholders' ability to influence corporate matters. In this regard, sales or other dispositions of our properties may have adverse tax implications for Healthpeak, its affiliates and/or stockholders. The concentration of ownership and voting power of Healthpeak may also delay, defer or even prevent an acquisition by a third party or other change of control of our company and may make some transactions more difficult or impossible without the support of Healthpeak, even if such events are in the best interests of our other stockholders. The concentration of voting power in Healthpeak may have an adverse effect on the market price of our Class A-1 common stock. Healthpeak may take actions as a controlling stockholder, or through our Manager, that our other stockholders do not view as beneficial, which may have a material adverse effect on us and the market price of our Class A-1 common stock.

 ***Our formation transactions, the Management Agreement, exclusivity agreement, Stockholders Agreement and registration rights agreement were negotiated between related parties, and their terms may not reflect the same terms that we would have obtained if they had been negotiated at arm's length with an unaffiliated third party.***

Our formation transactions, the Management Agreement, exclusivity agreement, Stockholders Agreement and registration rights agreement were negotiated between related parties and their terms, including fees payable to our Manager under the Management Agreement, may not reflect the same terms that we would have obtained if they had been negotiated at arm's length with an unaffiliated third party. In addition, we may choose not to enforce, or to enforce less vigorously, our rights under agreements with Healthpeak because of our desire to maintain our ongoing relationship with Healthpeak and its affiliates, including our Manager.

Additionally, we will pay our Manager an annual management fee equal to $10.0 million as of January 1, 2026, plus or minus the management fee adjustment amount, which may be further adjusted based on the gross book value of our investments as of the determination of such management fee adjustment amount, as described below. While the management fee is subject to adjustment in the event of an acquisition, disposition or capital deployment, the management fee is not otherwise subject to adjustment (up or down) for changes in the fair value, including positive changes in fair value attributable to capital expenditures that do not qualify as capital deployments under the Management Agreement or adverse changes in fair value attributable to impairments or casualty loss that may impact our investments. Accordingly, we will still be required to pay our Manager an annual management fee based on gross book value of our investments even in the event of a total loss or impairment of an investment and without regard to the performance of the investments.

 ***The master restructure agreement that we will enter into with Healthpeak does not require Healthpeak to indemnify us for any existing or future liabilities associated with the properties constituting our initial portfolio.***

In connection with this offering, Healthpeak will engage in a series of transactions (the "formation transactions") prior to or concurrently with the completion of this offering, as further described under "Structure and Formation of Our Company — Formation Transactions." In connection with the formation transactions, Healthpeak will transfer, directly or indirectly, the real estate assets that comprise our initial portfolio to us pursuant to a master restructure agreement. Under the terms of the master restructure agreement, we will acquire the properties constituting our initial portfolio from Healthpeak subject to all

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existing and future liabilities (although we will acquire such properties free of any indebtedness). The master restructure agreement will not require Healthpeak to indemnify us for any existing or future liabilities (including environmental liabilities) or losses associated with the properties constituting our initial portfolio. Although we are not aware of any existing events or circumstances that could give rise to a material liability or loss impacting one of the properties included in our initial portfolio, there can be no assurance that one will not arise in the future and we will have no recourse against Healthpeak for such liabilities or losses and we could be materially and adversely affected as a result.

#### Under the Management Agreement, our Manager has a contractually defined duty to us rather than a fiduciary duty.
Under the Management Agreement, our Manager maintains a contractual, as opposed to a fiduciary, relationship with us, which limits our Manager's obligations to us to those specifically set forth in the Management Agreement. If our Manager breaches its obligations under the Management Agreement, we may be owed damages pursuant to the terms of the Management Agreement. However, unlike for directors, there is no statutory standard of conduct under the MGCL for officers of a Maryland corporation. Instead, officers of a Maryland corporation, including our officers, are subject to general agency principles, including the exercise of reasonable care and skill in the performance of their responsibilities, as well as the duties of loyalty, good faith and candid disclosure.

#### We must pay a fee if we terminate the Management Agreement with our Manager without cause.
The Management Agreement will provide that we may terminate the agreement at any time following the third anniversary of the closing of this offering for any reason if at least a majority of a committee of our Board comprised of independent directors approves the termination, and following such approval, such termination is approved by our stockholders by the affirmative vote of a majority of all the votes entitled to be cast on the matter at the next annual or special meeting of our stockholders. Upon completion of this offering and the formation transactions, Healthpeak will own approximately 85.3% of the voting power of our common stock (or 83.4% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full), comprised of 78.9% of our outstanding shares of Class A-1 common stock (or 76.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full) and all shares of our Class A-2 common stock, and will be entitled to nominate two directors for election to our Board. As a result, Healthpeak will have substantial influence over any decision to terminate the Management Agreement. Although Healthpeak's financial and economic interests in us, as the parent company of our Manager, and as our controlling stockholder, are intended to be aligned with our success, we may be unable to terminate the Management Agreement at a time where we might view such termination as beneficial to us.

Upon a termination by us without cause or in the event our Manager terminates the Management Agreement due to our material breach, the Management Agreement provides that we will pay our Manager a termination payment equal to three times the management fee earned by our Manager during the prior 12-month period immediately preceding the most recently completed fiscal quarter prior to the date of termination. These provisions increase the effective cost to us of electing not to renew, or defaulting in our obligations under, the Management Agreement, which may influence our decision not to end our relationship with our Manager, even if we believe our Manager's performance as our manager is not satisfactory.

 ***Our Manager's liability is limited under the Management Agreement, and we have agreed to indemnify our Manager against certain liabilities. As a result, we could experience poor performance or losses for which our Manager would not be liable.***

Pursuant to the Management Agreement, our Manager will not assume any responsibility other than to render the services called for thereunder and will not be responsible for any action of our Board in following or declining to follow its advice or recommendations. Under the terms of the Management Agreement, our Manager, its officers, members, managers, directors, personnel, any person controlling our Manager or controlled by our Manager (including Healthpeak) and any person providing services to our Manager will not be liable to us, any subsidiary of ours, our Board, our stockholders or any subsidiary's

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stockholders, partners or members for acts or omissions performed in accordance with and pursuant to the Management Agreement, with customary exceptions for acts constituting bad faith, fraud, willful misconduct, gross negligence, or reckless disregard of their duties under the Management Agreement. In addition, we have agreed to indemnify and hold harmless our Manager, its officers, stockholders, members, managers, directors, personnel, any person controlling or controlled by our Manager and any person providing services to our Manager with respect to all expenses, losses, damages, liabilities, demands, charges and claims arising from acts or omissions of such parties not constituting bad faith, fraud, willful misconduct, gross negligence, or reckless disregard of duties, performed in good faith pursuant to the Management Agreement.

#### Risks Related to this Offering and Ownership of Shares of Our Class A-1 common Stock

#### The multi-class structure of our common stock may adversely affect the market price of our Class A-1 common stock.
We cannot predict whether our multi-class structure will result in a lower or more volatile market price of our Class A-1 common stock, adverse publicity, or other adverse consequences. Certain stock index providers exclude or limit the ability of companies with multi-class share structures from being added to certain of their indices. In addition, several stockholder advisory firms and large institutional investors oppose the use of multiple class structures. As a result, the multi-class structure of our common stock may make us ineligible for inclusion in certain indices and may discourage such indices from selecting us for inclusion, may cause stockholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure, and may result in large institutional investors not purchasing shares of our Class A-1 common stock. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, any exclusion from certain stock indices could result in less demand for our Class A-1 common stock. Any actions or publications by stockholder advisory firms or institutional investors critical of our corporate governance practices or capital structure could also adversely affect the market price of our Class A-1 common stock.

 ***There has been no public market for our Class A-1 common stock prior to this offering and an active trading market for our Class A-1 common stock may not develop following this offering.***

Prior to this offering, there has been no public market for our Class A-1 common stock, and there can be no assurance that an active trading market will develop or be sustained or be liquid or that shares of our Class A-1 common stock will be resold at or above the initial public offering price. We have applied to have our Class A-1 common stock listed on the NYSE. The initial public offering price of our Class A-1 common stock will be determined by agreement among us and the underwriters, but there can be no assurance that our Class A-1 common stock will not trade below the initial public offering price following the completion of this offering. See "Underwriting." The market value of our Class A-1 common stock could be substantially affected by general market conditions, including the extent to which a secondary market develops for our Class A-1 common stock following the completion of this offering, the extent of institutional investor interest in us, the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities (including securities issued by other real estate-based companies), the attractiveness of the senior housing sector, our historical and projected financial performance and general stock and bond market conditions.

#### The market price and trading volume of shares of our Class A-1 common stock may be volatile following this offering.
The market price of shares of our Class A-1 common stock may fluctuate. In addition, the trading volume in shares of our Class A-1 common stock may fluctuate and cause significant price variations to occur. If the market price of shares of our Class A-1 common stock declines significantly, you may be unable to resell your shares of our Class A-1 common stock at or above the initial public offering price. We cannot assure you that the market price of shares of our Class A-1 common stock will not fluctuate or decline significantly, including a decline below the initial public offering price, in the future.

Some of the factors that could negatively affect our share price or result in fluctuations in the market price or trading volume of shares of our Class A-1 common stock include:

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual or anticipated declines in our quarterly operating results or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in government regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in laws affecting REITs and related tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the announcement of new senior housing properties by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reductions in our Nareit FFO and FFO as Adjusted or earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • publication of research reports about us, the real estate industry, or the senior housing sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increases in market interest rates that lead purchasers of shares of our Class A-1 common stock to demand a higher yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • future equity issuances, or the perception that they may occur, including issuances of Class A-1 common stock upon exercise or vesting of equity awards or redemption of common units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in market valuations of similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adverse market reaction to any increased indebtedness we incur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • conflicts of interest with Healthpeak, including our Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the termination of our Manager or additions and departures of key personnel of our Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actions by institutional stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • differences between our actual financial and operating results and those expected by investors and analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in analysts' recommendations or projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • speculation in the press or investment community; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the realization of any of the other risk factors presented in this prospectus.

 ***We are an "emerging growth company," and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Class A-1 common stock less attractive to investors.***

We are an "emerging growth company," as defined in Section 2(a)(19) of the Securities Act, and we may take advantage of certain exemptions and relief from various reporting requirements that are applicable to other public companies that are not "emerging growth companies." In particular, while we are an "emerging growth company," among other exemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we will not be required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we will be subject to reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we will not be required to hold nonbinding advisory votes on executive compensation or stockholder approval of any golden parachute payments not previously approved.

In addition, the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards, meaning that such company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of this extended transition period, and as a result, our financial statements may not be comparable with similarly situated public companies. We may remain an "emerging growth company" until the fiscal year-end following the fifth anniversary of the completion of this initial public offering, though we may cease to be an "emerging growth company" earlier under certain circumstances, including (1) if our gross revenue exceeds $1.235 billion in any fiscal year, (2) if we become a large accelerated filer, with at least $700 million of equity securities held by non-affiliates, or (3) if we issue more than $1.0 billion in non-convertible debt securities in any three-year period.

We cannot predict if investors may find our Class A-1 common stock less attractive if we rely on the exemptions and relief granted by the JOBS Act. If some investors find our Class A-1 common stock less

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attractive as a result, there may be a less active trading market for our Class A-1 common stock and our stock price may decline and/or become more volatile.

 ***Upon the listing of our shares on the NYSE, we will be a "controlled company" within the meaning of NYSE rules and, as a result, will qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.***

After completion of this offering, Healthpeak will continue to control a majority of the combined voting power of all classes of our stock entitled to vote generally in the election of directors. As a result, we will be a "controlled company" within the meaning of the NYSE corporate governance standards. Under these rules, a company of which more than 50% of the voting power in the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements that, within one year of the date of the listing of our Class A-1 common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a majority of our Board consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our Board have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our Board have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities

Although upon completion of this offering, a majority of our Board will consist of independent directors, we will not have a compensation committee or a nominating and corporate governance committee, and we may utilize any other exemption prior to the time we cease to be a "controlled company." Accordingly, to the extent and for so long as we utilize these exemptions, you will not have the same protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance requirements.

 ***There can be no assurance that we will be able to make or maintain cash distributions, and certain agreements relating to our indebtedness may, under certain circumstances, limit or eliminate our ability to make distributions to holders of our Class A-1 common stock.***

We intend to make cash distributions to our stockholders in amounts such that all or substantially all of our taxable income in each year, subject to adjustments, is distributed. Our ability to continue to make distributions in the future may be adversely affected by the risk factors described in this prospectus. There can be no assurance that we will be able to make or maintain distributions and certain agreements relating to our indebtedness may, under certain circumstances, eliminate or otherwise limit our ability to make distributions to holders of our Class A-1 common stock. There can be no assurance that operating cash flows from our properties will increase or even be maintained, or that future acquisitions of real properties or other investments will increase our cash available for distributions to stockholders. Decreases in cash available for distributions may result in us being unable to make dividend distributions at expected levels. Our failure to make distributions commensurate with market expectations would likely result in a decrease in the market price of our Class A-1 common stock. In addition, any distributions will be authorized at the sole discretion of our Board, and their form, timing and amount, if any, will depend upon a number of factors, including our actual and projected results of operations, Nareit FFO and FFO as Adjusted, liquidity, cash flows and financial condition, the revenue we actually receive from our properties, our operating expenses, our debt service requirements, our capital expenditures, minimum liquid reserve requirements of our life plan communities, prohibitions and other limitations under our financing arrangements, our REIT taxable income, the annual REIT distribution requirements, applicable law, including restrictions on distributions under Maryland law, and such other factors as our Board deems relevant.

If our operations do not generate sufficient cash flow to enable us to pay our intended or required distributions, we may be required either to fund distributions from working capital, borrowings or equity capital or to reduce such distributions, which would reduce the amount of proceeds available for real estate investments and increase our future interest costs. In addition, our charter allows us to issue preferred stock that could have a preference on distributions and could limit our ability to make distributions to our

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stockholders. Our inability to make distributions, or to make distributions at expected levels, could result in a decrease in the market price of our Class A-1 common stock.

#### Broad market fluctuations could negatively impact the market price of shares of our Class A-1 common stock.
The stock market may experience extreme price and volume fluctuations that have affected the market price of many companies in industries similar or related to ours and that have been unrelated to these companies' operating performances. The changes frequently appear to occur without regard to the operating performance of the affected companies. Hence, the price of our Class A-1 common stock could fluctuate based upon factors that have little or nothing to do with us in particular. These broad market fluctuations could reduce the market price of shares of our Class A-1 common stock. Furthermore, our operating results and prospects may be below the expectations of public market analysts and investors or may be lower than those of companies with comparable market capitalizations. Either of these factors could lead to a material decline in the market price of our Class A-1 common stock.

 ***This offering is expected to be dilutive to earnings, and there may be future dilution to earnings related to issuances of shares of our Class A-1 common stock.***

On a pro forma basis, we expect that this offering will have a dilutive effect on our expected earnings per share, Nareit FFO and FFO as Adjusted. The actual amount of dilution cannot be determined at this time and will be based upon numerous factors. The market price of shares of our Class A-1 common stock could decline as a result of issuances or sales of a large number of shares of our Class A-1 common stock in the market after this offering or the perception that such issuances or sales could occur. Additionally, future issuances or sales of substantial amounts of shares of our Class A-1 common stock may be at prices below the initial public offering price of the shares of our Class A-1 common stock offered by this prospectus and may result in further dilution in our earnings, Nareit FFO and FFO as Adjusted and/or materially and adversely impact the market price of our Class A-1 common stock. See "Dilution."

 ***Future offerings of debt, which would be senior to shares of our common stock upon liquidation, and/or preferred equity securities that may be senior to shares of our common stock for purposes of distributions or upon liquidation, may materially and adversely affect the market price of shares of our Class A-1 common stock.***

In the future, we may attempt to increase our capital resources by making additional offerings of debt or preferred equity securities (or causing our operating company to incur debt or issue common or preferred units). Upon liquidation, holders of our debt securities and preferred stock and lenders with respect to other borrowings will receive distributions of our available assets prior to our common stockholders. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock and may result in dilution to owners of our common stock. Our stockholders are not entitled to preemptive rights or other protections against dilution. Our preferred stock, if issued, could have a preference on liquidating distributions or a preference on distribution payments that could limit our right to make distributions to our common stockholders. Because our decision to incur debt or issue preferred equity securities in the future will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future incurrences or offerings. Our stockholders bear the risk of our future incurrences or issuances reducing the market price of our Class A-1 common stock.

 ***Sales of substantial amounts of our Class A-1 common stock in the public markets, or the perception that they might occur, could reduce the market price of our Class A-1 common stock and may dilute your voting power and your ownership interest in us.***

Sales of substantial amounts of our Class A-1 common stock in the public market following this offering, or the perception that such sales could occur, could adversely affect the market price of our Class A-1 common stock and may make it more difficult for you to sell your Class A-1 common stock at a time and price that you deem appropriate. Upon completion of this offering and the formation transactions, we will have 175,928,636 shares (or 181,478,636 shares if the underwriters' option to purchase additional shares of our Class A-1 common stock is exercised in full) of our Class A-1 common stock outstanding, and Healthpeak will own approximately 78.9% of the outstanding shares of our Class A-1 common stock (or

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76.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full) and approximately 30.1% of the outstanding common units of our operating company (or 29.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full).

The shares of our Class A-1 common stock that we are selling in this offering (except for shares of our Class A-1 common stock purchased by our directors and officers in the reserved share program, which are subject to a lock-up period) may be resold immediately in the public market unless they are held by "affiliates," as that term is defined in Rule 144 of the Securities Act. The common stock and common units to be issued in the formation transactions will be "restricted securities" within the meaning of Rule 144 under the Securities Act and may not be sold in the absence of registration under the Securities Act unless an exemption from registration is available, including the exemptions contained in Rule 144. Healthpeak, our Manager, our executive officers, our directors, our director nominees and substantially all of our other existing stockholders have agreed not to sell or transfer any shares of our Class A-1 common stock or securities convertible into, exchangeable for, exercisable for, or repayable with shares of our common stock (including common units), for 365 days (or 180 days in the case of our independent director nominees who are not affiliated with Healthpeak) after the date of this prospectus, and we have agreed to similar restrictions for 180 days after the date of this prospectus, without first obtaining the written consent of the representatives. As a result of the registration rights agreement, however, 214,734,026 shares of our Class A-1 common stock, including 75,917,780 shares of Class A-1 common stock that may be issued in exchange for common units, may be eligible for future sale without restriction, subject to applicable lock-up arrangements. See "Shares Eligible for Future Sale — Registration Rights Agreement" and "Certain Relationships and Related Party Transactions — Registration Rights Agreement." Sales of a substantial number of such shares upon expiration of the lock-up agreements, the perception that such sales may occur, or early release of these agreements, could cause the market price of our Class A-1 common stock to fall or make it more difficult for you to sell your Class A-1 common stock at a time and price that you deem appropriate.

In addition, upon completion of this offering, our charter will provide that we may issue up to 1,500,000,000 shares of Class A-1 common stock, 100,000,000 shares of Class A-2 common stock and 50,000,000 shares of preferred stock, $0.01 par value per share. Moreover, under Maryland law and as will be provided in our charter, our Board will have the power to amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we are authorized to issue without stockholder approval. Future issuances of shares of our Class A-1 common stock or securities convertible or exchangeable into Class A-1 common stock may dilute the ownership interest of holders of our Class A-1 common stock. Because our decision to issue additional equity or convertible or exchangeable securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future issuances. In addition, we are not required to offer any such securities to existing stockholders on a preemptive basis. Therefore, it may not be possible for existing stockholders to participate in such future issuances, which may dilute the existing stockholders' interests in us.

 ***We have broad discretion to determine how to use the funds we receive from this offering and may use them in ways that may not enhance our results of operations or the price of our Class A-1 common stock.***

We have broad discretion over the use of proceeds we receive from this offering, and we could spend the proceeds we receive from this offering in ways our stockholders may not agree with or that do not yield a favorable return, or no return at all. We intend to contribute the net proceeds from this offering to our operating company in exchange for common units. Our operating company expects to use the net proceeds from this offering to pursue acquisition and investment opportunities that meet our investment criteria and for general corporate purposes. We expect to incur estimated non-recurring, property-related capital expenditures at the 34 properties comprising our initial portfolio of approximately $86 million during the 12 months ending December 31, 2026 and to fund such capital expenditures with proceeds from this offering. However, we do not have agreements or commitments for any material acquisitions or investments at this time. The use of the net proceeds from this offering may differ substantially from our current plans. If we do not invest or apply the proceeds we receive from this offering in ways that improve our results of operations, we may fail to achieve expected financial results or be required to raise additional capital, which could cause our stock price to decline.

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 ***If securities or industry analysts do not publish research or publish unfavorable research about our business, the market price and trading volume of our Class A-1 common stock could decline significantly.***

The trading market for our Class A-1 common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause the market price and trading volume of our Class A-1 common stock to decline significantly. Moreover, if our operating results do not meet the expectations of the investor community, one or more of the analysts who cover our company may change their recommendations regarding our company, and the market price of our Class A-1 common stock could decline significantly.

 ***The historical combined financial statements of our predecessor and our unaudited pro forma combined financial statements may not be representative of our financial statements as an independent public company.***

The historical combined financial statements of our predecessor and our unaudited pro forma combined financial statements that are included in this prospectus do not necessarily reflect what our financial condition, results of operations or cash flows would have been had we been an independent public company during the periods presented. Furthermore, this financial information is not necessarily indicative of what our results of operations, financial condition or cash flows will be in the future. It is impossible for us to accurately estimate all adjustments which may reflect all the significant changes that will occur in our cost structure, funding and operations as a result of this offering, and the formation transactions, including potential increased costs associated with reduced economies of scale and increased costs associated with being a separate publicly-traded company. For additional information, see "Summary Selected Historical and Pro Forma Combined Financial and Other Data" and the historical combined financial statements of our predecessor and our unaudited pro forma combined financial statements, as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," appearing elsewhere in this prospectus.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this prospectus that are not historical factual statements are forward-looking statements. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. Forward-looking statements are based on certain assumptions and analysis made in light of our experience and perception of historical trends, current conditions and expected future developments as well as other factors that we believe are appropriate under the circumstances. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statements contained in this prospectus. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made. As more fully set forth under "Risk Factors" in this prospectus, risks and uncertainties that may cause our actual results to differ materially from the expectations contained in the forward-looking statements include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • macroeconomic trends that may increase labor, construction, and other operating or administrative costs or impact prospective residents' willingness or ability to move into our communities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • entrance fee refund obligations and related actuarial assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our dependence on the performance of our operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our dependence on a limited number of operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • factors adversely affecting our operators' ability to meet their financial and other contractual obligations to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to identify and secure new or replacement operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the transition of management of certain of the properties in our senior housing portfolio to new operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays by seniors in moving to senior housing communities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our concentration of real estate investments in the senior housing sector, which makes us more vulnerable to an economic downturn or slowdown in that specific sector than if we invested across multiple sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the illiquidity of our real estate investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • operational risks associated with our communities, all of which are owned and operated under RIDEA structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the failure of our operators to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes to regulatory, funding, staffing, trade, and other policies and actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • required regulatory approvals to transfer our senior housing properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with the ADA and fire, safety, and other regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • economic conditions, natural disasters, weather, and other events or conditions that negatively affect the geographic areas where we have concentrated investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • uninsured or underinsured losses, which could result in a significant loss of our capital invested in a property, lower than expected future revenues, and unanticipated expenses;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our property development and redevelopment, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competition for suitable properties to grow our initial portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any requirement that we recognize reserves, allowances, credit losses, or impairment charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • investment of substantial resources and time in investments or transactions that are not consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to successfully integrate or operate acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • environmental compliance costs and liabilities associated with our real estate investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • epidemics, pandemics, or other infectious disease outbreaks, and health and safety measures intended to reduce their spread;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • potential government and financial audits, enforcement actions and recovery activity as a result of our predecessor's receipt of PRF funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • net losses in future periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our and our Manager's reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the use of, or inability to use, artificial intelligence or other disruptive new technologies by us, our Manager, our operators, our vendors, and our investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to implement and maintain an effective system of internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to implement and maintain effective disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • volatility, disruption, or uncertainty in the financial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increased interest rates and borrowing costs, which could impact our business and ability to refinance existing debt, sell properties, and conduct investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the availability of external capital on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an increase in our level of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to maintain our qualification as a REIT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Healthpeak's failure to qualify as a REIT during certain periods prior to this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our TRSs being subject to corporate level tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax imposed on any net income from "prohibited transactions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes to U.S. federal income tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increased taxable gains due to acquisitions of property in tax-deferred transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • potential deferred and contingent tax liabilities from corporate acquisitions, including certain of our acquisitions from Healthpeak;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • calculating non-REIT tax earnings and profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provisions in Maryland law and our charter and bylaws that may delay, defer or prevent an acquisition of our Class A-1 common stock or a change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • conflicts of interest between the interests of our stockholders and the interests of holders of common units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provisions in the operating agreement of our operating company or other agreements that may delay or prevent unsolicited acquisitions of us and certain other transactions;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our dependence on our Manager and its personnel and our ability to find a suitable replacement for our Manager if the Management Agreement is terminated or if personnel of our Manager leave the employment of our Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • conflicts of interest with our Manager and its affiliates, including Healthpeak;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • additional factors discussed in the sections entitled "Business and Properties," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this prospectus.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this prospectus. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, the forward-looking events discussed in this prospectus might not occur as described, or at all.

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#### USE OF PROCEEDS
We estimate that the net proceeds to us from this offering will be approximately $632.5 million, or $731.1 million if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full, after deducting the underwriting discount and other estimated expenses, in each case, based on an assumed initial public offering price of $19.00 per share, which is the mid-point of the price range set forth on the front cover of this prospectus and assuming the number of shares offered by us as set forth on the front cover of this prospectus remains the same. A $1.00 increase or decrease in the assumed initial public offering price of $19.00 per share would increase or decrease the net proceeds to us from this offering by approximately $34.6 million, assuming the number of shares offered by us as set forth on the front cover page of this prospectus remains the same.

We intend to contribute the net proceeds from this offering to our operating company and receive 37,000,000 common units (or 42,550,000 common units if the underwriters exercise their option to purchase up to an additional 5,550,000 shares of our Class A-1 common stock in full). Our operating company expects to use the net proceeds from this offering to pursue acquisition and investment opportunities that meet our investment criteria and for general corporate purposes. We expect to incur estimated non-recurring, property-related capital expenditures at the 34 properties comprising our initial portfolio of approximately $86 million during the 12 months ending December 31, 2026 and to fund such capital expenditures with proceeds from this offering. However, we do not have agreements or commitments for any material acquisitions or investments at this time.

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#### DISTRIBUTION POLICY
We intend to make a pro rata distribution with respect to the period commencing upon the completion of this offering and ending on June 30, 2026, based on a distribution rate of $0.1425 per share of Class A-1 common stock for a full quarter. On an annualized basis, this would be $0.57 per share of Class A-1 common stock, or an annualized distribution rate of approximately 3.0% based on the mid-point of the price range set forth on the front cover of this prospectus. We estimate that this initial annual distribution rate will represent approximately 74% of our estimated cash available for distribution to stockholders for the 12 months ending December 31, 2026, based on the mid-point of the price range set forth on the front cover of this prospectus. We do not intend to reduce the annualized distribution per share of Class A-1 common stock if the underwriters exercise their option to purchase additional shares. Our intended initial annual distribution rate has been established based on our estimate of cash available for distribution for the 12 months ending December 31, 2026, which we have calculated based on adjustments to our pro forma net income (loss) for the 12 months ended December 31, 2025. In estimating our cash available for distribution for the 12 months ending December 31, 2026, we have made certain assumptions as reflected in the table and footnotes below.

Our estimate of cash available for distribution does not include the effect of any changes in our working capital resulting from changes in our working capital accounts. In addition, our estimate of cash available for distribution does not include the approximately $4 million to $6 million of incremental general and administrative expenses expected to be incurred subsequent to the completion of this offering in order to operate as a standalone public company but that are not reflected in our pro forma net income (loss) for the 12 months ended December 31, 2025. It also does not reflect the amount of cash estimated to be provided by or used for investing activities, financing activities or other activities, other than estimated capital expenditures as described in the footnotes below. Any such investing and/or financing activities may have a material and adverse effect on our estimate of cash available for distribution. Furthermore, our estimate of cash available for distribution does not reflect our expectations regarding the potential growth of our business, other than known increases in resident fee rates. Because of these limitations and the assumptions we have made in estimating cash available for distribution, we do not intend this estimate to be a projection or forecast of our actual results of operations, Nareit FFO, FFO as Adjusted, liquidity, cash flow or financial condition, and we have estimated cash available for distribution for the sole purpose of determining our estimated initial annual distribution amount. Our estimate of cash available for distribution should not be considered as an alternative to cash flow from operating activities (computed in accordance with GAAP) or as an indicator of our liquidity or our ability to make distributions. In addition, the methodology upon which we made the adjustments described herein is not necessarily intended to be a basis for determining future distributions.

We believe that our estimate of cash available for distribution constitutes a reasonable basis for setting the initial distribution rate, and we intend to maintain our initial distribution rate for the 12 months following the completion of this offering. However, we cannot assure you that our estimate will prove accurate, our initial distribution rate will be maintained or our Board will not change our distribution policy in the future. Any distributions will be at the sole discretion of our Board, and their form, timing and amount, if any, will depend upon a number of factors, including our actual and projected results of operations, Nareit FFO, FFO as Adjusted, liquidity, cash flows, financial condition or prospects, economic conditions, the revenue we actually receive from our properties, our operating expenses, our debt service requirements, our capital expenditures, minimum liquid reserve requirements of our life plan communities, prohibitions and other limitations under our financing arrangements, our REIT taxable income, the annual REIT distribution requirements, applicable law, including restrictions on distributions under Maryland law, and such other factors as our Board deems relevant. For more information regarding risk factors that could materially and adversely affect us and our ability to make cash distributions, see "Risk Factors." If our operations do not generate sufficient cash flow to enable us to pay our intended or required distributions, we may be required either to fund distributions from working capital, borrowings or equity capital or to reduce such distributions. In addition, our charter allows us to issue preferred stock that could have a preference on distributions and could limit our ability to make distributions to holders of our Class A-1 common stock. Additionally, under certain circumstances, agreements relating to our indebtedness could limit our ability to make distributions to our stockholders.

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U.S. federal income tax law requires that a REIT distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, and that it pay tax at the corporate rate to the extent that it annually distributes less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains. In addition, a REIT will be required to pay a 4% nondeductible excise tax on the amount, if any, by which the distributions it makes in a calendar year are less than the sum of 85% of its ordinary income, 95% of its capital gain net income and 100% of its undistributed income from prior years. For more information, see "United States Federal Income Tax Considerations." We anticipate that our estimated cash available for distribution will be sufficient to enable us to meet the annual distribution requirements applicable to REITs and to avoid or minimize the imposition of corporate and excise taxes. However, under some circumstances, we may be required to make distributions in excess of cash available for distribution in order to meet these distribution requirements or to avoid or minimize the imposition of tax and we may need to borrow funds to make certain distributions.

The following table sets forth calculations relating to the estimated initial distribution based on our pro forma net income (loss) for the twelve months ended December 31, 2025 and is provided solely for the purpose of illustrating the estimated initial distribution and is not intended to be a basis for determining future distributions. Dollar amounts are in thousands except per share amounts.

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| | |
|:---|:---|
| **Pro forma net income (loss) for the 12 months ended December 31, 2025**  | $(86785) |
| &nbsp;&nbsp;&nbsp; Add: Depreciation and amortization of real estate and amortization of in-place resident contract intangibles  | 278806 |
| &nbsp;&nbsp;&nbsp; Add: Amortization of deferred financing costs and debt discounts (premiums)  | 774 |
| &nbsp;&nbsp;&nbsp; Add: Non-refundable entrance fees<sup>(1)</sup>  | 53805 |
| &nbsp;&nbsp;&nbsp; Add: Transaction expenses<sup>(</sup><sup>2</sup><sup>)</sup>  | 23636 |
| &nbsp;&nbsp;&nbsp; Add: Loss (gain) on debt extinguishment  | 109 |
| &nbsp;&nbsp;&nbsp; Add: Incremental revenue from resident fee rate increases<sup>(3)</sup>  | 3335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Add: Casualty-related recoveries (losses), net<sup>(</sup><sup>4)</sup>  | (3204) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Adjustments related to acquisition activity<sup>(</sup><sup>5)</sup>  | (658) |
| &nbsp;&nbsp;&nbsp; Less: Gain upon change of control<sup>(6)</sup>  | (48202) |
|  **Estimated cash flows from operating activities attributable to our stockholders and holders of common units for the 12 months ending December 31, 2026**  | $221616 |
| &nbsp;&nbsp;&nbsp; Less: Capital expenditures<sup>(7)</sup>  | (28722) |
|  **Estimated cash available for distribution attributable to our stockholders and holders of common units for the 12 months ending December 31, 2026**  | $192894 |
| &nbsp;&nbsp;&nbsp; Share of estimated cash available for distribution attributable to holders of common units<sup>(8)</sup>  | 30.2% |
| &nbsp;&nbsp;&nbsp; Share of estimated cash available for distribution attributable to our stockholders<sup>(8)</sup>  | 69.8% |
|  **Total estimated initial annual distribution to our stockholders and to holders of common <br> units**  | $143630 |
| &nbsp;&nbsp;&nbsp; Total estimated initial annual distribution to holders of common units  | $43350 |
| &nbsp;&nbsp;&nbsp; Total estimated initial annual distribution to holders of our Class A-1 common stock<sup>(8)</sup>  | $100279 |
| &nbsp;&nbsp;&nbsp; Estimated initial annual distributions per share of our Class A-1 common stock  | $0.57 |
|  **Payout ratio based on our stockholders' share of estimated cash available for <br> distribution<sup>(9)</sup>**  | 74% |

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(1) Estimated based on the non-refundable entrance fee cash collections during the 12 months ended December 31, 2025 of $152.7 million in excess of (less than) the related GAAP amortization during the same period of $98.9 million.

(2) Represents the elimination of non-capitalizable transaction expenses associated with the formation of Janus Living.

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(3) Represents estimated incremental revenue from increases in resident fee rates that have been issued to residents with an effective date of January 1, 2026, net of the impact of estimated attrition associated with such rate increases based on historical company attrition rates over the trailing 12 months.

(4) Represents casualty recoveries (losses) related to Hurricane Milton for the 12 months ended December 31, 2025.

(5) Represents the net change to estimated cash available for distribution for the 12 months ending December 31, 2026 due to our JV partner's ownership in the JV for the period of January 1, 2026 to January 13, 2026, the date of the JV Buyout. In addition, in March 2026, we closed on the Acquired Properties, comprised of two properties located in the Atlanta, Georgia metropolitan area and three properties located in the Orlando, Florida metropolitan area. We have excluded the Acquired Properties from our calculation of the estimated cash available for distribution for the 12 months ending December 31, 2026.

(6) Represents gain recognized upon consolidation of the 19 senior housing properties in connection with the JV Buyout.

(7) For purposes of calculating the initial distribution in this table, we have assumed we will incur approximately $29 million of recurring capital expenditures and approximately $86 million of non-recurring capital expenditures for the 12 months ending December 31, 2026, which is based on the two-year average of our property-related capital expenditures during the 12 months ended December 31, 2025 and 2024, adjusted to reflect the change to property-related capital expenditures from the acquisition activity described in footnote 5 above. Property-related capital expenditures are costs associated with renovations and improvements that extend the life of an asset while substantive activities are ongoing to prepare an asset for its intended use. For purposes of calculating the amount in the above table, we have assumed that the $86 million of non-recurring capital expenditures will be funded with proceeds from this offering and not cash flow from operating activities.

(8) Based on a total of 76,053,312 common units (including 135,532 vested LTIP units) and 175,928,636 shares of our Class A-1 common stock to be outstanding upon completion of this offering.

(9) Calculated as estimated initial annual distribution to our stockholders divided by our stockholders' share of estimated cash available for distribution for the 12 months ending December 31, 2026.

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#### CAPITALIZATION
The following table sets forth our predecessor's historical cash and cash equivalents and capitalization as of December 31, 2025 and our pro forma cash and cash equivalents and capitalization as of December 31, 2025 to give effect to the issuance by us of 37,000,000 shares of our Class A-1 common stock in this offering (assuming that the number of shares offered by us as set forth on the front cover of this prospectus remains the same) at an assumed initial public offering price of $19.00 per share, which is the mid-point of the price range set forth on the front cover of this prospectus and the use of the net proceeds from this offering as set forth in "Use of Proceeds," the formation transactions, the JV Buyout and the other adjustments described in the unaudited pro forma combined financial statements included elsewhere in this prospectus. This table should be read in conjunction with the sections entitled "Use of Proceeds," "Structure and Formation of Our Company — Formation Transactions," "Summary Selected Historical and Pro Forma Combined Financial and Other Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our predecessor's historical and pro forma combined financial statements and related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025**  | **As of December 31, 2025**  |
| **(in thousands, except share and per share amounts)**  | **Historical <br> Predecessor**  | **Unaudited <br> Pro Forma**  |
| Cash and cash equivalents  | $19652 | $699999 |
| Debt: |  |  |
| &nbsp;&nbsp;&nbsp; Revolving credit facility<sup>(1)</sup>  | $— | $— |
| &nbsp;&nbsp;&nbsp; Delayed-draw term loan facility<sup>(1)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage debt<sup>(2)</sup>  | 102688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt  | 102688 |  |
| Parent's net investment / Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp; Parent's net investment  | 1282310 |  |
| &nbsp;&nbsp;&nbsp; Preferred stock, $0.01 par value per share; no shares authorized, no shares issued and outstanding, actual; 50,000,000 shares authorized, no shares issued and outstanding, pro forma  |  |  |
| &nbsp;&nbsp;&nbsp; Class A-1 common stock, $0.01 par value per share; no shares authorized, no <br> shares issued and outstanding, actual; 1,500,000,000 shares authorized <br> and 175,928,636 shares issued and outstanding, pro forma<sup>(3)</sup>  |  | 1759 |
| &nbsp;&nbsp;&nbsp; Class A-2 common stock, $0.01 par value per share; no shares authorized, no shares issued and outstanding, actual; 100,000,000 shares authorized and 75,917,780 shares issued and outstanding, pro forma  |  | 759 |
| &nbsp;&nbsp;&nbsp; Additional paid in capital  |  | 1616648 |
| &nbsp;&nbsp;&nbsp; Retained earnings (deficit)  |  | 43944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Parent's net investment / Stockholders' equity  | $1282310 | $1663110 |
| &nbsp;&nbsp;&nbsp; Noncontrolling interest<sup>(4)</sup>  |  | 719000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity  | $1282310 | $2382110 |
| Total capitalization  | $1384998 | $2382110 |

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(1) We expect to enter into the revolving credit facility and the delayed-draw term loan facility upon completion of this offering. We expect the new credit facilities will be undrawn upon completion of this offering.

(2) On January 30, 2026, we fully repaid our outstanding mortgage loans for an aggregate payment of $103 million, inclusive of accrued interest and prepayment penalties of $375 thousand and $1 million, respectively.

(3) Pro forma Class A-1 common stock outstanding includes (i) 138,816,246 shares of Class A-1 common stock to be issued in the formation transactions, (ii) 37,000,000 shares of Class A-1 common stock to be issued in this offering, (iii) 23,688 shares of Class A-1 common stock (based on the mid-point of the

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price range set forth on the front cover of this prospectus) to be issued to Healthpeak's non-employee directors in connection with this offering and (iv) 88,702 shares of Class A-1 common stock (based on the mid-point of the price range set forth on the front cover of this prospectus) to be issued to our independent directors, certain of our and Healthpeak's executive officers and certain of Healthpeak's employees under the Equity Plan in connection with the completion of this offering. Excludes (i) 5,550,000 shares of our Class A-1 common stock issuable upon exercise of the underwriters' option to purchase additional shares of Class A-1 common stock in full, (ii) 50,426 shares of our Class A-1 common stock (based on the mid-point of the price range set forth on the front cover of this prospectus) underlying restricted stock units subject to time-based vesting to be awarded to certain executive officers and employees of Healthpeak (including our executive officers) and our independent directors under the Equity Plan as part of our annual equity award program and (iii) 4,458,187 shares of our Class A-1 common stock (based on the mid-point of the price range set forth on the front cover of this prospectus) issuable in the future under the Equity Plan, as more fully described in "Management — Executive Compensation — Equity Plan."

(4) Reflects net book value of Healthpeak's interest in our operating company's net assets resulting from the formation transactions.

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#### DILUTION

#### Dilution After This Offering
Purchasers of our Class A-1 common stock offered by this prospectus will experience an immediate and substantial dilution of the net tangible book value per share of our Class A-1 common stock from the initial public offering price. Net tangible book value per share represents the amount of total tangible assets less total tangible liabilities, divided by the number of outstanding shares of Class A-1 common stock, assuming the exchange of common units for shares of our Class A-1 common stock on a one-for-one basis. As of December 31, 2025, our predecessor had a net tangible book value of approximately $1.1 billion, or $5.32 per share. After giving effect to the completion of the formation transactions and the other adjustments described in the unaudited pro forma combined financial statements included elsewhere in this prospectus, our pro forma net tangible book value as of December 31, 2025 would have been $2.1 billion, or $8.32 per share of Class A-1 common stock assuming the exchange of common units for shares of Class A-1 common stock on a one-for-one basis (excluding LTIP units subject to time-based vesting or performance-based vesting and restricted stock units subject to time-based vesting, in each case, to be awarded to certain of our and Healthpeak's executive officers, Healthpeak's employees and our independent directors under the Equity Plan as part of our annual equity award program). This amount represents an immediate increase in net tangible book value of $3.00 per share to our continuing investors and an immediate dilution in pro forma net tangible book value of $10.68 per share from the initial public offering price of $19.00 per share of Class A-1 common stock to our new investors. The following table illustrates this per share dilution.

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| | | |
|:---|:---|:---|
| Initial public offering price per share of our Class A-1 common stock  |  | $19.00 |
| &nbsp;&nbsp;&nbsp; Net tangible book value per share of our Class A-1 common stock of our predecessor as of December 31, 2025, before the formation transactions, this offering and other pro forma adjustments<sup>(1)</sup>  | $5.32 |  |
| &nbsp;&nbsp;&nbsp; Net increase in net tangible book value per share of our Class A-1 common stock attributable to the formation transactions and other pro forma adjustments (other than this offering)  | $1.53 |  |
| &nbsp;&nbsp;&nbsp; Pro forma net tangible book value per share of our Class A-1 common stock as of December 31, 2025 before this offering  | $6.85 |  |
| &nbsp;&nbsp;&nbsp; Net increase in net tangible book value per share of our Class A-1 common stock attributable to this offering  | $1.47 |  |
|  Pro forma net tangible book value per share of our Class A-1 common stock after the formation transactions, this offering and other pro forma adjustments<sup>(</sup><sup>2</sup><sup>)</sup>  |  | $8.32 |
|  Dilution in pro forma net tangible book value per share of our Class A-1 common stock to new investors<sup>(</sup><sup>3</sup><sup>)</sup>  |  | $10.68 |

---

(1) Net tangible book value per share of our Class A-1 common stock of our predecessor as of December 31, 2025, before the formation transactions, this offering and the other pro forma adjustments was determined by dividing the net tangible book value of our predecessor as of December 31, 2025 by the number of share of our Class A-1 common stock and common units held by Healthpeak immediately after the formation transactions, assuming the exchange of common units to be issued in connection with the formation transactions into of shares of our Class A-1 common stock on a one-for-one basis.

(2) The pro forma net tangible book value per share after the formation transactions, this offering and other pro forma adjustments was determined by dividing net tangible book value of approximately $2.1 billion by 251,981,948 shares of Class A-1 common stock, common units and fully-vested LTIP units to be outstanding after the formation transactions, this offering and other pro forma adjustments, assuming the exchange of common units for shares of Class A-1 common stock on a one-for-one basis. This excludes LTIP units subject to time-based vesting or performance-based vesting and restricted stock units subject to time-based vesting, in each case, to be awarded to certain of our and Healthpeak's executive officers, Healthpeak's employees and our independent directors under the Equity Plan as part of our annual equity award program. This also excludes the shares of Class A-1 common stock that may be issued by us upon exercise of the underwriters' option to purchase additional shares, the related proceeds and additional Class A-1 common stock reserved for future issuance under the Equity Plan.

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(3) The dilution in pro forma net tangible book value per share to new investors was determined by subtracting pro forma net tangible book value per share after the formation transactions, this offering and other pro forma adjustments from the assumed initial public offering price paid by a new investor for our Class A-1 common stock. For the purpose of calculating our predecessor's net tangible book values, we have assumed that, as of December 31, 2025, our Class A-1 common stock and common units to be issued as part of the formation transactions were outstanding as of such date.

Assuming the underwriters exercise their option to purchase additional shares of Class A-1 common stock in full, our pro forma net tangible book value as of December 31, 2025 would have been $2.2 billion, or $8.53 per share of Class A-1 common stock assuming the exchange of common units for shares of common stock on a one-for-one basis. This represents an immediate dilution in pro forma net tangible book value of $10.47 per share of Class A-1 common stock to new investors.

#### Differences Between New Investors and Continuing Investors
The table below summarizes, as of December 31, 2025, on a pro forma basis after giving effect to the formation transactions and this offering, the differences between the number of shares of common stock and common units held by Healthpeak following the formation transactions and the new investors purchasing shares of Class A-1 common stock in this offering, the total consideration paid and the average price per share of common stock or common unit paid by Healthpeak following the formation transactions and paid in cash by the new investors purchasing shares of Class A-1 common stock in this offering (based on the net tangible book value attributable to the continuing investors in the formation transactions). In calculating the net tangible book value attributable to cash paid by the new investors purchasing shares of our Class A-1 common stock in this offering, we used the assumed initial public offering price of $19.00 per share, which is the mid-point of the price range set forth on the front cover of this prospectus, after deducting underwriting discounts and estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock/Common <br> Units Issued/Granted**  | **Common Stock/Common <br> Units Issued/Granted**  | **Pro Forma Net <br> Tangible Book Value of <br> Contribution/Cash<sup>(1)</sup>**  | **Pro Forma Net <br> Tangible Book Value of <br> Contribution/Cash<sup>(1)</sup>**  | **Average <br> Price Per <br> Share**  |
| | **Number**  | **Percentage**  | **Amount**  | **Percentage**  | **Average <br> Price Per <br> Share**  |
| Healthpeak<sup>(2)</sup> | 214734026 | 85% | $1460459000 | 70% | $6.80 |
|  New investors and equity award grant recipients<sup>(3)</sup>  | 37247922 | 15% | 637305000 | 30% | $17.11 |
| Total  | 251981948 | 100.0% | $2097764000 | 100.0% |  |

---

(1) Represents pro forma net tangible book value as of December 31, 2025 after giving effect to the formation transactions and this offering.

(2) Includes 75,917,780 common units to be issued in connection with the formation transactions.

(3) Includes (i) 37,000,000 shares of Class A-1 common stock to be sold in this offering, (ii) 112,390 shares of Class A-1 common stock (based on the mid-point of the price range set forth on the front cover of this prospectus) to be issued in connection with this offering to our independent directors, Healthpeak's non-employee directors, certain of our and Healthpeak's executive officers and certain of Healthpeak's employees, and (iii) 135,532 fully-vested LTIP units (based on the mid-point of the price range set forth on the front cover of this prospectus) to be issued to certain of our and Healthpeak's executive officers and certain of Healthpeak's employees under the Equity Plan in connection with the completion of this offering. Excludes 267,153 unvested LTIP units (based on the mid-point of the price range set forth on the front cover of this prospectus and assuming maximum performance for performance-vesting awards) subject to time-based vesting or performance-based vesting and 50,426 unvested restricted stock units (based on the mid-point of the price range set forth on the front cover of this prospectus) subject to time-based vesting, in each case, to be awarded to certain of our and Healthpeak's executive officers, Healthpeak's employees and our independent directors under the Equity Plan.

The foregoing discussion does not reflect any potential purchases made by participants in the reserved share program that are associated with us.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 *Upon completion of this offering and the formation transactions, the historical operations of our predecessor will be combined with our company. The following discussion of our financial condition and results of operations should be read together with the sections entitled "Summary Selected Historical and Pro Forma Combined Financial and Other Data" and "Business and Properties" and our predecessor's combined financial statements and related notes that are included elsewhere in this prospectus. Where appropriate, the following discussion includes the effects of the completion of the formation transactions on a pro forma basis. These effects are reflected in our unaudited pro forma combined financial statements included elsewhere in this prospectus. Since our formation and through December 31, 2025, we had no material corporate activity except through our predecessor. Accordingly, we believe a discussion of our results of operations for such period would not be meaningful and, in lieu thereof, we discuss the historical operations of our predecessor.* 

 *In addition, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements as a result of various factors, including those set forth under "Risk Factors," "Special Note Regarding Forward-Looking Statements" or in other parts of this prospectus.* 

#### Management's Overview
Upon completion of this offering, we will be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only U.S. publicly traded REIT whose entire portfolio is owned and operated under RIDEA structures. We have an initial portfolio consisting of 34 senior housing communities, comprised of 10,422 units as of December 31, 2025. Our communities are located primarily in major retirement markets across 10 states, with units in Florida and Texas representing 69% of the total units as of December 31, 2025. All of our communities are owned and operated under RIDEA structures. Services provided by our operators under a RIDEA structure are primarily paid for directly by the residents, rather than governmental reimbursement programs, which provides us with greater visibility into operating cash flow from our communities.

#### Components of Our Results of Operations
***Revenue***. We generate revenues from providing living and healthcare services to seniors. Our life plan communities are operated as entrance fee communities, which typically require a resident to pay a one-time upfront entrance fee that includes both a refundable portion and non-refundable portion in addition to the monthly resident fees and services charged based on the level of care and dwelling unit provided. Resident fee and services revenue includes resident room and care charges, community fees and other resident charges. The majority of our fees are contracted with residents via residency agreements billed monthly, in advance. Revenue for certain care related services is billed monthly in arrears.

***Operating Expenses***. Our operating expenses consist primarily of compensation and property management, food, real estate taxes, repairs and maintenance, utilities, cleaning and supplies, insurance, and marketing.

***Depreciation and amortization****.* Our depreciation and amortization charges result primarily from the capital-intensive nature of our business. The principal components of depreciation relate to our properties, including buildings and improvements.

***General and administrative****.* General and administrative expenses represent the costs of overall management, administration, and support functions that are either directly attributable to specific property operations or investment activities or are allocated in the case of costs that are not directly attributable. Costs include those associated with executive management, accounting, finance, legal, human resources, information technology, corporate insurance, and other corporate overhead. Allocations from Healthpeak, where necessary, were made on a specific identification basis where possible or by using relative percentages of gross asset value or other methods management considered to be a reasonable reflection of the utilization of services provided.

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As a publicly traded, externally managed company separate from Healthpeak, in addition to management fees and expense reimbursements payable to our Manager, we estimate our annual general and administrative expenses will be approximately $4 million to $6 million due to increased legal, insurance, accounting and other expenses related to corporate governance, SEC reporting and other compliance matters. Accordingly, the general and administrative expense allocation presented in our predecessor's combined statements of operations does not necessarily reflect what our general and administrative expense will be as a standalone public company for future reporting periods.

#### Key Factors Affecting Our Business and Financial Results

#### Market Trends and Uncertainties
Our operating results have been and will continue to be impacted by global and national economic and market conditions generally and by the local economic conditions where our properties are located.

Elevated interest rates and volatility in public and private equity and fixed income markets have led to increased costs and limitations on the availability of capital and have adversely impacted, and could continue to adversely impact, our borrowing costs, the fair value of our fixed rate instruments, transaction volume, and real estate values generally, including our senior housing properties.

In addition, we and our operators may be affected by various factors over which we and they have no control. Those factors include, without limitation, the overall health of the economy, inflation pressures, labor supply and cost, ability to hire and maintain qualified staff, ability to control other rising operating or construction costs, changes in the supply of or demand for competing senior housing properties, the potential for significant reform in healthcare policy or regulation, and the impact of any infectious disease and epidemic outbreaks. We cannot presently predict what impact these potential events may have on our operating results and cash flows, if any.

See "Risk Factors" in this prospectus for additional discussion of the risks posed by macroeconomic conditions, as well as the uncertainties we and our operators may face as a result.

#### Occupancy
Our revenues are dependent on the occupancy of our communities. Although we believe that an aging population will support strong demand for our communities in the long-term, occupancy of our communities can be affected by numerous factors, including market conditions, competitive dynamics, local reputational factors, or broader economic conditions.

We define average occupancy as the average occupied units as a percentage of the total available units for the period presented (derived solely from information provided by our operators without independent verification by us), weighted to reflect our ownership share, and excluding any significant redevelopments and any properties held for sale. The number of occupied units and total available units used for determining average occupancy are derived solely from information provided by our operators (without independent verification by us) of our portfolio. We define RevPOR as revenues (including our share of revenues from the JV) per average occupied unit for the applicable period.

#### Non-GAAP Financial Measures
 *NOI and Adjusted NOI* 

We evaluate the performance of our business based on property adjusted net operating income. NOI represents resident fees and services less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of operator transition costs and actuarial reserves for insurance claims that have been incurred but not reported. NOI and Adjusted NOI exclude all other financial statement amounts included in net income (loss). NOI and Adjusted NOI are calculated as NOI and Adjusted NOI, respectively, from our properties, using our share of NOI and Adjusted NOI, respectively, from the JV (calculated by applying our actual ownership percentage for the period). We utilize our share of NOI and Adjusted NOI in assessing our performance as the JV contributes to our performance. Our share of NOI and Adjusted NOI

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should not be considered a substitute for, and should only be considered together with and as a supplement to, our financial information presented in accordance with GAAP. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in NOI and Adjusted NOI do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Adjusted NOI is often referred to as "Cash NOI." Management believes NOI and Adjusted NOI are important supplemental measures because they reflect only income and operating expense items that are incurred at the property level and present them on an unlevered basis. We use Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance and to evaluate our Same-Store performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP because they do not reflect various excluded items. Further, our definitions of NOI and Adjusted NOI may not be comparable to the definitions used by other REITs or real estate companies, as they may use different methodologies for calculating NOI and Adjusted NOI. For a reconciliation of net income (loss) to NOI and Adjusted NOI and other relevant disclosures, refer to "Prospectus Summary — Summary Selected Historical and Pro Forma Combined Financial and Other Data — Non-GAAP Financial Measures."

 *Same-Store NOI and Same-Store Adjusted NOI* 

Properties are included in Same-Store once they are fully operating for the entirety of the comparative periods presented. A property is removed from Same-Store when it is classified as held for sale, sold, placed into redevelopment, or experiences a casualty event or has a planned operator transition that significantly impacts operations. This information allows our stockholders, potential investors, and financial analysts to evaluate the performance of our property portfolio under a consistent population by eliminating changes in the composition of our portfolio of properties. We include properties from our portfolio, including properties owned by the JV in NOI and Adjusted NOI (see the NOI and Adjusted NOI definitions above for further discussion regarding our use of pro rata share information and its limitations). Same-Store NOI and Same-Store Adjusted NOI exclude certain non-property specific operating expenses that are allocated to our operating segment.

Same-Store NOI and Same-Store Adjusted NOI are not measurements of financial performance under GAAP. In addition, other REITs or real estate companies may not define Same-Store or calculate Same-Store NOI and Same-Store Adjusted NOI in a manner consistent with our definition or calculation. Same-Store NOI and Same-Store Adjusted NOI should be considered as supplements, but not as alternatives, to our results calculated in accordance with GAAP. We provide reconciliations of these measures in the discussions of our comparative results of operations below. For a reconciliation of net income (loss) to Same-Store NOI and Same-Store Adjusted NOI and other relevant disclosures, refer to "Prospectus Summary — Summary Selected Historical and Pro Forma Combined Financial and Other Data — Non-GAAP Financial Measures."

 *Nareit FFO* 

FFO, as defined by Nareit, is net income (loss) (computed in accordance with GAAP), excluding gains or losses from sales of depreciable property, including any current and deferred taxes directly associated with

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sales of depreciable property, impairments of, or related to, depreciable real estate or land held for development, plus real estate-related depreciation and amortization, and adjustments to compute our share of Nareit FFO from the JV. Adjustments for the JV are calculated to reflect our pro rata share. We reflect our share of Nareit FFO for the JV by applying our actual ownership percentage for the period to the applicable reconciling items. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in Nareit FFO do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

We believe Nareit FFO is an important supplemental non-GAAP measure of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets utilizes straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Because real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. The term Nareit FFO was designed by the REIT industry to address this issue.

Nareit FFO does not represent cash generated from operating activities in accordance with GAAP, is not necessarily indicative of cash available to fund cash needs and should not be considered an alternative to net income (loss). We compute Nareit FFO in accordance with the current Nareit definition; however, other REITs may report Nareit FFO differently or have a different interpretation of the current Nareit definition from ours. For a reconciliation of net income (loss) to Nareit FFO and other relevant disclosures, refer to "Prospectus Summary — Summary Selected Historical and Pro Forma Combined Financial and Other Data — Non-GAAP Financial Measures."

 *FFO As Adjusted* 

In addition, we present Nareit FFO on an adjusted basis before the impact of non-comparable items, including, but not limited to, transaction and restructuring-related costs, prepayment costs (benefits) associated with early retirement or payment of debt, litigation costs (recoveries), casualty-related charges (recoveries), deferred tax asset valuation allowances and changes in tax legislation, and other impairments (recoveries) and other losses (gains), as applicable ("FFO as Adjusted"). These adjustments are net of tax, when applicable, and are reflective of our share of the JV. Adjustments for the JV are calculated to reflect our pro rata share. We reflect our share of FFO as Adjusted for the JV by applying our actual ownership percentage for the period to the applicable reconciling items. Our pro rata share information is prepared on a basis consistent with the comparable consolidated amounts, is intended to reflect our proportionate economic interest in the operating results of properties in our portfolio and is calculated by applying our actual ownership percentage for the period. Prior to the JV Buyout, we did not control the JV, and the pro rata presentations of reconciling items included in FFO as Adjusted do not represent our legal claim to such items during periods prior to the JV Buyout. We and our JV partner were entitled to profit or loss allocations and distributions of cash flows according to the joint venture agreement, which provided for such allocations generally according to its invested capital.

The presentation of pro rata information has limitations, which include, but are not limited to, the following: (i) the amounts shown were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal

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claim to the assets and liabilities or the revenues and expenses; and (ii) other companies in our industry may calculate their pro rata interest differently, limiting the usefulness as a comparative measure. Because of these limitations, the pro rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro rata financial information as a supplement.

Transaction and restructuring-related costs include expenses incurred as a result of acquisitions, operator transitions, severance, and other investment pursuit costs. Prepayment costs (benefits) associated with early retirement of debt include the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of debt. Management believes that FFO as Adjusted provides a meaningful supplemental measurement of our FFO run-rate and is frequently used by stockholders, potential investors, and financial analysts in the evaluation of our performance as a REIT. At the same time that Nareit created and defined its FFO measure for the REIT industry, it also recognized that "management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community." We believe stockholders, potential investors, and financial analysts who review our operating performance are best served by an FFO run-rate earnings measure that includes certain adjustments to net income (loss), in addition to adjustments made to arrive at the Nareit defined measure of FFO. FFO as Adjusted is used by management in analyzing our business and the performance of our properties and we believe it is important that stockholders, potential investors, and financial analysts understand this measure used by management. We use FFO as Adjusted to: (i) evaluate our performance in comparison with expected results and results of previous periods, relative to resource allocation decisions; (ii) evaluate the performance of our Manager; (iii) budget and forecast future results to assist in the allocation of resources; (iv) assess our performance as compared with similar real estate companies and the industry in general; and (v) evaluate how a specific potential investment will impact our future results. Other REITs or real estate companies may use different methodologies for calculating an adjusted FFO measure, and accordingly, our FFO as Adjusted may not be comparable to those reported by other REITs. For a reconciliation of net income (loss) to FFO as Adjusted and other relevant disclosures, refer to "Prospectus Summary — Summary Selected Historical and Pro Forma Combined Financial and Other Data — Non-GAAP Financial Measures."

#### Results of Operations

#### Comparison of Results for the Years Ended December 31, 2025 and 2024
 *Net Income (Loss), Nareit FFO and FFO as Adjusted* 

The following table summarizes net income (loss), Nareit FFO and FFO as Adjusted for the years ended December 31, 2025 and 2024 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | |
| | **2025**  | **2024**  | **Change**  |
| Net income (loss)  | $6349 | $(50463) | $56812 |
| Nareit FFO  | 151802 | 119486 | 32316 |
| FFO as Adjusted  | 150795 | 137498 | 13297 |

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The change from net (loss) to net income was primarily as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lower casualty-related losses in 2025 compared with 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • loss on sales of real estate during 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a decrease in depreciation and amortization related to fully depreciated real estate and intangible assets in 2025 and dispositions of real estate in 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an increase in equity income from the JV; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lower general and administrative expenses allocated from Healthpeak due to a decrease in total general and administrative expenses incurred by Healthpeak.

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These positive changes were partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an increase in income tax expense related to an increase in operating income from our life plan communities, the release of a valuation allowance and recognition of a corresponding income tax benefit in connection with a merger of certain taxable REIT subsidiaries in 2024, and the tax benefit from casualty-related losses recognized in 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an increase in transaction costs related to organization, legal, professional, and other costs associated with Janus Living.

Nareit FFO increased primarily as a result of the aforementioned events impacting net income (loss), except for the following, which are excluded from Nareit FFO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • loss on sales of real estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • depreciation and amortization expense.

FFO as Adjusted increased primarily as a result of the aforementioned events impacting Nareit FFO, except for the following, which are excluded from FFO as Adjusted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reversal of valuation allowances on deferred tax assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • casualty-related losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transaction and restructuring-related costs.

 *Other Income and Expense Items* 

The following table summarizes our other income and expense items for the years ended December 31, 2025 and 2024 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | |
| | **2025**  | **2024**  | **Change**  |
| Depreciation and amortization  | $126356 | $137186 | $(10830) |
| General and administrative  | 10549 | 11921 | (1372) |
| Interest expense  | 3797 | 3942 | (145) |
| Transaction costs  | 1607 |  | 1607 |
| Gain (loss) on sales of real estate, net  |  | (16413) | 16413 |
| Other income (expense), net  | 863 | (32417) | 33280 |
| Income tax benefit (expense)  | (11339) | 11490 | (22829) |
| Equity income (loss) from unconsolidated joint venture  | 4068 | 1894 | 2174 |

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<u>Depreciation and amortization</u> 

Depreciation and amortization expense decreased for the year ended December 31, 2025 primarily as a result of fully depreciated and amortized real estate and intangible assets in 2025 and dispositions of real estate in 2024.

<u>General and administrative</u> 

General and administrative expenses decreased for the year ended December 31, 2025 primarily as a result of a decrease in the allocation of general and administrative expenses from Healthpeak primarily as a result of lower general and administrative expense incurred at Healthpeak.

<u>Interest expense</u> 

Interest expense decreased for the year ended December 31, 2025 as a result of a decrease in the outstanding debt balances due to scheduled principal amortization payments each year.

<u>Transaction costs</u> 

Transaction costs increased for the year ended December 31, 2025 primarily as a result of organization, legal, professional, and other related costs associated with Janus Living.

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<u>Gain (loss) on sales of real estate, net</u> 

Loss on sales of real estate, net decreased for the year ended December 31, 2025 as a result of no dispositions of real estate in 2025.

<u>Other income (expense), net</u> 

Other income increased for the year ended December 31, 2025 primarily as a result of casualty-related losses from Hurricane Milton during 2024.

<u>Income tax benefit (expense)</u> 

Income tax expense increased for the year ended December 31, 2025 primarily as a result of an increase in operating income associated with our life plan communities, the release of a valuation allowance and recognition of a corresponding income tax benefit in connection with a merger of certain taxable REIT subsidiaries in 2024, and the tax benefit from casualty-related losses recognized in 2024.

<u>Equity income (loss) from unconsolidated joint venture</u> 

Equity income from unconsolidated joint venture increased for the year ended December 31, 2025 primarily as a result of increased equity income from the JV from higher net operating income and lower net casualty losses in 2025 compared to 2024.

 *Same-Store and Total Portfolio Analysis* 

For the year ended December 31, 2025, our Same-Store consists of 15 properties representing properties fully operating on or prior to January 1, 2024 and that remained in operation through December 31, 2025. Our total property portfolio consisted of 34 properties as of each December 31, 2025 and 2024.

The following table summarizes results for our Same-Store and total property portfolio at and for the years ended December 31, 2025 and 2024 (dollars in thousands, except per unit data):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Same-Store<sup>(2)</sup>**  | **Same-Store<sup>(2)</sup>**  | **Same-Store<sup>(2)</sup>**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  |
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  | **Change**  | **2025**  | **2024**  | **Change**  |
| Resident fees and services  | $603989 | $568475 | $35514 | $603989 | $568475 | $35514 |
| Operating expenses  | (447374) | (428435) | (18939) | (448923) | (430443) | (18480) |
|  Predecessor's share of unconsolidated joint venture revenues less expenses  |  |  |  | 23068 | 22303 | 765 |
| NOI  | 156615 | 140040 | 16575 | 178134 | 160335 | 17799 |
| Adjustments to NOI<sup>(1)</sup>  | (2492) | (3122) | 630 | (2462) | (3024) | 562 |
| Adjusted NOI  | $154123 | $136918 | $17205 | $175672 | $157311 | $18361 |
|  Plus (less): Non-Same-Store adjustments  |  |  |  | (21549) | $(20393) | (1156) |
| Same-Store Adjusted NOI  |  |  |  | $154123 | $136918 | $17205 |
| Adjusted NOI% Change  |  |  | 12.6% |  |  |  |
| Property count  | 15 | 15 |  | 34 | 34 |  |
| Average occupancy<sup>(3)</sup>  | 86.6% | 85.4% | 120 bps  | 85.6% | 84.3% | 130 bps  |
| Average occupied units<sup>(4)</sup>  | 6115 | 6041 | 74 | 7578 | 7473 | 105 |
| RevPOR per month<sup>(5)</sup>  | $8231 | $7842 | $389 | $7625 | $7305 | $320 |

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(1) Represents adjustments we make to calculate Adjusted NOI in accordance with our definition of Adjusted NOI. Refer to "— Non-GAAP Financial Measures" above for the definition of Adjusted NOI.

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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;

(2) From our presentation of Same-Store, we exclude 19 properties that do not meet the definition of Same-Store.

(3) Refer to "— Non-GAAP Financial Measures" above for the definition of Same-Store.

(4) Represents average occupied units as reported by the operators for the twelve-month period.

(5) Represents annual RevPOR divided by a factor of twelve.

Same-Store Adjusted NOI and Total Portfolio Adjusted NOI increased primarily as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increased rates for resident fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • higher occupancy; partially offset by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • higher costs of compensation and property management, repairs and maintenance, utilities, and other operating expenses.

 *Segment Analysis* 

We conduct our business in one operating segment and therefore have one reportable segment. Refer to Note 13 to our predecessor's combined financial statements included elsewhere in this prospectus for information regarding our reportable segment.

#### Liquidity and Capital Resources
As of December 31, 2025, we had $19.7 million of cash and cash equivalents. We currently expect that our principal sources of funding will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • current cash balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the net proceeds from this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cash flows from operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the new credit facilities that we expect to enter into in connection with this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other forms of debt financings and equity offerings.

Our liquidity requirements and capital commitments primarily consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • operating activities and overall working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • future acquisition, transactional and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • debt service obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • stockholder distributions.

We expect that our funding sources as noted above are adequate and will continue to be adequate to meet our short-term liquidity requirements and capital commitments. We expect to utilize the same sources of capital we will rely on to meet our short-term liquidity requirements to also meet our long-term liquidity requirements, which include funding our operating activities, our debt service obligations and stockholder distributions, and capital expenditures, including our future development, transactional and acquisition activities.

#### Dividends and Distributions
We are required to distribute 90% of our REIT taxable income (excluding capital gains) on an annual basis in order to continue to qualify as a REIT for U.S. federal income tax purposes. See "United States Federal Income Tax Considerations — Taxation of Our Company — Annual Distribution Requirements." Accordingly, we intend to make, but are not contractually bound to make, regular quarterly distributions to stockholders from cash flows from our operating activities. All such distributions are at the discretion of

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our Board. We consider market factors and our performance in addition to REIT requirements in determining distribution levels. Amounts accumulated for distribution to stockholders are primarily invested in interest-bearing accounts, which are consistent with our intention to maintain our REIT status.

As a result of this distribution requirement, we cannot rely on retained earnings to fund our ongoing operations to the same extent that other companies which are not REITs can. We may need to continue to raise capital in the debt and equity markets to fund our working capital needs, as well as potential developments in new or existing properties or acquisitions. In addition, we may be required to use borrowings under the revolving credit facility that we expect to enter into in connection with this offering or other sources of debt and equity capital, if necessary, to meet REIT distribution requirements and maintain our REIT status.

#### Indebtedness to be Outstanding Upon Completion of This Offering and the Formation Transactions
The following table summarizes our outstanding indebtedness as of December 31, 2025 on a historical and a pro forma basis (in thousands):

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025**  | **As of December 31, 2025**  |
| | **Historical**  | **Unaudited <br> Pro Forma**  |
| Mortgage debt<sup>(1)</sup>  | $102688 | $— |
| Revolving credit facility<sup>(2)</sup>  |  |  |
| Delayed-draw term loan facility<sup>(2)</sup>  |  |  |

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(1) On January 30, 2026, we fully repaid our outstanding mortgage loans for an aggregate payment of $103 million ("Mortgage Settlements"), inclusive of accrued interest and prepayment penalties of $375 thousand and $1 million, respectively.

(2) We expect to enter into the revolving credit facility and the delayed-draw term loan facility upon completion of this offering. We expect the new credit facilities will be undrawn upon completion of this offering.

For further information regarding outstanding indebtedness, please see Note 7 to our predecessor's combined financial statements included elsewhere in this prospectus.

 *New Credit Facilities* 

Concurrently with the completion of this offering, we expect to enter into a $500 million revolving credit facility (the "revolving credit facility") and $100 million delayed-draw term loan facility (the "delayed-draw term loan facility") with lenders that will include affiliates of certain of the underwriters of this offering (collectively, the "new credit facilities"). We have the option to increase the revolving credit facility, increase the delayed-draw term loan facility and/or obtain incremental term loans so long as the aggregate principal amount of the revolving credit facility, the delayed-draw term loan facility and such incremental term loans does not exceed $1.5 billion, subject to customary requirements, including obtaining additional lender commitments.

Initially, borrowings under the new credit facilities will bear interest at (i) in the case of the revolving credit facility, the secured overnight financing rate plus a margin of between 105 and 155 basis points and (ii) in the case of the delayed-draw term loan facility, the secured overnight financing rate plus a margin of between 110 and 180 basis points, in each case based on a leverage-based pricing grid. At our election and subject to our non-credit enhanced, senior unsecured long-term debt obtaining an investment grade rating from either S&P Global Ratings or Moody's Investors Service, Inc., borrowings under the new credit facilities will bear interest at (i) in the case of the revolving credit facility, the secured overnight financing rate plus a margin of between 65 and 135 basis points and (ii) in the case of the delayed-draw term loan facility, the secured overnight financing rate plus a margin of between 70 and 155 basis points, in each case based on a debt rating-based pricing grid. In each case, the new credit facilities will allow for customary alternate base rate interest elections. Principal payments are due at maturity with optional prepayments at our discretion,

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and the revolving credit facility will be subject to customary mandatory prepayment provisions. We will incur customary legal, arrangement, and administrative fees in connection with entering into the new credit facilities.

The revolving credit facility matures four years following the closing date with two six-month extension periods available, subject to certain conditions. The revolving credit facility also imposes a facility fee of (i) initially, 15 to 35 basis points on the aggregate amount of commitments under the revolving credit facility, based on a leverage-based pricing grid and (ii) at our election and subject to our non-credit enhanced, senior unsecured long-term debt obtaining an investment grade rating from either S&P Global Ratings or Moody's Investors Service, Inc., 10 to 30 basis points on the aggregate amount of commitments under the revolving credit facility, based on a debt rating-based pricing grid.

Subject to certain conditions, term loans may be borrowed under the delayed-draw term loan facility on or after the closing date to but excluding the date that is 270 days after the closing date in no more than five borrowings. Term loans borrowed under the delayed-draw term loan facility will mature five years following the closing date. Additionally, the delayed-draw term loan facility imposes a ticking fee equal to 15 basis points per annum on the daily amount of the undrawn commitments of the delayed-draw term loan facility, solely during the period beginning on the date that is 120 days from the closing date and ending on the date that is 270 days from the closing date.

The new credit facilities will contain customary non-financial and affirmative covenants and financial covenants.

The non-financial negative covenants will include customary limitations relating to, among other topics, (i) incurring liens, (ii) incurring indebtedness, (iii) making any fundamental changes, (iv) making dispositions, (v) making restricted payments, (vi) making changes in the nature of business, (vii) entering into transactions with affiliates, (viii) entering into burdensome agreements, and (ix) complying with sanctions. In each case, the negative covenants are subject to customary "basket" exceptions, limitations, exclusions and materiality and dollar-based thresholds.

The financial covenants will require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

our maximum leverage ratio, based upon the ratio of total indebtedness to total gross asset value, to be less than or equal to 0.60 to 1.00 as of the end of any fiscal quarter, subject to limited increases in the permitted maximum leverage ratio in connection with material acquisitions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

our maximum secured debt ratio, based upon the ratio of total secured indebtedness to total gross asset value, to be less than or equal to 0.40 to 1.00 as of the end of any fiscal quarter,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

our minimum fixed charge coverage ratio, based upon the ratio of total EBITDA (as defined in the new credit facilities) to total fixed charges, to be equal to or greater than 1.50 to 1.00 as of the end of any fiscal quarter,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

our maximum unsecured leverage ratio, based upon the ratio of total unsecured indebtedness to total unencumbered asset value, to be less than or equal to 0.60 to 1.00 as of the end of any fiscal quarter, subject to limited increases in the permitted maximum unsecured leverage ratio in connection with material acquisitions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)

our minimum consolidated tangible net worth to be equal to or greater than an amount equal to the *sum* of (x) 75% of the consolidated tangible net worth as of the last fiscal quarter ending immediately prior to the closing date (after giving effect to this offering) *plus* (y) an amount equal to 75% of the net proceeds received by us from any offering of equity interests accruing after the closing date, as of the end of any fiscal quarter, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi)

our minimum unsecured interest coverage ratio, based upon the ratio of unencumbered net operating income to unsecured interest expense, to be equal to or greater than 1.75 to 1.00 as of the end of any fiscal quarter.

We do not intend to draw upon the revolving credit facility or the delayed-draw term loan facility until after the completion of this offering.

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#### Capital Expenditures
During the year ended December 31, 2025, capital expenditures for our communities totaled $136.9 million, primarily comprised of revenue enhancing capital expenditures of $59.0 million, recurring capital expenditures of $25.7 million, and casualty-related capital expenditures of $52.2 million. During the year ended December 31, 2024, capital expenditures for our communities totaled $75.2 million, primarily comprised of revenue enhancing capital expenditures of $43.5 million, recurring capital expenditures of $24.5 million, and casualty-related capital expenditures of $7.2 million. During the year ended December 31, 2023, capital expenditures for our communities totaled $115.8 million, primarily comprised of revenue enhancing capital expenditures of $61.1 million, recurring capital expenditures of $25.8 million, and casualty-related capital expenditures of $26.0 million. During the year ended December 31, 2022, capital expenditures for our communities totaled $70.0 million, primarily comprised of revenue enhancing capital expenditures of $43.1 million, recurring capital expenditures of $19.6 million, and casualty-related capital expenditures of $3.3 million. Capital expenditures for our communities is comprised of capital expenditures of our life plan communities plus our share of capital expenditures of the JV. Revenue enhancing capital expenditures include costs incurred to build out suites in shell condition or to reposition space that is expected to result in additional revenue upon the space being re-leased. Recurring capital expenditures include costs incurred in our operating portfolio required to maintain the properties in current market condition and generally are recurring in nature. Casualty-related capital expenditures include costs incurred in connection with a casualty event.

#### Quarterly Results of Operations and Other Data
The following tables set forth selected unaudited quarterly data regarding our results of operations for our last eight completed fiscal quarters. The quarterly results of operations presented should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this prospectus, and are not necessarily indicative of our operating results for any future period. For definitions of the non-GAAP metrics presented below and a statement of why our management believes the presentation of these metrics provides useful information to investors and any additional purposes for which management uses such metrics, see "Prospectus Summary — Summary Selected Historical and Pro Forma Consolidated Financial and Other Data — Non-GAAP Financial Measures."

The table below reconciles Nareit FFO and FFO as Adjusted to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, in each case for the last eight completed fiscal quarters.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  |
| **(in thousands)**  | **December 31, <br> 2025**  | **September 30, <br> 2025**  | **June 30, <br> 2025**  | **March 31, <br> 2025**  | **December 31, <br> 2024**  | **September 30, <br> 2024**  | **June 30, <br> 2024**  | **March 31, <br> 2024**  |
| Net income (loss)  | $9617 | $1412 | $(2570) | $(2110) | $(32944) | $(7340) | $(4457) | $(5722) |
| &nbsp;&nbsp;&nbsp; Real estate related depreciation and amortization  | 31481 | 30885 | 31191 | 32799 | 34749 | 34274 | 34143 | 34020 |
| &nbsp;&nbsp;&nbsp; Our share of real estate related <br> depreciation and amortization from <br> our unconsolidated joint venture  | 4821 | 4772 | 4778 | 4726 | 4674 | 4680 | 4658 | 4584 |
| &nbsp;&nbsp;&nbsp; Loss (gain) on sales of depreciable real estate, net  |  |  |  |  | 16413 |  |  |  |
| &nbsp;&nbsp;&nbsp; Taxes associated with real estate dispositions<sup>(1)</sup>  |  |  |  |  | (2246) |  |  |  |
| Nareit FFO  | $45919 | $37069 | $33399 | $35415 | $20646 | $31614 | $34344 | $32882 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  | **Three months ended**  |
| **(in thousands)**  | **December 31, <br> 2025**  | **September 30, <br> 2025**  | **June 30, <br> 2025**  | **March 31, <br> 2025**  | **December 31, <br> 2024**  | **September 30, <br> 2024**  | **June 30, <br> 2024**  | **March 31, <br> 2024**  |
| Impact of adjustments to Nareit FFO: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Transaction and restructuring-related <br> costs<sup>(2)</sup>  | $1607 | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Casualty-related charges (recoveries), <br> net<sup>(3)</sup>  | (6561) | (261) | 2814 | 1394 | 27036 | 1661 | 126 |  |
| &nbsp;&nbsp;&nbsp; Recognition (reversal) of valuation allowance on deferred tax <br> assets<sup>(4)</sup>  |  |  |  |  | (10811) |  |  |  |
| Total adjustments  | $4954 | $(261) | $2814 | $1394 | $16225 | $1661 | $126 | $— |
| FFO as Adjusted  | $40965 | $36808 | $36213 | $36809 | $36871 | $33275 | $34470 | $32882 |
| Other Operating Data: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deferred income taxes  | $2800 | $1198 | $2656 | $2659 | $3616 | $115 | $918 | $477 |
| &nbsp;&nbsp;&nbsp; Amortization of deferred financing costs and debt discounts (premiums)  | (186) | (186) | (183) | (181) | (185) | (184) | (182) | (182) |
| &nbsp;&nbsp;&nbsp; Non-refundable entrance fees in excess of (less than) the related GAAP amortization  | 17356 | 12711 | 19042 | 4696 | 23149 | 11046 | 12117 | 7385 |
| &nbsp;&nbsp;&nbsp; Recurring capital expenditures  | (11592) | (5761) | (3279) | (286) | (9350) | (5195) | (4288) | (2123) |
| &nbsp;&nbsp;&nbsp; Other items<sup>(5)</sup>  | (4165) | (388) | (1744) | (971) | (2993) | (573) | (2457) | (523) |

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(1) The three months ended December 31, 2024 includes the income tax benefit related to the disposition of a portfolio comprised of a land parcel and various vacant buildings on certain campuses.

(2) The three months ended December 31, 2025 includes transaction costs comprised of organization, legal, professional, and other related costs associated with Janus Living, which will be reimbursed to Healthpeak upon completion of the offering.

(3) During the three months ended December 31, 2024, our predecessor incurred casualty-related charges associated with Hurricane Milton. Casualty-related charges are recognized in other income (expense), net and equity income (loss) from the JV in our predecessor's combined statements of operations.

(4) The three months ended December 31, 2024 includes the release of a valuation allowance and recognition of a corresponding income tax benefit in connection with a merger of certain TRSs. See Note 14 to our predecessor's combined financial statements included elsewhere in this prospectus.

(5) Includes our predecessor's share of the JV's recurring capital expenditures and actuarial reserves for insurance claims that have been incurred but not reported.

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The table below reconciles NOI and Adjusted NOI to net income (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, in each case for the last eight completed fiscal quarters.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |
| **(in thousands)**  | **December 31, <br> 2025**  | **September 30, <br> 2025**  | **June 30, <br> 2025**  | **March 31, <br> 2025**  | **December 31, <br> 2024**  | **September 30, <br> 2024**  | **June 30, <br> 2024**  | **March 31, <br> 2024**  |
| Net income (loss)  | $9617 | $1412 | $(2570) | $(2110) | $(32944) | $(7340) | $(4457) | $(5722) |
| Depreciation and amortization  | 31481 | 30885 | 31191 | 32799 | 34749 | 34274 | 34143 | 34020 |
| General and administrative  | 2768 | 2267 | 2382 | 3132 | 2975 | 2761 | 3196 | 2989 |
| Interest expense  | 950 | 950 | 949 | 948 | 979 | 984 | 983 | 996 |
| Transaction costs  | 1607 |  |  |  |  |  |  |  |
| (Gain) loss on sales of real estate, net  |  |  |  |  | 16413 |  |  |  |
| Other (income) expense, net  | (7370) | 98 | 4029 | 2380 | 31745 | 432 | 175 | 65 |
| Income tax (benefit) expense  | 5076 | 1576 | 2096 | 2591 | (15899) | 1349 | 1826 | 1234 |
|  Equity (income) loss from unconsolidated joint ventures  | (616) | (992) | (1009) | (1451) | (896) | 402 | (725) | (675) |
|  Janus Living Predecessor's share of unconsolidated joint venture NOI  | 5274 | 5639 | 6020 | 6135 | 5621 | 5660 | 5588 | 5434 |
| NOI  | $48787 | $41835 | $43088 | $44424 | $42743 | $38522 | $40729 | $38341 |
| Adjustments to NOI<sup>(1)</sup>  | (1564) | (22) | (881) | 5 | (1489) | 21 | (1511) | (45) |
| Adjusted NOI  | $47223 | $41813 | $42207 | $44429 | $41254 | $38543 | $39218 | $38296 |

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(1) Includes the effects of actuarial reserves for insurance claims that have been incurred but not reported.

The table below presents information on our capacity by unit type for each of the last eight completed fiscal quarters.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |
| | **March 31, <br> 2024**  | **June 30, <br> 2024**  | **September 30, <br> 2024**  | **December 31, <br> 2024**  | **March 31, <br> 2025**  | **June 30, <br> 2025**  | **September 30, <br> 2025**  | **December 31, <br> 2025**  |
|  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  |
| Independent Living  | 4847 | 4820 | 4819 | 4819 | 4823 | 4824 | 4826 | 4826 |
| Assisted Living  | 921 | 921 | 921 | 921 | 921 | 921 | 921 | 921 |
| Memory Care  | 304 | 304 | 304 | 304 | 304 | 304 | 304 | 304 |
| Skilled Nursing  | 1016 | 1016 | 1016 | 1016 | 1016 | 1016 | 1016 | 1016 |
| Total  | 7088 | 7061 | 7060 | 7060 | 7064 | 7065 | 7067 | 7067 |
|  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  |
| Independent Living  | 2442 | 2442 | 2442 | 2442 | 2442 | 2441 | 2441 | 2441 |
| Assisted Living  | 645 | 645 | 645 | 646 | 645 | 646 | 647 | 647 |
| Memory Care  | 166 | 166 | 166 | 165 | 166 | 166 | 166 | 166 |
| Skilled Nursing  | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 |
| Total  | 3354 | 3354 | 3354 | 3354 | 3354 | 3354 | 3355 | 3355 |
|  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  |
| Independent Living  | 7289 | 7262 | 7261 | 7261 | 7265 | 7265 | 7267 | 7267 |
| Assisted Living  | 1566 | 1566 | 1566 | 1567 | 1566 | 1567 | 1568 | 1568 |
| Memory Care  | 470 | 470 | 470 | 469 | 470 | 470 | 470 | 470 |
| Skilled Nursing  | 1117 | 1117 | 1117 | 1117 | 1117 | 1117 | 1117 | 1117 |
| Total  | 10442 | 10415 | 10414 | 10414 | 10418 | 10419 | 10422 | 10422 |

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The table below presents information on our average occupancy by unit type for each of the last eight completed fiscal quarters.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |
| | **March 31, <br> 2024**  | **June 30, <br> 2024**  | **September 30, <br> 2024**  | **December 31, <br> 2024**  | **March 31, <br> 2025**  | **June 30, <br> 2025**  | **September 30, <br> 2025**  | **December 31, <br> 2025**  |
|  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  | **Life Plan Communities / Same-Store**  |
| Independent Living  | 83.2% | 83.2% | 83.3% | 84.3% | 84.7% | 85.0% | 86.1% | 86.9% |
| Assisted Living  | 91.1% | 92.8% | 91.2% | 91.4% | 89.7% | 89.7% | 89.4% | 90.6% |
| Memory Care  | 87.8% | 89.5% | 90.4% | 87.9% | 88.1% | 89.1% | 92.2% | 92.5% |
| Skilled Nursing  | 88.6% | 88.3% | 87.2% | 87.3% | 89.1% | 86.4% | 85.7% | 85.4% |
| Total  | 85.2% | 85.4% | 85.2% | 85.8% | 86.2% | 86.0% | 86.7% | 87.4% |
|  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  | **Senior Housing / Non-Same-Store**  |
| Independent Living  | 78.3% | 79.6% | 81.4% | 82.3% | 82.1% | 82.7% | 83.7% | 83.2% |
| Assisted Living  | 74.2% | 73.2% | 75.2% | 75.7% | 74.3% | 75.3% | 75.2% | 75.9% |
| Memory Care  | 87.3% | 91.6% | 90.8% | 91.0% | 87.6% | 86.6% | 86.4% | 82.9% |
| Skilled Nursing  | 82.2% | 76.6% | 85.2% | 80.9% | 78.4% | 77.8% | 83.9% | 82.3% |
| Total  | 78.1% | 78.9% | 80.8% | 81.4% | 80.8% | 81.3% | 82.2% | 81.7% |
|  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  | **Total Portfolio**  |
| Independent Living  | 82.1% | 82.4% | 82.9% | 83.9% | 84.2% | 84.5% | 85.6% | 86.1% |
| Assisted Living  | 86.5% | 87.5% | 86.8% | 87.1% | 85.5% | 85.8% | 85.5% | 86.6% |
| Memory Care  | 87.7% | 90.0% | 90.5% | 88.6% | 88.0% | 88.5% | 90.9% | 90.3% |
| Skilled Nursing  | 88.3% | 87.7% | 87.1% | 86.9% | 88.6% | 86.0% | 85.6% | 85.3% |
| Total  | 83.7% | 84.1% | 84.3% | 84.9% | 85.1% | 85.0% | 85.8% | 86.3% |

---

#### Historical Cash Flows
The following summary discussion of our cash flows is based on our predecessor's combined statements of cash flows and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

The following table sets forth changes in cash flows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | | |
| | **2025**  | **2024**  | **Change ($)**  |<br> **Change %**  |
| Net cash provided by (used in) operating activities  | $136816 | $128561 | $8255 | 6.4% |
| Net cash provided by (used in) investing activities  | (93793) | (44106) | (49687) | 112.7% |
| Net cash provided by (used in) financing activities  | (37828) | (82335) | 44507 | (54.1)% |

---

#### Operating Cash Flows
Our cash flows from operations are dependent upon the occupancy levels of our properties, residency rates, our operators' performance, the level of operating expenses, and other factors. For the year ended December 31, 2025, our net cash provided by operating activities was $136.8 million, an increase of $8.3 million, or 6.4%, compared to $128.6 million for the year ended December 31, 2024. The increase was primarily due to an increase in NOI from our life plan communities and non-refundable entrance fee collections, partially offset by an increase in transaction costs.

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#### Investing Cash Flows
Our cash flows from investing activities are generally used to fund capital expenditures, net of proceeds received from sales of real estate and distributions received from the JV. For the year ended December 31, 2025, cash used for investing activities was $93.8 million, an increase of $49.7 million, or 112.7%, compared to $44.1 million for the year ended December 31, 2024. The increase was primarily due to an increase in cash used for capital expenditures, including casualty-related expenditures, and a decrease in proceeds from the sales of real estate, partially offset by an increase in proceeds received from insurance recoveries.

#### Financing Activities
Our cash flows from financing activities are generally impacted by repayments under our mortgage debt, payments of offering costs, and distributions or contributions from Healthpeak. For the year ended December 31, 2025, cash used in financing activities was $37.8 million, a decrease of $44.5 million, or 54.1%, compared to $82.3 million for the year ended December 31, 2024. The decrease was primarily due to a decrease in net distributions to Healthpeak and an increase in payments of offering costs.

#### Off-Balance Sheet Arrangements
As of December 31, 2025, we had no material off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

#### Critical Accounting Policies and Estimates
Our predecessor's combined financial statements have been prepared in accordance with GAAP, which requires management to use judgment in the application of critical accounting estimates and assumptions. We base estimates on the best information available to us at the time, our experience, and on various other assumptions believed to be reasonable under the circumstances. These estimates could affect our financial position or results of operations. If our judgment or interpretation of the facts and circumstances relating to various transactions or other matters had been different, it is possible that different accounting would have been applied, resulting in a different presentation of our predecessor's combined financial statements. From time to time, we re-evaluate our estimates and assumptions. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. Below is a discussion of accounting estimates that we consider critical in that they may require complex judgment in their application or require estimates about matters that are inherently uncertain. For a more detailed discussion of our significant accounting policies, including those related to critical accounting estimates further discussed below, see Note 2 to our predecessor's combined financial statements.

#### Impairment of Long-Lived Assets and Unconsolidated Joint Ventures
We assess the carrying value of our predecessor's real estate assets and related intangibles ("real estate assets") when events or changes in circumstances indicate that the carrying value may not be recoverable. Recoverability of real estate assets is measured by comparing the carrying amount of the real estate assets to the respective expected future undiscounted cash flows. The expected future undiscounted cash flows reflect external market factors, and based on the specific facts and circumstances, may be probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Additionally, the expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. In order to review our real estate assets for recoverability, we make assumptions such as those regarding external market conditions (including capitalization rates), forecasted cash flows (primarily rates for resident fees and services, expense rates, forecasted occupancy, and growth rates) and sales prices, and our intent with respect to holding or disposing of the asset. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an estimated future undiscounted cash flow basis, we recognize an impairment charge to the extent that the carrying value of the real estate asset exceeds their fair value.

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Determining the fair value of real estate assets involves significant judgment and generally utilizes market capitalization rates, discount rates, comparable market transactions, estimated per unit prices, negotiations with prospective buyers and forecasted cash flows (which are subject to certain assumptions as discussed above).

We also review our predecessor's equity method investment for indicators of impairment. If the equity method investment shows indicators of impairment, we compare the fair value of the equity method investment to its carrying value. When we determine a decline in fair value below carrying value is other-than-temporary, an impairment is recorded. In our evaluation, we consider various factors, including the performance of the investment, our investment strategy, and market conditions, including the impact to market rents, capitalization rates, and supply and demand for dwelling units. Determining the fair value of our equity method investment is generally based on discounted cash flows which are subjective and consider assumptions regarding forecasted occupancy, rates for resident fees, capitalization rates, discount rates, and expected capital expenditures.

Our ability to accurately predict future operating results and resulting cash flows, and estimate fair values, impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our predecessor's combined financial statements.

#### Actuarial Estimates Affecting Amortization of Non-Refundable Entrance Fees and Obligation to Provide Future Services
We make significant estimates and judgments in accounting for non-refundable entrance fees and our predecessor's obligation to provide future services and use of facilities, which require the use of complex actuarial models and assumptions that affect both the timing of revenue recognition and the measurement of our long-term obligations to residents.

Residents of our predecessor's entrance fee communities typically pay a one-time entrance fee, which includes both a refundable portion and a non-refundable portion. The non-refundable portion is recorded as deferred revenue and amortized into revenue on a straight-line basis over the estimated stay of the resident. We utilize third-party actuarial experts to develop life expectancy estimates using resident-specific data, historical community data, and mortality and morbidity rates. Changes in the estimated stay of the resident, if applicable, affect revenue recognition.

Under certain residency and care agreements, our predecessor is obligated to provide future services to residents and use of facilities over the remaining stay. We evaluate this obligation annually, with support from third-party actuarial experts, by estimating the present value of the expected net cost of providing these future services and use of facilities and comparing that amount with the balance of deferred non-refundable entrance fees and the present value of expected future cash flows. If the actuarially-determined net cost exceeds the discounted future cash flows and deferred non-refundable entrance fees, our predecessor recognizes an additional liability.

Actuarial assumptions include mortality and morbidity rates, estimates of future rates for resident fees and operating expenses, and historical community data. In developing our cash flow estimates, we consider historical rates for resident fees and operating expenses, growth rates, inflation, discount rates, and other historical community data. Increases in estimated healthcare costs or longer-than-expected resident stay may increase the present value of future service obligations. Conversely, higher discount rates or increased future cash inflows may reduce the estimated obligation.

While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our predecessor's combined financial statements.

#### New Accounting Pronouncements
Refer to Note 2 to our predecessor's combined financial statements included elsewhere in this prospectus for more information regarding applicable new accounting pronouncements.

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#### Quantitative and Qualitative Disclosures About Market Risk
Our future income and cash flows relevant to financial instruments are dependent upon prevalent market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates.

Subject to qualifying and maintaining our qualification as a REIT for U.S. federal income tax purposes, we may mitigate the risk of interest rate volatility through the use of hedging instruments, such as interest rate swap agreements and interest rate cap agreements. Our primary objectives when undertaking hedging transactions will be to reduce our floating rate exposure and to fix a portion of the interest rate for anticipated financing and refinancing transactions. However, we can provide no assurances that our efforts to manage interest rate volatility will successfully mitigate the risks of such volatility on our portfolio.

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#### INDUSTRY AND MARKET OVERVIEW
 *Unless otherwise indicated, all information in this "Industry and Market Overview" section is derived from the market study prepared for us by JLL.* 

#### Overview of the Senior Housing Sector
Demographic shifts from an aging population are driving senior housing demand in the United States. As these shifts accelerate and seniors seek to simplify their lifestyle and hedge against future care needs, independent living and life plan communities are poised to benefit. Senior housing is the only major property type to have exceeded pre-pandemic transaction volumes. The sector is currently performing exceptionally well from a fundamental standpoint, where robust rent growth and outsized NOI growth are leading to a compelling performance outlook now amplified by a more favorable interest rate environment.

#### Market Overview and Demand Drivers

#### Demographic shifts underpin senior housing demand
The demand outlook for the senior housing sector is tied to the aging population. Forecasts show the population aged over 75 increasing by 29.3% from 2025 to 2035 compared to 3.7% growth for the under-75 population. The U.S. population over age 75, the target for entry into senior housing, is expected to increase by 7.8 million people during this timeframe.

As the senior population increases, the caregiver ratio (the ratio of persons 45-64 to persons 80+) is anticipated to decline from 5.2 to 1 in 2025 to 3.5 to 1 in 2035. A 2020 study by AARP found that 42% of adults aged over 55 who had difficulty with one or more Activities of Daily Living (ADLs) were single and did not have children.

The aging population, fewer available caregivers, and more seniors without family support will drive increased demand for institutional care facilities. While seniors account for 18% of the population, they are estimated to drive 36% of healthcare expenditures, according to a 2021 Kaiser Family Foundation study.

#### The 75 ± population is forecasted to grow 29.3% in the next ten years, compared with just 6% overall population growth
![[MISSING IMAGE: bc_populationgrowth-4c.jpg]](bc_populationgrowth-4c.jpg)

Source: JLL Research, Lightcast

While the minimum age for active adult properties is typically 55 years and life plan communities are generally available to those with a minimum age of 65, the average age of residents in senior housing is usually in the mid-to-late 80s depending on care type. Active Adult communities (age-restricted rental communities without dining and housekeeping) cater to younger residents with lifestyle-focused amenities,

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with an average age in the mid-70s, while life plan communities provide similar amenities for independent living with an option for escalating levels of care as residents age.

#### Primary and secondary senior housing markets
The below map reflects the 31 largest (Primary) and next 68 largest (Secondary) metropolitan statistical areas (MSAs) for senior housing in the continental U.S.

![[MISSING IMAGE: mp_seniorhousingmark-4c.jpg]](mp_seniorhousingmark-4c.jpg)

Source: JLL Research, NICMap

#### Migration trends and impact on senior housing
California, Florida, Texas, New York and Pennsylvania are the five states with the highest population count of residents aged over 75, collectively totaling some 10.1 million people as of 2025. Of the top 15 states with the largest number of seniors, Texas, Washington, Georgia, North Carolina and Florida are expected to see the highest rates of growth over the next five years. The theme of outsized growth in the Sun Belt is pronounced, with four of the fastest-growing large population states for seniors being in the Sun Belt.

When looking at the highest-growing MSAs that are home to more than 50,000 seniors aged over 75, the Sun Belt growth trend is further evident, with nearly 70% of those MSAs being in the Sun Belt. Markets topping the growth forecasts include Myrtle Beach, SC (26.8% growth in the population aged over 75 over the next five years), Austin, TX (26.3% growth in the population aged over 75 over the next five years), and Wilmington, NC (23.9% growth in the population aged over 75 over the next five years).

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#### States with largest population bases of seniors to see continued strong growth dynamics; Sun Belt will continue to lead
![[MISSING IMAGE: bc_seniorpopulation-4c.jpg]](bc_seniorpopulation-4c.jpg)

Note: Pertains to the 15 states with the highest count of population 75+ in 2025

Source: JLL Research, Esri

#### Nearly 70% of MSAs with highest growth in population of seniors are in the Sun Belt
![[MISSING IMAGE: bc_growthbymarket-4c.jpg]](bc_growthbymarket-4c.jpg)

Note: Analysis pertains to MSAs with a population of residents 75+ over 50,000. Markets plotted represents the 25 MSAs from this set with the highest growth rates

Source: JLL Research, Esri

#### Industry Structure and Segmentation
Senior housing spans increasing levels of care from independent living, which provides housing, activities, meal options, housekeeping and laundry, to Nursing Care which provides medical care 24-hours per day, seven days a week. Nursing care units are the most prominent type of unit for senior housing, while independent and assisted living comprise close to one-quarter of total units. About half of senior housing facilities are freestanding — comprising one type of unit — while one-third are combined facilities with two or more types of care and the remaining (approximately 18% of facilities) are life plan communities offering a spectrum of care from independent living to skilled nursing, but most also offer memory care or assisted living, typically on one campus.

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#### Senior housing sector spans independent living, assisted living, and memory care
![[MISSING IMAGE: pc_seniorhousingsector-4c.jpg]](pc_seniorhousingsector-4c.jpg)

Source: JLL Research, NICMap, Q4 2025, includes data from top 141 metros

A typical life plan community unit mix is approximately 70-80% independent living, 10-20% assisted living, and 10-20% skilled nursing. This mix is central to the model's economics: independent living typically provides the scale base, larger margins, and longer tenure, while higher-acuity settings provide an internal step-up pathway and broader lifetime value proposition.

#### Amenities and care levels
Independent living serves the most self-sufficient residents (average age 83 in the U.S. as of 2024) with primarily hospitality services like meals, housekeeping, and transportation, featuring multifamily-style apartments with full kitchens and extensive amenities such as fitness centers and dining venues.

Assisted living targets residents requiring assistance with an average of two activities of daily living (ADLs) such as bathing, dressing, eating or walking, providing hands-on personal care in smaller units with supportive design features. Memory care offers the most specialized environment with secured facilities, dementia-specific programming, and the highest staff-to-resident ratios, commanding premium rents. Nursing care provides 24/7 medical supervision and skilled nursing services in institutional-style living.

#### Overview of senior housing sector in U.S.
![[MISSING IMAGE: bc_overviewseniorhousing-4c.jpg]](bc_overviewseniorhousing-4c.jpg)

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Source: JLL Research, NICMap

#### Pricing models for life plan communities, also known as continuing care retirement communities
Approximately half of life plan communities are structured with an entrance fee model, while the rest have a monthly rental contract. In an entrance fee arrangement, the resident pays a large (often partly-refundable) entrance fee ranging from $200,000 to $2 million depending on the unit and contract type along with an additional monthly fee. Contract types describe how residents will pay for escalating levels of care and if care will be guaranteed.

#### Primary structures for Life Plan Community Contracts
![[MISSING IMAGE: tb_structuresforlifeplan-4c.jpg]](tb_structuresforlifeplan-4c.jpg)

Source: JLL Research, NIC Investment Guide, Milliman

Life plan communities sit at the intersection of elective downsizing and a needs-based care decision. While moving into an active adult or independent living community is an elective lifestyle-driven decision, a life plan community incorporates both lifestyle aspects with planning for future required care. Life plan communities also combine housing with coordinated care.

While life plan communities have distinct facilities for each care level, care coordinators at the facility can help residents receive increased care while in independent living units through home nursing care, telehealth and other services. Because of advances in in-home care, some life plan communities are shifting care that would typically be in a skilled nursing facility to aging-in-place within assisted living facilities through enhanced in-home care.

#### Typical care migration
For stand-alone communities, seniors can enter the facility at any point. Average tenure for standalone independent living is around 2.3 years. Independent living facilities provide amenities and recreational activities and include transportation, laundry and meals. Once the resident needs assistance with ADLs like bathing, dressing, eating, or medication management, they require an assisted living facility. Often this will be a person's first step into senior living because they are unable to manage in their prior home.

Many assisted living facilities also offer memory care in a dedicated wing, floor, or building. About 40% of assisted living residents have some form of dementia, according to the National Center for Assisted Living (NCAL). Once a resident requires more focused memory care, including behavioral services, specialized dining options and a more secure facility, they move into a memory care facility either at that campus or another facility.

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Standalone memory care facilities are becoming more common, and the sector has seen significant supply growth in response to projected increases in seniors with Alzheimer's. Residents typically spend about 18 months in memory care before transferring to a skilled nursing facility.

Skilled nursing serves two functions — short-term rehabilitation stays which are typically 1/3 of the population and longer-term residents. Long-term skilled nursing residents may stay in the facility for a year or longer. Many skilled nursing facilities also offer hospice care.

In the life plan community model, residents enter the facility at younger ages, and the decision is typically not needs- or event-driven. Because of this, life plan community residents have a length of stay of 10-12 years upon entry and spend 70-80% of their time in the independent living portion of the facility (often a home-like environment of townhomes, stand-alone units, or apartments).

Residents are increasingly entering independent and assisted Living facilities at higher acuity levels, which can shorten turnover for the community. These facilities sometimes coordinate with home health agencies to provide support with ADLs to enable residents to remain in the community longer.

#### Overview of senior housing sector in U.S.
![[MISSING IMAGE: tb_overviewsector-4c.jpg]](tb_overviewsector-4c.jpg)

Sources:

(1) National Investment Center for Seniors Housing & Care (NIC). (2025). *Choice vs. necessity: Why independent living holds pricing power in 2025* 

(2) American Health Care Association & National Center for Assisted Living (AHCA/NCAL). *Assisted living: Facts and figures* 

(3) Centers for Disease Control and Prevention (CDC), National Center for Health Statistics. (2024). *Long-term care providers and services users in the United States* (Data Brief No. 506)

(4) Zhong, R., et al. (2024). *Patterns of post-acute care utilization and outcomes among older adults*. *JAMA Internal Medicine* 

(5) Centers for Disease Control and Prevention (CDC), National Center for Health Statistics. (2023). *Trends in nursing home utilization and resident characteristics* (National Health Statistics Reports No. 203)

(6) Milliman. (2022). *An introduction to continuing care retirement communities (CCRCs), referred to herein as Life Plan Communities* 

(7) National Investment Center for Seniors Housing & Care (NIC). (2024). *NIC Investment Guide* (7th ed.)

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#### Competitive Landscape

#### Top 10 operators by senior housing property subtype
There is an established landscape of senior housing operators, whose increased sophistication over the past several cycles has helped attract increased institutional capital. The graphic below depicts the top ten operators by senior housing subtype. The top 10 operators control 11% of units.

#### The top 10 senior housing operators by sector
![[MISSING IMAGE: bc_top10seniorhousing-4c.jpg]](bc_top10seniorhousing-4c.jpg)

Source: JLL Research, NICMap

 *Percentage of units owned by the largest owners* 

Industry data sources such as NIC MAP, an industry data platform that tracks more than 15,000 properties within 140 U.S. MSAs, report on the largest owners in the space. Following is a list of the top senior housing owners by asset value: Welltower Inc., Ventas Inc., Brookdale Senior Living, Omega Healthcare Investors, Diversified Healthcare Trust, Sabra Health Care REIT, Healthpeak Properties Inc., Harrison Street Asset Management, Northstar Healthcare Income, Columbia Pacific Advisors. The top 10 owners account for 34% of asset value, which evidences that the operator landscape is more fragmented than the ownership landscape.

According to NIC MAP, roughly 75% of senior housing communities (by unit count) are for-profit, while the remaining 25% are non-profit. Life plan communities, however, are nearly the exact opposite — only 20% of life plan community (entrance fee) units are for-profit, while the remaining 80% are non-profit.

The senior housing market is still diversified, and this is in particular the case in the life plan community sector, showing there is opportunity for consolidation and economies of scale.

#### Regulatory and Reimbursement Environment

#### How Medicare and Medicaid interact with senior housing
Medicare and Medicaid do not directly pay for senior living, as they are focused on providing health services either in short-term rehabilitation stays (Medicare) or skilled nursing for low-income residents (Medicare). For independent living and life plan communities (of which entrance fee life plan communities are primarily composed of IL units), residents are private pay, covering the cost from their available assets.

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Medicaid requires low income or limited assets, and most independent living and life plan community residents have higher net worth, so it is typically not used unless a resident has exhausted the rest of their assets and is in skilled nursing care (and it is permitted in the contract). Because of the limited role of Medicare and Medicaid on independent living and life plan communities, this segment is largely insulated from federal changes to these healthcare programs.

In 2025, the top three areas of regulatory change according to a review from NCAL were related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Direct care staff education and training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Administrator / director education and training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Staff scheduling requirements

Increased staffing and training requirements are particularly aimed at the memory care and assisted living segments, which will have impacts for expenses for life plan communities. For example, in 2025 Arizona expanded its requirements for a memory care services training program which includes specifics on hours, subject matter, etc. In California a broad dementia care program went into effect in January 2025.

#### Life plan community regulations
In 38 states, life plan communities are regulated by the state, typically through the department of insurance or division of aging. Continuing care contracts function like a long-term care insurance product, and regulations allow the state to set requirements on cash reserves and reporting to ensure financial stability. Twelve states and the District of Columbia have no regulation in place for life plan communities.

Recently, several states have changed their laws relating to life plan communities to clarify definitions around life plan communities, require refundability amounts or timeframes. The following table provides an example of legislative trends applicable to life plan communities but is not intended to be comprehensive.

#### Example recent changes to Life Plan Community laws
![[MISSING IMAGE: tb_communitylaws-4c.jpg]](tb_communitylaws-4c.jpg)

Source: JLL Research, NIC Investment Guide, Milliman

#### Consumer Behavior and Preferences
Senior housing demand is durable driven by demographically inevitable trends of an aging population, prolonged life expectancy, and chronic disease prevalence. Most older adults *want* to age in place, but structural barriers — costs and home design — mean a significant share will ultimately need alternative housing solutions.

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Residents choose senior housing primarily for needs-based reasons — safety, service, and healthcare access, but amenities, community and ease of maintenance play into the decision as well. The decision to enter an independent living community is often driven by a desire for a more convenient lifestyle without the responsibilities of homeownership and opportunity for activities, community, and socialization. For life plan communities, this preference is often amplified by the desire to "future-proof" housing decisions through a built-in step-up pathway within the same community.

In 2022, 67% of residential care community residents (senior housing) were female (67%). This is slightly higher than the general population of which 43% of the 75+ population is male and 57% is female. In addition, in 2022, 53% of residential care residents were age 85 or older. Entrance-fee life plan communities have a significantly higher percentage of married couples (42%) than rental life plan communities (29%) and prior to moving into a life plan community, residents typically lived in a home within 10-12 miles of the property.

The alternative to senior housing is "aging in place" — using a network of informal caregiving and an increasing network of virtual and home-based services to support older adults as they age. In 2024, an AARP survey showed that while 75% of adults 50+ wanted to remain in their current homes as they age, 44% expect they will need to relocate at some point.

The cost of homeownership, including mortgages and taxes is the main consideration, while 60% of those who anticipate moving cite the cost of maintenance as a major consideration, 52% would want a home that is easier to maintain, and 51% would want a home enabling them to live more independently as they age. Only 38% of respondents 50+ said they have an entrance into the home without steps and 72% think they would need to make modifications to the bathroom to enable accessibility. Even though a large majority of older adults would like to remain in their homes as they age, there are significant financial and logistical challenges to doing so, which can be difficult for older adults and often falls to an unpaid relative.

Senior housing also provides a bundling of services, reducing the mental burden of care coordination from multiple vendors for healthcare, support with daily living tasks like laundry and cooking. The quality of the services provided in the "bundle" also differentiates the community. In a 2024 survey conducted by Restaura Hospitality Group, 71% of respondents said food quality was a "very important" factor in choosing where to live. Bundling does not appeal to all consumers, however, as cost-conscious seniors may not want to pay for more than they need and believe they can save while aging in place or paying a la carte for services.

For independent living and especially entrance-fee-model life plan communities, the decision to move is often made by the residents themselves anticipating their future care needs. Nearly half of the residents entering an independent living community have a net worth exceeding $1,000,000.

The decision involves the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Identity and lifestyle**: Who am I in retirement? What community do I want around me?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Risk management**: What happens if my health changes? How can I know care will be available?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Family/caregiver considerations**: What burden do I place on others? Do I have caregivers that can help me? What if my needs are different from my spouse's?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Financial strategy**: How can I reduce unexpected expenses (for home maintenance, taxes, paid healthcare support)? And for entrance fee life plan communities: How can I turn my home equity into long-term financial security?

Because moving to a life plan community or independent living facility is often an elective choice before the resident has a medical need, residents can focus on amenities, community, and the quality of the property, leading to increased pricing power and differentiation for operators. A move to an assisted living or skilled nursing care facility, in contrast, is often driven by the resident's caretakers — often children or a spouse — after months of severe disability and escalating caregiving.

Entrance-fee life plan communities additionally provide insurance-like protection and allow older adults to transform an illiquid real estate asset into a guarantee of future care and a hedge against inflation

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without an additional move. These types of communities are desired by planners who want to hedge against risk, desire the built-in community, see the value of bundling services, and have significant assets, often equity in their home.

#### Refundability
Many life plan communities, especially non-profits, offer partly- or fully-refundable contracts. This may be refundable upon move-out to a different community or upon transferring to nursing care or could be returned to the estate. This preserves optionality for the resident, making the decision to pay the substantial entry fee easier. Because entrance-fee contracts may include refund obligations, consumers closely evaluate the sponsor's financial strength, transparency, and historical performance.

Across all contract types a 0% declining refund plan is the most prevalent, especially among Type A (Lifecare) and Type C (Fee for service) communities. Many operators offer a variety of refundable and non-refundable contracts. Even when fully refundable plans are available, many residents still select partial or declining refunds — suggesting that price sensitivity and affordability often outweigh maximum estate preservation for some consumers. Many communities still prominently market multiple refund choices — allowing residents to tailor entrance fee risk/estate outcomes — and these menus remain a point of competitive differentiation.

#### Majority of Life Plan Community entrance fee contracts are declining refund
![[MISSING IMAGE: bc_entrancefeecontracts-4clr.jpg]](bc_entrancefeecontracts-4clr.jpg)

Source: JLL Research, October 2025 Ziegler CFO Hotline (Survey of 220 primarily non-profit senior living financial professionals)

Most entrance fee life plan communities are non-profits, but in order for the promise of continuing care and refundability of the deposit to hold weight with the consumer, they have to be able to trust in the financial stability of the entity. Some non-profit entities are also governed by resident boards of directors, which may limit the ability to raise fees to a level needed for financial sustainability. Operators with a broader scope and stronger financial strength and reporting sophistication could be appealing to consumers seeking a life plan community option.

#### Trends in contract types
Equalized rate lifecare contracts are a newer form of Type A contract that provides "equalized pricing" for higher levels of care. When a resident permanently transfers to assisted living or skilled nursing care, they begin paying a pre-determined average rate that equalizes the pricing for assisted living or skilled care services even if they were paying a different rate for a larger or smaller independent living unit. This allows

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life plan community operators to provide a level of fairness to residents for higher-level care rates and also better forecast assisted living and skilled nursing services revenue and costs.

#### Entrance-fee demand is supported by the financial capacity of older homeowners
Entrance-fee demand is fundamentally supported by substantial homeowner wealth accumulation. A 65-year-old who purchased a median-priced home in 1990 has amassed over $294,000 in net real estate equity from price appreciation alone. This demographic advantage is amplified by U.S. residents 55+ representing 31% of the population while controlling 71% of total real estate equity, creating a growing financial capacity that directly enables entrance fee affordability.

The direct connection between homeowner wealth and pricing is confirmed by providers consistently citing real estate market conditions, home values, and competitive market dynamics as the top drivers of entrance fee changes across all increase levels (source: Ziegler CFO Hotline poll, conducted October 2025). Further, 98% of life plan community residents move from single-family homes where this equity is concentrated.

#### U.S. residents 55 ± make up 31% of population but hold 71% of real estate equity. Growing share bodes well for entrance fee model
![[MISSING IMAGE: lc_entrancefeedemand-4c.jpg]](lc_entrancefeedemand-4c.jpg)

Source: JLL Research, Federal Reserve, US Census

#### Supply and Development Trends

#### Inventory and construction

#### Count of units under construction continues to decline amid historically elevated construction and borrowing costs
![[MISSING IMAGE: bc_seniorhousingconstruc-4c.jpg]](bc_seniorhousingconstruc-4c.jpg)

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Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

As of December 31, 2025, the U.S. senior housing footprint consisted of 15,909 properties and approximately 2 million beds. Segment composition across major markets was 23.7% independent living, 24.2% assisted living, 8.7% memory care, and 43.5% skilled nursing care. Entrance-fee life plan communities are a comparatively small share of properties (3.6%) but a larger share of units (11.6%), consistent with the scale and campus-like footprint often associated with life plan communities.

Senior housing units under construction are at the lowest point since the third quarter of 2012. In the quarter ended December 31, 2025, there were only approximately 25,000 units under construction in the U.S., representing 2.3% of existing inventory. This is down from a high of approximately 71,000 units under construction in the quarter ended September 30, 2018. Barriers to new development, including high construction material and labor costs, elevated interest rates, and zoning restrictions, have contributed to this steady decrease in new senior housing construction.

#### Life Plan Community construction across the US has also decreased in the past few years, with only 1.2% of inventory currently under construction
![[MISSING IMAGE: bc_lifeplancommunity-4c.jpg]](bc_lifeplancommunity-4c.jpg)

Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

Construction of life plan community (entrance fee) units stood at approximately 7,000 units in the quarter ended March 31, 2008. The years following the global financial crisis saw a notable slowdown in construction, with construction as a percentage of inventory averaging 1.5% from 2010 to 2014.

In part because of the scale of life plan communities and the complexity to finance and construct them, new inventory additions have represented a lower share of existing supply than seen with the senior housing sector overall. As of December 31, 2025, 1.2% of the national life plan community inventory is under construction, the lowest it has been since June 30, 2014. This will underpin the performance of existing assets.

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#### Rental senior housing unit growth slows in recent quarters, while entrance fee life plan inventory growth remains more consistent
![[MISSING IMAGE: lc_rentalseniorhousing-4c.jpg]](lc_rentalseniorhousing-4c.jpg)

Note: Labeled figures represent 1Q of each year, with the exception of 4Q25. IAM represents independent living (IL), assisted living (AL), and memory care (MC). SNF stands for skilled nursing facility

Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

Across primary and secondary markets, the overall life plan community inventory by units has been decreasing over the past few years led by rental communities. As of December 31, 2025, the number of units in entrance fee life plan communities grew by 0.6% year-over-year, while the rental senior housing inventory grew by 0.6% in the same period. Life plan community inventory growth has been relatively constrained in recent quarters, largely due to cost and time of construction. Additionally, life plan communities have reduced the number of skilled nursing beds at their facilities, shifting toward a focus on preventative measures and aging-in-place to provide more cost-effective care.

#### Current construction activity is largely concentrated in high barrier to entry markets
![[MISSING IMAGE: bc_constructionactivity-4c.jpg]](bc_constructionactivity-4c.jpg)

Note: Penetration rate defined as inventory divided by number of households aged 75+

Source: JLL Research, NIC Map Data Services; Primary markets only; average of all senior housing

The penetration rate (defined as senior housing inventory divided by number of households aged over 75) varies greatly across markets. Certain Pacific Northwest markets, specifically Portland, Oregon and Seattle, Washington, are experiencing some of the highest penetration rates in the country — while more populous markets like Miami, Florida and New York, New Yor sit lower on the spectrum.

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Construction as a percentage of inventory has been most active in the Sunbelt. For example, San Jose, California had 6.2% construction as a percentage of inventory as of December 31, 2025 — well above the U.S. average of 2.3%. Other California, Florida, and Texas markets are significantly outperforming the rest of the U.S. due to the growing senior population in those regions in combination with relatively lower construction costs/barriers to entry.

#### Demand exceeding supply growth across most senior housing markets
![[MISSING IMAGE: bc_demandexceedingsupply-4c.jpg]](bc_demandexceedingsupply-4c.jpg)

Source: JLL Research, NIC Map; Primary Markets

Among primary senior housing markets in the US, some markets stand out by exhibiting high inventory growth combined with high absorption — specifically Washington, DC, Las Vegas, Nevada and Detroit, Michigan. Each of these markets units has grown by over 5% by units in the last three years, and experienced over 20% absorption in the same period.

#### Occupancy and Utilization Metrics
Occupancy has largely recovered to pre-Covid levels across all property types — with life plan communities leading the way at 92.4%.

#### Occupancy recovery robust across sub-segments
![[MISSING IMAGE: lc_occupancyrecovery-4c.jpg]](lc_occupancyrecovery-4c.jpg)

Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

When aggregated, non-life plan community rental senior housing across primary and secondary markets occupancy was 88% as of December 31, 2025 — consistently below entrance fee life plan community occupancy (at 92.3% as of December 31, 2025) for every quarter since the first quarter of 2008.

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#### Occupancy in entrance fee life plan communities has consistently outperformed rental senior housing product
![[MISSING IMAGE: lc_occupancy-4c.jpg]](lc_occupancy-4c.jpg)

Note: Labeled figures represent 1Q of each year, with the exception of 4Q25. IAM represents independent living (IL), assisted living (AL), and memory care (MC). SNF stands for skilled nursing facility

Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

#### Occupancy and rent vary significantly across major markets
![[MISSING IMAGE: bc_occupancyrentvary-4c.jpg]](bc_occupancyrentvary-4c.jpg)

Source: JLL Research, NIC Map Data Services; Primary markets only; average of all Senior Housing

Overall, senior housing occupancy across all primary markets sat above 85% as of December 31, 2025, with the average of primary markets at 89.1% and Boston leading the way at 93.1%. Secondary markets have seen lower inventory growth, especially after the Covid-19 pandemic, and thus have experienced higher occupancy despite lower absorption.

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#### Secondary markets continue to see higher occupancy than primary markets, despite lower absorption
![[MISSING IMAGE: bc_higheroccupancy-4c.jpg]](bc_higheroccupancy-4c.jpg)

Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

#### Pricing and Financial Performance
Senior housing stands out for its exceptional pricing power and operational resilience, posting 4.6% effective rent growth and 15.0% NOI growth on average from 2023 to 2025. Notably, income expansion continues to exceed rising expense pressures, underscoring the sector's unique ability to translate robust demand and rent gains into outsized bottom-line improvements relative to other asset classes.

#### Senior housing fundamentals outpacing other sectors
![[MISSING IMAGE: bc_fundamentalsoutpacing-4c.jpg]](bc_fundamentalsoutpacing-4c.jpg)

Source: JLL Research, Green Street, CoStar, Revista, Oxford Economics, John Burns Real Estate Consulting

#### Margins remain pressured by labor and inflation — an ongoing underwriting focus
Overall, senior housing is exhibiting strong operating leverage, with NOI margins in the high-20% range and outsized NOI growth. Green Street anticipates double-digit NOI growth through 2027, outperforming all other covered property sectors. While labor costs, which account for approximately 60%

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of expenses in the sector, have risen 25% per occupied unit since 2019, and margins remain around 200 basis points below pre-pandemic levels, continued top-line growth, increasing institutional investment, and rising occupancy are expanding rent growth and driving a strong margin recovery.

Elevated labor costs and persistent inflation continue to challenge operating margins, and the impact is particularly pronounced in life plan communities, where staffing requirements across multiple care levels make margin improvement contingent on both stabilized occupancy and effective labor management throughout independent living, assisted living, and skilled nursing facility operations.

2022 operating margin data from the 2024 NIC investment guide reveals a clear performance hierarchy driven by staffing intensity: independent living (32.5% operating margin for the year ended December 31, 2022), benefits from minimal care requirements, while nursing care (-0.4% operating margin for the year ended December 31, 2022) struggles with a higher number of employees required per bed and regulatory constraints.

Assisted living (26.7% operating margin for the year ended December 31, 2022) should continue to achieve 25-28% margins through service premiums. Life plan communities (16.8% operating margin for the year ended December 31, 2022), face structural limits due to non-profit constraints and cross-subsidization complexity, while nursing care facilities will likely struggle to exceed 10% operating margins absent fundamental reimbursement reform.

#### As the level of care increases, monthly rent grows significantly
![[MISSING IMAGE: bc_monthlyrentgrows-4c.jpg]](bc_monthlyrentgrows-4c.jpg)

Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

#### Entrance fee life plan rent growth outpaces rental senior housing rent growth in nearly 75% of quarters over the past several cycles
![[MISSING IMAGE: lc_rentgrowthoutpaces-4c.jpg]](lc_rentgrowthoutpaces-4c.jpg)

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Labeled figures represent 1Q of each year, with the exception of 4Q25. IAM represents independent living (IL), assisted living (AL), and memory care (MC). SNF stands for skilled nursing facility

Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

Year-over-year asking rent growth for entrance fee life plan communities has significantly outperformed the rest of senior housing. Entrance fee life plan communities have averaged 3.8% asking rent growth per quarter since the first quarter of 2009, while the rest of the market has averaged 2.9% in the same period.

#### Entrance fees for entry fee life plan communities have seen significant growth in the past decade
![[MISSING IMAGE: bc_entrancefees-4c.jpg]](bc_entrancefees-4c.jpg)

Note: NIC99 average trailing twelve months gross entrance fee. Includes both refundable and non-refundable. NIC calculates the unit-weighted average of each property market EF with the highest refundable %

Source: JLL Research, NIC Map Data Services; Primary and Secondary markets

Life plan community entrance fees have been aggressively rising for the past 15 years, reaching roughly $485,000 on average in the quarter ending December 31, 2025, representing 3.6% compounded annual growth rate from the third quarter of 2008. For comparison, single family home values (averaging roughly $357,000 each per Zillow as of the quarter ending December 31, 2025) have grown at a compounded annual growth rate of 3.9% across the same period.

#### Capital Markets and Valuation

#### Capital markets transactions trends
Senior housing is the only major property sector to have exceeded its 2019 transactions levels, with railing-twelve-month transaction volume to December 31, 2025 reaching 122% of its former peak. This performance stands in sharp contrast to the major traditional asset classes, where even top-performing sectors like industrial (95% of its 2019 transactions volume) and multi-housing (84% of its 2019 transactions volume) have not fully recovered, and the office sector remains severely impaired at just 47% of its pre-pandemic volume. This divergence signals senior housing's definitive evolution from a niche alternative to a core institutional holding.

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#### Senior housing sector benefiting from strong capital markets momentum outpacing that of many other sectors
![[MISSING IMAGE: bc_sectorbenefiting-4c.jpg]](bc_sectorbenefiting-4c.jpg)

\*

Pertains to FY 2025 transactions volume

Source: JLL Research, Real Capital Analytics (transactions over $5 million, includes entity-level transactions. Includes recaps; excludes refinances)

#### Asset valuation trends
The past five years have been defined by a clear reaction to macroeconomic forces. 2022 through the end of 2023 saw broad cap rate expansion across all asset classes, a direct consequence of the Federal Reserve's aggressive monetary tightening and the corresponding rise in the 10-Year Treasury yield. This market-wide repricing event widened bid-ask spreads and tempered transaction volumes.

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#### Senior housing yields compressed in 2H 2025, easing Treasuries and lower loan spreads set stage for further cap rate compression
![[MISSING IMAGE: bc_ratecompression-4c.jpg]](bc_ratecompression-4c.jpg)

Note: Cap rates pertain to upper quartile cap rates

Source: JLL Research, Real Capital Analytics (transactions over $5 million, includes entity level transactions)

However, the data reveals sector resilience, especially in independent living and assisted living. While yields expanded, the sector's powerful demographic tailwinds and needs-based demand profile provided a floor for valuations. Skilled nursing facilities, with their higher operational intensity and sensitivity to government reimbursement policy, consistently priced at a significant premium to private-pay assets and exhibited greater volatility.

#### Life plan communities transactions commentary
Reliable, transaction-based cap rate data for life plan communities remains scarce. The market for these assets is characterized by low transaction velocity and a high concentration of non-profit ownership, which precludes the creation of a meaningful composite index. Consequently, valuations for life plan communities are typically benchmarked against a limited number of private trades and are best informed by specialized JLL investor surveys rather than broad market activity.

#### Impact of interest rates and cost of capital on valuations
The senior housing sector has successfully navigated the market recalibration forced by the Federal Reserve's 2022-2023 tightening cycle. That period of rising interest rates drove a necessary market-wide repricing, leading to significant cap rate expansion as investors were compelled to adjust their underwriting to the reality of a higher cost of capital. This essential adjustment, while temporarily slowing investment activity, has set the stage for the current recovery.

The market has now pivoted, with the Federal Reserve initiating its first rate cut in September 2024 and continued to cut rates through the end of 2025. More importantly, the Federal Reserve has provided a clear forward-looking path, with CME FedWatch projecting the Federal Funds Rate to settle within the 3.0-3.5% range by the end of 2026. This signals a sustained, albeit measured, easing cycle.

For the senior housing sector, this outlook is decidedly positive, providing a rare combination of clarity and opportunity. The projected, steady decline in interest rates will methodically lower the cost of capital, providing the visibility investors need to confidently underwrite new acquisitions. This will steadily close the valuation gap between buyers and sellers, fostering a healthy and sustainable recovery in transaction velocity.

Furthermore, as the Federal Reserve's policy drives down yields on cash and other low-risk alternatives, the durable, needs-based returns offered by the senior housing sector will become increasingly attractive, drawing significant capital into the sector. We therefore anticipate a period of steady capitalization rate

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compression and asset value appreciation, driven not by speculative fervor, but by a predictable policy environment and the sector's resilient fundamentals.

#### Senior housing increasingly attracting institutional capital

#### Senior housing sector benefiting from strong capital markets momentum outpacing that of many other sectors
![[MISSING IMAGE: bc_othersectors-4c.jpg]](bc_othersectors-4c.jpg)

Source: JLL Research, Real Capital Analytics (transactions over $5 million, includes entity-level transactions. Includes recaps; excludes refinances)

Senior housing has emerged as one of the leading sectors for institutional capital amongst the alternative sectors, representing a strategic flight to assets with non-discretionary, needs-based demand. As sectors reliant on speculative growth falter in a higher cost-of-capital environment, investors are decisively rotating into assets underpinned by demographic certainties.

The concurrent relative strength in student housing validates this as a broader institutional pivot toward demographically driven residential assets. The data confirms that senior housing is no longer just a defensive play, but a primary target for investors seeking durable, counter-cyclical growth.

#### Potential Risk Factors for the Senior Housing Sector
***Wage inflation*:** Nursing and residential care facility employee earnings have been growing at far more rapid rates than overall national employee earnings, as well as senior housing rent growth. This consistent increase in skilled nursing wages has made it difficult for some senior housing projects to justify operation, but consistently positive year-over-year senior housing rent growth has helped with cash flow.

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#### Growth in earnings for nursing facility employees is significantly outpacing the national earnings average, as well as senior housing rent growth
![[MISSING IMAGE: lc_nursingfacilityemplo-4c.jpg]](lc_nursingfacilityemplo-4c.jpg)

Source: JLL Research, NIC Map Data Services, Lightcast

***Labor shortages*:** With declining caregiving ratios, finding qualified staff for senior housing facilities is increasingly a challenge. The Covid-19 pandemic exacerbated this challenge and effects lingered for several years. However, in a 2025 survey from AHCA/NCAL, 62% of nursing home operators reported that their overall workforce situation improved over the past year. Rising wages have helped to attract talent and increasing use of technology to make administrative processes more efficient can help operators balance recruiting staff with maintaining margins.

***Pandemic-related health concerns***: Occupancy for senior housing now exceeds pre-pandemic levels which signals demand normalization. After the pandemic, the industry is much more aware of policies and procedures necessary to address future health-related disruptions and have developed protocols to address this.

***Sensitivity to economic downturns*:** Entrance-fee life plan communities can be more sensitive to the for-sale housing market because many residents rely on home equity to fund entry. However, many life plan communities offer bridge loans to help residents still move into their unit. Furthermore, the senior housing sector overall is among the property sectors that are least exposed to economic swings, as evidenced by rent growth for the sector exhibiting a low correlation to real GDP growth of just 0.28. This figure is below the overall commercial real estate average of 0.42 and contrasts with other living sectors more susceptible to macroeconomic volatility including multi-housing and student housing, underscoring the stability of the senior housing sector.

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#### Senior housing sector benefits from lower GDP volatility
![[MISSING IMAGE: tb_gdpvolatility-4c.jpg]](tb_gdpvolatility-4c.jpg)

Source: JLL Research, Green Street, CoStar, Revista, Oxford Economics, John Burns Real Estate Consulting

***Oversupply*:** We do not believe supply is a risk factor for senior housing, as there has been a significant slowdown in construction starts of senior housing overall and starts are at their lowest level in the last decade. Life plan community construction is at 1.2% of inventory as of December 31, 2025, which is the lowest for any period in the statistical history that is available. Given projected demographic growth for the over-75 population, this moderate level of construction does not point to oversupply even if financing conditions become more favorable for development.

#### Outlook
The outlook for the senior housing sector is strong, driven by projected 29.3% growth in the over-75 population through 2035 and declining caregiver ratios that create inevitable demand growth. The segment benefits from exceptional operational performance, delivering 4.6% effective rent growth and 15.0% NOI growth from 2023 to 2025.

Further, life plan communities and independent living facilities cater to affluent residents who can afford premium pricing for lifestyle and care. U.S. residents aged over 55 currently control 71% of real estate equity, a growing share that strengthens the viability of the entrance fee model. Supply constraints remain favorable for investors, with construction at decade lows and only 1.2% of life plan community inventory under development, creating significant barriers to new competition.

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As interest rates decline toward the projected 3.0-3.5% range by end of 2026, the combination of improved financing conditions, demographic tailwinds, and proven sector resilience positions independent living and life plan community investments for sustained institutional outperformance.

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#### BUSINESS AND PROPERTIES

#### Our Company

#### Overview
Upon completion of this offering, we will be the only U.S. publicly traded REIT focused exclusively on the senior housing sector and the only U.S. publicly traded REIT whose entire portfolio is owned and operated under RIDEA structures. We have an initial portfolio consisting of 34 senior housing communities, comprised of 10,422 units as of December 31, 2025. Our communities are located primarily in major retirement markets across 10 states, with units in Florida and Texas representing 69% of the total units as of December 31, 2025. All of our communities are owned and operated under RIDEA structures. Services provided by our operators under a RIDEA structure are primarily paid for directly by the residents, rather than governmental reimbursement programs, which provides us with greater visibility into operating cash flow from our communities.

We will be externally managed by Healthpeak Investment Management, LLC, an indirect subsidiary of Healthpeak, which will be our largest stockholder following the completion of this offering and the formation transactions. Healthpeak is an S&P 500 REIT that invests in and manages real estate focused on healthcare discovery and delivery in the United States. Although our Manager was recently formed, Healthpeak has been a public company and an active investor in healthcare real estate for over 40 years. Healthpeak has an extensive network for sourcing and managing senior housing investments that it has established over its long operating history, and we will benefit from this network through our Manager.

Our initial portfolio reflects our commitment to delivering sustainable growth through differentiated senior housing solutions and strategic collaborations with high quality operators. We intend to focus exclusively on the senior housing sector because we believe that favorable demographic trends will enable us to create long-term value for our stockholders. We intend to grow our initial portfolio by drawing on our Manager's origination and sourcing capabilities and established relationships to execute on attractive investment opportunities in the senior housing sector.

Of the 34 senior housing communities in our initial portfolio, we describe 15 of these communities, comprising an aggregate of 7,067 units as of December 31, 2025, as "life plan communities." Life plan communities are a form of senior housing that offer a full continuum of care, including independent living, assisted living, memory care, and skilled nursing, in large-scale communities. Life plan communities differ from other housing and care options for seniors because they typically operate under an entrance fee model, which requires a one-time entrance fee in addition to monthly resident fees, and offer integrated housing, activities, services, and healthcare benefits on a single campus. Life plan communities are designed for individuals and couples seeking an active lifestyle where they can avoid moving a second or third time as they age, and most entrance fee contracts include some level of discounted rates on future healthcare. Compared to traditional rental senior housing, life plan communities offer resident-driven decision making, lifestyle choice, peace of mind from continuum of care, and larger units, with most of our independent living units averaging approximately 1,100 square feet. Residents typically enter our life plan communities in good health in their late 70s or early 80s and stay for eight to ten years — substantially longer than in traditional rental senior housing — supporting stable occupancy and predictable cash flows. The large size of our life plan community campuses, spanning 48 acres of land on average and consisting of approximately 471 units on average as of December 31, 2025, allows us to offer more substantial indoor and outdoor amenities to provide a highly active social life for seniors and create a differentiated senior housing product with high barriers to entry. Due to sizeable land needs, high development costs, financing challenges and pre-leasing requirements, new supply of life plan communities is very low, thereby enabling favorable supply and demand fundamentals for incumbents. We believe life plan communities exhibit consistently resilient occupancy, positioning them as a business with embedded operating leverage and growth visibility, which in turn can provide strong risk-adjusted returns.

The other 19 senior housing communities in our initial portfolio, comprising an aggregate of 3,355 units as of December 31, 2025, are primarily independent living, with certain communities offering assisted living, memory care, and/or skilled nursing. These communities are often amenitized, apartment-like buildings with private residences ranging from studios to large apartments.

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#### The RIDEA Structure of Our Portfolio
Our entire initial portfolio is owned and operated under RIDEA structures. We believe the use of RIDEA structures in our portfolio will allow us to capture the full growth potential embedded within our assets. A RIDEA structure allows us, through a TRS, to receive cash flow from the operations of a healthcare facility in compliance with REIT tax requirements. The criteria for operating a healthcare facility through a RIDEA structure require us to lease the facility to an affiliate TRS and for such affiliate TRS to engage an independent qualifying management company or third-party operator (also known as an eligible independent contractor) to manage and operate the day-to-day business of the facility in exchange for management fees.

Our management agreements with our operators generally have remaining terms of less than five years, with mutual renewal options for subsequent terms of up to five years. The contracts can typically be terminated by us on short notice (one year or less) for a modest fee, thereby preserving flexibility. Our management agreements also provide for base management fees and incentive management fees to align our interests with the interests of our operators.

#### Our Competitive Strengths
We believe we possess the following competitive strengths that differentiate us from other market participants:

#### High-Quality Initial Portfolio Located in Highly Desirable Retirement Markets
Our high-quality initial portfolio is well positioned in attractive retirement markets. As of December 31, 2025, approximately 69% of the units in our initial portfolio were located in Florida and Texas, which rank among the top retirement destinations for seniors seeking low taxes, warmer weather, and established healthcare infrastructure. In addition, the markets our communities serve have a median five-year projected 80+ population growth through 2029 of 36% (exceeding the national average of 27%) according to PopStats, and the weighted average median home value in our markets is $421,426 (11% higher than the U.S. median) according to PopStats, reflecting affluent demographics and ability to pay for senior housing. Our initial portfolio is also diversified by unit type and demographic mix, which reduces risks to our cash flows from potential headwinds linked to any one community or unit type. The following charts provide information regarding the senior housing communities in our initial portfolio as of or for the year ended December 31, 2025, unless otherwise noted.

#### Key Portfolio Metrics
![[MISSING IMAGE: fc_keyportfolio-4c.jpg]](fc_keyportfolio-4c.jpg)

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---

| | |
|:---|:---|
| **Attractive Market Concentration<sup>(1)</sup>**  | **Unit Mix By Product Type<sup>(1)</sup>**  |
| ![[MISSING IMAGE: pc_geographicexpo-4c.jpg]](pc_geographicexpo-4c.jpg)  | ![[MISSING IMAGE: pc_unitmixproduct-4c.jpg]](pc_unitmixproduct-4c.jpg)  |

---

(1) Based on 10,422 total senior housing units, as of December 31, 2025.

(2) Orlando, FL also represents 9% of total units with 923 units.

(3) Represents percentage of total senior housing units that are independent living, assisted living or memory care.

We have also made significant strategic investments in our initial portfolio to improve resident experience and drive both durable pricing power and long-term value creation. Since acquiring our portfolio of life plan communities in 2020, we have refurbished approximately 70% of the units at an average cost of approximately $55,000 per unit. Our expansion and redevelopment initiatives, combined with our historical capital expenditures, have contributed to a meaningful reduction in the effective age of our assets, with unit upgrades expected to last approximately 20 years. These upgrades strengthen the long-term competitive positioning of the properties, while supporting higher entrance-fee pricing and faster absorption on renovated inventory. For example, at The Quadrangle community, we have upgraded 183 units (representing approximately 52% of the units) since 2022 through December 31, 2025, during which period we experienced an approximately 260% increase in entrance fee sales, a 2x increase in the average entrance fee price, and a more than 900 basis points increase in occupancy over that period. In addition, overall in 2025, we experienced an approximately 1.6x average return on investment on unit upgrades. This return on investment is based on a sample of 48 fully-renovated units and 25 unrenovated units sold in 2025 and reflects the average entrance fee pricing for a fully renovated unit relative to an unrenovated unit, excluding partially renovated units, and an average unit upgrade cost of $72,300 in 2025. Similarly, we have completed approximately $9 million of amenity expansions and upgrades at our Leesburg community, where we have experienced an approximately 80% increase in entrance fee sales and an approximately 64% increase in unit sales, in each case for the year ended December 31, 2025 compared to the year ended December 31, 2024.

#### History of Delivering Strong Operational Performance
Our initial portfolio has delivered strong operating performance in recent years, with average occupancy increasing from 77.1% in the first quarter of 2021 to 84.3% and 85.6% for the years ended December 31, 2024 and 2025, respectively. RevPOR increased 4.4% for the year ended December 31, 2025, when compared to the year ended December 31, 2024. Our net income (loss) was $(36.3) million, $(50.5) million and $6.3 million for the years ended December 31, 2020, 2024 and 2025, respectively. Our net income (loss) margin was (8.3)% and 1.1% for the years ended December 31, 2020 and 2025, respectively. We have also maintained a stable Adjusted NOI margin of 25.3% for each of the years ended December 31, 2020 and 2025.

These operating improvements have resulted in strong Adjusted NOI, which grew from $133.6 million for the year ended December 31, 2020 to $157.3 million and $175.7 million for the years ended December 31, 2024 and 2025, respectively. For the year ended December 31, 2020, non-refundable entrance fee sales were $54.7 million, which were less than our recognized amortization by $18.9 million. However, our non-refundable entrance fee sales have exceeded our recognized amortization of such fees in each of the last 19 quarters. For the years ended December 31, 2025 and 2024, non-refundable entrance fee sales were $152.7 million and $142.7 million, respectively. These sales exceeded our recognized amortization for the years ended December 31, 2025 and 2024 by $53.8 million and $53.7 million, respectively.

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#### Established Relationships with Experienced Operators
We benefit from long-standing relationships with two of the largest and most experienced operators in the senior housing industry, LCS and Sunrise, that manage 13 and 2 of our life plan communities, respectively. These partnerships have been cultivated over decades and are anchored in operational excellence, resident satisfaction, and consistent financial performance. LCS and Sunrise bring deep expertise in senior housing and have maintained senior leadership continuity across our communities, contributing to improved occupancy and margin expansion. In addition, in January 2026 soon after we completed the JV Buyout, we entered into management transition agreements to transition management of certain of our senior housing properties to Pegasus Senior Living and Ciel Senior Living. We expect to complete these transitions in the first half of 2026. We believe these operator transitions will position our senior housing properties to capture embedded occupancy and NOI growth potential from improved operational performance. We believe our disciplined approach to operator selection and oversight is a core competency and a key driver of long-term performance.

#### Our Life Plan Communities Offer a Differentiated Senior Housing Solution
Our life plan communities represent a differentiated solution within senior housing, offering a full continuum of care — including independent living, assisted living, memory care, and skilled nursing units — within large-scale, amenity-rich communities. Our life plan communities are designed to appeal to "planners" and couples who prioritize lifestyle, social engagement, emotional well-being, and long-term healthcare security. With an average move-in age several years earlier than that of traditional rental senior housing and a superior average length of stay of eight to ten years, our life plan communities benefit from enhanced resident stability and predictable cash flows. Our life plan communities are operated as entrance fee communities, which provides upfront cash flow to us in return for ensuring predictable monthly resident fees for the residents. With more than two-thirds of the units in our life plan communities being independent living, this creates a natural feeder into the on-campus assisted living, memory care, and skilled nursing units.

#### High Barriers to Entry Limit Future New Supply of Life Plan Communities
Sizeable land needs, high development costs, financing challenges and pre-leasing requirements for new development of life plan communities create meaningful barriers to entry for life plan communities. Life plan communities have sizeable land needs in order to satisfy residents' expectations for indoor and outdoor amenities such as executive golf courses, fishing and boating on lakes, woodworking shops, pubs, sports bars, and indoor pools and spas. Our life plan communities span 48 acres on average with more than 100 acres of developable land across the portfolio, subject to zoning and other approvals. In addition, the complex and strict regulatory requirements associated with operating a life plan community make financing the development of a life plan community difficult and impose significant pre-leasing requirements before a new life plan community can be built. Consequently, there is limited new supply to compete with our existing communities.

#### Healthpeak's Institutional-Scale Operating Platform and Expertise
We are externally-managed by an indirect subsidiary of Healthpeak, which provides us a leadership team with deep industry expertise and public market experience, a strong technology and operating platform, and a proven track record of value creation. Our Manager's platform is designed to scale efficiently as we expand, allowing us to pursue attractive acquisitions, execute development and redevelopment initiatives, and respond dynamically to changing market conditions at a lower overhead cost than recreating another public company infrastructure. Healthpeak's institutional-grade operating platform is designed to support scalable asset management across a geographically diverse portfolio with a focus on real-time monitoring of local market dynamics, operating performance, and real estate fundamentals. This enables us to maintain a lean corporate structure while accessing institutional-grade capabilities across asset management, accounting, tax, legal, investments, financial planning and analysis, investor relations, and technology. Our Manager is equipped with the systems, personnel, and processes necessary to support our growth potential, including real-time performance monitoring, market intelligence, and strategic planning. Our Manager will maintain frequent and structured engagement with our operators to review market positioning, local leadership, marketing, pricing, and financial results, and require performance improvement plans, if needed.

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This hands-on approach has enabled our predecessor to offer a desirable product and value to residents, drive consistent NOI growth, optimize occupancy, and proactively address operational challenges. This disciplined, proactive management strategy is a core differentiator for us and a key driver of long-term value creation.

#### Healthpeak's Equity Ownership Provides Strong Alignment with Our Interests and Those of Our Stockholders
In addition to controlling our Manager, Healthpeak will be our largest stockholder following the completion of this offering, which facilitates alignment with stockholders by focusing on long-term value creation, disciplined capital deployment, and operational excellence across our senior housing communities.

#### Conservative Capital Structure Positioned for Future Growth
We are committed to maintaining a flexible and well-capitalized balance sheet to support our business objectives and growth strategies. We anticipate that our balance sheet will provide us with the ability to fund future internal and external growth. As of December 31, 2025, on a pro forma basis, we had no debt outstanding, leaving our portfolio unencumbered and total liquidity, including cash on hand and available capacity under our new credit facilities that we intend to enter into in connection with this offering, of $1.3 billion. We intend to utilize a combination of equity and debt capital to fund growth, and we will evaluate opportunities to optimize our cost of capital. Our capital strategy is designed to support both internal and external growth, while preserving flexibility and maximizing stockholder value.

#### Business Objectives and Growth Strategies
Our business objectives are to grow our cash flows, maintain financial flexibility, increase the value of our portfolio, make regular cash distributions to our stockholders, and generate attractive risk-adjusted returns through the following growth strategies:

#### Drive External Growth Through Disciplined Acquisitions
We intend to expand our senior housing footprint through disciplined acquisitions of high-quality senior housing communities, with a particular focus on assets that can be integrated into our RIDEA operating platform. We believe the RIDEA structure offers superior alignment between ownership and operations, enabling us to actively participate in upside performance while maintaining flexibility in operator selection and asset strategy. We will prioritize acquisitions in both existing markets — where we can leverage operational synergies — and new U.S. geographies that exhibit favorable demographic trends, limited new supply, and strong fundamentals. We see meaningful opportunity to scale our portfolio with both new and existing operators, who bring deep market knowledge and access to proprietary deal flow, and who share our commitment to quality, compliance, and resident outcomes. Our external growth strategy is grounded in our Manager's rigorous underwriting, local market intelligence, and a disciplined approach to capital deployment, all of which positions us to expand our platform while maintaining operational excellence.

We completed the JV Buyout in January 2026 and acquired five additional properties in March 2026. The aggregate gross purchase price of these acquisitions, including the JV Buyout, was $672 million. In the JV Buyout, we acquired our joint venture partner's interest in the JV, which held 19 properties, comprising 3,355 units, 92% of which are located in the 25 top metropolitan areas, for $314 million (excluding final closing costs and prorations). The markets in which these properties are located are projected to have average growth of 39% in the over-80 population from 2024 to 2029 according to PopStats. The remaining two properties located in the Atlanta, Georgia metropolitan area and three properties located in the Orlando, Florida metropolitan area are each comprised of 354 units. The Atlanta, Georgia and Orlando, Florida metropolitan areas are both projected to have 42% growth in the over-80 population from 2024 to 2029 according to PopStats. In addition, we have executed a non-binding letter of intent to acquire a senior housing property located in the Seattle, Washington metropolitan area for a purchase price of approximately $41 million. We anticipate completing this potential acquisition prior to the closing of this offering. If consummated prior to the closing of this offering, this potential acquisition would be funded by Healthpeak. There can be no assurance that we will complete this potential acquisition on the timeline or terms we anticipate, or at all.

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#### Continue to Capitalize on Opportunities for Expansion, Redevelopment, and Densification of Our Life Plan Communities
We are actively reinvesting in our existing life plan communities to unlock embedded value and support long-term performance. Across our portfolio of life plan communities, we have identified multiple opportunities for expansion and redevelopments, including the addition of independent living units, amenity upgrades, and wellness-focused programming. These investments are designed to meet evolving resident preferences, extend length of stay, and drive incremental cash flow. We continue to evaluate expansion opportunities at select campuses with available land and favorable market dynamics, and we prioritize projects based on yield potential and local demand indicators, and excess land on many of our campuses allows for future development and densification opportunities with no incremental land cost. For example, we are currently doing pre-development work on a potential 118-unit independent living expansion at our life plan community in Houston, Texas, which had average occupancy of 96.2% for the year ended December 31, 2025, as well as a 115-unit independent living expansion at The Villages, a community that had average occupancy of 96.3% for the year ended December 31, 2025. We currently estimate the costs of such development projects will be approximately $560,000 per unit and $890,000 per unit, respectively. Our reinvestment strategy reflects our commitment to maintaining high-quality communities and capturing long-term growth from within our initial portfolio. There can be no assurance that these expansion projects will be completed on the timeline or terms we anticipate, or at all, or will perform as we anticipate or that the actual cost of any of these projects will not exceed our estimates.

#### Leverage Our Life Plan Communities' Unique Entry Fee Model
Our life plan communities are differentiated by an entrance fee model that provides upfront cash flow to us in addition to monthly resident fees. For the year ended December 31, 2025, the non-refundable portion of our entrance fees were, on average, approximately 53% of the median home value in our markets, which we believe positions our communities to capture the upside of residential real estate appreciation while remaining accessible to a broad base of financially secure residents. Non-refundable entrance fee sales have remained strong, with $152.7 million and $142.7 million in the years ended December 31, 2025 and 2024, respectively, and are expected to grow as occupancy and ability to drive higher entrance fee pricing continue to improve. Our entrance fees are predominantly non-refundable, a materially different contract structure than that of traditional continuing care retirement communities that typically skew towards 80% to 90% refundable entry fee models. Additionally, most of our entrance fee contracts come with some level of discounted rates on future healthcare and include rate increase caps equal to the consumer price index plus 2%.

The following table provides information regarding the entrance fees at our life plan communities:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property**  | **Market (MSA)**  | **# Units**  | **Average Non-Refundable <br> Entrance Fee per Sale <br> for the Year Ended <br> December 31, 2025**  | **Median <br> Local Home <br> Sale Price⁽¹⁾**  | **Non-Refundable <br> Portion of <br> Entrance Fee <br> as % of Median <br> Local Home Price**  |
| Freedom Village at Bradenton  | Sarasota, FL | 632 | $184846 | $485579 | 38.1% |
| Regency Oaks Clearwater  | Tampa, FL | 471 | 194493 | 407650 | 47.7% |
| Cypress Village  | Jacksonville, FL | 542 | 228814 | 399396 | 57.3% |
| Lake Port Square  | Orlando, FL | 511 | 208624 | 434159 | 48.1% |
| South Port Square  | Punta Gorda, FL  | 634 | 154444 | 364420 | 42.4% |
| Freedom Square  | Tampa, FL | 592 | 164702 | 407650 | 40.4% |
| Lake Seminole Square  | Tampa, FL | 337 | 146694 | 407650 | 36.0% |
| Freedom Plaza Sun City Center  | Tampa, FL | 649 | 256525 | 407650 | 62.9% |
| Freedom Pointe at the Villages  | Orlando, FL | 412 | 339065 | 434159 | 78.1% |
| Freedom Village at Holland  | Grand Rapids, MI  | 407 | 250033 | 337797 | 74.0% |
| Freedom Village at Brandywine  | Philadelphia, PA | 436 | 296255 | 421223 | 70.3% |
| Village at Gleannloch Farms  | Houston, TX | 217 | 250623 | 327321 | 76.6% |
| Galleria Woods  | Birmingham, AL  | 203 | 221485 | 280084 | 79.1% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property**  | **Market (MSA)**  | **# Units**  | **Average Non-Refundable <br> Entrance Fee per Sale <br> for the Year Ended <br> December 31, 2025**  | **Median <br> Local Home <br> Sale Price⁽¹⁾**  | **Non-Refundable <br> Portion of <br> Entrance Fee <br> as % of Median <br> Local Home Price**  |
| The Quadrangle  | Philadelphia, PA | 529 | 294744 | 421223 | 70.0% |
| The Fairfax  | Washington, DC  | 495 | 263772 | 656167 | 40.2% |
| **Total – Life plan communities**  |  | **7067** | $**224584** | $**422677** | **53.1%** |

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(1) Based on MSA. Source: PopStats (March 2025).

Our entrance fee residents typically fund their move using proceeds from the sale of their primary or secondary home. To reduce home-sale friction and accelerate move-ins, we have long offered a home sale entrance fee bridge financing, which allows financially qualified residents to occupy their unit before closing the sale of their home and paying their full entry fee — which shortens the move-in cycle, accelerates the recognition of monthly service fees and ancillary revenues, and provides predictable cash inflows as balances convert to cash upon home sale closings. Residents typically pay a 20% downpayment in cash, which is nonrefundable in the event of a default on the entrance fee bridge. Historical defaults on this program are low with no defaults in the past 3 years.

#### Our Properties
Our initial portfolio of senior housing communities is strategically located in markets with strong demographic demand and limited new supply. Our initial portfolio includes 34 communities across 10 states. Our properties are operated by experienced operators and are located in states such as Florida, Texas, Pennsylvania, and Colorado.

The charts and table below reflect the geographic footprint and top markets of our initial portfolio as of December 31, 2025:

#### Portfolio Geographic Footprint
![[MISSING IMAGE: mp_geographic-4clr.jpg]](mp_geographic-4clr.jpg)

Note: Percentages may not total to 100% due to rounding.

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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;

(1) Represents the percentage of Adjusted NOI for the year ended December 31, 2025 attributable to properties managed by this operator.

(2) In January 2026, soon after we completed the JV Buyout, we entered into separate management transition agreements with Ciel Senior Living and Pegasus Senior Living to assume operations of certain of our senior housing properties previously managed by Brookdale Senior Living under the JV. We expect to complete these operator transitions in the first half of 2026.

![[MISSING IMAGE: mp_geographicfoot-4c.jpg]](mp_geographicfoot-4c.jpg)

(1) Based on Adjusted NOI for the year ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Top Markets**  | **Top Markets**  | **Top Markets**  | **Top Markets**  | **Top Markets**  |
| **Market (MSA)**  | **Unit <br> Count**  | **% of <br> Total <br> Units**  | **'24A – '29E <br> 80+ Population <br> Growth<sup>(1)</sup>**  | **Median <br> Local Home <br> Sale Price<sup>(1)</sup>**  |
| Tampa, FL  | 2049 | 20% | 37% | $407650 |
| Houston, TX  | 2027 | 19% | 39% | $327321 |
| Philadelphia, PA  | 965 | 9% | 23% | $421223 |
| Orlando, FL  | 923 | 9% | 42% | $434159 |
| Punta Gorda, FL  | 634 | 6% | 45% | $364420 |
| Sarasota, FL  | 632 | 6% | 40% | $485579 |
| Denver, CO  | 592 | 6% | 43% | $652414 |
| Washington, DC  | 574 | 6% | 29% | $656167 |
| Jacksonville, FL  | 542 | 5% | 43% | $399396 |
| Grand Rapids, MI  | 407 | 4% | 26% | $337797 |
| Chicago, IL  | 258 | 2% | 26% | $383382 |
| Birmingham, AL  | 203 | 2% | 24% | $280084 |
| Dallas, TX  | 202 | 2% | 36% | $396485 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Top Markets**  | **Top Markets**  | **Top Markets**  | **Top Markets**  | **Top Markets**  |
| **Market (MSA)**  | **Unit <br> Count**  | **% of <br> Total <br> Units**  | **'24A – '29E <br> 80+ Population <br> Growth<sup>(1)</sup>**  | **Median <br> Local Home <br> Sale Price<sup>(1)</sup>**  |
| Memphis, TN  | 182 | 2% | 27% | $268356 |
| Austin, TX  | 136 | 1% | 46% | $477885 |
| Boulder, CO  | 96 | 1% | 42% | $850933 |
| **Total** | **10422** |  |  |  |
| **Weighted Average<sup>(2)</sup>**  |  |  | **36%** | $**421426** |
| National Average  |  |  | 27% | $380000 |

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(1) Source: PopStats (March 2025).

(2) Weighted average based on units.

The table below sets forth the list of our individual senior housing assets as of December 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Units**  | **Units**  | **Units**  | **Units**  | **Units**  |
| **Property**  | **Market (MSA)**  | **Operator<sup>(2)</sup>**  | **Independent <br> Living**  | **Assisted <br> Living**  | **Memory <br> Care**  | **Skilled <br> Nursing⁽¹⁾**  | **Total**  |
|  **<u>Life plan communities portfolio</u>**  |  |  |  |  |  |  |  |
|  Freedom Village at <br> Bradenton  | Sarasota, FL | LCS | 411 | 92 | 34 | 95 | 632 |
| Regency Oaks Clearwater  | Tampa, FL | LCS | 385 | 26 |  | 60 | 471 |
| Cypress Village  | Jacksonville, FL | LCS | 353 | 56 | 33 | 100 | 542 |
| Lake Port Square  | Orlando, FL | LCS | 396 | 35 |  | 80 | 511 |
| South Port Square  | Punta Gorda, FL  | LCS | 416 | 76 | 48 | 94 | 634 |
| Freedom Square  | Tampa, FL | LCS | 304 | 148 | 25 | 115 | 592 |
| Lake Seminole Square  | Tampa, FL | LCS | 299 | 38 |  |  | 337 |
|  Freedom Plaza Sun City Center  | Tampa, FL | LCS | 425 | 83 | 28 | 113 | 649 |
|  Freedom Pointe at the <br> Villages  | Orlando, FL | LCS | 235 | 65 | 40 | 72 | 412 |
|  Freedom Village at <br> Holland  | Grand Rapids, MI  | LCS | 299 | 50 | 19 | 39 | 407 |
|  Freedom Village at <br> Brandywine  | Philadelphia, PA | LCS | 317 | 56 | 14 | 49 | 436 |
|  Village at Gleannloch <br> Farms  | Houston, TX | LCS | 134 | 30 | 18 | 35 | 217 |
| Galleria Woods  | Birmingham, AL  | LCS | 149 | 24 |  | 30 | 203 |
| The Quadrangle  | Philadelphia, PA | Sunrise Senior Living | 339 | 90 | 22 | 78 | 529 |
| The Fairfax  | Washington, DC  | Sunrise Senior Living | 364 | 52 | 23 | 56 | 495 |
|  **Total – Life plan communities <br> portfolio**  |  |  | **4826** | **921** | **304** | **1016** | **7067** |
| **<u>Senior Housing portfolio</u>** |  |  |  |  |  |  |  |
| Meridian Boulder  | Boulder, CO | Brookdale Senior Living  | 96 |  |  |  | 96 |
|  Brookdale Meridian Lakewood  | Denver, CO | Brookdale Senior Living  | 114 |  |  | 45 | 159 |
| Village at Lowry  | Denver, CO | Brookdale Senior Living  |  | 140 | 15 |  | 155 |
|  Brookdale Meridian Westland  | Denver, CO | Brookdale Senior Living  | 153 |  |  |  | 153 |
|  Brookdale Meridian <br> Arvada  | Denver, CO | Brookdale Senior Living  | 125 |  |  |  | 125 |
|  Brookdale Vernon <br> Hills  | Chicago, IL | Brookdale Senior Living  | 174 | 47 | 37 |  | 258 |
| Brookdale Olney  | Washington, DC  | Brookdale Senior Living  |  | 49 | 30 |  | 79 |
|  Brookdale Dogwood <br> Creek  | Memphis, TN | Brookdale Senior Living  | 130 | 33 | 19 |  | 182 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Units**  | **Units**  | **Units**  | **Units**  | **Units**  |
| **Property**  | **Market (MSA)**  | **Operator<sup>(2)</sup>**  | **Independent <br> Living**  | **Assisted <br> Living**  | **Memory <br> Care**  | **Skilled <br> Nursing⁽¹⁾**  | **Total**  |
|  Brookdale N Richland <br> Hills  | Dallas, TX | Brookdale Senior Living  | 21 | 85 |  |  | 106 |
| Brookdale Pecan Park  | Dallas, TX | Brookdale Senior Living  |  | 79 | 17 |  | 96 |
| Brookdale Round Rock  | Austin, TX | Brookdale Senior Living  |  | 57 | 11 |  | 68 |
| Brookdale San Marcos N  | Austin, TX | Brookdale Senior Living  |  | 57 | 11 |  | 68 |
| Brookdale Memorial City  | Houston, TX | Brookdale Senior Living  | 511 |  |  |  | 511 |
| Brookdale W University  | Houston, TX | Brookdale Senior Living  | 326 |  |  |  | 326 |
| Brookdale First Colony  | Houston, TX | Brookdale Senior Living  | 264 |  |  |  | 264 |
| Brookdale Clear Lake  | Houston, TX | Brookdale Senior Living  | 261 |  |  |  | 261 |
| Brookdale Galleria  | Houston, TX | Brookdale Senior Living  | 149 | 39 |  | 56 | 244 |
|  Solana Preserve Vintage <br> Park  | Houston, TX | Brookdale Senior Living  | 117 |  |  |  | 117 |
| The Solana Vintage Park  | Houston, TX | Brookdale Senior Living  |  | 61 | 26 |  | 87 |
|  **Total – Senior housing <br> portfolio**  |  |  | **2441** | **647** | **166** | **101** | **3355** |
| **Total portfolio (units)**  |  |  | **7267** | **1568** | **470** | **1117** | **10422** |

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(1) Represents bed capacity.

(2) In January 2026, soon after we completed the JV Buyout, we entered into separate management transition agreements with Ciel Senior Living and Pegasus Senior Living to assume operations of certain of our senior housing properties previously managed by Brookdale Senior Living under the JV. We expect to complete these operator transitions in the first half of 2026.

The following table provides information on our occupancy, RevPOR and revenue per available unit for our total portfolio for each of the last five years.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Occupancy  | 85.6% | 84.3% | 82.9% | 80.5% | 78.2% |
| RevPOR per month<sup>(1)</sup>  | $7625 | $7305 | $6906 | $6559 | $6283 |
| Revenue per available unit<sup>(2)</sup>  | $6524 | $6156 | $5710 | $5219 | $4880 |

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(1) Represents annual RevPOR divided by a factor of twelve.

(2) Represents total revenues plus our predecessor's share of joint venture revenues divided by total available units.

Our properties are subject to risks that may adversely affect individual property performance or the performance of a group of properties, including macroeconomic, weather-related, and market-specific factors that are outside of our control. These risks may reduce occupancy, limit our ability to grow rates, increase operating expenses, and adversely impact NOI, cash flows and property values.

For example, during and following the COVID-19 pandemic, certain markets experienced reduced move-ins, elevated move-outs and increased costs associated with labor and operating protocols, which in some cases resulted in lower occupancy and NOI relative to pre-pandemic levels and slower-than-expected recovery. In addition, certain markets have experienced sustained labor tightness and wage inflation, which can increase operating expenses (including wages, benefits and contract labor), pressure operating margins, and require incremental spending to recruit and retain staff. There can be no assurance that labor conditions in any given market will improve within anticipated timeframes, or at all.

Further, our properties may experience physical damage, business interruption, or higher insurance and repair costs resulting from natural disasters and severe weather events (such as hurricanes, flooding, and winter storms), which may cause temporary closures, loss of revenue, displacement of residents, and

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unanticipated capital expenditures. Even where insured, we may be subject to deductibles, coverage limitations, disputes with insurers, delayed recoveries, increased premiums, reduced availability of coverage, and uninsured losses.

Because these risks may disproportionately affect specific properties or geographic clusters, adverse developments in a particular market or region may have a material adverse effect on our results of operations, cash flows and financial condition.

#### Operator Transition Case Study
We have, from time to time, contracted with operators that have not met our expectations of operational performance. In such instances, we have typically transitioned management of such properties to new operators. Poor operator performance may be evidenced by, among other things, lower-than-expected occupancy, failure to achieve budgeted NOI, and/or a lack of timely operational responsiveness, which can adversely impact our results of operations, cash flows, and the value of the affected properties.

For example, a 19-asset, approximately 3,354-unit rental senior housing portfolio that has historically been concentrated in Denver and Houston and has been managed by a large national operator for more than a decade experienced a material decline in performance during and after COVID, which we believe was exacerbated by operator-specific execution challenges. Prior to COVID, the portfolio operated at approximately 89% occupancy and generated approximately $50 million of Adjusted NOI. Following COVID and the operator's underperformance, the portfolio's occupancy and NOI remained below pre-COVID levels, including approximately 81.5% occupancy and approximately $43.1 million of Adjusted NOI for the year ended December 31, 2025. During the post-COVID recovery period, this portfolio also underperformed sector benchmarks and the operator's own budgets, which we believe was driven in part by leadership turnover and the operator's enterprise system transitions that hindered execution. In response, in January 2026, soon after we completed the JV Buyout we exercised our contractual rights and commenced a transition of the management of certain of these properties to replacement operators with stronger expected operating capabilities and reporting infrastructure, and we expect to complete these operator transitions in the first half of 2026.

We have a strong record with managing operator transitions to improve the performance of our portfolio. For example, in January 2020, Healthpeak acquired Brookdale's 51% interest in 13 entrance fee life plan communities for $541 million. Concurrent with the acquisition, Healthpeak transitioned operations from Brookdale to LCS and entered into a new management agreement with LCS linking the management fee to performance. This strategic repositioning delivered sustained Adjusted NOI growth, non-refundable entrance fee sales growth and portfolio resilience, supported by resident-focused operations and improved operational visibility. Adjusted NOI from such communities grew from approximately $84 million for the year ended December 31, 2020 to $130 million for the year ended December 31, 2025, and non-refundable entrance fee sales grew from $51 million for the year ended December 31, 2020 to $124 million for the year ended December 31, 2025.

#### RIDEA Structure
Our properties are owned and operated under RIDEA structures, which is permitted by the HERA, and includes most of the provisions previously proposed in RIDEA. Services provided by our operators under a RIDEA structure are primarily paid for directly by the residents, rather than governmental reimbursement programs, which provides us with greater visibility into operating cash flow from our communities.

A RIDEA structure allows us, through a TRS, to receive cash flow from the operations of a healthcare facility in compliance with REIT tax requirements. The criteria for operating a healthcare facility through a RIDEA structure require us to lease the facility to an affiliate TRS and for such affiliate TRS to engage an independent qualifying management company or third-party operator (also known as an eligible independent contractor) to manage and operate the day-to-day business of the facility in exchange for a management fee. As a result, under a RIDEA structure, we are required to rely on a third-party operator to hire and train all facility employees, enter into third-party contracts for the benefit of the facility, including resident/patient agreements, comply with laws, including healthcare laws, and provide resident care. We are

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substantially limited in our ability to control or influence day-to-day operations under a RIDEA structure, and thus rely on the operator to manage and operate the business.

Through our TRS entities, we bear all operational risks and liabilities associated with the operation of these properties, with limited exceptions, such as an operator's gross negligence or willful misconduct. These operational risks and liabilities include those relating to any employment matters of our operators, compliance with healthcare and other laws, liabilities relating to personal injury-tort matters, resident-patient quality of care claims, and any governmental reimbursement matters, even though we have limited ability to control or influence our operators' management of these risks.

Our management agreements with our operators generally have remaining terms of less than five years, with mutual renewal options for subsequent terms of up to five years. There are base management fees and incentive management fees payable to our operators if operating results of the RIDEA properties exceed pre-established thresholds. Conversely, there are also provisions in the management agreements that reduce management fees payable to our operators if operating results do not meet certain pre-established thresholds.

As third-party operators manage our RIDEA properties in exchange for the receipt of a management fee, we are not directly exposed to the credit risk of these operators in the same manner or to the same extent as a triple-net tenant.

#### Regulation
 *Overview* 

Our healthcare facility operators (which, for this purpose, include our TRS entities in RIDEA structures) are subject to extensive and complex federal, state, and local healthcare laws and regulations relating to quality of care, licensure and certificate of need, resident rights (including abuse and neglect), consumer protection, government reimbursement, fraud and abuse practices, and similar laws governing the operation of healthcare facilities. We expect the healthcare industry, in general, will continue to face increased regulation and pressure in the areas of fraud, waste and abuse, cost control, healthcare management, government reimbursement, and provision of services, among others. Federal, state, and local officials are increasingly focusing their efforts on enforcement of these laws and regulations. In addition, our operators are subject to a variety of laws, regulations, and executive orders, including those relating to operators' response to infectious diseases, which can vary based on the provider type and jurisdiction, complicating compliance efforts. These regulations are wide ranging and can subject our operators to civil, criminal, and administrative sanctions, including enhanced or additional penalties, sanctions, and other adverse actions that may arise under new regulations adopted in response to any future epidemics or pandemics. Affected operators may find it increasingly difficult to comply with this complex and evolving regulatory environment because of a relative lack of guidance in many areas as certain of our healthcare properties are subject to oversight from several government agencies, and the laws may vary from one jurisdiction to another. Changes in laws, regulations, reimbursement enforcement activity, and regulatory non-compliance by our operators can all have a significant effect on their operations and financial condition, which in turn may adversely impact us.

The following is a discussion of certain laws and regulations generally applicable to our operators, and in certain cases, to us.

 *Fraud and Abuse Enforcement* 

There are various extremely complex U.S. federal and state laws and regulations governing healthcare providers' referrals, relationships and arrangements and prohibiting certain fraudulent and abusive practices. These laws include: (i) the U.S. federal False Claims Act and similar state laws, which, among other things, prohibit providers, among others, from filing false claims or making false statements to receive payment from the government, including Medicare, Medicaid, or other U.S. federal or state healthcare programs; (ii) the U.S. federal Anti-Kickback Statute, a criminal law which prohibits, among other things, the offer, payment, solicitation or receipt of any form of remuneration in return for, or to induce referrals or recommendations of healthcare items or services for which payment may be made under a federal healthcare program such as Medicare and Medicaid, as well as similar state anti-kickback and fee-splitting statutes (iii) the U.S. federal Physician Self-Referral Prohibition, (commonly referred to as the "Stark Law"), which, subject to

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certain exceptions, generally prohibits referrals of specifically designated health services for which payment may be made under Medicare by physicians to entities with which the physician or an immediate family member has a financial relationship, as well as similar state laws; and (iv) the federal Civil Monetary Penalties Law, which prohibits, among other things, the knowing presentation of a false or fraudulent claim for certain healthcare services and which authorizes the U.S. Department of Health and Human Services to impose monetary penalties for certain fraudulent acts; and (v) the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, as amended ("HIPAA"), which includes provisions that make it a federal crime to defraud any health benefit plan, including private payors.

Violations of U.S. healthcare fraud and abuse laws carry civil, criminal, and administrative sanctions, including punitive sanctions, monetary penalties, imprisonment, denial of Medicare and Medicaid reimbursement, payment suspensions, and potential exclusion from Medicare, Medicaid, or other federal or state healthcare programs. Certain laws, such as the False Claims Act, allow for private litigants to bring "whistleblower" actions on behalf of the government and entitle such whistleblowers to a portion of any funds ultimately recovered (typically between 15-30%). Additionally, violations of the federal False Claims Act are subject to significant per-claim penalties and can result in treble damages.

Our operators that participate in government reimbursement programs are subject to these laws and may become the subject of governmental enforcement actions or whistleblower actions if they fail to comply with applicable laws. Additionally, the licensed operators of our U.S. long-term care facilities that participate in government reimbursement programs are required to have compliance and ethics programs that meet the requirements of federal laws and regulations relating to the Social Security Act. Because we own and operate our properties through RIDEA structures, we are dependent on our operators to fulfill our compliance obligations, and we have developed a program to periodically monitor compliance with such obligations. Investigation by a federal or state governmental body for violation of fraud and abuse laws or imposition of any of these penalties upon one of our operators could jeopardize that operator's business, reputation, and ability to operate.

 *Laws and Regulations Governing Privacy and Security* 

There are various U.S. federal and state privacy laws and regulations, including the privacy and security rules contained in HIPAA that provide for the privacy and security of personal health information. Violations of HIPAA are punishable by civil monetary penalties and, in some cases, criminal penalties and imprisonment. Pursuant to HIPAA, the U.S. Department of Health and Human Services ("HHS") has adopted privacy regulations, known as the privacy rule, to govern the use and disclosure of protected health information ("PHI"). HHS has also adopted data security regulations that require covered entities and business associates to implement administrative, physical and technical safeguards to protect the integrity, confidentiality and availability of PHI that is electronically created, received, maintained or transmitted (such as between us and our affiliated practices). HIPAA also imposes data breach response and notification obligations.

Numerous state laws are also designed to address privacy and information security issues, including but not limited to state medical privacy laws, state laws protecting personal information, state data breach notification laws, state genetic privacy laws, human subjects research laws, new laws governing AI and automated decision-making, and federal and state consumer protection laws. For example, the California Consumer Protection Act (the "CCPA"), which took effect on January 1, 2020, gives California residents expanded rights to access and delete their personal information, opt out of certain activities with respect to their personal information and receive detailed information about how their personal information is used and shared. The CCPA provides for civil penalties for violations, as well as a private right of action for certain data breaches. Regulation of privacy, data protection and data security continues to become more stringent in the United States, with several new laws following the CCPA and being enacted at the state level, including several comprehensive privacy laws. While these new laws and proposals generally include exemptions for HIPAA-covered data, they add layers of complexity to compliance in the U.S. market, and could increase our compliance costs and adversely affect our business.

The U.S. Federal Trade Commission (the "FTC") has authority under Section 5 of the Federal Trade Commission Act to regulate unfair or deceptive practices, and has used this authority to initiate enforcement

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actions against companies that implement inadequate controls around privacy and information security in violation of their externally facing policies. The FTC, as well as state attorneys general, have taken enforcement action against companies that do not abide by their representations to consumers regarding electronic security and privacy, including with respect to health information.

To the extent we or our affiliated operating entities process personal information, or are a covered entity or business associate under HIPAA, compliance with privacy and information security laws and regulations require us to, among other things, conduct a risk analysis, implement a risk management plan, implement policies and procedures, conduct employee training and have programs that support incident response and breach notification provisions under applicable laws. In most cases, we are dependent on our management companies to fulfill our compliance obligations, and we have developed a program to periodically monitor compliance with such obligations. Because of the far-reaching nature of these laws, there can be no assurance we would not be required to alter one or more of our systems and data security procedures to be in compliance with these laws. Our failure to protect health and other personal information could subject us to civil or criminal liability and adverse publicity, and could harm our business and impair our ability to attract new residents. We may be required to notify individuals, as well as government agencies and the media, if we experience a data breach.

Further, as reliance on technology has increased, so have the risks posed to those systems. Parties that provide us with services essential to our operations must continuously monitor and develop their networks and information technology to prevent, detect, address, and mitigate the risk of unauthorized access, misuse, computer viruses, and social engineering, such as phishing. Our management companies are continuously working, including with the aid of third-party service providers, to install new, and to upgrade existing, network and information technology systems, to create processes for risk assessment, testing, prioritization, remediation, risk acceptance, and reporting, and to provide awareness training around phishing, malware, and other cyber risks to ensure that our systems as well as our partners that provide us with services essential to our operations are protected against cyber risks and security breaches. However, these upgrades, processes, new technology, and training may not be sufficient to protect us from all risks. Even the most well protected information, networks, systems, and facilities remain potentially vulnerable because the techniques and technologies used in attempted attacks and intrusions evolve and generally are not recognized until launched against a target. In some cases, attempted attacks and intrusions are designed not to be detected and, in fact, may not be detected.

 *Reimbursement* 

Sources of revenue for some of our operators include, among others, governmental healthcare programs, such as the federal Medicare programs and state Medicaid programs, and non-governmental third-party payors, such as insurance carriers and health maintenance organizations. Our operators who participate in governmental healthcare programs are subject to government reviews, audits, and investigations to verify compliance with these programs and applicable laws and regulations. As federal and state governments focus on healthcare reform initiatives, and as the federal government and many states face significant current and future budget deficits, ongoing efforts to reduce costs by these payors will likely continue, which may result in reduced or slower growth in reimbursement for certain services provided by some of our operators. Governmental healthcare programs are highly regulated and are subject to frequent and substantial legislative, regulatory, and interpretive changes, which could adversely affect reimbursement rates and the method and timing of payment under these programs. For example, the One Big Beautiful Bill Act includes several provisions expected to significantly reduce federal Medicaid spending over the next several years. Additionally, in November 2025, the Centers of Medicare and Medicaid Services ("CMS") announced several changes to existing Medicare payment policies, including revisions intended to reduce reimbursement for certain products and services furnished in the outpatient setting beginning in 2026. Moreover, new and evolving payor and provider programs in the United States, including Medicare Advantage, Dual Eligible, Accountable Care Organizations, Post-Acute Care Payment Models, SNF Value-Based Purchasing Programs, and Bundled Payments, could adversely impact our operators' liquidity, financial condition, or results of operations.

In addition, as of January 16, 2024, Medicare and Medicaid nursing facilities are required to disclose certain data about the facility's ownership, management, and the owners of real property lessors upon initial

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enrollment and revalidation. The nursing facilities are also required to timely report any changes, including in connection with any change of ownership. CMS defines the new disclosable parties to include members of the facility's governing body, persons, or entities who are an officer, director, member, partner, trustee, or managing employee of the facility, persons, or entities that exercise operational, financial, or managerial control, lease or sublease real property to the facility, own a direct or indirect interest of five percent or greater of the real property, or provide management or administrative services to the facility. Additionally, facilities are required to disclose whether any entity on the enrollment form is a private equity company or REIT. CMS makes this information publicly available. This new disclosure requirement involves reporting extensive information and may complicate our healthcare facility operators' efforts to comply with Medicare and Medicaid requirements. Failure to comply with the new disclosure requirements could negatively affect our healthcare facility operators' participation in Medicare and state Medicaid programs.

 *Healthcare Licensure and Certificate of Need* 

Certain senior housing communities in our portfolio are subject to extensive national, federal, state, and local licensure, certification, and inspection laws and regulations. A senior housing community's failure to comply with these laws and regulations could result in a revocation, suspension, restriction, or non-renewal of the community's licenses, which could adversely affect the community's operations and ability to bill for items and services provided at the community. In addition, our entities are required to obtain various licenses and permits which are required to handle controlled substances (including narcotics), operate pharmacies, and operate equipment at our properties. The failure of our operators to maintain or renew any required license or regulatory approval on our behalf, as well as the failure of our operators to correct serious deficiencies identified in a compliance survey, could require those operators to discontinue operations at a property and could result in suspension of new admissions or loss of licensure.

Additionally, many states in the U.S. require certain healthcare providers to obtain a certificate of need ("CON"), which requires prior approval for the construction, expansion, or closure of certain healthcare facilities, including senior housing communities, significant investments in major capital equipment, or adding or terminating certain types of services. The approval process related to state CON laws may impact the ability of some of our operators to expand or change their businesses. For example, CON laws may constrain the ability of an operator to transfer responsibility for operating a particular senior housing community to a new operator.

In addition, state CON laws often materially impact the ability of competitors to enter into the marketplace of our communities. Accordingly, the repeal of CON laws could also negatively impact our operators by allowing competitors to freely operate in previously closed markets.

 *Entrance Fee Communities* 

Our life plan communities are operated as entrance fee communities. Generally, an entrance fee is an upfront fee or consideration paid by a resident, a portion of which may be refundable, in exchange for some form of long-term benefit, typically consisting of a right to receive certain personal or health care services. In certain states (including the ones in which we operate) entrance fee communities are subject to significant state regulatory oversight, including, for example, oversight of each community's financial condition, establishment and monitoring of reserve requirements and other financial restrictions, the right of residents to cancel their contracts within a specified period of time, the right of residents to receive a refund of their entrance fees, lien rights in favor of the residents, restrictions on change of ownership, and similar matters.

 *Americans with Disabilities Act ("ADA")* 

Our properties must comply with the ADA and any similar state or local laws to the extent that such properties are "public accommodations" as defined in those statutes. The ADA may require removal of barriers to access by persons with disabilities in certain public areas of our properties where such removal is readily achievable. To date, we have not received any notices of noncompliance with the ADA that have caused us to incur substantial capital expenditures to address ADA concerns. Should barriers to access by persons with disabilities be discovered at any of our properties, we may be directly or indirectly responsible for additional costs that may be required to make facilities ADA-compliant. Noncompliance with the ADA

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could result in the imposition of fines or an award of damages to private litigants. The obligation to make readily achievable accommodations pursuant to the ADA is an ongoing one, and we continue to assess our properties and make modifications as appropriate in this respect.

#### Insurance
We obtain various types of insurance to mitigate the impact of property, business interruption, liability, flood, windstorm, fire, environmental, and terrorism-related losses. We attempt to obtain appropriate policy terms, conditions, limits, and deductibles considering the relative risk of loss, the cost of such coverage, and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events, that may be either uninsurable or not economically insurable. In addition, we have a large number of properties that are exposed to hurricanes, windstorms, and flooding, which carry higher deductibles.

We maintain property insurance for all of our properties. We maintain separate general and professional liability insurance for our senior housing communities. Additionally, our corporate general liability insurance program also extends coverage for all of our properties beyond the aforementioned. We periodically review whether we or our RIDEA operators will bear responsibility for maintaining the required insurance coverage for the applicable senior housing communities, but the costs of such insurance are facility expenses paid from the revenues of those properties, regardless of who maintains the insurance.

We also maintain directors and officers liability insurance, which provides protection for claims against our directors and officers arising from their responsibilities as directors and officers. Such insurance also extends to us in certain situations.

#### Environmental Matters
A wide variety of federal, state, and local environmental and occupational health and safety laws and regulations affect operations of senior housing communities. These complex federal and state statutes, and their enforcement, involve a myriad of regulations, many of which involve strict liability on the part of the potential offender. Some of these federal and state statutes may directly impact us. Under various federal, state, and local environmental laws, ordinances, and regulations, an owner of real property may be liable for the costs of removal or remediation of hazardous or toxic substances at, under or disposed of in connection with such property, as well as other potential costs relating to hazardous or toxic substances (including government fines and damages for injuries to persons and adjacent property). The cost of any required remediation, removal, fines, personal or property damages, and any related liability therefore could exceed or impair the value of the property and/or the assets. In addition, the presence of such substances, or the failure to properly dispose of or remediate such substances, may adversely affect the value of such property and the owner's ability to sell or rent such property or to borrow using such property as collateral, which, in turn, could reduce our earnings.

#### Competition
Investing in real estate serving the senior housing sector is highly competitive. We face competition from other REITs, investment companies, pension funds, private equity investors, sovereign funds, healthcare operators, lenders, developers, and other institutional investors, some of whom may have greater flexibility (e.g., non-REIT competitors), greater resources, and lower costs of capital than we do. Increased competition and resulting capitalization rate compression, as well as the impacts of inflation and higher interest rates, make it more challenging for us to identify and successfully capitalize on opportunities that meet our objectives. Our ability to compete may also be impacted by global, national, and local economic trends, availability of investment alternatives, availability and cost of capital, construction and renovation costs, existing laws and regulations, new legislation, and population trends.

Income from our investments depends on our operators' ability to compete with other companies on multiple levels, including: (i) the quality of care provided, (ii) reputation, (iii) price, (iv) the range of services offered, (v) the physical appearance of a property, (vi) alternatives for healthcare delivery, (vii) the supply of competing properties, (viii) physicians, (ix) staff, (x) referral sources, (xi) location, (xii) the size and demographics of the population in surrounding areas, and (xiii) the financial condition of our residents and operators.

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#### Employees
We are externally managed by our Manager, an indirect subsidiary of Healthpeak, pursuant to the Management Agreement between our Manager and us. We and our Manager do not have any employees. All of our officers are employees of Healthpeak or its affiliates. See "Our Manager and the Management Agreement — Management Agreement."

#### Legal Proceedings
From time to time, we and our Manager are or may become party to legal proceedings, lawsuits and other claims that arise in the ordinary course of our respective businesses. Neither we nor our Manager is aware of any legal proceedings or claims that we or our Manager believe may have, individually or taken together, a material adverse effect on the Company's financial condition, results of operations, or cash flows.

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#### OUR MANAGER AND THE MANAGEMENT AGREEMENT
We are externally managed by our Manager. Our Manager is at all times subject to supervision, direction and management through our Board. Pursuant to the terms of the Management Agreement, our Manager is responsible for administering (or engaging and overseeing external vendors that administer) our business activities and day-to-day operations and provides us with our management team and other necessary professionals and support personnel. Our Manager has access to Healthpeak's broader infrastructure. All of our officers are employees of Healthpeak or its affiliates. The executive offices of our Manager are located at c/o Healthpeak Properties, Inc., 4600 South Syracuse Street, Suite 500, Denver, Colorado 80237, and the telephone number of our Manager's executive offices is (720) 428-5050.

#### Executive Officers and Key Personnel
The following table sets forth certain information with respect to our executive officers and key personnel of Healthpeak.

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| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
| Scott M. Brinker | 49  | President, Chief Executive Officer and Director |
| Kelvin O. Moses | 37  | Chief Financial Officer |
| Adam G. Mabry | 41  | Chief Investment Officer |
| Tracy A. Porter | 48  | Executive Vice President and General Counsel |
| Ankit B. Patadia | 48  | Executive Vice President, Treasurer and Head of Finance & Capital Markets |
| Shawn G. Johnston | 46  | Executive Vice President and Chief Accounting Officer |
| Jeffrey H. Miller | 66  | Chief Operating Officer of Janus Living |

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#### Biographical Information
Set forth below is biographical information for the executive officers and key personnel of our Manager.

*Scott M. Brinker*. Mr. Brinker has been Healthpeak's President and Chief Executive Officer since October 2022. He previously served as Healthpeak's President and Chief Investment Officer from January 2020 until October 2022 and Executive Vice President and Chief Investment Officer from March 2018 until December 2019. Prior to joining Healthpeak, Mr. Brinker was at Welltower Inc. (NYSE: WELL), a healthcare REIT, from 2001 to 2017, most recently as its Executive Vice President and Chief Investment Officer. He is also an Executive Board Member of Nareit.

We believe that Mr. Brinker is qualified to serve as a member of our Board because of his extensive investment experience in the senior housing real estate sector at Healthpeak and Welltower, as well as his public company board and executive experience in leading a publicly traded REIT. Notably, while at Welltower, Mr. Brinker was instrumental in increasing the size and diversifying the asset mix of that company. During his tenure, from the first quarter of 2010 to the first quarter of 2017, Welltower's market capitalization increased from $5.5 billion to $24.3 billion and annualized net operating income increased from $572 million (72% of which was from senior housing and care assets and the remainder of which was from medical facilities) to approximately $2.0 billion (42% of which was from senior housing operating properties, 28% of which was from senior housing triple net properties, 17% of which was from medical facilities and the remainder of which was from long-term and post-acute properties). He also helped lead the Welltower team that grew Welltower's senior housing operating property portfolio to 487 senior housing operating properties, comprising 56,253 units, prior to his departure.

*Kelvin O. Moses*. Mr. Moses has been Healthpeak's Chief Financial Officer since April 2025. He previously served as Healthpeak's Executive Vice President — Investments and Portfolio Management from March 2025 to April 2025, Senior Vice President — Investments and Portfolio Management from January 2022 to March 2025, Vice President — Investments from January 2019 to January 2022, and Director — Life Science Estates from April 2018 to January 2019. Prior to joining Healthpeak, Mr. Moses

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was in the global healthcare and real estate investment banking groups of Barclays PLC, a financial services firm listed on the London Stock Exchange.

*Adam G. Mabry*. Mr. Mabry has been Healthpeak's Chief Investment Officer since October 2022. He previously served as Senior Vice President — Investments from February 2018 to October 2022 and Vice President — Corporate Transactions from June 2017 to January 2018. Prior to joining Healthpeak, Mr. Mabry was a Vice President at The Wolff Company, a fully-integrated real estate private equity firm, where he focused on executing structured transactions across the multifamily, senior housing, and affordable housing sectors. Prior to that, he was a Vice President at Barclays in the real estate investment banking group. Mr. Mabry is a Chartered Financial Analyst<sup>®</sup> charterholder.

*Tracy A. Porter*. Ms. Porter has been Healthpeak's Executive Vice President and General Counsel since March 2025. She previously served as Senior Vice President — Deputy General Counsel from January 2023 to March 2025, Senior Vice President — Associate General Counsel from January 2021 to September 2022, Senior Vice President — Legal, Real Estate Transactions from January 2019 to December 2020, and Vice President — Legal from August 2013 to January 2019. She also served as General Counsel of McCourt Partners Real Estate, a real estate development, investment, and management firm, from October 2022 to January 2023. Prior to joining Healthpeak, Ms. Porter was a member of the Real Estate practice group at Latham & Watkins LLP, where she represented public and private clients in a broad range of real estate and related corporate matters.

*Ankit B. Patadia*. Mr. Patadia has been Healthpeak's Executive Vice President and Treasurer — Corporate Finance since February 2023. He joined Healthpeak in 2010 and has served in a variety of roles, including as Senior Vice President and Treasurer — Corporate Finance from February 2019 to January 2023, Vice President and Treasurer from 2018 to 2019, Assistant Treasurer and Vice President — Financial Planning and Analysis from 2017 to 2018, and Assistant Treasurer and Vice President — Capital Markets/Treasury from 2016 to 2017. Prior to joining Healthpeak, Mr. Patadia served as Senior Consultant at Deloitte Consulting from 2004 to 2008.

*Shawn G. Johnston*. Mr. Johnston has been Healthpeak's Executive Vice President and Chief Accounting Officer since February 2019. He previously served as Healthpeak's Senior Vice President and Chief Accounting Officer from August 2017 until January 2019. Prior to joining Healthpeak, Mr. Johnston served as Vice President — Chief Accounting Officer of UDR, Inc. (NYSE: UDR), a multifamily real estate investment trust, from March 2016 to August 2017, and Vice President — Controller from September 2013 until March 2016. He also served as Interim Principal Financial Officer of UDR from June 2016 through December 2016. From August 2010 to August 2013, Mr. Johnston served as Chief Accounting Officer at American Residential Communities LLC, a residential real estate company. Prior to that, he served in the Ernst & Young LLP Audit Department, specializing in real estate, from October 2002 to August 2010.

*Jeffrey H. Miller*. Mr. Miller has been the Chief Operating Officer of Janus Living since February 2026. He previously served as Healthpeak's General Counsel from November 2022 to March 2025, Executive Vice President — Development from April 2021 to October 2022, Executive Vice President — Senior Housing from January 2020 to March 2021, and Senior Vice President — Senior Housing Asset Management from November 2018 to December 2019. Prior to joining Healthpeak, Mr. Miller served as Chief Operating Officer at Welltower, Inc. (NYSE: WELL), a healthcare REIT, from July 2014 to January 2017, and General Counsel from July 2004 to July 2014. He was a partner at the law firm Shumaker, Loop & Kendrick, LLP from 1996 to 2004, where he represented a broad range of clients in corporate and real estate matters.

#### Management Agreement
Concurrently with the closing of this offering, we will enter into the Management Agreement with our Manager pursuant to which our Manager will perform certain services for us and will be responsible for our day-to-day operations in conformity with our investment guidelines that are approved and monitored by our Board. The Management Agreement will reflect the terms outlined in this prospectus. Our Manager will be subject to the supervision, direction and management of our Board. Although the Management Agreement will not obligate our Manager or the personnel provided by our Manager to work exclusively for

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us, certain employees of our Manager will be primarily dedicated to us and our Manager does not manage or advise any other entities and is not currently actively seeking new advisory clients.

#### Management Services
The Management Agreement will provide that our Manager will be responsible for our day-to-day operations and will provide services as may be appropriate, which may include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • originate, evaluate, negotiate, structure, close, monitor, refinance and dispose of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • arrange and manage equity and debt financings and hedging activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provide portfolio, asset, property and risk management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • furnish executive, administrative, accounting, internal audit, information-technology and other support services reasonably required for our and our subsidiaries' operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • advise and assist us with respect to the our public relations, preparation of marketing materials, internet website and investor relations services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • engage, supervise, and monitor third-party service providers, including affiliates, in accordance with any limitations set forth in the Management Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to the extent not covered above, advise and assist us in the review and negotiation of our contracts and agreements, and coordinate and supervise all third-party legal services and claims by or against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assist us in retaining advisors to advise us regarding the maintenance of our qualification as a REIT and monitor our compliance with the various REIT qualification tests and other rules set out in the Code and Treasury Regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • advise us regarding the maintenance of our exemptions from the status of an investment company required to register under the 1940 Act, and monitor compliance with the requirements for maintaining such exemptions and using commercially reasonable efforts to cause us to maintain such exemptions from such status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assist us in qualifying to do business in all applicable jurisdictions in which we or our subsidiaries do business, and ensure that we and our subsidiaries obtain and maintain all applicable licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assist us in complying with all regulatory requirements applicable to us with respect to our business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act, the Securities Act or the NYSE (or such other securities exchange on which our Class A-1 common stock may be listed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • use commercially reasonable efforts to cause us and our subsidiaries to comply with all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provide office space, equipment and experienced and qualified personnel necessary for the performance of the foregoing services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • perform any other services reasonably requested by our Board that are consistent with the responsibilities outlined in the foregoing and our Manager's expertise.

In addition, our Manager may enter into agreements with other parties, including affiliates, for the provision of services on our behalf, provided that such agreements comply with our related party transaction policy and any modification or waiver of our related party transaction policy will require approval of a majority of our independent directors who are not affiliated with Healthpeak.

Our Manager will prepare and deliver to our Board such periodic reports regarding performance of our investments, financial results and compliance as our Board may reasonably request.

#### Actions Requiring Board Approval
The Management Agreement will provide that certain actions will require approval by our Board, a committee comprised of independent directors who are not affiliated with Healthpeak, or a majority of the

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independent directors of our Board who are not affiliated with Healthpeak, including the investment guidelines, any modification or waiver of related party requirements, reimbursements, and resolution of conflicts between us and our Manager.

#### Liability and Indemnification
The Management Agreement will provide that our Manager will not assume any responsibility other than to render the services called for thereunder in good faith and will not be responsible for any action of our Board in following or declining to follow its advice or recommendations. Our Manager maintains a contractual, as opposed to a fiduciary, relationship with us. However, to the extent that officers of our Manager also serve as our officers or officers of any of our subsidiaries, such officers will owe us or the subsidiary, as applicable, duties under Maryland law in their capacity as officers of us or the subsidiary, which may include the duty to exercise reasonable care in the performance of such officers' responsibilities, as well as the duties of loyalty, good faith and candid disclosure.

Under the terms of the Management Agreement, our Manager, its affiliates and their respective officers, directors, members, managers and employees will not be liable to us, any of our subsidiaries, our Board, our stockholders or any subsidiary's stockholders, partners or members for acts or omissions (including, without limitation, errors that may result from ordinary negligence, such as errors in the investment decision process) performed in accordance with and pursuant to the Management Agreement, except where such liability arises as a result of acts constituting bad faith, fraud, willful misconduct, gross negligence or reckless disregard of their duties under the Management Agreement. We will agree to indemnify and hold harmless our Manager, its affiliates and each of their respective officers, directors, members, managers and employees from and against any claims or liabilities arising out of the Management Agreement, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with its business and operations or any action taken or omitted on its behalf pursuant to authority granted by the Management Agreement, except where attributable to bad faith, fraud, willful misconduct, gross negligence or reckless disregard of their duties under the Management Agreement. We will advance reasonable expenses incurred by a Manager indemnified party provided that such party agrees to repay such amounts if it is ultimately determined that such party is not entitled to indemnification.

The Management Agreement will provide that our Manager will indemnify and hold harmless us, our subsidiaries and each of our respective officers, directors, and employees (if any) against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of our in connection with acts of our Manager found by a court of competent jurisdiction to constitute bad faith, fraud, willful misconduct, gross negligence or reckless disregard of its duties under the Management Agreement, or any claims by our Manager's employees relating to the terms and conditions of their employment by our Manager. However, our Manager's affiliates or its or their respective shareholders, partners, members, managers, officers, directors, employees, agents or representatives will have no personal liability for any of the foregoing acts. The aggregate liability of our Manager in respect of any indemnification obligations arising out of the Management Agreement will be limited to no more than the amount of the management fee for the 12 months prior to the date of such determination of liability or claim. Our Manager will not be liable for errors that may result from ordinary negligence, such as errors in the investment decision making process. In addition, as required by the Management Agreement, our Manager will carry customary errors and omissions and other insurance coverage of the type and in amounts generally carried by managers of comparable assets.

The Management Agreement will provide that any person entitled to indemnification under the Management Agreement must first seek recovery under any available insurance before claiming indemnification from us, and any insurance proceeds that are received will reduce our indemnity obligations.

#### Management Team
Pursuant to the terms of the Management Agreement, our Manager will provide us with a management team, including senior executive officers, along with appropriate support personnel, who will be required to devote such portion of their time to our affairs as our Manager determines is necessary and appropriate. Our Manager's personnel will not receive compensation from us for their services to us in any capacity, except pursuant to any equity plan adopted by us. Certain employees of our Manager will be primarily dedicated

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to us, and our Manager shall make available other professionals of its organization as reasonably necessary for the day-to-day operations. We have no employees.

Our Manager will be required to use commercially reasonable efforts to refrain from actions (i) inconsistent with any approved investment guidelines, (ii) that would reasonably be expected to jeopardize our qualification as a REIT or our status under the 1940 Act, or (iii) that would cause a material violation of applicable law or our governance documents.

#### Term and Termination
The Management Agreement will provide that it may be amended or modified by agreement between us and our Manager. The Management Agreement will have an initial term expiring three years after the completion of this offering and will be renewed for additional one-year terms thereafter unless terminated pursuant to the terms of the Management Agreement.

The Management Agreement will provide that we may terminate the Management Agreement at any time, including during the initial term, without the payment of any termination fee, upon the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our Manager is convicted of a felony (including a plea of nolo contendere);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subject to certain exceptions, if our Manager commits an act of fraud against us, converts our funds or acts in a manner constituting bad faith or willful misconduct in the performance of its material duties under the Management Agreement (including a failure to act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the occurrence of certain events with respect to the bankruptcy or insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if we fail to qualify for taxation as a REIT under the Code primarily as a result of the gross negligence or willful misconduct of our Manager or its affiliates (in each case, excluding due to any action undertaken (or any inaction) at the direction of our Board) and our Manager or its affiliates do not use good faith efforts to take steps to remedy such intentional action(s) within a reasonable period of time after we provide written notice thereof specifying such intentional action(s) and requesting that the same be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subject to certain exceptions, if our Manager or any of its affiliates breaches any material term, condition or covenant contained in the Management Agreement and such breach has caused or would reasonably be expected to cause material harm to us and our subsidiaries taken as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a change of control of our Manager occurs.

In addition, the Management Agreement will provide that we may terminate the agreement at any time following the completion of the initial term for any reason if at least a majority of a committee of our Board comprised of independent directors who are not affiliated with Healthpeak approves the termination, and following such approval, such termination is approved by the stockholders by the affirmative vote of a majority of all the votes entitled to be cast on the matter at the next annual or special meeting of our stockholders. In conjunction with such a termination of the Management Agreement, we will pay our Manager a termination fee equal to three times the management fee earned by our Manager during the 12-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination.

The Management Agreement will provide that our Manager may terminate the Management Agreement at any time, including during the initial term, upon the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subject to certain exceptions, if we breach any material term, condition or covenant contained in the Management Agreement; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the occurrence of certain events with respect to our bankruptcy or insolvency.

In conjunction with such a termination of the Management Agreement, we will pay our Manager a termination fee equal to three times the management fee earned by our Manager, during the 12-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination.

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The management agreement provides that, for a period not to exceed 12 months following the termination of the management agreement, our Manager will use commercially reasonable efforts to cooperate with us in executing an orderly transition of our management and the management of our subsidiaries' business and operations. During any transition period, our Manager will be entitled to continue receiving any compensation owed pursuant to the terms of the Management Agreement.

In addition, the Management Agreement will provide that our Manager may terminate the Management Agreement at any time following the completion of the initial term, without the payment of any termination fee, for any reason (subject to any transition period provided for in the management agreement); provided that our Manager provides at least 30 days prior written notice of any such termination.

Our Manager may assign the agreement in its entirety or delegate certain of its duties under the Management Agreement to any of its affiliates without our consent or the approval of our Board if such affiliate becomes a party to, or becomes subject to the rights and obligations of our Manager under, the Management Agreement.

We may not assign our rights or responsibilities under the Management Agreement without the prior written consent of our Manager, except in the case of assignment to another REIT or other organization which is our successor, in which case the successor organization will be bound under the Management Agreement and by the terms of such assignment in the same manner as we are bound under the Management Agreement.

#### Management Fee
Effective upon completion of this offering, pursuant to the Management Agreement with our Manager, we will pay our Manager an annual fee (the "management fee") of $10.0 million, plus or minus the cumulative effect of an annual amount equal to 0.5% of (i) the gross book value (as determined in accordance with GAAP) of any investment that is the subject of an acquisition (including the JV Buyout and the Acquired Properties) or disposition or (ii) the increase in the gross book value of any investment that was the subject of a capital deployment related to an investment in excess of certain thresholds set forth in the Management Agreement (a "capital deployment"), in each case, since January 1, 2026 (a "management fee adjustment amount"); provided, that (A) if our investments have a gross book value in excess of $10.0 billion but less than $20.0 billion as of the determination of a management fee adjustment amount pursuant to the terms of the Management Agreement, such 0.5% will be decreased by 0.1% for each dollar of gross book value of any investment that was the subject of an acquisition or disposition, or increase in gross book value of any investment that was the subject of a capital deployment in excess of $10.0 billion but less than $20.0 billion, and (B) if our investments have a gross book value in excess of $20.0 billion as of the determination of a management fee adjustment amount pursuant to the terms of the Management Agreement, such 0.5% will be decreased by 0.15% for each dollar of gross book value of any investment that was the subject of an acquisition or disposition, or increase in the gross book value of any investment that was the subject of a capital deployment, that is in excess of $20.0 billion. For the purposes of determining a management fee adjustment amount, (x) the gross book value of any investment in an unconsolidated joint venture means the gross book value of such investment on the books and records of the joint venture, (y) the gross book value of any investment that was the subject of a capital deployment means the incremental increase in the gross book value of such investment as a result of such capital deployment and (z) the gross book value of any investment that was the subject of an acquisition since January 1, 2026 will not include the investments reflected on the balance sheet of Janus Living Predecessor as of December 31, 2025 included in this registration statement. As a result of the JV Buyout and the acquisitions of the Acquired Properties, the management fee increased by $3.4 million. The management fee will be paid in monthly installments on the first business day of each month. Our Manager will calculate each management fee adjustment amount within 30 days after the end of the month in which an acquisition or disposition of an investment closes or capital expenditures related to an investment subject to a capital deployment are incurred. Following such determination of such management fee adjustment amount, the next monthly installment of the management fee will be increased (in the case of an acquisition or capital deployment) or decreased (in the case of the disposition) by one-twelfth of such management fee adjustment amount.

The following table sets forth the calculation of the annual management fee payable pursuant to the Management Agreement based on an initial annual management fee of $10.0 million as of January 1, 2026

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plus acquisitions of investments through the date of this prospectus (consisting of the JV Buyout and the Acquired Properties). The following table also sets forth simplified, hypothetical examples of the calculation of the annual management fee payable pursuant to the Management Agreement based on an assumed gross book value (as determined in accordance with GAAP) of our investments at the time of certain illustrative hypothetical events. As of December 31, 2025, the gross book value of our predecessor's real estate investments was $2.4 billion. This example of the annual management fee earned by our Manager is provided for illustrative purposes only and is qualified in its entirety by the terms of the Management Agreement, which is filed as an exhibit to the registration statement of which this prospectus forms a part.

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| | |
|:---|:---|
| **Actual Events**  | **Gross Book Value of <br> Investments of <br> $10.0 Billion or Less <br> (50 basis points)**  |
| Initial annual management fee as of January 1, 2026  | $10.0 million  |
| &nbsp;&nbsp;&nbsp; Add: Acquisition of investments with a gross book value of $672.0 million  | $3.4 million  |
| Adjusted annual management fee  | $13.4 million  |
| Monthly installment of management fee payable by us in cash<sup>(1)</sup>  | $1.1 million  |

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| | | | |
|:---|:---|:---|:---|
| **Illustrative Hypothetical Events**  | **Gross Book Value of <br> Investments of <br> $10.0 Billion or Less**  | **Gross Book Value of <br> Investments in Excess of <br> $10.0 Billion But Less <br> Than $20.0 Billion**  | **Gross Book Value of <br> Investments in Excess of <br> $20.0 Billion**  |
| Gross book value  | $7.0 billion  | $15.0 billion  | $25.0 billion  |
| *Applied management fee percentages:* |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross book value of investments of $10.0 billion or less  | 50 basis points  | 50 basis points  | 50 basis points  |
| &nbsp;&nbsp;&nbsp; Gross book value of investments in excess of $10.0 billion but less than $20.0 billion  | n/a  | 40 basis points  | 40 basis points  |
| &nbsp;&nbsp;&nbsp; Gross book value of investments in excess of $20.0 billion  | n/a  | n/a  | 35 basis points  |
| Annual management fee  | $32.8 million<sup>(2)</sup>  | $67.8 million<sup>(3)</sup>  | $105.3 million<sup>(4)</sup>  |
|  *Annual management fee adjustments for investment activity below the high-end of the gross book value range:*  |  |  |  |
| &nbsp;&nbsp;&nbsp; Add: Acquisition of investment(s) with a gross book value of $500.0 million  | $2.5 million  | $2.0 million  | $1.8 million  |
| Adjusted annual management fee  | $35.3 million  | $69.8 million  | $107.1 million  |
|  Next monthly installment of management fee payable by us in cash<sup>(5)</sup>  | $2.9 million  | $5.8 million  | $8.9 million  |
|  *Annual management fee adjustments for investment activity below the high-end of the gross book value range:*  |  |  |  |
| &nbsp;&nbsp;&nbsp; Less: Disposition of investment(s) with a gross book value of $1.0 billion  | $(5.0) million  | $(4.0) million  | $(3.5) million  |
| Adjusted annual management fee  | $30.3 million  | $65.8 million  | $103.6 million  |
|  Next monthly installment of management fee payable by us in cash<sup>(5)</sup>  | $2.5 million  | $5.5 million  | $8.6 million  |

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| | | | |
|:---|:---|:---|:---|
| **Illustrative Hypothetical Events**  | **Gross Book Value of <br> Investments of <br> $10.0 Billion or Less**  | **Gross Book Value of <br> Investments in Excess of <br> $10.0 Billion But Less <br> Than $20.0 Billion**  | **Gross Book Value of <br> Investments in Excess of <br> $20.0 Billion**  |
|  *Annual management fee adjustments for investment activity below the high-end of the gross book value range:*  |  |  |  |
| &nbsp;&nbsp;&nbsp; Add: Capital deployment that increases the gross book value of investment(s) by $100.0 million  | $0.5 million  | $0.4 million  | $0.4 million  |
| Adjusted annual management fee  | $30.8 million  | $66.2 million  | $104.0 million  |
|  Next monthly installment of management fee payable by us in cash<sup>(5)</sup>  | $2.6 million  | $5.5 million  | $8.7 million  |

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(1) The management fee is payable in equal installments monthly in advance, with one-twelfth of the management fee payable on the first business day of each month in cash.

(2) The adjusted annual management fee payable pursuant to the Management Agreement based on the gross book value (as determined in accordance with GAAP) of our investments at the time of illustrative hypothetical events of $7.0 billion of investments assumes incremental acquisitions and/or capital deployment in excess of dispositions of $4.6 billion since January 1, 2026 (based on gross book value of Janus Predecessor's investments of $2.4 billion as of December 31, 2025).

(3) The adjusted annual management fee payable pursuant to the Management Agreement based on the gross book value (as determined in accordance with GAAP) of our investments at the time of illustrative hypothetical events of $15.0 billion of investments assumes incremental acquisitions and/or capital deployment in excess of dispositions of $12.6 billion since January 1, 2026 (based on gross book value of Janus Predecessor's investments of $2.4 billion as of December 31, 2025).

(4) The adjusted annual management fee payable pursuant to the Management Agreement based on the gross book value (as determined in accordance with GAAP) of our investments at the time of hypothetical events of $25.0 billion of investments assumes incremental acquisitions and/or capital deployment in excess of dispositions of $22.6 billion since January 1, 2026 (based on gross book value of Janus Predecessor's investments of $2.4 billion as of December 31, 2025).

(5) Within 30 days after the end of the month in which any event occurs that results in a management fee adjustment, the Manager will calculate the management fee adjustment amount. Following such determination, the next monthly installment of the then-current management fee will be increased by one-twelfth of such management fee adjustment amount. The next monthly installment of management fee payable by us in cash assumes for illustrative purposes only that each of the hypothetical events occurs during the same month.

The management fee payable to our Manager shall be reduced by stock-based compensation expense recognized by us in connection with the accounting for annual equity-based awards granted by us to employees and consultants of our Manager and its affiliates under the Equity Plan during the applicable periods.

#### Reimbursement of Expenses
The Management Agreement will provide that we are required to reimburse our Manager for its documented, third-party costs and expenses incurred in performing services for us in connection with the operation of our business, including consultants, legal, accounting, financial advisors, operations and due diligence. We have also agreed to reimburse our manager for any expenses in connection with any offering of our securities, including this offering. Additionally, our Manager will provide significant professional personnel and resources to us related to accounting and finance, legal, human resources, insurance, and operations with no reimbursement for the salary and benefits of our Manager's personnel performing such services, unless approved by a majority vote of the independent directors on our Board. Our Manager will also be required to bear its overhead expenses, including rent, telephone, utilities, office furniture, computer

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hardware, electronic equipment, software, related licenses, or purchased information technology services, except to the extent such expenses relate solely to us.

If we pay any portion of certain employment expenses directly, such amounts will be credited by our Manager against the management fee.

These reimbursement obligations are not subject to any dollar limitation. In addition, the payment of these reimbursable expenses has been pre-approved and will not be subject to our related party transaction policy.

#### Exclusivity Agreement
Concurrently with the completion of this offering, we will enter into an exclusivity agreement with Healthpeak, pursuant to which we and Healthpeak will agree that during the term of the Management Agreement, neither we nor Healthpeak, nor any of our respective affiliates, will engage in, sponsor, own, operate, manage, or otherwise participate in a competing business. A "competing business" as it relates to us means the ownership, acquisition, development, redevelopment, leasing, management, operation, financing, and disposition of real estate properties primarily used for senior housing, including independent living, assisted living, memory care, active adult, life plan communities or other residential dwellings that support the aging population. A "competing business" as it relates to Healthpeak means the ownership, acquisition, development, redevelopment, leasing, management, operation, financing, and disposition of real estate properties (i) primarily used as outpatient medical facilities, including medical office buildings, ambulatory surgery centers, specialty clinics, diagnostic facilities, or other facilities providing non-acute healthcare services outside of a hospital inpatient setting, or (ii) primarily used for laboratory, life science, research and development purposes, including properties reasonably capable of conversion to such uses or used for ancillary office purposes.

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#### MANAGEMENT

#### Our Directors, Director Nominees and Executive Officers
The following table sets forth certain information concerning the individuals who will be our directors and executive officers upon the completion of this offering:

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| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
| Scott M. Brinker | 49 | President, Chief Executive Officer and Director |
| Kelvin O. Moses | 37 | Chief Financial Officer |
| Adam G. Mabry | 41 | Chief Investment Officer |
| Tracy A. Porter | 48 | Executive Vice President and General Counsel |
| Ankit B. Patadia | 48 | Executive Vice President, Treasurer and Head of Finance & Capital Markets |
| Shawn G. Johnston | 46 | Executive Vice President and Chief Accounting Officer |
| Jeffrey H. Miller | 66 | Chief Operating Officer of Janus Living |
| John V. Arabia | 56 | Director Nominee<sup>(1)(2)</sup> |
| Charles J. Herman, Jr. | 60 | Director Nominee<sup>(1)(2)</sup> |
| Denise Olsen | 60 | Director Nominee<sup>(1)(2)</sup> |
| Katherine M. Sandstrom | 57 | Director Nominee<sup>(1)</sup><sup>(2)</sup>  |

---

(1) These individuals have agreed to become members of our Board in connection with this offering. It is expected that each director nominee will become a director immediately upon effectiveness of the registration statement of which this prospectus is a part.

(2) We expect our Board to determine that this individual is an "independent director" as such term is defined by the applicable rules and regulations of the NYSE.

#### Biographical Summaries of Director Nominees and Executive Officers

#### Directors and Director Nominees
Information pertaining to Mr. Brinker may be found in the section entitled "Our Manager and the Management Agreement — Biographical Information."

*John V. Arabia*. Mr. Arabia founded Taylor Vance, LLC and has served as its CEO since 2021. Mr. Arabia served as President and Chief Executive Officer of Sunstone Hotel Investors, Inc. (NYSE: SHO) from January 2015 to September 2021, and previously served as President from 2013 to 2015 and Chief Financial Officer and EVP of Corporate Strategy from 2011 to 2013. Previously he served as Managing Director of Green Street Advisors' real estate research team after joining Green Street in 1997. Before Green Street, Mr. Arabia served as Consulting Manager at EY Kenneth Leventhal in the firm's west coast lodging consulting practice. Mr. Arabia has served on the board of directors of Essex Property Trust, Inc. (NYSE: ESS) since January 2024. He previously served on the board of directors of Education Realty Trust, Inc. (NYSE: EDR) from March 2014 until its privatization in September 2018. Mr. Arabia received a Bachelor of Science degree in Hotel Administration from Cornell University, earned his Certified Public Accountant certification from the State of Illinois and holds a Master of Business Administration in Real Estate/Accounting from the University of Southern California.

We believe that Mr. Arabia is qualified to serve as a member of our Board and as Lead Independent Director because of his extensive knowledge and experience in the management of, and investment in, publicly traded real estate companies, capital allocation in both real estate and real estate securities, corporate finance and corporate governance.

*Charles J. Herman, Jr.* Prior to retirement in 2015, Mr. Herman was employed by Health Care REIT, now known as Welltower Inc. (NYSE: WELL) from August 2000 to December 2015. He served as an

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Executive Vice President and President, Seniors Housing and Post-Acute, following progressive leadership roles as Chief Investment Officer and Vice President of Operations. Prior to his tenure at Health Care REIT, he worked from 1987 until July 2000 as a real estate appraiser and valuation consultant specializing in the healthcare and senior housing sectors providing him experience in asset valuation, underwriting and portfolio management. Mr. Herman served on the board of directors of Invesque, Inc. (TSE: IVQ), a health care real estate company, from October 2017 to May 2021.

We believe that Mr. Herman is qualified to serve as a member of our Board because of his experience as a public company independent director and senior executive and his expertise in healthcare, senior housing and real estate investment and operations.

*Denise Olsen*. Ms. Olsen brings over 30 years of investment management experience across private and public real estate and related asset classes. Her career at GEM Realty Capital spanned from 1996 until June 2024, where she served as a senior managing director, overseeing business development and capital formation activities, and was a longstanding member of the investment committee. Earlier in her career she held investment roles at JMB Realty Corporation and EVEREN Securities. Ms. Olsen has served on the Board of Directors of First Industrial Realty Trust, Inc. (NYSE: FR) since November 2017, Claros Mortgage Trust, Inc. (NYSE: CMTG) commencing in March 2026, and PRP Real Assets since April 2025, and previously was a member of the Board of Directors of CyrusOne, Inc. (NASDAQ: CONE). She holds a B.S. in Economics from The Wharton School at the University of Pennsylvania.

We believe that Ms. Olsen is qualified to serve as a member of our Board because of her extensive real estate and public company board experience.

*Katherine M. Sandstrom*. Ms. Sandstrom is the chair of the board of directors of Healthpeak. She served as an advisor from July 2018 to March 2019 and as senior managing director and global head of Heitman LLC's public real estate securities business from 2013 to 2018. Ms. Sandstrom joined Heitman, a real estate management firm, in 1996 and held several senior leadership positions across multiple facets of the institutional real estate investment industry. Additionally, she served on the firm's global management committee, the board of managers and the allocation committee. Ms. Sandstrom has also served on the boards of EastGroup Properties, Inc. since July 2020, Toll Brothers, Inc. since December 2023, and Urban Edge Properties since October 2022. She is a certified public accountant.

We believe that Ms. Sandstrom is qualified to serve as a member of our Board because of her more than 20 years of real estate finance and investment experience, as well as her extensive background overseeing buy-side investment teams for REIT securities, strategies, and assets. In addition, we believe her service as the chair of the board of Healthpeak and her service as an independent director on other REIT boards, will be beneficial as a director on our Board.

#### Executive Officers
Information pertaining to Messrs. Brinker, Moses, Mabry, Patadia, Johnston and Miller and Ms. Porter may be found in the section entitled "Our Manager and the Management Agreement — Biographical Information."

#### Family Relationships
There are no family relationships among any of our directors or executive officers.

#### Corporate Governance Profile
We have structured our corporate governance in a manner we believe closely aligns our interests with those of our stockholders. Notable features of our corporate governance structure include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our Board will not be classified and each of our directors will be subject to election annually, and our charter will provide that we may not elect to be subject to the provisions of the MGCL that would permit us to classify our Board, unless we receive prior approval from stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a majority of our Board consists of independent directors;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have a fully independent audit committee at the time of the offering, and our independent directors will meet regularly in executive sessions without the presence of our corporate officers or non-independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at least one of our directors qualifies as an "audit committee financial expert" by applicable SEC regulations and all members of the audit committee are financially literate in accordance with the NYSE listing standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we have opted out of the business combination and control share acquisition statutes in the MGCL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we will not have a stockholder rights plan, and we will not adopt a stockholder rights plan in the future without (i) the approval of our stockholders or (ii) seeking ratification from our stockholders within 12 months of adoption of the plan if our Board determines, in the exercise of its duties under applicable law, that it is in our best interest to adopt a rights plan without the delay of seeking prior stockholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we will have adopted a stock ownership policy that requires each non-employee director to own a certain amount of specified equity interests in our company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our bylaws will provide that our stockholders may alter or repeal any provision of our bylaws and adopt new bylaws if any such alteration, repeal or adoption is approved by the affirmative vote of a majority of the votes entitled to be cast on the matter.

Our directors will stay informed about our business by attending meetings of our Board and the committees on which they serve and through supplemental reports and communications.

#### Controlled Company Exception
Upon completion of this offering, Healthpeak will continue to control a majority of the combined voting power of all classes of our stock entitled to vote generally in the election of directors. As a result, we will be a "controlled company" within the meaning of the NYSE corporate governance standards and may elect not to comply with certain corporate governance requirements, including that: (1) a majority of our Board consist of independent directors, (2) our Board have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (3) our Board have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities. Although upon completion of this offering, a majority of our Board will consist of independent directors, we will not have a compensation committee or a nominating and corporate governance committee, and we may utilize any other exemption prior to the time we cease to be a "controlled company." Accordingly, to the extent and for so long as we utilize these exemptions, you will not have the same protections afforded to stockholders of companies that are subject to all of the NYSE corporate governance requirements. In the event that we cease to be a "controlled company" and shares of our Class A-1 common stock continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable transition periods.

#### Director Independence
We expect our Board to determine that each of Mses. Olsen and Sandstrom and Messrs. Herman and Arabia is an "independent director" as such term is defined by the applicable rules and regulations of the NYSE.

#### Board Committees
Upon the completion of this offering, our Board will have an audit committee. Additionally, our Board may from time to time establish other committees (including an independent committee as described below) to facilitate our Board's oversight of management of the business and affairs of our company. The charter of the audit committee will be available on our website at www.janusreit.com upon the completion of this offering. Our website is not part of this prospectus.

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#### Audit Committee
In connection with this offering, our Board will adopt an audit committee charter, which will define the audit committee's principal functions, including oversight related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our accounting and financial reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the integrity of our consolidated financial statements and financial reporting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our systems of disclosure controls and procedures and internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our compliance with financial, legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the evaluation of the qualifications, independence and performance of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the performance of our internal audit functions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our overall risk exposure and management.

The audit committee will also be responsible for engaging, evaluating, compensating and overseeing an independent registered public accounting firm, reviewing with the independent registered public accounting firm the plans for and results of the audit engagement, approving services that may be provided by the independent registered public accounting firm, including audit and non-audit services, reviewing the independence of the independent registered public accounting firm, considering the range of audit and non-audit fees and reviewing the adequacy of our internal accounting controls. The audit committee also will prepare the audit committee report required by SEC regulations to be included in our annual report.

Upon the completion of this offering, our audit committee will be composed of Ms. Olsen and Messrs. Herman and Arabia, and Mr. Arabia will serve as chair of our audit committee. Our Board is expected to determine affirmatively that (i) Mr. Arabia qualifies as an "audit committee financial expert" as such term has been defined by the SEC in Item 407(d)(5) of Regulation S-K and (ii) each member of our audit committee is "financially literate" as that term is defined by NYSE listing standards and meets the definition for "independence" for the purposes of serving on our audit committee under NYSE listing standards and Rule 10A-3 under the Exchange Act.

#### Independent Committee
Our Board may, but is not required to, from time to time, direct that an independent committee be formed to evaluate specific matters that our Board believes may involve related party transactions or conflicts of interest and determines to submit to an independent committee to review. Members of such independent committee must meet the independence standards established by the NYSE.

#### Director Compensation
No member of our Board received any compensation for serving on our Board in 2025. In connection with this offering, we intend to approve and implement a compensation program (the "Director Compensation Program") for our non-employee directors (other than Mr. Brinker, who is our executive officer and is employed by Healthpeak) (each, an "Eligible Director") that consists of annual cash retainer fees and long-term equity awards. The material terms of the Director Compensation Program are summarized below.

 *Cash Compensation* 

We will pay an annual cash retainer of $50,000 to each Eligible Director, as well as the following additional annual cash retainers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Lead Independent Director: $25,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Audit Committee Chair: $25,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Audit Committee Member: $5,000

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All cash retainers will be paid quarterly in arrears and prorated based on the number of days that an Eligible Director serves in the applicable capacity. We also expect to reimburse Eligible Directors for director education and reasonable travel expenses in connection with their Board duties.

 *Equity Compensation* 

In connection with the completion of this offering, we intend to grant fully-vested shares of our Class A-1 common stock to our independent directors having a dollar-denominated value of $50,000 per director ($200,000 in the aggregate for all directors). The number of shares of Class A-1 common stock subject to such awards will be based on the initial public offering price per share in this offering.

In addition, each Eligible Director who (i) is serving as of the completion of this offering, (ii) is elected at an annual meeting of stockholders beginning in 2027 or (iii) is initially appointed as an Eligible Director other than at an annual meeting will be granted an annual equity retainer in the form of restricted stock units ("RSUs") with a grant date fair value of $100,000, rounded up to the nearest whole share. The award for a new Eligible Director who is initially appointed other than at an annual meeting may be prorated. The RSUs will vest in full on the earliest of the first anniversary of the grant date, our next annual meeting of stockholders following the date of grant, or the termination of the Eligible Director's service due to death or disability. The awards are subject to forfeiture if the Eligible Director's service terminates for any other reason.

Compensation under the Director Compensation Program is subject to the annual limits on non-employee director compensation set forth in the Equity Plan, as described below.

#### Executive Compensation
We are externally managed by our Manager and currently have no employees. Our executive officers are employees of Healthpeak and, in such capacity, devote a portion of their time to our affairs as is necessary under the Management Agreement. We currently do not pay our executive officers any cash compensation, and we have no compensation arrangements with our executive officers. We intend to grant equity-based awards to our executive officers (and certain other Healthpeak employees) in connection with or following this offering, as described below under "— Equity Plan". Additionally, we do not determine compensation amounts payable to our executive officers for the services that they provide to Healthpeak or to us pursuant to the Management Agreement, except to the extent that we grant equity awards directly to such executive officers under the Equity Plan. Instead, our Manager or its affiliates have discretion to determine the form and level of compensation paid to and earned by our executive officers. We, in turn, pay our Manager the management fee, which pursuant to the terms of the Management Agreement shall be reduced by stock-based compensation expense recognized by us in connection with the accounting for annual equity-based awards granted by us to employees and consultants of our Manager and its affiliates under the Equity Plan during the applicable periods. See "Our Manager and the Management Agreement — Management Agreement — Management Fees."

The Management Agreement does not require that our executive officers dedicate a specific amount of time to fulfilling our Manager's obligations to us under the Management Agreement and does not require a specified amount or percentage of the fees we pay to our Manager to be allocated to our executive officers or the services that they provide under the Management Agreement. Instead, members of our management team are required to devote such amount of their time to our management as is necessary and appropriate for our Manager to perform its services under the Management Agreement. Furthermore, Healthpeak does not compensate its employees who serve as our executive officers specifically for their services to us, because these individuals also serve as executive officers of Healthpeak. Accordingly, our Manager has informed us that it cannot identify the portion of the compensation that Healthpeak pays to our executive officers that relates solely to such executives' services to us.

#### Equity Plan
In connection with this offering, we intend to adopt the Janus Living, Inc. 2026 Equity Plan (the "Equity Plan"), effective as of the date immediately prior to the effective date of this offering, subject to approval by Healthpeak as our sole stockholder prior to the completion of this offering. The Equity Plan

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authorizes the Administrator (as defined below) to grant equity-based awards in the form of stock options, stock appreciation rights, LTIP units in our operating company, restricted stock, stock bonuses, performance stock, stock units, phantom stock, deferred shares and similar rights to purchase or acquire shares or cash-based awards, to eligible service providers. The following summarizes the expected material terms of the Equity Plan, which will be filed as an Exhibit to a subsequent amendment to this Registration Statement.

#### Purpose
The purpose of the Equity Plan is to promote the success of Janus Living and the interests of our stockholders by providing an additional means for us to attract, motivate, retain and reward eligible service providers. Equity-based awards are also intended to further align the interests of award recipients and our stockholders.

#### Administration
Our Board or one or more committees appointed by our Board will administer the Equity Plan. A committee may delegate some or all of its authority with respect to the Equity Plan to another committee of directors, and certain limited authority to grant awards to eligible participants who, based on their, service to Janus Living, are not subject to Section 16 of the Exchange Act may be delegated to one or more officers of Janus Living. (The appropriate acting body, be it our Board, a committee within its delegated authority, or an officer within his or her delegated authority, is referred to herein as the "Administrator").

The Administrator has broad authority under the Equity Plan with respect to award grants including, without limitation, the authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to select participants and determine the type(s) of award(s) that they are to receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to determine the number of shares that are to be subject to awards and the terms and conditions of awards, including the price (if any) to be paid for the shares or the award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to approve the forms of award agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to construe and interpret the Equity Plan and to prescribe, amend and rescind rules and regulations related to the administration of the Equity Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to cancel, modify, or waive Janus Living's rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to accelerate or extend the vesting or exercisability or extend the term of any or all outstanding awards (subject to compliance with Section 409A of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subject to the other provisions of the Equity Plan, to make certain adjustments to an outstanding award and to authorize the conversion, succession or substitution of an award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to determine the date of grant of awards granted under the plan and to determine the fair market value of our Class A-1 common stock and the manner in which such value will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to allow the purchase price of an award or shares of our Class A-1 common stock to be paid in the form of cash, check, or electronic funds transfer, by the delivery of already-owned shares of our Class A-1 common stock or by a reduction of the number of shares deliverable pursuant to the award, by services rendered by the recipient of the award, by notice and third party payment or cashless exercise on such terms as the Administrator may authorize, or any other form permitted by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to prescribe, amend and rescind rules and regulations relating to the Equity Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws.

#### No Repricing or Loans
In no case (except due to an adjustment to reflect a stock split or similar event or any repricing that may be approved by stockholders) will any adjustment be made to a stock option or stock appreciation

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right award under the Equity Plan (by amendment, cancellation and re-grant, exchange or other means) that would constitute a repricing of the per share exercise or base price of the award. Furthermore, loans to employees (to finance the purchase or exercise of awards or otherwise) are not permitted under the Equity Plan.

#### Eligibility
Persons eligible to receive awards under the Equity Plan include officers or employees of Janus Living or any of its parents or subsidiaries, directors of Janus Living and certain consultants and advisors, who are natural persons, to Janus Living or any of its parents or subsidiaries or to any other person to whom securities may be issued under the Equity Plan in accordance with the rules relating to eligible employees and participants under a plan the securities of which are registered on a Form S-8 registration statement.

#### Authorized Shares; Limits on Awards
The maximum number of shares of our Class A-1 common stock that may be issued or transferred pursuant to awards under the Equity Plan is equal to 5,000,000.

Shares issued in respect of any "full-value award" granted under the Equity Plan will be counted against the share limit as 1.5 shares for every one share actually issued in connection with the award. For example, if we grant an award of 100 RSUs under the Equity Plan, 150 shares would be counted against the share limit with respect to that award. A "full-value award" generally means any award granted under the Equity Plan other than a stock option or stock appreciation right.

The following other limits are also contained in the Equity Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The maximum number of shares that may be delivered pursuant to options qualified as incentive stock options granted under the plan is 5,000,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The maximum value of any awards granted to an eligible person who is a non-employee director in any one calendar year is $500,000. For this purpose, the value of awards is determined on the grant date in accordance with FASB ASC Topic 718.

To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the shares available for issuance under the Equity Plan. In the event that shares are delivered in respect of a dividend equivalent right, only the actual number of shares delivered with respect to the award shall be counted against the share limits of the Equity Plan. To the extent that shares are delivered pursuant to the exercise of a stock appreciation right or stock option, the number of underlying shares as to which the related exercise shall be counted against the applicable share limits, as opposed to only counting the shares actually issued. (For purposes of clarity, if a stock appreciation right relates to 100,000 shares and is exercised at a time when the payment due to the participant is 15,000 shares, 100,000 shares shall be charged against the applicable share limits with respect to such exercise.) Shares that are subject to or underlie awards that expire or for any reason are canceled or terminated, are forfeited, fail to vest or for any other reason are not paid or delivered under the Equity Plan will again be available for subsequent awards under the Equity Plan. In addition, the Equity Plan generally provides that shares issued in connection with awards that are granted by or become obligations of Janus Living through the assumption of awards (or in substitution for awards) in connection with an acquisition of another company will not count against the shares available for issuance under the Equity Plan. Janus Living may not increase the applicable share limits of the Equity Plan by repurchasing shares of Class A-1 common stock on the market (by using cash received through the exercise of stock options or otherwise). Shares are exchanged by a participant or withheld by Janus Living to pay the exercise price of an award granted under the Equity Plan, as well as any shares exchanged or withheld to satisfy the tax withholding obligations related to any award, will not be available for subsequent awards under the Equity Plan.

#### Types of Awards
The Equity Plan authorizes stock options, stock appreciation rights, LTIP units in our operating company, restricted stock, stock units, phantom stock, deferred shares, and similar rights to purchase or acquire shares, as well as cash bonuses.

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A stock option is the right to purchase shares of our Class A-1 common stock at a future date at a specified price per share (the "exercise price"). The per share exercise price of an option may not be less than the fair market value of a share of our Class A-1 common stock on the date of grant. The maximum term of an option is ten years from the date of grant. An option may be either an incentive stock option or a nonqualified stock option. Incentive stock options are subject to more restrictive terms and are limited in amount by the Code and the Equity Plan. Incentive stock options may only be granted to employees of Janus Living or a subsidiary.

A stock appreciation right is the right to receive payment of an amount equal to the excess of the fair market value of a share of our Class A-1 common stock on the date of exercise of the stock appreciation right over the base price of the stock appreciation right. The base price will be established by the Administrator at the time of grant of the stock appreciation right and cannot be less than the fair market value of a share of our Class A-1 common stock on the date of grant. Stock appreciation rights may be granted in connection with other awards or independently. The maximum term of a stock appreciation right is ten years from the date of grant.

An "LTIP unit" is an "LTIP unit" of the operating company that is intended to constitute a "profits interest" within the meaning of the Code. The operating company is the operating company in our Umbrella Partnership Real Estate Investment Trust, or UPREIT, structure. The Administrator is authorized to grant LTIP units under the Equity Plan in such amount and subject to such terms and conditions as it may determine. In applying the share limit and share counting rules under the Equity Plan, each LTIP unit subject to an award under the Equity Plan is treated as one share of our Class A-1 common stock (or, with respect to full-value awards of LTIP units, as 1.5 shares of our Class A-1 common stock when applying the full-value award ratio, discussed above, applicable to full-value awards).

The other types of awards that may be granted under the Equity Plan include, without limitation, stock bonuses, restricted stock, performance stock, stock units, phantom stock, deferred shares, and similar rights to purchase or acquire shares. The types of cash awards that may be granted under the Equity Plan include the opportunity to receive a payment for the achievement of one or more goals established by the Administrator as well as discretionary cash awards. Dividend equivalent rights may also be granted under the Equity Plan, either as a separate award or in connection with another award under the plan; provided, however, that dividend equivalent rights may not be granted as to a stock option or stock appreciation right granted under the plan. In addition, any dividends and/or dividend equivalents as to the portion of any performance-vesting award under the Equity Plan that is subject to unsatisfied vesting requirements will be subject to termination and forfeiture to the same extent as the corresponding portion of the award to which they relate in the event the applicable vesting requirements are not satisfied.

Any awards under the Equity Plan may be fully vested at grant or may be subject to time- and/or performance-based vesting requirements.

#### Deferrals
The Administrator may provide for the deferred payment of awards and may determine the other terms applicable to deferrals. The Administrator may provide that deferred settlements include the payment or crediting of interest or other earnings on the deferred amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in shares.

#### Acceleration of Awards; Possible Early Termination of Awards
Generally, and subject to limited exceptions set forth in the Equity Plan, if any person acquires 35% or more of the outstanding common stock or combined voting power of Janus Living, if certain changes in a majority of our Board occur over a period of no longer than two years, if stockholders prior to a transaction do not continue to own more than 66<sup>2</sup>∕3% of the voting securities of Janus Living (or a successor or a parent) following a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving Janus Living or any of its subsidiaries, a sale or other disposition of all or substantially all of Janus Living's assets or the acquisition of assets or stock of another entity by Janus Living or any of its subsidiaries, or if Janus Living is dissolved or liquidated, then the Administrator may, its discretion, provide that awards then-outstanding under the Equity Plan may become fully vested or paid, as applicable, and

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may terminate or be terminated in such circumstances, subject to compliance with the requirements of Section 409A of the Code. The Administrator also has the discretion to establish other change in control provisions with respect to awards granted under the Equity Plan. For example, the Administrator could provide for the acceleration of vesting or payment of an award in connection with a change in control event that is not described above and provide that any such acceleration shall be automatic upon the occurrence of any such event. The Administrator shall have full and final authority to determine conclusively whether a change in control event of the Company has occurred pursuant to the above definition, the date of the occurrence of such change in control event and any incidental matters relating thereto.

#### Transfer Restrictions
Subject to certain exceptions contained in the Equity Plan, awards under the Equity Plan generally are not transferable by the recipient other than by will or the laws of descent and distribution and are generally exercisable, during the recipient's lifetime, only by the recipient. Any amounts payable or shares issuable pursuant to an award generally will be paid only to the recipient or the recipient's beneficiary or representative. The Administrator has discretion, however, to establish written conditions and procedures for the transfer of awards to other persons or entities, provided that such transfers comply with applicable federal and state securities laws and, with limited exceptions set forth in the Equity Plan, are not made for value.

#### Adjustments
As is customary in equity plans of this nature, each share limit and the number and kind of shares available under the Equity Plan and any outstanding awards, as well as the exercise or purchase prices of awards and performance hurdles under certain types of performance-based awards, are subject to adjustment in the event of certain reorganizations, mergers, combinations, recapitalizations, stock splits, stock dividends, or other similar events that change the number or kind of shares outstanding, and extraordinary dividends or distributions of property to the stockholders.

#### No Limit on Other Authority
The Equity Plan does not limit the authority of our Board or any committee to grant awards or authorize any other compensation, with or without reference to our Class A-1 common stock, under any other plan or authority.

#### Termination of or Changes to the Equity Plan
Our Board may amend or terminate the Equity Plan at any time and in any manner. Stockholder approval for an amendment will be required only to the extent then required by applicable law or any applicable listing agency or required under Sections 422 or 424 of the Code to preserve the intended tax consequences of the plan. For example, stockholder approval will be required for any amendment that proposes to increase the maximum number of shares that may be delivered with respect to awards granted under the Equity Plan. Adjustments as a result of stock splits or similar events will not, however, be considered an amendment requiring stockholder approval. Unless terminated earlier by our Board, the authority to grant new awards under the Equity Plan will terminate at the close of business on the day before the tenth anniversary of the effective date. Outstanding awards, as well as the Administrator's authority with respect thereto, generally will continue following the expiration or termination of the plan. Generally speaking, outstanding awards may be amended by the Administrator (except for a repricing), but the consent of the award holder is required if the amendment (or any plan amendment) materially and adversely affects the holder.

#### Equity Awards in Connection with this Offering
In connection with the completion of this offering, we intend to grant certain equity-based awards to certain executive officers and employees of Healthpeak (including our executive officers) and members of our Board, each as more fully described below.

 *Executive and Employee IPO Awards* 

We intend to grant awards under the Equity Plan to certain executive officers and employees of Healthpeak (including our executive officers) in the form of LTIP units or shares of our Class A-1 common

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stock (the "IPO Awards"). Such IPO Awards are expected to be fully vested at the time of grant, subject to the grantee's continued employment on the grant date. The aggregate dollar-denominated value of the IPO Awards granted to executive officers and employees of Healthpeak is expected to be approximately $4,060,000. These awards are intended to reward services rendered in connection with the offering process and incentivize continued service following the completion of this offering. The number of LTIP units or shares of Class A-1 common stock subject to such awards will be based on the initial public offering price per share in this offering. The dollar-denominated value of the IPO Awards to be granted to our executive officers are set forth in the table below:

---

| | |
|:---|:---|
| **Name**  | **IPO Awards ($)**  |
| **Scott M. Brinker**  | 500000 |
| **Kelvin O. Moses**  | 300000 |
| **Adam G. Mabry**  | 300000 |
| **Tracy A. Porter**  | 200000 |
| **Ankit B. Patadia**  | 200000 |
| **Shawn G. Johnston**  | 200000 |
| **Jeffrey H. Miller**  | 250000 |

---

 *Janus Director IPO Awards* 

In connection with the completion of this offering, we intend to grant fully-vested shares of our Class A-1 common stock and annual awards in the form of restricted stock units to our directors, in each case, as described in the section titled, "Director Compensation".

 *Healthpeak Director IPO Awards* 

In connection with the completion of this offering, we intend to grant fully-vested shares of our Class A-1 common stock to Healthpeak's non-employee directors (other than Ms. Sandstrom, who will receive an award in her capacity as our director) having a dollar-denominated value of $50,000 per director ($450,000 in the aggregate for all Healthpeak directors). The number of shares of Class A-1 common stock subject to such awards will be based on the initial public offering price per share in this offering.

#### Annual Equity-Based Awards
At or following the completion of this offering, we intend to grant certain executive officers of Healthpeak, including our executive officers, equity-based awards under the Equity Plan as part of our annual long-term equity award program in connection with services they render in support of Janus Living, consisting of time-vesting (service-based) and performance-vesting LTIP units in our operating company and/or restricted stock units ("RSUs") covering shares of our Class A-1 common stock ("annual awards"). LTIP units are subject to the applicable terms and conditions of the partnership agreement of our operating company, and will be eligible to receive certain distributions from our operating company, as described further in the section titled, "Description of Janus Living OP, LLC's Operating Agreement — Distributions."

Our executive officers will be granted annual equity awards in the form of LTIP units or shares of our Class A-1 common stock. Consequently, Healthpeak will reduce the target-level value of annual equity awards granted to its executive officers who provide services to us (including our executive officers) by the target-level value of annual equity awards we grant to such executive officers. The aggregate dollar-denominated value of the LTIP units and/or RSUs subject to all 2026 annual awards for our executive officers (including Healthpeak's executive officers), is expected to be approximately $4,301,700. The number of LTIP units and shares of Class A-1 common stock subject to such awards (assuming maximum performance for performance-vesting awards) will be based on the initial public offering price per share in this offering. The dollar-denominated values for the 2026 annual awards expected to be granted to our executive officers are set

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forth in the table below. The stock-based compensation expense recognized by us in connection with these awards will reduce the management fee payable under the Management Agreement.

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| | | | |
|:---|:---|:---|:---|
| **Name**  | **Time-Based <br> LTIP Units <br> ($)**  | **Performance-Based <br> LTIP Units<sup>(1)</sup> <br> ($)**  | **Total <br> LTIP Units <br> ($)**  |
| **Scott M. Brinker**  | 453000 | 1970550 | 2423550 |
| **Kelvin O. Moses**  | 93000 | 404550 | 497550 |
| **Adam G. Mabry**  | 93000 | 404550 | 497550 |
| **Tracy A. Porter**  | 33000 | 143550 | 176550 |
| **Ankit B. Patadia**  | 45000 | 195750 | 240750 |
| **Shawn G. Johnston**  | 45000 | 195750 | 240750 |
| **Jeffrey H. Miller**  | 225000 |  | 225000 |

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(1) Represents the dollar-denominated value of the maximum number of LTIP units that may be earned (which vest at 0% to 100%), and distribution equivalent units, which only vest if the vesting conditions are satisfied. The dollar denominated values set forth in the following table, include the number of base units (reflecting target and maximum performance levels) and distribution equivalent units:

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| | | | |
|:---|:---|:---|:---|
| **Name**  | **Base Units <br> (Target) <br> ($)**  | **Base Units <br> (Maximum) <br> ($)**  | **Dividend <br> Equivalent <br> Units <br> ($)**  |
| **Scott M. Brinker**  | 679500 | 1359000 | 611550 |
| **Kelvin O. Moses**  | 139500 | 279000 | 125550 |
| **Adam G. Mabry**  | 139500 | 279000 | 125550 |
| **Tracy A. Porter**  | 49500 | 99000 | 44550 |
| **Ankit B. Patadia**  | 67500 | 135000 | 60750 |
| **Shawn G. Johnston**  | 67500 | 135000 | 60750 |
| **Jeffrey H. Miller**  |  |  |  |

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#### Time-Vesting Annual Awards
We expect that 40% of the 2026 annual awards will be granted in the form of service-based LTIP units that vest in five equal annual installments beginning in February 2027, subject to achievement of a minimum funds from operations (FFO) per share hurdle.

#### Performance-Vesting Annual Awards
We expect that 60% of the 2026 annual awards granted to our executive officers will be subject to the achievement of relative total shareholder return (TSR) performance over the performance period beginning on the first day that Janus Living is publicly traded on a national stock exchange and ending December 31, 2030 (the "performance period").

Our relative TSR performance (calculated assuming dividend reinvestment) for the performance period will be measured against select senior housing REIT peers and the award will vest based on such performance as set forth in the table below. Payout amounts between threshold and target, or target and maximum levels will be interpolated.

---

| | | |
|:---|:---|:---|
| **Performance Level**  | **Absolute Mean TSR Performance <br> Hurdles**  | **Performance Vesting Percentage <br> (Base LTIP Units)<sup>(1)</sup>**  |
| **Threshold**  | 25% Below Group Mean  | 0% |
| **Target**  | At Peer Group Mean  | 50% |
| **Maximum**  | 25% or Higher Above Peer Group Mean  | 100% |

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(1) Reflects vesting percentages for LTIP Units, which are granted at the maximum performance level and vest based on performance. If an executive elects to receive performance-based RSUs instead of LTIP Units, the target number of RSUs will be granted and the vesting percentages will be 0% (Threshold), 100% (Target) and 200% (Maximum).

#### Code of Conduct
Our Board has adopted a code of conduct that applies to our directors, officers and employees (if any) and to all of the officers and employees of our Manager and its affiliates who provide services to us. Among other matters, our code of conduct is designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • full, fair, accurate, timely and understandable disclosure in our SEC reports and other public communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prompt internal reporting of violations of the code to appropriate persons identified in the code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accountability for adherence to the code of conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the protection of our legitimate business interests, including our assets and corporate opportunities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • confidentiality of information entrusted to our and our Manager's directors, officers and employees by us and our residents.

Any waiver of the code of conduct for our directors or executive officers must be approved by a majority of our independent directors, and any such waiver shall be promptly disclosed as required by law and NYSE regulations.

#### Corporate Governance Guidelines
Our Board has adopted Corporate Governance Guidelines with respect to, among other things, Board composition, Board meetings, our Board's standing committees, stockholder communications with our Board, director time commitments, continuing education for directors, succession planning, and Board and committee self-assessments.

#### Indemnification
We intend to enter into indemnification agreements with each of our directors and executive officers that will obligate us to indemnify them to the maximum extent permitted by Maryland law as discussed under "Certain Provisions of Maryland Law and of Our Charter and Bylaws — Limitation of Liability and Indemnification." The indemnification agreements will provide that, if a director or executive officer is a party to, or witness in, or is threatened to be made a party to, or witness in, any proceeding by reason of his or her service as a director, officer, employee or agent of our company or any individual who, while a director or officer of our company and at our request, serves or has served as a director, officer, trustee, member, manager, employee, agent or partner of another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or any other entity or enterprise and who is made or threatened to be made a party to, or witness or other participant in, the proceeding by reason of such person's service in that capacity, we must indemnify the director or executive officer for all expenses and liabilities actually and reasonably incurred by him or her, or on his or her behalf, to the maximum extent permitted under Maryland law. The indemnification agreements will also require us to advance reasonable expenses incurred by the indemnitee within ten days of the receipt by us of a statement from the indemnitee requesting the advance, provided the statement evidences the expenses and is accompanied or preceded by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a written affirmation of the indemnitee's good faith belief that he or she has met the standard of conduct necessary for indemnification; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a written undertaking by the indemnitee or on his or her behalf to repay the amount paid if it shall ultimately be established that the standard of conduct has not been met.

The indemnification agreements will also provide for procedures for the determination of entitlement to indemnification, including requiring such determination be made by independent counsel after a change of control of us.

Our bylaws require us, to the maximum extent permitted by Maryland law, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any present or former director or officer who is made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service in that capacity or (ii) any individual who, while a director or officer of our company and at our request, serves or has served as a director, officer, partner, trustee, member or manager of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity, as discussed under "Certain Provisions of Maryland Law and of Our Charter and Bylaws — Limitation of Liability and Indemnification." Our bylaws also permit us, with the approval of our Board, to indemnify and advance expenses to any employee or agent of our company.

In addition, our directors and officers may be entitled to indemnification pursuant to the terms of the operating agreement of our operating company.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling our company pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

#### Formation Transactions
Prior to or concurrently with the completion of this offering, we will consummate a series of transactions, or our formation transactions, through which we will adopt our charter, which will recapitalize our existing common stock, and Healthpeak will transfer, directly or indirectly, the real estate assets that comprise our initial portfolio to us. As a result of these transactions, Healthpeak will receive 138,816,246 shares of our Class A-1 common stock and 75,917,780 common units, which collectively have a value of $4.1 billion (based on the mid-point of the price range set forth on the front cover of this prospectus). We will contribute real estate assets we receive directly in the formation transactions to our operating company in exchange for common units, and following such contributions and the formation transactions described above, we will hold 138,816,246 common units in our operating company. In addition, Healthpeak will purchase 75,917,780 shares of Class A-2 common stock, a number equivalent to the common units Healthpeak will hold upon completion of the formation transactions, for aggregate consideration of approximately $760,000. We will be the sole managing member of our operating company. We intend to contribute the net proceeds from this offering to our operating company and receive 37,000,000 common units (or 42,550,000 common units if the underwriters exercise their option to purchase up to an additional 5,550,000 shares of our Class A-1 common stock in full). Our operating company expects to use the net proceeds from this offering to pursue acquisition and investment opportunities that meet our investment criteria and for general corporate purposes. See "Structure and Formation of Our Company — Formation Transactions."

#### Management Agreement
Concurrently with the completion of this offering, we will enter into the Management Agreement with our Manager, an indirect subsidiary of Healthpeak, pursuant to which our Manager will be entitled to a management fee for its services and reimbursement of certain expenses. See "Our Manager and the Management Agreement."

#### Exclusivity Agreement
Concurrently with the completion of this offering, we will enter into an exclusivity agreement with Healthpeak, pursuant to which we and Healthpeak will agree that during the term of the Management Agreement, neither we nor Healthpeak, nor any of our respective affiliates, will engage in, sponsor, own, operate, manage, or otherwise participate in a competing business. See "Our Manager and the Management Agreement — Exclusivity Agreement."

#### Operating Agreement
Concurrently with the completion of this offering, we will enter into the operating agreement. See "Description of Janus Living OP, LLC's Operating Agreement."

#### Stockholders Agreement
Concurrently with the completion of this offering, we will enter into a stockholders agreement with Healthpeak (the "Stockholders Agreement") pursuant to which, among other rights, Healthpeak shall have the right to designate a number of individuals such that, following the election of any directors the number of Healthpeak designees serving as directors of our company would be equal (if elected) to: (i) 40% of the total number of directors on our Board (or the lowest whole number equal to or greater than that percentage) if Healthpeak beneficially owns at least 30% of the outstanding shares of our common stock; and (ii) one nominee to our Board if Healthpeak beneficially owns at least 5% (but less than 30%) of the total outstanding common stock. Healthpeak has designated Scott M. Brinker and Katherine M. Sandstrom to serve as directors upon completion of this offering.

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the Stockholders Agreement remains in effect, any action to increase or decrease the size of our Board will require the prior written consent of Healthpeak.

The Stockholders Agreement will terminate at the earlier to occur of (i) the time Healthpeak is not longer entitled to nominate a director pursuant to the Stockholders Agreement or (ii) the date on which Healthpeak requests that the Stockholders Agreement terminate.

#### Registration Rights Agreement
Concurrently with the completion of this offering, we will enter into a registration rights agreement with Healthpeak, pursuant to which we will grant it certain "demand" registration rights and "piggyback" registration rights, including rights to demand that we undertake a public offering of shares of our Class A-1 common stock for our own account and use the net proceeds from such offering to purchase or redeem shares of Class A-1 common stock or common units held by Healthpeak, with respect to 138,816,246 shares of Class A-1 common stock and 75,917,780 shares of Class A-1 common stock issuable upon redemption of 75,917,780 common units. The registration rights agreement will also provide that we will pay certain expenses relating to such registrations and indemnify the registration rights holders against certain liabilities that may arise under the Securities Act.

#### Indemnification Agreements
We intend to enter into indemnification agreements with each of our directors and executive officers that will obligate us to indemnify them to the maximum extent permitted by Maryland law as discussed under "Certain Provisions of Maryland Law and of Our Charter and Bylaws — Limitation of Liability and Indemnification." See "Management — Indemnification."

#### Waiver of Ownership Limits
Our charter, subject to certain exceptions, authorizes our Board to take such actions as are necessary or appropriate to allow us to qualify and to preserve our status as a REIT. Furthermore, our charter prohibits, with certain exceptions, the beneficial or constructive ownership by any person of more than 9.8% in value of the aggregate of the outstanding shares of our capital stock or more than 9.8% (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding shares of our Class A-1 common stock. We will grant a waiver from the ownership limits contained in our charter to Healthpeak to own our common stock.

#### Purchases in the Reserved Share Program
Certain of our and Healthpeak's directors, officers, employees, business associates and related persons will be able to purchase shares of our Class A-1 common stock in the reserved share program. See "Underwriting — Reserved Share Program" for additional information. All purchases of Class A-1 common stock in the reserved share program will be at the public offering price. Purchases by any related persons participating in the reserved share program may individually exceed $120,000.

#### Statement of Policy Regarding Transactions with Related Persons
Upon completion of this offering, we will adopt a written statement of policy regarding transactions with related persons, which we refer to as our "related person policy." Our related person policy requires that a "related person" (as defined as in paragraph (a) of Item 404 of Regulation S-K) must promptly disclose to us any "related person transaction" (defined as any transaction that is anticipated would be reportable by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds $120,000 and in which any related person had or will have a direct or indirect material interest) and all material facts with respect thereto. We will then promptly communicate that information to our Board. No related person transaction will be executed without the approval or ratification of our Board or a duly authorized committee of our Board, including an independent committee. See "Management — Board Committees — Independent Committee." It is our policy that directors interested in a related person transaction will recuse themselves from any vote on a related person transaction in which they have an interest.

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#### STRUCTURE AND FORMATION OF OUR COMPANY

#### Formation Transactions
Pursuant to the formation transactions, the following have occurred or will occur prior to or concurrently with the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We were formed as a Maryland limited liability company on December 2, 2025 and converted to a Maryland corporation in January 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our operating company was formed as a Maryland limited liability company on December 22, 2025. We will be the sole managing member of our operating company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Subsequent to December 31, 2025 and prior to this offering, Healthpeak funded the JV Buyout and Mortgage Settlements. On January 13, 2026, we completed the JV Buyout. On January 30, 2026, we completed the Mortgage Settlements for an aggregate payment of $103 million, inclusive of accrued interest and prepayment penalties of $375 thousand and $1 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will adopt our charter, which will recapitalize our existing common stock, and Healthpeak will transfer, directly or indirectly, the real estate assets that comprise our initial portfolio to us. As a result of these transactions, Healthpeak will receive 138,816,246 shares of our Class A-1 common stock and 75,917,780 common units, which collectively have a value of $4.1 billion (based on the mid-point of the price range set forth on the front cover of this prospectus). An increase in the actual initial public offering price will result in an increase in the value of the shares of Class A-1 common stock and common units issued to Healthpeak. Likewise, a decrease in the actual initial public offering price will result in a decrease in the value of the shares of Class A-1 common stock and common units issued to Healthpeak.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will contribute real estate assets we receive directly in the formation transactions to our operating company in exchange for common units, and following such contributions and the formation transactions described above, we will hold 138,816,246 common units in our operating company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Healthpeak will purchase 75,917,780 shares of Class A-2 common stock, a number equivalent to the common units Healthpeak will hold upon completion of the formation transactions described above, for aggregate consideration of approximately $760,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will sell 37,000,000 shares of our Class A-1 common stock in this offering and an additional 5,550,000 shares of our Class A-1 common stock if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We intend to contribute the net proceeds from this offering to our operating company and receive 37,000,000 common units (or 42,550,000 common units if the underwriters exercise their option to purchase up to an additional 5,550,000 shares of our Class A-1 common stock in full). Our operating company expects to use the net proceeds from this offering to pursue acquisition and investment opportunities that meet our investment criteria and for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Concurrently with the completion of this offering, we expect to enter into the new credit facilities with lenders that will include affiliates of certain of the underwriters of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will adopt our Equity Plan to provide equity award opportunities to members of our Manager's management team and employees who perform services for us, our independent directors and others. See "Management — Executive Compensation — Equity Plan" for further details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into the Management Agreement with our Manager, an indirect subsidiary of Healthpeak, pursuant to which our Manager will be entitled to a management fee for its services and reimbursement of certain expenses. See "Our Manager and the Management Agreement — Management Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into an exclusivity agreement with Healthpeak, pursuant to which we and Healthpeak will agree that during the term of the Management Agreement, neither we nor Healthpeak, nor any of our respective affiliates, will engage in, sponsor, own, operate, manage, or otherwise participate in a competing business. See "Our Manager and the Management Agreement — Exclusivity 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into the Stockholders Agreement with Healthpeak, pursuant to which, among other rights, Healthpeak will be entitled to designate a number of directors to our Board equal to: (i) 40% of the total number of directors on our Board (or the lowest whole number equal to or greater than that percentage) if Healthpeak beneficially owns at least 30% of the outstanding shares of our common stock; and (ii) one nominee to our Board if Healthpeak beneficially owns at least 5% (but less than 30%) of the outstanding shares of our common stock at each annual meeting of stockholders. See "Certain Relationships and Related Party Transactions — Stockholders Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into the registration rights agreement with Healthpeak, pursuant to which we will grant it certain "demand" registration rights and customary "piggyback" registration rights. See "Certain Relationships and Related Party Transactions — Registration Rights Agreement."

#### Consequences of this Offering and the Formation Transactions
Upon completion of this offering and the formation transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our operating company will directly or indirectly own our initial portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Purchasers of shares of our Class A-1 common stock in this offering are expected to own 21.0% of the outstanding shares of our Class A-1 common stock, representing 14.7% of the voting power of our common stock. If the underwriters exercise their option to purchase an additional 5,550,000 shares of our Class A-1 common stock in full, purchasers of shares of our Class A-1 common stock in this offering will own 23.4% of the outstanding shares of our Class A-1 common stock, representing 16.5% of the voting power of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Healthpeak will own and have voting power over 85.3% of the outstanding shares of our common stock. If the underwriters exercise their option to purchase an additional 5,550,000 shares of our Class A-1 common stock in full, Healthpeak will own and have voting power over 83.4% of the outstanding shares of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will own 69.8% of the outstanding common units and Healthpeak will own 30.1% of the outstanding common units. If the underwriters exercise their option to purchase an additional 5,550,000 shares of our Class A-1 common stock in full, we will own 70.5% of the outstanding common units and Healthpeak will own 29.5% of the outstanding common units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We expect to have no indebtedness outstanding, and we expect to have approximately $500 million of borrowing capacity under the revolving credit facility and $100 million available under the delayed-draw term loan facility.

The following chart sets forth information about our company, our operating company, certain related parties and the ownership interests therein on a pro forma basis. Ownership percentages in our company and our operating company are presented assuming that the underwriters' option to purchase additional shares of our Class A-1 common stock is not exercised.

![[MISSING IMAGE: fc_management-bw.jpg]](fc_management-bw.jpg)

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(1) Shares of Class A-2 common stock will have no economic rights but will entitle each holder to one vote for each share held of record on all matters to be voted on by stockholders generally. Healthpeak will hold all of the outstanding shares of Class A-2 common stock, which provide a one-for-one voting right at Janus Living for each common unit held by it. Except for transfers to us, shares of Class A-2 common stock may not be sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity). At such time any common units held by a Healthpeak entity are sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity), redeemed for cash or, at our election, exchanged for shares of Class A-1 common stock pursuant to the terms of the operating agreement, an equivalent number of shares of Class A-2 common stock will be automatically transferred to us and canceled and retired.

(2) Excludes 50,426 unvested restricted stock units (based on the mid-point of the price range set forth on the front cover of this prospectus) subject to time-based vesting to be awarded to certain of our and Healthpeak's executive officers, Healthpeak's employees and our independent directors under the Equity Plan. Unvested equity awards will only vest if the vesting conditions are satisfied. The stock-based compensation expense recognized by us in connection with 29,370 of such unvested restricted stock units will reduce the management fee payable under the Management Agreement.

(3) Includes one-time fully-vested grants of 135,532 LTIP units (based on the mid-point of the price range set forth on the front cover of this prospectus) to be issued to certain of our and Healthpeak's executive officers and certain of Healthpeak's employees under the Equity Plan in connection with the completion of this offering. Excludes 267,153 unvested LTIP units (based on the mid-point of the price range set forth on the front cover of this prospectus and assuming maximum performance for performance-vesting awards) subject to time-based vesting or performance-based vesting to be awarded to certain of our and Healthpeak's executive officers and Healthpeak's employees under the Equity Plan. Unvested equity awards will only vest if the vesting conditions are satisfied. The stock-based compensation expense recognized by us in connection with the 267,153 unvested LTIP units will reduce the management fee payable under the Management Agreement.

#### Benefits to Related Parties
Upon completion of this offering and the formation transactions, Healthpeak and our directors and executive officers will receive material benefits, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Healthpeak will have received 138,816,246 shares of our Class A-1 common stock and 75,917,780 common units, which collectively have a value of $4.1 billion (based on the mid-point of the price range set forth on the front cover of this prospectus), in connection with the formation transactions and its contribution of the initial portfolio to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Healthpeak will have purchased 75,917,780 shares of our Class A-2 common stock, a number equivalent to the common units Healthpeak will hold upon completion of the formation transactions described above, for aggregate consideration of approximately $760,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into the Management Agreement with our Manager, an indirect subsidiary of Healthpeak, pursuant to which our Manager will be entitled to a management fee for its services and reimbursement of certain expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into an exclusivity agreement with Healthpeak, pursuant to which we and Healthpeak will agree that during the term of the Management Agreement, neither we nor Healthpeak, nor any of our respective affiliates, will engage in, sponsor, own, operate, manage, or otherwise participate in a competing business. See "Our Manager and the Management Agreement — Exclusivity Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into the Stockholders Agreement with Healthpeak pursuant to which, among other rights, Healthpeak will be entitled to designate a number of directors to our Board equal to: (i) 40% of the total number of directors on our Board (or the lowest whole number equal to or greater than that percentage) if Healthpeak beneficially owns at least 30% of the outstanding shares of our common stock; and (ii) one nominee to our Board if Healthpeak beneficially owns at least 5% (but less than 30%) of the outstanding shares of our common stock at each annual meeting of stockholders. See "Certain Relationships and Related Party Transactions — Stockholders 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We intend to enter into indemnification agreements with each of our directors and executive officers that will obligate us to indemnify them to the maximum extent permitted by Maryland law. See "Management — Indemnification."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will enter into a registration rights agreement with Healthpeak, pursuant to which we will grant it certain "demand" registration rights and customary "piggyback" registration rights. See "Certain Relationships and Related Party Transactions — Registration Rights Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will grant a waiver from the ownership limits contained in our charter to Healthpeak to own our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In connection with the completion of this offering, we will grant Healthpeak's non-employee directors (other than Ms. Sandstrom) one-time awards in the form of Class A-1 common stock with an aggregate value of $450,000 (23,688 shares of Class A-1 common stock based on the mid-point of the price range set forth on the front cover of this prospectus). The number of shares of Class A-1 common stock subject to such awards will be based on the initial public offering price per share in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will adopt our Equity Plan to provide equity award opportunities to our independent directors and members of our Manager's management team and employees who perform services for us. See "Management — Executive Compensation — Equity Plan" for further details. We will grant the following awards pursuant to the Equity Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *One-time awards (aggregate value of $4.3 million)*. In connection with the completion of this offering, we will grant the following individuals one-time awards that will be fully vested at the time of grant in recognition of their contributions to the preparation and execution of this offering. These awards are intended to reward services rendered in connection with the offering process and incentivize continued service following the completion of this offering. The number of LTIP units and shares of Class A-1 common stock subject to such awards will be based on the initial public offering price per share in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our independent directors will be granted shares of our Class A-1 common stock with an aggregate value of $200,000 (10,528 shares of Class A-1 common stock based on the mid-point of the price range set forth on the front cover of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Certain of our and Healthpeak's executive officers and Healthpeak's employees will be granted LTIP units with an aggregate value of approximately $2.6 million (135,532 LTIP units based on the mid-point of the price range set forth on the front cover of this prospectus) and shares of our Class A-1 common stock with an aggregate value of approximately $1.5 million (78,174 shares of Class A-1 common stock based on the mid-point of the price range set forth on the front cover of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Annual and new hire awards (aggregate value of $3.9 million)*. In connection with the completion of this offering, we will grant awards under an annual equity award program to our independent directors, certain of our and Healthpeak's executive officers and certain of Healthpeak's employees, as well as one new hire award, which will be subject to time- and/or performance-based vesting. These awards will only vest if the vesting conditions are satisfied. The number of LTIP units (assuming maximum performance for performance-vesting awards) and restricted stock units subject to such awards will be based on the initial public offering price per share in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our independent directors will be granted time-based awards under an annual director compensation program in the form of restricted stock units with an aggregate value of $400,000 (21,056 restricted stock units based on the mid-point of the price range set forth on the front cover of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Certain of our and Healthpeak's executive officers and Healthpeak's employees will be granted time-based and/or performance-based LTIP units with an aggregate value, assuming maximum performance for performance-vesting LTIPs, of approximately $2.4 million (240,833 LTIP units based on the midpoint of the price range set forth on the front cover of this prospectus) and restricted stock units with an aggregate value of approximately $558,000 (29,370 restricted stock units based on the mid-point of the price range set forth on the front cover of this prospectus). The stock-based compensation expense recognized by

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us in connection with annual awards will reduce the management fee payable under the Management Agreement. We will also grant an employee a new hire award subject to time-based vesting in the form of LTIP units with a value of $500,000 (26,320 LTIP units based on the mid-point of the price range set forth on the front cover of this prospectus). Healthpeak will reduce the target-level value of annual equity awards granted to its executive officers and employees who provide services to us by the target-level value of annual equity awards we grant to such individuals.

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#### POLICIES WITH RESPECT TO CERTAIN ACTIVITIES
The following is a discussion of certain of our investment, financing and other policies. These policies have been determined by our Board and, in general, may be amended or revised from time to time by our Board without a vote of our stockholders.

#### Investment Policies

#### Investments in Real Estate or Interests in Real Estate
We conduct substantially all of our investment activities through our operating company and its subsidiaries. Our objective is to maximize stockholder value by generating attractive risk-adjusted returns through owning, managing and growing a diversified portfolio of commercially desirable properties. For a discussion of our properties and our acquisition and other strategic objectives, see "Business and Properties."

We expect to pursue our objective primarily through the ownership by our operating company of our existing properties and other acquired properties and assets. We seek to invest primarily in properties in the senior housing sector. Our future investment and development activities are not currently limited to any geographic area or property type or to a specified percentage of our assets. While we may diversify in terms of property locations, size and market, we do not have any limit on the amount or percentage of our assets that may be invested in any one property or any one geographic area. We intend to engage in future investment activities in a manner that is consistent with the maintenance of our status as a REIT for U.S. federal income tax purposes. In addition, we may purchase assets for long-term investment, expand and improve the properties we presently own or other acquired properties, or sell such properties, in whole or in part, when circumstances warrant.

We have historically and in the future may participate with third parties in property ownership, through joint ventures or other types of co-ownership. These types of investments may permit us to own interests in larger assets without unduly reducing our diversification and, therefore, provide us with flexibility in structuring our portfolio. We will not, however, enter into a joint venture or other partnership arrangement to make an investment that would not otherwise meet our investment policies.

Equity investments in acquired properties may be subject to existing mortgage financing and other indebtedness or to new indebtedness that may be incurred in connection with acquiring or refinancing these properties. Debt service on such financing or indebtedness will have a priority over any distributions with respect to our Class A-1 common stock. Investments are also subject to our policy not to be treated as an "investment company" under the Investment Company Act of 1940, as amended (the "1940 Act").

#### Loans and Mortgages
Although not our primary focus, we may elect, in our discretion, to make or invest in loans, mortgages and other types of real estate interests, including, without limitation, participating or convertible loans or mortgages, provided, in each case, that such activities are consistent with our qualification as a REIT. Loans or mortgages run the risk that one or more borrowers may default and that the collateral securing such loans or mortgages may not be sufficient to enable us to recoup our full investment.

#### Securities of or Interests in Persons Primarily Engaged in Real Estate Activities and Other Issuers
Subject to the percentage of ownership limitations and the income and asset tests necessary for REIT qualification, we may invest in securities of other REITs, other entities engaged in real estate activities or securities of other issuers, including for the purpose of exercising control over such entities. We do not intend that our investments in securities will require us to register as an investment company under the 1940 Act, and we would intend to divest such securities before any such registration would be required. We do not intend to underwrite the securities of other issuers.

#### Investments in Other Securities
Other than as described above, we do not intend to invest in any additional securities such as bonds, preferred stocks or common stock.

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#### Dispositions
In order to maximize the performance and manage the risks within our portfolio, we intend to selectively dispose of any of our properties that we determine are not suitable for long-term investment purposes based upon our Manager's review of our portfolio. We will ensure that such action would be in our best interest and consistent with our intention to continue to qualify for taxation as a REIT for U.S. federal income tax purposes.

#### Financings and Leverage Policy
We anticipate using a number of different sources to finance our acquisitions and operations, including cash flows from operations, asset sales, seller financing, issuance of debt securities, private financings (such as bank credit facilities, which may or may not be secured by our assets), property-level mortgage debt, common or preferred equity issuances or any combination of these sources, to the extent available to us, or other sources that may become available from time to time. Any debt that we incur may be recourse or non-recourse and may be secured or unsecured. We also may take advantage of joint venture or other partnering opportunities as such opportunities arise in order to acquire properties that would otherwise be unavailable to us. We may use the proceeds of our borrowings to acquire assets, to refinance existing debt or for general corporate purposes.

Although we are not required to maintain any particular leverage ratio, we intend, when appropriate, to employ prudent amounts of leverage and to use debt as a means of providing additional funds for the acquisition of assets, to refinance existing debt or for general corporate purposes. Our charter and bylaws do not limit the amount of debt that we may incur. Our Board has not adopted a policy limiting the total amount of debt that we may incur.

Our Board will consider a number of factors in evaluating the amount of debt that we may incur. Our Board may from time to time modify its views regarding the appropriate amount of debt financing in light of then-current economic conditions, relative costs of debt and equity capital, market values of our properties, general conditions in the market for debt and equity securities, fluctuations in the market price of our Class A-1 common stock, growth and investment opportunities and other factors. Our decision to use leverage in the future to finance our assets will be at our discretion and will not be subject to the approval of our stockholders.

#### Equity Capital Policies
To the extent that our Board determines to obtain additional capital, we may issue debt or equity securities, including senior securities, retain earnings (subject to provisions in the Code requiring distributions of income to maintain REIT qualification) or pursue a combination of these methods.

Existing stockholders will have no preemptive right to common or preferred stock or units in our operating company issued in any securities offering by us, and any such offering might cause a dilution of a stockholder's investment in us. Although we have no current plans to do so, we may in the future issue shares of our Class A-1 common stock or units in our operating company in connection with acquisitions of property.

We may, under certain circumstances, purchase shares of our Class A-1 common stock or other securities in the open market or in private transactions with our stockholders, provided that those purchases are approved by our Board. Our Board has no present intention of causing us to repurchase any shares of our Class A-1 common stock or other securities, and any such action would only be taken in conformity with applicable federal and state laws and the applicable requirements for qualification as a REIT.

#### Code of Conduct
Our Board has adopted a code of conduct that applies to our directors, officers and employees (if any) and to all of the officers and employees of our Manager and its affiliates who provide services to us. However, we cannot assure you that these policies or provisions of law will always be successful in eliminating or minimizing the influence of such conflicts, and if they are not successful, decisions could be made that might fail to reflect fully the interests of stockholders.

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#### Interested Director Transactions
Pursuant to the MGCL, a contract or other transaction between us and a director or between us and any other corporation or other entity in which any of our directors is a director or has a material financial interest is not void or voidable solely because of such common directorship or interest, the presence of such director at the meeting at which the contract or transaction is authorized, approved or ratified or the counting of the director's vote in favor thereof, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the fact of the common directorship or interest is disclosed or known to our Board or a committee of our Board, and our Board or such committee authorizes, approves or ratifies the contract or transaction by the affirmative vote of a majority of disinterested directors, even if the disinterested directors constitute less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the fact of the common directorship or interest is disclosed or known to our stockholders entitled to vote thereon, and the contract or transaction is authorized, approved or ratified by a majority of the votes cast by the stockholders entitled to vote other than the votes of shares owned of record or beneficially by the interested director or corporation, firm or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the contract or transaction is fair and reasonable to us.

Upon completion of this offering, we will adopt a policy regarding transactions between us, our operating company or any of our subsidiaries, on the one hand, and any related persons on the other hand, which we refer to as our "related person policy." Our related person policy requires that a "related person" (as defined as in paragraph (a) of Item 404 of Regulation S-K) must promptly disclose to us any "related person transaction" (defined as any transaction that is anticipated to be reportable by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds $120,000 and in which any related person had or will have a direct or indirect material interest) and all material facts with respect thereto. We will then promptly communicate that information to our Board. No related person transaction will be executed without the approval or ratification of our Board or a duly authorized committee of our Board. It is our policy that directors interested in a related person transaction will recuse themselves from any vote on a related person transaction in which they have an interest.

#### Reporting Policies
We intend to make available to our stockholders our annual reports, including our audited consolidated financial statements. After this offering, we will become subject to the information reporting requirements of the Exchange Act. Pursuant to those requirements, we will be required to file annual and periodic reports, proxy statements and other information, including audited consolidated financial statements, with the SEC.

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#### DESCRIPTION OF JANUS LIVING OP, LLC'S OPERATING AGREEMENT
 *The following description summarizes certain provisions of the Operating Agreement of Janus Living OP, LLC (the "operating agreement"). This summary is not complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of the Maryland Limited Liability Company Act (the "Act") and the operating agreement. For a complete description, we refer you to the Act and the operating agreement, a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part. As used in this "Description of Janus Living OP, LLC's Operating Agreement," references to "our company," "we," "us" or "our" refer solely to Janus Living, Inc., in its capacity as the managing member of our operating company, and not to any of its subsidiaries, unless otherwise expressly stated or the context otherwise requires.* 

#### General
Upon the completion of this offering and the formation transactions, substantially all of our assets will be held by, and substantially all of our operations will be conducted through, our operating company, either directly or through its subsidiaries. We will be the managing member of our operating company, and following the completion of this offering and the formation transactions we will directly own 69.8% of the outstanding common units (or 70.5% if the underwriters exercise their option to purchase up to an additional 5,550,000 shares of our Class A-1 common stock in full). Healthpeak, as the holder of common units, will also purchase an equal number of shares of our Class A-2 common stock. Our operating company will also be authorized to issue a class of units of membership interest designated as LTIP units and additional classes of units of membership interest. The common units will not be listed on any exchange nor quoted on any national market system.

Provisions in the operating agreement may delay or make more difficult unsolicited acquisitions of us or changes in our control. These provisions could discourage third parties from making proposals involving an unsolicited acquisition of us or change of our control, although some stockholders might consider such proposals, if made, desirable. These provisions also make it more difficult for third parties to alter the management structure of our operating company without the concurrence of our Board. These provisions include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • redemption rights of members and certain assignees of common units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfer restrictions on common units and other membership interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a requirement that we may not be removed as the managing member of our operating company without our consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability in some cases to amend the operating agreement and to cause our operating company to issue preferred membership interests in our operating company with terms that we may determine, in either case, without the approval or consent of any non-managing member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the right of the non-managing members to consent to certain transfers of our, in our capacity as managing member, membership interest (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise).

#### Purpose, Business and Management
Our operating company was formed for the purpose of conducting any business, enterprise or activity permitted by or under the Act, directly or through one or more partnerships, joint ventures, subsidiaries, business trusts, limited liability companies or similar arrangements.

In general, our Board manages the business and affairs of our operating company by directing our business and affairs, in our capacity as the sole managing member of our operating company. Except as otherwise expressly provided in the operating agreement and subject to the rights of holders of any class or series of membership interest, all management powers over the business and affairs of our operating company are exclusively vested in us, in our capacity as the sole managing member of our operating company, and no member will have any right to participate in or exercise control or management power over the business and affairs of the operating company. We may not be removed as the managing member of our

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operating company, with or without cause, without our consent, which we may give or withhold in our sole and absolute discretion.

#### Restrictions on Managing Member's Authority
The operating agreement prohibits us, in our capacity as managing member, from taking any action that would make it impossible to carry on the ordinary business of our operating company, except as otherwise provided in the operating agreement or with the consent of the non-managing members. We generally may not, without the prior consent of the members of our operating company (including us), amend, modify or terminate the operating agreement, except for certain amendments described in the operating agreement. We may not, in our capacity as the managing member of our operating company, except as otherwise provided in the operating agreement or with the consent of the non-managing members of the operating company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfer all or any portion of our managing membership interest in our operating company or admit any person as a successor managing member, subject to the exceptions described in the section entitled "— Transfers of Membership Interests — Restrictions on Transfers by the Managing Member"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • voluntarily withdraw as the managing member.

Without the consent of each affected member or in connection with a transfer of all of our interests in our operating company in connection with a merger, consolidation or other combination of our assets with another entity, a sale of all or substantially all of our assets or a reclassification, recapitalization or change in our outstanding stock permitted without the consent of the members as described in the section entitled "— Transfers of Membership Interests — Restrictions on Transfers by the Managing Member," or a permitted termination transaction, we may not enter into any contract, mortgage, loan or other agreement that, in the absence of any default of the managing member of its obligations thereunder, expressly prohibits or restricts us or our operating company from performing our or its specific obligations in connection with a redemption of units or expressly prohibits or restricts a member from exercising its redemption rights in full. In addition to any approval or consent required by any other provision of the operating agreement, we may not, without the consent of each affected member, amend the operating agreement or take any other action that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • adversely modify in any material respect the limited liability of a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • alter the rights of any member to receive the distributions to which such member is entitled, or alter the allocations specified in the operating agreement, except to the extent permitted by the operating agreement including in connection with the creation or issuance of any new class or series of membership interest or to effect or facilitate a permitted termination transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • alter or modify the redemption rights of holders of common units (except as permitted under the operating agreement to effect or facilitate a permitted termination transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • alter or modify the provisions governing the transfer of our managing membership interest in our operating company (except as permitted under the operating agreement to effect or facilitate a permitted termination transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • remove certain provisions of the operating agreement relating to the requirements for us to qualify as a REIT or permitting us to avoid paying tax under Sections 857 or 4981 of the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amend the provisions of the operating agreement requiring the consent of each affected member before taking any of the actions described above or the related definitions specified in the operating agreement (except as permitted under the operating agreement to effect or facilitate a permitted termination transaction).

#### Additional Members
We may cause our operating company to issue additional units in one or more classes or series or other membership interests and to admit additional members to our operating company from time to time, on

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such terms and conditions and for such capital contributions as we may establish in our sole and absolute discretion, without the approval or consent of any member.

The operating agreement authorizes our operating company to issue common units and LTIP units, and our operating company may issue additional membership interests in one or more additional classes, or one or more series of any of such classes, with such designations, preferences, conversion and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption (including, without limitation, terms that may be senior or otherwise entitled to preference over existing units) as we may determine, in our sole and absolute discretion, without the approval of any additional members or any other person. Without limiting the generality of the foregoing, we may specify, as to any such class or series of membership interest, the allocations of items of operating company income, gain, loss, deduction and credit to each such class or series of membership interest.

#### Ability to Engage in Other Businesses; Conflicts of Interest
Without the consent of the members of the operating company, not to be unreasonably withheld, conditioned, or delayed, we may not conduct any business other than in connection with the ownership, acquisition and disposition of membership interests, the management of the business and affairs of our operating company, our operation as a reporting company with a class (or classes) of securities registered under the Exchange Act, our operations as a REIT, the offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests, financing or refinancing of any type related to our operating company or its assets or activities and such activities as are incidental to those activities discussed above. In general, we must contribute any assets or funds that we acquire to our operating company whether as capital contributions, loans or otherwise, as appropriate, in exchange for additional membership interests. We may, however, in our sole and absolute discretion, from time to time hold or acquire assets in our own name or otherwise other than through our operating company so long as we take commercially reasonable measures to ensure that the economic benefits and burdens of such property are otherwise vested in our operating company.

#### Distributions
Our operating company will distribute such amounts, at such times, as we may in our sole and absolute discretion determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • first, with respect to any membership interests that are entitled to any preference in distribution in accordance with the rights of the holders of such class(es) of membership interest, and, within each such class, among the holders of such class pro rata in proportion to their respective percentage interests of such class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • second, with respect to any membership interests that are not entitled to any preference in distribution, including the common units and, except as described below with respect to liquidating distributions and as may be provided in any incentive award plan or any applicable award agreement and the LTIP units, in accordance with the rights of the holders of such class(es) of membership interest, and, within each such class, among the holders of each such class, pro rata in proportion to their respective percentage interests of such class.

#### Exculpation and Indemnification of Managing Member
The operating agreement provides that we are not liable to our operating company or any member for any action or omission taken in our capacity as managing member, for the debts or liabilities of our operating company or for the obligations of our operating company under the operating agreement, except for liability for our fraud, willful misconduct or gross negligence, or pursuant to any express indemnity we may give to our operating company or in connection with a redemption as described in the section entitled "— Redemption Rights of Qualifying Parties." The operating agreement also provides that any obligation or liability in our capacity as the managing member of our operating company that may arise at any time under the operating agreement or any other instrument, transaction or undertaking contemplated by the operating agreement will be satisfied, if at all, out of our assets or the assets of our operating company only,

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and no such obligation or liability will be personally binding upon any of our directors, stockholders, officers, employees or agents.

In our capacity as managing member, we are entitled to a presumption that any act or failure to act on the part of the managing member, and any decision or determination made by us, is presumed to satisfy our duties as the managing member, whether under the operating agreement or otherwise existing at law or in equity, and no act or failure to act by us, or decision or determination made by us (whether with respect to a change of control of the operating company or otherwise) shall be subject to any duty, standard of conduct, burden of proof or scrutiny, whether at law or in equity, or otherwise set forth in the operating agreement.

In addition, the operating agreement provides that, to the fullest extent that a Maryland corporation may indemnify and advance expenses to directors and officers of a Maryland corporation under the laws of the State of Maryland, the operating company will indemnify, and will pay or reimburse reasonable expenses in advance of final disposition of a proceeding to, any indemnitee (as defined in the operating agreement) who is made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service as an indemnitee. The operating agreement provides that, without limitation, the foregoing indemnity will extend to any liability of any indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the operating company or any subsidiary of the operating company (including, without limitation, any indebtedness that the operating company or any subsidiary of the operating company has assumed or taken subject to). The operating agreement further provides that the operating company may indemnify each indemnitee to the fullest extent permitted by law and the operating agreement. The operating agreement provides that the termination of any proceeding by judgment, order or settlement does not create a presumption that the indemnitee did not meet the requisite standard of conduct set forth in the operating agreement, and that the termination of any proceeding by conviction of an indemnitee or upon a plea of nolo contendere or its equivalent by an indemnitee, or an entry of an order of probation against an indemnitee prior to judgment, does not create a presumption that such indemnitee acted in a manner contrary to that specified in the operating agreement with respect to the subject matter of such proceeding. The operating agreement further provides that any indemnification pursuant to the operating agreement will be made only out of the assets of the operating company, and neither the managing member nor any other holder will have any obligation to contribute to the capital of the operating company or otherwise provide funds to enable the operating company to fund its indemnification obligations under the operating agreement. Under the operating agreement, an "indemnitee" includes us, as managing member, each of our present or former directors and officers of the operating company or the managing member, and such other persons (including affiliates or employees of the managing member or the operating company) as the operating company may designate from time to time in its sole and absolute discretion.

The operating company's obligation to indemnify or advance expenses under the operating agreement to any such person shall be reduced by any amount such person has actually received as indemnification or advancement of expenses from any other person, including the managing member or from any insurance policy or policies.

#### Business Combinations and Dissolution of our Operating Company
Subject to the limitations on the transfer of our interest in our operating company described in the section entitled "— Transfers of Membership Interests — Restrictions on Transfers by the Managing Member," we generally have the exclusive power to cause our operating company to merge, reorganize, consolidate, sell all or substantially all of its assets or otherwise combine its assets with another entity. We may also elect to dissolve our operating company without the consent of any additional member.

#### Redemption Rights of Qualifying Parties
Beginning 14 months after first acquiring such common units (other than common units held by a Healthpeak entity, which have such redemption rights at any time and are not subject to such 14-month waiting period), each member and some assignees of the members will have the right, subject to the terms and conditions set forth in the operating agreement, to require our operating company to redeem all or a portion of the common units held by such member or assignee in exchange for a cash amount per common unit equal to the value of one share of our Class A-1 common stock, determined in accordance with and subject to adjustment under the operating agreement. Our operating company's obligation to redeem

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common units does not arise and is not binding against our operating company until the 31st business day after we receive the holder's notice of redemption or, if earlier, the day we notify the holder seeking redemption that we have declined to acquire some or all of the common units tendered for redemption. Shares of Class A-2 common stock will be canceled on a one-for-one basis upon redemption of common units.

On or before the close of business on the 30th business day after a holder of common units gives notice of redemption to us, we may, in our sole and absolute discretion but subject to the restrictions on the ownership and transfer of our stock set forth in our charter and described in the section entitled "Description of Our Capital Stock — Restrictions on Ownership and Transfer," elect to acquire some or all of the common units tendered for redemption from the tendering party in exchange for shares of our Class A-1 common stock, based on an exchange ratio of one share of Class A-1 common stock for each common unit, subject to adjustment as provided in the operating agreement. The operating agreement does not require us to register, qualify or list any shares of Class A-1 common stock issued in exchange for common units with the SEC, with any state securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange.

#### Transfers of Membership Interests
***Restrictions on Transfers by Members***. Until the expiration of 14 months after the date on which a member (other than a Healthpeak entity) acquires a membership interest, no member (other than a Healthpeak entity) generally may directly or indirectly transfer all or any portion of such membership interest without our consent, which we may give or withhold in our sole and absolute discretion, except for certain permitted transfers to certain affiliates, family members and charities, and certain pledges of membership interests, except as provided for in the operating agreement, to lending institutions in connection with bona fide loans. After the expiration of such initial holding period, the member will have the right to transfer all or any portion of its membership interest without our consent to any person that is an "accredited investor," within the meaning set forth in Rule 501 promulgated under the Securities Act, upon ten business days prior notice to us, subject to certain provisions of the operating agreement and the satisfaction of conditions specified in the operating agreement, including minimum transfer requirements and our right of first refusal.

***Restrictions on Transfers by the Managing Member***. Except as described below, any transfer of all or any portion of our membership interest in our operating company, whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise, must be approved by the consent of the non-managing members (excluding, for purposes of such consent, any outstanding LTIP units). Subject to the rights of holders of any class or series of membership interest, we may transfer all (but not less than all) of our managing membership interest without the consent of the non-managing members in connection with a permitted termination transaction, which is a merger, consolidation or other combination of our assets with another entity, a sale of all or substantially all of our assets not in the ordinary course of business, or a reclassification, recapitalization or change in any outstanding shares of our stock or other outstanding equity interests, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in connection with such event, all of the members will receive or have the right to elect to receive, for each common unit, the greatest amount of cash, securities or other property paid to a holder of one share of our Class A-1 common stock (subject to adjustment in accordance with the operating agreement) in the transaction and, if a purchase, tender or exchange offer is made and accepted by holders of our Class A-1 common stock in connection with the event, each holder of common units receives, or has the right to elect to receive, the greatest amount of cash, securities or other property that the holder would have received if it had exercised its redemption right and received shares of our Class A-1 common stock in exchange for its common units immediately before the expiration of the purchase, tender or exchange offer and had accepted the purchase, tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • substantially all of the assets of our operating company will be owned by a surviving entity (which may be our operating company or another limited liability company or entity) in which the members of our operating company holding common units immediately before the event will hold a percentage interest based on the relative fair market value of the net assets of our operating company and the other net assets of the surviving entity immediately before the event, which interest will be on terms that are at least as favorable as the terms of the common units in effect immediately

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before the event and as those applicable to any other non-managing members or owners of the surviving entity and will include a right to redeem interests in the surviving entity for the consideration described in the preceding bullet or cash on similar terms as those in effect with respect to the common units immediately before the event, or, if common equity securities of the person controlling the surviving entity are publicly traded, such common equity securities.

We may also transfer all (but not less than all) of our interest in our operating company to an affiliate of us without the consent of any non-managing members, subject to the rights of holders of any class or series of membership interest.

In addition, any transferee of our interest in our operating company must be admitted as a managing member of our operating company, assume, by operation of law or express agreement, all of our obligations as managing member under the operating agreement, accept all of the terms and conditions of the operating agreement and execute such instruments as may be necessary to effectuate the transferee's admission as a managing member.

We may not voluntarily withdraw as the managing member of our operating company without the consent of a majority in interest of the non-managing members, other than upon the transfer of our entire interest in our operating company and the admission of our successor as a managing member of our operating company.

#### LTIP Units
Our operating company is authorized to issue a class of units of membership interest designated as "LTIP units." We may cause our operating company to issue LTIP units to persons who provide services to or for the benefit of our operating company, for such consideration or for no consideration as we may determine to be appropriate, and we may admit such persons as members of our operating company, without the approval or consent of any additional member. Further, we may cause our operating company to issue LTIP units in one or more classes or series, with such terms as we may determine, without the approval or consent of any additional member. LTIP units may be subject to vesting, forfeiture and restrictions on transfer and receipt of distributions pursuant to the terms of any applicable equity-based plan and the terms of any award agreement relating to the issuance of the LTIP units.

***Conversion Rights***. Vested LTIP units are convertible at the option of each member and some assignees of the members (in each case, that hold vested LTIP units) into common units, upon notice to us and our operating company, to the extent that the capital account balance of the LTIP unitholder with respect to all of his or her LTIP units is at least equal to our capital account balance with respect to an equal number of common units. We may cause our operating company to convert vested LTIP units eligible for conversion into an equal number of common units at any time, upon not less than three calendar days notice prior to the conversion date.

If we or our operating company is party to a transaction, including a merger, consolidation, sale of all or substantially all of our assets or other business combination, as a result of which common units are exchanged for or converted into the right, or holders of common units are otherwise entitled, to receive cash, securities or other property (or any combination thereof), we must cause our operating company to convert any vested LTIP units then eligible for conversion into common units immediately before the transaction, taking into account any special allocations of income that would be made as a result of the transaction. Our operating company must use commercially reasonable efforts to cause each member (other than a party to such a transaction or an affiliate of such a party) holding LTIP units that will be converted into common units in such a transaction to be afforded the right to receive the same kind and amount of cash, securities and other property (or any combination thereof) for such common units that each holder of common units receives in the transaction.

***Transfer***. Unless an applicable equity-based plan or the terms of an award agreement specify additional restrictions on transfer of LTIP units, LTIP units are transferable to the same extent, and subject to the same restrictions, as common units, as described above in the section entitled "— Transfers of Membership Interests."

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***Voting Rights***. Members holding LTIP units are entitled to vote together as a class with members holding common units on all matters on which members holding common units are entitled to vote or consent, and may cast one vote for each LTIP unit so held.

***Adjustment of LTIP Units***. If our operating company takes certain actions, including making a distribution of units on all outstanding common units, combining or subdividing the outstanding common units into a different number of common units or reclassifying the outstanding common units, we must adjust the number of outstanding LTIP units or subdivide or combine outstanding LTIP units to maintain a one-for-one conversion ratio and economic equivalence between common units and LTIP units.

#### Preferred Units
Our operating company is authorized to issue preferred units. Preferred units rank senior to the common units and LTIP units. Holders of series preferred units are entitled to receive preferential cash distributions in an amount to be fixed at the time of issuance of such units. Holders of preferred units are also entitled to receive a liquidation preference in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of our operating company that are substantially similar to those of our preferred stock (but, in the case of distributions upon the liquidation, dissolution or winding up of the affairs of our operating company, only to the extent consistent with a liquidation in accordance with positive capital account balances). Preferred units are also subject to redemption by our operating company in connection with our reacquisition of shares of our preferred stock. See the section entitled "Description of Our Capital Stock — Preferred Stock."

***Conversion Rights***. Preferred units will be converted into common units in the event of a conversion of our preferred stock, at the option of holders of shares of preferred stock pursuant to the articles supplementary designating the terms of the preferred stock, as described below in the section entitled "Description of Our Capital Stock — Preferred Stock."

***Transfer***. Preferred units are transferrable to the same extent as common units, as described above in the section entitled "— Transfers of Membership Interests — Restrictions on Transfers by the Managing Member."

***Voting Rights***. The managing member will not have any voting or consent rights in respect of its membership interest represented by the preferred units.

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#### PRINCIPAL STOCKHOLDERS
The following table sets forth certain information regarding the beneficial ownership of shares of our common stock, including shares of our Class A-1 common stock into which common units are exchangeable, immediately following the completion of this offering and the formation transactions for (1) each person who is expected to be the beneficial owner of 5% or more of our outstanding common stock, (2) each of our directors, director nominees and named executive officers and (3) all of our directors, director nominees and executive officers as a group. Each person named in the table has sole voting and investment power with respect to all of the shares of our common stock shown as beneficially owned by such person, except as otherwise set forth in the notes to the table.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A stockholder is also deemed to be, as of any date, the beneficial owner of all securities that such stockholder has the right to acquire within 60 days after that date through (1) the exercise of any option, restricted stock unit, warrant or other right to acquire shares of common stock and (2) the exchange of common units for shares of our Class A-1 common stock upon redemption of outstanding common units. In connection with this offering, Healthpeak will purchase one share of Class A-2 common stock for each common unit Healthpeak beneficially owns. Healthpeak will hold all of the outstanding shares of our Class A-2 common stock, which will not have any economic rights but will provide a one-for-one voting right for each common unit held by it. At such time any common units are sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity), redeemed for cash or, at our election, exchanged for shares of our Class A-1 common stock pursuant to the operating agreement of our operating company, an equivalent number of shares of Class A-2 common stock will be automatically transferred to us and canceled and retired. See "Description of Janus Living OP, LLC's Operating Agreement." As a result, the number of shares of our Class A-2 common stock listed in the table below correlates to the number of common units beneficially owned by Healthpeak.

Unless otherwise indicated, the address of each named person is c/o Janus Living, Inc., 4600 South Syracuse Street, Suite 500, Denver, Colorado 80237. No shares beneficially owned by any executive officer, director or director nominee have been pledged as security.

The table below does not reflect any shares of Class A-1 common stock that directors, director nominees and executive officers may purchase in this offering through the reserved share program described under "Underwriting."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A-1 common stock<sup>(1)</sup>**  | **Class A-1 common stock<sup>(1)</sup>**  | **Class A-2 common stock<sup>(1)</sup>**  | **Class A-2 common stock<sup>(1)</sup>**  | **Percentage of total <br> voting power<sup>(1)(2)</sup>**  |
| **Name of Beneficial Owner**  | **Shares**  | **Percentage**  | **Shares**  | **Percentage**  | **Percentage of total <br> voting power<sup>(1)(2)</sup>**  |
| **Greater than 5% Holders**  |  |  |  |  |  |
| Healthpeak Properties, Inc.  | 138816246 | 78.9% | 75917780 | 100% | 85.3% |
| **Directors, Director Nominees and Named Executive Officers**  |  |  |  |  |  |
| Scott M. Brinker<sup>(3)(4)</sup>  | 26316 | \* |  |  | \* |
| Kelvin O. Moses<sup>(3)(4)</sup>  | 15790 | \* |  |  | \* |
| Adam G. Mabry<sup>(3)(4)</sup>  | 15790 | \* |  |  | \* |
| Tracy A. Porter<sup>(3)(4)</sup>  | 10527 | \* |  |  | \* |
| Ankit B. Patadia<sup>(3)(4)</sup>  | 10527 | \* |  |  | \* |
| Shawn G. Johnston <sup>(3)(4)</sup>  | 10527 | \* |  |  | \* |
| Jeffrey H. Miller<sup>(3)(4)</sup>  | 13158 | \* |  |  | \* |
| John V. Arabia<sup>(3)</sup>  | 2632 | \* |  |  | \* |
| Charles J. Herman, Jr.<sup>(3)</sup>  | 2632 | \* |  |  | \* |
| Denise Olsen<sup>(3)</sup>  | 2632 | \* |  |  | \* |
| Katherine M. Sandstrom<sup>(3)</sup>  | 2632 | \* |  |  | \* |
|  **All Directors, Director Nominees and Executive Officers as a Group (11 persons)**  | 113163 | \* |  |  | \* |

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\*

Represents less than 1.0%

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(1) Subject to the terms of the operating agreement of our operating company, common units are redeemable for cash or, at our election shares of our Class A-1 common stock on a one-for-one basis after the completion of this offering, subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications, whereupon an equivalent number of shares of Class A-2 common stock held by Healthpeak will be automatically transferred to us and canceled and retired upon any such exchange. See "Description of Janus Living OP, LLC's Operating Agreement." Healthpeak will hold all of the initially issued and outstanding shares of our Class A-2 common stock, and the number of shares of our Class A-2 common stock listed in the table above correlates to the number of common units Healthpeak beneficially owns. Beneficial ownership of common units or of shares of our Class A-2 common stock reflected in this table has not been also reflected as beneficial ownership of shares of our Class A-1 common stock for which common units may be exchanged. The number of shares of Class A-1 common stock includes rights to acquire shares of Class A-1 common stock, including restricted stock units and LTIP units, that have vested or will vest within 60 days of the date of this prospectus.

(2) Represents percentage of voting power of the shares eligible to vote in the election of directors of Janus Living, Inc. voting together as a single class. See "Description of Capital Stock — Common Stock."

(3) Number of securities is based on the mid-point of the price range set forth on the front cover of this prospectus.

(4) Represents fully-vested LTIP units.

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#### DESCRIPTION OF OUR CAPITAL STOCK
 *The following summary of the terms of our stock does not purport to be complete and is subject to and qualified in its entirety by reference to our charter and bylaws, copies of which are filed as exhibits to the registration statement of which this prospectus is a part, and to the MGCL. See "Where You Can Find More Information. "As used in this "Description of our Capital Stock," references to "Janus Living," "our company," "we," "us" or "our" refer solely to Janus Living, Inc. and not to any of its subsidiaries, unless otherwise expressly stated or the context otherwise requires.* 

Our authorized capital stock consists of 1,650,000,000 shares of stock, consisting of 1,500,000,000 shares of Class A-1 common stock, par value $0.01 per share, 100,000,000 shares of Class A-2 common stock, par value $0.01 per share, and 50,000,000 shares of preferred stock, par value $0.01 per share. Upon completion of this offering, 175,928,636 shares (181,478,636 shares if the underwriters' option to purchase additional shares of our Class A-1 common stock is exercised in full) of Class A-1 common stock and 75,917,780 shares of Class A-2 common stock and no shares of our preferred stock will be issued and outstanding.

#### Common Stock
We will have two classes of authorized common stock: Class A-1 common stock and Class A-2 common stock. The rights of holders of shares of Class A-1 common stock and Class A-2 common stock are identical except as set forth in our charter. We will issue shares of Class A-2 common stock only to one or more Healthpeak entities (as defined below), including, without limitation, upon the contribution by Healthpeak of additional properties to our operating company.

#### Class A-1 common stock
Each outstanding share of Class A-1 common stock entitles the holder to one vote on all matters submitted to a vote of our stockholders. Holders of Class A-1 common stock do not have cumulative voting rights in the election of directors.

All shares of Class A-1 common stock participate equally in dividends payable to holders of Class A-1 common stock, when, as and if authorized by our Board and declared by us, and in net assets available for distribution to holders of common stock on liquidation, dissolution, or winding up.

All of the shares of Class A-1 common stock offered by this prospectus will, when issued in exchange for the consideration therefor, be duly authorized, fully paid and nonassessable. Class A-1 common stock will not be subject to further calls or assessment by us. Holders of Class A-1 common stock do not have preference, conversion, exchange or preemptive rights.

#### Class A-2 Common Stock
Each outstanding share of Class A-2 common stock entitles the holder to one vote on all matters submitted to a vote of our stockholders. Holders of Class A-2 common stock do not have cumulative voting rights in the election of directors. Shares of Class A-2 common stock are not entitled to receive any dividends or distributions, including upon liquidation, dissolution, or winding up. However, if our operating company makes distributions to Janus Living, Inc., the other holders of common units, including Healthpeak, will be entitled to receive distributions pro rata in accordance with the percentages of their respective common units.

All of the shares of Class A-2 common stock outstanding after this offering will be duly authorized, fully paid and nonassessable. Class A-2 common stock will not be subject to further calls or assessment by us. Holders of Class A-2 common stock do not have preference, conversion, exchange or preemptive rights. We will not issue shares of Class A-2 common stock to any holder other than a Healthpeak entity.

Except for transfers to us, shares of Class A-2 common stock may not be sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity). A "Healthpeak entity" means Healthpeak Properties, Inc. and its "affiliates" (as defined in the Stockholders Agreement). Our charter provides that at such time any common units held by a Healthpeak entity are sold, transferred or otherwise disposed of to any person or entity (other than a Healthpeak entity), redeemed for cash or, at our election, exchanged for

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shares of our Class A-1 common stock pursuant to the terms of the operating agreement of our operating company, an equivalent number of shares of Class A-2 common stock will be automatically transferred to us and canceled and retired. See "Description of Janus Living OP, LLC's Operating Agreement."

Holders of shares of our Class A-2 common stock will vote together with holders of our Class A-1 common stock as a single class on all matters on which stockholders are entitled to vote, except as otherwise required by law or our charter.

The Transfer Agent and Registrar for our Class A-1 common stock and Class A-2 common stock will be Equiniti Trust Company, LLC.

#### Preferred Stock
Under our charter, our Board is authorized without further stockholder action to establish and issue, from time to time, up to 50,000,000 shares of our preferred stock, in one or more series. Our Board may grant the holders of preferred stock of any series preferences, powers and rights — voting or otherwise - senior to those of holders of shares of our common stock. Our Board can authorize the issuance of shares of preferred stock with terms and conditions that could have the effect of delaying or preventing a change of control transaction that might involve a premium price for holders of shares of our Class A-1 common stock or otherwise be in their best interest. The MGCL and our charter require our Board to determine the terms and conditions of any series of preferred stock, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of shares constituting such series and the distinctive designation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the voting rights, if any, of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rate of dividends payable on such series, the time or times when dividends will be payable, the preference to, or any relation to, the payment of dividends to any other class or series of stock and whether the dividends will be cumulative or noncumulative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether there shall be a sinking or similar fund for the purchase of shares of such series and, if so, the terms and provisions that shall govern such fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rights of the holders of shares of such series upon our liquidation, dissolution or winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rights, if any, of holders of shares of such series to convert such shares into, or to exchange such shares for, shares of any other class or series of our stock or any other securities, the price or prices or rate or rates of exchange, with such adjustments as shall be provided, at which such shares shall be convertible or exchangeable, whether such rights of conversion or exchange shall be exercisable at the option of the holder of the shares or upon the happening of a specified event and any other terms or conditions of such conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the shares are redeemable, the prices at which, and the terms and conditions on which, the shares of such series may be redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other preferences, powers and relative participating, optional or other special rights and qualifications, limitations or restrictions of shares of such series.

#### Power to Issue Additional Shares of Common Stock and Preferred Stock
Our Board may, without stockholder approval, classify any unissued shares of our preferred stock and reclassify any unissued shares of our common stock or shares of our preferred stock into other classes or series of stock. Prior to the issuance of classified or reclassified shares of any new class or series, our Board must set, subject to the provisions of our charter relating to the restrictions on ownership and transfer of our stock, the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms or conditions of redemption for each class or series of stock. In addition, our charter authorizes our Board, without stockholder approval, to amend our charter to increase or decrease the aggregate number of shares of stock, or the number of shares of any class or series of stock, that we are authorized to issue. These actions can be taken without stockholder approval, unless stockholder approval is required by applicable law, the terms of any other class or series of our stock or the rules of any stock exchange on which our securities may be listed or traded. Although our Board does

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not currently intend to do so, it could authorize us to issue a class or series that could, depending upon the terms of the particular class or series, delay, defer or prevent a transaction or a change in control of our company that might involve a premium price for our stockholders or otherwise be in their best interests.

#### Restrictions on Ownership and Transfer
Our charter contains restrictions on the ownership and transfer of our stock that are intended to assist us in complying with the requirements to qualify (or, once qualified, to maintain our qualification) as a REIT.

Subject to limited exceptions, no person or entity may beneficially own, or be deemed to own by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding shares of our Class A-1 common stock or 9.8% (in value) of all classes and series of our outstanding stock. We refer to these restrictions, collectively, as the "ownership limits." Our Board may, upon receipt of certain representations and undertakings to the extent required by our Board and in its sole and absolute discretion, prospectively or retroactively, exempt a person from the ownership limits or establish a different limit on ownership for a person if (a) our Board determines the person's ownership in excess of the ownership limits will not cause five or fewer individuals (as defined in the Code to include certain entities) to beneficially own more than 49% in value of our outstanding stock (taking into account the then-current ownership limits and any then-existing exemptions from the ownership limits), (b) our Board determines such person does not and will not own, actually or constructively, an interest in a tenant of ours (or a tenant of any entity owned or controlled by us) that would cause us to own, actually or constructively, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant (or our Board determines that revenue derived from such tenant will not affect our ability to qualify as a REIT) and (c) such person agrees that any violation or attempted violation of such representations or undertakings will result in shares of capital stock being automatically transferred to a charitable trust in accordance with our charter. As a condition of granting a waiver of the ownership limits or creating an excepted holder limit, our Board may, but is not required to, require an opinion of counsel or IRS ruling satisfactory to our Board as it may deem necessary or advisable to determine or ensure our status as a REIT. Healthpeak will be granted an exemption from the ownership limits to own our stock.

Our Board may, at any time, increase or decrease an ownership limit for one or more persons and decrease or increase an ownership limit for all other persons unless, after giving effect to any increased or decreased ownership limit, five or fewer individuals (as defined in the Code to include certain entities) would beneficially own, in the aggregate, more than 49% in value of the aggregate outstanding shares of our stock, cause us to be "closely held" under Section 856(h) of the Code (without regard to whether the interest is held during the last half of a taxable year) or cause us to otherwise fail to qualify as a REIT. A decreased ownership limit will not apply to any person whose ownership of our stock at the time the ownership limit is decreased exceeds the decreased ownership limit until the person's ownership of our stock equals or falls below the decreased ownership limit, but any further acquisition of our stock (or increased beneficial ownership or constructive ownership of shares of our stock) by such a person after the decrease in the ownership limit will violate the decreased ownership limit.

In addition to the ownership limits, our charter prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any person from actually or constructively owning shares of our stock that could result in our being "closely held" under Section 856(h) of the Code (without regard to whether the stockholder's interest is held during the last half of a taxable year) or otherwise cause us to fail to qualify as a REIT; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any person from transferring shares of our stock if such transfer would result in shares of our stock being beneficially owned by fewer than 100 persons (determined without reference to any rules of attribution).

Any person who acquires or attempts or intends to acquire actual or constructive ownership of shares of our stock in a manner that will or may violate any of these restrictions on ownership and transfer, or any person who would have owned shares of our stock transferred to a charitable trust as described below, is required to give written notice immediately to us, or in the case of a proposed or attempted transaction, give us at least 15 days prior written notice, and provide us with such other information as we may request in order to determine the effect of the transfer on our qualification as a REIT.

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Our charter provides that any attempted transfer of shares of our stock that, if effective, would result in our stock being beneficially owned by fewer than 100 persons will be null and void and the intended transferee will acquire no rights in the shares. Our charter provides that any attempted transfer of our stock that, if effective, would result in a violation of the ownership limits, our being "closely held" under Section 856(h) of the Code (without regard to whether the stockholder's interest is held during the last half of a taxable year), or our otherwise failing to qualify as a REIT, or otherwise would result in a violation of the ownership and transfer restrictions set forth in our charter, will in each case cause the number of shares causing the violation (rounded up to the nearest whole share) to be transferred automatically to one or more trusts for the exclusive benefit of one or more charitable beneficiaries, and the proposed transferee will not acquire any rights in the shares. The automatic transfer will be effective as of the close of business on the business day before the date of the attempted transfer or other event that resulted in the transfer to the trust. If the transfer to the trust as described above does not occur or is not automatically effective, for any reason, to prevent a violation of the applicable restrictions on ownership and transfer of our stock, then our charter provides that the attempted transfer which, if effective, would have resulted in a violation of the restrictions on ownership and transfer of our stock will be null and void, and the intended transferee will acquire no rights in the shares.

Shares of our stock held in the trust will be issued and outstanding shares. Our charter provides that the proposed transferee will not benefit economically from ownership of any shares of our stock held in the trust and will have no rights to dividends or other distributions and no rights to vote or other rights attributable to the shares of our stock held in the trust. The proposed transferee will have no claim, cause of action, or any other recourse whatsoever against the purported transferor of such shares of our stock. The trustee of the trust will exercise all voting rights and receive all dividends and other distributions with respect to shares held in the trust for the exclusive benefit of the charitable beneficiary of the trust. Any dividend or other distribution paid before we discover that the shares have been transferred to a trust as described above must be repaid by the recipient to the trustee upon demand by us. Subject to Maryland law, effective as of the date that the shares have been transferred to the trust, the trustee will have the authority to rescind as void any vote cast by a proposed transferee before our discovery that the shares have been transferred to the trust and to recast the vote in accordance with the desires of the trustee (acting for the benefit of the charitable beneficiary). However, if we have already taken irreversible corporate action, then the trustee may not rescind and recast the vote.

Within 20 days of receiving notice from us of a transfer of shares to the trust, the trustee must sell the shares to a person, designated by the trustee, that could own the shares without violating the ownership limits or the other restrictions on ownership and transfer of our stock contained in our charter. After the sale of the shares, the interest of the charitable beneficiary in the shares transferred to the trust will terminate and the trustee must distribute to the proposed transferee an amount equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the price paid by the proposed transferee for the shares (or, if the proposed transferee did not give value in connection with the event that resulted in the transfer to the trust (e.g., a gift, devise or other such transaction), the market price of the shares on the day of the event that resulted in the transfer of such shares to the trust); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the price per share received by the trustee (net of any commissions and other expenses) from the sale or other disposition of the shares.

The trustee may reduce the amount payable to the proposed transferee by the amount of any dividends or other distributions that we paid to the proposed transferee and that is owed by the proposed transferee to the trustee as described above. The trustee must distribute any remaining funds held by the trust with respect to the shares to the charitable beneficiary. If the shares are sold by the proposed transferee before we discover that they have been transferred to the trust, the shares will be deemed to have been sold on behalf of the trust and the proposed transferee must pay to the trustee, upon demand, if any, the amount that the proposed transferee received in excess of the amount that the proposed transferee would have received had the shares been sold by the trustee.

Shares of our stock held in the trust will be deemed to be offered for sale to us, or our designee, at a price per share equal to the lesser of:

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the price per share in the transaction that resulted in the transfer to the trust (or, if the event that resulted in the shares being transferred to the trust did not involve a purchase of such shares at market price, the market price of the shares on the day of the event causing the shares to be held in the trust); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the market price on the date we, or our designee, accept the offer.

We will reduce the amount so payable by the amount of any dividends or other distributions that we paid to the proposed transferee and that is owed by the proposed transferee to the trustee as described above, and we will pay such amount to the trustee for distribution to the charitable beneficiary of the trust. We have the right to accept the offer until the trustee has otherwise sold the shares of our stock held in the trust. Upon a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee must distribute the net proceeds of the sale to the proposed transferee.

Every owner of at least five percent (or such lower percentage as required by the Code or the regulations promulgated thereunder) of the outstanding shares of any class or series of our stock, within 30 days after the end of each taxable year, must give us written notice stating the person's name and address, the number of shares of each class and series of our stock that the person beneficially owns and a description of the manner in which the shares are held. Each such owner also must provide us with any additional information that we request in order to determine the effect, if any, of the person's beneficial ownership on our status as a REIT and to ensure compliance with the ownership limits. In addition, any person or entity that is a beneficial owner or constructive owner of shares of our stock and any person or entity (including the stockholder of record) who is holding shares of our stock for a beneficial owner or constructive owner must, on request, disclose to us in writing such information as we may request in order to determine our status as a REIT or to comply, or determine our compliance, with the requirements of any governmental or taxing authority and to ensure compliance with the ownership limits.

Any certificates representing shares of our stock will bear a legend referring to the restrictions described above.

These restrictions on ownership and transfer of our stock will not apply if our Board determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT or that compliance with any or all of these restrictions is no longer required in order for us to qualify as a REIT.

These restrictions on ownership and transfer of our stock could delay, defer or prevent a transaction or a change of control of us that might involve a premium price for our Class A-1 common stock or otherwise be in the best interests of our stockholders.

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#### CERTAIN PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS
 *The following description summarizes certain provisions of Maryland law and of our charter and bylaws. This summary is not complete and is subject to, and is qualified in its entirety by reference to, our charter, our bylaws and applicable provisions of the MGCL. For a complete description, we refer you to the MGCL, our charter and our bylaws. Copies of our charter and bylaws are filed as exhibits to the registration statement of which this prospectus is a part. See "Where You Can Find More Information." As used in this "Certain Provision of Maryland Law and of our Charter and Bylaws," references to "our company," "we," "us" or "our" refer solely to Janus Living, Inc. and not to any of its subsidiaries, unless otherwise expressly stated or the context otherwise requires.* 

#### Board of Directors; Election of Directors
Our business is managed by our Manager, subject at all times to the supervision and direction of our Board. Our charter and bylaws provide that, subject to the terms and conditions of the Stockholders Agreement, at any regular meeting or at any special meeting called for that purpose, two-thirds of the entire Board may establish, increase or decrease the number of directors, provided that the number thereof shall never be less than the minimum number of directors required by the MGCL (which is one) nor more than thirteen. Upon completion of this offering, our Board will consist of five directors.

Our bylaws also provide for the election of directors, in uncontested elections, by a majority of the votes cast. In contested elections, the election of directors shall be by a plurality of the votes cast. Holders of common stock have no right to cumulative voting for the election of directors. Consequently, at each annual meeting of stockholders, the holders of a majority of the outstanding shares of our Class A-1 common stock and Class A-2 common stock, voting together as a single class, can elect all of our directors. Our bylaws provide that, subject to the terms and conditions of the Stockholders Agreement, two-thirds of the remaining directors, whether or not sufficient to constitute a quorum, may fill a vacancy on our Board which results from any cause except an increase in the number of directors, and two-thirds of the entire board of directors may fill a vacancy which results from an increase in the number of directors. A director elected by the board of directors to fill a vacancy serves until the next annual meeting of stockholders and until his successor is elected and qualifies.

Pursuant to the Stockholders Agreement, Healthpeak shall have the right to designate a number of individuals such that, following the election of any directors the number of Healthpeak designees serving as directors of our company would be equal (if elected) to: (i) 40% of the total number of directors on our Board (or the lowest whole number equal to or greater than that percentage) if Healthpeak beneficially owns at least 30% of the outstanding shares of our common stock; and (ii) one nominee to our Board at each annual meeting of stockholders if Healthpeak entities beneficially own at least 5% (but less than 30%) of the total outstanding common stock. See "Certain Relationships and Related Party Transactions — Stockholders Agreement."

Our bylaws provide that actions by our Board must be approved by the affirmative vote of at least two-thirds of our entire Board, which ensures that at least a majority of our independent directors who are not affiliated with Healthpeak approve such actions. Certain transactions with Healthpeak or its affiliates must be approved by a majority of the independent directors who are not affiliated with Healthpeak or a majority of a committee of the Board comprised solely of independent directors who are not affiliated with Healthpeak.

#### Removal of Directors
Our charter provides that a director of ours may be removed by the affirmative vote of the holders of two-thirds of the outstanding shares of our voting stock. Our stockholders may elect a successor to fill any vacancy which results from the removal of a director subject to the rights of holders of one or more classes or series of preferred stock.

#### Business Combinations
Under Maryland law, "business combinations" between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent

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date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any person who beneficially owns ten percent or more of the voting power of the corporation's shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an affiliate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the then outstanding voting stock of the corporation.

After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of the corporation and approved by the affirmative vote of at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or which are held by an affiliate or associate of the interested stockholder.

These supermajority vote requirements do not apply if the corporation's common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. None of these provisions of Maryland law will apply, however, to business combinations that are approved or exempted by the board of the corporation prior to the time that the interested stockholder becomes an interested stockholder. As permitted by the MGCL, our Board has adopted a resolution exempting any business combination between us and any other person from the provisions of this statute, provided that the business combination is first approved by our Board, and, consequently, the five-year prohibition and the supermajority vote requirement will not apply to business combinations between us and any interested stockholder of our company. However, our Board may repeal or modify this resolution at any time in the future, in which case the applicable provisions of this statute will become applicable to business combinations between us and interested stockholders.

#### Control Share Acquisitions
Maryland law provides that holders of "control shares" of a Maryland corporation acquired in a "control share acquisition" have no voting rights with respect to the control shares except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares of stock owned by the acquiror, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. "Control shares" are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or shares of stock for which the acquiror is able to exercise or direct the exercise of voting power except solely by virtue of a revocable proxy, would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • one-tenth or more but less than one-third;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • one-third or more but less than a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a majority or more of all voting power.

Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. Except as otherwise specified in the statute, a "control share acquisition" means the acquisition of control shares.

Once a person who has made or proposes to make a control share acquisition has undertaken to pay expenses and satisfied other conditions, the person may compel the board to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.

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If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may be able to redeem any or all of the control shares for fair value, except for control shares for which voting rights previously have been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined without regard to the absence of voting rights for control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of control shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of these appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition. Some of the limitations and restrictions otherwise applicable to the exercise of dissenters' rights do not apply in the context of a control share acquisition.

The control share acquisition statute does not apply to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting acquisitions of shares of our stock from the control share acquisition statute. However, our Board may amend our bylaws in the future to repeal or modify this exemption, in which case any control shares of our company acquired in a control share acquisition will be subject to the control share acquisition statute.

#### Unsolicited Takeovers
Under Maryland law, a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors may elect to be subject to certain statutory provisions relating to unsolicited takeovers which, among other things, would automatically classify the board into three classes with staggered terms of three years each and vest in the board the exclusive right to determine the number of directors and the exclusive right, by the affirmative vote of a majority of the remaining directors, to fill vacancies on the board, even if the remaining directors do not constitute a quorum. These statutory provisions relating to unsolicited takeovers also provide that any director elected to fill a vacancy shall hold office for the remainder of the full term of the class of directors in which the vacancy occurred, rather than the next annual meeting of directors as would otherwise be the case, and until his successor is elected and qualified.

Our charter provides that we are prohibited from electing to be subject to the provisions of the unsolicited takeover statute relating to the classification of our Board, unless such election is first approved by our stockholders by the affirmative vote of a majority of all the votes entitled to be cast on the matter.

An election to be subject to any or all of the other foregoing statutory provisions may be made in our charter or bylaws, or by resolution of our Board without stockholder approval. Any such statutory provision to which we elect to be subject will apply even if other provisions of Maryland law or our charter or bylaws provide to the contrary. Neither our charter nor our bylaws provide that we are subject to any of the foregoing statutory provisions relating to unsolicited takeovers. However, our Board could adopt a resolution, without stockholder approval, to elect to become subject to some or all of these statutory provisions except the statutory provisions relating to the classification of our Board.

If we made an election, upon stockholder approval of such election, to be subject to the statutory provisions relating to the classification of our Board and our Board were divided into three classes with staggered terms of office of three years each, the classification and staggered terms of office of our directors would make it more difficult for a third party to gain control of our Board since at least two annual meetings of stockholders, instead of one, generally would be required to effect a change in the majority of our Board.

#### Amendments to the Charter
Amendments to our charter must be declared advisable by our Board and approved by our stockholders by the affirmative vote of a majority of all the votes entitled to be cast by our stockholders on the matter. In addition, our charter authorizes our Board, without stockholder approval, to amend our charter to increase

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or decrease the aggregate number of shares of stock, or the number of shares of any class or series of stock, that we are authorized to issue.

#### Amendments to the Bylaws
Our bylaws may be amended by the affirmative vote of a majority of all of the votes entitled to be cast by our stockholders on the matter or, except with respect to any amendments that require stockholder approval, by the affirmative vote of at least two-thirds of the entire Board.

#### Dissolution of Janus Living
Our dissolution must be declared advisable by our Board by the affirmative vote of at least two-thirds of the entire Board and approved by our stockholders by the affirmative vote of a majority of all the votes entitled to be cast by our stockholders on the matter.

#### Advance Notice of Director Nominations and New Business; Procedures of Special Meetings Requested by Stockholders
Our bylaws provide that nominations of persons for election to our Board and the proposal of business to be considered by stockholders at the annual or special meeting of stockholders may be made only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pursuant to our notice of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by or at the direction of our Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by a stockholder who was a stockholder at the time the notice of meeting was given and is entitled to vote at the meeting and who has complied with the advance notice procedures, including the minimum time period, described in the bylaws.

Our bylaws also provide that only the business specified in our notice of meeting may be brought before a special meeting of stockholders. Our bylaws provide that our stockholders have the right to call a special meeting only upon the written request of the stockholders holding in the aggregate not less than 25% of the outstanding shares entitled to vote on the business proposed to be transacted at such meeting.

#### Proxy Access
Our bylaws permit any stockholder or group of up to 25 stockholders (counting as one stockholder, for purposes of the aggregation limit, any two or more funds that are part of the same qualifying fund group, as such term is defined in our bylaws) who have maintained continuous qualifying ownership of 3% or more of our outstanding common stock of all classes entitled to vote for at least the previous three years to include up to a specified number of director nominees in our proxy materials for an annual meeting of stockholders. If a group of stockholders is aggregating its shareholdings in order to meet the 3% ownership requirement, the ownership of the group will be determined by aggregating the lowest number of shares continuously owned by each member during the three-year holding period. A nominating stockholder is considered to own only the shares for which the stockholder possesses the full voting and investment rights and the full economic interest (including the opportunity for profit and risk of loss). Under this provision, borrowed or hedged shares do not count as "owned" shares. Furthermore, to the extent not otherwise excluded pursuant to this definition of ownership, a nominating stockholder's "short position" as defined in Rule 14e-4 under the Exchange Act is deducted from the shares otherwise "owned." Loaned shares are counted toward the ownership requirement, provided that certain recall requirements described in our bylaws are met.

The maximum number of stockholder nominees permitted under the proxy access provisions of our bylaws shall not exceed the greater of (i) two or (ii) 20% of the directors in office as of the last day a notice of nomination may be timely received. If the 20% calculation does not result in a whole number, the maximum number of stockholder nominees is the closest whole number below 20%. If one or more vacancies occurs for any reason after the nomination deadline and our Board decides to reduce the size of our Board in connection therewith, the 20% calculation will be applied to the reduced size of our Board, with the potential result that a stockholder nominee may be disqualified. Stockholder-nominated candidates whose

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nomination is withdrawn or whom our Board determines to include in our proxy materials as board-nominated candidates will be counted against the 20% maximum. In addition, any director in office as of the nomination deadline who was included in our proxy materials as a stockholder nominee for either of the two preceding annual meetings and whom our Board decides to renominate for election to our Board also will be counted against the 20% maximum.

Notice of a nomination pursuant to the proxy access provisions of our bylaws must be received no earlier than 150 days and no later than 120 days before the anniversary of the date that we distributed our proxy statement for the previous year's annual meeting of stockholders. The proxy access provisions of our bylaws require certain disclosure, representations and agreements to be provided or made by nominating stockholders and contain certain other procedural provisions.

A stockholder nominee will not be eligible for inclusion in our proxy materials (i) if any stockholder has nominated a person pursuant to the advance notice provision of our bylaws, (ii) if the nominee would not be independent, (iii) if the nominee's election would cause us to violate our bylaws, our charter or any applicable listing standards, laws, rules or regulations, (iv) if the nominee is or has been an officer or director of a competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914, within the past three years, or (v) if the nominee or the stockholder who nominated him or her has provided false and misleading information to us or otherwise breached any of its or their obligations, representations or agreements under the proxy access provisions of our bylaws. Stockholder nominees who are included in our proxy materials but subsequently withdraw from or become ineligible or unavailable for election at the meeting or do not receive at least 10% of the votes cast in the election will be ineligible for nomination under the proxy access provisions of our bylaws for the next two annual meetings. A nomination made under the proxy access provisions of our bylaws will be disregarded at the annual meeting under certain circumstances described in our bylaws.

#### Anti-Takeover Effect of Provisions of Maryland Law and of the Charter and Bylaws
The provisions in the charter on removal of directors, the business combinations and control share acquisition provisions of Maryland law (if we elect to become subject to such provisions), the unsolicited takeover provisions of Maryland law (if we elect to become subject to such provisions) and the provisions of our bylaws relating to advance notice, proxy access and stockholder-requested special meetings may delay, defer or prevent a change of control or other transaction in which holders of some, or a majority, of the Class A-1 common stock might receive a premium for their Class A-1 common stock over the then prevailing market price or which such holders might believe to be otherwise in their best interests.

#### No Stockholder Rights Plan
We do not currently have a stockholder rights plan, and we will not adopt a stockholder rights plan in the future without (i) the approval of our stockholders by a majority of the votes cast on the matter or (ii) seeking ratification from our stockholders by a majority of the votes cast on the matter within 12 months of adoption of the plan if our Board determines, in the exercise of its duties under applicable law, that it is in our best interest to adopt a rights plan without the delay of seeking prior stockholder approval.

#### Stockholder Action by Written Consent
The MGCL generally provides that, unless the charter of the corporation authorizes stockholder action by less than unanimous consent, stockholder action may be taken by consent in lieu of a meeting only if it is given by all stockholders entitled to vote on the matter. Our charter permits stockholder action by consent in lieu of a meeting to the extent permitted by our bylaws. Our bylaws provide that any action required or permitted to be taken at any meeting of the holders of common stock entitled to vote generally in the election of directors may be taken without a meeting if a unanimous consent setting forth the action is given in writing or by electronic transmission by each stockholder entitled to vote on the matter and filed with the minutes of proceedings of the stockholders. Notwithstanding the foregoing, our bylaws will also provide that prior to the date on which the Healthpeak entities cease to own more than 50% of the outstanding shares of common stock, our stockholders may act by less than unanimous consent without a meeting if a consent in writing or by electronic transmission of stockholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting of stockholders is

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delivered to us in accordance with the MGCL. We will be required to give notice of any action taken by less than unanimous consent to each stockholder not later than ten days after the effective time of such action. Therefore, our bylaws will eliminate the right of stockholders to act by less than unanimous written consent without a meeting following the first date on which Healthpeak ceases to own a majority of our outstanding shares of common stock.

#### Exclusive Forum

Although we believe these provisions will benefit us by limiting costly and time-consuming litigation in multiple forums and by providing increased consistency in the application of applicable law, these exclusive forum provisions may limit the ability of our stockholders to bring a claim in a judicial forum that such stockholders find favorable for disputes with us or our directors, officers or employees (if any), which may discourage such lawsuits against us and our directors, officers and other employees (if any).

#### Limitation of Liability and Indemnification
Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages. However, a Maryland corporation may not limit liability resulting from actual receipt of an improper benefit or profit in money, property or services. Also, liability resulting from active and deliberate dishonesty may not be eliminated if a final judgment establishes that the dishonesty is material to the cause of action. Our charter contains a provision which limits the liability of directors and officers for money damages to the maximum extent permitted by Maryland law. This provision does not limit our right or that of our stockholders to obtain equitable relief, such as an injunction or rescission.

Our bylaws require us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination as to the ultimate entitlement to indemnification, to pay or reimburse reasonable expenses before final disposition of a proceeding to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any present or former director or officer who is made or threatened to be made a party to, or witness in, the proceeding by reason of his service in that capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any individual who, while one of our directors or officers and at our request, serves or has served another corporation, partnership, joint venture, trust, employee benefit plan or any other enterprise as a director, officer, partner or trustee of such corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his service in that capacity.

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The bylaws authorize us, with the approval of our Board, to provide indemnification and advancement of expenses to our agents and employees.

Unless limited by a corporation's charter, Maryland law requires a corporation to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity, or in the defense of any claim, issue or matter in the proceeding. Our charter does not alter this requirement.

Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • judgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • settlements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party to, or witness in, by reason of their service in those or other capacities.

Maryland law does not permit a corporation to indemnify its present and former directors and officers if it is established that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the act or omission of the director or officer was material to the matter giving rise to the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the director or officer actually received an improper personal benefit in money, property or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.

Under Maryland law, a Maryland corporation generally may not indemnify a director or officer for an adverse judgment in a suit by or in the right of the corporation or if the director or officer was adjudged liable on the basis that personal benefit was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by or on behalf of the corporation, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.

Maryland law permits a corporation to advance reasonable expenses to a director or officer. First, however, the corporation must receive a written affirmation by the director or officer of his good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation. The corporation must also receive a written undertaking, either by the director or officer or on his behalf, to repay the amount paid or reimbursed by the corporation if it shall ultimately be determined that the standard of conduct was not met. The termination of any proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an entry of any order of probation prior to judgment, creates a rebuttable presumption that the director or officer did not meet the requisite standard of conduct required for indemnification to be permitted.

We intend to enter into indemnification agreements with each of our directors and executive officers as described in "Management — Indemnification."

It is the position of the SEC that indemnification of directors and officers for liabilities arising under the Securities Act is against public policy and is unenforceable pursuant to Section 14 of the Securities Act.

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#### SHARES ELIGIBLE FOR FUTURE SALE

#### General
Upon the completion of this offering, we expect to have outstanding 175,928,636 shares of our Class A-1 common stock (or 181,478,636 shares if the underwriters' option to purchase additional shares of our Class A-1 common stock is exercised in full). In addition, a total of 75,917,780 shares of our Class A-1 common stock are issuable upon exchange of common units that we expect to be outstanding upon completion of this offering and the formation transactions described under the heading "Structure and Formation of Our Company." Upon an exchange of common units for cash or, at our election, shares of our Class A-1 common stock pursuant to the operating agreement of our operating company, an equivalent number of shares of Class A-2 common stock will be automatically transferred to us and canceled and retired. See "Description of Janus Living OP, LLC's Operating Agreement."

Of these shares, all of the shares of our Class A-1 common stock sold in this offering will be freely transferable without restriction or further registration under the Securities Act, subject to the restrictions on ownership and transfer of our stock set forth in our charter. Approximately 78.9% (or 76.5% if the underwriters' option to purchase additional shares of our Class A-1 common stock is exercised in full) of the aggregate shares of Class A-1 common stock that will be outstanding immediately upon completion of this offering will be subject to lock-up agreements.

There is currently no public market for our Class A-1 common stock. Trading of our Class A-1 common stock on the NYSE is expected to commence following the pricing of this offering. No assurance can be given as to (1) the likelihood that an active market for Class A-1 common stock will develop, (2) the liquidity of any such market, (3) the ability of the stockholders to sell their shares or (4) the prices that stockholders may obtain for any of their shares. No prediction can be made as to the effect, if any, that future sales of shares, or the availability of shares for future sale, will have on the market price prevailing from time to time. Sales of substantial amounts of our Class A-1 common stock (including shares of our Class A-1 common stock issued upon the exchange of common units), or the perception that such sales could occur, may adversely affect prevailing market prices of our Class A-1 common stock. See "Risk Factors — Risks Related to this Offering and Ownership of Shares of Our Class A-1 Common Stock."

For a description of certain restrictions on ownership and transfer of shares of our Class A-1 common stock held by certain of our stockholders, see "Description of Our Capital Stock — Restrictions on Ownership and Transfer."

#### Rule 144
After giving effect to this offering, we expect that 138,839,934 shares of our outstanding Class A-1 common stock will be "restricted" securities under the meaning of Rule 144 under the Securities Act and may not be sold in the absence of registration under the Securities Act unless an exemption from registration is available, including the exemption provided by Rule 144.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale and who has beneficially owned shares considered to be restricted securities under Rule 144 for at least six months would be entitled to sell those shares, subject only to the availability of current public information about us. A non-affiliated person who has beneficially owned shares considered to be restricted securities under Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

An affiliate of ours who has beneficially owned shares of our Class A-1 common stock for at least six months would be entitled to sell, within any three-month period, a number of shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 1% of the shares of our Class A-1 common stock then outstanding, which we expect will equal approximately 1,759,286 shares immediately after this offering (or 1,814,786 shares if the underwriters exercise their option to purchase additional shares 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the average weekly trading volume of our Class A-1 common stock on the NYSE during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC;

provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale and have filed all required reports during that time period. Such sales by affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to manner of sale provisions, notice requirements and the availability of current public information about us.

#### Rule 701
Generally, an employee, officer, director or qualified consultant of ours who purchased shares of our Class A-1 common stock before the effective date of the registration statement relating to this prospectus, or who holds options as of that date, pursuant to a written compensatory plan or contract may rely on the resale provisions of Rule 701 under the Securities Act. Under Rule 701, these persons who are not our affiliates may generally sell those securities, commencing 90 days after the effective date of the registration statement, without having to comply with the current public information and minimum holding period requirements of Rule 144. These persons who are our affiliates may generally sell those securities under Rule 701, commencing 90 days after the effective date of the registration statement, without having to comply with Rule 144's minimum holding period restriction.

#### Lock-up Agreements
In addition to the limits placed on the sale of our Class A-1 common stock by operation of Rule 144, Rule 701 and other provisions of the Securities Act, Healthpeak, our Manager, our executive officers, our directors, our director nominees and substantially all of our other existing stockholders have agreed not to sell or transfer any shares of our Class A-1 common stock or securities convertible into, exchangeable for, exercisable for, or repayable with shares of our Class A-1 common stock (including common units), for 365 days (or 180 days in the case of our independent director nominees who are not affiliated with Healthpeak) after the date of this prospectus, and we have agreed to similar restrictions for 180 days after the date of this prospectus, without first obtaining the written consent of the representatives. See "Underwriting."

The representatives have advised us that they have no present intent or arrangement to release any shares subject to a lock-up and will consider the release of any shares subject to a lock-up on a case-by-case basis. Upon a request to release any shares subject to a lock-up, the representatives will consider the particular circumstances surrounding the request, including, but not limited to, the length of time before the lock-up expires, the number of shares requested to be released, the reasons for the request, the possible impact on the market for our Class A-1 common stock and whether the holder of our shares requesting the release is an officer, director or other affiliate of ours.

#### Registration Rights Agreement
Concurrently with the completion of this offering, we will enter into a registration rights agreement with Healthpeak, pursuant to which we will grant it certain "demand" registration rights and "piggyback" registration rights, including rights to demand that we undertake a public offering of shares of our Class A-1 common stock for our own account and use the net proceeds from such offering to purchase or redeem shares of Class A-1 common stock or common units held by Healthpeak, with respect to 138,816,246 shares of Class A-1 common stock and 75,917,780 shares of Class A-1 common stock issuable upon redemption of 75,917,780 common units. The registration rights agreement will also provide that we will pay certain expenses relating to such registrations and indemnify the registration rights holders against certain liabilities that may arise under the Securities Act.

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#### UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The following is a general summary of certain material U.S. federal income tax considerations regarding our election to be taxed as a REIT and this offering and the ownership and disposition of our Class A-1 common stock. For purposes of this discussion, references to "we," "our" and "us" mean only Janus Living, Inc. and do not include any of its subsidiaries, except as otherwise indicated. This summary is for general information only and is not tax advice. The information in this summary is based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • current, temporary and proposed Treasury regulations promulgated under the Code (the "Treasury Regulations");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the legislative history of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • administrative interpretations and practices of the IRS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • court decisions;

in each case, as of the date of this prospectus. In addition, the administrative interpretations and practices of the IRS include its practices and policies as expressed in private letter rulings that are not binding on the IRS except with respect to the particular taxpayers who requested and received those rulings. The sections of the Code and the corresponding Treasury Regulations that relate to qualification and taxation as a REIT are highly technical and complex. The following discussion sets forth certain material aspects of the sections of the Code that govern the U.S. federal income tax treatment of a REIT and its stockholders. This summary is qualified in its entirety by the applicable Code provisions, Treasury Regulations, and administrative and judicial interpretations thereof. Potential tax reforms may result in significant changes to the rules governing U.S. federal income taxation. New legislation, Treasury Regulations, administrative interpretations and practices and/or court decisions may significantly and adversely affect our ability to qualify as a REIT, the U.S. federal income tax consequences of such qualification, or the U.S. federal income tax consequences of an investment in us, including those described in this discussion. Moreover, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT. Any such changes could apply retroactively to transactions preceding the date of the change. We have not requested, and do not plan to request, any rulings from the IRS that we qualify as a REIT, and the statements in this prospectus are not binding on the IRS or any court. Thus, we can provide no assurance that the tax considerations contained in this discussion will not be challenged by the IRS or will be sustained by a court if challenged by the IRS. This summary does not discuss any state, local or non-U.S. tax consequences, or any tax consequences arising under any U.S. federal tax laws other than U.S. federal income tax laws, associated with the purchase, ownership or disposition of our Class A-1 common stock, or our election to be taxed as a REIT.

#### You are urged to consult your tax advisors regarding the tax consequences to you of:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **the purchase, ownership and disposition of our Class A-1 common stock, including the U.S. federal, state, local, non-U.S. and other tax consequences;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **our election to be taxed as a REIT for U.S. federal income tax purposes; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **potential changes in applicable tax laws.** 

#### Taxation of Our Company
***General***. We intend to elect to be taxed as a REIT under Sections 856 through 860 of the Code commencing with our taxable year ending December 31, 2026. We intend to be organized and to operate in a manner that will allow us to qualify for taxation as a REIT under the Code commencing with such taxable year, and we intend to continue to be organized and operate in this manner. However, qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, including through actual operating results, asset composition, distribution levels and diversity of stock ownership. Accordingly, no assurance can be given that we will be organized or will be able to operate

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in a manner so as to qualify or remain qualified as a REIT. See "— Failure to Qualify" for potential tax consequences if we fail to qualify as a REIT.

Latham & Watkins LLP has acted as our tax counsel in connection with this prospectus and our intended election to be taxed as a REIT. Latham & Watkins LLP will render an opinion to us, as of the date of this prospectus, to the effect that, commencing with our taxable year ending December 31, 2026, we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT under the Code, and our proposed method of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT under the Code. It must be emphasized that this opinion will be based on various assumptions and representations as to factual matters, including representations made by us in a factual certificate provided by one or more of our officers. In addition, this opinion will be based upon our factual representations set forth in this prospectus. Moreover, our qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, which are discussed below, including through actual operating results, asset composition, distribution levels and diversity of stock ownership, the results of which have not been and will not be reviewed by Latham & Watkins LLP. Accordingly, no assurance can be given that our actual results of operations for any particular taxable year will satisfy those requirements. Further, the anticipated U.S. federal income tax treatment described herein may be changed, perhaps retroactively, by legislative, administrative or judicial action at any time. Latham & Watkins LLP has no obligation to update its opinion subsequent to the date of such opinion.

Provided we qualify for taxation as a REIT, we generally will not be required to pay U.S. federal corporate income taxes on our REIT taxable income that is currently distributed to our stockholders. This treatment substantially eliminates the "double taxation" that ordinarily results from investment in a C corporation. A C corporation is a corporation that generally is required to pay U.S. federal income tax at the corporate level. Double taxation means taxation once at the corporate level when income is earned and once again at the stockholder level when the income is distributed. We will, however, be required to pay U.S. federal income tax as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • First, we will be required to pay regular U.S. federal corporate income tax on any undistributed REIT taxable income, including undistributed capital gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Second, if we have (1) net income from the sale or other disposition of "foreclosure property" held primarily for sale to customers in the ordinary course of business or (2) other nonqualifying income from foreclosure property, we will be required to pay regular U.S. federal corporate income tax on this income. To the extent that income from foreclosure property is otherwise qualifying income for purposes of the 75% gross income test, this tax is not applicable. Subject to certain other requirements, foreclosure property generally is defined as property we acquired through foreclosure or after a default on a loan secured by the property or a lease of the property. See "— Foreclosure Property."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Third, we will be required to pay a 100% tax on any net income from prohibited transactions. Prohibited transactions are, in general, sales or other taxable dispositions of property, other than foreclosure property, held as inventory or primarily for sale to customers in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Fourth, if we fail to satisfy the 75% gross income test or the 95% gross income test, as described below, but have otherwise maintained our qualification as a REIT because certain other requirements are met, we will be required to pay a tax equal to (1) the greater of (A) the amount by which we fail to satisfy the 75% gross income test and (B) the amount by which we fail to satisfy the 95% gross income test, multiplied by (2) a fraction intended to reflect our profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Fifth, if we fail to satisfy any of the asset tests (other than a *de minimis* failure of the 5% or 10% asset test), as described below, due to reasonable cause and not due to willful neglect, and we nonetheless maintain our REIT qualification because specified cure provisions are met, we will be required to pay a tax equal to the greater of $50,000 or the U.S. federal corporate income tax rate multiplied by the net income generated by the nonqualifying assets that caused us to fail such test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Sixth, if we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT (other than a violation of the gross income tests or certain violations of the asset tests, as

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described below) and the violation is due to reasonable cause and not due to willful neglect, we may retain our REIT qualification but we will be required to pay a penalty of $50,000 for each such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Seventh, we will be required to pay a 4% excise tax to the extent we fail to distribute during each calendar year at least the sum of (1) 85% of our ordinary income for the year, (2) 95% of our capital gain net income for the year, and (3) any undistributed taxable income from prior periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Eighth, if we acquire any asset from a corporation that is or has been a C corporation in a transaction in which our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired the asset, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on which we acquired the asset, then we generally will be required to pay regular U.S. federal corporate income tax on this gain to the extent of the excess of (1) the fair market value of the asset over (2) our adjusted tax basis in the asset, in each case determined as of the date on which we acquired the asset. The results described in this paragraph with respect to the recognition of gain assume that the C corporation will refrain from making an election to receive different treatment under applicable Treasury Regulations on its tax return for the year in which we acquire the asset from the C corporation. Under applicable Treasury Regulations, any gain from the sale of property we acquired in an exchange under Section 1031 (a like-kind exchange) or Section 1033 (an involuntary conversion) of the Code generally is excluded from the application of this built-in gains tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ninth, our subsidiaries that are C corporations and are not qualified REIT subsidiaries, including our TRSs described below, generally will be required to pay regular U.S. federal corporate income tax on their earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Tenth, we will be required to pay a 100% tax on any "redetermined rents," "redetermined deductions," "excess interest" or "redetermined TRS service income," as described below under "— Penalty Tax." In general, redetermined rents are rents from real property that are overstated as a result of services furnished to any of our tenants by a TRS of ours. Redetermined deductions and excess interest generally represent amounts that are deducted by a TRS of ours for amounts paid to us that are in excess of the amounts that would have been deducted based on arm's length negotiations. Redetermined TRS service income generally represents income of a TRS that is understated as a result of services provided to us or on our behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Eleventh, we may elect to retain and pay income tax on our net capital gain. In that case, a stockholder would include its proportionate share of our undistributed capital gain (to the extent we make a timely designation of such gain to the stockholder) in its income, would be deemed to have paid the tax that we paid on such gain, and would be allowed a credit for its proportionate share of the tax deemed to have been paid, and an adjustment would be made to increase the tax basis of the stockholder in our Class A-1 common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Twelfth, if we fail to comply with the requirement to send annual letters to our stockholders holding at least a certain percentage of our stock, as determined under applicable Treasury Regulations, requesting information regarding the actual ownership of our stock, and the failure is not due to reasonable cause or is due to willful neglect, we will be subject to a $25,000 penalty, or if the failure is intentional, a $50,000 penalty.

We and our subsidiaries may be subject to a variety of taxes other than U.S. federal income tax, including payroll taxes and state and local income, property and other taxes on our assets and operations.

From time to time, we may own properties in other countries, which may impose taxes on our operations within their jurisdictions. To the extent possible, we will structure our activities to minimize our non-U.S. tax liability. However, there can be no assurance that we will be able to eliminate our non-U.S. tax liability or reduce it to a specified level. Furthermore, as a REIT, both we and our stockholders will derive little or no benefit from foreign tax credits arising from those non-U.S. taxes.

***Requirements for Qualification as a REIT***. The Code defines a REIT as a corporation, trust or association:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

that is managed by one or more trustees or directors;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

that issues transferable shares or transferable certificates to evidence its beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

that would be taxable as a domestic corporation, but for Sections 856 through 860 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

that is not a financial institution or an insurance company within the meaning of certain provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

that is beneficially owned by 100 or more persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

not more than 50% in value of the outstanding stock of which is owned, actually or constructively, by five or fewer individuals, including certain specified entities, during the last half of each taxable year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

that meets other tests, described below, regarding the nature of its income and assets and the amount of its distributions.

The Code provides that conditions (1) to (4), inclusive, must be met during the entire taxable year and that condition (5) must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. Conditions (5) and (6) do not apply until after the first taxable year for which an election is made to be taxed as a REIT. For purposes of condition (6), the term "individual" includes a supplemental unemployment compensation benefit plan, a private foundation or a portion of a trust permanently set aside or used exclusively for charitable purposes, but generally does not include a qualified pension plan or profit sharing trust.

We believe that we have been organized and have operated in a manner that has allowed us, and will continue to allow us, to satisfy conditions (1) through (7), inclusive, during the relevant time periods. In addition, our charter provides for restrictions regarding ownership and transfer of our shares that are intended to assist us in continuing to satisfy the share ownership requirements described in conditions (5) and (6) above. A description of the share ownership and transfer restrictions relating to our capital stock is contained in the discussion in the Prospectus under the headings "Description of Our Capital Stock — Restrictions on Ownership and Transfer." These restrictions, however, do not ensure that we have previously satisfied, and may not ensure that we will, in all cases, be able to continue to satisfy, the share ownership requirements described in conditions (5) and (6) above. If we fail to satisfy these share ownership requirements, then except as provided in the next sentence, our status as a REIT will terminate. If, however, we comply with the rules contained in applicable Treasury Regulations that require us to ascertain the actual ownership of our shares and we do not know, or would not have known through the exercise of reasonable diligence, that we failed to meet the requirement described in condition (6) above, we will be treated as having met this requirement. See "— Failure to Qualify."

In addition, we may not maintain our status as a REIT unless our taxable year is the calendar year. We have and will continue to have a calendar taxable year.

***Ownership of Interests in Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries***. In the case of a REIT that is a partner in a partnership (for purposes of this discussion, references to "partnership" include a limited liability company treated as a partnership for U.S. federal income tax purposes, and references to "partner" include a member in such a limited liability company), Treasury Regulations provide that the REIT will be deemed to own its proportionate share of the assets of the partnership based on its interest in partnership capital, subject to special rules relating to the 10% asset test described below. Also, the REIT will be deemed to be entitled to its proportionate share of the income of that entity. The assets and gross income of the partnership retain the same character in the hands of the REIT for purposes of Section 856 of the Code, including satisfying the gross income tests and the asset tests. Thus, our pro rata share of the assets and items of income of any partnership or disregarded entity for U.S. federal income tax purposes in which we own an interest is treated as our assets and items of income for purposes of applying the requirements described in this discussion, including the gross income and asset tests described below. A brief summary of the rules governing the U.S. federal income taxation of partnerships is set forth below in "— Tax Aspects of Our Operating Company and the Subsidiary Partnerships and Limited Liability Companies."

We generally have control of our operating company and the subsidiary partnerships and intend to operate them in a manner consistent with the requirements for our qualification as a REIT. If we become a

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limited partner or non-managing member in any partnership and such entity takes or expects to take actions that could jeopardize our status as a REIT or require us to pay tax, we may be forced to dispose of our interest in such entity. In addition, it is possible that a partnership could take an action which could cause us to fail a gross income or asset test, and that we would not become aware of such action in time to dispose of our interest in the partnership or take other corrective action on a timely basis. In such a case, we could fail to qualify as a REIT unless we were entitled to relief, as described below.

We may from time to time own and operate certain properties through wholly owned subsidiaries that we intend to be treated as "qualified REIT subsidiaries" under the Code. A corporation (or other entity treated as a corporation for U.S. federal income tax purposes) will qualify as our qualified REIT subsidiary if we own 100% of the corporation's outstanding stock and do not elect with the subsidiary to treat it as a TRS, as described below. A qualified REIT subsidiary is not treated as a separate corporation, and all assets, liabilities and items of income, gain, loss, deduction and credit of a qualified REIT subsidiary are treated as assets, liabilities and items of income, gain, loss, deduction and credit of the parent REIT for all purposes under the Code, including all REIT qualification tests. Thus, in applying the U.S. federal income tax requirements described in this discussion, any qualified REIT subsidiaries we own are ignored, and all assets, liabilities and items of income, gain, loss, deduction and credit of such corporations are treated as our assets, liabilities and items of income, gain, loss, deduction and credit. A qualified REIT subsidiary is not subject to U.S. federal income tax, and our ownership of the stock of a qualified REIT subsidiary will not violate the restrictions on ownership of securities, as described below under "— Asset Tests."

***Ownership of Interests in TRSs***. We and our operating company own interests in one or more companies that have elected, together with us, to be treated as our TRSs, and we may acquire securities in additional TRSs in the future. A TRS is a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) other than a REIT in which a REIT directly or indirectly holds stock, and that has made a joint election with such REIT to be treated as a TRS. If a TRS owns more than 35% of the total voting power or value of the outstanding securities of another corporation, such other corporation will also be treated as a TRS. Other than directly or indirectly operating or managing a lodging or health care facility, or directly or indirectly providing to any other person (under a franchise, license or otherwise) rights to any brand name under which any lodging or health care facility is operated, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT. A TRS is subject to U.S. federal income tax as a regular C corporation. A REIT is not treated as holding the assets of a TRS or as receiving any income that the TRS earns. Rather, the stock issued by the TRS is an asset in the hands of the REIT, and the REIT generally recognizes as income the dividends, if any, that it receives from the TRS. A REIT's ownership of securities of a TRS is not subject to the 5% or 10% asset test described below. See "— Asset Tests." Taxpayers are subject to a limitation on their ability to deduct net business interest generally equal to 30% of adjusted taxable income, subject to certain exceptions. See "— Annual Distribution Requirements." While not certain, this provision may limit the ability of our TRSs to deduct interest, which could increase their taxable income.

***Ownership of Interests in Subsidiary REITs****.* We may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a "Subsidiary REIT"). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax and (ii) the Subsidiary REIT's failure to qualify could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus could impair our ability to qualify as a REIT unless we could avail ourselves of certain relief provisions.

***Income Tests***. We must satisfy two gross income requirements annually to maintain our qualification as a REIT. First, in each taxable year we must derive directly or indirectly at least 75% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions, certain foreign currency gains and discharge of indebtedness) from investments relating to real property or mortgages on real property, including "rents from real property," dividends from other REITs and, in certain circumstances, interest, or certain types of temporary investments. Second, in each taxable year we must derive at least 95% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions and certain foreign currency gains) from the real property investments described above or dividends, interest

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and gain from the sale or disposition of stock or securities, or from any combination of the foregoing. For these purposes, the term "interest" generally does not include any amount received or accrued, directly or indirectly, if the determination of all or some of the amount depends in any way on the income or profits of any person. However, an amount received or accrued generally will not be excluded from the term "interest" solely by reason of being based on a fixed percentage or percentages of receipts or sales.

Rents we receive from a tenant will qualify as "rents from real property" for the purpose of satisfying the gross income requirements for a REIT described above only if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The amount of rent is not based in whole or in part on the income or profits of any person. However, an amount we receive or accrue generally will not be excluded from the term "rents from real property" solely because it is based on a fixed percentage or percentages of receipts or sales or if it is based on the net income of a tenant which derives substantially all of its income with respect to such property from subleasing of substantially all of such property, to the extent that the rents paid by the subtenants would qualify as rents from real property if we earned such amounts directly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Neither we nor an actual or constructive owner of 10% or more of our capital stock actually or constructively owns 10% or more of the interests in the assets or net profits of a non-corporate tenant, or, if the tenant is a corporation, 10% or more of the total combined voting power of all classes of stock entitled to vote or 10% or more of the total value of all classes of stock of the tenant. Rents we receive from such a tenant that is a TRS of ours, however, will not be excluded from the definition of "rents from real property" as a result of this condition if at least 90% of the space at the property to which the rents relate is leased to third parties, and the rents paid by the TRS are substantially comparable to rents paid by our other tenants for comparable space. Whether rents paid by a TRS are substantially comparable to rents paid by other tenants is determined at the time the lease with the TRS is entered into, extended, and modified, if such modification increases the rents due under such lease. Notwithstanding the foregoing, however, if a lease with a "controlled taxable REIT subsidiary" is modified and such modification results in an increase in the rents payable by such TRS, any such increase will not qualify as "rents from real property." For purposes of this rule, a "controlled taxable REIT subsidiary" is a TRS in which the parent REIT owns stock possessing more than 50% of the voting power or more than 50% of the total value of the outstanding stock of such TRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Rent attributable to personal property, leased in connection with a lease of real property, is not greater than 15% of the total rent received under the lease. If this condition is not met, then the portion of the rent attributable to personal property will not qualify as "rents from real property." To the extent that rent attributable to personal property, leased in connection with a lease of real property, exceeds 15% of the total rent received under the lease, we may transfer a portion of such personal property to a TRS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We generally may not operate or manage the property or furnish or render services to our tenants, subject to a 1% *de minimis* exception and except as provided below. We may, however, perform services that are "usually or customarily rendered" in connection with the rental of space for occupancy only and are not otherwise considered "rendered to the occupant" of the property. Examples of these services include the provision of light, heat, or other utilities, trash removal and general maintenance of common areas. In addition, we may employ an independent contractor from whom we derive no revenue to provide customary services to our tenants, or a TRS (which may be wholly or partially owned by us) to provide both customary and non-customary services to our tenants, without causing the rent we receive from those tenants to fail to qualify as "rents from real property."

A portion of our rental income is derived from leases of health care properties to our TRSs. In order for the rent payable under each of these leases to constitute "rents from real property," each lease must be respected as a true lease for U.S. federal income tax purposes and must not be treated as a service contract, joint venture, or some other type of arrangement. We believe that each such lease is a true lease for U.S. federal income tax purposes. However, this determination is inherently a question of fact, and we cannot assure you that the IRS will not successfully assert a contrary position. If any lease is not respected as a true lease, part or all of the payments that we receive as rent from our TRS with respect to such lease may not be

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considered rent or may not otherwise satisfy the various requirements for qualification as "rents from real property." In that case, we may not be able to satisfy either the 75% or 95% gross income test and, as a result, could fail to qualify as a REIT.

Also, our TRSs may not operate or manage a health care property or provide rights to any brand name under which any health care property is operated. However, rents we receive from a lease of a health care property to our TRS will constitute "rents from real property" if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • First, the health care property must be a "qualified health care property." A qualified health care property is any real property (including interests therein), and any personal property incident to such real property, which is (or is necessary or incidental to the use of) a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients and which is operated by a provider of such services which is eligible for participation in Medicare with respect to such facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Second, the health care property must be managed by an "eligible independent contractor." An eligible independent contractor is an independent contractor that, at the time the management contract is entered into, is actively engaged in the trade or business of operating qualified health care properties for any person not related to us or any of our TRSs. For this purpose, an independent contractor means any person (i) that does not own (taking into account relevant attribution rules) more than 35% of our capital stock, and (ii) with respect to which no person or group owning directly or indirectly (taking into account relevant attribution rules) 35% or more of our capital stock owns 35% or more directly or indirectly (taking into account relevant attribution rules) of the ownership interest.

We believe each health care property that we lease to our TRSs is a qualified health care property, and each health care property manager engaged by our TRSs to manage each health care property is an eligible independent contractor. Furthermore, while we will monitor the activities of the eligible independent contractors to maximize the value of our health care property investments, neither we nor our TRS lessees will directly or indirectly operate or manage our health care properties. Thus, we believe that the rents we derive from our TRSs with respect to the leases of our health care properties will qualify as "rents from real property."

We generally do not intend, and, as the managing member of our operating company, we do not intend to permit our operating company, to take actions we believe will cause us to fail to satisfy the rental conditions described above. However, we may intentionally fail to satisfy some of these conditions to the extent we determine, based on the advice of our tax counsel, that the failure will not jeopardize our tax status as a REIT. In addition, with respect to the limitation on the rental of personal property, we generally have not obtained appraisals of the real property and personal property leased to tenants. Accordingly, there can be no assurance that the IRS will not disagree with our determinations of value.

Income we receive that is attributable to the rental of parking spaces at the properties generally will constitute rents from real property for purposes of the gross income tests if certain services provided with respect to the parking spaces are performed by independent contractors from whom we derive no revenue, either directly or indirectly, or by a TRS, and certain other conditions are met. We believe that the income we receive that is attributable to parking spaces will meet these tests and, accordingly, will constitute rents from real property for purposes of the gross income tests.

From time to time, we may enter into hedging transactions with respect to one or more of our assets or liabilities. Our hedging activities may include entering into interest rate swaps, caps, and floors, options to purchase these items, and futures and forward contracts. Income from a hedging transaction, including gain from the sale or disposition of such a transaction, that is clearly identified as a hedging transaction as specified in the Code will not constitute gross income under, and thus will be exempt from, the 75% and 95% gross income tests. The term "hedging transaction," as used above, generally means (A) any transaction we enter into in the normal course of our business primarily to manage risk of (1) interest rate changes or fluctuations with respect to borrowings made or to be made by us to acquire or carry real estate assets, or (2) currency fluctuations with respect to an item of qualifying income under the 75% or 95% gross income test or any property which generates such income and (B) new transactions entered into to hedge the income

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or loss from prior hedging transactions, where the property or indebtedness which was the subject of the prior hedging transaction was extinguished or disposed of. To the extent that we do not properly identify such transactions as hedges or we hedge with other types of financial instruments, the income from those transactions is not likely to be treated as qualifying income for purposes of the gross income tests. We intend to structure any hedging transactions in a manner that does not jeopardize our status as a REIT.

From time to time we may invest in additional entities or properties located outside the United States, through a TRS or otherwise. These acquisitions could cause us to incur foreign currency gains or losses. Any foreign currency gains, to the extent attributable to specified items of qualifying income or gain, or specified qualifying assets, however, generally will not constitute gross income for purposes of the 75% and 95% gross income tests, and therefore will be excluded from these tests.

To the extent our TRSs pay dividends or interest, our allocable share of such dividend or interest income will qualify under the 95%, but (subject to certain exceptions) not the 75%, gross income test. Notwithstanding the foregoing, our allocable share of such interest would also qualify under the 75% gross income test to the extent the interest is paid on a loan that is adequately secured by real property)

We will monitor the amount of the dividend and other income from our TRSs and will take actions intended to keep this income, and any other nonqualifying income, within the limitations of the gross income tests. Although we expect these actions will be sufficient to prevent a violation of the gross income tests, we cannot guarantee that such actions will in all cases prevent such a violation.

If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for the year if we are entitled to relief under certain provisions of the Code. We generally may make use of the relief provisions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • following our identification of the failure to meet the 75% or 95% gross income tests for any taxable year, we file a schedule with the IRS setting forth each item of our gross income for purposes of the 75% or 95% gross income tests for such taxable year in accordance with Treasury Regulations to be issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our failure to meet these tests was due to reasonable cause and not due to willful neglect.

It is not possible, however, to state whether in all circumstances we would be entitled to the benefit of these relief provisions. For example, if we fail to satisfy the gross income tests because nonqualifying income that we intentionally accrue or receive exceeds the limits on nonqualifying income, the IRS could conclude that our failure to satisfy the tests was not due to reasonable cause. If these relief provisions do not apply to a particular set of circumstances, we will not qualify as a REIT. See "— Failure to Qualify" below. As discussed above in "— General," even if these relief provisions apply, and we retain our status as a REIT, a tax would be imposed with respect to our nonqualifying income. We may not always be able to comply with the gross income tests for REIT qualification despite periodic monitoring of our income.

***Prohibited Transaction Income***. Any gain that we realize on the sale of property (other than any foreclosure property) held as inventory or otherwise held primarily for sale to customers in the ordinary course of business, including our share of any such gain realized by our operating company, either directly or through its subsidiary partnerships, will be treated as income from a prohibited transaction that is subject to a 100% penalty tax, unless certain safe harbor exceptions apply. This prohibited transaction income may also adversely affect our ability to satisfy the gross income tests for qualification as a REIT. Under existing law, whether property is held as inventory or primarily for sale to customers in the ordinary course of a trade or business is a question of fact that depends on all the facts and circumstances surrounding the particular transaction. As the managing member of our operating company, we intend to cause our operating company to hold its properties for investment with a view to long-term appreciation, to engage in the business of acquiring, developing and owning its properties and to make occasional sales of the properties as are consistent with our investment objectives. We do not intend, and do not intend to permit our operating company or its subsidiary partnerships, to enter into any sales that are prohibited transactions. However, the IRS may successfully contend that some or all of the sales made by our operating company or its subsidiary partnerships are prohibited transactions. We would be required to pay the 100% penalty tax on our allocable share of the gains resulting from any such sales. The 100% penalty tax will not apply to gains

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from the sale of assets that are held through a TRS, but such income will be subject to regular U.S. federal corporate income tax.

***Penalty Tax***. Any redetermined rents, redetermined deductions, excess interest or redetermined TRS service income we generate will be subject to a 100% penalty tax. In general, redetermined rents are rents from real property that are overstated as a result of any services furnished to any of our tenants by a TRS of ours, redetermined deductions and excess interest represent any amounts that are deducted by a TRS of ours for amounts paid to us that are in excess of the amounts that would have been deducted based on arm's length negotiations, and redetermined TRS service income is income of a TRS that is understated as a result of services provided to us or on our behalf. Rents we receive will not constitute redetermined rents if they qualify for certain safe harbor provisions contained in the Code.

We do not believe we have been, and do not expect to be, subject to this penalty tax, although any rental or service arrangements we enter into from time to time may not satisfy the safe harbor provisions referenced above.

Currently, certain of our TRSs provide services to certain of our tenants and may pay us rent and, from time to time, we may enter into additional leases or arrangements with our TRSs to provide services to our tenants. We believe we have set, and we intend to set in the future, any fees paid to our TRSs for such services, and any rent payable to us by our TRSs, at arm's length rates, although the amounts paid may not satisfy the safe harbor provisions referenced above. These determinations are inherently factual, and the IRS has broad discretion to assert that amounts paid between related parties should be reallocated to clearly reflect their respective incomes. If the IRS successfully made such an assertion, we would be required to pay a 100% penalty tax on any overstated rents paid to us, or any excess deductions or understated income of our TRSs.

***Asset Tests***. At the close of each calendar quarter of our taxable year, we must also satisfy certain tests relating to the nature and diversification of our assets. First, at least 75% of the value of our total assets must be represented by real estate assets, cash, cash items and U.S. government securities. For purposes of this test, the term "real estate assets" generally means real property (including interests in real property and interests in mortgages on real property or on both real property and, to a limited extent, personal property), shares (or transferable certificates of beneficial interest) in other REITs, any stock or debt instrument attributable to the investment of the proceeds of a stock offering or a public offering of debt with a term of at least five years (but only for the one-year period beginning on the date the REIT receives such proceeds), debt instruments of publicly offered REITs, and personal property leased in connection with a lease of real property for which the rent attributable to personal property is not greater than 15% of the total rent received under the lease.

Second, not more than 25% of the value of our total assets may be represented by securities (including securities of TRSs), other than those securities includable in the 75% asset test.

Third, of the investments included in the 25% asset class, and except for certain investments in other REITs, our qualified REIT subsidiaries and TRSs, the value of any one issuer's securities may not exceed 5% of the value of our total assets, and we may not own more than 10% of the total vote or value of the outstanding securities of any one issuer. Certain types of securities we may own are disregarded as securities solely for purposes of the 10% value test, including, but not limited to, securities satisfying the "straight debt" safe harbor, securities issued by a partnership that itself would satisfy the 75% income test if it were a REIT, any loan to an individual or an estate, any obligation to pay rents from real property and any security issued by a REIT. In addition, solely for purposes of the 10% value test, the determination of our interest in the assets of a partnership in which we own an interest will be based on our proportionate interest in any securities issued by the partnership, excluding for this purpose certain securities described in the Code. From time to time we may own securities (including debt securities) of issuers that do not qualify as a REIT, a qualified REIT subsidiary or a TRS. We intend that our ownership of any such securities will be structured in a manner that allows us to comply with the asset tests described above.

Fourth, not more than 25% of the value of our total assets may be represented by the securities of one or more TRSs. We and our operating company own interests in companies that have elected, together with us, to be treated as our TRSs, and we may acquire securities in additional TRSs in the future. So long as each

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of these companies qualifies as a TRS of ours, we will not be subject to the 5% asset test, the 10% voting power limitation or the 10% value limitation with respect to our ownership of the securities of such companies. We believe that the aggregate value of our TRSs has not exceeded, and in the future will not exceed, 25% of the aggregate value of our gross assets. We generally do not obtain independent appraisals to support these conclusions. In addition, there can be no assurance that the IRS will not disagree with our determinations of value.

Fifth, not more than 25% of the value of our total assets may be represented by debt instruments of publicly offered REITs to the extent those debt instruments would not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets, as described above (e.g., a debt instrument issued by a publicly offered REIT that is not secured by a mortgage on real property).

In addition, we may own or acquire certain mezzanine loans secured by equity interests in pass-through entities that directly or indirectly own real property. Revenue Procedure 2003-65 (the "Revenue Procedure") provides a safe harbor pursuant to which mezzanine loans meeting the requirements of the safe harbor will be treated by the IRS as real estate assets for purposes of the REIT asset tests. In addition, any interest derived from such mezzanine loans will be treated as qualifying mortgage interest for purposes of the 75% gross income test (described above). Although the Revenue Procedure provides a safe harbor on which taxpayers may rely, it does not prescribe rules of substantive tax law. The mezzanine loans that we own or acquire may not meet all of the requirements of the safe harbor. Accordingly, there can be no assurance that the IRS will not challenge the qualification of such assets as real estate assets or the interest generated by these loans as qualifying income under the 75% gross income test (described above).

The asset tests must be satisfied at the close of each calendar quarter of our taxable year in which we (directly or through any partnership or qualified REIT subsidiary) acquire securities in the applicable issuer, and also at the close of each calendar quarter in which we increase our ownership of securities of such issuer (including as a result of an increase in our interest in any partnership that owns such securities). For example, our indirect ownership of securities of each issuer will increase as a result of our capital contributions to, or the redemption of other partners' or members' interests in, a partnership in which we have an ownership interest. Also, after initially meeting the asset tests at the close of any quarter, we will not lose our status as a REIT for failure to satisfy the asset tests at the end of a later quarter solely by reason of changes in asset values. If we fail to satisfy an asset test because we acquire securities or other property during a quarter (including as a result of an increase in our interest in any partnership), we may cure this failure by disposing of sufficient nonqualifying assets within 30 days after the close of that quarter. We believe that we have maintained, and we intend to maintain, adequate records of the value of our assets to ensure compliance with the asset tests. If we fail to cure any noncompliance with the asset tests within the 30-day cure period, we would cease to qualify as a REIT unless we are eligible for certain relief provisions discussed below.

Certain relief provisions may be available to us if we discover a failure to satisfy the asset tests described above after the 30-day cure period. Under these provisions, we will be deemed to have met the 5% and 10% asset tests if the value of our nonqualifying assets (i) does not exceed the lesser of (a) 1% of the total value of our assets at the end of the applicable quarter or (b) $10,000,000, and (ii) we dispose of the nonqualifying assets or otherwise satisfy such tests within (a) six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b) the period of time prescribed by Treasury Regulations to be issued. For violations of any of the asset tests due to reasonable cause and not due to willful neglect and that are, in the case of the 5% and 10% asset tests, in excess of the *de minimis* exception described above, we may avoid disqualification as a REIT after the 30-day cure period by taking steps including (i) the disposition of sufficient nonqualifying assets, or the taking of other actions, which allow us to meet the asset tests within (a) six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b) the period of time prescribed by Treasury Regulations to be issued, (ii) paying a tax equal to the greater of (a) $50,000 or (b) the U.S. federal corporate income tax rate multiplied by the net income generated by the nonqualifying assets, and (iii) disclosing certain information to the IRS.

Although we believe we have satisfied the asset tests described above and plan to take steps to ensure that we satisfy such tests for any quarter with respect to which retesting is to occur, there can be no assurance that we will always be successful, or will not require a reduction in our operating company's overall interest

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in an issuer (including in a TRS). If we fail to cure any noncompliance with the asset tests in a timely manner, and the relief provisions described above are not available, we would cease to qualify as a REIT.

***Annual Distribution Requirements.*** To maintain our qualification as a REIT, we are required to distribute dividends, other than capital gain dividends, to our stockholders each year in an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 90% of our REIT taxable income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 90% of our after-tax net income, if any, from foreclosure property; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the excess of the sum of certain items of non-cash income over 5% of our REIT taxable income.

For these purposes, our REIT taxable income is computed without regard to the dividends paid deduction and our net capital gain. In addition, for purposes of this test, non-cash income generally means income attributable to leveled stepped rents, original issue discount, cancellation of indebtedness, or a like-kind exchange that is later determined to be taxable.

In addition, our REIT taxable income will be reduced by any taxes we are required to pay on any gain we recognize from the disposition of any asset we acquired from a corporation that is or has been a C corporation in a transaction in which our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired the asset, within the five-year period following our acquisition of such asset, as described above under "— General."

Except as provided below, a taxpayer's deduction for net business interest expense will generally be limited to 30% of its taxable income, as adjusted for certain items of income, gain, deduction or loss. Any business interest deduction that is disallowed due to this limitation may be carried forward to future taxable years, subject to special rules applicable to partnerships. If we or any of our subsidiary partnerships are subject to this interest expense limitation, our REIT taxable income for a taxable year may be increased. Taxpayers that conduct certain real estate businesses may elect not to have this interest expense limitation apply to them, provided that they use an alternative depreciation system to depreciate certain property. If such election is made, although we or such subsidiary partnership, as applicable, would not be subject to the interest expense limitation described above, depreciation deductions may be reduced and, as a result, our REIT taxable income for a taxable year may be increased.

We generally must pay, or be treated as paying, the distributions described above in the taxable year to which they relate. At our election, a distribution will be treated as paid in a taxable year if it is declared before we timely file our tax return for such year and paid on or before the first regular dividend payment after such declaration, provided such payment is made during the 12-month period following the close of such year. These distributions are treated as received by our stockholders in the year in which they are paid. This is so even though these distributions relate to the prior year for purposes of the 90% distribution requirement. In order to be taken into account for purposes of our distribution requirement, except as provided below, the amount distributed must not be preferential — *i.e.*, every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated other than according to its dividend rights as a class. This preferential dividend limitation will not apply to distributions made by us, provided we qualify as a "publicly offered REIT." We believe that we are, and expect we will continue to be, a publicly offered REIT. However, Subsidiary REITs we may own from time to time may not be publicly offered REITs. To the extent that we do not distribute all of our net capital gain, or distribute at least 90%, but less than 100%, of our REIT taxable income, as adjusted, we will be required to pay regular U.S. federal corporate income tax on the undistributed amount. We believe that we have made, and we intend to continue to make, timely distributions sufficient to satisfy these annual distribution requirements and to minimize our corporate tax obligations. In this regard, the operating agreement of our operating company authorizes us, as the managing member of our operating company, to take such steps as may be necessary to cause our operating company to distribute to its partners an amount sufficient to permit us to meet these distribution requirements and to minimize our U.S. federal corporate income tax obligation.

We expect that our REIT taxable income will be less than our cash flow because of depreciation and other non-cash charges included in computing REIT taxable income. Accordingly, we anticipate that we

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generally will have sufficient cash or liquid assets to enable us to satisfy the distribution requirements described above. However, from time to time, we may not have sufficient cash or other liquid assets to meet these distribution requirements due to timing differences between the actual receipt of income and actual payment of deductible expenses, and the inclusion of income and deduction of expenses in determining our taxable income. In addition, we may decide to retain our cash, rather than distribute it, in order to repay debt or for other reasons. If these timing differences occur, we may borrow funds to pay dividends or pay dividends in the form of taxable stock distributions in order to meet the distribution requirements, while preserving our cash.

Under some circumstances, we may be able to rectify an inadvertent failure to meet the 90% distribution requirement for a year by paying "deficiency dividends" to our stockholders in a later year, which may be included in our deduction for dividends paid for the earlier year. In that case, we may be able to avoid being taxed on amounts distributed as deficiency dividends, subject to the 4% excise tax described below. However, we will be required to pay interest to the IRS based upon the amount of any deduction claimed for deficiency dividends. While the payment of a deficiency dividend will apply to a prior year for purposes of our REIT distribution requirements, it will be treated as an additional distribution to our stockholders in the year such dividend is paid.

Furthermore, we will be required to pay a 4% excise tax to the extent we fail to distribute during each calendar year at least the sum of 85% of our ordinary income for such year, 95% of our capital gain net income for the year and any undistributed taxable income from prior periods. Any ordinary income and net capital gain on which U.S. federal corporate income tax is imposed for any year is treated as an amount distributed during that year for purposes of calculating this excise tax.

For purposes of the 90% distribution requirement and excise tax described above, dividends declared during the last three months of the taxable year, payable to stockholders of record on a specified date during such period and paid during January of the following year, will be treated as paid by us and received by our stockholders on December 31 of the year in which they are declared.

***Like-Kind Exchanges.*** We may dispose of real property that is not held primarily for sale in transactions intended to qualify as like-kind exchanges under the Code. Such like-kind exchanges are intended to result in the deferral of gain for U.S. federal income tax purposes. The failure of any such transaction to qualify as a like-kind exchange could require us to pay U.S. federal income tax, possibly including the 100% prohibited transaction tax, or deficiency dividends, depending on the facts and circumstances surrounding the particular transaction.

***Tax Liabilities and Attributes Inherited in Connection with Acquisitions.*** In connection with our formation transactions and from time to time, we or our operating company may acquire other corporations or entities and, in connection with such acquisitions, we may succeed to the historical tax attributes and liabilities of such entities. For example, if we acquire a C corporation and subsequently dispose of its assets within five years of the acquisition, we could be required to pay the built-in gain tax described above under "— General." In addition, in order to qualify as a REIT, at the end of any taxable year, we must not have any earnings and profits accumulated in a non-REIT year. As a result, if we acquire a C corporation, we must distribute the corporation's earnings and profits accumulated prior to the acquisition before the end of the taxable year in which we acquire the corporation. We also could be required to pay the acquired entity's unpaid taxes even though such liabilities arose prior to the time we acquired the entity.

Moreover, we or one of our subsidiaries have in connection with our formation transactions and may from time to time acquire other REITs through a merger or acquisition. If any such REIT failed to qualify as a REIT for any of its taxable years, such REIT would be liable for (and we or our subsidiary, as applicable, as the surviving corporation in the merger or acquisition, would be obligated to pay) regular U.S. federal corporate income tax on its taxable income for such taxable years. In addition, if such REIT was a C corporation at the time of the merger or acquisition, the tax consequences described in the preceding paragraph generally would apply. If such REIT failed to qualify as a REIT for any of its taxable years, but qualified as a REIT at the time of such merger or acquisition, and we acquired such REIT's assets in a transaction in which our tax basis in the assets of such REIT is determined, in whole or in part, by reference to such REIT's tax basis in such assets, we generally would be subject to tax on the built-in gain on each asset of such REIT as described above if we were to dispose of the asset in a taxable transaction

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during the five-year period following such REIT's requalification as a REIT, subject to certain exceptions. Moreover, even if such REIT qualified as a REIT at all relevant times, we would similarly be liable for other unpaid taxes (if any) of such REIT (such as the 100% tax on gains from any sales treated as "prohibited transactions" as described above under "— Prohibited Transaction Income").

Furthermore, after our acquisition of another corporation or entity, the asset and income tests will apply to all of our assets, including the assets we acquire from such corporation or entity, and to all of our income, including the income derived from the assets we acquire from such corporation or entity. As a result, the nature of the assets that we acquire from such corporation or entity and the income we derive from those assets may have an effect on our tax status as a REIT.

***Foreclosure Property.*** The foreclosure property rules permit us (by our election) to foreclose or repossess properties without being disqualified as a REIT as a result of receiving income that does not qualify under the gross income tests. However, in such a case, we would be subject to regular U.S. federal corporate income tax on the net non-qualifying income from "foreclosure property," and the after-tax amount would increase the dividends we would be required to distribute to stockholders. See "— Annual Distribution Requirements." This corporate tax would not apply to income that qualifies under the REIT 75% income test.

Foreclosure property treatment (other than for qualified health care property) is available for an initial period of three years and may, in certain circumstances, be extended for an additional three years. Foreclosure property treatment for qualified health care property is available for an initial period of two years and may, in certain circumstances, be extended for an additional four years. However, foreclosure property treatment will end on the first day on which we enter into a lease of the applicable property that will give rise to income that does not qualify under the REIT 75% income test, but will not end if the lease will give rise only to qualifying income under such test. Foreclosure property treatment also will end if any construction takes place on the property (other than completion of a building or other improvement that was more than 10% complete before default became imminent).

***Failure to Qualify.*** If we discover a violation of a provision of the Code that would result in our failure to qualify as a REIT, certain specified cure provisions may be available to us. Except with respect to violations of the gross income tests and asset tests (for which the cure provisions are described above), and provided the violation is due to reasonable cause and not due to willful neglect, these cure provisions generally impose a $50,000 penalty for each violation in lieu of a loss of REIT status. If we fail to satisfy the requirements for taxation as a REIT in any taxable year, and the relief provisions do not apply, we will be required to pay regular U.S. federal corporate income tax, including any applicable alternative minimum tax, on our taxable income. Distributions to stockholders in any year in which we fail to qualify as a REIT will not be deductible by us. As a result, we anticipate that our failure to qualify as a REIT would reduce the cash available for distribution by us to our stockholders. In addition, if we fail to qualify as a REIT, we will not be required to distribute any amounts to our stockholders and all distributions to stockholders will be taxable as regular corporate dividends to the extent of our current and accumulated earnings and profits. In such event, corporate stockholders may be eligible for the dividends-received deduction. In addition, non-corporate stockholders, including individuals, may be eligible for the preferential tax rates on qualified dividend income. Non-corporate stockholders, including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax), subject to certain holding period requirements and other limitations. If we fail to qualify as a REIT, such stockholders may not claim this deduction with respect to dividends paid by us. Unless entitled to relief under specific statutory provisions, we would also be ineligible to elect to be treated as a REIT for the four taxable years following the year for which we lose our qualification. It is not possible to state whether in all circumstances we would be entitled to this statutory relief.

#### Tax Aspects of Our Operating Company and the Subsidiary Partnerships and Limited Liability Companies
***General***. All of our investments are held indirectly through our operating company. In addition, our operating company holds certain of its investments indirectly through subsidiary partnerships and limited liability companies that we believe are and will continue to be treated as partnerships or disregarded entities for U.S. federal income tax purposes. In general, entities that are treated as partnerships or disregarded

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entities for U.S. federal income tax purposes are "pass-through" entities which are not required to pay U.S. federal income tax. Rather, partners of such partnerships are allocated their shares of the items of income, gain, loss, deduction and credit of the partnership, and are potentially required to pay tax on this income, without regard to whether they receive a distribution from the partnership. We will include in our income our share of these partnership items for purposes of the various gross income tests, the computation of our REIT taxable income, and the REIT distribution requirements. Moreover, for purposes of the asset tests, we will include our pro rata share of assets held by these partnerships based on our capital interests in each such entity. See "— Taxation of Our Company — Ownership of Interests in Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries." A disregarded entity is not treated as a separate entity for U.S. federal income tax purposes, and all assets, liabilities and items of income, gain, loss, deduction and credit of a disregarded entity are treated as assets, liabilities and items of income, gain, loss, deduction and credit of its parent that is not a disregarded entity for all purposes under the Code, including all REIT qualification tests.

***Entity Classification***. Our interests in our operating company and the subsidiary partnerships and limited liability companies involve special tax considerations, including the possibility that the IRS might challenge the status of these entities as partnerships or disregarded entities for U.S. federal income tax purposes. For example, an entity that would otherwise be treated as a partnership for U.S. federal income tax purposes may nonetheless be taxable as a corporation if it is a "publicly traded partnership" and certain other requirements are met. A partnership would be treated as a publicly traded partnership if its interests are traded on an established securities market or are readily tradable on a secondary market or a substantial equivalent thereof, within the meaning of applicable Treasury Regulations. We do not anticipate that our operating company or any subsidiary partnership will be treated as a publicly traded partnership that is taxable as a corporation. However, if any such entity were treated as a corporation, it would be required to pay an entity-level tax on its income. In this situation, the character of our assets and items of gross income would change and could prevent us from satisfying the REIT asset tests and possibly the REIT income tests. See "— Taxation of Our Company — Asset Tests" and "— Income Tests." This, in turn, could prevent us from qualifying as a REIT. See "— Taxation of Our Company — Failure to Qualify" for a discussion of the effect of our failure to meet these tests. In addition, a change in the tax status of our operating company or a subsidiary treated as a partnership or disregarded entity to a corporation might be treated as a taxable event. If so, we might incur a tax liability without any related cash payment. We believe that our operating company and each of the subsidiary partnerships and limited liability companies are and will continue to be treated as partnerships or disregarded entities for U.S. federal income tax purposes.

***Allocations of Items of Income, Gain, Loss and Deduction***. A partnership agreement (or, in the case of a limited liability company treated as a partnership for U.S. federal income tax purposes, the limited liability company agreement) generally will determine the allocation of income and loss among partners. These allocations, however, will be disregarded for tax purposes if they do not comply with the provisions of Section 704(b) of the Code and the Treasury Regulations thereunder. Generally, Section 704(b) of the Code and the Treasury Regulations thereunder require that partnership allocations respect the economic arrangement of the partners. If an allocation of partnership income or loss does not comply with the requirements of Section 704(b) of the Code and the Treasury Regulations thereunder, the item subject to the allocation will be reallocated in accordance with the partners' interests in the partnership. This reallocation will be determined by taking into account all of the facts and circumstances relating to the economic arrangement of the partners with respect to such item. The allocations of taxable income and loss of our operating company and any subsidiaries that are treated as partnerships for U.S. federal income tax purposes are intended to comply with the requirements of Section 704(b) of the Code and the Treasury Regulations thereunder.

***Tax Allocations With Respect to the Properties***. Under Section 704(c) of the Code, items of income, gain, loss and deduction attributable to appreciated or depreciated property that is contributed to a partnership in exchange for an interest in the partnership must be allocated in a manner so that the contributing partner is charged with the unrealized gain or benefits from the unrealized loss associated with the property at the time of the contribution. The amount of the unrealized gain or unrealized loss generally is equal to the difference between the fair market value or book value and the adjusted tax basis of the contributed property at the time of contribution (this difference is referred to as a book-tax difference), as

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adjusted from time to time. These allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or other economic or legal arrangements among the partners.

Some of the partnerships in which we own an interest were formed by way of contributions of appreciated property. In addition, our operating company may, from time to time, acquire interests in property in exchange for interests in our operating company. The relevant partnership and/or limited liability company agreements of our operating company and our subsidiary partnerships require that allocations be made in a manner consistent with Section 704(c) of the Code. Section 704(c) of the Code provides partnerships with a choice of several methods of accounting for book-tax differences. Depending on the method we have agreed to or choose in connection with any particular contribution, the carryover basis of each of the contributed interests in the properties in the hands of our operating company or subsidiary partnerships could cause us to be allocated less depreciation or more gain on sale with respect to a contributed property than the amounts that would have been allocated to us if we had instead acquired the contributed property with an initial tax basis equal to its fair market value. Such allocations might adversely affect our ability to comply with the REIT distribution requirements. See "— Taxation of Our Company — Requirements for Qualification as a REIT" and "— Annual Distribution Requirements."

Any property acquired by a subsidiary partnership in a taxable transaction will initially have a tax basis equal to its fair market value, and Section 704(c) of the Code generally will not apply.

***Partnership Audit Rules****.* Under current tax law, and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any partner's distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto are assessed and collected, at the partnership level. It is possible that these rules could result in partnerships in which we directly or indirectly invest, including our operating company, being required to pay additional taxes, interest and penalties as a result of an audit adjustment, and we, as a direct or indirect partner of these partnerships, could be required to bear the economic burden of those taxes, interest, and penalties even though we, as a REIT, may not otherwise have been required to pay additional corporate-level taxes as a result of the related audit adjustment. Investors are urged to consult their tax advisors with respect to these rules and their potential impact on their investment in our Class A-1 common stock.

#### Material U.S. Federal Income Tax Consequences to Holders of Our Class A-1 Common Stock
The following discussion is a summary of certain material U.S. federal income tax consequences to you of purchasing, owning and disposing of our Class A-1 common stock. This discussion is limited to holders who hold our Class A-1 common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a holder's particular circumstances, including the alternative minimum tax. In addition, except where specifically noted, it does not address consequences relevant to holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • U.S. holders (as defined below) whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons holding our Class A-1 common stock as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • REITs or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • brokers, dealers or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • S corporations, partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-exempt organizations or governmental organizations;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons subject to special tax accounting rules as a result of any item of gross income with respect to our Class A-1 common stock being taken into account in an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons deemed to sell our Class A-1 common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-qualified retirement plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons who hold or receive our Class A-1 common stock pursuant to the exercise of any employee stock option or otherwise as compensation.

 **THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED AS TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CLASS A-1 COMMON STOCK ARISING UNDER OTHER U.S. FEDERAL TAX LAWS (INCLUDING ESTATE AND GIFT TAX LAWS), UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.** 

For purposes of this discussion, a "U.S. holder" is a beneficial owner of our Class A-1 common stock that, for U.S. federal income tax purposes, is or is treated as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

For purposes of this discussion, a "non-U.S. holder" is any beneficial owner of our Class A-1 common stock that is neither a U.S. holder nor an entity treated as a partnership for U.S. federal income tax purposes.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Class A-1 common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our Class A-1 common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

#### Taxation of Taxable U.S. Holders of Our Class A-1 Common Stock
***Distributions Generally***. Distributions out of our current or accumulated earnings and profits will be treated as dividends and, other than with respect to capital gain dividends and certain amounts which have previously been subject to corporate level tax, as discussed below, will be taxable to our taxable U.S. holders as ordinary income when actually or constructively received. See "— Tax Rates" below. As long as we qualify as a REIT, these distributions will not be eligible for the dividends-received deduction in the case of U.S. holders that are corporations or, except to the extent described in "— Tax Rates" below, the preferential rates on qualified dividend income applicable to non-corporate U.S. holders, including individuals. For purposes of determining whether distributions to holders of our capital stock are out of our current or accumulated earnings and profits, our earnings and profits will be allocated first to our outstanding preferred stock, if any, and then to our outstanding Class A-1 common stock.

To the extent that we make distributions on our Class A-1 common stock in excess of our current and accumulated earnings and profits allocable to such stock, these distributions will be treated first as a tax-free return of capital to a U.S. holder to the extent of the U.S. holder's adjusted tax basis in such shares of stock. This treatment will reduce the U.S. holder's adjusted tax basis in such shares of stock by such amount, but not below zero. Distributions in excess of our current and accumulated earnings and profits and in excess of a U.S. holder's adjusted tax basis in its shares will be taxable as capital gain. Such gain will be taxable

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as long-term capital gain if the shares have been held for more than one year. Dividends we declare in October, November, or December of any year and which are payable to a holder of record on a specified date in any of these months will be treated as both paid by us and received by the holder on December 31 of that year, provided we actually pay the dividend on or before January 31 of the following year. U.S. holders may not include in their own income tax returns any of our net operating losses or capital losses.

U.S. holders that receive taxable stock distributions, including distributions partially payable in our Class A-1 common stock and partially payable in cash, would be required to include the full amount of the distribution (*i.e.*, the cash and the stock portion) as a dividend (subject to limited exceptions) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes, as described above. The amount of any distribution payable in our Class A-1 common stock generally is equal to the amount of cash that could have been received instead of the Class A-1 common stock. Depending on the circumstances of a U.S. holder, the tax on the distribution may exceed the amount of the distribution received in cash, in which case such U.S. holder would have to pay the tax using cash from other sources. If a U.S. holder sells the Class A-1 common stock it received in connection with a taxable stock distribution in order to pay this tax and the proceeds of such sale are less than the amount required to be included in income with respect to the stock portion of the distribution, such U.S. holder could have a capital loss with respect to the stock sale that could not be used to offset such income. A U.S. holder that receives Class A-1 common stock pursuant to such distribution generally has a tax basis in such Class A-1 common stock equal to the amount of cash that could have been received instead of such Class A-1 common stock as described above, and has a holding period in such Class A-1 common stock that begins on the day immediately following the payment date for the distribution.

***Capital Gain Dividends***. Dividends that we properly designate as capital gain dividends will generally be taxable to our taxable U.S. holders as a gain from the sale or disposition of a capital asset held for more than one year, to the extent that such gain does not exceed our actual net capital gain for the taxable year and may not exceed our dividends paid for the taxable year, including dividends paid the following year that are treated as paid in the current year. U.S. holders that are corporations may, however, be required to treat up to 20% of certain capital gain dividends as ordinary income. If we properly designate any portion of a dividend as a capital gain dividend, then, except as otherwise required by law, we presently intend to allocate a portion of the total capital gain dividends paid or made available to holders of all classes of our capital stock for the year to the holders of each class of our capital stock in proportion to the amount that our total dividends, as determined for U.S. federal income tax purposes, paid or made available to the holders of each such class of our capital stock for the year bears to the total dividends, as determined for U.S. federal income tax purposes, paid or made available to holders of all classes of our capital stock for the year. In addition, except as otherwise required by law, we will make a similar allocation with respect to any undistributed long-term capital gains which are to be included in our stockholders' long-term capital gains, based on the allocation of the capital gain amount which would have resulted if those undistributed long-term capital gains had been distributed as "capital gain dividends" by us to our stockholders.

***Retention of Net Capital Gains***. We may elect to retain, rather than distribute as a capital gain dividend, all or a portion of our net capital gains. If we make this election, we would pay tax on our retained net capital gains. In addition, to the extent we so elect, our earnings and profits (determined for U.S. federal income tax purposes) would be adjusted accordingly, and a U.S. holder generally would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • include its pro rata share of our undistributed capital gain in computing its long-term capital gains in its U.S. federal income tax return for its taxable year in which the last day of our taxable year falls, subject to certain limitations as to the amount that is includable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • be deemed to have paid its share of the capital gains tax imposed on us on the designated amounts included in the U.S. holder's income as long-term capital gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • receive a credit or refund for the amount of tax deemed paid by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increase the adjusted tax basis of its Class A-1 common stock by the difference between the amount of includable gains and the tax deemed to have been paid by it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of a U.S. holder that is a corporation, appropriately adjust its earnings and profits for the retained capital gains in accordance with Treasury Regulations to be promulgated by the IRS.

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***Passive Activity Losses and Investment Interest Limitations***. Distributions we make and gain arising from the sale or exchange of our Class A-1 common stock by a U.S. holder will not be treated as passive activity income. As a result, U.S. holders generally will not be able to apply any "passive losses" against this income or gain. A U.S. holder generally may elect to treat capital gain dividends, capital gains from the disposition of our Class A-1 common stock and income designated as qualified dividend income, as described in "— Tax Rates" below, as investment income for purposes of computing the investment interest limitation, but in such case, the holder will be taxed at ordinary income rates on such amount. Other distributions made by us, to the extent they do not constitute a return of capital, generally will be treated as investment income for purposes of computing the investment interest limitation.

***Dispositions of Our Class A-1 Common Stock***. If a U.S. holder sells or disposes of shares of our Class A-1 common stock, it will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount of cash and the fair market value of any property received on the sale or other disposition and the holder's adjusted tax basis in the shares. This gain or loss, except as provided below, will be long-term capital gain or loss if the holder has held such Class A-1 common stock for more than one year. However, if a U.S. holder recognizes a loss upon the sale or other disposition of Class A-1 common stock that it has held for six months or less, after applying certain holding period rules, the loss recognized will be treated as a long-term capital loss to the extent the U.S. holder received distributions from us which were required to be treated as long-term capital gains. The deductibility of capital losses is subject to limitations.

***Tax Rates***. The maximum tax rate for non-corporate taxpayers for (1) long-term capital gains, including certain "capital gain dividends," generally is 20% (although depending on the characteristics of the assets which produced these gains and on designations which we may make, certain capital gain dividends may be taxed at a 25% rate) and (2) "qualified dividend income" generally is 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding period requirements have been met and the REIT's dividends are attributable to dividends received from taxable corporations (such as its TRSs) or to income that was subject to tax at the corporate/REIT level (for example, if the REIT distributed taxable income that it retained and paid tax on in the prior taxable year). Capital gain dividends will only be eligible for the rates described above to the extent that they are properly designated by the REIT as "capital gain dividends." U.S. holders that are corporations may be required to treat up to 20% of some capital gain dividends as ordinary income. In addition, non-corporate U.S. holders, including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax), subject to certain holding period requirements and other limitations.

#### Taxation of Tax-Exempt Holders of Our Class A-1 Common Stock
Dividend income from us and gain arising upon a sale of shares of our Class A-1 common stock generally should not be unrelated business taxable income ("UBTI") to a tax-exempt holder, except as described below. This income or gain will be UBTI, however, to the extent a tax-exempt holder holds its shares as "debt-financed property" within the meaning of the Code. Generally, "debt-financed property" is property the acquisition or holding of which was financed through a borrowing by the tax-exempt holder.

For tax-exempt holders that are social clubs, voluntary employee benefit associations or supplemental unemployment benefit trusts exempt from U.S. federal income taxation under Sections 501(c)(7), (c)(9) or (c)(17) of the Code, respectively, income from an investment in our shares will constitute UBTI unless the organization is able to properly claim a deduction for amounts set aside or placed in reserve for specific purposes so as to offset the income generated by its investment in our shares. These prospective investors should consult their tax advisors concerning these "set aside" and reserve requirements.

Notwithstanding the above, however, a portion of the dividends paid by a "pension-held REIT" may be treated as UBTI as to certain trusts that hold more than 10%, by value, of the interests in the REIT. A REIT will not be a "pension-held REIT" if it is able to satisfy the "not closely held" requirement without relying on the "look-through" exception with respect to certain trusts or if such REIT is not "predominantly held" by "qualified trusts." As a result of restrictions on ownership and transfer of our stock contained in our charter, we do not expect to be classified as a "pension-held REIT," and as a result, the tax treatment

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described above should be inapplicable to our holders. However, because our Class A-1 common stock is (and, we anticipate, will continue to be) publicly traded, we cannot guarantee that this will always be the case.

#### Taxation of Non-U.S. Holders of Our Class A-1 Common Stock
The following discussion addresses the rules governing U.S. federal income taxation of the purchase, ownership and disposition of our Class A-1 common stock by non-U.S. holders. These rules are complex, and no attempt is made herein to provide more than a brief summary of such rules. Accordingly, the discussion does not address all aspects of U.S. federal income taxation and does not address other federal, state, local or non-U.S. tax consequences that may be relevant to a non-U.S. holder in light of its particular circumstances. We urge non-U.S. holders to consult their tax advisors to determine the impact of U.S. federal, state, local and non-U.S. income and other tax laws and any applicable tax treaty on the purchase, ownership and disposition of shares of our Class A-1 common stock, including any reporting requirements.

***Distributions Generally***. Distributions (including any taxable stock distributions) that are neither attributable to gains from sales or exchanges by us of United States real property interests ("USRPIs") nor designated by us as capital gain dividends (except as described below) will be treated as dividends of ordinary income to the extent that they are made out of our current or accumulated earnings and profits. Such distributions ordinarily will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty, unless the distributions are treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such dividends are attributable). Under certain treaties, however, lower withholding rates generally applicable to dividends do not apply to dividends from a REIT. Certain certification and disclosure requirements must be satisfied for a non-U.S. holder to be exempt from withholding under the effectively connected income exemption. Dividends that are treated as effectively connected with a non-U.S. holder's conduct of a U.S. trade or business generally will not be subject to withholding but will be subject to U.S. federal income tax on a net basis at the regular rates, in the same manner as dividends paid to U.S. holders are subject to U.S. federal income tax. Any such dividends received by a non-U.S. holder that is a corporation may also be subject to an additional branch profits tax at a 30% rate (applicable after deducting U.S. federal income taxes paid on such effectively connected income) or such lower rate as may be specified by an applicable income tax treaty.

Except as otherwise provided below, we expect to withhold U.S. federal income tax at the rate of 30% on any distributions made to a non-U.S. holder unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

a lower treaty rate applies and the non-U.S. holder furnishes an IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) evidencing eligibility for that reduced treaty rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

the non-U.S. holder furnishes an IRS Form W-8ECI (or other applicable documentation) claiming that the distribution is income effectively connected with the non-U.S. holder's trade or business.

Distributions in excess of our current and accumulated earnings and profits will not be taxable to a non-U.S. holder to the extent that such distributions do not exceed the adjusted tax basis of the holder's Class A-1 common stock, but rather will reduce the adjusted tax basis of such stock. To the extent that such distributions exceed the non-U.S. holder's adjusted tax basis in such Class A-1 common stock, they generally will give rise to gain from the sale or exchange of such stock, the tax treatment of which is described below. However, such excess distributions may be treated as dividend income for certain non-U.S. holders. For withholding purposes, we expect to treat all distributions as made out of our current or accumulated earnings and profits. However, amounts withheld may be refundable if it is subsequently determined that the distribution was, in fact, in excess of our current and accumulated earnings and profits, provided that certain conditions are met.

***Capital Gain Dividends and Distributions Attributable to a Sale or Exchange of United States Real Property Interests***. Distributions to a non-U.S. holder that we properly designate as capital gain dividends, other than those arising from the disposition of a USRPI, generally should not be subject to U.S. federal income taxation, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

the investment in our Class A-1 common stock is treated as effectively connected with the conduct

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by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such dividends are attributable), in which case the non-U.S. holder will be subject to the same treatment as a U.S. holder would be with respect to such gain, except that a non-U.S. holder that is a corporation may also be subject to a branch profits tax of up to 30%, as discussed above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the non-U.S. holder will be subject to U.S. federal income tax at a rate of 30% on the non-U.S. holder's capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of such non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses.

Pursuant to the Foreign Investment in Real Property Tax Act, which is referred to as "FIRPTA," distributions to a non-U.S. holder that are attributable to gain from sales or exchanges by us of USRPIs, whether or not designated as capital gain dividends, will cause the non-U.S. holder to be treated as recognizing such gain as income effectively connected with a U.S. trade or business. Non-U.S. holders generally would be taxed at the regular rates applicable to U.S. holders, subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. We also will be required to withhold and to remit to the IRS 21% of any distribution to non-U.S. holders attributable to gain from sales or exchanges by us of USRPIs. Distributions subject to FIRPTA may also be subject to a 30% branch profits tax in the hands of a non-U.S. holder that is a corporation. The amount withheld is creditable against the non-U.S. holder's U.S. federal income tax liability. However, any distribution with respect to any class of stock that is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market located in the United States is not subject to FIRPTA, and therefore, not subject to the 21% U.S. withholding tax described above, if the non-U.S. holder did not own more than 10% of such class of stock at any time during the one-year period ending on the date of the distribution. Instead, such distributions generally will be treated as ordinary dividend distributions and subject to withholding in the manner described above with respect to ordinary dividends. In addition, distributions to certain non-U.S. publicly traded shareholders that meet certain record-keeping and other requirements ("qualified shareholders") are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of our capital stock. Furthermore, distributions to certain "qualified foreign pension funds" or entities all of the interests of which are held by such "qualified foreign pension funds" are exempt from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules.

***Retention of Net Capital Gains***. Although the law is not clear on the matter, it appears that amounts we designate as retained net capital gains in respect of our Class A-1 common stock should be treated with respect to non-U.S. holders as actual distributions of capital gain dividends. Under this approach, the non-U.S. holders may be able to offset as a credit against their U.S. federal income tax liability their proportionate share of the tax paid by us on such retained net capital gains and to receive from the IRS a refund to the extent their proportionate share of such tax paid by us exceeds their actual U.S. federal income tax liability. If we were to designate any portion of our net capital gain as retained net capital gain, non-U.S. holders should consult their tax advisors regarding the taxation of such retained net capital gain.

***Sale of Our Class A-1 Common Stock***. Gain realized by a non-U.S. holder upon the sale, exchange or other taxable disposition of our Class A-1 common stock generally will not be subject to U.S. federal income tax unless such stock constitutes a USRPI. In general, stock of a domestic corporation that constitutes a "United States real property holding corporation," or USRPHC, will constitute a USRPI. We believe that we are a USRPHC. Our Class A-1 common stock will not, however, constitute a USRPI so long as we are a "domestically controlled qualified investment entity." A "domestically controlled qualified investment entity" includes a REIT in which at all times during a five-year testing period less than 50% in value of its stock is held directly or indirectly by non-United States persons, subject to certain ownership rules. For purposes of determining whether a REIT is a "domestically controlled qualified investment entity," ownership by non-United States persons generally will be determined by looking through certain pass-through entities and U.S.

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corporations, including non-public REITs and certain non-public foreign-controlled domestic C corporations, and treating a public qualified investment entity as a non-United States person unless such entity is a "domestically controlled qualified investment entity." Notwithstanding the foregoing ownership rules, a person who at all applicable times holds less than 5% of a class of a REIT's stock that is "regularly traded" on an established securities market in the United States is treated as a United States person unless the REIT has actual knowledge that such person is not a United States person or is a foreign-controlled person. We believe, but cannot guarantee, that we are a "domestically controlled qualified investment entity." Because our Class A-1 common stock is (and, we anticipate, will continue to be) publicly traded, no assurance can be given that we will continue to be a "domestically controlled qualified investment entity."

Even if we do not qualify as a "domestically controlled qualified investment entity" at the time a non-U.S. holder sells our Class A-1 common stock, gain realized from the sale or other taxable disposition by a non-U.S. holder of such Class A-1 common stock would not be subject to U.S. federal income tax under FIRPTA as a sale of a USRPI if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

such class of stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market such as the NYSE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

such non-U.S. holder owned, actually and constructively, 10% or less of such class of stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the non-U.S. holder's holding period.

In addition, dispositions of our Class A-1 common stock by qualified shareholders are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of our capital stock. Furthermore, dispositions of our Class A-1 common stock by certain "qualified foreign pension funds" or entities all of the interests of which are held by such "qualified foreign pension funds" are exempt from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules.

Notwithstanding the foregoing, gain from the sale, exchange or other taxable disposition of our Class A-1 common stock not otherwise subject to FIRPTA will be taxable to a non-U.S. holder if either (a) the investment in our Class A-1 common stock is treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such gain is attributable), in which case the non-U.S. holder will be subject to the same treatment as U.S. holders with respect to such gain, except that a non-U.S. holder that is a corporation may also be subject to the 30% branch profits tax (or such lower rate as may be specified by an applicable income tax treaty) on such gain, as adjusted for certain items, or (b) the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the non-U.S. holder will be subject to a 30% tax on the non-U.S. holder's capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. In addition, even if we are a domestically controlled qualified investment entity, upon disposition of our Class A-1 common stock, a non-U.S. holder may be treated as recognizing gain from the sale or other taxable disposition of a USRPI if the non-U.S. holder (1) disposes of such stock within a 30-day period preceding the ex-dividend date of a distribution, any portion of which, but for the disposition, would have been treated as gain from the sale or exchange of a USRPI and (2) acquires, or enters into a contract or option to acquire, or is deemed to acquire, other shares of that stock during the 61-day period beginning with the first day of the 30-day period described in clause (1), unless such class of stock is "regularly traded" and the non-U.S. holder did not own more than 10% of such class of stock at any time during the one-year period ending on the date of the distribution described in clause (1).

If gain on the sale, exchange or other taxable disposition of our Class A-1 common stock were subject to taxation under FIRPTA, the non-U.S. holder would be required to file a U.S. federal income tax return and would be subject to regular U.S. federal income tax with respect to such gain in the same manner as a taxable U.S. holder (subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). In addition, if the sale, exchange or other taxable disposition

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of our Class A-1 common stock were subject to taxation under FIRPTA, and if shares of our Class A-1 common stock were not "regularly traded" on an established securities market, the purchaser of such Class A-1 common stock generally would be required to withhold and remit to the IRS 15% of the purchase price.

#### Information Reporting and Backup Withholding
***U.S. Holders***. A U.S. holder may be subject to information reporting and backup withholding when such holder receives payments on our Class A-1 common stock or proceeds from the sale or other taxable disposition of such stock or debt securities (including a redemption or retirement of a debt security). Certain U.S. holders are exempt from backup withholding, including corporations and certain tax-exempt organizations. A U.S. holder will be subject to backup withholding if such holder is not otherwise exempt and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holder fails to furnish the holder's taxpayer identification number, which for an individual is ordinarily his or her social security number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holder furnishes an incorrect taxpayer identification number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the applicable withholding agent is notified by the IRS that the holder previously failed to properly report payments of interest or dividends; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holder fails to certify under penalties of perjury that the holder has furnished a correct taxpayer identification number and that the IRS has not notified the holder that the holder is subject to backup withholding.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a U.S. holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS. U.S. holders should consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption.

***Non-U.S. Holders***. Payments of dividends on our Class A-1 common stock generally will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our Class A-1 common stock paid to the non-U.S. holder, regardless of whether such distributions constitute a dividend or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of such stock or debt securities (including a retirement or redemption of a debt security) within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person, or the holder otherwise establishes an exemption. Proceeds of a disposition of such stock or debt securities conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the non-U.S. holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S. holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

#### Medicare Contribution Tax on Unearned Income
Certain U.S. holders that are individuals, estates or trusts are required to pay an additional 3.8% tax on, among other things, dividends on stock, interest on debt obligations and capital gains from the sale or

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other disposition of stock or debt obligations, subject to certain limitations. U.S. holders should consult their tax advisors regarding the effect, if any, of these rules on their ownership and disposition of our Class A-1 common stock.

#### Additional Withholding Tax on Payments Made to Foreign Accounts
Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such sections commonly referred to as the Foreign Account Tax Compliance Act ("FATCA")) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our Class A-1 common stock or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of our Class A-1 common stock, in each case paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A-1 common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock or debt securities on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of these withholding rules we may treat the entire distribution as a dividend.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our Class A-1 common stock.

#### Other Tax Consequences
State, local and non-U.S. income tax laws may differ substantially from the corresponding U.S. federal income tax laws, and this discussion does not purport to describe any aspect of the tax laws of any state, local or non-U.S. jurisdiction, or any U.S. federal tax other than income tax. You should consult your tax advisors regarding the effect of state, local and non-U.S. tax laws with respect to our tax treatment as a REIT and on an investment in our Class A-1 common stock.

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#### ERISA CONSIDERATIONS
The Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Code impose certain restrictions on (a) employee benefit plans (as defined in Section 3(3) of ERISA), (b) plans described in Section 4975(e)(1) of the Code, including individual retirement accounts and annuities, (c) any entities whose underlying assets include plan assets by reason of a plan's investment in such entities (each an "ERISA Plan") and persons who have certain specified relationships to such ERISA Plans ("Parties-in-Interest" under ERISA and "Disqualified Persons" under the Code). Moreover, based on the reasoning of the United States Supreme Court in John Hancock Life Ins. Co. v. Harris Trust and Sav. Bank, 510 U.S. 86 (1993), an insurance company's general account may be deemed to include assets of the ERISA Plans investing in the general account (e.g., through the purchase of an annuity contract), and the insurance company might be treated as a Party-in-Interest with respect to a Plan by virtue of such investment. In addition, federal, state, local, church and non-U.S. plans may be subject to provisions under federal, state, local or non-U.S. laws or regulations that are similar to such provisions of the Code or ERISA (collectively, "Similar Laws"). ERISA also imposes certain duties on persons who are fiduciaries of ERISA Plans subject to ERISA, and ERISA and the Code prohibit certain transactions between ERISA Plans and Parties-in-Interest or Disqualified Persons, respectively, with respect to such ERISA Plans, absent an exemption. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of an ERISA Plan or the management or disposition of the assets of an ERISA Plan, or who renders investment advice for a fee or other compensation to an ERISA Plan, is generally considered to be a fiduciary of the ERISA Plan.

In considering an investment in our Class A-1 common stock by an ERISA Plan or when using the assets of an ERISA plan, a fiduciary should determine whether the investment is in accordance with the documents and instruments governing the plan and the applicable provisions of ERISA, the Code or any Similar Laws relating to a fiduciary's duties to the plan including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Similar Laws.

Section 406 of ERISA and Section 4975 of the Code prohibit ERISA Plans from engaging in specified transactions involving plan assets with Parties-In-Interest or Disqualified Persons unless an exemption is available and its conditions are met. A Party-in-Interest or Disqualified Person who engages in a non-exempt prohibited transaction may be subject to excise taxes under the Code and other penalties and liabilities under ERISA and may result in the loss of tax-exempt status of an Individual Retirement Account involved in the transaction. In addition, the fiduciary of an ERISA Plan that engages in such a non-exempt prohibited transaction may be subject to personal liabilities under ERISA.

The United States Department of Labor (the "DOL") has issued a regulation (29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA) defining what constitutes the assets of an ERISA Plan in the context of its investments (the "Plan Assets Regulation"). The Plan Assets Regulation provide that, as a general rule, the underlying assets and properties of corporations, partnerships, trusts and certain other entities in which an ERISA Plan purchases an "equity interest" will be deemed for purposes of ERISA to be assets of the investing ERISA Plan unless an exception applies. The Plan Assets Regulation define an "equity interest" as any interest in an entity other than an instrument that is treated as indebtedness under applicable local law and which has no substantial equity features. Our Class A-1 common stock included in this offering should be treated as "equity interests" for purposes of the Plan Assets Regulation.

The Plan Assets Regulation provide exceptions to the look-through rule for equity interests in some types of entities, including any entity which qualifies as either a "real estate operating company" or a "venture capital operating company." Under the Plan Assets Regulation, a "real estate operating company" is defined generally, as an entity: (i) which on testing dates has at least 50% of its assets, other than short-term investments pending long-term commitment or distribution to investors, valued at cost; (ii) invested in real estate which is managed or developed and with respect to which the entity has the right to substantially participate directly in the management or development activities; and (iii) which, in the ordinary course of its business, is engaged directly in real estate management or development activities.

Under the Plan Assets Regulation, a "venture capital operating company" is defined, generally, as an entity that on testing dates has at least 50% of its assets, other than short-term investments pending long-term

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commitment or distribution to investors, valued at cost, invested in one or more operating companies with respect to which the entity has management rights, and that, in the ordinary course of its business, actually exercises its management rights with respect to one or more of the operating companies in which it invests.

Another exception under the Plan Assets Regulation applies to "publicly offered securities," which are defined as securities that are: (i) freely transferable; (ii) part of a class of securities that is widely held; and (iii) either part of a class of securities that is registered under Section 12(b) or 12(g) of the Exchange Act, or sold to an ERISA Plan as part of an offering of securities to the public pursuant to an effective registration statement under the Securities Act, and the class of securities of which this security is a part is registered under the Exchange Act within 120 days, or longer if allowed by the SEC, after the end of the fiscal year of the issuer during which this offering of these securities to the public occurred.

Whether a security is considered "freely transferable" depends on the facts and circumstances of each case. Under the Plan Assets Regulation, if the security is part of an offering in which the minimum investment is $10,000 or less, then any restriction on or prohibition against any transfer or assignment of the security for the purposes of preventing a termination or reclassification of the entity for federal or state tax purposes or which would violate any state or federal statute, regulation, court order, judicial decree, or rule of law will not ordinarily prevent the security from being considered freely transferable. Additionally, limitations or restrictions on the transfer or assignment of a security that are created or imposed by persons other than the issuer of the security or persons acting for or on behalf of the issuer will ordinarily not prevent the security from being considered freely transferable.

A class of securities is considered "widely held" if it is a class of securities that is owned by 100 or more investors independent of the issuer and of one another. A security will not fail to be "widely held" because the number of independent investors falls below 100 subsequent to the initial public offering as a result of events beyond the issuer's control.

We expect that our Class A-1 common stock will meet the criteria of the publicly offered securities exception to the look-through rule. First, our Class A-1 common stock should be considered to be freely transferable, as the minimum investment will be less than $10,000 and the only restrictions upon transfer of our Class A-1 common stock are those generally permitted under the Plan Assets Regulation, those required under federal tax laws to maintain our status as a REIT, resale restrictions under applicable federal securities laws with respect to securities not purchased pursuant to a registered public offering and those owned by officers, directors and other affiliates, and voluntary restrictions to which a selling shareholder has agreed regarding volume limitations.

Second, we expect (although we cannot confirm) that our Class A-1 common stock will be held by 100 or more investors and that at least 100 or more of these investors will be independent of us and of one another.

Third, our Class A-1 common stock included in this offering will be part of an offering of securities to the public pursuant to an effective registration statement under the Securities Act, and our Class A-1 common stock will be registered under the Exchange Act.

If, however, none of the exceptions under the Plan Assets Regulation were applicable to us and we were deemed to hold plan assets subject to ERISA or Section 4975 of the Code, such plan assets would include an undivided interest in the assets held by us. In such event, such assets and the persons providing services with respect to such assets would be subject to the fiduciary responsibility provisions of Title I of ERISA and the prohibited transaction provisions of ERISA and Section 4975 of the Code.

In addition, if our assets were treated as plan assets: (i) the prudence and other fiduciary responsibility standards of ERISA would apply to certain investments made by us, and (ii) certain of our activities could be deemed to constitute a transaction prohibited under Title I of ERISA or Section 4975 of the Code (e.g., the extension of credit between an ERISA Plan and a Party in Interest or Disqualified Person). Such transactions may, however, be subject to a statutory or administrative exemptions, such as Prohibited Transaction Class Exemption, as amended ("PTCE 84-14"), which exempts certain transactions effected on behalf of an ERISA Plan by a "qualified professional asset manager."

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Whether or not our underlying assets are deemed to include "plan assets" as described above, the acquisition and/or holding of our Class A-1 common stock by an ERISA Plan with respect to which we or an underwriter is considered a Party-In-Interest or a Disqualified Person may constitute or result in a direct or indirect prohibited transaction under Section 406 of ERISA and/or Section 4975 of the Code, unless the investment is acquired and is held in accordance with an applicable statutory, class or individual prohibited transaction exemption. In this regard, the DOL has issued prohibited transaction class exemptions ("PTCEs") that may apply to the acquisition and holding of our Class A-1 common stock. These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers. In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provide an exemption from certain of the prohibited transaction provision of ERISA and Section 4975 of the Code for transactions between ERISA Plans and service providers (or their affiliates) that do not have or exercise any discretionary authority or control or render any investment advice with respect to the assets of the ERISA Plan involved in the transaction, provided that the ERISA Plan pays no more than adequate consideration in connection with the transaction. There can be no assurance that all of the conditions of any such exemptions will be satisfied.

Neither we, nor any underwriter, nor any of our respective affiliates, agents or employees (the "Transaction Parties") will act as a fiduciary to any ERISA Plan with respect to the ERISA Plan's decision to invest in Class A-1 common stock, and none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with any ERISA Plan's acquisition of Class A-1 common stock. Each fiduciary or other person with investment responsibilities over the assets of an ERISA Plan considering an investment in Class A-1 common stock must carefully consider the above factors before making an investment.

In addition, the person making the decision to acquire Class A-1 common stock on behalf of an ERISA Plan (the "Plan Fiduciary") from a Transaction Party will be deemed to have represented and warranted that (1) none of the Transaction Parties has provided or will provide advice with respect to the acquisition of Class A-1 common stock by the ERISA Plan; and (2) the acquisition, holding and disposition of our Class A-1 common stock will not constitute a non-exempt prohibited transaction under ERISA, Section 4975 of the Code or Similar Law.

Due to the complexity of these rules and the penalties that may be imposed upon persons involved in non-exempt prohibited transactions, each plan fiduciary should consult with its counsel with respect to the potential applicability of ERISA and the Code to such investment or similar rules that may apply to plans subject to Similar Law. Each plan fiduciary should also determine on its own whether any exceptions or exemptions are necessary and applicable and whether all conditions of any such exceptions or exemptions have been satisfied.

Moreover, each ERISA Plan fiduciary should determine whether, under the general fiduciary standards of investment prudence and diversification, acquiring Class A-1 common stock is appropriate for the ERISA Plan, taking into account the overall investment policy of the ERISA Plan and the composition of the ERISA Plan's investment portfolio.

The foregoing discussion is general in nature, is not intended to be all-inclusive, and is based on laws in effect on the date of this prospectus. Such discussion should not be construed as legal advice.

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#### UNDERWRITING
BofA Securities, Inc. and J.P. Morgan Securities LLC are acting as representatives of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us, our operating company, our Manager and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the number of shares of our Class A-1 common stock set forth opposite its name below.

---

| | |
|:---|:---|
| **Underwriter**  | **Number <br> of Shares**  |
| BofA Securities, Inc.  |  |
| J.P. Morgan Securities LLC  |  |
| Wells Fargo Securities, LLC  |  |
| Barclays Capital Inc.  |  |
| Goldman Sachs & Co. LLC  |  |
| RBC Capital Markets, LLC  |  |
| Morgan Stanley & Co. LLC  |  |
| BNP Paribas Securities Corp.  |  |
| Credit Agricole Securities (USA) Inc.  |  |
| KeyBanc Capital Markets Inc.  |  |
| PNC Capital Markets LLC  |  |
| Scotia Capital (USA) Inc.  |  |
| TD Securities (USA) LLC  |  |
| Truist Securities, Inc.  |  |
| BTIG, LLC  |  |
| Capital One Securities, Inc.  |  |
| Huntington Securities, Inc.  |  |
| M&T Securities, Inc.  |  |
| Raymond James & Associates, Inc.  |  |
| Regions Securities LLC  |  |
| Santander US Capital Markets LLC  |  |
| SMBC Nikko Securities America, Inc.  |  |
| &nbsp;&nbsp;&nbsp; Total  | 37000000 |

---

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the shares of Class A-1 common stock sold under the underwriting agreement if any of these shares of Class A-1 common stock are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement may be terminated.

We and our operating company have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities. Additionally, we have agreed to indemnify BofA Securities, Inc. and its affiliates and the other underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with the sales of the reserved shares of Class A-1 common stock.

The underwriters are offering shares of our Class A-1 common stock, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

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#### Commissions and Discounts
The representatives have advised us that the underwriters propose initially to offer the shares of Class A-1 common stock to the public at the initial public offering price set forth on the front cover of this prospectus and to dealers at that price less a concession not in excess of $ per share. After the initial offering, the public offering price, concession or any other term of this offering may be changed. Sales of any shares made outside of the United States may be made by affiliates of the underwriters.

The following table shows the initial public offering price, underwriting discount and proceeds before expenses to us. The information assumes either no exercise or full exercise by the underwriters of their option to purchase additional shares of our Class A-1 common stock.

---

| | | | |
|:---|:---|:---|:---|
| | **Per Share**  | **Without <br> Option**  | **With Option**  |
| Initial public offering price  |  |  |  |
| Underwriting discount  |  |  |  |
| Proceeds, before expenses, to us  |  |  |  |

---

The expenses of this offering, not including the underwriting discount, are estimated at $24.8 million and are payable by us. We have also agreed to reimburse the underwriters for certain of their expenses up to an amount of $70,000 relating to the clearance of this offering with the Financial Industry Regulation Authority, the reserved share program and other matters.

#### Option to Purchase Additional Shares
We have granted an option to the underwriters, exercisable for 30 days after the date of this prospectus, to purchase up to 5,550,000 additional shares of our Class A-1 common stock at the initial public offering price, less the underwriting discount. If the underwriters exercise this option, each will be obligated, subject to conditions contained in the underwriting agreement, to purchase a number of additional shares of our Class A-1 common stock proportionate to that underwriter's initial amount reflected in the above table.

#### No Sales of Similar Securities
Healthpeak, our Manager, our executive officers, our directors, our director nominees, and substantially all of our other existing stockholders (each, a "lock-up signatory") have agreed not to sell or transfer any shares of our Class A-1 common stock or securities convertible into, exchangeable for, exercisable for, or repayable with shares of our Class A-1 common stock (including common units), for 365 days (or 180 days in the case of our independent director nominees who are not affiliated with Healthpeak) after the date of this prospectus, and we have agreed to similar restrictions for 180 days after the date of this prospectus, without first obtaining the written consent of the representatives. Specifically, we and these other persons have agreed, with certain limited exceptions, not to directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • offer, pledge, sell or contract to sell any shares of our Class A-1 common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sell any option or contract to purchase any shares of our Class A-1 common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • purchase any option or contract to sell any shares of our Class A-1 common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • grant any option, right or warrant for the sale of any shares of our Class A-1 common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lend or otherwise dispose of or transfer any shares of our Class A-1 common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • request or demand that we file or make a confidential submission of a registration statement related to the shares of our Class A-1 common stock, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into any swap or other agreement that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of any shares of our Class A-1 common stock whether any such swap or transaction is to be settled by delivery of shares or other securities, in cash or otherwise.

This lock-up provision applies to shares of our Class A-1 common stock and to securities convertible into or exchangeable or exercisable for or repayable with shares of our Class A-1 common stock. It also

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applies to shares of our Class A-1 common stock owned now or acquired later by the person executing the agreement or for which the person executing the agreement later acquires the power of disposition.

The restrictions applicable to us described in the immediately preceding paragraphs do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the sale of the shares offered hereby to the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the issuance by us of shares of Class A-1 common stock or Class A-2 common stock or membership interests in our operating company in the formation transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any shares of Class A-1 common stock or Class A-2 common stock or membership interests in our operating company issued or option granted pursuant to any existing employee benefit plan described in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • non-managing member units exchangeable for any shares of Class A-1 common stock issued by our subsidiaries in connection with the acquisition of properties or interests therein, provided that such units are not exchangeable for Class A-1 common stock for at least one year from the date of issuance and issuances pursuant to this clause shall not in the aggregate exceed 5% of the total number of shares of Class A-1 common stock issued and outstanding immediately following this offering and also that the recipients thereof sign a lock-up agreement substantially in the same form as the lock-up agreement with the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any shares of common stock issued by the Company upon the exercise of an option or warrant or the conversion of a security outstanding on the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of Class A-1 common stock issuable, and shares of Class A-2 common stock cancellable, upon the redemption or exchange of non-managing member units of subsidiaries of the Company, including our operating company, outstanding on the date of this prospectus and referred to herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of Class A-1 common stock issued under a registration statement or pursuant to an exemption from registration in connection with future business combinations or acquisitions, provided that such issuance does not exceed 5% of the total number of shares of Class A-1 common stock issued and outstanding immediately following the completion of this offering and the recipient thereof signs a lock-up agreement substantially in the same form as the lock-up agreement with the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares of common stock issued by us to our stockholders of record as of the record date as part of a distribution to maintain our qualification as a REIT or to avoid the payment of federal or state income or excise taxes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • membership interests in our operating company issued to us.

In addition, the restrictions applicable to lock-up signatories described above do not apply to, subject in certain cases to various conditions, to certain transactions, including transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • as a bona fide gift or gifts to a charitable organization or educational institution, or for bona fide estate planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by will, testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the lock-up signatory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pursuant to an order of a court or regulatory agency having jurisdiction over the lock-up signatory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to any corporation, partnership, limited liability company or other entity of which the lock-up signatory or the immediate family of the lock-up signatory are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to any immediate family member or any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the lock-up signatory or one or more immediate family members of the lock-up signatory, or if the lock-up signatory is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the lock-up signatory is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate of the lock-up signatory, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the lock-up signatory or affiliates of the lock-up signatory, or (B) as part of a distribution to limited partners, limited liability company members or stockholders of the lock-up signatory or holders of similar equity interests in the lock-up signatory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to us upon the lock-up signatory's death, disability or termination of employment or other service relationship with us; provided that such shares of Class A-1 common stock were issued to the lock-up signatory pursuant to an agreement or equity award granted pursuant to an employee benefit plan, option, warrant or other right described in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to us or our operating company pursuant to (A) the exercise on a net issuance basis by the lock-up signatory of any award granted pursuant to our employee benefit plans, or (B) share withholdings to cover applicable taxes in connection with the vesting or settlement of any award granted pursuant to our employee benefit plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to us or our operating company pursuant to any redemption, exchange or conversion right relating to membership interests in our operating company or any equity interests in any other of our subsidiaries, including any cancellation of shares of our Class A-2 common stock in connection with any such redemption, exchange or conversion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pursuant to a bona fide third-party merger, consolidation, tender offer or other similar transaction approved by our Board and made to all holders of Class A-1 common stock involving a change in control of us, provided that if such transaction is not completed, all such lock-up securities shall remain subject to the restrictions described above.

The representatives, in their sole discretion, may release the securities subject to any of the lock-up agreements with the underwriters described above, in whole or in part at any time.

#### Listing
We have applied to list shares of our Class A-1 common stock on the NYSE under the symbol "JAN." In order to meet the requirements for listing on that exchange, the underwriters have undertaken to sell a minimum number of shares of our Class A-1 common stock to a minimum number of beneficial owners as required by that exchange.

Before this offering, there has been no public market for our shares of our Class A-1 common stock. The initial public offering price will be determined through negotiations among us and the representatives. In addition to prevailing market conditions, the factors to be considered in determining the initial public offering price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the valuation multiples of publicly traded companies that the representatives believe to be comparable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the history of, and the prospects for, our company and the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an assessment of our management, its past and present operations, and the prospects for, and timing of, our future revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the present state of our development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the above factors in relation to market values and various valuation measures of other companies engaged in activities similar to ours.

An active trading market for shares of our Class A-1 common stock may not develop. It is also possible that after this offering shares of our Class A-1 common stock will not trade in the public market at or above the initial public offering price.

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The underwriters do not expect to sell more than 5% of the shares of our Class A-1 common stock in the aggregate to accounts over which they exercise discretionary authority.

#### Price Stabilization, Short Positions and Penalty Bids
Until the distribution of the shares of our Class A-1 common stock is completed, SEC rules may limit underwriters and selling group members from bidding for and purchasing shares of our Class A-1 common stock. However, the representatives may engage in transactions that stabilize the price of shares of our Class A-1 common stock, such as bids or purchases to peg, fix or maintain that price.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares of our Class A-1 common stock sold by or for the account of such underwriter in stabilizing or short covering transactions.

Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of shares of our Class A-1 common stock or preventing or retarding a decline in the market price of shares of our Class A-1 common stock. As a result, the price of shares of our Class A-1 common stock may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions on the NYSE, in the over-the-counter market or otherwise.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of shares of our Class A-1 common stock. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

#### Electronic Distribution
In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Other Relationships
Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions. Concurrently with the completion of this offering, we expect to enter into a $500 million

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revolving credit facility and $100 million delayed-draw term loan facility with lenders that will include affiliates of certain of the underwriters of this offering.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Reserved Share Program
At our request, an affiliate of BofA Securities, Inc., a participating underwriter in this offering, has reserved for sale, at the initial public offering price, up to 5% of the shares offered by this prospectus for sale to some of our and Healthpeak's directors, officers, employees, business associates and related persons. If purchased by our directors or officers, these shares will be subject to the lock-up restriction described above under "— No Sales of Similar Securities." If these persons purchase reserved shares it will reduce the number of shares available for sale to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares offered by this prospectus. We have agreed to indemnify BofA Securities, Inc. and its affiliates and the other underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with the sales of the reserved shares of Class A-1 common stock.

#### Notice to Prospective Investors in Australia
No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, in relation to this offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the shares of our Class A-1 common stock may only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer shares of our Class A-1 common stock without disclosure to investors under Chapter 6D of the Corporations Act.

Shares of our Class A-1 common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under this offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares of our Class A-1 common stock must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

#### Notice to Prospective Investors in the Dubai International Financial Centre
This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("DFSA"). This prospectus is intended for distribution only to persons

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of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. Shares of our Class A-1 common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of shares of our Class A-1 common stock offered should conduct their own due diligence on shares of our Class A-1 common stock. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

#### Notice to Prospective Investors in Hong Kong
Shares of our Class A-1 common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the shares of our Class A-1 common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of our Class A-1 common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

#### Notice to Prospective Investors in Switzerland
We have not and will not register with the Swiss Financial Market Supervisory Authority ("FINMA") as a foreign collective investment scheme pursuant to Article 119 of the Federal Act on Collective Investment Scheme of June 23, 2006, as amended ("CISA"), and, accordingly, the shares of our Class A-1 common stock being offered pursuant to this prospectus have not and will not be approved, and may not be licenseable, with FINMA. Therefore, shares of our Class A-1 common stock have not been authorized for distribution by FINMA as a foreign collective investment scheme pursuant to Article 119 CISA and the shares of our Class A-1 common stock offered hereby may not be offered to the public (as this term is defined in Article 3 CISA) in or from Switzerland. Shares of our Class A-1 common stock may solely be offered to "qualified investors," as this term is defined in Article 10 CISA, and in the circumstances set out in Article 3 of the Ordinance on Collective Investment Scheme of 22 November 2006, as amended ("CISO"), such that there is no public offer. Investors, however, do not benefit from protection under CISA or CISO or supervision by FINMA. This prospectus and any other materials relating to shares of our Class A-1 common stock are strictly personal and confidential to each offeree and do not constitute an offer to any other person. This prospectus may only be used by those qualified investors to whom it has been handed out in connection with the offer described herein and may neither directly or indirectly be distributed or made available to any person or entity other than its recipients. It may not be used in connection with any other offer and shall in particular not be copied and/or distributed to the public in Switzerland or from Switzerland. This prospectus does not constitute an issue prospectus as that term is understood pursuant to Article 652a and/or 1156 of the Swiss Federal Code of Obligations. We have not applied for a listing of shares of our Class A-1 common stock on the SIX Swiss Exchange or any other regulated securities market in Switzerland and, consequently, the information presented in this prospectus does not necessarily comply with the information standards set out in the listing rules of the SIX Swiss Exchange and corresponding prospectus schemes annexed to the listing rules of the SIX Swiss Exchange.

#### Notice to Prospective Investors in Canada
Shares of our Class A-1 common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*.

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Any resale of shares of our Class A-1 common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 *Underwriting Conflicts* ("NI 33-105"), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

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#### LEGAL MATTERS
Certain legal matters, including certain tax matters, will be passed upon for us by Latham & Watkins LLP, New York, New York. Sidley Austin LLP, New York, New York, will act as counsel to the underwriters. Ballard Spahr LLP, Baltimore, Maryland, will pass upon the validity of the shares of our Class A-1 common stock sold in this offering and certain other matters under Maryland law.

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#### EXPERTS
The financial statements of Janus Living, Inc. as of December 31, 2025, and for the period from December 12, 2025 to December 31, 2025, included in this prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The combined financial statements of Janus Living Predecessor as of December 31, 2025 and 2024 and for the years then ended, included in this prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such combined financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The statements included in this prospectus under the caption "Industry and Market Overview," as well as certain information in "Prospectus Summary," and other sections in this prospectus where indicated, have been prepared and reviewed by JLL, an independent third-party real estate advisory and consulting services firm, and are included in our prospectus given the authority of such advisor as an expert on such matters.

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#### WHERE YOU CAN FIND MORE INFORMATION
We maintain a website at www.janusreit.com. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider information contained on our website to be part of this prospectus.

We have filed a registration statement on Form S-11, of which this prospectus constitutes a part, with the SEC under the Securities Act with respect to this offering of shares of our Class A-1 common stock. This prospectus does not contain all of the information set forth in the registration statement, which also includes numerous exhibits and schedules. For further information with respect to our company and the shares of Class A-1 common stock offered hereby, reference is made to the registration statement, including the exhibits and schedules thereto. Statements contained in this prospectus as to the contents of any contract or other document are not necessarily complete, and where such document has been filed as an exhibit to the registration statement, each statement is qualified in all respects by reference to the contents of the full document. Our SEC filings, including our registration statement, are available to you, free of charge, on the SEC's website, www.sec.gov.

As a result of this offering, we will become subject to the information and periodic reporting requirements of the Exchange Act, and we will file periodic reports and other information with the SEC. These periodic reports and other information will be available for inspection and copying at the SEC's public reference facilities and through the SEC's website referred to above.

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#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| **Unaudited Pro Forma Combined Financial Statements** |  |
| [Unaudited Pro Forma Combined Balance Sheet as of December 31, 2025](#fUPFC)  | [F-6](#fUPFC) |
| [Unaudited Pro Forma Combined Statement of Operations for the Year Ended December 31, 2025](#fUPFC1)  | [F-7](#fUPFC1) |
| [Notes to the Unaudited Pro Forma Combined Financial Statements](#fNTUP)  | [F-8](#fNTUP) |
| **Audited Financial Statements of Janus Living, Inc.** |  |
| [Report of Independent Registered Public Accounting Firm](#fROIR)  | [F-15](#fROIR) |
| [Balance Sheet as of December 31, 2025](#fBASH)  | [F-16](#fBASH) |
| [Statement of Cash Flows for the Period from December 12, 2025 to December 31, 2025](#fSOCF2)  | [F-17](#fSOCF2) |
| [Notes to the Financial Statements as of December 31, 2025](#fNTBS)  | [F-18](#fNTBS) |
| **Audited Combined Financial Statements of Janus Living Predecessor** |  |
| [Report of Independent Registered Public Accounting Firm](#fROIR1)  | [F-20](#fROIR1) |
| [Combined Balance Sheets as of December 31, 2025 and 2024](#fCBS)  | [F-21](#fCBS) |
| [Combined Statements of Operations for the Years Ended December 31, 2025 and 2024](#fCSOO)  | [F-22](#fCSOO) |
|  [Combined Statements of Parent's Net Investment for the Years Ended December 31, 2025 and <br> 2024](#fCSOP)  | [F-23](#fCSOP) |
| [Combined Statements of Cash Flows for the Years Ended December 31, 2025 and 2024](#fCSOC)  | [F-24](#fCSOC) |
| [Notes to the Combined Financial Statements](#fNTTC)  | [F-25](#fNTTC) |
| [Schedule III: Real Estate and Accumulated Depreciation](#tSCHED)  | [F-45](#tSCHED) |

---

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#### JANUS LIVING, INC. AND SUBSIDIARIES

#### UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
As used in these unaudited pro forma combined financial statements, unless the context otherwise requires, "we," "us," and "our company" means, prior to its conversion to a Maryland corporation in connection with the formation transactions described below, Janus Parent, LLC, a Maryland limited liability company, and after such conversion, Janus Living, Inc., a Maryland corporation. Upon completion of this offering and the formation transactions, we will hold substantially all of our assets, and will conduct substantially all of our operations, through Janus Living OP, LLC, which we refer to as "our operating company." Janus Living, Inc. will be the sole managing member of our operating company.

In connection with this offering, Healthpeak Properties, Inc., or, together with its consolidated subsidiaries (unless the context otherwise requires), "Healthpeak," will engage in a series of transactions, which we refer to as the "formation transactions," prior to or concurrently with the completion of this offering, as further described below. In connection with the formation transactions, we will adopt our charter, and Healthpeak will directly or indirectly transfer 34 senior housing real estate properties to us. As a result of these transactions, Healthpeak will receive 138,816,246 shares of our Class A-1 common stock and 75,917,780 common units. In addition, Healthpeak will purchase 75,917,780 shares of Class A-2 common stock. In light of the foregoing, the combination of entities and assets owned by Healthpeak prior to the formation transactions and such entities' real estate net assets and related operations are referred to as "our predecessor" or the "predecessor," and the financial statements of our predecessor are referred to herein as our predecessor's "combined financial statements."

The formation transactions are between entities under common control under the provisions of Accounting Standards Codification 805, *Business Combinations* ("ASC 805"), and as such, the accounts relating to the entities and interests comprising our predecessor have been reflected for all periods presented in our predecessor's combined carve-out basis financial statements and these unaudited pro forma combined financial statements are based on the historical carrying amounts recorded by Healthpeak, without regard to the fair value of the assets or liabilities transferred to us.

The unaudited pro forma combined financial statements have been prepared in accordance with Article 11 of Regulation S-X, as amended. The unaudited pro forma combined financial statements are presented as if (i) this offering and related use of proceeds, (ii) the formation transactions, (iii) the Mortgage Settlements (defined below), (iv) the JV Buyout (defined below), (v) the Healthpeak Contribution (defined below), and (vi) certain other adjustments had all occurred on December 31, 2025 for the unaudited pro forma combined balance sheet and (a) this offering and related use of proceeds, (b) the formation transactions, (c) the Mortgage Settlements, (d) the JV Buyout, (e) the Healthpeak Contribution, and (f) certain other adjustments had all occurred on January 1, 2025 for the unaudited pro forma combined statement of operations.

In March 2026, we acquired two properties located in the Atlanta, Georgia metropolitan area and three properties located in the Orlando, Florida metropolitan area (collectively, the "Acquired Properties"). The unaudited pro forma combined financial statements do not give effect to the acquisition of the Acquired Properties.

The unaudited pro forma combined financial statements should be read in conjunction with our historical financial statements and our predecessor's historical combined financial statements, including the notes thereto, and other financial information and analysis, including the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations" presented elsewhere in this prospectus. The unaudited pro forma combined financial statements (i) are based on available information and assumptions that we deem reasonable; (ii) are presented for informational purposes only; (iii) do not purport to represent what our financial position or results of operations would actually have been assuming completion of this offering and related use of proceeds, the formation transactions, the Mortgage Settlements, the JV Buyout, the Healthpeak Contribution, and other adjustments described above had all occurred on December 31, 2025 for the unaudited pro forma combined balance sheet or January 1, 2025 for the unaudited pro forma combined statement of operations; and (iv) do not purport to be indicative of our future results of operations or our financial position.

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#### Offering Transactions
We will sell 37,000,000 shares of our Class A-1 common stock in this offering and an additional 5,550,000 shares of our Class A-1 common stock if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full. We estimate that the proceeds from this offering, after deducting the underwriting discount, will be approximately $657 million or $756 million (excluding transaction costs recognized within accounts payable, accrued liabilities, and other liabilities as discussed in Note 5 below) if the underwriters exercise their option to purchase 5,550,000 additional shares in full, after deducting underwriting discounts and other estimated expenses, in each case, based on an assumed initial public offering price of $19.00 per share, which is the mid-point of the price range set forth on the front cover of this prospectus. These unaudited pro forma combined financial statements assume no exercise by the underwriters of their option to purchase additional shares.

We intend to contribute the proceeds from this offering to our operating company and receive 37,000,000 common units (or 42,550,000 common units if the underwriters exercise their option to purchase up to an additional 5,550,000 shares of our Class A-1 common stock in full). Following the offering and the formation transactions described below, we will have a 69.8% ownership interest in the operating company (or 70.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full), with Healthpeak holding a 30.1% ownership interest in the operating company (or 29.5% if the underwriters exercise their option to purchase additional shares of our Class A-1 common stock in full).

Our operating company expects to use the net proceeds from this offering to pursue acquisition and investment opportunities that meet our investment criteria and for general corporate purposes. We expect to incur estimated non-recurring, property-related capital expenditures at the 34 properties comprising our initial portfolio of approximately $86 million during the 12 months ending December 31, 2026 and to fund such capital expenditures with proceeds from this offering. However, we do not have agreements or commitments for any material acquisitions or investments at this time, and therefore the unaudited pro forma combined financial statements do not give effect to any acquisitions or investments.

#### Formation Transactions
Pursuant to the formation transactions, the following have occurred or will occur prior to or concurrently with the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We were formed as a Maryland limited liability company on December 2, 2025 and converted to a corporation on January 5, 2026. Our initial capitalization date was December 12, 2025. We incurred certain offering costs during the period from December 12, 2025 through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our operating company was formed as a Maryland limited liability company on December 22, 2025 and became a wholly-owned subsidiary of Janus Living, Inc. on January 23, 2026. Our operating company was formed for the purpose of being the beneficial owner of the senior housing properties Healthpeak will transfer to us in connection with the formation transactions. From inception to the completion of this offering, activities at the operating company are nominal and limited to those which are incidental to its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are the sole managing member of our operating company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will adopt our charter, which will recapitalize our existing common stock, and Healthpeak will transfer, directly or indirectly, the real estate assets that comprise our initial portfolio to us. As a result of these transactions, Healthpeak will receive 138,816,246 shares of our Class A-1 common stock and 75,917,780 common units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will contribute real estate assets we receive directly in the formation transactions to our operating company in exchange for common units, and following such contributions and the formation transactions described above, we will hold 138,816,246 common units in our operating company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Healthpeak will purchase 75,917,780 shares of Class A-2 common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will adopt our Equity Plan to provide equity award opportunities to members of our Manager's (as defined below) management team and employees who perform services for us, our independent directors and others.

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#### Management Agreement
We will enter into a management agreement with Healthpeak Investment Management, LLC ("our Manager") effective upon the completion of this offering. Our Manager will manage the day-to-day operations of our company in conformity with our investment guidelines, which may be modified or supplemented by our board of directors from time to time. We will pay our Manager a management fee equal to $10 million plus or minus the cumulative effect of an annual amount of 0.5% of (i) the gross book value (as determined in accordance with GAAP) of any investment that is the subject of an acquisition, or disposition or (ii) the increase in the gross book value of any investment that was the subject of a capital deployment, in each case, since January 1, 2026; provided, that (A) if our investments have a gross book value in excess of $10.0 billion but less than $20.0 billion as of the determination of a management fee adjustment amount pursuant to the terms of the Management Agreement, such 0.5% will be decreased by 0.1% for each dollar of gross book value of any investment that was the subject of an acquisition or disposition or increase in the gross book value of any investment that was the subject of a capital deployment in excess of $10.0 billion but less than $20.0 billion, and (B) if our investments have a gross book value in excess of $20.0 billion as of the determination of a management fee adjustment amount pursuant to the terms of the Management Agreement, such 0.5% will be decreased by 0.15% for each dollar of gross book value of any investment that was the subject of an acquisition or disposition, or increase in gross book value of any investment that was the subject of a capital deployment, that is in excess of $20.0 billion. For the purposes of determining a management fee adjustment amount, (x) the gross book value of any investment in an unconsolidated joint venture means the gross book value of such investment on the books and records of the joint venture, (y) the gross book value of any investment that was the subject of a capital deployment means the incremental increase in the gross book value of such investment as a result of such capital deployment and (z) the gross book value of any investment that was the subject of an acquisition since January 1, 2026 will not include the investments reflected on the balance sheet of Janus Living Predecessor as of December 31, 2025 included in this registration statement. The management fee will be payable in cash but will be reduced by the compensation expense we recognize in connection with the grant of annual equity awards to employees of our Manager under the Equity Plan. Our management agreement will have an initial term of three years from the date of completion of this offering with annual renewals unless terminated by us or our Manager pursuant to the terms of the management agreement. We will also reimburse our Manager for documented third-party expenses incurred by our Manager in providing services under the management agreement, including expenses related to legal, accounting, due diligence and other services. Expenses will be reimbursed in cash on a quarterly or monthly basis, at our Manager's election. Our predecessor's historical results of operations include allocations of management, administration, and support costs. We will not have our own employees or systems and these functions will be covered by the services provided under the management agreement. The pro forma adjustments herein with respect to general and administrative expenses and the management agreement reflect (i) the annual management fee expense and (ii) a reduction to general and administrative expenses for historical allocated costs relating to activities that will be covered by Healthpeak under the management agreement.

In addition to the pro forma combined general and administrative expense of $3 million, we expect to incur an additional $1 million to $3 million of costs, resulting in total expected general and administrative costs of $4 million to $6 million. However, an adjustment to general and administrative expenses for these incremental costs has not been made in the unaudited pro forma combined statement of operations as such expenses are not currently known.

#### Credit Facilities
Concurrently with the completion of this offering, we intend to enter into a $500 million revolving credit facility and a $100 million delayed-draw term loan facility with lenders that will include affiliates of certain of the underwriters of this offering (collectively, the "Credit Facilities"). We have the option to increase the Credit Facilities to $1.5 billion, subject to customary requirements, including obtaining additional lender commitments.

The Credit Facilities bear interest generally at the secured overnight financing rate plus a margin based on a leverage-based pricing grid or, at our election and subject to our non-credit enhanced, senior unsecured long-term debt obtaining an investment grade rating, a debt rating-based pricing grid. Principal payments

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are due at maturity with optional prepayments at our discretion, and the revolving credit facility will be subject to customary mandatory prepayment provisions. We will incur customary legal, arrangement, and administrative fees in connection with entering into the Credit Facilities.

The revolving credit facility matures four years following the closing date with two six-month extension periods available, subject to certain conditions. The revolving credit facility also imposes an annual fee on the entire principal amount based on a leverage-based pricing grid or, at our election and subject to our non-credit enhanced, senior unsecured long-term debt obtaining an investment grade rating, a debt rating-based pricing grid.

Subject to certain conditions, term loans may be borrowed under the delayed-draw term loan facility on or after the closing date to but excluding the date that is 270 days after the closing date in no more than five borrowings. Term loans borrowed under the delayed-draw term loan facility will mature five years following the closing date. Additionally, the delayed-draw term loan facility imposes a ticking fee on the daily amount of the undrawn commitments, solely during the period beginning on the date that is 120 days from the closing date and ending on the date that is 270 days from the closing date.

The Credit Facilities contain customary financial and non-financial covenants. We do not intend to draw upon the Credit Facilities until after the completion of this offering. Therefore, pro forma adjustments for the Credit Facilities are limited to those related to the costs associated with entering into the Credit Facilities.

#### Mortgage Settlements
On January 30, 2026, we fully repaid our outstanding mortgage loans for an aggregate payment of $103 million ("Mortgage Settlements"), inclusive of accrued interest and prepayment penalties of $375 thousand and $1 million, respectively. As a result, the pro forma adjustments reflect a non-recurring loss on debt extinguishment for the difference between the carrying amount of the mortgages, accrued interest, and the cash payment.

#### JV Buyout
On January 13, 2026, Healthpeak acquired its joint venture partner's 46.5% interest in SH 2019 Ventures, LLC ("JV Buyout"), a joint venture through which we held 19 senior housing communities (the "JV"). Prior to the JV Buyout, we held a 53.5% interest in the JV, which was accounted for as an equity method investment. Following the JV Buyout, the JV properties and other net assets are consolidated by the Company at the date of acquisition.

The JV's structure required certain third-party investors. We have the intent and ability to redeem this noncontrolling interest ("JV NCI Buyout") prior to this offering. The aggregate redemption price is $345 thousand and will be funded by Healthpeak.

Soon after we completed the JV Buyout in January 2026, we entered into operator transition agreements to transition certain of our senior housing properties from Brookdale to Ciel Senior Living and Pegasus Senior Living ("operator transition"). In connection with the operator transition, we will be required to pay a termination fee of approximately $2.5 million to Brookdale, which will be funded by Healthpeak.

For purposes of the pro forma financial information, references to the JV Buyout are inclusive of the JV NCI Buyout, unless indicated otherwise, and both are considered non-recurring transactions.

#### Healthpeak Contribution
In January 2026, Healthpeak contributed $313 million and $103 million to us to fund the JV Buyout and Mortgage Settlements, respectively ("Healthpeak Contribution").

The pro forma adjustments for the Healthpeak Contribution are reflected within Notes 3 and 4 and are one-time transactions.

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#### JANUS LIVING, INC. AND SUBSIDIARIES

#### UNAUDITED PRO FORMA COMBINED BALANCE SHEET AS OF DECEMBER 31, 2025 (in thousands, except per share data)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Janus <br> Living <br> Historical <br> Note 2(A)**  | **Predecessor <br> Historical <br> Note 2(B)**  | **JV Buyout <br> Note 3**  | **Mortgage <br> Settlements <br> Note 4**  | **Transaction <br> Accounting <br> Adjustments <br> Note 5**  | **Pro Forma <br> Combined**  |
| **ASSETS** |  |  |  |  |  |  |
| Real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buildings and improvements  | $— | $1940808 | $423274 | $— | $— | $2364082 |
| &nbsp;&nbsp;&nbsp; Construction in progress  |  | 41678 | 6615 |  |  | 48293 |
| &nbsp;&nbsp;&nbsp; Land and improvements  |  | 176475 | 92902 |  |  | 269377 |
| &nbsp;&nbsp;&nbsp; Accumulated depreciation  |  | (505297) |  |  |  | (505297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net real estate  |  | 1653664 | 522791 |  |  | 2176455 |
|  Investment in unconsolidated joint venture  |  | 312709 | (312709) |  |  |  |
| Accounts receivable, net of allowance  |  | 19431 | 3890 |  |  | 23321 |
| Cash and cash equivalents  |  | 19652 | 23042 |  | 657305 (C)  | 699999 |
| Restricted cash  |  | 64609 |  |  |  | 64609 |
| Intangible assets  |  | 26670 | 135701 |  |  | 162371 |
| Deferred tax assets  |  | 107074 | 7991 |  | 3061 (D)  | 118126 |
| Goodwill  |  | 3849 |  |  |  | 3849 |
| Other assets  | 1 | 134557 | 5616 |  | 1086 (E)  | 141260 |
| &nbsp;&nbsp;&nbsp; **Total assets**  | $1 | $2342215 | $386322 | $— | $661452 | $3389990 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |
| Mortgage debt  | $— | $102688 | $— | $(102688) | $— | $— |
|  Accounts payable, accrued liabilities, and <br> other liabilities  |  | 284210 | 25107 | (375) | 23561 (F)  | 332503 |
| Deferred revenue  |  | 673007 | 2370 |  |  | 675377 |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  |  | 1059905 | 27477 | (103063) | 23561 | 1007880 |
| **Equity:** |  |  |  |  |  |  |
| Parent's net investment  |  | 1282310 | 313143 | 103172 | (1698625) (G)  |  |
| Member's equity  | 1 |  |  |  | (1) (H)  |  |
| Preferred stock  |  |  |  |  |  |  |
| Common stock  |  |  |  |  | 2518 (I)  | 2518 |
| Additional paid-in capital  |  |  |  |  | 1616648 (J)  | 1616648 |
| Retained earnings (deficit)  |  |  | 45702 | (109) | (1649) (K)  | 43944 |
| &nbsp;&nbsp;&nbsp; **Total Member's equity / Parent's net investment / Stockholders' equity**  | 1 | 1282310 | 358845 | 103063 | (81109) | 1663110 |
| Noncontrolling interest  |  |  |  |  | 719000 (L)  | 719000 |
| &nbsp;&nbsp;&nbsp; **Total equity**  | 1 | 1282310 | 358845 | 103063 | 637891 | 2382110 |
| &nbsp;&nbsp;&nbsp; **Total liabilities and equity**  | $1 | $2342215 | $386322 | $— | $661452 | $3389990 |

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See accompanying Notes to Unaudited Pro Forma Combined Financial Statements.

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#### JANUS LIVING, INC. AND SUBSIDIARIES

#### UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2025 (in thousands, except share and per share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Janus <br> Living <br> Historical**  | **Predecessor <br> Historical <br> Note 2(AA)**  | **JV Buyout <br> Note 3**  | **Mortgage <br> Settlements <br> Note 4**  | **Transaction <br> Accounting <br> Adjustments <br> Note 5**  | **Autonomous <br> Entity <br> Adjustments <br> Note 6**  | **Pro Forma <br> Combined**  |
| **Revenues:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Resident fees and services  | $— | $603989 | $167176 | $— | $— | $— | $771165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues  |  | 603989 | 167176 |  |  |  | 771165 |
| **Costs and expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating  |  | 448923 | 124148 |  |  | (1549) | 571522 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  |  | 126356 | 152450 |  |  |  | 278806 |
| &nbsp;&nbsp;&nbsp; General and administrative – related party  |  |  |  |  |  | 11568 | 11568 |
| &nbsp;&nbsp;&nbsp; General and administrative  |  | 10549 | 201 |  |  | (7602) | 3148 |
| &nbsp;&nbsp;&nbsp; Transaction costs  |  | 1607 | 2500 |  | 19529 (BB)  |  | 23636 |
| &nbsp;&nbsp;&nbsp; Interest expense  |  | 3797 |  | (3797) | 1636 (CC)  |  | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses  |  | 591232 | 279299 | (3797) | 21165 | 2417 | 890316 |
| **Other income (expense):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gain on remeasurement of equity method investment  |  |  | 48202 |  |  |  | 48202 |
| &nbsp;&nbsp;&nbsp; Loss on extinguishment of debt  |  |  |  | (109) |  |  | (109) |
| &nbsp;&nbsp;&nbsp; Other income (expense), net  |  | 863 | 1505 |  |  |  | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net  |  | 863 | 49707 | (109) |  |  | 50461 |
|  **Income (loss) before income taxes and equity income (loss) from unconsolidated joint venture**  |  | 13620 | (62416) | 3688 | (21165) | (2417) | (68690) |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  |  | (11339) | (993) |  | (5763) (DD)  |  | (18095) |
| &nbsp;&nbsp;&nbsp; Equity income (loss) from unconsolidated joint venture  |  | 4068 | (4068) |  |  |  |  |
| **Net income (loss)**  |  | 6349 | (67477) | 3688 | (26928) | (2417) | (86785) |
|  Net (income) loss attributable to noncontrolling interests  |  |  |  |  | 26194 (EE)  |  | 26194 |
| **Net income (loss) attributable to Janus Living, Inc.**  | $— | $6349 | $(67477) | $3688 | $(734) | $(2417) | $(60591) |
|  **Basic and Diluted earnings (loss) per share of Class A-1 common stock:**  |  |  |  |  |  |  | **(Note 7)**  |
| &nbsp;&nbsp;&nbsp; Net income (loss) per share applicable to shares of <br> Class A-1 common stock  |  |  |  |  |  |  | $(0.34) |
|  **Weighted average Class A-1 common stock <br> outstanding:**  |  |  |  |  |  |  | **(Note 7)**  |
| &nbsp;&nbsp;&nbsp; Basic and Diluted  |  |  |  |  |  |  | 175929 |

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See accompanying Notes to Unaudited Pro Forma Combined Financial Statements.

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#### NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS

#### NOTE 1. Summary of Significant Accounting Policies
The accounting policies used in the preparation of the unaudited pro forma combined financial statements are those described in our predecessor's combined financial statements as of and for the year ended December 31, 2025.

#### NOTE 2. Historical Financial Statements

#### Combined Balance Sheet
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)

Reflects our audited historical balance sheet as of December 31, 2025. We had no activity since our inception on December 12, 2025 through December 31, 2025, other than the issuance of member's equity to a subsidiary of Healthpeak for a purchase price of $1 thousand in connection with our initial capitalization and the payment of certain offering costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)

Reflects the audited combined balance sheet of our predecessor as of December 31, 2025. Following the formation transactions, we will consolidate the assets and liabilities of our predecessor.

#### Combined Statement of Operations
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AA)

Reflects the audited combined statement of operations of our predecessor for the year ended December 31, 2025. Following the formation transactions, we will consolidate the results of operations of our predecessor.

#### NOTE 3. JV Buyout
The JV Buyout was concluded to not be significant under Regulation S-X Rule 3-05. Accordingly, historical financial statements under Rule 3-05 and pro forma financial information under Article 11 of Regulation S-X are not required to be presented. However, we believe including the pro forma effects of the JV Buyout are relevant to a potential investor's understanding of our business upon completion of this offering and the formation transactions.

The unaudited pro forma combined balance sheet as of December 31, 2025 has been prepared as though the JV Buyout occurred on that date. The unaudited pro forma combined statement of operations for the year ended December 31, 2025 has been prepared as though the JV Buyout occurred on January 1, 2025.

#### Preliminary Purchase Price Allocation
The historical financial information of the properties previously held in the JV ("SHOP properties") have been adjusted to give effect to the JV Buyout under ASC 805 purchase accounting principles. The JV Buyout is treated as an asset acquisition because substantially all of the fair value of gross assets acquired are concentrated in a group of similar real estate assets.

The preliminary fair values of identifiable assets acquired, liabilities assumed, and non-controlling interests of the JV are based on an estimated valuation as if the JV Buyout occurred on December 31, 2025. Buildings and improvements, land and improvements, and intangible assets were valued under a cost, market, and income approach, respectively. Buildings and improvements includes buildings as well as furniture, fixtures and equipment, and site improvements. Intangible assets includes in-place resident contract intangibles. The estimated fair values were determined using Healthpeak management's judgment with the assistance of third-parties based on various factors, including (1) market conditions, (2) the operating structure of the facilities, (3) the operating level of care, (4) the characteristics of the real estate (i.e., size, demographics, value and comparative rental rates), (5) the location of the real estate, (6) historical operating results, and (7) occupancy rates.

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The unaudited pro forma combined financial statements reflect the preliminary allocation of the purchase consideration to the SHOP properties' identifiable net assets acquired and liabilities and non-controlling interests assumed on a relative fair value basis and is subject to change. The final determination of the allocation of the purchase price will be completed no later than the date Healthpeak files its quarterly report on Form 10-Q with the SEC for the three months ended March 31, 2026.

#### Unaudited Pro Forma Combined Balance Sheet
The JV Buyout amounts presented within the unaudited pro forma combined balance sheet represent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Elimination of our historical investment in unconsolidated joint venture balance, as the properties are controlled by our predecessor following the JV Buyout;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The preliminary purchase price allocation for the JV Buyout, exclusive of the noncontrolling interest acquired, which is assumed to be redeemed in connection with the JV NCI Buyout;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Increase in accounts payable, accrued liabilities, and other liabilities for the payment of the $2.5 million termination fee payable in connection with the operator transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Retained earnings representing the excess of the fair value of our interest in the JV over its historical carrying value under the equity method of accounting, partially offset by the $2.5 million termination fee in connection with the operator transition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Parent's net investment for the portion of the Healthpeak Contribution attributable to the JV Buyout (including the portion attributable to the assumed redemption of the JV's noncontrolling interest holders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Cash and cash equivalents, including the following (in thousands):

---

| | |
|:---|:---|
| | **Amount**  |
| JV Buyout funded by Healthpeak  | $312798 |
| JV NCI Buyout funded by Healthpeak  | 345 |
| SHOP properties' cash balance  | 23042 |
| Less: JV Buyout purchase price  | (312298) |
| Less: JV NCI Buyout assumed redemption price  | (345) |
| Less: Transaction costs  | (500) |
| Total pro forma adjustment  | $23042 |

---

The following table reconciles the JV's historical balance sheet to its preliminary purchase price allocation (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Historical <br> Basis**  | **Relative <br> Fair Value <br> Adjustment**  | **Purchase <br> Price <br> Allocation**  |
| **Assets:** |  |  |  |
| Buildings and improvements  | $683852 | $(260578) | $423274 |
| Construction in progress  | 6615 |  | 6615 |
| Land and improvements  | 53952 | 38950 | 92902 |
| Accumulated depreciation and amortization  | (181398) | 181398 |  |
| Accounts receivable  | 3890 |  | 3890 |
| Cash and cash equivalents  | 23042 |  | 23042 |
| Intangible assets  |  | 135701 | 135701 |
| Deferred tax assets  | 7991 |  | 7991 |
| Other assets  | 5616 |  | 5616 |

---

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---

| | | | |
|:---|:---|:---|:---|
| | **Historical <br> Basis**  | **Relative <br> Fair Value <br> Adjustment**  | **Purchase <br> Price <br> Allocation**  |
| **Liabilities:** |  |  |  |
| Accounts payable, accrued liabilities, and other liabilities  | $22607 | $— | $22607 |
| Deferred revenue  | 2370 |  | 2370 |
| **Non-controlling interest**  | 345 | (345) |  |

---

#### Unaudited Pro Forma Combined Statement of Operations
The JV Buyout amounts presented within the unaudited pro forma combined statement of operations represent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Depreciation and amortization of acquired assets based on the purchase price allocation described above are calculated using a straight-line methodology based on a weighted average period of approximately 25 years and 1 year for depreciable real estate assets and in-place resident contract intangibles, respectively. The pro forma adjustment for depreciation of real estate assets and amortization of in-place resident contract intangibles was $17 million and $136 million, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A gain on consolidation representing the excess of the fair value of our interest retained over its historical carrying value under the equity method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Elimination of the JV's net income (loss) attributable to noncontrolling interests as a result of the assumed JV NCI Buyout;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As the JV will become a consolidated subsidiary as a result of the JV Buyout, (i) 100% of the JV's historical results on the unaudited pro forma combined statement of operations, which are not materially impacted from the application of purchase accounting principles other than those described above, and (ii) elimination of equity income (loss) from unconsolidated joint venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Transaction costs related to the $2.5 million termination fee payable in connection with the operator transition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All foregoing adjustments except for depreciation and amortization are non-recurring.

The following table reconciles the JV's historical results of operations to the SHOP properties' results of operations based on the items described above (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Historical <br> Results**  | **Adjustment**  | **As Adjusted**  |
| &nbsp;&nbsp;&nbsp; Resident fees and services  | $167176 | $— | $167176 |
| &nbsp;&nbsp;&nbsp; Total revenues  | 167176 |  | 167176 |
| &nbsp;&nbsp;&nbsp; Operating  | 124148 |  | 124148 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 34609 | 117841 | 152450 |
| &nbsp;&nbsp;&nbsp; General and administrative  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp; Other income (expense), net  | 1505 |  | 1505 |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | (993) |  | (993) |
| &nbsp;&nbsp;&nbsp; Less: Net income (loss) attributable to noncontrolling interests  | (41) | 41 |  |

---

#### NOTE 4. Mortgage Settlements

#### Unaudited Pro Forma Combined Balance Sheet
The Mortgage Settlements amounts presented within the unaudited pro forma combined balance sheet represent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • No net impact to cash and cash equivalents as the Mortgage Settlements were funded by Healthpeak;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reduction to accounts payable, accrued liabilities, and other liabilities of $375 thousand for the settlement of accrued interest in conjunction with the Mortgage Settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Elimination of the historical carrying value of mortgage debt of $103 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Parent's net investment for the portion of the Healthpeak Contribution attributable to the Mortgage Settlements of $103 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A charge to retained earnings (deficit) of $109 thousand for the difference between the carrying amount of the mortgages, accrued interest, and cash paid (inclusive of prepayment penalties).

#### Unaudited Pro Forma Combined Statement of Operations
The Mortgage Settlements amounts presented within the unaudited pro forma combined statement of operations represent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Elimination of historical interest expense pursuant to the Mortgage Settlements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Recognition of a loss on debt extinguishment as a one-time loss.

#### NOTE 5. Transaction Accounting Adjustments

#### Unaudited Pro Forma Combined Balance Sheet
The transaction accounting adjustments to the unaudited pro forma combined balance sheet as of December 31, 2025 are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)

The pro forma adjustments to cash and cash equivalents include the following (in thousands):

---

| | |
|:---|:---|
| | **Amount**  |
| Gross proceeds from this offering  | $703000 |
| Less: Underwriting discount  | (45695) |
| Total pro forma adjustment  | $657305 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)

The pro forma adjustment to deferred tax assets reflects the impact related to the change in tax status of certain entities in connection with the formation transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E)

The pro forma adjustment to other assets includes the capitalization of $3 million of deferred financing costs related to the entry into the Credit Facilities, partially offset by the reclassification of $2 million of historical deferred offering costs to additional paid-in capital upon the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F)

Reflects the accrual of $3 million of estimated debt issuance costs payable related to the entry into the Credit Facilities and $20 million of estimated non-recurring transaction costs assumed to be incurred following the date of the historical financial statements. The transaction costs are primarily comprised of advisory, legal, and accounting fees. Of the $20 million of transaction costs, $6 million represents offering costs incremental to the underwriting discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (G)

Reflects the reclassification of parent's net investment in connection with the formation transactions. The transaction accounting adjustment to the unaudited pro forma combined balance sheet includes the following components of parent's net investment (in thousands):

---

| | |
|:---|:---|
| | **Amount**  |
| Historical parent's net investment for Janus Living Predecessor  | $1282310 |
| Mortgage Settlements funded by Healthpeak  | 103172 |
| JV Buyout funded by Healthpeak  | 312798 |
| JV NCI Buyout funded by Healthpeak  | 345 |
| Total pro forma adjustment  | $1698625 |
|  Estimated transaction costs assumed to be incurred following the date of the historical financial statements  | (20361) |
| Total reclassification  | $1678264 |

---

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (H)

Reflects the reclassification of member's equity in connection with the formation transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I)

Reflects the par value of Class A-1 and Class A-2 common stock issued in this offering and the formation transactions of $1,758,162 and $759,178, respectively, inclusive of Class A-1 shares granted as compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (J)

The pro forma adjustments to additional paid-in capital include the following (in thousands):

---

| | |
|:---|:---|
| | **Amount**  |
| Gross proceeds from this offering  | $703000 |
| Reclassification of parent's net investment  | 1678264 |
| Reclassification of member's equity  | 1 |
| Grants of fully vested equity awards  | 4710 |
| Less: Reclassification of deferred offering costs  | (2114) |
| Less: Non-controlling interest  | (719000) |
| Less: Underwriting discount  | (45695) |
|  Less: Par value of common stock issued in this offering and the formation transactions  | (2518) |
| Total pro forma adjustment  | $1616648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (K)

Reflects the expense assumed to be recognized pursuant to grants of fully vested equity awards, as well as the income tax impact related to the change in tax status of certain entities in connection with the formation transactions of $5 million and $3 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (L)

Reflects the net book value of Healthpeak's and LTIP unitholders' interest in our operating company's net assets resulting from the formation transactions.

#### Unaudited Pro Forma Combined Statement of Operations
The transaction accounting adjustments to the unaudited pro forma combined statement of operations for the year ended December 31, 2025 are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BB)

Contemporaneously with this offering, we intend to grant 112,390 shares of our Class A-1 common stock and 135,532 fully-vested LTIP units to our independent directors, Healthpeak's non-employee directors, certain of our and Healthpeak's executive officers and select employees of Healthpeak as transaction bonuses for services rendered in connection with this offering and the formation transactions. For purposes of this pro forma adjustment, the fair value of these awards will be based on the mid-point of the price range set forth on the front cover of this prospectus and recognized at the time of grant as there are no vesting conditions. The grant of these awards will not reduce the management fee payable to our Manager under the Management Agreement as described in Note 6 below. The audited combined statement of operations of our predecessor includes transaction costs related to the formation transactions that were incurred at or prior to the date of the historical financial statements. This adjustment also includes $15 million of estimated non-recurring transaction costs assumed to be incurred following the date of the historical financial statements. The transaction costs are primarily comprised of advisory, legal, and accounting fees. The foregoing adjustments are non-recurring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CC)

Reflects the recognition of interest expense for the Credit Facilities related to the amortization of deferred financing costs and estimated annual fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (DD)

Reflects the non-recurring income tax impact related to the change in tax status of certain entities in connection with the formation transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EE)

Reflects the allocation of net income (loss) to Healthpeak and LTIP unitholders based on their ownership interest in our operating company.

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#### NOTE 6. Autonomous Entity Adjustments
Autonomous entity adjustments include those necessary to reflect our financial condition and results of operations as if we were a separate entity. These adjustments reflect (i) the addition of the estimated related party management fee expense under the contractual terms of the Management Agreement, (ii) the elimination of certain (a) historical allocated general and administrative expenses and (b) historical allocated operating expenses, each of which will be covered by the services provided under the terms of the Management Agreement and (iii) the elimination of historical general and administrative expenses of the JV as these costs were primarily related to operating the JV as a separate entity and will be covered by the services provided under the terms of the Management Agreement.

We will pay our Manager a management fee equal to $10 million per annum, as adjusted by an annual fee equal to 0.5% of the gross book value of any investment that is the subject of an acquisition, disposition, development, or redevelopment subsequent to January 1, 2026, subject to certain adjustments as more fully described under "Our Manager and the Management Agreement — Management Agreement" in this prospectus. As a result of the JV Buyout, the management fee increased by $1.6 million.

The management fee will be payable in cash but will be reduced by the compensation expense we recognize in connection with the grant of annual equity awards to employees of our Manager under the Equity Plan. We expect to grant annual equity awards to employees of our Manager with a grant date fair value of $3 million contemporaneously with the consummation of this offering. These grants are expected to vest ratably over a three- or five- year period.

The pro forma adjustment to related party management fee is as follows (in thousands):

---

| | |
|:---|:---|
| | **Amount**  |
| Fixed base fee  | $10000 |
| Adjustment for JV Buyout<sup>(1)</sup>  | 1568 |
|  Less: Expense attribution of annual equity awards granted to employees of the Manager  | (733) |
| Management fee payable to our Manager  | $10835 |
|  Plus: Expense attribution of annual equity awards granted to employees of the Manager  | 733 |
| Total pro forma adjustment  | $11568 |

---

(1) As a result of the acquisitions of the Acquired Properties, the management fee increased by an incremental $1.8 million. However, the unaudited pro forma combined statement of operations for the year ended December 31, 2025 does not give effect to the acquisitions of the Acquired Properties or the increase in the management fee as a result of such acquisitions.

The Management fee payable to our Manager will replace certain operating and general and administrative expenses that have been allocated to Janus Living Predecessor. Accordingly, the related pro forma adjustment reduces total operating and general and administrative expenses by the portion of the allocated costs that will be covered under the Management Agreement. The general and administrative expense allocation presented in our predecessor's combined statement of operations does not necessarily reflect what our general and administrative expense will be as a standalone public company for future reporting periods.

#### NOTE 7. Pro Forma Net Income Available to Common Stockholders per Share
Pro forma earnings (loss) per share — basic and diluted — are calculated by dividing pro forma combined net income (loss) allocable to our stockholders by the number of shares of Class A-1 common stock issued in this offering and the formation transactions. Common units in our operating company were excluded from the computation of diluted pro forma earnings per share, as such inclusion is anti-dilutive. Class A-2 common stock is excluded from the computation of basic and diluted pro forma earnings per share as these shares do not have economic rights.

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---

| | |
|:---|:---|
| | **Amount**  |
|  | **(in thousands, <br> except per <br> share data)**  |
| **Numerator:** |  |
| Pro forma combined net income (loss) attributable to Class A-1 common shares  | $(60591) |
| **Denominator:** |  |
| Class A-1 common shares issued in this offering  | 37000 |
| Class A-1 common shares issued in the formation transactions  | 138816 |
| Class A-1 common shares granted as compensation  | 112 |
| Weighted average shares outstanding – basic and diluted  | 175929 |
| Pro forma earnings (loss) per share – basic and diluted  | $(0.34) |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholder of Janus Living, Inc.

#### Opinion on the Financial Statements
We have audited the accompanying balance sheet of Janus Living, Inc. (formerly known as Janus Parent, LLC), (the "Company"), as of December 31, 2025, the related statement of cash flows, for the period from December 12, 2025 (date of capitalization) to December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and its cash flows for the period from December 12, 2025 to December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California

February 27, 2026

We have served as the Company's auditor since 2025.

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#### Janus Living, Inc.

#### BALANCE SHEET

---

| | |
|:---|:---|
| | **December 31, <br> 2025**  |
| **ASSETS**  |  |
| Cash  | $350 |
| Other assets  | 650 |
| &nbsp;&nbsp;&nbsp; Total assets  | $1000 |
| **LIABILITIES AND MEMBER'S EQUITY**  |  |
| Commitments and contingencies (Note 3) |  |
| Member's equity  | $1000 |
| &nbsp;&nbsp;&nbsp; Total liabilities and member's equity  | $1000 |

---

See accompanying Notes to the Financial Statements.

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#### Janus Living, Inc.

#### STATEMENT OF CASH FLOWS

---

| | |
|:---|:---|
| | **December 12, 2025 to <br> December 31, 2025**  |
| Net income (loss)  | $— |
| **Cash flows from financing activities:** |  |
| Payments for offering-related costs  | (650) |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities  | (650) |
| Net increase (decrease) in cash  | (650) |
| Cash, beginning of year  | 1000 |
| Cash, end of year  | $350 |

---

See accompanying Notes to the Financial Statements.

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#### Janus Living, Inc.

#### NOTES TO THE FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025

#### NOTE 1. Business
Janus Living, Inc. (the "Company") is filing this registration statement on Form S-11 with the U.S. Securities and Exchange Commission with respect to its proposed initial public offering of its common stock (the "offering"). Completion of the offering is subject to, among other things, market conditions, the effectiveness of the registration statement, and other customary closing conditions.

The Company was formed in December 2025 as Janus Parent, LLC and is a wholly owned indirect subsidiary of Healthpeak Properties, Inc., a Standard & Poor's 500 company, that, together with its consolidated entities (collectively, "Healthpeak"), owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States. The Company was initially capitalized on December 12, 2025 and converted to a Maryland corporation ("Janus Living, Inc.") on January 5, 2026. Prior to or concurrently with the completion of the offering, Healthpeak intends to engage in a series of transactions in which subsidiaries of Healthpeak will transfer, directly or indirectly, 34 senior housing real estate properties and certain parcels of land for future development to Janus Living OP, LLC (the "Operating Company"), a subsidiary of Healthpeak that will be contributed by Healthpeak and controlled by the Company. Following the proposed transactions, the Company will be the managing member of the Operating Company and operate and control all of its business affairs.

The senior housing properties that will be transferred to the Company are operated by third parties through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as "RIDEA"). These properties are located in Alabama, Florida, Michigan, Pennsylvania, Texas, and Virginia.

#### NOTE 2. Summary of Significant Accounting Policies

#### Basis of Presentation
The accompanying balance sheet and statement of cash flows have been prepared in accordance with accounting principles generally accepted in the United States. Separate statements of operations and member's equity have not been presented in the financial statements, as principal operations have not commenced. The only activity subsequent to the initial capitalization of $1,000 was the payment of certain offering-related costs recognized within other assets.

#### Income Taxes
The Company intends to elect to qualify as a real estate investment trust ("REIT"), for U.S. federal income tax purposes, commencing with its taxable year ending December 31, 2026. Accordingly, the Company will generally not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company intends to own several consolidated subsidiaries that previously elected REIT status. The Company and these consolidated REIT subsidiaries will each be subject to the REIT qualification requirements under the Internal Revenue Code of 1986, as amended, for each taxable year for which it elects REIT status. If any REIT fails to qualify as a REIT in any taxable year for which it elects REIT status, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years.

#### Offering Costs
In connection with the offering, Healthpeak has or will incur legal, accounting, organization, and other related costs, which are expected to be reimbursed by the Company upon completion of the offering. Such costs directly attributable to the offering are expected to be deferred and recorded as a reduction of proceeds from the offering, or expensed by Healthpeak if the offering is not completed. As of December 31, 2025, Healthpeak has incurred $2 million of offering costs in addition to the $650 of offering costs incurred directly by the Company.

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#### NOTE 3. Commitments and Contingencies
In the ordinary course of business, from time to time, the Company expects to be subject to legal claims and administrative proceedings, none of which are currently outstanding, which the Company believes could have, individually or in the aggregate, a material effect on its business, financial condition, results of operations, liquidity, or cash flows.

#### NOTE 4. Subsequent Events
The Company has evaluated subsequent events through February 27, 2026, the date its financial statements were issued. There were no subsequent events other than those described in the Notes to these Financial Statements.

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Owners of Janus Living Predecessor

#### Opinion on the Financial Statements
We have audited the accompanying combined balance sheets of Janus Living Predecessor as described in Notes 1 and 2 to the combined financial statements as of December 31, 2025 and 2024, the related combined statements of operations, parent's net investment, and cash flows, for each of the two years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index to Financial Statements on Page F-1 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Janus Living Predecessor as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of Janus Living Predecessor's management. Our responsibility is to express an opinion on Janus Living Predecessor's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Janus Living Predecessor in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Janus Living Predecessor is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of Janus Living Predecessor's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Emphasis of Matter
As discussed in Notes 1 and 2 to the financial statements, the financial statements of Janus Living Predecessor were derived from the consolidated financial statements and accounting records of Healthpeak Properties, Inc., including allocations of certain expenses, and may not be indicative of the conditions that would have existed or the results of operations if Janus Living Predecessor had operated as a stand-alone independent company.

/s/ Deloitte & Touche LLP

Costa Mesa, California

February 27, 2026

We have served as Janus Living Predecessor's auditor since 2025.

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#### Janus Living Predecessor

#### COMBINED BALANCE SHEETS (In thousands)

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| **ASSETS**  |  |  |
| Real estate: |  |  |
| &nbsp;&nbsp;&nbsp; Buildings and improvements  | $1940808 | $1819355 |
| &nbsp;&nbsp;&nbsp; Construction in progress  | 41678 | 40347 |
| &nbsp;&nbsp;&nbsp; Land and improvements  | 176475 | 174850 |
| &nbsp;&nbsp;&nbsp; Accumulated depreciation  | (505297) | (429905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net real estate  | 1653664 | 1604647 |
| Investment in unconsolidated joint venture  | 312709 | 322551 |
| Accounts receivable, net of allowance of $2,018 and $2,243  | 19431 | 19697 |
| Cash and cash equivalents  | 19652 | 18777 |
| Restricted cash  | 64609 | 60289 |
| Intangible assets  | 26670 | 74961 |
| Deferred tax assets  | 107074 | 116002 |
| Goodwill  | 3849 | 3849 |
| Other assets  | 134557 | 122529 |
| &nbsp;&nbsp;&nbsp; Total assets  | $2342215 | $2343302 |
| **LIABILITIES AND PARENT'S NET INVESTMENT**  |  |  |
| Mortgage debt  | $102688 | $106247 |
| Accounts payable, accrued liabilities, and other liabilities  | 284210 | 311448 |
| Deferred revenue  | 673007 | 616754 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | 1059905 | 1034449 |
| Commitments and contingencies (Note 10) |  |  |
| Parent's net investment  | 1282310 | 1308853 |
| &nbsp;&nbsp;&nbsp; Total Parent's net investment  | 1282310 | 1308853 |
| &nbsp;&nbsp;&nbsp; Total liabilities and Parent's net investment  | $2342215 | $2343302 |

---

See accompanying Notes to the Combined Financial Statements.

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#### Janus Living Predecessor

#### COMBINED STATEMENTS OF OPERATIONS (In thousands)

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp; Resident fees and services  | $603989 | $568475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues  | 603989 | 568475 |
| **Costs and expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Operating  | 448923 | 430443 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 126356 | 137186 |
| &nbsp;&nbsp;&nbsp; General and administrative  | 10549 | 11921 |
| &nbsp;&nbsp;&nbsp; Interest expense  | 3797 | 3942 |
| &nbsp;&nbsp;&nbsp; Transaction costs  | 1607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses  | 591232 | 583492 |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp; Gain (loss) on sales of real estate, net  |  | (16413) |
| &nbsp;&nbsp;&nbsp; Other income (expense), net  | 863 | (32417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net  | 863 | (48830) |
|  **Income (loss) before income taxes and equity income (loss) from unconsolidated joint venture**  | 13620 | (63847) |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | (11339) | 11490 |
| &nbsp;&nbsp;&nbsp; Equity income (loss) from unconsolidated joint venture  | 4068 | 1894 |
| **Net income (loss)**  | $6349 | $(50463) |

---

See accompanying Notes to the Combined Financial Statements.

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#### Janus Living Predecessor

#### COMBINED STATEMENTS OF PARENT'S NET INVESTMENT (In thousands)

---

| | |
|:---|:---|
| | **Total Parent's <br> Net Investment**  |
| **December 31, 2023**  | $1438960 |
| &nbsp;&nbsp;&nbsp; Net income (loss)  | (50463) |
| &nbsp;&nbsp;&nbsp; Net distributions to Parent  | (79644) |
| **December 31, 2024**  | $1308853 |
| &nbsp;&nbsp;&nbsp; Net income (loss)  | 6349 |
| &nbsp;&nbsp;&nbsp; Net distributions to Parent  | (32892) |
| **December 31, 2025**  | $1282310 |

---

See accompanying Notes to the Combined Financial Statements.

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#### Janus Living Predecessor

#### COMBINED STATEMENTS OF CASH FLOWS (In thousands)

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  |
| **Cash flows from operating activities:** |  |  |
| Net income (loss)  | $6349 | $(50463) |
|  Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization of real estate and in-place resident contract intangibles  | 126356 | 137186 |
| &nbsp;&nbsp;&nbsp; Amortization of deferred financing costs and debt discounts (premiums)  | (736) | (733) |
| &nbsp;&nbsp;&nbsp; Amortization of non-refundable entrance fees  | (98912) | (88995) |
| &nbsp;&nbsp;&nbsp; Equity loss (income) from unconsolidated joint venture  | (4068) | (1894) |
| &nbsp;&nbsp;&nbsp; Deferred income tax expense (benefit)  | 8928 | (12858) |
| &nbsp;&nbsp;&nbsp; Loss (gain) on sales of real estate, net  |  | 16413 |
| &nbsp;&nbsp;&nbsp; Casualty-related loss (recoveries), net  | (1550) | 32439 |
| Changes in: |  |  |
| &nbsp;&nbsp;&nbsp; Decrease (increase) in accounts receivable and other assets, net  | (16521) | (28409) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in accounts payable, accrued liabilities, and other liabilities  | (38195) | (17049) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in deferred revenue  | 155165 | 142924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities  | 136816 | 128561 |
| **Cash flows from investing activities:** |  |  |
| Capital expenditures  | (123921) | (65064) |
| Proceeds from sales of real estate, net  | 1000 | 8922 |
| Distributions in excess of earnings from unconsolidated joint venture  | 13910 | 12036 |
| Proceeds from insurance recovery  | 15218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities  | (93793) | (44106) |
| **Cash flows from financing activities:** |  |  |
| Repayments of mortgage debt  | (2823) | (2691) |
| Payments of offering costs  | (2113) |  |
| Net distributions to Parent  | (32892) | (79644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities  | (37828) | (82335) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash  | 5195 | 2120 |
| Cash, cash equivalents, and restricted cash, beginning of year  | 79066 | 76946 |
| Cash, cash equivalents, and restricted cash, end of year  | $84261 | $79066 |

---

See accompanying Notes to the Combined Financial Statements.

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#### Janus Living Predecessor

#### NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 1. Business
Healthpeak Properties, Inc., a Standard & Poor's 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust ("REIT") and that, together with its consolidated entities (collectively, "Healthpeak" or the "Parent"), owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States ("U.S."). Healthpeak intends to engage in a series of transactions in which subsidiaries of Healthpeak will transfer, directly or indirectly, 34 senior housing communities and certain parcels of land for future development (collectively, the "Portfolio") to a newly formed company, Janus Living, Inc. ("Janus Living"). The Portfolio is combined in these financial statements and represents the predecessor of Janus Living ("Janus Living Predecessor"). Janus Living filed a draft registration statement on Form S-11 with the U.S. Securities and Exchange Commission with respect to its proposed initial public offering of its common stock (the "offering"). Completion of the offering is subject to, among other things, market conditions, the effectiveness of the registration statement and other customary closing conditions.

As of December 31, 2025, the Portfolio includes 15 life plan communities and an interest in an unconsolidated joint venture that owns 19 senior housing communities (the "JV"). Janus Living Predecessor's 15 combined properties are located in Alabama, Florida, Michigan, Pennsylvania, Texas, and Virginia. The senior housing communities in the JV are located primarily in Texas and Colorado.

Janus Living Predecessor's senior housing properties are operated by third parties through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as "RIDEA"). The operators of Janus Living Predecessor's 15 combined properties are LCS and Sunrise Senior Living Management, Inc. ("Sunrise").

#### NOTE 2. Summary of Significant Accounting Policies

#### Use of Estimates
Management is required to make estimates and assumptions in the preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the combined financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management's estimates.

#### Basis of Presentation
The financial statements comprise the Portfolio to be owned by Janus Living pursuant to the proposed transactions outlined in Note 1. Prior, and subsequent, to the proposed initial public offering, Healthpeak will retain control of Janus Living, resulting in the transaction being accounted for as a transaction occurring between entities under common control. The combined financial statements have been prepared on a "carve-out" basis. For the years ended December 31, 2025 and 2024, Janus Living Predecessor operated as part of the Parent, and consisted of several entities for which separate financial statements have not historically been prepared. These financial statements reflect the combined historical financial position, results of operations, equity, and cash flows of Janus Living Predecessor for the periods presented. The historical financial statements reflect the carrying amounts that have been carved out of Healthpeak's consolidated financial statements prepared in conformity with U.S. GAAP, and reflect estimates and allocations made by Healthpeak to depict Janus Living Predecessor on a stand-alone basis. The financial statements included herein may not necessarily be indicative of Janus Living Predecessor's financial position, results of operations, or cash flows had Janus Living Predecessor operated as a stand-alone company during the periods presented, nor are they indicative of what Janus Living's financial position, results of operations, or cash flows may be in the future.

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The accompanying Combined Balance Sheets include only certain assets and liabilities that are directly attributable to owning and operating the Portfolio and that will be transferred pursuant to the offering, which will be executed between Janus Living and Healthpeak in connection with the offering. Accordingly, the assets and liabilities to be retained by Healthpeak have been excluded from the Combined Balance Sheets.

The accompanying Combined Statements of Operations and Combined Statements of Cash Flows include all costs directly attributable to owning and operating the Portfolio. The Combined Statements of Operations include certain expense allocations from the Parent, as further described below.

All significant transactions between Healthpeak and Janus Living Predecessor are included within net distributions to Parent in the financial statements. Transactions among the legal entities combined by Janus Living Predecessor have been eliminated in the presentation of the financial statements.

#### General and Administrative Expenses
General and administrative expenses represent the costs of overall management, administration, and support functions that are either directly attributable to specific property operations or investment activities, or are allocated in the case of costs that are not directly attributable. Costs include those associated with executive management, accounting, finance, legal, human resources, information technology, corporate insurance, and other corporate overhead. Allocations, where necessary, were made on a specific identification basis where possible or by using relative percentages of gross asset value or other methods management considered to be a reasonable reflection of the utilization of services provided.

#### Allocation of Property Insurance Costs
The financial statements include the allocation of property insurance costs incurred and paid by the Parent. The Parent has an annual master property insurance program for which a total premium is allocated to each property. Property insurance costs were allocated to Janus Living Predecessor for the Portfolio being transferred. The allocation is based on total location value as well as the specific item insured (building, personal property, and business interruption), adjusted by specific risk factors such as loss expectation and geographical location. The expense allocations have been determined on a basis that both Janus Living Predecessor and the Parent consider to be a reasonable reflection of the benefit received by Janus Living Predecessor during the periods presented. The allocations may not, however, reflect the expense Janus Living Predecessor would have incurred as a stand-alone entity for the periods presented. Actual costs that may have been incurred if Janus Living Predecessor had been a stand-alone entity would depend on a number of factors, including, but not limited to, the chosen insurance coverage.

#### Transaction Costs
Transaction costs are comprised of organization, legal, professional, and other related costs associated with Janus Living, which will be reimbursed to the Parent upon completion of the offering. Transaction costs are expensed as incurred.

#### Offering Costs
In connection with the offering, Janus Living Predecessor has incurred legal, accounting, and other related costs, which will be reimbursed to the Parent upon the completion of the offering. Such costs are recognized in other assets on the Combined Balance Sheets and will be recognized as a reduction of proceeds of the offering, or expensed if the offering is not completed.

#### Parent's Net Investment
Net assets are represented by the cumulative investment of the Parent which is shown as Parent's net investment, and comprises member's capital and retained earnings of the entities within Janus Living Predecessor. Net transfers to Parent are included within net distributions to Parent on the Combined Statements of Equity.

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#### Variable Interest Entities
Janus Living Predecessor is required to continually evaluate its variable interest entity ("VIE") relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support, (ii) substantially all of an entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii)(a) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If any of those criteria are met, the entity is a VIE.

The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control.

A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Janus Living Predecessor qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, which activities most significantly impact the entity's economic performance and the ability to direct those activities, its form of ownership interest, its representation on the VIE's governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity.

For any investments in joint ventures that are not considered to be VIEs, Janus Living Predecessor evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners' rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed.

During the year ended December 31, 2025, Janus Living Predecessor entered into a commitment to contribute $2 million in cash in exchange for a limited partner interest in a fund that makes venture capital investments in aging technology solutions. As of December 31, 2025, $0.2 million of this commitment had been funded and is recognized in accordance with ASC 321, Investments — Equity Securities, within other assets on the Combined Balance Sheets. This investment does not have a readily determinable fair value and the practical expedient to estimate fair value using net asset value per share has not been elected. Accordingly, the investment is measured at cost, less any impairments, and is adjusted for any observable price changes, with such changes included in earnings. An observable price results from an orderly transaction for an identical or similar investment of the same issuer, which is observed by an investor without expending undue cost and effort. Observable price changes may result from equity transactions of the same issuer, including subsequent equity offerings. To determine whether transactions are indicative of an observable price change, the Company evaluates, among other factors, whether the transactions have similar rights and obligations, which include voting rights, distribution rights and preferences, and conversion features. Additionally, the entity has been identified as a VIE. The assets and liabilities of the entity primarily consist of its capital investment. All future investments will be funded with capital contributions from Janus Living Predecessor and other limited partners in accordance with their respective commitments. Janus Living Predecessor's involvement in the entity is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner and given its rights and ownership percentage, Janus Living Predecessor has virtually no influence or control.

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#### Revenue Recognition
 *Resident Fees and Services* 

Janus Living Predecessor's 15 combined properties are operated as entrance fee communities, which typically require a resident to pay a one-time upfront entrance fee prior to occupancy, which includes both a refundable portion and non-refundable portion, in addition to the monthly resident fees and services charged based on the level of care and dwelling unit provided. Entrance fees grant a resident the right to occupy a dwelling unit and to receive access to a continuum of care, services, and amenities under a resident agreement. The amount of the entrance fee varies depending upon the type and size of the dwelling unit, the type of contract plan selected, whether the contract contains a lifecare benefit for the resident, the amount refundable, and other variables. When Janus Living Predecessor receives a non-refundable entrance fee, it is recorded in deferred revenue in the Combined Balance Sheets and amortized into revenue over the estimated stay of the resident on a straight-line basis. Janus Living Predecessor utilizes third-party actuarial experts in its determination of the estimated stay of residents. If a resident vacates the community sooner than estimated, the related unamortized non-refundable entrance fee balance is accelerated.

The refundable portion of a resident's entrance fee is generally refundable within a certain number of months or days following contract termination or, in some cases, upon the re-sale of the dwelling unit to another resident. The refundable portion of the fee is not amortized and is included in refundable entrance fees within accounts payable, accrued liabilities, and other liabilities on the Combined Balance Sheets.

Janus Living Predecessor recognizes resident fee and service revenue from its properties in accordance with ASC 606, *Revenue from Contracts with Customers*. Resident fee and service revenue includes resident dwelling unit and care charges, community fees, and other resident charges and is reported at the amount that reflects the consideration to which Janus Living Predecessor expects to be entitled for providing resident services. These amounts are due from residents, third-party payors (including health insurers and government programs, such as Medicare and Medicaid), and others, and include variable consideration for retroactive revenue adjustments from estimated reimbursements, if any. Revenue is recognized as performance obligations are satisfied, and the resident receives and controls the good or service. Residency agreements are generally for a term of 30 days to one year with automatic successive renewals unless earlier terminated.

Performance obligations are determined based on the nature of the services provided by Janus Living Predecessor. Revenue for performance obligations satisfied over time is recognized based on actual services provided in relation to total expected (or actual) services. Janus Living Predecessor believes that this method provides a faithful depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to residents occupying the properties and are recognized to the point when it is no longer required to provide services to the resident, which is generally at the time of death or move-out. Ancillary and other services are recognized at a point in time, as services are delivered.

#### Real Estate and Related Intangible Assets
Janus Living Predecessor capitalizes costs associated with renovations and improvements which extend the life of an asset. While substantive activities are ongoing to prepare an asset for its intended use, costs including property taxes, insurance, and other costs directly related and essential to the improvement of a real estate asset, are capitalized. Expenditures for repairs and maintenance are expensed as incurred.

Janus Living Predecessor computes depreciation on properties using the straight-line method over the assets' estimated useful lives. Buildings and improvements are depreciated over useful lives ranging from five to 40 years. In-place resident contract intangibles generated from historical property acquisitions are amortized to expense over the estimated average remaining length of stay of the residents at the time of acquisition.

#### Gain (Loss) on Sales of Real Estate, Net
Janus Living Predecessor recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset,

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and (iii) it is probable that Janus Living Predecessor will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale.

#### Accounts Receivable, Net
Accounts receivable related to resident fees and services are reported net of an allowance for credit losses to represent Janus Living Predecessor's estimate of expected losses at the balance sheet date. The adequacy of Janus Living Predecessor's allowance for credit losses is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, a review of specific accounts, as well as expected future economic conditions and market trends, and adjustments are made to the allowance as necessary. Credit loss expenses are recorded in operating expenses on the Combined Statements of Operations.

#### Impairment of Long-Lived Assets and Goodwill
Janus Living Predecessor assesses the carrying value of real estate assets and related intangibles ("real estate assets") when events or changes in circumstances indicate that the carrying value may not be recoverable. Janus Living Predecessor tests its real estate assets for impairment by comparing the sum of the estimated future undiscounted cash flows to the carrying value of the real estate assets. The estimated future undiscounted cash flows reflect external market factors and the expected use and eventual disposition of the asset, and based on the specific facts and circumstances, may be probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. In order to review its real estate assets for recoverability, Janus Living Predecessor makes assumptions such as those regarding external market conditions (including capitalization rates), forecasted cash flows (primarily rates for resident fees and services, expense rates, forecasted occupancy, and growth rates) and sales prices, and its intent with respect to holding or disposing of the asset. If the analysis indicates that the carrying of the real estate asset is not recoverable on an estimated future undiscounted cash flow basis, an impairment loss will be recognized to the extent that the carrying value of the real estate assets exceeds their fair value.

Determining the fair value of real estate assets involves significant judgment and generally utilizes assumptions such as market capitalization rates, discount rates, comparable market transactions, estimated per unit prices, negotiations with prospective buyers, and forecasted cash flows (which are subject to certain assumptions as discussed above).

When testing goodwill for impairment, if Janus Living Predecessor concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, Janus Living Predecessor recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit's fair value, limited to the total amount of goodwill allocated to that reporting unit.

#### Investments in Unconsolidated Joint Ventures
Investments in entities Janus Living Predecessor does not consolidate, but over which Janus Living Predecessor has the ability to exercise significant influence over operating and financial policies, are reported under the equity method of accounting. Under the equity method of accounting, Janus Living Predecessor's share of the investee's earnings or losses is included in equity income (loss) from unconsolidated joint venture within Janus Living Predecessor's Combined Statements of Operations.

For Janus Living Predecessor's equity method investment, which has pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership.

Janus Living Predecessor classifies distributions received from its unconsolidated joint venture using the cumulative earnings approach, under which distributions up to the amount of equity in earnings from the joint venture are classified in operating activities and those in excess of that amount are classified in investing activities.

For newly formed or acquired joint ventures, the initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest, the fair value of assets contributed to the joint venture, or the fair value of the assets prior to the sale of interests in the joint venture.

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To the extent that Janus Living Predecessor's cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in Janus Living Predecessor's share of equity in earnings of the joint venture.

Janus Living Predecessor reviews its equity method investment for indicators of impairment. This evaluation considers a number of factors, including but not limited to, the underlying investment property operating performance, general market conditions, or a change in management's investment strategy. If an equity method investment shows indicators of impairment, Janus Living Predecessor evaluates its equity method investments for impairment based on a comparison of the fair value of the equity method investment to its carrying value. When Janus Living Predecessor determines a decline in fair value below carrying value of an investment in an unconsolidated joint venture is other-than-temporary, an impairment is recorded. The determination of whether an impairment is other-than-temporary involves significant judgment and considers factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The length of time and extent to which fair value has been below carrying value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The investee's financial condition, capital structure, and expected future operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The estimated future cash flows of the investment's underlying real estate assets.

These fair values are determined based on discounted cash flow models that include all estimated cash inflows and outflows. These fair values are typically determined using an income approach and/or a market approach (comparable sales model), which rely on certain assumptions by management. Determining the fair value of these investments may involve significant judgment to develop forecasted cash flows which utilize observable and unobservable inputs such as market rates for residents, expense rates, forecasted occupancy, capitalization rates, discount rates, expected capital expenditures, and comparable sales data, among other things.

#### Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of cash on hand. Restricted cash primarily consists of deposits required by state licensing authorities, including a minimum liquid reserve ("MLR"), and by certain lenders pursuant to the applicable agreement. Restricted cash also includes escrow deposits held for resident fees.

Janus Living Predecessor maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000 per institution. As the account balances at each institution periodically exceed the FDIC insurance coverage, there is a concentration of credit risk related to amounts in excess of such coverage.

#### Obligation to Provide Future Services
Under the terms of certain residency and care agreements, Janus Living Predecessor is obligated to provide future services to its residents. With the assistance of third-party actuarial experts, Janus Living Predecessor calculates the present value of the expected net cost of future services and use of facilities annually and compares that amount with the balance of non-refundable deferred entrance fees and the present value of expected future cash flows. If the present value of the expected net cost of future services and use of the facilities exceeds discounted future cash inflows and the balance of non-refundable deferred entrance fees, an additional liability is recorded (obligation to provide future services and use of facilities) with a corresponding charge to income. The obligation is discounted, based on the expected long-term rate of return on government obligations. As of each of December 31, 2025 and 2024, Janus Living Predecessor was not required to recognize an additional liability associated with its obligation to provide future services and use of its facilities.

#### Income Taxes
Janus Living intends to elect REIT status and believes it will qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the "Code") commencing with its taxable year ending December 31, 2026. Accordingly, Janus Living will generally not be subject to U.S. federal income

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tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, Janus Living intends to own several consolidated subsidiaries which have elected REIT status. Janus Living and these consolidated REIT subsidiaries will each be subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years.

Janus Living Predecessor is subject to state and local income taxes in some jurisdictions. In certain circumstances Janus Living Predecessor may also be subject to federal excise taxes on undistributed income. Certain activities that Janus Living Predecessor has undertaken were conducted by entities that have elected to be treated as taxable REIT subsidiaries ("TRSs"). TRSs are subject to federal, state, and local income taxes. Janus Living Predecessor recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense.

Janus Living Predecessor's deferred tax assets are netted against deferred tax liabilities of the same jurisdiction on the Combined Balance Sheets. Janus Living Predecessor is required to evaluate its deferred tax assets for realizability and recognize a valuation allowance, which is recorded against its deferred tax assets, if it is more likely than not that the deferred tax assets will not be realized. Janus Living Predecessor considers all available evidence in its determination of whether a valuation allowance for deferred tax assets is required.

#### Costs of Acquiring Contracts
Janus Living Predecessor pays employees, third-parties, and certain of its operators commissions related to entrance fee sales. As of December 31, 2025 and 2024, Janus Living Predecessor had $24 million and $21 million, respectively, of net capitalized commissions within other assets on the Combined Balance Sheets, which are amortized over the estimated stay of the resident.

#### Advertising Costs
All advertising costs are expensed as incurred and reported within operating expenses on the Combined Statements of Operations. During the years ended December 31, 2025 and 2024, total advertising expense was $10 million and $9 million, respectively.

#### Debt Issuance Costs
Debt issuance costs related to debt instruments are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the effective interest method.

#### Segment Reporting
Janus Living Predecessor has one operating segment and therefore, one reportable segment, senior housing, based on how its chief operating decision maker ("CODM") evaluates its business and allocates resources.

#### Fair Value Measurement
Janus Living Predecessor measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Janus Living Predecessor's market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 1 — quoted prices for identical instruments in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 2 — quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 3 — fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Janus Living Predecessor measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities that are required to be measured at fair value. When available, Janus Living Predecessor utilizes quoted market prices to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in an inactive or over-the-counter market, Janus Living Predecessor consistently applies the dealer (market maker) pricing estimate and classifies the asset or liability in Level 2.

If quoted market prices or inputs are not available, fair value measurements are based on valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, and/or market capitalization rates. Items valued using these valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by Janus Living Predecessor include discounted cash flow models. Janus Living Predecessor also considers its counterparty's and own credit risk for derivative instruments and other liabilities measured at fair value. Janus Living Predecessor has elected the mid-market pricing expedient when determining fair value.

The carrying amounts of cash and cash equivalents, restricted cash, certain other assets, and certain accounts payable, accrued liabilities, and other liabilities approximate fair value because of the short-term nature of these instruments.

#### Recent Accounting Pronouncements
 *Not Yet Adopted* 

*Income Taxes.* In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"), to provide disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. One of the amendments in ASU 2023-09 includes disclosure of, on an annual basis, a tabular rate reconciliation (using both percentages and reporting currency amounts) of (i) the reported income tax expense (or benefit) from continuing operations, to (ii) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal income tax rate of the jurisdiction of domicile using specific categories, including separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold of 5%. ASU 2023-09 also requires disclosure of, on an annual basis, the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign jurisdictions, including additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments in ASU 2023-09 are effective for entities other than public business entities for annual periods beginning after December 15, 2025. The amendments may be applied either prospectively or retrospectively. Early adoption is also permitted. Janus Living Predecessor expects ASU 2023-09 to require additional disclosures in the Notes to the Combined Financial Statements. Janus Living Predecessor does not expect the amendments to have a material impact to its combined financial position, results of operations, or cash flows.

*Expense Disaggregation.* In November 2024, the FASB issued ASU No. 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* ("ASU 2024-03"), to address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. ASU 2024-03 requires public companies to provide disaggregated disclosure in tabular format in the notes to financial statements of specific expenses, including but not limited to: (i) employee compensation, (ii) depreciation, and (iii) intangible asset amortization. In January 2025, the FASB issued ASU No. 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies that the amendments in ASU 2024-03 are effective for public

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business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The amendments may be applied either prospectively or retrospectively. Early adoption is also permitted. Janus Living Predecessor is evaluating the impact these ASUs will have on its disclosures.

Janus Living Predecessor is an emerging growth company ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Janus Living Predecessor has elected the option to use the extended transition for new and revised accounting standards provided for EGCs under the JOBS Act, and, accordingly, may adopt such pronouncements on the same schedule as companies that are not issuers.

#### NOTE 3. Real Estate

#### Construction Activities
 *Capital Expenditures* 

During the years ended December 31, 2025 and 2024, Janus Living Predecessor's capital expenditure additions were $125 million and $72 million, respectively.

#### Dispositions of Real Estate
There were no dispositions of real estate during the year ended December 31, 2025. During the three months and year ended December 31, 2024, Janus Living Predecessor sold a portfolio comprised of a land parcel and various vacant buildings on certain campuses for $12 million, resulting in total loss on sales of $16 million.

#### Impairment Charges
During the years ended December 31, 2025 and 2024, Janus Living Predecessor did not recognize any impairment charges.

#### Casualty-Related Charges
During the year ended December 31, 2025, Janus Living Predecessor recognized $2 million of casualty-related recoveries related to prior claims for Hurricane Milton. During the year ended December 31, 2024, Janus Living Predecessor recognized $32 million of casualty-related charges, which were primarily related to damages as a result of Hurricane Milton. Casualty-related recoveries (charges) are recognized in other income (expense), net in the Combined Statements of Operations. As of December 31, 2025 and 2024, Janus Living Predecessor recognized insurance receivables of $12 million and $20 million, respectively, for amounts in excess of the related deductibles (see Note 6).

#### NOTE 4. Investment in Unconsolidated Joint Venture
As of December 31, 2025 and 2024, Janus Living Predecessor owned a 53.5% interest in the JV that was comprised of 19 senior housing communities and was accounted for under the equity method. The remaining 46.5% interest was held by a sovereign wealth fund ("SWF"). This entity was not consolidated because Janus Living Predecessor did not control the joint venture through its voting rights, as major decisions required approval by both joint venture partners and neither Janus Living Predecessor, nor its joint venture partner, had kick-out rights. As of December 31, 2025 and 2024, the carrying value of the JV was $313 million and $323 million, respectively.

In January 2026, Janus Living Predecessor acquired the remaining 46.5% interest in the JV for $312 million. Soon after the completion of this acquisition in January 2026, Janus Living Predecessor entered into operator transition agreements to transition certain of its senior housing properties from Brookdale Senior Living ("Brookdale") to Ciel Senior Living and Pegasus Senior Living (the "operator transition"). In connection with the operator transition, Janus Living Predecessor will be required to pay a termination fee of approximately $2.5 million to Brookdale.

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The following table summarizes Janus Living Predecessor's equity method investment (in thousands):

---

| | |
|:---|:---|
| December 31, 2023  | $332693 |
| &nbsp;&nbsp;&nbsp; Distributions  | (12036) |
| &nbsp;&nbsp;&nbsp; Direct share of equity income (loss)  | 2394 |
| &nbsp;&nbsp;&nbsp; Basis difference amortization  | (500) |
| December 31, 2024  | $322551 |
| &nbsp;&nbsp;&nbsp; Distributions  | (13910) |
| &nbsp;&nbsp;&nbsp; Direct share of equity income (loss)  | 4649 |
| &nbsp;&nbsp;&nbsp; Basis difference amortization  | (581) |
| December 31, 2025  | $312709 |

---

At December 31, 2025 and 2024, the aggregate unamortized basis difference of Janus Living Predecessor's investment in the JV was $3 million and $4 million, respectively, and was primarily attributable to the difference between the amount for which Janus Living Predecessor purchased its interest and the historical carrying value of the net assets of the joint venture. The difference is amortized over the remaining useful lives of the related assets and is included in equity income (loss) from unconsolidated joint venture.

For the years ended December 31, 2025 and 2024, Janus Living Predecessor determined that the JV was significant under Rule 4-08(g) of Regulation S-X. The following tables include summarized financial information for the JV as of and for the years ended December 31, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| Net real estate  | $563021 | $580396 |
| Other assets  | 40539 | 38631 |
| &nbsp;&nbsp;&nbsp; Total assets  | $603560 | $619027 |
| Accounts payable, accrued expenses, and other liabilities  | $22607 | $20676 |
| Deferred revenue  | 2370 | 2457 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | $24977 | $23133 |
| Members' capital  | 578238 | 595549 |
| Noncontrolling interests  | 345 | 345 |
| &nbsp;&nbsp;&nbsp; Total equity  | 578583 | 595894 |
| &nbsp;&nbsp;&nbsp; Total liabilities and equity  | $603560 | $619027 |

---

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  |
| Total revenues  | $167176 | $161946 |
| Total costs and expenses  | (158958) | (154352) |
| Other income (expense), net  | 1505 | (2066) |
| Income tax benefit (expense)  | (993) | (1011) |
| Net income (loss)  | $8730 | $4517 |
| Noncontrolling interests' share in earnings  | (41) | (41) |
| Net income (loss) attributable to members  | $8689 | $4476 |
| Janus Living Predecessor's direct share of net income (loss)  | 4649 | 2394 |
| Basis difference amortization  | (581) | (500) |
| Equity income (loss) from unconsolidated joint venture  | $4068 | $1894 |

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#### NOTE 5. Intangible Assets and Goodwill
Intangible assets consist of in-place resident contract intangibles that were recognized upon acquiring 100% interest in the related properties. The following table summarizes Janus Living Predecessor's intangible assets (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| **Intangible assets**  | **2025**  | **2024**  |
| Gross intangible assets  | $281356 | $336678 |
| Accumulated amortization  | (254686) | (261717) |
| Intangible assets  | $26670 | $74961 |
| Weighted average remaining amortization period in years  | 1 | 2 |

---

During the years ended December 31, 2025 and 2024, depreciation and amortization expense related to amortization of intangible assets was $48 million and $53 million, respectively.

The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands):

---

| | |
|:---|:---|
| | **Depreciation <br> and <br> Amortization**  |
| 2026  | $22689 |
| 2027  | 3981 |
| 2028  |  |
| 2029  |  |
| 2030  |  |
| Thereafter  |  |
|  | $26670 |

---

#### Goodwill
At each of December 31, 2025 and 2024, Janus Living Predecessor had goodwill of $4 million. This goodwill balance represents the historical basis recognized by the Parent that is attributable to Janus Living Predecessor. During each of the years ended December 31, 2025 and 2024, the fair value of Janus Living Predecessor's reporting unit was greater than the carrying value, including the related goodwill, and as a result, no impairment charges were recognized.

#### NOTE 6. Other Assets
The following table summarizes Janus Living Predecessor's other assets (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| Entrance fee receivables (see Note 9)  | $73376 | $61273 |
| Prepaid and other assets  | 48690 | 41421 |
| Insurance receivables (see Note 3)  | 12491 | 19835 |
| &nbsp;&nbsp;&nbsp; Other assets  | $134557 | $122529 |

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#### NOTE 7. Debt

#### Mortgage Debt
At December 31, 2025 and 2024, Janus Living Predecessor had $102 million and $105 million, respectively, in aggregate principal of fixed rate mortgage debt outstanding. At December 31, 2025 and 2024, this mortgage debt was secured by two properties with an aggregate carrying value of $242 million and $236 million, respectively.

Mortgage debt requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt requires (i) maintenance of the assets in good condition, (ii) operation and licensure of the assets as senior housing facilities, (iii) insurance on the assets, (iv) payment of real estate taxes, (v) restricts transfer of the encumbered assets and repayment of the loan, and (vi) prohibits additional liens. Janus Living Predecessor was in compliance with these requirements as of December 31, 2025 and 2024. Additionally, there are no financial covenants for Janus Living Predecessor's mortgage debt.

During each of the years ended December 31, 2025 and 2024, Janus Living Predecessor made aggregate principal repayments of mortgage debt of $3 million.

#### Debt Maturities
The following table summarizes Janus Living Predecessor's stated debt maturities and scheduled principal repayments at December 31, 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **Mortgage Debt**  | **Mortgage Debt**  |
| **Year**  | **Amount**  | **Interest <br> Rate<sup>(1)</sup>**  |
| 2026  | $102011 | 3.5% |
| 2027  |  | —% |
| 2028  |  | —% |
| 2029  |  | —% |
| 2030  |  | —% |
| Thereafter  |  | —% |
|  | 102011 |  |
| Premiums, (discounts), and debt issuance costs, net  | 677 |  |
|  | $102688 |  |

---

(1) Represents the weighted-average effective interest rate as of the end of the applicable period, including amortization of debt premiums (discounts) and debt issuance costs. These effective interest rates range from 3.4% to 3.6%, with a weighted average effective interest rate of 3.5%, and a weighted average maturity of approximately one year.

In January 2026, Janus Living Predecessor made a $103 million early full repayment of its mortgage debt with original maturities in December 2026, inclusive of prepayment penalties of $1 million.

Additionally, as of December 31, 2025, Janus Living Predecessor had ten outstanding letters of credit obligations totaling $1 million.

#### NOTE 8. Accounts Payable, Accrued Liabilities, and Other Liabilities
The following table summarizes Janus Living Predecessor's accounts payable, accrued liabilities, and other liabilities (in thousands):

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---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| Refundable entrance fees  | $221147 | $236563 |
| Other accounts payable and accrued liabilities  | 57024 | 68924 |
| Accrued construction costs  | 6039 | 5961 |
| &nbsp;&nbsp;&nbsp; Accounts payable, accrued liabilities, and other liabilities  | $284210 | $311448 |

---

#### NOTE 9. Deferred Revenue
The following table summarizes Janus Living Predecessor's deferred revenue (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| Non-refundable entrance fees  | $669528 | $615723 |
| Other deferred revenue  | 3479 | 1031 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | $673007 | $616754 |

---

The opening and closing balances of non-refundable entrance fees were as follows (in thousands):

---

| | |
|:---|:---|
| Opening balance – December 31, 2023  | $562026 |
| &nbsp;&nbsp;&nbsp; Additions  | 142692 |
| &nbsp;&nbsp;&nbsp; Amortization<sup>(1)</sup>  | (88995) |
| Closing balance – December 31, 2024  | $615723 |
| &nbsp;&nbsp;&nbsp; Additions  | 152717 |
| &nbsp;&nbsp;&nbsp; Amortization<sup>(1)</sup>  | (98912) |
| Closing balance – December 31, 2025  | $669528 |

---

(1) Amortization of non-refundable entrance fees is included within resident fees and services on the Combined Statements of Operations.

As of December 31, 2025 and 2024, the weighted average remaining length of stay based on the unamortized non-refundable entrance fee balance of Janus Living Predecessor's in-place residents was 8 years and 9 years, respectively.

#### Entrance Fee Receivables
For certain residents that qualify, Janus Living Predecessor may offer to provide a deferral of the upfront cash entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. These entrance fee receivables are due upon sale of the resident's previous home. The following table summarizes Janus Living Predecessor's entrance fee receivables, which are recognized in other assets on the Combined Balance Sheets (in thousands):

---

| | |
|:---|:---|
| Opening balance – December 31, 2023  | $42733 |
| &nbsp;&nbsp;&nbsp; Current year deferrals provided  | 91508 |
| &nbsp;&nbsp;&nbsp; Receipts applied to entrance fee commitments  | (72968) |
| Closing balance – December 31, 2024  | $61273 |
| &nbsp;&nbsp;&nbsp; Current year deferrals provided  | 99960 |
| &nbsp;&nbsp;&nbsp; Receipts applied to entrance fee commitments  | (87857) |
| Closing balance – December 31, 2025  | $73376 |

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#### NOTE 10. Commitments and Contingencies
 *Minimum Liquid Reserve* 

State licensing authorities require Janus Living Predecessor to maintain MLR balances in escrow accounts based upon certain financial calculations. This requirement mitigates the risk of a community failure, whereby Janus Living Predecessor would be obligated to repay the balance of entrance fees to its residents. The reserve balances required by these state licensing authorities at December 31, 2025 was $95 million, which was met through $43 million of restricted cash held in escrow and $52 million of promissory notes. These promissory notes are issued between Janus Living Predecessor and certain of its operating subsidiaries, which represents intercompany activity that is eliminated in the Combined Financial Statements.

 *Legal Proceedings* 

From time to time, Janus Living Predecessor is a party to legal proceedings, lawsuits and other claims that arise in the ordinary course of Janus Living Predecessor's business. These matters typically relate to the following, among others, and include matters that pertain to operators' management of Janus Living Predecessor's communities: (i) premises liability and other personal injury claims; (ii) resident care and professional liability matters, including allegations relating to quality of care, neglect, or violation of applicable health and safety regulations; and (iii) contract disputes with residents, service providers, or vendors. Many of these claims are covered, in whole or in part, by insurance policies maintained by the Parent, as further described below, subject to self-insured retentions, deductibles, and policy limits.

Janus Living Predecessor monitors and evaluates all pending matters in consultation with legal counsel, risk management, insurance professionals, and its operators. Janus Living Predecessor is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material effect on Janus Living Predecessor's financial condition, results of operations, or cash flows. Janus Living Predecessor's policy is to expense legal costs as they are incurred.

 *Management Agreement* 

Janus Living Predecessor has long-term management agreements with its operators under which base management fees and incentive management fees are payable to these operators if operating results exceed pre-established thresholds. Conversely, there are also provisions in the management agreements that reduce management fees payable to these operators if operating results do not meet certain pre-established thresholds. Out-of-pocket expenses incurred on behalf of Janus Living Predecessor by operators are subject to reimbursement from Janus Living Predecessor. During the years ended December 31, 2025 and 2024, Janus Living Predecessor incurred management fees of $24 million and $21 million, respectively, which are recognized in operating expenses on the Combined Statements of Operations.

 *Environmental Costs* 

Various environmental laws govern certain aspects of the ongoing management and operation of our facilities, including those related to presence of asbestos-containing materials. The presence of, or the failure to manage and/or remediate, such materials may adversely affect the occupancy and performance of Janus Living Predecessor's facilities. Janus Living Predecessor monitors its properties for the presence of such hazardous or toxic substances and is not aware of any environmental liability with respect to the properties that would have a material effect on Janus Living Predecessor's business, financial condition, or results of operations. Janus Living Predecessor carries environmental insurance and believes that the policy terms, conditions, limitations, and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage, and current industry practice.

 *General Uninsured Losses* 

The Parent maintains, on behalf of Janus Living Predecessor, various types of insurance to mitigate the impact of property, business interruption, liability (including claims arising from injuries to residents, patients, visitors, and professional service providers), workers' compensation, flood, windstorm, earthquake,

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environmental, cyber, and terrorism related losses. The Parent attempts to obtain appropriate policy terms, conditions, limits, and deductibles considering the relative risk of loss, the cost of such coverage, and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable. In addition, Janus Living Predecessor has properties that may be exposed to earthquake, flood, and windstorm occurrences for which the related insurances carry high deductibles and have limits.

The Parent also maintains, on behalf of Janus Living Predecessor, property insurance for all of its properties, including separate general and professional liability insurance for its consolidated properties and properties owned by the JV. Additionally, the Parent's corporate general liability insurance program also extends coverage for all of its properties beyond the aforementioned. The Parent periodically reviews whether it or its operators will bear responsibility for maintaining the required insurance coverage for the applicable consolidated properties and properties owned by the JV, but the costs of such insurance are facility expenses paid from the revenues of those properties, regardless of who maintains the insurance.

#### NOTE 11. Fair Value Measurements
The table below summarizes the carrying amounts and fair values of Janus Living Predecessor's financial instruments either recorded or disclosed on a recurring basis (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025<sup>(1)</sup>**  | **December 31, 2025<sup>(1)</sup>**  | **December 31, 2024<sup>(1)</sup>**  | **December 31, 2024<sup>(1)</sup>**  |
| | **Carrying Value**  | **Fair Value<sup>(2)</sup>**  | **Carrying Value**  | **Fair Value<sup>(2)</sup>**  |
| Mortgage debt  | $102688 | $100658 | $106247 | $100181 |

---

(1) During the years ended December 31, 2025 and 2024, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

(2) Level 2: Mortgage debt is classified as Level 2 in the fair value hierarchy. The fair value of mortgage debt is based on standardized pricing models in which significant inputs or value drivers are observable in active markets.

#### NOTE 12. Revenue Recognition

#### Disaggregation of Resident Fees and Services Revenue
The following tables disaggregate Janus Living Predecessor's resident fees and services according to whether such revenue relates to amortization of non-refundable entrance fees, room and board, or ancillary and other services (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2025**  | **2024**  | **2024**  |
| | **Amount**  | **Percent of <br> Total**  | **Amount**  | **Percent of <br> Total**  |
| Room and board  | $488366 | 80.8% | $463938 | 81.6% |
| Non-refundable entrance fee amortization  | 98912 | 16.4% | 88995 | 15.7% |
| Ancillary and other services  | 16711 | 2.8% | 15542 | 2.7% |
| &nbsp;&nbsp;&nbsp; Total resident fees and services  | $603989 | 100.0% | $568475 | 100.0% |

---

Room and board and non-refundable entrance fee amortization are recognized over time, or approximately one month and expected stay of the resident, respectively. Ancillary and other services are recognized at a point in time, as services are delivered.

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#### Accounts Receivable, net
The opening and closing balances of accounts receivable, net were as follows (in thousands):

---

| | |
|:---|:---|
| Opening balance – December 31, 2023  | $19970 |
| Closing balance – December 31, 2024  | 19697 |
| &nbsp;&nbsp;&nbsp; Change  | $(273) |
| Opening balance – December 31, 2024  | $19697 |
| Closing balance – December 31, 2025  | 19431 |
| &nbsp;&nbsp;&nbsp; Change  | $(266) |

---

The following is a summary of Janus Living Predecessor's adjustments to allowances for credit losses (in thousands):

---

| | |
|:---|:---|
| Opening balance – December 31, 2023  | $2282 |
| &nbsp;&nbsp;&nbsp; Additional allowance  | 2494 |
| &nbsp;&nbsp;&nbsp; Write-offs, recoveries, and other adjustments  | (2533) |
| Closing balance – December 31, 2024  | $2243 |
| Opening balance – December 31, 2024  | $2243 |
| &nbsp;&nbsp;&nbsp; Additional allowance  | 2269 |
| &nbsp;&nbsp;&nbsp; Write-offs, recoveries, and other adjustments  | (2494) |
| Closing balance – December 31, 2025  | $2018 |

---

#### NOTE 13. Segment Disclosures
Janus Living Predecessor has one operating segment, senior housing, based on how its CODM, the President and Chief Executive Officer, assesses performance and allocates resources. Janus Living Predecessor's reportable segment, as determined in accordance with ASC 280, *Segment Reporting*, is the same as its operating segment. The accounting policies of the senior housing segment are the same as those described in Janus Living Predecessor's Summary of Significant Accounting Policies (see Note 2).

The CODM evaluates performance based on net income (loss) as reported on Janus Living Predecessor's Combined Statements of Operations as it provides a comprehensive indication of overall results of operations.

Segment assets consist of real estate assets and intangible assets. Non-segment assets consist of corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, and other assets. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.

The following table presents significant segment expenses and net income (loss) for the years ended December 31, 2025 and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  |
| Resident fees and services  | $603989 | $568475 |
| Compensation and property management  | (287758) | (278881) |
| Food  | (27263) | (26513) |
| Real estate taxes  | (15937) | (15472) |
| Repairs and maintenance  | (20212) | (18373) |
| Utilities  | (23602) | (22309) |
| Other segment items<sup>(1)</sup>  | (74151) | (68895) |
| Depreciation and amortization  | (126356) | (137186) |
| General and administrative  | (10549) | (11921) |
| Interest expense  | (3797) | (3942) |
| Transaction costs  | (1607) |  |
| Gain (loss) on sales of real estate, net  |  | (16413) |
| Other income (expense), net  | 863 | (32417) |
| Income tax benefit (expense)  | (11339) | 11490 |
| Equity income (loss) from unconsolidated joint venture  | 4068 | 1894 |
| **Net income (loss)**  | $6349 | $(50463) |

---

(1) Other segment items include: (i) cleaning and supplies, (ii) insurance, (iii) marketing, and (iv) other expenses.

#### NOTE 14. Income Taxes
The Parent has elected to be taxed as a REIT under the applicable provisions of the Code beginning with the year ended December 31, 1985 and Janus Living also intends to elect REIT status. Certain of the entities combined within Janus Living Predecessor have elected to be treated as TRSs (the "TRS entities"), which are subject to federal and state income taxes. Entities other than TRS entities are also subject to state and local income taxes.

The total income tax benefit (expense) consists of the following components (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| **Current** |  |  |
| Federal  | $(1674) | $(688) |
| State  | (737) | (680) |
| **Total current**  | $(2411) | $(1368) |
| **Deferred** |  |  |
| Federal  | $(6852) | $7183 |
| State  | (2076) | 5675 |
| **Total deferred**  | $(8928) | $12858 |
| **Total income tax benefit (expense)**  | $(11339) | $11490 |

---

The following table reconciles income tax benefit (expense) at statutory rates to actual income tax benefit (expense) recorded for the years ended December 31, 2025 and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  |
|  Tax at statutory rate on earnings before income taxes and noncontrolling interest  | $(4052) | $13010 |
| State income tax benefit (expense), net of federal tax  | (2128) | 205 |
| Gross receipts and margin taxes  | (129) | (124) |
| Change in valuation allowance for deferred tax assets  |  | 10811 |
| Tax at statutory rate on earnings not subject to federal income taxes  | (5552) | (12128) |
| Other  | 522 | (284) |
| &nbsp;&nbsp;&nbsp; **Total income tax benefit (expense)**  | $(11339) | $11490 |

---

The tax effects of temporary differences and carryforwards included in the net deferred tax assets are summarized as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | $93491 | $92699 |
| &nbsp;&nbsp;&nbsp; Net operating loss carryforward  | 37464 | 46438 |
| &nbsp;&nbsp;&nbsp; Expense accruals  | 13427 | 12878 |
| &nbsp;&nbsp;&nbsp; Other  |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax assets  | $144382 | $152050 |
| &nbsp;&nbsp;&nbsp; Valuation allowance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Deferred tax assets, net of valuation allowance**  | $144382 | $152050 |
| **Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Real estate  | $(37308) | $(35962) |
| &nbsp;&nbsp;&nbsp; Other  |  | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Deferred tax liabilities**  | $(37308) | $(36048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net deferred tax assets**  | $107074 | $116002 |

---

Janus Living Predecessor records a valuation allowance against deferred tax assets in certain jurisdictions when it is not more likely than not that it can realize the related deferred tax assets. The deferred tax asset valuation allowance is adequate to reduce the total deferred tax assets to an amount that Janus Living Predecessor estimates will "more-likely-than-not" be realized. As of December 31, 2023, Janus Living Predecessor had a valuation allowance against certain senior housing deferred tax assets generated by net operating losses ("NOLs") of its TRS entities. During the year ended December 31, 2024, Janus Living Predecessor completed a merger of certain TRS entities and as a result, reversed the deferred tax asset valuation allowance and recognized a corresponding income tax benefit. Therefore, as of December 31, 2025 and 2024, no deferred tax asset valuation allowance has been recognized.

At December 31, 2025, Janus Living Predecessor had an NOL carryforward of $140 million related to the TRS entities, all of which may be carried forward indefinitely.

As of January 1, 2024 and for the years ended December 31, 2025 and 2024, Janus Living Predecessor had no unrecognized tax benefits or related interest or penalties.

The Parent has filed numerous U.S. federal, state, and local income and franchise tax returns. The Parent is no longer subject to U.S. federal, state, or local tax examinations by taxing authorities for years prior to 2022.

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[**TABLE OF CONTENTS**](#TOC2)

#### NOTE 15. Supplemental Cash Flow Information
The following table provides supplemental cash flow information (in thousands):

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  |
|  ***Supplemental cash flow information:*** |  |  |
| &nbsp;&nbsp;&nbsp; Interest paid  | $4543 | $3220 |
| &nbsp;&nbsp;&nbsp; Income taxes paid (refunded), net  | 1172 | 3054 |
|  ***Supplemental schedule of non-cash investing and financing activities:*** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued construction costs  | 6039 | 5961 |

---

The following table summarizes cash, cash equivalents, and restricted cash (in thousands):

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2025**  | **2024**  |
| **Beginning of period:** |  |  |
| Cash and cash equivalents  | $18777 | $26504 |
| Restricted cash  | 60289 | 50442 |
| &nbsp;&nbsp;&nbsp; Cash, cash equivalents, and restricted cash  | $79066 | $76946 |
| **End of period:** |  |  |
| Cash and cash equivalents  | $19652 | $18777 |
| Restricted cash  | 64609 | 60289 |
| &nbsp;&nbsp;&nbsp; Cash, cash equivalents, and restricted cash  | $84261 | $79066 |

---

#### NOTE 16. Concentration of Credit Risk
Concentrations of credit risk arise when one or more residents, operators, or obligors related to Janus Living Predecessor's investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to Janus Living Predecessor, to be similarly affected by changes in economic conditions. Janus Living Predecessor regularly monitors its portfolio to assess potential concentrations of credit risks.

The following table provides information regarding Janus Living Predecessor's concentrations with respect to certain states and operators; the information provided is presented as percentages of Janus Living Predecessor's total gross real estate assets and revenues:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Percentage of Gross <br> Real Estate Assets**  | **Percentage of Gross <br> Real Estate Assets**  | **Percentage of <br> Total Revenues**  | **Percentage of <br> Total Revenues**  |
| | **December 31,**  | **December 31,**  | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **Concentration**  | **2025**  | **2024**  | **2025**  | **2024**  |
|  ***State:*** |  |  |  |  |
| Florida  | 68 | 68 | 64 | 65 |
| Pennsylvania  | 15 | 16 | 16 | 16 |
|  ***Operator:*** |  |  |  |  |
| LCS  | 86 | 86 | 84 | 84 |
| Sunrise  | 14 | 14 | 16 | 16 |

---

There is no resident concentration in resident fees and services because the related agreements are with individual residents.

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[**TABLE OF CONTENTS**](#TOC2)

For the years ended December 31, 2025 and 2024, Janus Living Predecessor's largest property, Freedom Plaza Sun City in Tampa, Florida, represented 9.4% and 9.7% of total revenues, respectively. As of December 31, 2025 and 2024, Freedom Plaza Sun City represented 11.0% and 11.2% of gross real estate assets, respectively.

For each of the years ended December 31, 2025 and 2024, Medicare and Medicaid represented 16% and 2%, respectively, of total revenues.

#### NOTE 17. Subsequent Events
Janus Living Predecessor has evaluated subsequent events through February 27, 2026, the date its financial statements were issued. There were no subsequent events other than those described in the Notes to these Combined Financial Statements.

#### NOTE 18. Subsequent Events (Unaudited)
Janus Living Predecessor has further evaluated subsequent events from February 27, 2026 through March 16, 2026, the date its financial statements were reissued, noting the following: In March 2026, Janus Living Predecessor acquired: (i) a portfolio of two senior housing communities in Atlanta, Georgia for $240 million and (ii) a portfolio of three senior housing communities in Orlando, Florida for $119 million.

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[**TABLE OF CONTENTS**](#TOC2)

#### Schedule III: Real Estate and Accumulated Depreciation
(in thousands)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Encumbrances <br> at <br> December 31, <br> 2025**  | **Initial Cost to Janus Living <br> Predecessor**  | **Initial Cost to Janus Living <br> Predecessor**  | **Costs <br> Capitalized <br> Subsequent to <br> Acquisition<sup>(2)</sup>**  | **Gross Amount at Which Carried <br> As of December 31, 2025**  | **Gross Amount at Which Carried <br> As of December 31, 2025**  | **Gross Amount at Which Carried <br> As of December 31, 2025**  | | |  | |
| | **City**  | **State**  | **Encumbrances <br> at <br> December 31, <br> 2025**  | **Land and <br> Improvements**  | **Buildings and <br> Improvements<sup>(1)</sup>**  | **Costs <br> Capitalized <br> Subsequent to <br> Acquisition<sup>(2)</sup>**  | **Land and <br> Improvements**  | **Buildings and <br> Improvements**  | **Total<sup>(3)</sup>**  | **Accumulated <br> Depreciation<sup>(4)</sup>**  | **Year <br> Constructed<sup>(5)</sup>**  | **Year <br> Acquired<sup>(6)</sup>**  | **Year <br> Acquired<sup>(6)</sup>**  |
| AL7216  | Birmingham | AL  | $— | $6193 | $32146 | $11006 | $6755 | $42590 | $49345 | $(11625) | 1991 |  | 2020 |
| FL7217  | Bradenton | FL  |  | 5216 | 88090 | 47873 | 6116 | 135063 | 141179 | (32469) | 1985 |  | 2020 |
| FL7209  | Clearwater | FL  | 62286 | 6680 | 132521 | 33242 | 7589 | 164854 | 172443 | (31781) | 1991 |  | 2020 |
| FL7210  | Jacksonville | FL  |  | 19660 | 167860 | 33463 | 21459 | 199524 | 220983 | (46342) | 1989 |  | 2020 |
| FL7208  | Leesburg | FL  |  | 8941 | 65698 | 32223 | 9867 | 96995 | 106862 | (23095) | 1990 |  | 2020 |
| FL7207  | Port Charlotte | FL  |  | 5344 | 159612 | 25638 | 7171 | 183423 | 190594 | (36337) | 1987 |  | 2020 |
| FL7211  | Seminole | FL  | 40402 | 14080 | 77485 | 21066 | 15052 | 97579 | 112631 | (18068) | 1990 |  | 2020 |
| FL7212  | Seminole | FL  |  | 13038 | 116819 | 24472 | 13902 | 140427 | 154329 | (30835) | 1982 |  | 2020 |
| FL7202  | Sun City Center  | FL  |  | 25254 | 175535 | 36428 | 26990 | 210227 | 237217 | (55052) | 1992 |  | 2020 |
| FL7218  | The Villages | FL  |  | 6311 | 113061 | 21813 | 7095 | 134090 | 141185 | (31191) | 2009 |  | 2020 |
| MA5349  | Cambridge | MA  |  | 6841 |  |  | 6841 |  | 6841 |  |  |  | 2021 |
| MI7201  | Holland | MI  |  | 1572 | 88960 | 16153 | 2149 | 104536 | 106685 | (22859) | 1991 |  | 2020 |
| PA7215  | Coatesville | PA  |  | 12949 | 126243 | 26200 | 13833 | 151559 | 165392 | (32032) | 1998 |  | 2020 |
| PA7205  | Haverford | PA  |  | 16461 | 108816 | 41037 | 16461 | 149853 | 166314 | (63317) | 1989 |  | 2006 |
| TX7213  | Spring | TX  |  | 3210 | 30085 | 15534 | 3601 | 45228 | 48829 | (9687) | 2008 |  | 2020 |
| VA7206  | Fort Belvoir | VA  |  | 11594 | 99528 | 27010 | 11594 | 126538 | 138132 | (60607) | 1990 |  | 2006 |
|  |  |  | $**102688** | $**163344** | $**1582459** | $**413158** | $**176475** | $**1982486** | $**2158961** | $**(505297)** |  |  |  |

---

(1) Assets with no initial buildings and improvements costs represent land held for development.

(2) Includes adjustments for impairments, disposals, casualty events, and costs capitalized subsequent to acquisition.

(3) As of December 31, 2025, the aggregate gross cost of property included above for federal income tax purposes was approximately $2.4 billion.

(4) Buildings and improvements are depreciated over useful lives ranging from five to 40 years.

(5) Year of original construction.

(6) Year acquired from a third-party or year Janus Living Predecessor acquired a controlling interest.

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[**TABLE OF CONTENTS**](#TOC2)

A summary of activity for real estate and accumulated depreciation is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2025**  | **2024**  |
| *Real estate:* |  |  |
| &nbsp;&nbsp;&nbsp; Balances at beginning of year  | $2034552 | $2036649 |
| &nbsp;&nbsp;&nbsp; Acquisition of real estate and development and improvements  | 124679 | 71710 |
| &nbsp;&nbsp;&nbsp; Dispositions of real estate  |  | (30331) |
| &nbsp;&nbsp;&nbsp; Casualty impairments  |  | (41756) |
| &nbsp;&nbsp;&nbsp; Other<sup>(1)</sup>  | (270) | (1720) |
| &nbsp;&nbsp;&nbsp; Balances at end of year  | $2158961 | $2034552 |
| *Accumulated depreciation:* |  |  |
| &nbsp;&nbsp;&nbsp; Balances at beginning of year  | $429905 | $356263 |
| &nbsp;&nbsp;&nbsp; Depreciation expense  | 78065 | 84126 |
| &nbsp;&nbsp;&nbsp; Dispositions of real estate  |  | (4060) |
| &nbsp;&nbsp;&nbsp; Casualty impairments  |  | (5602) |
| &nbsp;&nbsp;&nbsp; Other<sup>(1)</sup>  | (2673) | (822) |
| &nbsp;&nbsp;&nbsp; Balances at end of year  | $505297 | $429905 |

---

(1) Primarily represents real estate and accumulated depreciation related to fully depreciated assets.

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**[**TABLE OF CONTENTS**](#TOC2)

37,000,000 Shares

![[MISSING IMAGE: lg_janusliving-4c.jpg]](lg_janusliving-4c.jpg)

Janus Living, Inc.

Class A-1 Common Stock

PROSPECTUS

 *Lead Book-Running Managers* 

BofA Securities J.P. Morgan

 *Bookrunners* 

Wells Fargo Securities Barclays Goldman Sachs & Co. LLC RBC Capital Markets Morgan Stanley

 *Senior Co-Managers* 

BNP PARIBAS Credit Agricole CIB KeyBanc Capital Markets PNC Capital Markets LLC Scotiabank TD Securities Truist Securities

 *Co-Managers* 

BTIG Capital One Securities Huntington Capital Markets M&T Securities Raymond James Regions Securities LLC Santander SMBC Nikko

, 2026

 *Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.* 

------**

[**TABLE OF CONTENTS**](#TOC2)

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 31. Other Expenses of Issuance and Distribution.
The following table itemizes the expenses incurred by us in connection with the issuance and registration of the securities being registered hereunder. All amounts shown are estimates except for the SEC registration fee and the Financial Industry Regulatory Authority, Inc., or FINRA, filing fee and the stock exchange listing fee.

---

| | |
|:---|:---|
| SEC registration fee  | $117523 |
| FINRA filing fee  | 128150 |
| Stock exchange listing fee  | 325000 |
| Legal fees and expenses  | 6500000 |
| Printing and engraving expenses  | 200000 |
| Transfer agent's fees and expenses  | 10000 |
| Accounting fees and expenses  | 3750000 |
| Transfer tax  | 7000000 |
| Miscellaneous  | 6800000 |
| &nbsp;&nbsp;&nbsp; Total  | $24830673 |

---

\*

To be completed by amendment.

#### Item 32. Sales to Special Parties.
None.

#### Item 33. Recent Sales of Unregistered Securities.
On December 12, 2025, a subsidiary of Healthpeak Properties, Inc. purchased all our common interest for an aggregate purchase price of $1,000. These securities were issued in reliance on the exemption set forth in Section 4(a)(2) of the Securities Act of 1933, as amended. Such common interest was converted into 1,000 shares of common stock in connection with our conversion to a corporation on January 2, 2026.

In connection with this offering, we will grant to certain non-employee directors of Healthpeak Properties, Inc. one-time awards in the form of Class A-1 common stock with an aggregate value of $450,000 (23,688 shares of Class A-1 common stock based on the mid-point of the price range set forth on the front cover of the prospectus that forms a part of this registration statement) for services rendered in connection with our formation. The number of shares of Class A-1 common stock subject to such awards will be based on the initial public offering price per share in this offering. These securities will be issued in reliance on the exemption set forth in Section 4(a)(2) of the Securities Act of 1933, as amended.

#### Item 34. Indemnification of Directors and Officers.
Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and that is material to the cause of action. The charter of Janus Living, Inc. (the "company," "we," "us" and "our") contains a provision that limits the liability of our directors and officers to the maximum extent permitted by Maryland law.

The Maryland General Corporation Law (the "MGCL") requires us (unless our charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity, or in the defense of any claim, issue, or matter in the

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[**TABLE OF CONTENTS**](#TOC2)

proceeding. The MGCL permits us to indemnify our present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party to, or witness in, by reason of their service in those or other capacities unless it is established that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the director or officer actually received an improper personal benefit in money, property or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.

Under the MGCL, we may not indemnify a director or officer in a suit by us or in our right in which the director or officer was adjudged liable to us or in a suit in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification for an adverse judgment in a suit by us or in our right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.

In addition, the MGCL permits us to advance reasonable expenses to a director or officer upon our receipt of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a written undertaking by or on behalf of the director or officer to repay the amount paid or reimbursed by us if it is ultimately determined that the director or officer did not meet the standard of conduct.

Our bylaws require us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any present or former director or officer who is made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service in that capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any individual who, while a director or officer of our company and at our request, serves or has served as a director, officer, partner, trustee, member or manager of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity.

Our bylaws also permit us, with the approval of our board of directors, to indemnify and advance expenses to any employee or agent of our company.

We intend to enter into indemnification agreements with each of our directors and executive officers that provide for indemnification to the maximum extent permitted by Maryland law.

In addition, our directors and officers may be entitled to indemnification pursuant to the terms of the operating agreement of Janus Living OP, LLC, our operating company.

#### Item 35. Treatment of Proceeds from Stock Being Registered.
The consideration to be received by us from the securities registered hereunder will be credited to the appropriate capital account.

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[**TABLE OF CONTENTS**](#TOC2)

#### Item 36. Financial Statements and Exhibits.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)

Financial Statements: see Index to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)

Exhibits: The following exhibits are filed as part of, or incorporated by reference into, this registration statement on Form S-11:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; 1.1 | [Form of Underwriting Agreement](tm2533329d6_ex1-1.htm)  |
| &nbsp;&nbsp;&nbsp; 3.1 | [Form of Articles of Amendment and Restatement of Janus Living, Inc., to be in effect upon the completion of this offering](tm2533329d6_ex3-1.htm)  |
| &nbsp;&nbsp;&nbsp; 3.2 | [Form of Amended and Restated Bylaws of Janus Living, Inc., to be in effect upon the completion of this offering](tm2533329d6_ex3-2.htm)  |
| &nbsp;&nbsp;&nbsp; 5.1 | [Opinion of Ballard Spahr LLP](tm2533329d6_ex5-1.htm)  |
| &nbsp;&nbsp;&nbsp; 8.1 | [Opinion of Latham & Watkins LLP with respect to tax matters](tm2533329d6_ex8-1.htm)  |
| &nbsp;&nbsp; 10.1 | [Form of Amended and Restated Operating Agreement of Janus Living OP, LLC, to be in effect upon the completion of this offering](tm2533329d6_ex10-1.htm) |
| \*10.2 | [Form of Management Agreement among Healthpeak Investment Management, LLC, Janus Living, Inc. and Janus Living OP, LLC](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex10-2.htm)  |
| &nbsp;&nbsp; 10.3 | [Form of Indemnification Agreement between Janus Living, Inc. and each of its directors and executive officers](tm2533329d6_ex10-3.htm)  |
| †10.4 | [2026 Equity Plan](tm2533329d6_ex10-4.htm)  |
| †10.5 | [Form of 5-Year Performance-Based LTIP Unit Agreement (2026 Equity Plan)](tm2533329d6_ex10-5.htm)  |
| †10.6 | [Form of Retentive LTIP Unit Agreement (2026 Equity Plan)](tm2533329d6_ex10-6.htm)  |
| †10.7 | [Form of Fully-Vested LTIP Unit Agreement (2026 Equity Plan)](tm2533329d6_ex10-7.htm)  |
| †10.8 | [Form of Non-Employee Director Restricted Stock Unit Award Agreement (2026 Equity Plan)](tm2533329d6_ex10-8.htm)  |
| †10.9 | [Form of Stock Award Agreement (2026 Equity Plan)](tm2533329d6_ex10-9.htm)  |
| \*10.10 | [Form of Registration Rights Agreement between Janus Living, Inc. and the other parties thereto](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex10-5.htm)  |
| \*10.11 | [Form of Stockholders Agreement between Janus Living, Inc., Healthpeak Properties, Inc. and the other stockholders party thereto](http://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex10-6.htm)  |
| \*10.12 | [Form of Exclusivity Agreement between Janus Living, Inc., Janus Living OP, LLC, Healthpeak Properties, Inc. and Healthpeak OP, LLC](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex10-7.htm)  |
| &nbsp;&nbsp; 10.13 | [Form of Credit Agreement among Janus Living OP, LLC and certain subsidiaries, as borrowers, Janus Living, Inc., as parent guarantor, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent](tm2533329d6_ex10-13.htm)  |
| &nbsp;&nbsp; 21.1 | [List of Subsidiaries of Janus Living, Inc.](tm2533329d6_ex21-1.htm)  |
| &nbsp;&nbsp; 23.1 | [Consent of Deloitte & Touche LLP as to the combined financial statements of Janus Living Predecessor](tm2533329d6_ex23-1.htm)  |
| &nbsp;&nbsp; 23.2 | [Consent of Deloitte & Touche LLP as to the financial statements of Janus Living, Inc.](tm2533329d6_ex23-2.htm)  |
| &nbsp;&nbsp; 23.3 | [Consent of Ballard Spahr LLP (contained in Exhibit 5.1)](tm2533329d6_ex5-1.htm)  |
| &nbsp;&nbsp; 23.4 | [Consent of Latham & Watkins LLP (contained in Exhibit 8.1)](tm2533329d6_ex8-1.htm)  |
| \*23.5 | [Consent of Jones Lang LaSalle Americas, Inc.](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex23-5.htm)  |
| \*23.6 | [Consent to be Named as a Director Nominee (Katherine M. Sandstrom)](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex23-6.htm)  |
| \*23.7 | [Consent to be Named as a Director Nominee (Charles J. Herman, Jr.)](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex23-7.htm)  |
| \*23.8 | [Consent to be Named as a Director Nominee (Denise Olsen)](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex23-8.htm)  |
| \*23.9 | [Consent to be Named as a Director Nominee (John V. Arabia)](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329d3_ex23-9.htm)  |
| \*24.1 | [Powers of attorney](https://www.sec.gov/Archives/edgar/data/2100805/000110465926020934/tm2533329-2_s11.htm#tPOA)  |
| 107  | [FilingFeeTable](tm2533329d5_ex-filingfees.htm) |

---

\*

Previously filed.

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†

Indicates management contract or compensatory plan.

#### Item 37. Undertakings.
The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-11 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Denver, Colorado, on this 16th day of March, 2026.

#### Janus Living, Inc.
By:

/s/ Scott M. Brinker

Scott M. Brinker

President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| /s/ Scott M. Brinker <br>Scott M. Brinker  | President, Chief Executive Officer and Director <br> (Principal Executive Officer)  | March 16, 2026  |
| \* <br>Kelvin O. Moses  | Chief Financial Officer and Director <br> (Principal Financial Officer)  | March 16, 2026  |
| \* <br>Shawn G. Johnston  | Executive Vice President and <br> Chief Accounting Officer <br> (Principal Accounting Officer)  | March 16, 2026  |
| \* <br>Tracy A. Porter  | Director  | March 16, 2026  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Scott M. Brinker <br>Scott M. Brinker <br> Attorney-in-fact  |

---

------

## Exhibit 1.1

**Exhibit 1.1**

------

[●] Shares

Janus Living, Inc.

(a Maryland corporation)

Class A-1 Common Stock

(Par Value $0.01 Per Share)

<u>UNDERWRITING</u>

<u>AGREEMENT</u>

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[●] Shares

Janus Living, Inc.<br> (a Maryland corporation)

Class A-1 Common Stock<br> (Par Value $0.01 Per Share)

<u>UNDERWRITING AGREEMENT</u>

[●], 2026

BofA Securities, Inc.<br> One Bryant Park<br> New York, New York 10036

J.P. Morgan Securities LLC

270 Park Avenue

New York, New York 10017

As Representatives of the several Underwriters

Ladies and Gentlemen:

Janus Living, Inc., a Maryland corporation (the "**Company**," which includes (i) the combination of entities owned by Healthpeak Properties, Inc. ("**Healthpeak**") and such entities' real estate assets and related operations prior to the Formation Transactions (as defined below) (collectively, "**Janus Predecessor**") and (ii) prior to its conversion into a corporation, Janus Parent, LLC, a Maryland limited liability company ("**Janus Parent**")), and Janus Living OP, LLC, a Maryland limited liability company (the "**Operating Company**," and together with the Company, the "**Transaction Entities**"), and Healthpeak Investment Management, LLC, a Delaware limited liability company and the Company's external manager (the "**Manager**"), confirm their respective agreements with BofA Securities, Inc. ("**BofA**") and J.P. Morgan Securities LLC ("**J.P. Morgan**") and each of the other Underwriters named in Schedule A hereto (collectively, the "**Underwriters**," which term shall also include any underwriter substituted as hereinafter provided in Section 11 hereof), for whom BofA and J.P. Morgan are acting as representatives (in such capacity, collectively, the "**Representatives**"), with respect to (i) the sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of the respective numbers of shares of Class A-1 common stock, par value $0.01 per share, of the Company ("**Class A-1 Common Stock**") set forth in Schedule A hereto and (ii) the grant by the Company to the Underwriters, acting severally and not jointly, of the option described in Section 2(b) hereof to purchase all or any part of [●] additional shares of Class A-1 Common Stock. The aforesaid [●] shares of Class A-1 Common Stock (the "**Initial Securities**") to be purchased by the Underwriters and all or any part of the [●] shares of Class A-1 Common Stock subject to the option described in Section 2(b) hereof (the "**Option Securities**") are herein called, collectively, the "**Securities**."

Concurrently with or prior to the Closing Time (as defined below), the Transaction Entities will enter into the Master Restructure Agreement (the "**Master Restructure Agreement**") pursuant to which Healthpeak shall, among other things, (i) transfer, directly or indirectly, the real estate assets that comprise the Company's initial portfolio to the Company in exchange for shares of Class A-1 Common Stock and LLC Interests (as defined below) designated as common units ("**common units**") and (ii) purchase a number of shares of Class A-2 Common Stock (as defined below) equivalent to the number of common units that Healthpeak will hold as of the Closing Time (collectively, the "**Formation Transactions**").

The Company and the Underwriters agree that up to [●] shares of the Initial Securities to be purchased by the Underwriters (the "**Reserved Securities**") shall be reserved for sale by Merrill Lynch, Pierce, Fenner & Smith Incorporated (an affiliate of BofA, hereinafter referred to as "**Merrill Lynch**") to certain persons designated by the Company (the "**Invitees**"), as part of the distribution of the Securities by the Underwriters, subject to the terms of this Agreement, the applicable rules, regulations and interpretations of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") and all other applicable laws, rules and regulations. The Company has solely determined, without any direct or indirect participation by the Underwriters or Merrill Lynch, the Invitees who will purchase Reserved Securities (including the amount to be purchased by such persons) sold by Merrill Lynch. To the extent that such Reserved Securities are not orally confirmed for purchase by Invitees by 11:59 P.M. (New York City time) on the date of this Agreement, such Reserved Securities may be offered to the public as part of the public offering contemplated hereby.

The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form S-11 (No. 333-293835), including the related preliminary prospectus or prospectuses, covering the registration of the offer and sale of the Securities under the Securities Act of 1933, as amended (the "**1933 Act**"). Promptly after execution and delivery of this Agreement, the Company will prepare and file a prospectus in accordance with the provisions of Rule 430A ("**Rule 430A**") of the rules and regulations of the Commission under the 1933 Act (the "**1933 Act Regulations**") and Rule 424(b) ("**Rule 424(b)**") of the 1933 Act Regulations. The information included in such prospectus that was omitted from such registration statement at the time it became effective but that is deemed to be part of such registration statement at the time it became effective pursuant to Rule 430A(b) is herein called the "**Rule 430A Information**." Such registration statement, including the amendments thereto, the exhibits thereto and any schedules thereto, at the time it became effective, and including the Rule 430A Information, is herein called the "**Registration Statement**." Any registration statement filed pursuant to Rule 462(b) of the 1933 Act Regulations is herein called the "**Rule 462(b) Registration Statement**" and, after such filing, the term "Registration Statement" shall include the Rule 462(b) Registration Statement. Each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a "**preliminary prospectus**." The final prospectus, in the form first furnished to the Underwriters for use in connection with the offering of the Securities, is herein called the "**Prospectus**." For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system or any successor system ("**EDGAR**").

As used in this Agreement:

"**Applicable Time**" means [●] [P./A.M.], New York City time, on [●], 2026 or such other time as agreed by the Company and the Representatives.

"**General Disclosure Package**" means any Issuer General Use Free Writing Prospectuses issued at or prior to the Applicable Time, the most recent preliminary prospectus included in the Registration Statement that is distributed to prospective investors prior to the Applicable Time and the information included on Schedule B-1 hereto, all considered together.

"**Issuer Free Writing Prospectus**" means any "issuer free writing prospectus," as defined in Rule 433 of the 1933 Act Regulations ("**Rule 433**"), including without limitation any "free writing prospectus" (as defined in Rule 405 of the 1933 Act Regulations ("**Rule 405**")) relating to the Securities that is (i) required to be filed with the Commission by the Company, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i) of the 1933 Act Regulations ("**Rule 433(d)(8)(i)**"), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) of the 1933 Act Regulations because it contains a description of the Securities or of the offering of the Securities that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g) of the 1933 Act Regulations.

"**Issuer General Use Free Writing Prospectus**" means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors (other than a "*bona fide* electronic road show," as defined in Rule 433 (the "**Bona Fide Electronic Road Show**")), as evidenced by its being specified in Schedule B-2 hereto.

"**Issuer Limited Use Free Writing Prospectus**" means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

"**Testing-the-Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on either Section 5(d) of, or Rule 163B under, the 1933 Act.

"**Written Testing-the-Waters Communication**" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the 1933 Act.

The Transaction Entities understand that the Underwriters propose to make a public offering of the Securities as soon as the Representatives deem advisable after this Agreement has been executed and delivered.

Section 1. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations and Warranties by the Transaction Entities.* Each of the Transaction Entities, jointly and severally, represents and warrants to each Underwriter as of the date hereof, the Applicable Time, the Closing Time and each Date of Delivery (as defined below), if any, and agrees with each Underwriter, 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) <u>Registration Statement and Prospectuses</u>. Each of the Registration Statement and any post-effective amendment thereto has become effective under the 1933 Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Transaction Entities' knowledge, contemplated. The Company has complied with each request (if any) from the Commission for additional information.

Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, the Applicable Time, the Closing Time and any Date of Delivery, complied and will comply in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus, the Prospectus and any amendment or supplement thereto, at the time each was filed with the Commission, and, in each case, at the Applicable Time, the Closing Time and any Date of Delivery, complied and will comply in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus, the Prospectus and any amendment or supplement thereto delivered to the Underwriters for use in connection with the offering of the Securities was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&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>Accurate Disclosure</u>. Neither the Registration Statement nor any post-effective amendment thereto, at its effective time, on the date hereof, at the Closing Time or at any Date of Delivery, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. At the Applicable Time, the Closing Time and any Date of Delivery, none of (A) the General Disclosure Package, (B) any individual Issuer Limited Use Free Writing Prospectus, when considered together with the General Disclosure Package, and (C) any individual Written Testing-the-Waters Communication, when considered together with the General Disclosure Package, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Neither the Prospectus nor any amendment or supplement thereto, as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Time or at any Date of Delivery, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

The representations and warranties in this subsection (ii) shall not apply to statements in or omissions from the Registration Statement (or any amendment thereto), the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use therein. For purposes of this Agreement, the only information so furnished shall be the information in the first paragraph under the heading "Underwriting—Commissions and Discounts," the information in the second and third paragraphs under the heading "Underwriting—Price Stabilization, Short Positions and Penalty Bids" and the information under the heading "Underwriting—Electronic Distribution," in each case contained in the Registration Statement, the General Disclosure Package and the Prospectus (collectively, the "**Underwriter Information**").

&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>Issuer Free Writing Prospectuses</u>. No Issuer Free Writing Prospectus that has not been superseded or modified conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, or any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified. The Company has made available a Bona Fide Electronic Road Show in compliance with Rule 433(d)(8)(ii) of the 1933 Act Regulations such that no filing of any "road show" (as defined in Rule 433(h)) of the 1933 Act Regulations is required in connection with the offering of the Securities.

&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>Testing-the-Waters Materials</u>. None of the Transaction Entities or Healthpeak (A) has engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Representatives with entities that are or are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the 1933 Act or institutions that are accredited investors within the meaning of Rule 501 under the 1933 Act, (B) has authorized anyone other than the Representatives to engage in Testing-the-Waters Communications or (C) distributed any Written Testing-the-Waters Communications other than those listed on Schedule B-3 hereto. The Company reconfirms that the Representatives have been authorized to act on its behalf in undertaking Testing-the-Waters Communications.

&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>Emerging Growth Company Status.</u> From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Transaction Entities, Healthpeak or the Manager engaged directly or through any person authorized to act on their behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the 1933 Act (an "**Emerging Growth Company**").

&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>Company Not Ineligible Issuer</u>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Transaction Entities, Healthpeak, the Manager or another offering participant made a *bona fide* offer (within the meaning of Rule 164(h)(2) of the 1933 Act Regulations) of the Securities and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&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>Independent Accountants</u>. The accountants who audited the financial statements and supporting schedules included in the Registration Statement, the General Disclosure Package and the Prospectus are a registered public accounting firm independent of the Company and Janus Predecessor, as required by the 1933 Act, the 1933 Act Regulations and the rules and regulations of the Public Company Accounting Oversight Board.

&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) <u>Financial Statements</u>. The financial statements and any supporting schedules of Janus Predecessor and its consolidated subsidiaries included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects the consolidated financial position of Janus Predecessor and its consolidated subsidiaries as of the dates indicated and the results of their respective operations, stockholders' equity and cash flows for the periods specified. The balance sheet of Janus Parent and its consolidated subsidiaries included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly the consolidated financial condition of Janus Parent and its consolidated subsidiaries as of the dates indicated. Except as otherwise stated in the Registration Statement, the General Disclosure Package and the Prospectus, said financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("**GAAP**") applied on a consistent basis throughout the periods involved. The supporting schedules of Janus Predecessor and its consolidated subsidiaries included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects, in accordance with GAAP, the information required to be stated therein. The summary selected financial data, if any, included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects the information shown therein as of the dates or for the periods indicated and have been compiled on a basis consistent with that of the audited financial statements included in the Registration Statement, the General Disclosure Package and the Prospectus. The pro forma financial statements and the related notes thereto included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects the information shown therein, have been prepared in accordance with the Commission's rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the General Disclosure Package or the Prospectus under the 1933 Act or the 1933 Act Regulations. All disclosures contained in the Registration Statement, the General Disclosure Package or the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Securities Exchange Act of 1934, as amended (the "**1934 Act**"), and Item 10 of Regulation S-K of the 1933 Act, to the extent applicable.

&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) <u>No Material Adverse Change</u>. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, except as otherwise stated therein or contemplated thereby, (A) there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Transaction Entities and their subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business (a "**Material Adverse Effect**"), (B) there have been no transactions entered into by the Transaction Entities or any of their subsidiaries, other than those in the ordinary course of business, which are material with respect to the Transaction Entities and their subsidiaries considered as one enterprise and (C) there has been no dividend or distribution of any kind declared, paid or made by the Transaction Entities on any class of its capital stock or LLC Interests, as applicable.

&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) <u>Good Standing of the Company</u>. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland with corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement, the Management Agreement (as defined below) and the Master Restructure Agreement. The Company is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify and be in good standing would not have a Material Adverse Effect. The Company is in substantial compliance with all laws, ordinances and regulations of each state in which it owns properties that are material to the properties and business of the Company and its subsidiaries considered as one enterprise in such state.

&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) <u>Good Standing of the Operating Company</u>. The Operating Company has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Maryland with power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement, the Management Agreement and the Master Restructure Agreement. The Operating Company is duly qualified as a foreign limited liability company to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify and be in good standing would not have a Material Adverse Effect. The Operating Company is in substantial compliance with all laws, ordinances and regulations of each state in which it owns properties that are material to the properties and business of the Operating Company and its subsidiaries considered as one enterprise in such state.

&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) <u>LLC Agreement of the Operating Company</u>. The operating agreement of the Operating Company, dated on or about the date hereof (the "**LLC Agreement**"), is in full force and effect and all of the outstanding membership interests in the Operating Company (the "**LLC Interests**") are duly and validly authorized and issued in accordance with the LLC Agreement. The LLC Interests to be issued in the Formation Transactions and in connection with the Company's contribution to the Operating Company of the net proceeds from the sale of the Securities as contemplated in the Registration Statement, the General Disclosure Package and the Prospectus have been duly authorized for issuance by the Operating Company, and, when issued and delivered pursuant to the LLC Agreement, will be validly issued, and such issuances by the Operating Company of the LLC Interests are exempt from the registration requirements of the 1933 Act and applicable state securities, real estate syndication and blue sky laws, and are not in violation of the preemptive or other similar rights of any securityholder of the Operating Company. At the Closing Time, the aggregate pro forma percentage interests of the Company in the Operating Company will be as set forth in the Registration Statement, the General Disclosure Package and the Prospectus. The Company is, and at the Closing Time will be, the sole managing member of the Operating Company. Except as otherwise set forth in the Registration Statement, the General Disclosure Package and the Prospectus, all outstanding LLC Interests are owned by the Company directly or indirectly, free and clear of any security interest, mortgage, pledge, lien, encumbrance, restriction on voting or transfer, claim or equity. As of the date of this Agreement, the Company does, and, as of the Closing Time, the Company will, own at least a majority of the LLC Interests of the Operating Company. No LLC Interests are reserved for any purpose and there are no outstanding options, warrants, or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange for, any LLC Interests or other securities of or in the Operating Company, except as otherwise set forth in the Registration Statement, the General Disclosure Package and the Prospectus or as may be issued pursuant to employee benefit plans disclosed in the Registration Statement, the General Disclosure Package and the Prospectus or pursuant to the exercise of convertible or exchangeable securities or options disclosed in the Registration Statement, the General Disclosure Package and the Prospectus. None of the LLC Interests in the Operating Company have been or will be issued in violation of the preemptive or other similar rights of any securityholder of the Operating Company. The terms of the LLC Interests conform in all material respects to statements and descriptions related thereto contained in each of the Registration Statement, the General Disclosure Package and the Prospectus and such description conforms to the rights set forth in the instruments defining the same.

&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) <u>Good Standing of Subsidiaries</u>. Each subsidiary of the Company (other than the Operating Company) which is a significant subsidiary (each, a "**Significant Subsidiary**") as defined in Rule 405 of Regulation C of the 1933 Act Regulations has been duly organized and is validly existing as a corporation, limited liability company or partnership, as the case may be, in good standing under the laws of the jurisdiction of its organization, has power and authority as a corporation, limited liability company or partnership, as the case may be, to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and perform its obligations under the Master Restructure Agreement, to the extent a party thereto, and is duly qualified as a foreign corporation, limited liability company or partnership, as the case may be, to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify and be in good standing would not have a Material Adverse Effect. All of the issued and outstanding capital stock of each such corporate Significant Subsidiary has been duly authorized and validly issued, is fully paid and non-assessable and, except for directors' qualifying shares, is owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, restriction on voting or transfer, claim or equity; and all of the issued and outstanding partnership or limited liability company interests of each such Significant Subsidiary which is a partnership or limited liability company, as applicable, have been duly authorized (if applicable) and validly issued and are fully paid and non-assessable and, except for other partnership or limited liability company interests described in the Registration Statement, the General Disclosure Package and the Prospectus, are owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, restriction on voting or transfer, claim or equity. None of the outstanding shares of capital stock or other equity interests of any Significant Subsidiary were issued in violation of the preemptive or other similar rights of any securityholder of such Significant Subsidiary. The only subsidiaries of the Company are the subsidiaries listed on Exhibit 21 to the Registration Statement and certain other subsidiaries which, considered in the aggregate as a single subsidiary, do not constitute a "significant subsidiary" within the meaning of Rule 1-02 of Regulation S-X promulgated under the 1934 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;(xiv) <u>REIT Status</u>. Commencing with its taxable year ending December 31, 2026, the Company will be organized and operated in conformity with the requirements for qualification and taxation as a "real estate investment trust" (a "**REIT**") under the Internal Revenue Code of 1986, as amended (the "**Code**"), and its proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code. All statements regarding the Company's qualification and taxation as a REIT and descriptions of the Company's organization and proposed method of operation (inasmuch as they relate to the Company's qualification and taxation as a REIT) set forth in the Registration Statement, the General Disclosure Package and the Prospectus are true, complete and correct summaries of the legal or tax matters described therein in all materials respects.

&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) <u>Capitalization</u>. The authorized, issued and outstanding equity interests of Janus Predecessor as of December 31, 2025 are as set forth in the Registration Statement, the General Disclosure Package and the Prospectus in the column entitled "Historical Predecessor" under the caption "Capitalization." The authorized, issued and outstanding shares of capital stock of the Company are as set forth in the Registration Statement, the General Disclosure Package and the Prospectus (except for subsequent issuances, if any, pursuant to (i) this Agreement, (ii) the Master Restructure Agreement, (iii) reservations, agreements or employee benefit plans referred to in the Registration Statement, the General Disclosure Package and the Prospectus or (iv) the exercise of convertible or exchangeable securities or options referred to in the Registration Statement, the General Disclosure Package and the Prospectus). The outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable. The shares of Common Stock (as defined below) to be issued in the Formation Transactions as contemplated in the Registration Statement, the General Disclosure Package and the Prospectus have been duly authorized for issuance by the Company, and, when issued and delivered by the Company, will be validly issued and fully paid and non-assessable and such issuances are not in violation of the preemptive or other similar rights of any securityholder of the Company. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no shares of capital stock of the Company are reserved for any purpose and there are no outstanding options, warrants, or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange for, any shares of capital stock of or in the Company. None of the outstanding shares of capital stock of the Company were issued in violation of the preemptive or other similar rights of any securityholder of the Company.

&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) <u>Absence of Violations, Defaults and Conflicts</u>. Neither the Transaction Entities nor any of their subsidiaries is (i) in violation of its charter, bylaws, partnership agreement, limited liability company agreement or other organizational documents, as the case may be, or (ii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to which the Transaction Entities or any of their subsidiaries is a party or by which they or any of them or their properties or assets may be bound or to which any of the properties or assets of the Transaction Entities or any of their subsidiaries is subject (collectively, "**Agreements and Instruments**") and in which the violation or default might result, singly or in the aggregate, in a Material Adverse Effect. In the case of the Transaction Entities, the execution, delivery and performance of this Agreement and the Master Restructure Agreement and the consummation of the transactions contemplated herein and therein and in the Registration Statement, the General Disclosure Package and the Prospectus and compliance by the Transaction Entities with their respective obligations hereunder and thereunder have been duly authorized by all necessary corporate or other action and will not conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the Transaction Entities or any of their subsidiaries pursuant to the Agreements and Instruments (except for such conflicts, breaches, defaults or Repayment Events or liens, charges or encumbrances that would not, singly or in the aggregate, result in a Material Adverse Effect), nor will such action result in any violation of (i) the provisions of the charter, bylaws, partnership agreement, limited liability company agreement or other organizational documents of the Transaction Entities or any of their subsidiaries or (ii) except to the extent it would not have a Material Adverse Effect, any law, statute, rule, regulation, judgment, order, writ or decree of any court or governmental agency or body, domestic or foreign having jurisdiction over the Transaction Entities or any of their subsidiaries or any of their respective properties, assets or operations (each, a "**Governmental Entity**"). As used herein, a "**Repayment Event**" means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries.

&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) <u>Dividend Restrictions</u>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no subsidiary of the Company (including the Operating Company) is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends or making any other distribution on such subsidiary's capital stock or other equity interests to owners thereof, from repaying any loans or advances to such subsidiary from the Company or any other subsidiary of the Company or from transferring any of such subsidiary's properties or assets to the Company or any other subsidiary of the Company.

&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) <u>Absence of Employees</u>. Neither of the Transaction Entities nor any of their respective subsidiaries has any employees, and the Transaction Entities are not aware of any existing or imminent labor disturbance by the employees of any of their or any subsidiary's principal operators, suppliers, manufacturers or contractors, which, in either case, would result, singly or in the aggregate, in a Material Adverse Effect.

&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) <u>Absence of Proceedings</u>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there is no action, suit or proceeding before or by any Governmental Entity now pending, or, to the knowledge of either of the Transaction Entities, threatened, against or affecting the Transaction Entities or any of their subsidiaries, which is required to be disclosed in the Registration Statement, the General Disclosure Package or the Prospectus, or would result, singly or in the aggregate, in any Material Adverse Effect, or would materially and adversely affect the properties or assets thereof, taken as a whole, or which would materially and adversely affect the consummation of this Agreement or the consummation of the Formation Transactions or any transaction contemplated hereby or thereby or the performance by the Transaction Entities of their obligations hereunder or thereunder, to the extent a party thereto. All pending legal or governmental proceedings to which either of the Transaction Entities or any of their subsidiaries is a party or of which any of their properties or assets is the subject which are not described in the Registration Statement, the General Disclosure Package and the Prospectus, including ordinary routine litigation incidental to the business, are, considered in the aggregate, not material to either of the Transaction Entities. There are no contracts or documents of either of the Transaction Entities or any of their subsidiaries which are required to be described in the Registration Statement, the General Disclosure Package or the Prospectus or to be filed as exhibits to the Registration Statement by the 1933 Act or by the 1933 Act Regulations which have not been so described and filed as required.

&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) <u>Absence of Further Requirements</u>. No authorization, approval, consent, order or decree of any Governmental Entity is required for the consummation by the Transaction Entities of the transactions contemplated by this Agreement or the Master Restructure Agreement, or in connection with the offering or sale of the Securities hereunder, except (A) such as have been already obtained or as may be required under the 1933 Act, the 1933 Act Regulations, the rules of the New York Stock Exchange, state securities, real estate syndication and blue sky laws or the rules of FINRA and (B) such as have been obtained under the laws and regulations of jurisdictions outside the United States in which the Reserved Securities were offered.

&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) <u>Authorization of Underwriting Agreement</u>. This Agreement has been duly authorized, executed and delivered by each of the Transaction Entities.

&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) <u>Authorization and Description of the Securities</u>. The Securities have been duly authorized for issuance and sale by the Company pursuant to this Agreement and, when issued and delivered by the Company against payment of the consideration set forth herein, will be validly issued and fully paid and non-assessable. The issuance of the Securities is not subject to the preemptive or other similar rights of any securityholder holder of the Company. The Class A-1 Common Stock conforms in all material respects to all statements relating thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus and such description conforms to the rights set forth in the instruments defining the same. No holder of Securities will be subject to personal liability by reason of being such a holder.

&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) <u>Authorization and Description of the Class A-2 Common Stock</u>. The outstanding shares of Class A-2 Common Stock, par value $0.01 per share, of the Company ("**Class A-2 Common Stock**" and together with the Class A-1 Common stock, "**Common Stock**") have been duly authorized and validly issued and are fully paid and non-assessable. The Class A-2 Common Stock conforms in all material respects to all statements relating thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus and such description conforms to the rights set forth in the instruments defining the same. No holder of Class A-2 Common Stock will be subject to personal liability by reason of being such a holder.

&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) <u>Registration Rights</u>. There are no persons with registration rights or other similar rights to have any securities registered for sale pursuant to the Registration Statement or otherwise registered for sale or sold by the Company under the 1933 Act pursuant to 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;(xxv) <u>Management Agreement</u>. The management agreement, dated on or about the date hereof, among the Company, the Operating Company and the Manager (the "**Management Agreement**"), has been duly authorized, executed and delivered by each of the Transaction Entities and is a valid and legally binding agreement of each of the Transaction Entities, enforceable against each of the Transaction Entities in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or affecting creditors' rights and general principles of equity. All statements relating to the Management Agreement are true, correct and complete summaries of the matters described therein in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) <u>Authorization and Enforceability of Master Restructure Agreement</u>. At or prior to the Closing Time, the Master Restructure Agreement will have been duly authorized, executed and delivered by each of the Transaction Entities and their subsidiaries, to the extent a party thereto, and will be a valid and legally binding agreement of each of the Transaction Entities and each of their subsidiaries, to the extent a party thereto, enforceable against each of the Transaction Entities and each of their subsidiaries, to the extent a party thereto, in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or affecting creditors' rights and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) <u>Possession of Licenses and Permits</u>. The Transaction Entities and their subsidiaries possess such permits, licenses, approvals, consents and other authorizations (collectively, "**Governmental Licenses**") issued by the appropriate governmental agency or body, domestic or foreign, under applicable law necessary to conduct the business now operated by them, except where the failure so to possess would not, singly or in the aggregate, result in a Material Adverse Effect. The Transaction Entities and their subsidiaries are in compliance with the terms and conditions of all Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Governmental Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, singly or in the aggregate, result in a Material Adverse Effect. Neither of the Transaction Entities nor any of their subsidiaries has received any notice of proceedings relating to the revocation or modification of any Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) <u>Title to Property</u>. At the Closing Time, the Transaction Entities and their subsidiaries will have good and marketable title to, or leasehold interest under a lease in, all real property owned or leased by them (each, a "**Property**", and collectively, the "**Properties**"), in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any kind except such as (A) are described in the Registration Statement, the General Disclosure Package and the Prospectus or (B) do not, singly or in the aggregate, materially affect the value of such Properties taken as a whole and do not interfere with the use made and proposed to be made of such Properties taken as a whole by the Transaction Entities or any of their subsidiaries. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, (A) the Transaction Entities have no knowledge that any Property fails to comply with all applicable codes, laws and regulations (including, without limitation, building and zoning codes, laws and regulations and laws relating to access to such Property), except for such failures to comply that would not, singly or in the aggregate, result in a Material Adverse Effect and (B) no mortgage or deed of trust encumbering any Property is convertible into ownership interests in a Transaction Entity or any of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) <u>Possession of Intellectual Property</u>. The Transaction Entities and their subsidiaries own or possess, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, "**Intellectual Property**") necessary to carry on the business now operated by them, and neither of the Transaction Entities nor any of their subsidiaries has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interests of the Transaction Entities or any of their subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) <u>Environmental Laws</u>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus or would not, singly or in the aggregate, result in a Material Adverse Effect, (A) none of the Transaction Entities, any of their subsidiaries or any of their respective Properties is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, "**Hazardous Materials**") or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, "**Environmental Laws**"), (B) the Transaction Entities, their subsidiaries and the Properties have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (C) there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations or proceedings relating to any Environmental Law against the Transaction Entities, any of their subsidiaries or any of the Properties and (D) there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or Governmental Entity against or affecting the Transaction Entities, any of their subsidiaries or any of the Properties relating to Hazardous Materials or any Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) <u>Investment Company Act</u>. Neither of the Transaction Entities is required to be registered, nor, upon consummation of the transactions contemplated herein and in the Registration Statement, the General Disclosure Package and the Prospectus (including the sale of the Securities and the use of proceeds therefrom), will be required to be registered as an "investment company", under the Investment Company Act of 1940, as amended (the "**1940 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;(xxxii) <u>Pending Proceedings and Examinations</u>. The Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or 8(e) of the 1933 Act, and the Company is not the subject of a pending proceeding under Section 8A of the 1933 Act in connection with the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) <u>Internal Control</u>. The Company and each of its subsidiaries maintain effective internal control over financial reporting (as defined under Rule 13a-15(f) and 15d-15(f) under the rules and regulations of the Commission under the 1934 Act (the "**1934 Act Regulations**")) and a system of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management's general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management's general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the end of the Company's most recent audited fiscal year, there has been (1) no material weakness in the Company's internal control over financial reporting (whether or not remediated) and (2) no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) <u>Compliance with the Sarbanes-Oxley Act.</u> The Company has taken all necessary actions to ensure that, upon the effectiveness of the Registration Statement, it will be in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder or implementing the provisions thereof (the "**Sarbanes-Oxley Act**") that are then in effect and with which the Company is required to comply as of the effectiveness of the Registration Statement, and is actively taking steps to ensure that it will be in compliance with other provisions of the Sarbanes-Oxley Act not currently in effect, upon the effectiveness of such provisions, or which will become applicable to the Company at all times after the effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) <u>Payment of Taxes</u>. Except, in each case, as would not result, singly or in the aggregate, in a Material Adverse Effect, all U.S. federal, state, local and non-U.S. income tax returns of the Transaction Entities and their subsidiaries required by law to be filed have been filed and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have been or will be promptly taken and as to which adequate reserves have been provided. The charges, accruals and reserves on the books of the Company in respect of any income and corporation tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for additional income tax for any years not finally determined, except to the extent of any inadequacy that would not result, singly or in the aggregate, in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) <u>Business Insurance</u>. The Transaction Entities and their subsidiaries carry or are entitled to the benefits of insurance, with financially sound and reputable insurers, in such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar business, and all such insurance is in full force and effect. Neither of the Transaction Entities has any reason to believe that it or any of their respective subsidiaries will not be able (A) to renew, if desired, its existing insurance coverage as and when such policies expire or (B) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Effect. Neither of the Transaction Entities nor any of their subsidiaries has been denied any insurance coverage which it has sought or for which it has applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) <u>Foreign Corrupt Practices Act</u>. None of the Transaction Entities, any of their subsidiaries or, to the knowledge of either of the Transaction Entities, any director, officer, agent, employee, affiliate or other person acting on behalf of either of the Transaction Entities or any of their subsidiaries is aware of or has taken any action, directly or indirectly, that would result in (a) a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "**FCPA**"), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA or (b) an offense under the Bribery Act of 2010 of the United Kingdom (the "**UK Bribery Act**"), or any other applicable anti-bribery or anti-corruption laws. Each of the Transaction Entities and their subsidiaries and, to the knowledge of each of the Transaction Entities, their affiliates have conducted their businesses in compliance with the FCPA, the UK Bribery Act and other applicable anti-bribery or anti-corruption laws and have instituted and maintain and enforce policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) <u>Money Laundering Laws</u>. The operations of each of the Transaction Entities and their subsidiaries are in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the "**Money Laundering Laws**"). No action, suit or proceeding by or before any Governmental Entity involving the Transaction Entities or any of their subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of either of the Transaction Entities, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix) <u>OFAC</u>. None of the Transaction Entities, any of their subsidiaries or, to the knowledge of either of the Transaction Entities, any director, officer, agent, employee, affiliate or other person acting on behalf of either of the Transaction Entities or any of their subsidiaries is an individual or entity ("**Person**") currently the subject of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty's Treasury or other relevant sanctions authority (collectively, "**Sanctions**"), nor are the Transaction Entities or any of their subsidiaries located, organized or resident in a country or territory that is the subject of Sanctions (each, a "**Sanctioned Country**"); and the Company will not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person (i) to fund or facilitate any activities of or business with any Person, or in any country or territory, that, at the time of such funding or facilitation, is the subject of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. Since April 24, 2019, the Transaction Entities and their subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any Person that at the time of the dealing or transaction is or was the subject of Sanctions or with any Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) <u>Absence of Manipulation</u>. Neither of the Transaction Entities nor any subsidiary or other affiliate of either of the Transaction Entities has taken nor will the Transaction Entities nor any of their subsidiaries or other affiliates take, directly or indirectly, any action which is designed to cause or result in, or which has constituted or which would reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation of Regulation M under the 1934 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;(xli) <u>Sales of Reserved Securities</u>. In connection with any offer and sale of Reserved Securities outside the United States, each preliminary prospectus, the Prospectus and any amendment or supplement thereto, at the time it was delivered to Invitees, complied and will comply in all material respects with any applicable laws or regulations of foreign jurisdictions in which the same is distributed. The Company has not offered, or caused the Representatives or Merrill Lynch to offer, Reserved Securities to any person with the specific intent to unlawfully influence (i) a customer or supplier of the Company or any of its affiliates to alter the customer's or supplier's level or type of business with any such entity or (ii) a trade journalist or publication to write or publish favorable information about the Company or any of its affiliates, or their respective businesses or products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlii) <u>Lending Relationship</u>*.* Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, neither of the Transaction Entities nor any of their subsidiaries has any material lending or other relationship with any bank or lending affiliate of any Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliii) <u>Statistical and Market-Related Data</u>. Any statistical and market-related data included in the Registration Statement, the General Disclosure Package or the Prospectus are based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable and accurate in all material respects and, to the extent required, the Company has obtained the written consent to the use of such data from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliv) <u>No Covered Foreign Person</u>. Neither of the Transaction Entities nor any of their subsidiaries is a "covered foreign person," as that term is defined in 31 C.F.R. § 850.209. The consummation of the transactions contemplated by this Agreement and described in the Registration Statement, the General Disclosure Package and the Prospectus will not result in the establishment of a covered foreign person or the engagement by a "person of a country of concern," as defined in 31 C.F.R. § 850.221, in a covered activity, as that term is defined in in 31 C.F.R. § 850.208. Neither of the Transaction Entities nor any of their subsidiaries currently engage, or have plans to engage, directly or indirectly, in a covered activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlv) <u>Listing</u>. The Class A-1 Common Stock has been approved for listing on the New York Stock Exchange, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvi) <u>No Rating</u>. Neither of the Transaction Entities nor any of their subsidiaries has any debt securities or preferred stock that are rated by any "nationally recognized statistical rating organization" (as defined in Section 3(a)(62) of the 1934 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;(xlvii) <u>Cybersecurity</u>. There has been no security breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Transaction Entities' or their respective subsidiaries' information technology and computer systems, networks, hardware, software, data and databases (including the data and information of their respective customers, employees, suppliers, vendors and any third party data maintained, processed or stored by the Transaction Entities and their respective subsidiaries, and any such data processed or stored by third parties on behalf of the Transaction Entities and their respective subsidiaries), equipment or technology (collectively, "**IT Systems and Data**"), except for any such security breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Transaction Entities' or their respective subsidiaries' IT Systems and Data that would not result, singly or in the aggregate, in a Material Adverse Effect. Neither the Transaction Entities nor their subsidiaries have been notified of, and each of them have no knowledge of any event or condition that could result in, any material security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data. The Transaction Entities and their respective subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards and practices, or as required by applicable regulatory standards, except where the failure to do so would not result, singly or in the aggregate, in a Material Adverse Effect. The Transaction Entities and their respective subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any Governmental Entity, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Representations and Warranties by the Manager*. The Manager represents and warrants to each Underwriter as of the date hereof, the Applicable Time, the Closing Time and each Date of Delivery, if any, and agrees with each Underwriter, 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) <u>Certain Information</u>. The information provided by the Manager set forth under the headings "Prospectus Summary—Our Manager," "Prospectus Summary—Potential Conflicts of Interest," "Risk Factors—Risks Related to Our Relationship with Our Manager and Healthpeak" and "Our Manager and the Management Agreement" in the Registration Statement, the General Disclosure Package and the Prospectus is true and correct in all material respects.

&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>Testing-the-Waters Materials</u>. The Manager (A) has not engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Representatives with entities that are or are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the 1933 Act or institutions that are accredited investors within the meaning of Rule 501 under the 1933 Act, (B) has not authorized anyone other than the Representatives to engage in Testing-the-Waters Communications or (C) has not distributed any Written Testing-the-Waters Communications other than those listed on Schedule B-3 hereto.

&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>No Material Adverse Change</u>. Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, except as otherwise stated therein or contemplated thereby there has been no material adverse change, (A) in the condition, financial or otherwise, or in the earnings, business affairs, management, business prospects or properties (taken as a whole) of the Manager and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business and (B) in the ability of the Manager to perform its obligations under the Management Agreement (collectively, a "**Manager Material Adverse Effect**").

&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>Good Standing of the Manager</u>. The Manager has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware with limited liability company power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement and the Management Agreement. The Manager is duly qualified as a foreign limited liability company to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify and be in good standing would not have a Manager Material Adverse Effect. The Manager is in substantial compliance with all laws, ordinances and regulations of each state in which it owns properties that are material to the properties and business of the Manager and its subsidiaries considered as one enterprise in such state.

&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>Authorization of Underwriting Agreement</u>. This Agreement has been duly authorized, executed and delivered by the Manager with respect to the Manager.

&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>Management Agreement</u>. The Management Agreement has been duly authorized, executed and delivered by the Manager and is a valid and legally binding agreement of the Manager, enforceable against the Manager in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or affecting creditors' rights and general principles of equity.

&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>Absence of Violations, Defaults and Conflicts</u>. The Manager is not (i) in violation of its operating agreement or other organizational document or (ii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, note, lease or other instrument to which the Manager is a party or by which the Manager may be bound or to which any of the properties or assets of the Manager is subject and in which the violation or default might result in a Manager Material Adverse Effect. The execution, delivery and performance of this Agreement, the Management Agreement by the Manager and the consummation of the transactions contemplated herein and therein and in the Registration Statement, the General Disclosure Package and the Prospectus and compliance by the Manager with its obligations hereunder and thereunder have been duly authorized by all necessary action and will not conflict with or constitute a breach of, or default under, or result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the Manager pursuant to, any contract, indenture, mortgage, loan agreement, note, lease or other instrument to which the Manager is a party or by which the Manager may be bound or to which any of the properties or assets of the Manager is subject, nor will such action result in any violation of the provisions of (i) the certificate of formation, limited liability company agreement or other comparable governing document of the Manager or (ii) any law, statute, rule, regulation, judgment, order, writ or decree of any court or governmental agency or body, domestic or foreign having jurisdiction over the Manager (a "**Manager Governmental Entity**").

&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) <u>Absence of Manipulation</u>. The Manager has not taken and will not take, directly or indirectly, any action which is designed to cause or result in, or which has constituted or which would reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation of Regulation M under the 1934 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;(ix) <u>Absence of Further Requirements</u>. No authorization, approval, consent, order or decree of any Manager Governmental Entity is required for the consummation by the Manager of the transactions contemplated by this Agreement or the Management 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;(x) <u>Absence of Proceedings</u>. Except as disclosed in the Registration Statement, the General Disclosure Package or the Prospectus, there is no action, suit or proceeding before or by any Manager Governmental Entity now pending, or, to the knowledge of the Manager, threatened against or affecting the Manager, which would result in any Manager Material Adverse Effect, or which would materially and adversely affect the Manager's properties or assets, taken as a whole, or which would materially and adversely affect the consummation of this Agreement or the Management Agreement or the performance by the Manager of its obligations hereunder or thereunder. All pending legal or governmental proceedings to which the Manager is a party or of which any of its properties or assets is the subject which are not described in the Registration Statement, the General Disclosure Package or the Prospectus, including ordinary routine litigation incidental to the business, are, considered in the aggregate, not material to the Manager.

&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) <u>Employment; Noncompetition; Nondisclosure</u>. The Manager has not been notified that any executive officer or key employee of Healthpeak or the Manager plans to terminate his, her or their employment with his, her or their current employer. Neither the Manager nor, to the knowledge of the Manager, any executive officer or key employee of Healthpeak or the Manager is subject to any noncompete, nondisclosure, confidentiality, employment, consulting or similar agreement that would be violated by the present or proposed business activities of the Transaction Entities or the Manager as described in the Registration Statement, the General Disclosure Package and the Prospectus, except for such violations that would not, singly or in the aggregate, result in a Material Adverse Effect.

&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) <u>Foreign Corrupt Practices Act</u>. None of the Manager, any of its subsidiaries or, to the knowledge of the Manager, any director, officer, agent, employee, affiliate or other person acting on behalf of the Manager or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that would result in (a) a violation by such persons of the FCPA, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA or (b) an offense under the UK Bribery Act or any other applicable anti-bribery or anti-corruption laws. The Manager and its subsidiaries and, to the knowledge of the Manager, its other affiliates have conducted their businesses in compliance with the FCPA, the UK Bribery Act and other applicable anti-bribery or anti-corruption laws and have instituted and maintain and enforce policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

&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) <u>Money-Laundering Laws</u>. The operations of the Manager and its subsidiaries are in compliance with applicable financial recordkeeping and reporting requirements of the Money Laundering Laws. No action, suit or proceeding by or before any Manager Governmental Entity involving the Manager or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Manager, threatened.

&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) <u>OFAC</u>. None of the Manager, any of its subsidiaries or, to the knowledge of the Manager, any director, officer, agent, employee, affiliate or other person acting on behalf of the Manager or any of its subsidiaries is currently the subject of any Sanctions, nor is the Manager or any of its subsidiaries located, organized or resident in a country or territory that is the subject of Sanctions. Since April 24, 2019, the Manager and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any Person that at the time of the dealing or transaction is or was the subject of Sanctions or with any Sanctioned Country.

&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) <u>Possession of Licenses and Permits</u>. The Manager possesses such Governmental Licenses issued by the appropriate governmental agencies or bodies, domestic or foreign, necessary for the Manager to perform its obligations under the Management Agreement. The Manager is in compliance with the terms and conditions of all Governmental Licenses under applicable law, except where the failure so to comply would not, singly or in the aggregate, affect its ability to perform its obligations under the Management Agreement. All of the Governmental Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, singly or in the aggregate, affect its ability to perform its obligations under the Management Agreement. The Manager has not received any notice of proceedings relating to the revocation or modification of any Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would affect its ability to perform its obligations under the Management 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;(xvi) <u>Internal Control</u>. The Manager intends to operate a system of internal controls sufficient to provide reasonable assurance that (A) transactions that may be effectuated by it on behalf of the Transaction Entities pursuant to its obligations under the Management Agreement will be executed in accordance with management's general or specific authorization and (B) access to the Transaction Entities' assets is permitted only in accordance with management's general or specific authorization.

&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) <u>Cybersecurity</u>. There has been no security breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Manager's or its subsidiaries' IT Systems and Data, except for any such security breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Manager's or its subsidiaries' IT Systems and Data that would not result, singly or in the aggregate, in a Manager Material Adverse Effect. Neither the Manager nor its subsidiaries have been notified of, and each of them have no knowledge of any event or condition that could result in, any material security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems and Data. The Manager and its subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards and practices, or as required by applicable regulatory standards, except where the failure to do so would not result, singly or in the aggregate, in a Manager Material Adverse Effect. The Manager and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any Manager Governmental Entity, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Officer's Certificates*. Any certificate signed by any officer or other representative of either of the Transaction Entities delivered to the Representatives or to counsel for the Underwriters shall be deemed a representation and warranty by both Transaction Entities to each Underwriter as to the matters covered thereby; and any certificate signed by any officer or other representative of the Manager as such and delivered to the Representatives or to counsel for the Underwriters pursuant to the terms of this Agreement shall be deemed a representation and warranty by the Manager to each Underwriter as to the matters covered thereby.

Section 2. <u>Sale and Delivery to Underwriters; Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Securities*. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from the Company, at the price per share set forth in Schedule A hereto, that number of Initial Securities opposite such Underwriter's name on Schedule A hereto, plus any additional number of Initial Securities which such Underwriter may become obligated to purchase pursuant to the provisions of Section 11 hereof, subject, in each case, to such adjustments among the Underwriters as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Option Securities*. In addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to an additional [●] Option Securities, at the price per share set forth in Schedule A, less an amount per share equal to any dividends or distributions declared by the Company and payable on the Initial Securities but not payable on the Option Securities. The option hereby granted may be exercised for 30 days after the date hereof and may be exercised in whole or in part at any time from time to time upon notice by the Representatives to the Company setting forth the number of Option Securities as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Option Securities. Any such time and date of delivery (a "**Date of Delivery**") shall be determined by the Representatives, but shall not be later than seven full business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all or any portion of the Option Securities, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of Option Securities then being purchased which the number of Initial Securities set forth in Schedule A opposite the name of such Underwriter bears to the total number of Initial Securities, subject, in each case, to such adjustments as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Payment*. Payment of the purchase price for, and delivery of certificates for or book-entry credits representing, the Initial Securities shall be made at the offices of Sidley Austin LLP, 787 7th Ave, New York, New York 10019, or at such other place as shall be agreed upon by the Representatives and the Company, at 9:00 A.M. (New York City time) on the first (second, if the pricing occurs after 4:30 P.M. (New York City time) on any given day) business day after the date hereof (unless postponed in accordance with the provisions of Section 11), or such other time not later than ten business days after such date as shall be agreed upon by the Representatives and the Company (such time and date of payment and delivery being herein called "**Closing Time**").

In addition, in the event that any or all of the Option Securities are purchased by the Underwriters, payment of the purchase price for, and delivery of certificates for or book-entry credits representing, such Option Securities shall be made at the above-mentioned offices, or at such other place as shall be agreed upon by the Representatives and the Company, on each Date of Delivery as specified in the notice from the Representatives to the Company.

Payment shall be made to the Company by wire transfer of immediately available funds to a bank account designated by the Company against delivery to the Representatives for the respective accounts of the Underwriters of certificates for or book-entry credits representing the Securities to be purchased by them. It is understood that each Underwriter has authorized the Representatives, for its account, to accept delivery of, receipt for, and make payment of the purchase price for, the Initial Securities and the Option Securities, if any, which it has agreed to purchase. Each of BofA and J.P. Morgan, individually and not as a representative of the Underwriters, may (but shall not be obligated to) make payment of the purchase price for the Initial Securities or the Option Securities, if any, to be purchased by any Underwriter whose funds have not been received by the Closing Time or the relevant Date of Delivery, as the case may be, but such payment shall not relieve such Underwriter from its obligations hereunder.

Section 3. <u>Covenants of the Transaction Entities</u>. Each of the Transaction Entities, jointly and severally, covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compliance with Securities Regulations and Commission Requests*. The Company, subject to Section 3(e), will comply with the requirements of Rule 430A, and will notify the Representatives promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed, (ii) of the receipt of any comments or inquiries from the Commission relating to the Registration Statement, any preliminary prospectus or the Prospectus, (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any preliminary prospectus or the Prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the 1933 Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the 1933 Act in connection with the offering of the Securities. The Company will effect all filings required under Rule 424(b), in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Company will make every reasonable effort to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Issuer Free Writing Prospectuses*. Each of the Transaction Entities agrees that, unless it obtains the prior written consent of the Representatives, it will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the Representatives will be deemed to have consented to the Issuer Free Writing Prospectuses listed on Schedule B-2 hereto and any "road show that is a written communication" within the meaning of Rule 433(d)(8)(i) that has been reviewed and approved by the Representatives. Each of the Transaction Entities represents that it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed consented to, by the Representatives as an "issuer free writing prospectus," as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement, any preliminary prospectus or the Prospectus or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Delivery of Registration Statements*. The Company has furnished or will deliver to the Representatives and counsel for the Underwriters, without charge, an electronic copy of the Registration Statement as originally filed and of each amendment thereto (including exhibits filed therewith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delivery of Prospectuses*. The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the 1933 Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Securities is (or, but for the exception afforded by Rule 172 (as defined below), would be) required to be delivered under the 1933 Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Continued Compliance with Securities Laws*. The Company will comply with the 1933 Act and the 1933 Act Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Registration Statement, the General Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Securities is (or, but for the exception afforded by Rule 172 of the 1933 Act Regulations ("**Rule 172**"), would be) required by the 1933 Act to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) amend or supplement the General Disclosure Package or the Prospectus in order that the General Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the General Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the 1933 Act or the 1933 Act Regulations, the Company will promptly (A) give the Representatives notice of such event, (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the General Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representatives with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representatives or counsel for the Underwriters shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company has given the Representatives notice of any filings made pursuant to the 1934 Act or 1934 Act Regulations within 48 hours prior to the Applicable Time; the Company will give the Representatives notice of its intention to make any such filing from the Applicable Time to the Closing Time and will furnish the Representatives with copies of any such documents a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Blue Sky Qualifications*. The Company will endeavor, in cooperation with the Underwriters, to qualify the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representatives may reasonably designate and to maintain such qualifications in effect so long as required to complete the distribution of the Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Rule 158*. The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available to its securityholders an earnings statement for the purposes of, and to provide to the Underwriters the benefits contemplated by, the last paragraph of Section 11(a) of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Use of Proceeds*. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the Registration Statement, the General Disclosure Package and the Prospectus under "Use of Proceeds."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Listing*. The Company will use its best efforts to effect and maintain the listing of the Securities on the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Reporting Requirements*. The Company, during the period when a prospectus relating to the Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, will file all documents required to be filed with the Commission pursuant to the 1934 Act within the time periods required by the 1934 Act and 1934 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Restriction on Sale of Securities*. During a period of 180 days from the date of this Agreement (the "**Lock-Up Period**"), neither of the Transaction Entities will, without the prior written consent of the Representatives, directly or indirectly (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any shares of Class A-1 Common Stock or any securities convertible into or exercisable or exchangeable for Class A-1 Common Stock (including, without limitation, LLC Interests) or file or confidentially submit any registration statement under the 1933 Act relating to any shares of Class A-1 Common Stock or any securities convertible into or exercisable or exchangeable for Class A-1 Common Stock (including, without limitation, LLC Interests), or (ii) enter into any swap or other agreement or transaction that transfers, in whole or in part, directly or indirectly, the economic consequences of ownership of Class A-1 Common Stock, whether any such swap, agreement, or other transaction described in clause (i) or (ii) above is to be settled by delivery of Class A-1 Common Stock, other securities, in cash or otherwise, or publicly announce the intention to do any of the foregoing described in clause (i) or (ii), except for (A) the Securities to be sold hereunder, (B) shares of Class A-1 Common Stock, Class A-2 Common Stock or LLC Interests to be issued in the Formation Transactions described in the Registration Statement, the General Disclosure Package and the Prospectus, (C) shares of Common Stock or LLC Interests issued or options to purchase shares of Common Stock or LLC Interests granted pursuant to, or registration statements on Form S-8 filed to register shares of Class A-1 Common Stock that are issuable pursuant to, existing employee benefit plans of the Company referred to in the Registration Statement, the General Disclosure Package and the Prospectus, (D) non-managing member units exchangeable for any shares of Class A-1 Common Stock issued by subsidiaries of the Company in connection with the acquisition of properties or interests therein (provided that (x) such units referred to in this clause (D) are not exchangeable for Class A-1 Common Stock for at least one year from the date of issuance thereof and the Company does not cause or permit (by waiver or otherwise) the exchange of such units for Class A-1 Common Stock during such one year period, (y) issuances pursuant to this clause (D) shall not in the aggregate exceed 5% of the total number of shares of Class A-1 Common Stock issued and outstanding immediately following the completion of the transactions contemplated by this Agreement (assuming full conversion, exchange or exercise of all outstanding securities convertible into or exercisable or exchangeable for shares of Class A-1 Common Stock (including LLC Interests)) and (z) the recipient of any such units or securities convertible into or exercisable or exchangeable for shares of Class A-1 Common Stock shall be required to execute a Lock-up Agreement in substantially the form attached as Exhibit C hereto for the duration of the Lock-Up Period), (E) any shares of Common Stock issued by the Company upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof and referred to in the Registration Statement, the General Disclosure Package and the Prospectus, (F) shares of Class A-1 Common Stock issuable, and shares of Class A-2 Common Stock cancellable, upon the redemption or exchange of non-managing member units of subsidiaries of the Company, including the Operating Company, outstanding on the date of this Agreement and referred to in the Registration Statement, the General Disclosure Package and the Prospectus, (G) shares of Class A-1 Common Stock issued under a registration statement or pursuant to an exemption from registration in connection with future business combinations or acquisitions; provided that (x) such issuance does not exceed 5% of the total number of shares of Class A-1 Common Stock issued and outstanding immediately following the completion of the transactions contemplated by this Agreement (assuming full conversion, exchange or exercise of all outstanding securities convertible into or exercisable or exchangeable for shares of Class A-1 Common Stock (including LLC Interests)) and (y) the recipient of any such Class A-1 Common Stock or securities convertible into or exercisable or exchangeable for shares of Class A-1 Common Stock during the Lock-Up Period shall be required to execute a Lock-up Agreement in substantially the form attached as Exhibit C hereto for the duration of the Lock-Up Period, (H) shares of Common Stock issued as part of a distribution by the Company to its stockholders of record as of the record date of such distribution to maintain the qualification of the Company as a REIT or to avoid the payment of federal or state income or excise taxes or (I) LLC Interests issued to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Certification Regarding Beneficial Owners*. The Company will deliver to the Representatives, on the date of execution of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and the Company undertakes to provide such additional supporting documentation as the Representatives may reasonably request in connection with the verification of the foregoing certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Testing-the-Waters Materials*. If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Emerging Growth Company Status*. The Company will promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Securities within the meaning of the 1933 Act and (ii) completion of the 180-day restricted period referred to in Section 3(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Absence of Manipulation*. Neither of the Transaction Entities nor any subsidiary or other affiliate of the Transaction Entities will take, directly or indirectly, any action which is designed to cause or result in, or which has constituted or which would reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation of Regulation M under the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *REIT Status*. The Company will use its reasonable best efforts to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2026, and the Company will use its reasonable best efforts to continue to qualify for taxation as a REIT under the Code unless the Board of Directors of the Company determines that it is no longer in the best interests of the Company to qualify or to be so qualified.

Section 4. <u>Covenants of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accurate Disclosure*. The Manager covenants with each Underwriter and with the Company that, if at any time during the period when a prospectus relating to the Securities is required (or, but for the exception afforded by Rule 172 under the 1933 Act, would be required) to be delivered under the 1933 Act, it shall notify the Representatives and the Company of the occurrence of any material events respecting the Manager's activities, affairs, operations or condition, financial or otherwise, and the Manager will forthwith supply such information to the Company as shall be necessary in the opinion of counsel to the Transaction Entities and the Underwriters for the Company to prepare any necessary amendment or supplement to the Registration Statement, the General Disclosure Package and the Prospectus so that, as so amended or supplemented, the same will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made (in the case of the General Disclosure Package and the Prospectus), not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Absence of Manipulation*. The Manager will not take, directly or indirectly, any action which is designed to cause or result in, or which has constituted or which would reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation of Regulation M under the 1934 Act.

Section 5. <u>Payment of Expenses</u>. Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Expenses*. Each of the Transaction Entities, jointly and severally, will pay or cause to be paid all expenses incident to the performance of their obligations under this Agreement, including (i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits thereto) as originally filed and of each amendment thereto, (ii) the preparation, printing and delivery to the Underwriters of copies of each preliminary prospectus, each Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing by the Underwriters to investors, (iii) the preparation, issuance and delivery of the certificates for the Securities to the Underwriters, including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Securities to the Underwriters, (iv) the fees and disbursements of the Transaction Entities' counsel, accountants and other advisors, (v) the qualification of the Securities under securities laws in accordance with the provisions of Section 3(f) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of the Blue Sky Survey and any supplement thereto (in an amount not to exceed $10,000), (vi) the fees and expenses of any transfer agent or registrar for the Securities, (vii) the costs and expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the Securities, including without limitation, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations, travel and lodging expenses of the officers and other representatives of the Transaction Entities and any such consultants, and 50% of the cost of any aircraft and other transportation chartered in connection with the road show (the remaining 50% of such cost to be paid by the Underwriters), (viii) the filing fees incident to, and the reasonable and documented fees and disbursements of counsel to the Underwriters in connection with, the review by FINRA of the terms of the sale of the Securities (in an amount not to exceed $40,000), (ix) the fees and expenses incurred in connection with the listing of the Securities on the New York Stock Exchange, (x) the costs and expenses (including, without limitation, any damages or other amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for sale of the Securities made by the Underwriters caused by a breach of the representation contained in the second sentence of Section 1(a)(ii) and (xi) all costs and expenses of the Underwriters and Merrill Lynch, including the fees and disbursements of counsel (such counsel's fees not to exceed $30,000) for the Underwriters and counsel for Merrill Lynch, in connection with matters related to the Reserved Securities which are designated by the Company for sale to Invitees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Termination of Agreement*. If this Agreement is terminated by the Representatives in accordance with the provisions of Section 6, Section 10(a)(i) or (iii) or Section 11 hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters.

Section 6. <u>Conditions of the Underwriters' Obligations</u>. The obligations of the several Underwriters hereunder are subject to the accuracy of the representations and warranties of the Transaction Entities and the Manager contained herein or in certificates of any officer or other representative of the Transaction Entities or any of its subsidiaries or the Manager delivered pursuant to the provisions hereof, to the performance by the Transaction Entities and the Manager of their respective covenants and other obligations hereunder, and to the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Effectiveness of Registration Statement; Rule 430A Information*. The Registration Statement, including any Rule 462(b) Registration Statement, has become effective and, at the Closing Time, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company's knowledge, contemplated; and the Company has complied with each request (if any) from the Commission for additional information. A prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) without reliance on Rule 424(b)(8) or a post-effective amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Opinions*. At the Closing Time, the Representatives shall have received:

&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 favorable opinions and negative assurance letter, dated the Closing Time, of Latham & Watkins LLP, special corporate and tax counsel to the Transaction Entities and special corporate counsel to the Manager, in the form and substance reasonably satisfactory to the Representatives as set forth in Exhibit A hereto. In rendering such opinion, Latham & Watkins LLP may rely upon the opinion of Ballard Spahr LLP, rendered pursuant to Section 6(b)(ii), as to matters arising under the laws of the State of Maryland.

&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 favorable opinion, dated the Closing Time, of Ballard Spahr LLP, Maryland counsel for the Transaction Entities, in the form and substance reasonably satisfactory to the Representatives as set forth in Exhibit B hereto. In rendering its opinion, Ballard Spahr LLP shall state that each of Sidley Austin LLP, in rendering its opinion pursuant to Section 6(b)(iii) and Latham & Watkins LLP, in rendering its opinions pursuant to Section 6(b)(i), may rely upon such opinion as to matters arising under the laws of the State of Maryland.

&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 favorable opinion (including negative assurance statement), dated the Closing Time, of Sidley Austin LLP, counsel to the Underwriters, with respect to such matters as the Underwriters may reasonably request. In rendering such opinion, Sidley Austin LLP may rely upon the opinion of Ballard Spahr LLP, rendered pursuant to Section 6(b)(ii), as to matters arising under the laws of the State of Maryland.

In giving their opinions, Latham & Watkins LLP, Ballard Spahr LLP and Sidley Austin LLP may rely, to the extent recited therein, (A) as to all matters of fact, upon certificates and written statements of officers of the Transaction Entities and the Manager, and (B) as to the qualification and good standing of the Company, the Operating Company and the Manager and each Significant Subsidiary to do business in any state or other jurisdiction, upon certificates of appropriate government officials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Officers' Certificate*. At the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Transaction Entities and their subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, and the Representatives shall have received a certificate of the President or a Vice President of the Company and of the Chief Financial Officer or Chief Accounting Officer of the Company, dated the Closing Time, to the effect that (i) there has been no such material adverse change, (ii) the representations and warranties of the Transaction Entities in Section 1(a) hereof are true and correct with the same force and effect as though expressly made at and as of the Closing Time, (iii) the Transaction Entities have performed or complied with all agreements and satisfied all conditions on their part to be performed or satisfied at or prior to the Closing Time and (iv) no stop order suspending the effectiveness of the Registration Statement under the 1933 Act has been issued, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to their knowledge, contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Certificate of the Manager*. At the Closing Time, the Representatives shall have received a certificate of an officer of the Manager, dated the Closing Time, to the effect that (i) the representations and warranties of the Manager in Section 1(b) hereof are true and correct with the same force and effect as though expressly made at and as of the Closing Time and (ii) the Manager has performed or complied with all agreements and satisfied all conditions on its part to be performed or satisfied under this Agreement at or prior to the Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Accountants' Comfort Letter*. At the time of the execution of this Agreement, the Representatives shall have received from Deloitte & Touche LLP, in its capacity as auditor of the Company (which, for avoidance of doubt, includes Janus Predecessor and Janus Parent), dated such date, in form and substance satisfactory to the Representatives, containing statements and information of the type ordinarily included in accountants' "comfort letters" to underwriters with respect to financial statements and financial information included in the Registration Statement, the General Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Bring-down Comfort Letter*. At the Closing Time, the Representatives shall have received from Deloitte & Touche LLP, in its capacity as auditor of the Company (which, for avoidance of doubt, includes Janus Predecessor and Janus Parent), dated the Closing Time, to the effect that they reaffirm the statements made in their letter furnished pursuant to subsection (e) of this Section, except that the specified date referred to therein shall be a date not more than three business days prior to the Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Chief Financial Officer's Certificate*. At the time of execution of this Agreement and at the Closing Time, the Representatives shall have received a certificate of the Chief Financial Officer of the Company, dated the date hereof and the Closing Time, in form and substance satisfactory to the Representatives, regarding certain financial and operating information contained in the Registration Statement, the General Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Approval of Listing*. At the Closing Time, the Securities shall have been approved for listing on the New York Stock Exchange, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *No Objection*. FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements relating to the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Lock-up Agreements*. At the date of this Agreement, the Representatives shall have received an agreement substantially in the form of Exhibit C hereto signed by the persons listed on Schedule C hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Additional Documents*. At the Closing Time, and each Date of Delivery, counsel for the Underwriters shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the sale of the Securities as herein contemplated and related proceedings, or in order to evidence the accuracy and completeness of any of the representations and warranties, or the fulfillment of any of the conditions, herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Conditions to Purchase of Option Securities*. In the event that the Underwriters exercise their option provided in Section 2(b) hereof to purchase all or any portion of the Option Securities, the representations and warranties of the Transaction Entities and the Manager contained herein and the statements in any certificates furnished by the Transaction Entities or any of their respective subsidiaries or the Manager hereunder shall be true and correct as of each Date of Delivery, and, at the relevant Date of Delivery, the Representatives shall have received:

&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 favorable opinions and negative assurance letter of Latham & Watkins LLP, special corporate and tax counsel to the Transaction Entities and special corporate counsel to the Manager, in form and substance satisfactory to counsel for the Underwriters, dated such Date of Delivery, relating to the Option Securities and otherwise to the same effect as the opinions and negative assurance letter required by Section 6(b)(i) 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;(ii) The favorable opinion of Ballard Spahr LLP, Maryland counsel to the Transaction Entities, in form and substance satisfactory to counsel for the Underwriters, dated such Date of Delivery, relating to the Option Securities and otherwise to the same effect as the opinion required by Section 6(b)(ii) 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;(iii) The favorable opinion (including negative assurance statement) of Sidley Austin LLP, counsel to the Underwriters, dated such Date of Delivery, relating to the Option Securities and otherwise to the same effect as the opinion required by Section 6(b)(iii) 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) A certificate of the President or a Vice President of the Company and of the Chief Financial Officer or Chief Accounting Officer of the Company, dated such Date of Delivery, confirming that the certificate delivered at the Closing Time pursuant to Section 6(c) hereof remains true and correct as of such Date of Delivery.

&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) A certificate of an officer of the Manager, dated such Date of Delivery, confirming that the certificate delivered at the Closing Time pursuant to Section 6(d) hereof remains true and correct as of such Date of Delivery.

&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) A letter from Deloitte & Touche LLP, in form and substance satisfactory to the Representatives, dated such Date of Delivery, substantially the same in scope and substance as the letter furnished to the Representatives, pursuant to Section 6(f) hereof except that the "specified date" in the letters furnished pursuant to this subsection shall be a date not more than three business days prior to such Date of Delivery.

&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) A certificate of the Chief Financial Officer of the Company, dated such Date of Delivery, confirming that the certificate delivered at the Closing Time pursuant to Section 6(g) hereof remains true and correct as of such Date of Delivery.

If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled, this Agreement, or, in the case of any condition to the purchase of Option Securities on a Date of Delivery which is after the Closing Time, the obligations of the several Underwriters to purchase the relevant Option Securities, may be terminated by the Representatives by notifying the Company at any time at or prior to Closing Time or such Date of Delivery, as the case may be, and such termination shall be without liability of any party to any other party except as provided in Section 5 hereof. Notwithstanding any such termination, the provisions of Section 1, Section 7, Section 8, Section 9, Section 13, Section 14, Section 19 and Section 20 shall remain in full force and effect.

Section 7. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification of the Underwriters*. Each of the Transaction Entities, jointly and severally, agree to indemnify and hold harmless each Underwriter, its affiliates (as such term is defined in Rule 501(b) under the 1933 Act (each, an "**Affiliate**")), its directors, officers and agents, and each person, if any, who controls any Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, 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) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430A Information, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact included (A) in any preliminary prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto), or (B) in any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any roadshow or investor presentations made to investors by the Company (whether in person or electronically), or the omission or alleged omission in any preliminary prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) or in any Marketing Materials of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&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) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, domestic or foreign, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 7(d) below) any such settlement is effected with the written consent of the Transaction Entities; 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;(iii) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representatives), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, domestic or foreign, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;

<u>provided</u>, <u>however</u>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto), including the Rule 430A Information, or the General Disclosure Package or the Prospectus (or any amendment or supplement thereto), in each case, in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification of the Transaction Entities and the Company's Directors and Officers*. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless each Transaction Entity, the Company's directors, each of the Company's officers who signed the Registration Statement, and each person, if any, who controls either of the Transaction Entities within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including the Rule 430A Information, or the General Disclosure Package or the Prospectus (or any amendment or supplement thereto), in each case in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Actions Against Parties; Notification*. Each indemnified party shall give written notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. In the case of parties indemnified pursuant to Section 7(a) above, counsel to the indemnified parties shall be selected by the Representatives, and, in the case of parties indemnified pursuant to Section 7(b) above, counsel to the indemnified parties shall be selected by the Transaction Entities. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, domestic or foreign, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 7 or Section 8 hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Settlement without Consent if Failure to Reimburse*. If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 7(a)(ii) or settlement of any claim in connection with any violation referred to in Section 7(e) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Indemnification for Reserved Securities*. In connection with the offer and sale of the Reserved Securities, the Company agrees to indemnify and hold harmless the Underwriters, their Affiliates (including Merrill Lynch) and selling agents and each person, if any, who controls any Underwriter or Merrill Lynch within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, from and against any and all loss, liability, claim, damage and expense (including, without limitation, any legal or other expenses reasonably incurred in connection with defending, investigating or settling any such action or claim), as incurred, (i) arising out of the violation of any applicable laws or regulations of foreign jurisdictions where Reserved Securities have been offered, (ii) arising out of any untrue statement or alleged untrue statement of a material fact contained in any other material prepared by or with the consent of the Company for distribution to Invitees in connection with the offering of the Reserved Securities or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) caused by the failure of any Invitee to pay for and accept delivery of Reserved Securities which have been orally confirmed for purchase by any Invitee by 11:59 P.M. (New York City time) on the date of the Agreement or (iv) related to, or arising out of or in connection with, the offering of the Reserved Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *EDGAR*. For purposes of this Section 7, all references to the Registration Statement, any preliminary prospectus, Issuer Free Writing Prospectus or the Prospectus, or any amendment or supplement to any of the foregoing, shall be deemed to include, without limitation, any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR.

Section 8. <u>Contribution</u>. If the indemnification provided for in Section 7 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Transaction Entities, on the one hand, and the Underwriters, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Transaction Entities, on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions, or in connection with any violation of the nature referred to in Section 7(e) hereof, which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

The relative benefits received by the Transaction Entities, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting discount received by the Underwriters, on the other hand, in each case as set forth on the cover of the Prospectus, bear to the aggregate initial public offering price of the Securities as set forth on the cover of the Prospectus.

The relative fault of the Transaction Entities, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Transaction Entities or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or any violation of the nature referred to in Section 7(e) hereof.

The Transaction Entities and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 8. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 8 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, domestic or foreign, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the underwriting discount received by such Underwriter in connection with the Securities underwritten by it and distributed to the public.

No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

For purposes of this Section 8, each director, officer or agent of an Underwriter, and each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each Underwriter's Affiliates shall have the same rights to contribution as such Underwriter, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls either of the Transaction Entities within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Transaction Entities. The Underwriters' respective obligations to contribute pursuant to this Section 8 are several in proportion to the number of Initial Securities set forth opposite their respective names in Schedule A hereto and not joint.

Section 9. <u>Representations, Warranties and Agreements to Survive</u>. All representations, warranties and agreements contained in this Agreement, or contained in certificates of officers or other representatives of either of the Transaction Entities or any of their subsidiaries or the Manager submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or its Affiliates, its directors, officers or agents or any controlling person, or by or on behalf of either of the Transaction Entities or the Manager and shall survive delivery and payment for the Securities to the Underwriters.

Section 10. <u>Termination of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Termination*. The Representatives may terminate this Agreement, by notice to the Transaction Entities, at any time at or prior to Closing Time (and, if any Option Securities are to be purchased on a Date of Delivery which occurs after Closing Time, the Representatives may terminate the obligation to purchase such Option Securities, by notice to the Transaction Entities, at any time on or prior to such Date of Delivery), if (i) there has been since the time of execution of this Agreement or since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Transaction Entities and their subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, (ii) there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or the escalation thereof or other calamity or crisis or change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Representatives, impracticable or inadvisable to proceed with the completion of the offering of the Securities or to enforce contracts for the sale of the Securities, (iii) trading in any securities of the Company has been suspended or materially limited by the Commission or a national securities exchange, or if trading generally on either the New York Stock Exchange or in the Nasdaq Global Market has been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, by the New York Stock Exchange or by the Nasdaq Global Market or by order of the Commission, FINRA or any other governmental agency or body, or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States, or (iv) a banking moratorium has been declared by either federal, New York or Maryland authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Liabilities*. If this Agreement is terminated pursuant to this Section 10, such termination shall be without liability of any party to any other party except as provided in Section 5 hereof. Notwithstanding any such termination, the provisions of Section 1, Section 7, Section 8, Section 9, Section 13, Section 14, Section 19 and Section 20 shall remain in full force and effect.

Section 11. <u>Default by One or More of the Underwriters</u>. If one or more of the Underwriters shall fail at the Closing Time or a Date of Delivery, as the case may be, to purchase the Securities which it or they are obligated to purchase under this Agreement (the "**Defaulted Securities**"), the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour period, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the number of Defaulted Securities does not exceed 10% of the total number of Securities to be purchased on such date, each of the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the number of Defaulted Securities exceeds 10% of the total number of Securities to be purchased on such date, this Agreement or, with respect to any Date of Delivery which occurs after the Closing Time, the obligation of the Underwriters to purchase, and the Company to sell, the Option Securities to be purchased and sold on such Date of Delivery shall terminate without liability on the part of any non-defaulting Underwriter.

No action taken pursuant to this Section 11 shall relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not result in a termination of this Agreement or, in the case of a Date of Delivery which is after the Closing Time, which does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell the relevant Option Securities, as the case may be, either the (i) Representatives or (ii) the Company shall have the right to postpone Closing Time or the relevant Date of Delivery, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 11.

Section 12. <u>Notices</u>.

Unless otherwise provided herein, all notices required under the terms and provisions hereof shall be in writing, either delivered by hand, by mail or by fax, and any such notice shall be effective when received at the address specified below.

If to the Transaction Entities:

Janus Living, Inc. / Janus Living OP, LLC

c/o Healthpeak Properties, Inc.

4600 South Syracuse Street, Suite 500

Denver, Colorado 80237

Attention: Tracy Porter and Ankit Patadia

Email:

With a copy (which shall not constitute notice) to:

Lewis K. Kneib, Esq.<br> Devon L. MacLaughlin, Esq.

Latham & Watkins LLP<br> 10250 Constellation Blvd., Suite 1100<br> Los Angeles, California 90067<br> Email:

If to the Manager:

Healthpeak Investment Management, LLC

c/o Healthpeak Properties, Inc.

4600 South Syracuse Street, Suite 500

Denver, Colorado 80237

Attention: Tracy Porter and Ankit Patadia

Email:

With a copy (which shall not constitute notice) to:

Lewis K. Kneib, Esq.<br> Devon L. MacLaughlin, Esq.

Latham & Watkins LLP<br> 10250 Constellation Blvd., Suite 1100<br> Los Angeles, California 90067<br> Email:

If to the Underwriters:

BofA Securities, Inc.<br> One Bryant Park<br> New York, New York 10036<br> Attention: Syndicate Department<br> Email:

and a copy to

BofA Securities, Inc.<br> One Bryant Park<br> New York, New York 10036<br> Attention: ECM Legal<br> Email:

J.P. Morgan Securities LLC

270 Park Avenue

New York, New York 10017

Fax: (212) 622-8358

Attention: Equity Syndicate Desk

With a copy (which shall not constitute notice) 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;J. Gerard Cummins, Esq.

Adam M. Gross, Esq.

Sidley Austin LLP<br> 787 Seventh Avenue

New York, New York 10019<br> Email:

or at such other address as such party may designate from time to time by notice duly given in accordance with the terms of this Section 12.

Section 13. <u>Parties</u>. This Agreement shall each inure to the benefit of and be binding upon the Underwriters, the Transaction Entities and the Manager and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters, the Transaction Entities and the Manager and their respective successors and the controlling persons and the agents, officers and directors referred to in Section 7 and Section 8 hereof and their heirs and legal representatives any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriters, the Transaction Entities and the Manager and their respective successors, and said controlling persons and said agents, officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor merely by reason of such purchase.

Section 14. <u>Governing Law</u>.THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.

Section 15. <u>TIME</u>. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.

Section 16. <u>Recognition of the U.S. Special Resolution Regimes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Section 16: (A) a "**BHC Act Affiliate**" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (B) "**Covered Entity**" means any of the following: (i) a "**covered entity**" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "**covered bank**" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "**covered FSI**" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (C) "**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and (D) "**U.S. Special Resolution Regime**" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

Section 17. <u>No Advisory or Fiduciary Relationship</u>. Each of the Transaction Entities and the Manager acknowledges and agrees that (a) the purchase and sale of the Securities pursuant to this Agreement, including the determination of the initial public offering price of the Securities and any related discounts and commissions, is an arm's-length commercial transaction between the Transaction Entities, Healthpeak and the Manager, on the one hand, and the several Underwriters, on the other hand, and does not constitute a recommendation, investment advice, or solicitation of any action by the Underwriters, (b) in connection with the offering of the Securities and the process leading thereto, each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of either of the Transaction Entities or the Manager, any of their subsidiaries or other affiliates, or their respective stockholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Transaction Entities or the Manager or any of their subsidiaries or other affiliates with respect to the offering of the Securities or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising either of the Transaction Entities or the Manager or any of their subsidiaries or other affiliates on other matters) and no Underwriter has any obligation to the Transaction Entities or the Manager or any of their subsidiaries or other affiliates with respect to the offering of the Securities except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of each of the Transaction Entities, the Manager and their subsidiaries or other affiliates, and (e) the Underwriters have not provided any legal, accounting, regulatory, investment or tax advice with respect to the offering of the Securities and each of the Transaction Entities, the Manager and their subsidiaries or other affiliates has consulted its own respective legal, accounting, financial, regulatory and tax advisors to the extent it deemed appropriate, and (f) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Underwriters with respect to any entity or natural person.

Section 18. <u>Entire Agreement</u>. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Transaction Entities, Healthpeak, the Manager and the Underwriters, or any of them, with respect to the subject matter hereof.

Section 19. <u>Waiver of Jury Trial</u>. Each of the Transaction Entities, the Manager and the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Section 20. <u>Consent to Jurisdiction</u>. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted in (i) the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii) the courts of the State of New York located in the City and County of New York, Borough of Manhattan (collectively, the "**Specified Courts**"), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party's address set forth above shall be effective service of process for any suit, action or proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

Section 21. <u>Counterparts and Electronic Signatures</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same Agreement. Electronic signatures complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed original signatures for purposes of this Agreement. Transmission by telecopy, electronic mail or other transmission method of an executed counterpart of this Agreement will constitute due and sufficient delivery of such counterpart.

Section 22. <u>Severability</u>. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof or thereof, as the case may be. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

Section 23. <u>Effect of Headings</u>. The Section headings herein are for convenience only and shall not affect the construction hereof.

[*Signature page follows.*]

If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company, the Operating Company and the Manager a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Underwriters, the Company, the Operating Company and the Manager in accordance with its terms.

---

| |
|:---|
| Very truly yours, |
| Janus Living, Inc. |
| By: |
| Name: |
| Title: |
| Janus Living OP, LLC |
| By: Janus Living, Inc., its managing member |
| By: |
| Name: |
| Title: |
| Healthpeak Investment Management, LLC |
| By: |
| Name: |
| Title: |

---

[*Signature Pages to Underwriting Agreement*]

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| | |
|:---|:---|
| CONFIRMED AND ACCEPTED, | CONFIRMED AND ACCEPTED, |
|  | as of the date first above written: |
| BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

For themselves and as Representatives of the other<br> Underwriters named in Schedule A hereto.

[*Signature Pages to Underwriting Agreement*]

**SCHEDULE A**

The initial public offering price per share for the Securities shall be $[●].

The purchase price per share for the Securities to be paid by the several Underwriters shall be $[●], being an amount equal to the initial public offering price set forth above less $[●] per share, subject to adjustment in accordance with Section 2(b) for dividends or distributions declared by the Company and payable on the Initial Securities but not payable on the Option Securities.

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| | |
|:---|:---|
| **Name of Underwriter** | **Number of Initial<br> Securities** |
| BofA Securities, Inc. | [●] |
| J.P. Morgan Securities LLC | [●] |
| Wells Fargo Securities, LLC | [●] |
| Barclays Capital Inc. | [●] |
| Goldman Sachs & Co. LLC | [●] |
| RBC Capital Markets, LLC | [●] |
| Morgan Stanley & Co. LLC | [●] |
| BNP Paribas Securities Corp. | [●] |
| Credit Agricole Securities (USA) Inc. | [●] |
| KeyBanc Capital Markets Inc. | [●] |
| PNC Capital Markets LLC | [●] |
| Scotia Capital (USA) Inc. | [●] |
| TD Securities (USA) LLC | [●] |
| Truist Securities, Inc. | [●] |
| BTIG, LLC | [●] |
| Capital One Securities, Inc. | [●] |
| Huntington Securities, Inc. | [●] |
| M&T Securities, Inc. | [●] |
| Raymond James & Associates, Inc. | [●] |
| Regions Securities LLC | [●] |
| Santander US Capital Markets LLC | [●] |
| SMBC Nikko Securities America, Inc. | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | [●] |

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Schedule A-1

**SCHEDULE B-1**

Pricing Terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is selling [●] shares of Class A-1 Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company has granted an option to the Underwriters, severally and not jointly, to purchase up to an additional [●] shares of Class A-1 Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The initial public offering price per share for the Securities shall be $[●].

Schedule B-1-1

**SCHEDULE B-2**

Free Writing Prospectuses

[Issuer General Use Free Writing Prospectuses]

Schedule B-2-1

**SCHEDULE B-3**

Testing-the-Waters Communications

[Testing-the-Waters Communications]

Schedule B-3-1

**SCHEDULE C**

List of Persons and Entities Subject to Lock-up

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| | |
|:---|:---|
| &nbsp;&nbsp;Persons and Entities Subject to 365-Day<br> Lock-Up | &nbsp;&nbsp;Persons and Entities Subject to 180-Day<br> Lock-Up |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Scott M. Brinker<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Kelvin O. Moses<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Adam G. Mabry<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shawn G. Johnston<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Tracy A. Porter<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Ankit B. Patadia<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Carol B. Samaan<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Jeffrey H. Miller<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Katherine M. Sandstrom<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Brian G. Cartwright<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. James B. Connor<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. R. Kent Griffin, Jr.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Pamela J. Kessler<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Sara G. Lewis<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Ava E. Lias-Booker<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Tommy G. Thompson<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Richard A. Weiss<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. John T. Thomas<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Patrick Cheng<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Jonathan Hughes<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Omkar Joshi<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Michelle Wood<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Paul Jin<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Elton Ngo<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Kristina Anacker<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Frank Russo<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Andrew Johns<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Healthpeak Properties, Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Janus Member, LLC<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. CCRC PropCo Ventures, LLC<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Healthpeak Investment Management, LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. John V. Arabia<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Charles J. Herman, Jr.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Denise Olsen |

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Schedule C-1

EXHIBIT A

**Opinions and Negative Assurance Letter of Latham & Watkins LLP**

Exhibit A-1

EXHIBIT B

**Opinion of Ballard Spahr LLP**

Exhibit B-1

EXHIBIT C

**<u>Form of Lock-Up</u>**

[●], 2026

BofA Securities, Inc.

One Bryant Park

New York, New York 10036

J.P. Morgan Securities LLC

270 Park Avenue

New York, New York 10017

As Representatives of the Several Underwriters

Re: <u>Proposed Initial Public Offering by Janus Living, Inc.</u>

Dear Ladies and Gentlemen:

The undersigned, a stockholder and/or an officer and/or a director and/or the external manager of Janus Living, Inc., a Maryland corporation (the "**Company**"), understands that BofA Securities, Inc. ("**BofA**") and J.P. Morgan Securities LLC, as representatives of the several underwriters (the "**Representatives**"), propose to enter into an underwriting agreement (the "**Underwriting Agreement**") with the Company, Janus Living OP, LLC, a Maryland limited liability company (the "**Operating Company**"), Healthpeak Investment Management, LLC, a Delaware limited liability company and the Company's external manager (the "**Manager**"), providing for the initial public offering (the "**Offering**") of shares (the "**Securities**") of the Company's Class A-1 common stock, par value $0.01 per share (the "**Class A-1 Common Stock**"). In recognition of the benefit that the Offering will confer upon the undersigned as a stockholder and/or an officer and/or a director and/or the Manager, as applicable, of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with each underwriter to be named in the Underwriting Agreement that, during the period beginning on the date hereof and ending on the date that is [180]<sup>1</sup>[365]<sup>2</sup> days from the date of the Underwriting Agreement (the "**Lock-Up Period**"), the undersigned will not, without the prior written consent of the Representatives, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise dispose of or transfer, directly or indirectly, any shares of the Company's Class A-1 Common Stock or any securities convertible into or exchangeable or exercisable for Class A-1 Common Stock (including, without limitation, membership interests in the Operating Company), whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (including, without limitation, Class A-1 Common Stock or such other securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "**Commission**") and securities which may be issued upon exercise of a stock option or warrant) (collectively, the "**Lock-Up Securities**"), or exercise any right with respect to the registration of any of the Lock-Up Securities, or file, cause to be filed or cause to be confidentially submitted any registration statement in connection therewith, under the Securities Act of 1933, as amended (the "**Securities Act**") or (ii) enter into any hedging, swap, loan or any other agreement or any transaction (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward or any other derivative transaction or instrument, however described or defined) that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such hedging, swap, loan or transaction is to be settled by delivery of Class A-1 Common Stock or other securities, in cash or otherwise, or (iii) publicly disclose the intention to do any of the foregoing described in clauses (i) and (ii) above.

<sup>1</sup> NTD: To be included in independent director lock-ups.

<sup>2</sup> NTD: 365-day lock-up to apply to all lock-up parties other than independent directors.

Exhibit C-1

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer the Lock-Up Securities without the prior written consent of the Representatives, as described below, provided that (1) in the case of clause (i), (ii), (v), (vi) (to the extent in relation to clause (i), (ii) or (v)), (vii) or (viii), the Representatives receive a signed lock-up agreement in the form of this lock-up agreement for the balance of the Lock-Up Period from each donee, devisee, trustee, distributee, or transferee, as the case may be, (2) in the case of clauses (i), (vii) or (viii)(B), any such transfer shall not involve a disposition for value, (3) such transfers are not required to be reported during the Lock-Up Period with the Commission on Form 4 or Form 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or, in the case of clause (i), (ii), (iii), (iv), (x) or (xi) below, any such required filing shall clearly indicate in the footnotes thereto that the filing relates to circumstances described in such a clause, and (4) the undersigned does not otherwise voluntarily effect any public filing or report regarding such transfers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a *bona fide* gift or
 gifts, including, without limitation, to a charitable organization or educational institution,
 or for *bona fide* estate planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 will, testamentary document or intestate succession to the legal representative, heir, beneficiary
 or a member of the immediate family of the undersigned (for purposes of this lock-up
 agreement, "immediate family" of the undersigned shall mean any relationship
 by blood, marriage, domestic partnership or adoption, not more remote than first cousin of
 the undersigned);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by operation of law, such as pursuant to a qualified domestic order,
 divorce settlement, divorce decree or separation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pursuant to an order of a court or regulatory agency having jurisdiction
 over the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to any corporation, partnership, limited liability company or other
 entity of which the undersigned or the immediate family of the undersigned are the legal
 and beneficial owner of all of the outstanding equity securities or similar interests;

Exhibit C-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to a nominee or custodian of a person or entity to whom a disposition
 or transfer would be permissible under clauses (i) through (v) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to any immediate family member or any trust, partnership, limited
 liability company or other entity for the direct or indirect benefit of the undersigned or
 one or more immediate family members of the undersigned, or if the undersigned is a trust,
 to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if the undersigned is a corporation, partnership, limited liability
 company, trust or other business entity, (A) to another corporation, partnership, limited
 liability company, trust or other business entity that is an affiliate (as defined in Rule 405
 promulgated under the Securities Act) of the undersigned, or to any investment fund or other
 entity controlling, controlled by, managing or managed by or under common control with the
 undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where
 the undersigned is a partnership, to its general partner or a successor partnership or fund,
 or any other funds managed by such partnership), or (B) as part of a distribution to
 limited partners, limited liability company members or stockholders of the undersigned or
 holders of similar equity interests in the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the Company upon the undersigned's
 death, disability or termination of employment or other service relationship with the Company; *provided that* such shares of Class A-1 Common Stock were issued to the undersigned
 pursuant to an agreement or equity award granted pursuant to an employee benefit plan, option,
 warrant or other right disclosed in the prospectus for the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Company or the Operating Company pursuant to (A) the exercise
 on a net issuance basis by the undersigned of any award granted pursuant to the Company's
 employee benefit plans as described in the prospectus for the Offering, or (B) share
 withholdings to cover applicable taxes in connection with the vesting or settlement of any
 award granted pursuant to the Company's employee benefit plans as described in the
 prospectus for the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to
 the Company or the Operating Company pursuant to any redemption, exchange or conversion right
 relating to membership interests in the Operating Company or any equity interests
 in any other subsidiary of the Company, including any cancellation of Class A-2 common
 stock of the Company in connection with any such redemption, exchange or conversion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to a bona fide third party pursuant to a merger, consolidation,
 tender offer or other similar transaction pursuant to an offer made to all holders of Class A-1
 Common Stock and involving a change of control of the Company (for purposes of this clause
 (xii), "change of control" shall mean the transfer (whether by merger, consolidation,
 tender offer or other similar transaction), in one transaction or a series of related transactions,
 to a person or group of affiliated persons, of shares of capital stock if, after such transfer,
 such person or group of affiliated persons would hold at least a majority of the outstanding
 voting securities of the Company (or the surviving entity)) and approved by the Company's
 board of directors; provided that in the event that such merger, consolidation, tender offer
 or other similar transaction is not completed, the undersigned's Lock-Up Securities
 shall remain subject to the provisions of this lock-up agreement.

Exhibit C-3

Furthermore, the undersigned may sell shares of Class A-1 Common Stock of the Company purchased by the undersigned on the open market following the Offering if and only if (i) such sales are not required to be reported in any public report or filing with the Commission or otherwise and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding such sales.

The undersigned acknowledges and agrees that the underwriters have neither provided any recommendation or investment advice nor solicited any action from the undersigned with respect to the Offering of the Class A-1 Common Stock and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the underwriters may be required or choose to provide certain Regulation Best Interest and Form CRS disclosures to you in connection with the Offering, the underwriters are not making a recommendation to you to enter into this lock-up agreement and nothing set forth in such disclosures is intended to suggest that any underwriter is making such a recommendation.

The undersigned hereby represents and warrants that the undersigned has full power, capacity and authority to enter into this lock-up agreement. The undersigned understands that the Company and the underwriters are relying upon the lock-up agreement in proceeding toward the consummation of the Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

In the event that a Representative withdraws or is terminated from, or declines to participate in, the Offering, all references in this lock-up agreement to the Representatives shall refer to the remaining Representatives. If all Representatives withdraw, are terminated from or decline to participate in the Offering, all references in this lock-up agreement to the Representatives shall refer to the lead left book runner in the Offering ("**Replacement Entity**"), and in such event, any written consent, waiver or notice given or delivered in connection with this lock-up agreement by or to such Replacement Entity shall be deemed to be sufficient and effective for all purposes under this lock-up agreement.

Notwithstanding anything to the contrary contained herein, this lock-up agreement will automatically terminate and the undersigned will be released from all of their or its obligations hereunder upon the earliest to occur, if any, of the following: (i) prior to the execution of the Underwriting Agreement, the Company advises the Representatives in writing that it has determined not to proceed with the Offering, (ii) the Company files an application with the Commission to withdraw the registration statement relating to the Offering, (iii) the Underwriting Agreement is executed but is terminated (other than with respect to the provisions thereof which survive termination) prior to payment for and delivery of the Class A-1 Common Stock to be sold thereunder or (iv) July 31, 2026 in the event that the Offering shall not have occurred on or before such date (provided that the Company may, by written notice to the undersigned prior to such date, extend such date for a period of up to an additional three months).

Exhibit C-4

This lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York.

This lock-up agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same lock-up agreement. Electronic signatures complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed original signatures for purposes of this lock-up agreement. Transmission by telecopy, electronic mail or other transmission method of an executed counterpart of this lock-up agreement will constitute due and sufficient delivery of such counterpart.

**[SIGNATURE PAGE FOLLOWS]**

Exhibit C-5

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| |
|:---|
| Very truly yours, |
| [NAME OF STOCKHOLDER / OFFICER/ DIRECTOR / MANAGER] |
| By: |
| Name: |
| Title: |
| If not signing in an individual capacity: |
| Name of Authorized Signatory (Print) |
| Title of Authorized Signatory (Print) |
| (Indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity.) |

---

[*Signature Page to Lock-Up Agreement*]

## Exhibit 3.1

**Exhibit 3.1**

**JANUS LIVING, INC.** 

**ARTICLES OF AMENDMENT AND RESTATEMENT**

**<u>FIRST</u>** **:** Janus Living, Inc., a Maryland corporation (the "<u>Corporation</u>"), desires to amend and restate its charter (the "<u>Charter</u>") as currently in effect and as hereinafter amended.

**<u>SECOND</u>** **:** The following provisions are all the provisions of the Charter currently in effect and as hereinafter amended:

**ARTICLE I**

**INCORPORATOR**

Carol B. Samaan, whose address is 1900 Main Street, Suite 500, Irvine, CA 92614, being at least 18 years of age, formed a corporation under the general laws of the State of Maryland on January 5, 2026.

**ARTICLE II**

**NAME**

The name of the Corporation is:

Janus Living, Inc.

**ARTICLE III**

**PURPOSE**

The purposes for which the Corporation is formed are to engage in any lawful act or activity (including, without limitation or obligation, engaging in business as a real estate investment trust under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or any successor statute (the "<u>Code</u>")) for which corporations may be organized under the general laws of the State of Maryland as now or hereafter in force. For purposes of the Charter, "REIT" means a real estate investment trust under Sections 856 through 860 of the Code or any successor provisions.

**ARTICLE IV**

**PRINCIPAL OFFICE IN STATE AND RESIDENT AGENT**

The address of the principal office of the Corporation in the State of Maryland is c/o The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville Timonium, Maryland 21093-2264. The name of the resident agent of the Corporation in the State of Maryland is The Corporation Trust Incorporated, whose address is 2405 York Road, Suite 201, Lutherville Timonium, Maryland 21093-2264. The resident agent is a Maryland corporation.

**ARTICLE V**

**PROVISIONS FOR DEFINING, LIMITING AND REGULATING CERTAIN POWERS<br> OF THE CORPORATION AND OF THE STOCKHOLDERS AND DIRECTORS**

Section 5.1 *Number of Directors*. The business and affairs of the Corporation shall be managed under the direction of the Board of Directors. The number of directors of the Corporation is three (3), which number may be increased or decreased only by the Board of Directors pursuant to the bylaws of the Corporation (the "<u>Bylaws</u>"), but shall never be less than the minimum number required by the Maryland General Corporation Law (the "<u>MGCL</u>"). The names of the directors who shall serve until their successors are duly elected and qualify are:

Scott M. Brinker

Kelvin O. Moses

Tracy A. Porter

The Board of Directors may increase the number of directors and may fill any vacancy, whether resulting from an increase in the number of directors or otherwise, on the Board of Directors in the manner provided in the Bylaws.

Section 5.2 *Extraordinary Actions*. Except as specifically provided in Section 5.7 (relating to removal of directors) and in Article VIII (relating to certain amendments of the Charter of the Corporation), notwithstanding any provision of law permitting or requiring any action to be taken or approved by the affirmative vote of the holders of shares entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable by the Board of Directors and taken or approved by the affirmative vote of holders of shares entitled to cast a majority of all the votes entitled to be cast on the matter.

Section 5.3 *Authorization by Board of Directors of Stock Issuance*. The Board of Directors, without approval of the stockholders of the Corporation, may authorize the issuance from time to time of shares of stock of the Corporation of any class or series, whether now or hereafter authorized, or securities or rights convertible into shares of its stock of any class or series, whether now or hereafter authorized, for such consideration as the Board of Directors may deem advisable (or without consideration in the case of a stock split or stock dividend or for the purpose of qualifying as a REIT under the Code), subject to such restrictions or limitations, if any, as may be set forth in the MGCL, the Charter or the Bylaws.

Section 5.4 *Preemptive and Appraisal Rights*. Except as may be provided by the Board of Directors in setting the terms of classified or reclassified shares of stock pursuant to Section 6.4 or as may otherwise be provided by a contract approved by the Board of Directors, no holder of shares of stock of the Corporation shall, as such holder, have any preemptive right to purchase or subscribe for any additional shares of stock of the Corporation or any other security of the Corporation which it may issue or sell. Holders of shares of stock shall not be entitled to exercise any rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the MGCL or any successor statute unless the Board of Directors, upon the affirmative vote of two-thirds of the entire Board of Directors, shall determine that such rights apply, with respect to all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which holders of such shares would otherwise be entitled to exercise such rights.

Section 5.5 *Determinations by Board of Directors*. The determination as to any of the following matters, made in good faith by or pursuant to the direction of the Board of Directors consistent with the Charter, shall be final and conclusive and shall be binding upon the Corporation and every holder of shares of its stock: the amount of the net income of the Corporation for any period and the amount of assets at any time legally available for the payment of dividends, redemption of its stock or the payment of other distributions on its stock; the amount of paid-in surplus, net assets, other surplus, annual or other cash flow, funds from operations, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation or resolution of any ambiguity with respect to any provisions of the Charter (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or series of stock of the Corporation); the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Corporation or of any shares of stock of the Corporation; the number of shares of stock of any class of the Corporation; any matter relating to the acquisition, holding and disposition of any assets by the Corporation; or any other matter relating to the business and affairs of the Corporation or required or permitted by applicable law, the Charter or Bylaws or otherwise to be determined by the Board of Directors.

Section 5.6 *REIT Qualification*. For so long as the Corporation has elected to qualify as a REIT for U.S. federal income tax purposes, the Board of Directors shall use its reasonable best efforts to take such actions as it determines are necessary or appropriate to preserve the status of the Corporation as a REIT; however, if the Board of Directors determines that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT, the Board of Directors may (or may cause the Corporation to) revoke or otherwise terminate the Corporation's REIT election pursuant to Section 856(g) of the Code. The Board of Directors, in its sole and absolute discretion, also may (a) determine that compliance with any restriction or limitation on stock ownership and transfers set forth in Article VII is no longer required for REIT qualification and (b) make any other determination or take any other action pursuant to Article VII.

Section 5.7 *Removal of Directors*. Subject to the rights of holders of one or more classes or series of Preferred Stock (as defined below) to elect or remove one or more directors, any director, or the entire Board of Directors, may be removed from office at any time by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of directors.

Section 5.8 *Section 3-803 of the MGCL*. The Corporation is prohibited from electing to be subject to Section 3-803 of the MGCL unless such election is first approved by the stockholders of the Corporation by the affirmative vote of a majority of all the votes entitled to be cast on the matter.

Section 5.9 *Advisor Agreements*. The Board of Directors may authorize the execution and performance by the Corporation of one or more agreements with any person, corporation, association, company, trust, partnership (limited or general) or other organization whereby, subject to the supervision and control of the Board of Directors, any such other person, corporation, association, company, trust, partnership (limited or general) or other organization shall render or make available to the Corporation managerial, investment, advisory and/or related services, office space and other services and facilities (including, if deemed advisable by the Board of Directors, the management or supervision of the investments of the Corporation) upon such terms and conditions as may be provided in such agreement or agreements (including, if deemed fair and equitable by the Board of Directors, the compensation payable thereunder by the Corporation).

**ARTICLE VI**

**STOCK**

Section 6.1 *Authorized Shares*. The Corporation has authority to issue one billion, six hundred fifty million (1,650,000,000) shares of stock, consisting of (i) one billion five hundred million (1,500,000,000) shares of Class A-1 Common Stock, par value $0.01 per share ("<u>Class A-1 Common Stock</u>"), (ii) one hundred million (100,000,000) shares of Class A-2 Common Stock, par value $0.01 per share ("<u>Class A-2 Common Stock</u>", and together with the Class A-1 Common Stock, the "<u>Common Stock</u>"), and (iii) fifty million (50,000,000) shares of Preferred Stock, par value $0.01 per share ("<u>Preferred Stock</u>"). The aggregate par value of all authorized shares of stock having par value is $16,500,000. If shares of one class of stock are classified or reclassified into shares of another class of stock pursuant to Section 6.2 or Section 6.3 of this Article VI, the number of authorized shares of the former class shall be automatically decreased and the number of shares of the latter class shall be automatically increased, in each case by the number of shares so classified or reclassified, so that the aggregate number of shares of stock of all classes that the Corporation has authority to issue shall not be more than the total number of shares of stock set forth in the first sentence of this paragraph. The Board of Directors, with the approval of two-thirds of the entire board, and without any action by the stockholders of the Corporation, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Corporation has authority to issue.

Section 6.2 *Common Stock*. The preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption of each class of the Common Stock are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 *General*. Except as otherwise expressly provided in the Charter, each share of Common Stock shall
be identical in all respects and shall entitle the holder thereof to the same rights and privileges with respect thereto. The Board of
Directors may reclassify any unissued shares of Common Stock from time to time into one or more classes or series of stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 *Voting Rights*. Subject to the provisions of Article VII
and any preferences of any class or series of stock of the Corporation now or hereafter classified or reclassified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of any outstanding shares of Class A-1 Common
Stock and the holders of any outstanding shares of Class A-2 Common Stock shall vote together as a single class on all matters with
respect to which stockholders of the Corporation are entitled to vote under applicable law, the Charter or the Bylaws, or upon which
a vote of the stockholders is otherwise duly called for by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each share of Class A-1 Common Stock shall entitle the
holder thereof to one vote on all such matters with respect to which the stockholders are entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each share of Class A-2 Common Stock shall entitle the
holder thereof to one vote on all such matters with respect to which the stockholders are entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the holders of shares of Class A-1 Common Stock
nor the holders of shares of Class A-2 Common Stock shall have cumulative voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 *Dividends and Distributions*. Subject to any preferences of any class or series of stock of the
Corporation now or hereafter classified or reclassified, holders of shares of Class A-1 Common Stock shall be entitled to receive
such dividends and other distributions in cash, stock or property of the Corporation when, as and if declared thereon by the Board of
Directors from time to time out of assets or funds of the Corporation legally available therefor. No dividends or other distributions
shall be declared or paid on the Class A-2 Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.4 *Liquidation, Dissolution and Winding Up.* In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Corporation, the holders of shares of Class A-1 Common Stock shall be entitled to receive the assets
and funds of the Corporation available for distribution, after payments to creditors and to holders of outstanding shares of any class
or series of stock of the Corporation ranking senior to the Class A-1 Common Stock with respect to the distribution of assets upon
liquidation, dissolution or winding up of the Corporation, in proportion to the number of shares held by them. The holders of shares of
Class A-2 Common Stock, as such, shall not be entitled to receive any assets of the Corporation in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.5 *Retirement and Cancellation of Class A-2 Common Stock*. In the event that a common unit of
membership interest (" <u>Common Unit</u> ") in Janus Living OP, LLC, a Maryland limited liability company (the " <u>Operating Company</u> "), held by a Healthpeak Entity (as defined in the Stockholders Agreement, by and among the Corporation, Healthpeak Properties, Inc.,
a Maryland corporation, and each of the other parties from time to time party thereto (as amended, supplemented or otherwise modified
from time to time, the " <u>Stockholders Agreement</u> ")) is transferred (as defined in Section 6.2.6 of this Charter)
to any person or entity other than a Healthpeak Entity or is redeemed for cash or exchanged for a share of Class A-1 Common Stock
in accordance with the terms and conditions of the Operating Agreement of the Operating Company (as amended, supplemented or otherwise
modified from time to time, the " <u>Operating Company Agreement</u> "), by and among the Corporation and the other persons
from time to time party thereto, a corresponding share of Class A-2 Common Stock shall be transferred to the Corporation, automatically
and without further action on the part of the Corporation or any holder of Class A-2 Common Stock, and thereupon such share shall
be retired and cancelled and cease to be outstanding and shall constitute an authorized but unissued share of Class A-2 Common Stock,
and all rights of such holder of such share of Class A-2 Common Stock shall terminate with respect to such share of Class A-2
Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.6 *Ownership and Transferability of Class A-2 Common Stock*. No person or entity other than the
Healthpeak Entities may be a holder of any shares of Class A-2 Common Stock. Subject to the provisions of Section 6.2.5 and
Article VII, shares of Class A-2 Common Stock may not be transferred to any person or entity other than another Healthpeak Entity
on a one-for-one basis in connection with the transfer of Common Units to such Healthpeak Entity. For purposes of this Section 6.2.6,
 "transfer" means any sale, assignment, transfer, conveyance, hypothecation or other disposition of such share or any legal
or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law; provided,
however, that the granting of a proxy to officers or directors of the Corporation at the request of the Board of Directors of the Corporation
in connection with actions to be taken at an annual or special meeting of stockholders of the Corporation shall not be considered a transfer
within the meaning of this Section 6.2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.7 *Termination of Management Agreement*. To the extent required by the Management Agreement (as amended,
supplemented or otherwise modified from time to time, the " <u>Management Agreement</u> "), by and among the Corporation, the
Operating Company and Healthpeak Investment Management, LLC, a Delaware limited liability company, the termination of the Management Agreement
shall be approved by the stockholders of the Corporation by the vote set forth in, and otherwise in accordance with the terms and conditions
of, the Management Agreement.

Section 6.3 *Preferred Stock*. The Board of Directors may classify any unissued shares of Preferred Stock and reclassify any previously classified but unissued shares of Preferred Stock of any series from time to time, into one or more classes or series of stock.

Section 6.4 *Classified or Reclassified Shares*. Prior to issuance of classified or reclassified shares of any class or series, the Board of Directors by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of stock of the Corporation; (b) specify the number of shares to be included in the class or series; (c) set or change, subject to the provisions of Article VII and subject to the express terms of any class or series of stock of the Corporation outstanding at the time, the preferences, conversion or other rights, voting powers, restrictions, including, without limitation, restrictions on transferability, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption for each class or series; and (d) cause the Corporation to file articles supplementary with the State Department of Assessments and Taxation of Maryland ("<u>SDAT</u>"). Any of the terms of any class or series of stock set or changed pursuant to clause (c) of this Section 6.4 may be made dependent upon facts or events ascertainable outside the Charter (including determinations by the Board of Directors or other facts or events within the control of the Corporation) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class or series of stock is clearly and expressly set forth in the articles supplementary or other charter document.

Section 6.5 *Charter and Bylaws*. The rights of all stockholders and the terms of all stock are subject to the provisions of the Charter and the Bylaws.

Section 6.6 *Stockholders' Consent in Lieu of Meeting.* Any action required or permitted to be taken at any meeting of the stockholders may be taken without a meeting by consent, given in writing or by electronic transmission, in any manner permitted by the MGCL and set forth in the Bylaws of the Corporation.

**ARTICLE VII**

**RESTRICTION ON TRANSFER AND OWNERSHIP OF SHARES**

Section 7.1 *Definitions*. For the purpose of this Article VII, the following terms shall have the following meanings:

*Aggregate Stock Ownership Limit*. The term "Aggregate Stock Ownership Limit" shall mean 9.8% in value of the aggregate of the outstanding shares of Capital Stock, or such other percentage determined by the Board of Directors in accordance with Section 7.2.8, excluding any such outstanding shares of Capital Stock which are not treated as outstanding for federal income tax purposes. The value of the outstanding shares of Capital Stock shall be determined by the Board of Directors, which determination shall be conclusive for all purposes hereof.

*Beneficial Ownership*. The term "Beneficial Ownership" shall mean ownership of Capital Stock by a Person, whether the interest in the shares of Capital Stock is held directly or indirectly (including by a nominee), and shall include interests that are actually owned or would be treated as owned through the application of Section 544 of the Code, as modified by Sections 856(h)(1)(B) and 856(h)(3)(A) of the Code. The terms "Beneficial Owner," "Beneficially Own," "Beneficially Owns" and "Beneficially Owned" shall have the correlative meanings.

*Business Day*. The term "Business Day" shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close.

*Capital Stock*. The term "Capital Stock" shall mean all classes or series of stock of the Corporation, including, without limitation, Class A-1 Common Stock, Class A-2 Common Stock and Preferred Stock.

*Charitable Beneficiary*. The term "Charitable Beneficiary" shall mean one or more beneficiaries of the Trust as determined pursuant to Section 7.3.6, provided that each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.

*Common Stock Ownership Limit*. The term "Common Stock Ownership Limit" shall mean 9.8% (in value or in number of shares, whichever is more restrictive) of the aggregate of the outstanding shares of Class A-1 Common Stock, or such other percentage determined by the Board of Directors in accordance with Section 7.2.8, excluding any such outstanding shares of Class A-1 Common Stock which are not treated as outstanding for federal income tax purposes. The value of the outstanding shares of Class A-1 Common Stock shall be determined by the Board of Directors, which determination shall be conclusive for all purposes hereof.

*Constructive Ownership*. The term "Constructive Ownership" shall mean ownership of Capital Stock by a Person, whether the interest in the shares of Capital Stock is held directly or indirectly (including by a nominee), and shall include interests that are actually owned or would be treated as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The terms "Constructive Owner," "Constructively Own," "Constructively Owns" and "Constructively Owned" shall have the correlative meanings.

*Excepted Holder Limit*. The term "Excepted Holder Limit" shall mean, provided that the affected Excepted Holder agrees to comply with the requirements established by the Board of Directors pursuant to Section 7.2.7 and subject to adjustment pursuant to Section 7.2.7, the percentage limit established by the Board of Directors pursuant to Section 7.2.7, which limit may be expressed, in the discretion of the Board of Directors, as one or more percentages and/or numbers of shares of Capital Stock, and may apply with respect to one or more classes or series of Capital Stock or to all classes or series of Capital Stock in the aggregate.

*Individual*. The term "Individual" means an individual, a trust qualified under Section 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, or a private foundation within the meaning of Section 509(a) of the Code, provided that, except as set forth in Section 856(h)(3)(A)(ii) of the Code, a trust described in Section 401(a) of the Code and exempt from tax under Section 501(a) of the Code shall be excluded from this definition.

*Initial Date*. The term "Initial Date" shall mean the earlier of (i) the date of the closing of the issuance of Common Stock pursuant to the initial public offering of the Corporation or (ii) such other date as determined by the Board of Directors in its sole and absolute discretion.

*Market Price*. The term "Market Price" on any date shall mean, with respect to any class or series of outstanding shares of Capital Stock, the Closing Price for such Capital Stock on such date. The "Closing Price" on any date shall mean the last sale price for such Capital Stock, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Capital Stock, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NYSE or, if such Capital Stock is not listed or admitted to trading on the NYSE, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such Capital Stock is listed or admitted to trading or, if such Capital Stock is not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the principal automated quotation system on which such Capital Stock is quoted, or if such Capital Stock is not quoted by any such system, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such Capital Stock selected by the Board of Directors or, in the event that no trading price is available for such Capital Stock, the fair market value of the Capital Stock, as determined by the Board of Directors.

*NYSE*. The term "NYSE" shall mean the New York Stock Exchange.

*Person*. The term "Person" shall mean an Individual, corporation, partnership, limited liability company, estate, trust, association, joint stock company or other entity and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, and a group to which an Excepted Holder Limit applies.

*Prohibited Owner*. The term "Prohibited Owner" shall mean, with respect to any purported Transfer, any Person who, but for the provisions of Article VII, would Beneficially Own or Constructively Own shares of Capital Stock in violation of Section 7.2.1, and if appropriate in the context, shall also mean any Person who would have been the record owner of the shares that the Prohibited Owner would have so owned.

*Restriction Termination Date*. The term "Restriction Termination Date" shall mean the first day after the Initial Date on which the Board of Directors determines pursuant to Section 5.6 of the Charter that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT or that compliance with the restrictions and limitations on Beneficial Ownership, Constructive Ownership and Transfers of shares of Capital Stock set forth herein is no longer required in order for the Corporation to qualify as a REIT.

*Transfer*. The term "Transfer" shall mean any issuance, sale, transfer, gift, assignment, devise or other disposition, as well as any other event that causes any Person to acquire, or change its level of, Beneficial Ownership or Constructive Ownership, or any agreement to take any such action or cause any such event, of Capital Stock or the right to vote (other than solely pursuant to a revocable proxy) or receive dividends on Capital Stock, including (a) the granting or exercise of any option (or any disposition of any option), (b) any disposition of any securities or rights convertible into or exchangeable for Capital Stock or any interest in Capital Stock or any exercise of any such conversion or exchange right and (c) Transfers of interests in other entities that result in changes in Beneficial Ownership or Constructive Ownership of Capital Stock; in each case, whether voluntary or involuntary, whether owned of record, Beneficially Owned or Constructively Owned and whether by operation of law or otherwise. The terms "Transferring" and "Transferred" shall have the correlative meanings.

*Trust*. The term "Trust" shall mean any trust provided for in Section 7.3.1.

*Trustee*. The term "Trustee" shall mean the Person unaffiliated with the Corporation and any Prohibited Owner, that is appointed by the Corporation to serve as trustee of the Trust.

Section 7.2 *Capital Stock*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 *Ownership Limitations*. During the period commencing on the Initial Date and prior to the Restriction
Termination Date, but subject to Section 7.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Basic Restrictions*.

&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) (1)No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own shares of
Capital Stock in excess of the Aggregate Stock Ownership Limit, (2) no Person, other than an Excepted Holder, shall Beneficially
Own or Constructively Own shares of Common Stock in excess of the Common Stock Ownership Limit and (3) no Excepted Holder shall Beneficially
Own or Constructively Own shares of Capital Stock in excess of the Excepted Holder Limit for such Excepted Holder.

&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) No Person shall Beneficially Own or Constructively Own shares of Capital Stock to the extent that such
Beneficial Ownership or Constructive Ownership of Capital Stock could result in, (A) the Corporation being "closely held"
within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half
of a taxable year), or (B) otherwise failing to qualify as a REIT (including but not limited to Beneficial Ownership or Constructive
Ownership that could result in the Corporation constructively owning, determined in accordance with Sections 856(d)(2)(B) and 856(d)(5) of
the Code, an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Corporation
from such tenant, taking into account any other income of the Corporation that would not qualify under the gross income requirements of
Section 856(c) of the Code, would cause the Corporation to fail to satisfy any of such gross income requirements).

&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) Any Transfer of shares of Capital Stock that, if effective, would result in the Capital Stock being beneficially
owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio,
and the intended transferee shall acquire no rights in such shares of Capital Stock.

Without limitation of the application of any other provision of this Article VII, it is expressly intended that the restrictions on ownership and Transfer described in this Section 7.2.1 shall apply to restrict the rights of any members or partners in limited liability companies or partnerships to exchange their interest in such entities for shares of Capital Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Transfer in 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;(i) If any Transfer of shares of Capital Stock occurs which, if effective, would result in any Person Beneficially
Owning or Constructively Owning shares of Capital Stock in violation of Section 7.2.1(a)(i) or (ii):

&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;(A) then that number of shares of the Capital Stock, the Beneficial Ownership or Constructive Ownership of
which otherwise would cause such Person to violate Section 7.2.1(a)(i) or (ii) (rounded up to the nearest whole share)
shall be automatically transferred to a Trust for the benefit of a Charitable Beneficiary, as described in Section 7.3, effective
as of the close of business on the Business Day prior to the date of such Transfer, and such Person shall acquire no rights in such shares;
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;(B) if the transfer to the Trust described in clause (i) of this sentence would not be effective for
any reason to prevent the violation of Section 7.2.1(a)(i) or (ii), then the Transfer of that number of shares of Capital Stock
that otherwise would cause any Person to violate Section 7.2.1(a)(i) or (iii) shall be void ab initio, and the intended
transferee shall acquire no rights in such shares of Capital Stock.

&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) In determining which shares of Capital Stock are to be transferred to a Trust in accordance with this
Section 7.2.1(b) and Section 7.3 hereof, shares shall be so transferred to a Trust in such manner as minimizes the aggregate
value of the shares that are transferred to the Trust (except as provided in Section 7.2.6) and, to the extent not inconsistent therewith,
on a pro rata basis (unless otherwise determined by the Board of Directors in its sole and absolute discretion).

&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 the extent that, upon a transfer of shares of Capital Stock to a Trust pursuant to this Section 7.2.1(b),
a violation of any provision of this Article VII would nonetheless be continuing (for example, where the ownership of shares of Capital
Stock by a single Trust would result in the shares of Capital Stock being beneficially owned (determined under the principles of Section 856(a)(5) of
the Code) by fewer than 100 persons), then shares of Capital Stock shall be transferred to that number of Trusts, each having a distinct
Trustee and a Charitable Beneficiary or Charitable Beneficiaries that are distinct from those of each other Trust, such that there is
no violation of any provision of this Article VII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 *Remedies for Breach*. If the Board of Directors shall at any time determine that a Transfer has
taken place that results in a violation of Section 7.2.1 or that a Person intends to acquire or has attempted to acquire Beneficial
Ownership or Constructive Ownership of any shares of Capital Stock in violation of Section 7.2.1 (whether or not such violation is
intended), the Board of Directors may take such action as it deems advisable, in its sole and absolute discretion, to refuse to give effect
to or to prevent such Transfer, including, without limitation, causing the Corporation to redeem shares, and in the event of such Transfer,
all shares resulting in such violation shall be redeemable by the Corporation, refusing to give effect to such Transfer on the books of
the Corporation or instituting proceedings to enjoin such Transfer; *provided*, *however*, that any Transfer or attempted Transfer
in violation of Section 7.2.1 shall automatically result in the transfer to the Trust described above, and, where applicable, such
Transfer shall be void ab initio as provided above irrespective of any action (or non-action) by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 *Notice of Restricted Transfer*. Any Person who acquires or attempts or intends to acquire Beneficial
Ownership or Constructive Ownership of shares of Capital Stock that will or may violate Section 7.2.1(a) or any Person who would
have owned shares of Capital Stock that resulted in a transfer to the Trust pursuant to the provisions of Section 7.2.1(b) shall
immediately give written notice to the Corporation of such event or, in the case of such a proposed or attempted transaction, give at
least 15 days prior written notice, and shall provide to the Corporation such other information as the Corporation may request in order
to determine the effect, if any, of such Transfer on the Corporation's status as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.4 *Owners Required To Provide Information*. From the Initial Date and prior to the Restriction Termination
Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every owner of at least five percent (or such lower percentage
as required by the Code or the Treasury Regulations promulgated thereunder) of the outstanding shares of any class or series of Capital
Stock, within 30 days after the end of each taxable year, shall give written notice to the Corporation stating the name and address of
such owner, the number of shares of each class and series of Capital Stock Beneficially Owned and a description of the manner in which
such shares are held. Each such owner shall provide promptly to the Corporation in writing such additional information as the Corporation
may request in order to determine the effect, if any, of such Beneficial Ownership on the Corporation's status as a REIT and to
ensure compliance with the Aggregate Stock Ownership Limit and the Common Stock Ownership Limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Person who is a Beneficial Owner or Constructive Owner
of shares of Capital Stock and each Person (including the stockholder of record) who is holding shares of Capital Stock for a Beneficial
Owner or Constructive Owner shall provide to the Corporation in writing such information as the Corporation may request in order to determine
the Corporation's status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to
determine such compliance and to ensure compliance with the Aggregate Stock Ownership Limit and the Common Stock Ownership Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.5 *Remedies Not Limited*. Subject to Section 5.6 of the Charter, nothing contained in this Section 7.2
shall limit the authority of the Board of Directors to take such other action as it deems necessary or advisable to protect the Corporation
or the interests of its stockholders in preserving the Corporation's status as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.6 *Ambiguity*. In the case of an ambiguity in the application of any of the provisions of this Article VII,
including Section 7.2, Section 7.3 or any definition contained in Section 7.1, or any defined term used in this Article VII
but defined elsewhere in the Charter, the Board of Directors shall have the power to determine the application of the provisions of this
Section 7.2 or Section 7.3 or any such definition with respect to any situation based on the facts known to it. In the event
Section 7.2 or Section 7.3 requires an action by the Board of Directors and the Charter fails to provide specific guidance with
respect to such action, the Board of Directors shall have the power to determine the action to be taken so long as such action is not
contrary to the provisions of Section 7.1, Section 7.2 or Section 7.3. Absent a decision to the contrary by the Board of
Directors (which the Board of Directors may make in its sole and absolute discretion), if a Person would have (but for the remedies set
forth in Section 7.2.2) acquired Beneficial Ownership or Constructive Ownership of Capital Stock in violation of Section 7.2.1,
such remedies (as applicable) shall apply first to the shares of Capital Stock which, but for such remedies, would have been actually
owned by such Person, and second to the shares of Capital Stock which, but for such remedies, would have been Beneficially Owned or Constructively
Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such shares of Capital Stock based upon the
relative number of the shares of Capital Stock held by each such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.7 *Exceptions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 7.2.1(a)(ii), the Board of Directors, in its sole and absolute discretion, may
exempt (prospectively or retroactively) a Person from the Aggregate Stock Ownership Limit and/or the Common Stock Ownership Limit, as
the case may be, and may establish or increase an Excepted Holder Limit for such Person if:

&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 Board of Directors determines, based on such representations and undertakings from such Person to
the extent required by the Board of Directors and as the Board of Directors determines are reasonably necessary for the Board of Directors
to ascertain, that such exemption will not cause five or fewer Individuals to Beneficially Own more than 49% in value of the outstanding
Capital Stock (taking into account the then-current Common Stock Ownership Limit and Aggregate Stock Ownership Limit, any then-existing
Excepted Holder Limits, and the Excepted Holder Limit of such 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;(ii) the Board of Directors determines, based on such representations and undertakings from such Person to
the extent required by the Board of Directors and as the Board of Directors determines are reasonably necessary to ascertain, that such
Person does not and will not actually or constructively own, determined in accordance with Sections 856(d)(2)(B) and 856(d)(5) of
the Code, an interest in a tenant of the Corporation (or a tenant of any entity owned or controlled by the Corporation) that would cause
the Corporation to own, actually or constructively, determined in accordance with Sections 856(d)(2)(B) and 856(d)(5) of the
Code, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant (for this purpose, a tenant
from whom the Corporation (or an entity directly or indirectly owned, in whole or in part, or controlled by the Corporation) derives (and
is expected to continue to derive) a sufficiently small amount of revenue such that, in the judgment of the Board of Directors, rent from
such tenant would not adversely affect the Corporation's ability to qualify as a REIT shall not be treated as a tenant of the Corporation);
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;(iii) such Person agrees that any violation or attempted violation of such representations or undertakings (or
other action which is contrary to the restrictions contained in Sections 7.2.1 through 7.2.6) will result in such shares of Capital Stock
being automatically transferred to a Trust in accordance with Sections 7.2.1(b) and 7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to granting any exception pursuant to Section 7.2.7(a), the Board of Directors may require
a ruling from the Internal Revenue Service, or an opinion of counsel, in either case in form and substance satisfactory to the Board of
Directors in its sole and absolute discretion, as it may deem necessary or advisable in order to determine or ensure the Corporation's
status as a REIT. Notwithstanding the receipt of any ruling or opinion, the Board of Directors may impose such conditions or restrictions
as it deems appropriate in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 7.2.1(a)(ii), an underwriter, placement agent or initial purchaser that participates
in a public offering, forward sale or a private placement or other private offering of Capital Stock (or securities convertible into or
exchangeable for Capital Stock) may Beneficially Own or Constructively Own shares of Capital Stock (or securities convertible into or
exchangeable for Capital Stock) in excess of the Common Stock Ownership Limit, the Aggregate Stock Ownership Limit, or both such limits,
but only to the extent necessary to facilitate such public offering, forward sale or private placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board of Directors may only reduce the Excepted Holder Limit for an Excepted Holder: (1) with
the written consent of such Excepted Holder at any time, or (2) pursuant to the terms and conditions of the agreements and undertakings
entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No
Excepted Holder Limit shall be reduced to a percentage that is less than the Common Stock Ownership Limit or the Aggregate Stock Ownership
Limit, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.8 *Increase or Decrease in Aggregate Stock Ownership and Common Stock Ownership Limits*. Subject to
Section 7.2.1(a)(ii) and this Section 7.2.8, the Board of Directors may, in its sole and absolute discretion, from time
to time increase or decrease the Common Stock Ownership Limit and the Aggregate Stock Ownership Limit for one or more Persons and decrease
or increase the Common Stock Ownership Limit and the Aggregate Stock Ownership Limit for all other Persons. No decreased Common Stock
Ownership Limit or Aggregate Stock Ownership Limit will be effective for any Person whose percentage of ownership of Capital Stock is
in excess of such decreased Common Stock Ownership Limit or Aggregate Stock Ownership Limit, as applicable, until such time as such Person's
percentage of ownership of Capital Stock equals or falls below the decreased Common Stock Ownership Limit or Aggregate Stock Ownership
Limit, as applicable; provided, however, any further acquisition of Capital Stock or increased Beneficial Ownership or Constructive Ownership
of shares of Capital Stock by any such Person (other than a Person for whom an exemption has been granted pursuant to Section 7.2.7(a) or
an Excepted Holder) in excess of the Capital Stock Beneficially Owned or Constructively Owned by such person on the date the decreased
Common Stock Ownership Limit or Aggregate Stock Ownership Limit, as applicable, became effective will be in violation of the Common Stock
Ownership Limit or Aggregate Stock Ownership Limit. No increase to the Common Stock Ownership Limit or Aggregate Stock Ownership Limit
may be approved if the new Common Stock Ownership Limit and/or Aggregate Stock Ownership Limit (taking into account any then-existing
Excepted Holder Limits to the extent appropriate as determined by the Board of Directors) would allow five or fewer Individuals to Beneficially
Own, in the aggregate, more than 49.9% in value of the outstanding Capital Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.9 *Legend*. Each certificate for shares of Capital Stock, if certificated, shall bear substantially
the following legend:

The shares represented by this certificate are subject to restrictions on Beneficial Ownership and Constructive Ownership and Transfer for the purpose, among others, of the Corporation's maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Subject to certain further restrictions and except as expressly provided in the Corporation's Charter, (i) no Person may Beneficially Own or Constructively Own shares of the Corporation's Common Stock in excess of the Common Stock Ownership Limit unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially Own or Constructively Own shares of Capital Stock of the Corporation in excess of the Aggregate Stock Ownership Limit, unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (iii) no Person may Beneficially Own or Constructively Own Capital Stock that could result in the Corporation being "closely held" under Section 856(h) of the Code or otherwise cause the Corporation to fail to qualify as a REIT; and (iv) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the Corporation being owned by fewer than 100 Persons. Any Person who Beneficially Owns or Constructively Owns or attempts or intends to Beneficially Own or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially Own or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Corporation or, in the case of such a proposed or attempted transaction, give at least 15 days prior written notice. If any of the restrictions on Transfer or ownership provided in (i) through (iii) above are violated, the shares of Capital Stock in excess or in violation of the above limitations will be automatically transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In addition, the Corporation may take other actions, including redeeming shares upon the terms and conditions specified by the Board of Directors in its sole and absolute discretion if the Board of Directors determines that ownership or a Transfer may violate the restrictions described above. Furthermore, if the ownership restrictions provided in (iv) above would be violated or upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings defined in the Charter of the Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and without charge. Requests for such a copy may be directed to the Secretary of the Corporation at its principal office.

Instead of the foregoing legend, the certificate or any notice in lieu of a certificate may state that the Corporation will furnish a full statement about certain restrictions on ownership and transfer of the shares to a stockholder on request and without charge.

Section 7.3 *Transfer of Capital Stock in Trust*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 *Ownership in Trust*. Upon any purported Transfer that would result in a transfer of shares of Capital
Stock to a Trust, such shares of Capital Stock shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive
benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be deemed to be effective as of the close of business
on the Business Day prior to the purported Transfer that results in the transfer to the Trust pursuant to Section 7.2.1(b). The Trustee
shall be appointed by the Corporation and shall be a Person unaffiliated with the Corporation and any Prohibited Owner. Each Charitable
Beneficiary shall be designated by the Corporation as provided in Section 7.3.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 *Status of Shares Held by the Trustee*. Shares of Capital Stock held by the Trustee shall be issued
and outstanding shares of Capital Stock of the Corporation. The Prohibited Owner shall have no rights in the shares held by the Trustee.
The Prohibited Owner shall not benefit economically from ownership of any shares held in trust by the Trustee, shall have no rights to
dividends or other distributions and shall not possess any rights to vote or other rights attributable to the shares held in the Trust.
The Prohibited Owner shall have no claim, cause of action, or any other recourse whatsoever against the purported transferor of such Capital
Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 *Dividend and Voting Rights*. The Trustee shall have all voting rights and rights to dividends or
other distributions with respect to shares of Capital Stock held in the Trust, which rights shall be exercised for the exclusive benefit
of the Charitable Beneficiary. Any dividend or other distribution paid prior to the discovery by the Corporation that the shares of Capital
Stock have been transferred to the Trustee shall be paid by the recipient of such dividend or other distribution to the Trustee upon demand
and any dividend or other distribution authorized but unpaid shall be paid when due to the Trustee. Any dividend or other distribution
so paid to the Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect
to shares of Capital Stock held in the Trust and, subject to Maryland law, effective as of the date that the shares of Capital Stock have
been transferred to the Trustee, the Trustee shall have the authority (at the Trustee's sole and absolute discretion) (i) to
rescind as void any vote cast by a Prohibited Owner prior to the discovery by the Corporation that the shares of Capital Stock have been
transferred to the Trustee and (ii) to recast such vote in accordance with the desires of the Trustee acting for the benefit of the
Charitable Beneficiary; *provided*, *however*, that if the Corporation has already taken irreversible corporate action, then
the Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the provisions of this Article VII, until
the Corporation has received notification that shares of Capital Stock have been transferred into a Trust, the Corporation shall be entitled
to rely on its stock transfer and other stockholder records for purposes of preparing lists of stockholders entitled to vote at meetings,
determining the validity and authority of proxies and otherwise conducting votes and determining the other rights of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4 *Sale of Shares by Trustee*. Within 20 days of receiving notice from the Corporation that shares
of Capital Stock have been transferred to the Trust, the Trustee of the Trust shall sell the shares held in the Trust to a Person or Persons,
designated by the Trustee, whose ownership of the shares will not violate the ownership limitations set forth in Section 7.2.1(a).
Upon such sale, the interest of the Charitable Beneficiary in the shares sold shall terminate and the Trustee shall distribute the net
proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this Section 7.3.4. The Prohibited
Owner shall receive the lesser of (1) the price paid by the Prohibited Owner for the shares or, if the Prohibited Owner did not give
value for the shares in connection with the event causing the shares to be held in the Trust (e.g., in the case of a gift, devise or other
such transaction), the Market Price of the shares on the day of the event causing the shares to be held in the Trust and (2) the
price per share received by the Trustee (net of any commissions and other expenses of sale) from the sale or other disposition of the
shares held in the Trust. The Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions
which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Trustee pursuant to Section 7.3.3 of this
Article VII. Any net sales proceeds in excess of the amount payable to the Prohibited Owner shall be immediately paid to the Charitable
Beneficiary. If, prior to the discovery by the Corporation that shares of Capital Stock have been transferred to the Trustee, such shares
are sold by a Prohibited Owner, then (i) such shares shall be deemed to have been sold on behalf of the Trust and (ii) to the
extent that the Prohibited Owner received an amount for such shares that exceeds the amount that such Prohibited Owner was entitled to
receive pursuant to this Section 7.3.4, such excess shall be paid to the Trustee upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.5 *Purchase Right in Capital Stock Transferred to the Trustee*. Shares of Capital Stock transferred
to the Trustee shall be deemed to have been offered for sale to the Corporation, or its designee, at a price per share equal to the lesser
of (i) the price per share in the transaction that resulted in such transfer to the Trust (or, in the case of a devise or gift, the
Market Price at the time of such devise or gift) and (ii) the Market Price on the date the Corporation, or its designee, accepts
such offer. The Corporation shall reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions
which has been paid to the Prohibited Owner and is owed by the Prohibited Owner to the Trustee pursuant to Section 7.3.3 of this
Article VII. The Corporation shall pay the amount of such reduction to the Trustee for the benefit of the Charitable Beneficiary.
The Corporation shall have the right to accept such offer until the Trustee has sold the shares held in the Trust pursuant to Section 7.3.4.
Upon such a sale to the Corporation, the interest of the Charitable Beneficiary in the shares sold shall terminate and the Trustee shall
distribute the net proceeds of the sale to the Prohibited Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.6 *Designation of Charitable Beneficiaries*. By written notice to the Trustee, the Corporation shall
designate one or more nonprofit organizations to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Trust
such that (i) the shares of Capital Stock held in the Trust would not violate the restrictions set forth in Section 7.2.1(a) in
the hands of such Charitable Beneficiary or Charitable Beneficiaries and (ii) each such organization must be described in Section 501(c)(3) of
the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522
of the Code. Neither the failure of the Corporation to make such designation nor the failure of the Corporation to appoint the Trustee
before the automatic transfer provided in Section 7.2.1(b) shall make such transfer ineffective, provided that the Corporation
thereafter makes such designation and appointment.

Section 7.4 *NYSE Transactions*. Nothing in this Article VII shall preclude the settlement of any transaction entered into through the facilities of the NYSE or any other national securities exchange or automated inter-dealer quotation system. The fact that the settlement of any transaction occurs shall not negate the effect of any other provision of this Article VII and any transferee in such a transaction shall be subject to all of the provisions and limitations set forth in this Article VII.

Section 7.5 *Enforcement*. The Corporation is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of this Article VII.

Section 7.6 *Non-Waiver*. No delay or failure on the part of the Corporation or the Board of Directors in exercising any right hereunder shall operate as a waiver of any right of the Corporation or the Board of Directors, as the case may be, except to the extent specifically waived in writing.

Section 7.7 *Severability*. If any provision of this Article VII or any application of any such provision is determined to be invalid by any federal or state court having jurisdiction over the issues, the validity of the remaining provisions shall not be affected and other applications of such provisions shall be affected only to the extent necessary to comply with the determination of such court.

**ARTICLE VIII**

**AMENDMENTS**

The Corporation reserves the right from time to time to make any amendment to its Charter, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Charter, of any shares of outstanding stock. All rights and powers conferred by the Charter on stockholders, directors and officers are granted subject to this reservation. Except for amendments to Section 5.7 or the next sentence of the Charter, and except for those amendments permitted to be made without stockholder approval under Maryland law or by specific provision in the Charter, any amendment to the Charter shall be valid only if declared advisable by the Board of Directors and approved by the affirmative vote of holders of shares entitled to cast a majority of all the votes entitled to be cast on the matter. However, any amendment to Section 5.7 or to this sentence of the Charter shall be valid only if declared advisable by the Board of Directors and approved by the affirmative vote of holders of shares entitled to cast at least two-thirds of all the votes entitled to be cast on the matter.

**ARTICLE IX**

**LIMITATION OF LIABILITY**

To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of directors and officers of a corporation, no present or former director or officer of the Corporation shall be liable to the Corporation or its stockholders for money damages. Neither the amendment nor repeal of this Article IX, nor the adoption or amendment of any other provision of the Charter or Bylaws inconsistent with this Article IX, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

**<u>THIRD</u>** **:** Pursuant to Section 2-602(b)(8) of the MGCL, the Charter of the Corporation is hereby further amended to provide that, immediately upon the acceptance for record of these Articles of Amendment and Restatement by the State Department of Assessments and Taxation of Maryland (the "<u>Effective Time</u>"), the 1,000 shares of common stock, par value $1.00 per share, of the Corporation that were issued and outstanding immediately prior to the Effective Time shall be changed automatically into a total of 23,668,251 shares of Class A-1 Common Stock having the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption set forth in Article VI of the foregoing amendment and restatement of the Charter.

**<u>FOURTH</u>** **:** The amendment and restatement of the Charter as hereinabove set forth have been duly advised by the Board of Directors and approved by the stockholders of the Corporation as required by law.

**<u>FIFTH</u>** **:** The current address of the principal office of the Corporation in Maryland is as set forth in Article IV of the foregoing amendment and restatement of the Charter.

**<u>SIXTH</u>** **:** The name and address of the Corporation's current resident agent in Maryland is as set forth in Article IV of the foregoing amendment and restatement of the Charter.

**<u>SEVENTH</u>** **:** The number of directors of the Corporation and the names of those currently in office are as set forth in Article V of the foregoing amendment and restatement of the Charter.

**<u>EIGHTH</u>** **:** The total number of shares of stock of all classes which the Corporation had authority to issue immediately prior to the foregoing amendment and restatement of the Charter was 1,000 shares of common stock, par value $1.00 per share. The aggregate par value of all authorized shares of stock having par value was $1,000.

**<u>NINTH</u>**: The total number of shares of stock of all classes which the Corporation has authority to issue pursuant to the foregoing amendment and restatement of the Charter is one billion, six hundred fifty million (1,650,000,000), consisting of one billion, five hundred million (1,500,000,000) shares of Class A-1 common stock, par value $0.01 per share, one hundred million (100,000,000) shares of Class A-2 common stock, par value $0.01 per share, and fifty million (50,000,000) shares of preferred stock, par value $0.01 per share. The aggregate par value of all authorized shares of stock having par value is $16,500,000.

**<u>TENTH</u>** **:** The undersigned __________ acknowledges these Articles of Amendment and Restatement 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 her 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]

IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment and Restatement to be signed in its name and on its behalf by its __________ and attested to by its Secretary as of the _____ day of __________, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ATTEST:** | **ATTEST:** | **JANUS LIVING, INC.** | **JANUS LIVING, INC.** | **JANUS LIVING, INC.** |
|  |  | By: |  |  |
| Name: | Carol B. Samaan |  | Name: | Tracy A. Porter |
| Title: | Secretary |  | Title: | Executive Vice President and General Counsel |

---

## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED BYLAWS<br> OF** <br> **JANUS LIVING, INC.<br> a Maryland Corporation (hereinafter the "Corporation")**

______________, 2026

**ARTICLE I**

**OFFICES**

SECTION 1. PRINCIPAL OFFICE -- The principal office of the Corporation in the State of Maryland shall be established and maintained at the office of The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville Timonium, Maryland, 21093-2264, and The Corporation Trust Incorporated shall be the resident agent of this Corporation.

SECTION 2. OTHER OFFICES -- The Corporation may establish such other offices, within or without the State of Maryland, at such place or places as the Board of Directors from time to time may designate, or which the business of the Corporation may require.

**ARTICLE II**

**STOCKHOLDERS**

SECTION 1. ANNUAL MEETINGS -- Annual meetings of stockholders for the election of directors to succeed directors whose terms are expiring and the transaction of any business within the powers of the Corporation shall be held on a date and at a time designated by the Board of Directors at such place, within or without the State of Maryland, as the Board of Directors by resolution shall determine, and as set forth in the notice of the meeting. The Board of Directors is authorized to determine that an annual meeting or a special meeting of stockholders not be held at any place, but instead may be held partially or solely by means of remote communication.

SECTION 2. SPECIAL MEETINGS – Special meetings of the stockholders, for any purpose or purposes, may be called by the Chief Executive Officer, the President, or two-thirds of the entire Board of Directors, and shall be called by the Secretary or any other officer upon written request of stockholders holding in the aggregate not less than 25% of the outstanding shares entitled to vote on the business proposed to be transacted thereat. Any such request of the stockholders shall state the purpose of the meeting and the matters proposed to be acted on at such meeting. The Secretary or other officer of the Corporation shall inform the requesting stockholders of the reasonably estimated cost of preparing and mailing notice of the proposed special meeting and, upon payment to the Corporation of such estimated costs, the Secretary or other officer of the Corporation shall give notice to each stockholder entitled to notice of the special meeting. Unless requested by stockholders entitled to cast a majority of all votes entitled to be cast at a meeting of stockholders, a special meeting need not be called to consider any matter which is substantially the same as a matter voted on at any special meeting of the stockholders of the Corporation held during the preceding twelve months. Special meetings of stockholders may be held at such time and place, within or without the State of Maryland, as shall be stated in the notice of the meeting. The notice of a special meeting shall state the nature of the business to be transacted and no other business shall be considered at the meeting.

SECTION 3. NOTICE OF MEETINGS -- Written or printed notice, stating the place, date and time of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given to each stockholder entitled to vote thereat at his or her address as it appears on the records of the Corporation by United States mail, postage prepaid, not less than ten (10) nor more than ninety (90) days before the date of the meeting, unless any provisions of the laws of the State of Maryland shall prescribe a differing elapsed period of time. No business other than that stated in the notice shall be transacted at any special meeting.

SECTION 4. VOTING -- At each annual meeting the stockholders entitled to vote shall elect directors to succeed the directors whose terms are expiring, and the stockholders may transact such other corporate business as may be within the powers of the Corporation, subject to Section 7 of this Article II. The vote for directors, and, upon the demand of any stockholder entitled to vote on any such matter, the vote upon any question before the meeting, shall be by ballot.

Except as otherwise provided in the Charter of the Corporation (the "Charter") with respect to directors to be elected by the holders of any class or series of preferred stock of the Corporation and in these Bylaws with respect to the filling of vacancies on the Board of Directors, each director shall be elected by a majority of the votes cast with respect to such director at any meeting of stockholders duly called and at which a quorum is present and directors are to be elected; provided, however, that the directors shall be elected by a plurality of the votes cast at a meeting of the stockholders duly called and at which a quorum is present and directors are to be elected if, in connection with such meeting (i) the Secretary of the Corporation shall have received one or more notices that a stockholder or group of stockholders has nominated or proposes to nominate a person or persons for election as a director, which notice(s) purports to be in compliance with the advance notice requirements set forth in Section 7 of this Article II of the Bylaws, the proxy access requirements set forth in Section 8 of this Article II of the Bylaws or applicable rules promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including Rule 14a-19, irrespective of whether the Board of Directors thereafter determines that any such notice(s) is not in compliance with such requirements, and (ii) as of the fourteenth (14th) day preceding the date on which notice of such meeting of the stockholders is first mailed or otherwise given in accordance with applicable law to the stockholders of the Corporation, such nomination or proposed nomination has not been withdrawn by such stockholder or group of stockholders and would thereby cause the number of nominees and proposed nominees to exceed the number of directors to be elected at such meeting, as determined by the Secretary of the Corporation, irrespective of whether such nomination or proposed nomination is thereafter withdrawn by such stockholder or group of stockholders (a "Contested Election"). If the directors are to be elected by a plurality of the votes cast pursuant to the provisions of the immediately preceding sentence, stockholders shall not be permitted to vote "against" any one or more nominees but shall only be permitted to vote "for" one or more nominees or withhold their votes with respect to one or more nominees. For purposes hereof, a majority of the votes cast means the number of votes cast "for" a director nominee must exceed the number of votes cast "against" that director nominee, with abstentions and broker non-votes not counted as a vote cast either "for" or "against" that director nominee.

In the election of directors, each share may be voted for as many individuals as there are directors to be elected and for whose election the share is entitled to vote. Stockholders are not entitled to cumulative voting in the election of directors.

All other matters shall be decided by a majority of the votes cast, except as otherwise provided by the Charter or these Bylaws, or by the laws of the State of Maryland.

The directors may fix a day not more than ninety (90) days nor less than ten (10) days prior to the holding of any meeting of stockholders as the date as of which stockholders entitled to notice of and to vote at such meeting shall be determined; and only stockholders of record on such day shall be entitled to notice of or to vote at any such meeting.

Unless otherwise provided by the Charter or by the laws of the State of Maryland, each stockholder entitled to vote shall be entitled to one vote, in person or by proxy, for each share of stock entitled to vote held by such stockholder. A holder of record of shares of stock of the Corporation may cast votes in person or by proxy that is (a) executed by the stockholder or by the stockholder's duly authorized agent in any manner permitted by applicable law, (b) compliant with Maryland law and these Bylaws and (c) filed in accordance with the procedures established by the Corporation.

Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board of Directors.

If, in any election of directors of the Corporation which is not a Contested Election, an incumbent director does not receive a majority of the votes cast and therefore is not re-elected, such incumbent director shall promptly tender his or her resignation as a director, subject to acceptance thereof by the Board of Directors, for consideration by the Board of Directors or a duly authorized committee thereof (to the extent that such a committee has been appointed by the Board of Directors for such purpose).

The Board of Directors or such committee, as the case may be, will promptly consider any such tendered resignation and the Board of Directors will determine whether such tendered resignation should be accepted or rejected, or whether other action should be taken with respect to such offer to resign, or, as the case may be, such committee will make a recommendation to the Board of Directors as to whether such tendered resignation should be accepted or rejected, or whether other action should be taken with respect to such offer to resign. Any incumbent director whose tendered resignation is under consideration may not participate in any deliberation or vote of the Board of Directors or such committee, as the case may be, regarding such tendered resignation. The Board of Directors or such committee, as the case may be, may consider any factors they deem relevant in deciding whether to accept, reject or take other action with respect to any such tendered resignation. Within ninety (90) days after the date on which certification of the stockholder vote on the election of directors is made, the Board of Directors will publicly disclose its decision and rationale regarding whether to accept, reject or take other action with respect to the tendered resignation in a press release, a periodic or current report filed with the Securities and Exchange Commission or by other public announcement. If any director's tendered resignation is not accepted by the Board of Directors, such director will continue to serve until the next annual meeting of stockholders and until his or her successor is elected and qualified or his or her earlier death, resignation or removal. If any director's tendered resignation is accepted by the Board of Directors, then such director will thereupon cease to be a director of the Corporation, and the Board, in its sole discretion and subject to the provisions set forth in the Stockholders Agreement (as amended, supplemented or otherwise modified from time to time, the "Stockholders Agreement"), by and among the Corporation, Healthpeak Properties, Inc., a Maryland corporation, and each of the other parties from time to time party thereto, may fill the resulting vacancy pursuant to the provisions of the Charter and applicable law or may decrease the size of the Board of Directors pursuant to the provisions of Section 1 of Article III of these Bylaws.

SECTION 5. QUORUM -- Except as provided in the next section hereof, any number of stockholders together holding a majority of the stock issued and outstanding and entitled to vote thereat, who shall be present in person or represented by proxy at any meeting duly called, shall constitute a quorum for the transaction of business. If, at any meeting less than a quorum shall be present or represented, the chairperson of the meeting or the stockholders entitled to vote at such meeting, either in person or by proxy, shall have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting to the extent permitted by the laws of the State of Maryland, until the requisite amount of stock shall be present, at which time any business may be transacted which might have been transacted at the meeting as originally noticed.

SECTION 6. ACTION WITHOUT MEETING -- Any action required or permitted to be taken at any meeting of stockholders may be taken without a meeting if a unanimous consent setting forth the action is given in writing or by electronic transmission by each stockholder entitled to vote on the matter and filed with the minutes of proceedings of the stockholders. Notwithstanding the immediately preceding sentence, prior to the date on which the Healthpeak Entities (as defined in the Stockholders Agreement) cease to own more than fifty percent (50%) of the outstanding shares of common stock of the Corporation, any action required or permitted to be taken at any meeting of stockholders may be taken without a meeting if a consent in writing or by electronic transmission of stockholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting of stockholders is delivered to the Corporation in accordance with the Maryland General Corporation Law (the "MGCL"). The Corporation shall give notice of any action taken by less than unanimous consent to each stockholder not later than ten (10) days after the effective time of such action.

SECTION 7. NOMINATIONS AND STOCKHOLDER BUSINESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Meetings of Stockholders</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;(1) Nominations of persons for election to the Board of Directors and the proposal of business to be considered by the stockholders may be made at an annual meeting of stockholders only (i) pursuant to the Corporation's notice of meeting, (ii) by or at the direction of the Board of Directors, (iii) by any stockholder of the Corporation who was a stockholder of record at the time of giving of notice provided for in this Section 7(a), who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 7(a) or (iv) by any stockholder (or group of stockholders) who meets the requirements of and complies with all of the procedures set forth in Section 8 of this Article II.

&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) For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of paragraph (a)(1) of this Section 7, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation. To be timely, a stockholder's notice shall be delivered to the Secretary at the principal executive offices of the Corporation not less than sixty (60) days nor more than ninety (90) days prior to the first anniversary of the preceding year's annual meeting; provided, however, that in the event that the date of the annual meeting is advanced by more than thirty (30) days or delayed by more than sixty (60) days from such anniversary date, notice by the stockholder to be timely must be so delivered not earlier than the ninetieth (90th) day prior to such annual meeting and not later than the close of business on the later of the sixtieth (60th) day prior to such annual meeting or the tenth (10th) day following the day on which public announcement of the date of such meeting is first made. Such stockholder's notice shall set forth (i) as to each person whom the stockholder proposes to nominate for election or reelection as a director (each, a "Proposed Nominee") all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected); (ii) as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and of the beneficial owner, if any, on whose behalf the proposal is made; and (iii) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made, (w) the name and address of such stockholder, as they appear on the Corporation's books, and of such beneficial owner, (x) the class and number of shares of stock of the Corporation which are owned beneficially and of record by such stockholder and such beneficial owner, (y) if the stockholder is proposing one or more Proposed Nominees, the information required to be included in a notice to the Corporation required by paragraph (b) of Rule 14a-19 promulgated under the Exchange Act, including a representation that such stockholder, any Proposed Nominee or any Stockholder Associated Person intends or is part of a group which intends to solicit the holders of shares of stock of the Corporation representing at least 67% of the voting power of shares of stock entitled to vote on the election of directors in support of each Proposed Nominee in accordance with Rule 14a-19 of the Exchange Act and (z) all other information regarding the stockholder giving the notice and each Stockholder Associated Person that would be required to be disclosed by the stockholder in connection with the solicitation of proxies for the election of directors in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act.

Such stockholder's notice shall, with respect to any Proposed Nominee, be accompanied by: (i) a written undertaking executed by the Proposed Nominee: (x) certifying that such Proposed Nominee (I) is not, and will not become, a party to any agreement, arrangement or understanding with any person or entity other than the Corporation in connection with service or action as a director that has not been disclosed to the Corporation, (II) will serve as a director of the Corporation if elected and will notify the Corporation simultaneously with any notification to the stockholder of the Proposed Nominee's actual or potential unwillingness or inability to serve as a director and (III) does not need any permission or consent from any third party (including any employer or any other board or governing body on which such Proposed Nominee serves) to serve as a director of the Corporation, if elected, that has not been obtained, (y) attaching copies of any and all requisite permissions or consents and (z) attaching a completed Proposed Nominee questionnaire (which questionnaire shall be provided by the Corporation, upon request by the stockholder providing the notice, and shall include all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a director in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act, or would be required pursuant to the rules of any national securities exchange on which any securities of the Corporation are listed or over-the-counter market on which any securities of the Corporation are traded); and (ii) a certificate executed by the stockholder certifying that such stockholder will: (w) comply with Rule 14a-19 promulgated under the Exchange Act in connection with such stockholder's solicitation of proxies in support of any Proposed Nominee, (x) notify the Corporation as promptly as practicable of any determination by the stockholder to no longer solicit proxies for the election of any Proposed Nominee as a director at the annual meeting, (y) furnish such other or additional information as the Corporation may request for the purpose of determining whether the requirements of this Section 7 have been satisfied or of evaluating any nomination or other business described in the stockholder's notice and (z) appear in person or by proxy at the meeting to present each Proposed Nominee or to bring such business before the meeting, as applicable, and acknowledging that, if the stockholder does not so appear in person or by proxy at the meeting to present each Proposed Nominee or bring such business before the meeting, as applicable, the Corporation need not bring such Proposed Nominee or such business for a vote at such meeting and any proxies or votes cast in favor of the election of any Proposed Nominee or any proposal related to such other business need not be counted or considered.

For purposes of this Article 7, "Stockholder Associated Person" of any stockholder shall mean (i) any person acting in concert with such stockholder or another Stockholder Associated Person or who is otherwise a participant (as defined in Instruction 3 to Item 4 of Schedule 14A under the Exchange Act) in any solicitation of proxies, (ii) any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such stockholder (other than a stockholder that is a depositary) and (iii) any person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such stockholder or such Stockholder Associated 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;(b) <u>Special Meetings of Stockholders</u>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting and, except as contemplated by and in accordance with the next two sentences of this Section 7(b), no stockholder may nominate an individual for election to the Board of Directors or make a proposal of other business to be considered at a special meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected only (i) pursuant to the Corporation's notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) provided that the Board of Directors has determined that directors shall be elected at such special meeting, by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice provided for in this Section 7(b), who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 7(b). In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board of Directors, any such stockholder may nominate a person or persons (as the case may be) for election to such position as specified in the Corporation's notice of meeting, if the stockholder's notice required by paragraph (a)(2) of this Section 7 (together with the information, certifications and consents required pursuant to paragraph (a)(2)) shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the ninetieth (90th) day prior to such special meeting and not later than the close of business on the later of the sixtieth (60th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>General</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;(1) Except as otherwise provided in Section 8 of this Article II, only such persons who are nominated in accordance with the procedures set forth in this Section 7 shall be eligible to serve as directors and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section 7. The presiding officer of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made in accordance with the procedures set forth in this Section 7 and, if any proposed nomination or business is not in compliance with this Section 7, to declare that such defective nomination or proposal be disregarded.

If any information or certification submitted pursuant to this Section 7 by any stockholder proposing a nominee for election as a director or any proposal for other business at a meeting of stockholders, including any certification from a Proposed Nominee, shall be inaccurate in any material respect, such information or certification may be deemed not to have been provided in accordance with this Section 7. Any such stockholder shall update and supplement its notice to the Corporation of its intent to propose a nominee for election as a director or other business at a meeting, if necessary, so that the information or certification provided or required to be provided in such notice pursuant to this Section 7 shall be true and correct as of the record date for notice of the meeting and as of the date that is ten business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed to and received by, the secretary at the principal executive office of the Corporation not later than five Business Days after the record date for notice of the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight Business Days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten business days prior to the meeting or any adjournment or postponement thereof). Upon written request by the secretary or the Board of Directors, any stockholder or Proposed Nominee shall provide, within five Business Days of delivery of such request (or such other period as may be specified in such request), (i) written verification, satisfactory, in the discretion of the Board of Directors or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted by the stockholder pursuant to this Section 7, (ii) a written confirmation by such stockholder that it continues to intend to bring such nomination or other business proposal before the meeting and, if applicable, satisfy the requirements of Rule 14a-19(a)(3) under the Exchange Act, submitted by the stockholder pursuant to this Section 7 as of an earlier date and (iii) an updated certification by each Proposed Nominee that such individual will serve as a director of the Corporation if elected. If a stockholder or Proposed Nominee fails to provide any update, supplement, written verification, written confirmation or updated certification within the period set forth in this paragraph, the information contained in such update, supplement, written verification, written confirmation or updated certification may be deemed not to have been provided in accordance with this Section 7.

&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) A stockholder proposing a Proposed Nominee shall have no right to (i) nominate a number of Proposed Nominees that exceeds the number of directors to be elected at the meeting or (ii) substitute or replace any Proposed Nominee unless such substitute or replacement is nominated in accordance with this Section 7 or Section 8 of this Article II, as applicable (including the timely provision of all information and certifications with respect to such substitute or replacement Proposed Nominee in accordance with the deadlines set forth in this Section 7 or Section 8 of this Article II, as applicable). If the Corporation provides notice to a stockholder that the number of Proposed Nominees proposed by such stockholder exceeds the number of directors to be elected at a meeting, the stockholder must provide written notice to the Corporation within five Business Days stating the names of the Proposed Nominees that have been withdrawn so that the number of Proposed Nominees proposed by such stockholder no longer exceeds the number of directors to be elected at a meeting. If any individual who is nominated in accordance with this Section 7 becomes unwilling or unable to serve on the Board of Directors, then the nomination with respect to such individual shall no longer be valid and no votes may validly be cast for such individual.

&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) Notwithstanding the foregoing provisions of this Section 7, the Corporation shall disregard any proxy authority granted in favor of, or votes for, director nominees other than the Corporation's nominees if the stockholder or Stockholder Associated Person (each, a "Soliciting Stockholder") soliciting proxies in support of such director nominees abandons the solicitation or does not (i) comply with Rule 14a-19 promulgated under the Exchange Act, including any failure by the Soliciting Stockholder to (A) provide the Corporation with any notices required thereunder in a timely manner or (B) comply with the requirements of Rule 14a-19(a)(2) and Rule 14a-19(a)(3) promulgated under the Exchange Act, or (ii) timely provide evidence in accordance with the following sentence that is sufficient, in the discretion of the Board of Directors, to demonstrate that such Soliciting Stockholder has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act. Upon request by the Corporation, if any Soliciting Stockholder provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act (or is not required to provide notice because the information required by Rule 14a-19(b) has been provided in a preliminary or definitive proxy statement previously filed by such Soliciting Stockholder), such Soliciting Stockholder shall deliver to the Corporation, no later than five Business Days prior to the applicable meeting of stockholders, evidence that is sufficient, in the discretion of the Board of Directors, to demonstrate that such Soliciting Stockholder has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For purposes of this Section 7, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Notwithstanding the foregoing provisions of this Section 7, a stockholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 7. Nothing in this Section 7 shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Notwithstanding anything in these Bylaws to the contrary, except as otherwise determined by the chairperson of the meeting, if the stockholder giving notice as provided for in this Section 7 does not appear in person or by proxy at such annual or special meeting to present each nominee for election as a director or the proposed business, as applicable, such matter shall not be considered at the meeting.

SECTION 8. PROXY ACCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Board of Directors solicits proxies with respect to the election of directors at an annual meeting of stockholders, subject to the provisions of this Section 8, the Corporation shall include in its proxy statement for such annual meeting, in addition to any persons nominated for election by the Board of Directors or any committee thereof, the name, together with the Required Information (defined below), of any person nominated for election (a "Stockholder Nominee") to the Board of Directors by an Eligible Stockholder (defined below) that expressly elects at the time of providing the notice required by this Section 8 (the "Notice of Proxy Access Nomination") to have such nominee included in the Corporation's proxy materials pursuant to this Section 8. For purposes of this Section 8, the "Required Information" that the Corporation will include in its proxy statement is the information provided to the Secretary of the Corporation concerning the Stockholder Nominee and the Eligible Stockholder that is required to be disclosed in the Corporation's proxy statement by the regulations promulgated under the Exchange Act and, if the Eligible Stockholder so elects, a Supporting Statement (defined below). For the avoidance of doubt, nothing in this Section 8 shall limit the Corporation's ability to solicit votes against any Stockholder Nominee or include in its proxy materials the Corporation's own statements or other information relating to any Eligible Stockholder or Stockholder Nominee, including any information provided to the Corporation pursuant to this Section 8. Subject to the provisions of this Section 8, the name of any Stockholder Nominee included in the Corporation's proxy statement for an annual meeting of stockholders shall also be set forth on the form of proxy distributed by the Corporation in connection with such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To be timely, the Notice of Proxy Access Nomination must be delivered to the Secretary at the principal executive offices of the Corporation not less than one hundred twenty (120) days and not more than the one hundred fifty (150) days prior to the first anniversary of the date that the Corporation distributed its proxy statement to stockholders for the previous year's annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The maximum number of Stockholder Nominees nominated by all Eligible Stockholders that will be included in the Corporation's proxy materials with respect to an annual meeting of stockholders shall not exceed the greater of (i) two (2) or (ii) twenty percent (20%) of the number of directors in office as of the last day on which a Notice of Proxy Access Nomination may be delivered pursuant to and in accordance with this Section 8 (the "Final Proxy Access Nomination Date") or, if such amount is not a whole number, the closest whole number below twenty percent (20%). In the event that one or more vacancies for any reason occurs on the Board of Directors after the Final Proxy Access Nomination Date but before the date of the annual meeting and the Board of Directors resolves to reduce the size of the Board of Directors in connection therewith, the maximum number of Stockholder Nominees included in the Corporation's proxy materials shall be calculated based on the number of directors in office as so reduced. For purposes of determining when the maximum number of Stockholder Nominees provided for in this Section 8 has been reached, each of the following persons shall be counted as one of the Stockholder Nominees: (i) any individual nominated by an Eligible Stockholder for inclusion in the Corporation's proxy materials pursuant to this Section 8 whose nomination is subsequently withdrawn, (ii) any individual nominated by an Eligible Stockholder for inclusion in the Corporation's proxy materials pursuant to this Section 8 whom the Board of Directors decides to nominate for election to the Board of Directors and (iii) any director in office as of the Final Proxy Access Nomination Date who was included in the Corporation's proxy materials as a Stockholder Nominee for either of the two (2) preceding annual meetings of stockholders (including any individual counted as a Stockholder Nominee pursuant to the immediately preceding clause (ii)) and whom the Board of Directors decides to renominate for election to the Board of Directors. Any Eligible Stockholder submitting more than one Stockholder Nominee for inclusion in the Corporation's proxy materials pursuant to this Section 8 shall rank such Stockholder Nominees based on the order in which the Eligible Stockholder desires such Stockholder Nominees to be selected for inclusion in the Corporation's proxy statement in the event that the total number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Section 8 exceeds the maximum number of Stockholder Nominees provided for in this Section 8. In the event that the number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Section 8 exceeds the maximum number of Stockholder Nominees provided for in this Section 8, the highest ranking Stockholder Nominee who meets the requirements of this Section 8 from each Eligible Stockholder will be selected for inclusion in the Corporation's proxy materials until the maximum number is reached, going in order of the amount (largest to smallest) of shares of common stock of the Corporation each Eligible Stockholder disclosed as owned in its Notice of Proxy Access Nomination. If the maximum number is not reached after the highest ranking Stockholder Nominee who meets the requirements of this Section 8 from each Eligible Stockholder has been selected, then the next highest ranking Stockholder Nominee who meets the requirements of this Section 8 from each Eligible Stockholder will be selected for inclusion in the Corporation's proxy materials, and this process will continue as many times as necessary, following the same order each time, until the maximum number is reached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An "Eligible Stockholder" is a stockholder or group of no more than twenty-five (25) stockholders (counting as one stockholder, for this purpose, any two or more funds that are part of the same Qualifying Fund Group (as defined below)) that (i) has owned (as defined below) continuously for at least three (3) years (the "Minimum Holding Period") a number of shares of common stock of all classes entitled to vote (for purposes of this Section 8, collectively, the "common stock") of the Corporation that represents at least three percent (3%) of the Corporation's outstanding common stock as of the date the Notice of Proxy Access Nomination is delivered to the Secretary of the Corporation in accordance with this Section 8 (the "Required Shares"), (ii) continues to own the Required Shares through the annual meeting date and (iii) satisfies all other requirements of, and complies with all applicable procedures set forth in, this Section 8. A "Qualifying Fund Group" is a group of two or more funds that are (A) under common management and investment control, (B) under common management and funded primarily by the same employer or (C) a "group of investment companies," as such term is defined in Section 12(d)(1)(G)(ii) of the Investment Company Act of 1940, as amended. For purposes of this Section 8, an Eligible Stockholder shall be deemed to "own" only those outstanding shares of common stock of the Corporation as to which the stockholder possesses both (i) the full voting and investment rights pertaining to the shares and (ii) the full economic interest in (including the opportunity for profit from and risk of loss on) such shares; provided that the number of shares calculated in accordance with clauses (i) and (ii) shall not include any shares (x) sold by such stockholder or any of its affiliates in any transaction that has not been settled or closed, (y) borrowed by such stockholder or any of its affiliates for any purposes or purchased by such stockholder or any of its affiliates pursuant to an agreement to resell or (z) subject to any option, warrant, forward contract, swap, contract of sale, other derivative or similar instrument or agreement entered into by such stockholder or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value of shares of outstanding common stock of the Corporation, if, in any such case, such instrument or agreement has, or is intended to have, the purpose or effect of (1) reducing in any manner, to any extent or at any time in the future, such stockholder's or its affiliates' full right to vote or direct the voting of any such shares and/or (2) hedging, offsetting or altering to any degree any gain or loss realized or realizable from maintaining the full economic ownership of such shares by such stockholder or affiliate. Without limiting the foregoing, to the extent not excluded by the immediately preceding sentence, an Eligible Stockholder's "short position" as defined in Rule 14e-4 under the Exchange Act shall be deducted from the shares otherwise "owned." A stockholder shall "own" shares held in the name of a nominee or other intermediary so long as the stockholder retains the right to instruct how the shares are voted with respect to the election of directors and possesses the full economic interest in the shares. A stockholder's ownership of shares shall be deemed to continue during any period in which (i) the stockholder has loaned such shares, provided that the stockholder has the power to recall such loaned shares on five (5) business days' notice and includes with the Notice of Proxy Access Nomination an agreement that it (A) will promptly recall such loaned shares upon being notified that any of its Stockholder Nominees will be included in the Corporation's proxy materials and (B) will continue to hold such shares through the date of the annual meeting or (ii) the stockholder has delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement which is revocable at any time by the stockholder. The terms "owned," "owning" and other variations of the word "own" shall have correlative meanings. Whether outstanding shares of the common stock of the Corporation are "owned" for these purposes shall be determined by the Board of Directors or any committee thereof. For purposes of this Section 8, the term "affiliate" or "affiliates" shall have the meaning ascribed thereto under the General Rules and Regulations under the Exchange 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;(e) To be in proper form for purposes of this Section 8, the Notice of Proxy Access Nomination must include 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a written statement by the Eligible Stockholder setting forth and certifying as to the number of shares it owns and has owned continuously during the Minimum Holding Period, and the Eligible Stockholder's agreement to provide immediate notice if the Eligible Stockholder ceases to own any of the Required Shares prior to the date of the annual meeting;

&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) one or more written statements from the record holder of the Required Shares (and from each intermediary through which the Required Shares are or have been held during the Minimum Holding Period) verifying that, as of a date within seven (7) calendar days prior to the date the Notice of Proxy Access Nomination is delivered to the Secretary of the Corporation, the Eligible Stockholder owns, and has owned continuously for the Minimum Holding Period, the Required Shares, and the Eligible Stockholder's agreement to provide, within five (5) business days after the later of the record date for the annual meeting and the date on which notice of the record date is first publicly disclosed, one or more written statements from the record holder and such intermediaries verifying the Eligible Stockholder's continuous ownership of the Required Shares through the record 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a copy of the Schedule 14N that has been filed with the United States Securities and Exchange Commission as required by Rule 14a-18 under the Exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the certifications, representations and other information required by paragraph (a)(2) of Section 7 of this Article II (including the consent of each Stockholder Nominee to being named in the proxy statement as a nominee and to serving as a director if elected);

&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;(5) a representation that the Eligible Stockholder (i) will continue to hold the Required Shares through the annual meeting date, (ii) acquired the Required Shares in the ordinary course of business and not with the intent to change or influence control at the Corporation, and does not presently have such intent, (iii) has not nominated and will not nominate for election to the Board of Directors at the annual meeting any person other than the Stockholder Nominee(s) it is nominating pursuant to this Section 8, (iv) has not engaged and will not engage in, and has not and will not be a "participant" in another person's, "solicitation" within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a director at the annual meeting other than its Stockholder Nominee(s) or a nominee of the Board of Directors, (v) has not distributed and will not distribute to any stockholder of the Corporation any form of proxy for the annual meeting other than the form distributed by the Corporation, (vi) has complied and will comply with all laws and regulations applicable to solicitations and the use, if any, of soliciting material in connection with the annual meeting, and (vii) has provided and will provide facts, statements and other information in all communications with the Corporation and its stockholders that are or will be true and correct in all material respects and do not and will not omit to state a material fact necessary in order to make such information, in light of the circumstances under which it was or will be made or provided, not misleading;

&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;(6) an undertaking that the Eligible Stockholder agrees to (i) assume all liability stemming from any legal or regulatory violation arising out communications with the stockholders of the Corporation by the Eligible Stockholder, its affiliates and associates or their respective agents and representatives, either before or after providing a Notice of Proxy Access Nomination pursuant to this Section 8, or out of the facts, statements or other information that the Eligible Stockholder or its Stockholder Nominee(s) provided to the Corporation pursuant to this Section 8 or otherwise in connection with the inclusion of such Stockholder Nominee(s) in the Corporation's proxy materials pursuant to this Section 8, (ii) indemnify and hold harmless the Corporation and each of its directors, officers and employees individually against any liability, loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal, administrative or investigative, against the Corporation or any of its directors, officers or employees arising out of any nomination submitted by the Eligible Stockholder pursuant to this Section 8 and (iii) file with the Securities and Exchange Commission any solicitation or other communication with the stockholders of the Corporation relating to the meeting at which its Stockholder Nominee(s) will be nominated, regardless of whether any such filing is required under Regulation 14A of the Exchange Act or whether any exemption from filing is available for such solicitation or other communication under Regulation 14A of the Exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) in the case of a nomination by a group of stockholders together constituting an Eligible Stockholder in which two or more funds that are part of the same Qualifying Fund Group are counted as one stockholder for purposes of qualifying as an Eligible Stockholder, documentation reasonably satisfactory to the Corporation that demonstrates that the funds are part of the same Qualifying Fund Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In addition to the information required pursuant to Section 8(e) or any other provision of these Bylaws, the Corporation may require (i) each Stockholder Nominee to furnish any other information (A) that may reasonably be requested by the Corporation to determine whether the Stockholder Nominee would be independent under the rules and listing standards of the principal United States securities exchanges upon which any class of common stock of the Corporation is listed or traded, any applicable rules of the U.S. Securities and Exchange Commission or any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of the Corporation's directors (collectively, the "Independence Standards"), (B) that could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such Stockholder Nominee or (C) that may reasonably be requested by the Corporation to determine the eligibility of such Stockholder Nominee to be included in the Corporation's proxy materials pursuant to this Section 8 or to serve as a director of the Corporation and (ii) the Eligible Stockholder to furnish any other information that may reasonably be requested by the Corporation to verify the Eligible Stockholder's continuous ownership of the Required Shares for the Minimum Holding Period and through the date of the annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Eligible Stockholder may, at its option, provide to the Secretary of the Corporation, at the time the Notice of Proxy Access Nomination is provided, a written statement, not to exceed 500 words, in support of the Stockholder Nominee(s)' candidacy (a "Supporting Statement"). Only one Supporting Statement may be submitted by an Eligible Stockholder (including any group of stockholders together constituting an Eligible Stockholder) in support of its Stockholder Nominee(s). Notwithstanding anything to the contrary contained in this Section 8, the Corporation may omit from its proxy materials any information or Supporting Statement (or portion thereof) that it, in good faith, believes would violate any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event that any information or communications provided by an Eligible Stockholder or a Stockholder Nominee to the Corporation or its stockholders ceases to be true and correct in all material respects or omits a material fact necessary to make such information, in light of the circumstances under which it was made or provided, not misleading, such Eligible Stockholder or Stockholder Nominee, as the case may be, shall promptly notify the Secretary of the Corporation of any such defect in such previously provided information and of the information that is required to correct any such defect; it being understood that providing such notification shall not be deemed to cure any such defect or limit the remedies available to the Corporation relating to any such defect (including the right to omit a Stockholder Nominee from its proxy materials pursuant to this Section 8). In addition, any person providing any information pursuant to this Section 8 must deliver to the Secretary at the principal executive office of the Corporation, not later than five (5) business days after the later of the record date for the annual meeting and the date on which notice of the record date is first publicly disclosed (i) any such written updates and supplements necessary to ensure that the information previously provided or required to be provided shall be true and correct as of the record date for the annual meeting or (ii) a written certification that no such updates or supplements are necessary and that the information previously provided remains true and correct as of the record date for the annual meeting.

&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) Notwithstanding anything to the contrary contained in this Section 8, the Corporation shall not be required to include, pursuant to this Section 8, a Stockholder Nominee in its proxy materials (i) for any meeting of stockholders for which the Secretary of the Corporation receives notice that the Eligible Stockholder or any other stockholder intends to nominate one or more persons for election to the Board of Directors pursuant to the advance notice requirements for stockholder nominees set forth in Section 7 of this Article II, (ii) if such Stockholder Nominee would not be an independent director under the Independence Standards, as determined by the Board of Directors or one or more of its committees, (iii) if such Stockholder Nominee's election as a member of the Board of Directors would cause the Corporation to be in violation of these Bylaws, the Charter, the rules and listing standards of the principal United States securities exchanges upon which any class of common stock of the Corporation is listed or traded, or any applicable state or federal law, rule or regulation, (iv) if such Stockholder Nominee is or has been, within the past three (3) years, an officer or director of a competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914, (v) if such Stockholder Nominee or the Eligible Stockholder who nominated such Stockholder Nominee provides any facts, statements or other information to the Corporation or its stockholders required or requested pursuant to this Section 8 that is not true and correct in all material respects or that omits a material fact necessary to make such information, in light of the circumstances in which it is made or provided, not misleading, or (vi) if such Stockholder Nominee or the Eligible Stockholder who nominated such Stockholder Nominee otherwise contravenes any of the agreements or representations made by such Stockholder Nominee or Eligible Stockholder or fails to comply with its obligations pursuant to this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding anything to the contrary set forth herein, if (i) the Stockholder Nominee and/or the applicable Eligible Stockholder shall have breached any of its or their obligations, agreements or representations under this Section 8, or (ii) the Stockholder Nominee shall have otherwise become ineligible for inclusion in the Corporation's proxy materials pursuant to this Section 8 or dies, becomes disabled or otherwise becomes ineligible or unavailable for election at the annual meeting, in each case as determined by the Board of Directors, any committee thereof or the presiding officer at the annual meeting of stockholders, (x) the Corporation may omit or, to the extent feasible, remove the information concerning such Stockholder Nominee and the related Supporting Statement from its proxy materials and/or otherwise communicate to its stockholders that such Stockholder Nominee will not be eligible for election at the annual meeting, (y) the Corporation shall not be required to include in its proxy materials any successor or replacement nominee proposed by the applicable Eligible Stockholder or any other Eligible Stockholder and (z) the Board of Directors or the presiding officer at the annual meeting of stockholders shall declare such nomination to be invalid, such nomination shall be disregarded notwithstanding that proxies in respect of such vote may have been received by the Corporation and the named proxies will not vote any proxies received from stockholders with respect to such Stockholder Nominee. In addition, if the Eligible Stockholder (or a representative thereof) does not appear at the annual meeting to present any nomination pursuant to this Section 8, such nomination shall be declared invalid and disregarded as provided in clause (z) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Whenever the Eligible Stockholder consists of a group of stockholders (including a group of funds that are part of the same Qualifying Fund Group), (i) each provision in this Section 8 that requires the Eligible Stockholder to provide any written statements, representations, undertakings, agreements or other instruments or to meet any other conditions shall be deemed to require each stockholder (including each individual fund) that is a member of such group to provide such statements, representations, undertakings, agreements or other instruments and to meet such other conditions (except that the members of such group may aggregate their shareholdings in order to meet the three percent (3%) ownership requirement of the "Required Shares" definition), (ii) the Notice of Proxy Access Nomination must designate one member of the group for purposes of receiving communications, notices and inquiries from the Corporation and otherwise authorize such member to act on behalf of each member of the group with respect to the nomination under this Section 8 and (iii) a breach of any obligation, agreement or representation under this Section 8 by any member of such group shall be deemed a breach by the Eligible Stockholder. Whenever the Eligible Stockholder consists of a group of stockholders aggregating their shareholdings in order to meet the three percent (3%) ownership requirement of the "Required Shares" definition, (x) such ownership shall be determined by aggregating the lowest number of shares continuously owned by each such stockholder during the Minimum Holding Period and (y) the Notice of Proxy Access Nomination must indicate, for each such stockholder, such lowest number of shares continuously owned by such stockholder during the Minimum Holding Period. No person may be a member of more than one group of persons constituting an Eligible Stockholder with respect to any annual meeting. For the avoidance of doubt, a stockholder may withdraw from a group of stockholders at any time prior to the annual meeting of stockholders and if, as a result of such withdrawal, the Eligible Stockholder no longer owns the Required Shares, the nomination shall be disregarded as provided in Section 8(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any Stockholder Nominee who is included in the Corporation's proxy materials for a particular annual meeting of stockholders but either (i) withdraws from or becomes ineligible or unavailable for election at the annual meeting, or (ii) does not receive at least ten percent (10%) of the votes cast in favor of such Stockholder Nominee's election, will be ineligible to be a Stockholder Nominee pursuant to this Section 8 for the next two annual meetings of stockholders. For the avoidance of doubt, the immediately preceding sentence shall not prevent any stockholder from nominating any person to the Board of Directors pursuant to and in accordance with Section 7 of this Article II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For purposes of this Section 8, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act.

SECTION 9. INSPECTORS -- The Board of Directors may, in advance of any meeting of stockholders, appoint one or more inspectors to act at such meeting or any adjournment thereof. If the inspectors shall not be so appointed or if any of them shall fail to appear or act, the chairperson of the meeting may, and on the request of any stockholder entitled to vote thereat shall, appoint inspectors. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector at such meeting with strict impartiality and according to the best of his or her ability. The inspectors shall determine the number of shares represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the chairperson of the meeting or any stockholder entitled to vote thereat, the inspectors shall make a report in writing of any challenge, request or matter determined by them and shall execute a certificate of any fact found by them. No director or candidate for the office of director shall act as inspector of an election of directors. Inspectors need not be stockholders.

SECTION 10. CONTROL SHARE ACQUISITION ACT -- Notwithstanding any other provision of the Charter or these Bylaws, Title 3, Subtitle 7 of the MGCL (or any successor statute) shall not apply to any acquisition by any person of shares of stock of the Corporation. This section may be repealed, in whole or in part, at any time, whether before or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any prior or subsequent control share acquisition.

**ARTICLE III**

**DIRECTORS**

SECTION 1. NUMBER AND TERM -- Subject to the provisions set forth in the Stockholders Agreement, at any regular meeting or at any special meeting called for that purpose, two-thirds of the entire Board of Directors may establish, increase or decrease the number of directors, provided that the number thereof shall never be less than the minimum number of directors required by the MGCL (which is one) nor more than thirteen (13), and further provided that the tenure of office of a director shall not be affected by any decrease in the number of directors. Notwithstanding the foregoing, upon the occurrence of a default in the payment of dividends of any class or series of preferred stock, or any other event, which will entitle the holders of any class or series of preferred stock to elect additional directors of the Corporation, the number of directors of the Corporation will thereupon be increased by the number of additional directors to be elected by the holders of such class or series of preferred stock, and such increase in the number of directors shall remain in effect for so long as the holders of such class of series of preferred stock are entitled to elect such additional directors. Directors need not be stockholders.

SECTION 2. QUORUM AND VOTING – Two-thirds of the entire board of directors shall constitute a quorum for the transaction of business. If, at any meeting of the Board, there shall be less than a quorum present, two-thirds of those directors present may adjourn the meeting, from time to time, until a quorum is obtained, and no further notice thereof need be given other than by announcement at said meeting which shall be so adjourned. The action of two-thirds of the entire board of directors at a meeting at which a quorum is present shall be the action of the Board of Directors, except as otherwise provided in these Bylaws.

SECTION 3. FIRST MEETING -- The newly elected directors may hold their first meeting for the purpose of organization and the transaction of business, if a quorum is present, immediately after the annual meeting of stockholders or the time and place of such meeting may be fixed by written consent of the entire Board.

SECTION 4. ELECTION OF OFFICERS -- The Board of Directors shall elect the officers of the Corporation, as more specifically set forth in Article V of these Bylaws. Such officers shall hold office until the next annual election of officers, or until their successors are elected and shall have qualified.

SECTION 5. REGULAR MEETINGS -- Regular meetings of the Board of Directors shall be held at such places and times as shall be determined, from time to time, by resolution of the Board of Directors without other notice than such resolution.

SECTION 6. SPECIAL MEETINGS -- Special meetings of the Board of Directors may be called by the Chair of the Board of Directors, the Chief Executive Officer, the President, the Secretary or by any three (3) directors on prior notice to each director. In case such notice is mailed, it shall be given at least four (4) days prior to the time of the holding of the meeting. In case such notice is given personally, or by telephone, electronic mail, facsimile correspondence or telegram, it shall be given at least twenty-four (24) hours prior to the time of the holding of the meeting.

SECTION 7. PLACE OF MEETINGS -- The directors may hold their meetings, and have one or more offices, and keep the books of the Corporation outside the State of Maryland at any office or offices of the Corporation, or at any other place as they from time to time by resolution may determine.

SECTION 8. DISPENSING WITH NOTICE -- The transactions of any meeting of the Board of Directors which is not properly called or noticed, regardless of how called and noticed or wherever held, shall be as valid as though such transactions had occurred at a meeting duly held after regular call and notice if a quorum is present and if, either before or after the meeting, each of the directors not present signs a written waiver of notice, a consent to holding the meeting or an approval of the minutes thereof. The waiver of notice or consent need not specify the purpose of the meeting. All such waivers, consents and approvals shall be filed with the corporate records or made a part of the minutes of the meeting. Notice of a meeting need not be given to any director who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to such director.

SECTION 9. ACTION WITHOUT MEETING -- Any action required or permitted to be taken at any meeting of the Board of Directors, or any committee thereof, may be taken without a meeting if a written consent thereto is given in writing or by electronic transmission by all members of the Board or of such committee, as the case may be, and such consent is filed with the minutes of the proceedings of the Board of Directors or committee.

SECTION 10. TELEPHONIC MEETINGS -- Unless otherwise restricted by the Charter or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.

SECTION 11. GENERAL POWERS OF DIRECTORS -- The Board of Directors shall manage the business and affairs of the Corporation, and, subject to the restrictions imposed by law, exercise all the powers of the Corporation, except as conferred on or reserved to the stockholders by law or by the Charter or these Bylaws.

SECTION 12. SPECIFIC POWERS OF DIRECTORS -- Without prejudice to such general powers, it hereby is expressly declared that the directors shall have the following powers, to the extent permitted under the laws of the State of Maryland, subject to the provisions of the Charter and other provisions of these Bylaws:

&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) To make and change regulations, not inconsistent with these Bylaws, for the management of the business and affairs of the Corporation.

&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) To purchase or otherwise acquire for the Corporation any property, rights or privileges which the Corporation is authorized to acquire.

&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) To pay for any property purchased for the Corporation, either wholly or partly in money, stock, bonds, debentures or other securities of the Corporation.

&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) To borrow money and make and issue notes, bonds and other negotiable and transferable instruments, mortgages, deeds of trust and trust agreements, and to do every act and thing necessary to effectuate the same.

&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;(5) To lease and rent real property whether in the capacity of lessor or lessee.

&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;(6) To dispose of or transfer property, both real and personal, in any fashion or by any lawful means, including, without limitation, by lease and as security for borrowings of the Corporation.

&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;(7) To lend money and acquire loans made by others, and to accept, in connection therewith, notes, bonds and other transferable instruments, mortgages, deeds of trust and trust agreements of others, and to do every act and thing otherwise necessary in connection therewith.

&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;(8) To make investments from time to time with funds of the Corporation and to dispose of such investments.

&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;(9) To remove any officer when, in their judgment, the best interests of the Corporation shall be served thereby, and, in their discretion, from time to time to devolve the powers and duties of any officer upon any other officer or person for the time being.

&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;(10) To appoint and remove or suspend subordinate officers, agents, or factors as they may deem necessary, and to determine their duties, and to fix and from time to time to change their salaries or remuneration, and to require security as and when they think fit.

&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;(11) To confer upon the Chief Executive Officer or the President of the Corporation the power to appoint, remove and suspend subordinate officers, agents and factors.

&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;(12) To determine who shall be authorized, on behalf of the Corporation, to make and sign bills, notes, acceptances, endorsements, contracts and other instruments.

&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;(13) To determine who shall be entitled, in the name and on behalf of the Corporation, to vote upon or to assign and transfer any shares of stock, bonds or other securities of other corporations held by this Corporation.

&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;(14) To authorize the Corporation to enter into, and to execute and deliver, and to modify, amend or terminate, from time to time, agreements, notes, acceptances, bills of sale, documents of transfer or other documents or instruments of any kind or nature whatsoever, in furtherance of or in connection with lawful activities of the Corporation.

&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;(15) To delegate any of the powers of the Board, in relation to the ordinary business of the Corporation, to any standing or special committee, or to any officer or agent (with power to sub-delegate), upon such terms as they deem fit.

&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;(16) To call special meetings of the stockholders for any purpose or purposes.

SECTION 13. COMPENSATION -- Directors shall receive no stated salary for their services as directors but, by resolution of the Board, may receive fixed fees per year and/or per meeting, and expenses of attendance for attendance at each meeting.

Nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity as an officer, agent, or otherwise, and receiving compensation therefor.

**ARTICLE IV**

**COMMITTEES**

SECTION 1. APPOINTMENTS AND POWERS – The Board of Directors may, by resolution or resolutions passed by two-thirds of the entire Board of Directors, designate one or more committees, each consisting of one (1) or more directors, to serve at the pleasure of the Board of Directors. The Board of Directors may designate one or more directors as alternate members of a committee who may replace any absent or disqualified member at any meeting of the committee. Such alternate members shall not be counted for purposes of determining a quorum unless so appointed, in which case they shall be counted in the place of the absent or disqualified member. The committee, to the extent provided in said resolution or resolutions or in these Bylaws and permitted under the laws of the State of Maryland, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation and may have power to authorize the seal of the Corporation to be affixed to all papers which may require it. Such committee or committees shall have such name or names as may be stated in these Bylaws or as may be determined from time to time by resolution adopted by the Board of Directors. The act of a majority of the committee members present at a meeting shall be the act of such committee. Each committee provided for in the Management Agreement (as amended, supplemented or otherwise modified from time to time, the "<u>Management Agreement</u>"), by and among the Corporation, Janus Living OP, LLC, a Maryland limited liability company, and Healthpeak Investment Management, LLC, a Delaware limited liability company, shall be composed as required by the Management Agreement.

SECTION 2. MINUTES -- Committees shall keep regular minutes of their proceedings, and report the same to the Board of Directors when required.

**ARTICLE V**

**OFFICERS**

SECTION 1. OFFICERS -- The officers of the Corporation shall include a Chief Executive Officer, a President, a Secretary and a Treasurer, and may include a Chair of the Board of Directors, one or more Vice Presidents, one or more Assistant Secretaries and one or more Assistant Treasurers. Any person may hold two or more offices, except that no one person shall concurrently hold the offices of President and Vice-President. The Board of Directors may elect or appoint such other officers and agents as it may deem advisable who shall hold office for such terms and shall exercise such powers and perform such duties as shall from time to time be determined by the Board of Directors.

The officers of the Corporation shall be elected annually by the Board of Directors, except that the Chief Executive Officer or the President may from time to time appoint one or more senior vice presidents, vice presidents, assistant secretaries, assistant treasurers or other assistant or subordinate officers. Each officer shall serve until the officer's successor is elected and qualifies or until the officer's death, or the officer's resignation or removal in the manner hereinafter provided.

SECTION 2. CHIEF EXECUTIVE OFFICER -- The Chief Executive Officer shall have the general powers and duties of supervision and management usually vested in the office of Chief Executive Officer of a corporation. He or she shall have general supervision, direction and control of the business of the Corporation. He or she shall also exercise such further powers and perform such other duties as may be conferred upon him or her by the Bylaws or the Board of Directors from time to time. Except as the Board of Directors shall authorize the execution thereof in some other manner, he or she shall have the power to execute bonds, mortgages and other contracts on behalf of the Corporation, and he or she may cause the corporate seal to be affixed to any instrument or document executed on behalf of the Corporation. In the event that no other individual shall at that time have been appointed by the Board of Directors to, and hold, the office of President of the Corporation, the individual appointed by the Board to the position of Chief Executive Officer shall also, by virtue of holding such office, be deemed to hold the office of President, and any action taken by such individual in his or her capacity as Chief Executive Officer will also be deemed action of the President.

SECTION 3. PRESIDENT -- The President shall have the general powers and duties of supervision and management usually vested in the office of President of a corporation. He or she shall have general supervision, direction and control of the business of the Corporation. He or she shall also exercise such further powers and perform such other duties as may be conferred upon him or her by the Bylaws or the Board of Directors from time to time. Except as the Board of Directors shall authorize the execution thereof in some other manner, he or she shall have the power to execute bonds, mortgages and other contracts on behalf of the Corporation, and he or she may cause the corporate seal to be affixed to any instrument or document executed on behalf of the Corporation. In the event that no other individual shall at that time have been appointed by the Board of Directors to, and hold, the office of President of the Corporation, the individual appointed by the Board of Directors to the office of Chief Executive Officer shall also, by virtue of holding such office, be deemed to hold the office of President, and any action taken by such individual in his or her capacity as Chief Executive Officer will also be deemed action of the President.

SECTION 4. VICE PRESIDENTS -- Each Vice President shall have such powers and shall perform such duties as are usually vested in the office of Vice President of a corporation. Except as the Board of Directors shall authorize the execution thereof in some other manner, he or she shall have the power to execute bonds, mortgages and other contracts on behalf of the Corporation, and he or she may cause the corporate seal to be affixed to any instrument or document executed on behalf of the Corporation. One or more vice presidents may be designated as executive vice presidents, senior vice presidents or vice presidents for particular areas of responsibility.

SECTION 5. SECRETARY -- The Secretary shall give, or cause to be given, notice of all meetings of stockholders and the Board of Directors, and all other notices required by law or by these Bylaws, and, in case of his or her absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the Chief Executive Officer, the President, the Board of Directors, or the stockholders upon whose request the meeting is called as provided in these Bylaws. He or she shall record all proceedings of meetings of the stockholders and of the Board of Directors in a book to be kept for that purpose, and shall perform such other duties as may be assigned to him or her by the Directors or the Chief Executive Officer or President. He or she shall have custody of the corporate seal, and shall have the power to affix said seal to all instruments or documents executed on behalf of the Corporation.

SECTION 6. TREASURER -- The Treasurer shall have the custody of the corporate funds and securities, and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation. He or she shall deposit all monies and other valuables in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors.

The Treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors or the President or Chief Executive Officer, taking proper vouchers for such disbursements. He or she shall render to the President or Chief Executive Officer and the Board of Directors, at the regular meetings of the Board, or whenever they may request it, an accounting of all his or her transactions as Treasurer, and of the financial condition of the Corporation.

If required by the Board of Directors, he or she shall give the Corporation a bond for the faithful discharge of his or her duties, in such amount and with such surety as the Board shall prescribe.

SECTION 7. CHAIR OF THE BOARD OF DIRECTORS -- The Chair of the Board of Directors, if one is elected, shall preside at all meetings of the Board of Directors and stockholders, and shall have and perform such other duties as from time to time may be assigned to him or her by the Board of Directors.

SECTION 8. ASSISTANT SECRETARIES AND ASSISTANT TREASURERS -- Assistant Secretaries and Assistant Treasurers, if any, may be appointed by the Chief Executive Officer, the President or the Board of Directors and shall have such powers and shall perform such duties as shall be assigned to them, respectively, by the Secretary and by the Treasurer.

**ARTICLE VI**

**RESIGNATIONS; FILLING OF VACANCIES; REMOVAL FROM OFFICE**

SECTION 1. RESIGNATIONS -- Any director or officer may resign at any time. Such resignation shall be made in writing, and shall take effect at the time specified therein, and, if no time be specified, at the time of its receipt by the Board of Directors, the Chief Executive Officer, the President or the Secretary. The acceptance of a resignation shall not be necessary to make it effective.

SECTION 3. REMOVAL FROM OFFICE -- A director may be removed from office only by the stockholders in the manner and by the vote set forth in the Charter of the Corporation. Subject to the provisions set forth in the Stockholders Agreement, the stockholders of the Corporation may elect a successor or successors to fill any vacancy or vacancies which result from the removal of a director or directors, and each such successor will serve until the next annual meeting of stockholders and until his or her successor is elected and qualifies.

Any officer or agent of the Corporation may be removed by the Board of Directors whenever, in its judgment, the best interests of the Corporation shall be served thereby.

**ARTICLE VII**

**CAPITAL STOCK**

SECTION 1. STOCK CERTIFICATES AND UNCERTIFICATED SHARES -- The shares of stock in the Corporation shall be represented by certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of the Corporation's stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate theretofore issued until such certificate is surrendered to the Corporation. Every holder of shares of stock of the Corporation, other than uncertificated shares, shall be entitled to a certificate or certificates signed by the officers of the Corporation in the manner permitted by the MGCL representing and certifying to the number of shares of stock owned by such holder. The signatures on certificates of stock may be either manual or facsimile.

In case any officer who has signed or whose facsimile signature has been placed upon such certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer at the date of its issue. Each certificate representing shares of the capital stock of the Corporation shall bear on its face or back such statements relating to the authority of the Corporation to issue more than one class of stock, the designations and other terms and conditions of each such class of stock and restrictions on transferability of capital stock imposed by the Corporation, or a statement that such information will be provided on request and without charge, all as and to the extent which may be required by the laws of the State of Maryland.

SECTION 2. LOST CERTIFICATES -- A new certificate of stock may be issued in place of any certificate theretofore issued by the Corporation and alleged to have been lost or destroyed, and the Board of Directors may, at its discretion, request the owner of the lost or destroyed certificate, or his or her legal representative, to give the Corporation a bond, in such sum as the Board of Directors may direct, but not exceeding double the value of the stock, to indemnify the Corporation against any claim that may be made against it on account of the alleged loss of any such certificate.

SECTION 3. TRANSFER OF SHARES -- Subject to the restrictions that may be contained in the Charter, the shares of stock of the Corporation shall be transferable only upon its books by the holders thereof in person or by their duly authorized representatives.

SECTION 4. DIVIDENDS -- Subject to the provisions of the Charter and the laws of the State of Maryland, the Board of Directors may, at any regular or special meeting, declare dividends upon the capital stock of the Corporation, as and when the Board of Directors may deem expedient.

**ARTICLE VIII**

**MISCELLANEOUS**

SECTION 1. CORPORATE SEAL -- The Board of Directors shall adopt and may alter a common seal of the Corporation. Said seal shall be circular in form and shall contain the name of the Corporation, the year of its creation, and the words: "CORPORATE SEAL, MARYLAND." It may be used by causing it or a facsimile thereof to be impressed, affixed, or otherwise reproduced.

SECTION 2. FISCAL YEAR -- The fiscal year of the Corporation shall end on the 31st day of December of each calendar year.

SECTION 3. CONTRACTS -- The Board of Directors or the Manager acting within the scope of its authority pursuant to the Management Agreement may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Corporation and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Corporation when duly authorized or ratified by action of the Board of Directors or the Manager acting within the scope of its authority pursuant to the Management Agreement and executed by an authorized person.

SECTION 4. CHECKS, DRAFTS, NOTES -- All checks, drafts, or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation, shall be signed by such officer or officers, agent or agents of the Corporation, and in such manner, as from time to time shall be determined by resolution of the Board of Directors or, in the absence of any specific resolution of the Board of Directors, or if not otherwise provided by the Board of Directors, may be signed by the Chief Executive Officer, the President or any Vice President.

SECTION 5. CORPORATE RECORDS -- The Corporation shall keep correct and complete books of account and minutes of the proceedings of its stockholders and Board of Directors.

The Corporation shall keep and maintain at its principal executive office a certified copy of its Charter and all amendments thereto, a certified copy of its Bylaws and all amendments thereto, a stock ledger or duplicate stock ledger, revised annually, containing the names, alphabetically arranged, of all stockholders, their residence addresses, and the number of shares held by them, respectively. In lieu of the stock ledger or duplicate stock ledger, a statement may be filed in the principal executive office stating the name of the custodian of the stock ledger or duplicate stock ledger, and the present and complete post office address (including street and number, if any) where such stock ledger or duplicate stock ledger is kept.

The Board of Directors shall take all reasonable steps to assure that a full and correct annual statement of the affairs of the Corporation is prepared annually, including a balance sheet and a financial statement of operations for the preceding fiscal year which shall be certified by independent certified public accountants, and distributed to stockholders within one hundred and twenty (120) days after the close of the Corporation's fiscal year and a reasonable period of time prior to the annual meeting of stockholders. Such annual statement shall also be submitted at the annual meeting and shall be filed within twenty (20) days thereafter at the principal office of the Corporation in the State of Maryland. The Board of Directors shall also be responsible for scheduling the annual meeting of stockholders.

SECTION 6. NOTICE AND WAIVER OF NOTICE -- Whenever, pursuant to the laws of the State of Maryland or these Bylaws, any notice is required to be given, personal notice is not meant unless expressly so stated, and any notice so required shall be deemed to be sufficient if given by depositing the same in the United States mail, postage prepaid, addressed to the person entitled thereto at his or her address as it appears on the records of the Corporation, and such notice shall be deemed to have been given on the day of such mailing. Stockholders not entitled to vote shall not be entitled to receive notice of any meetings except as otherwise provided by statute.

Any notice required to be given may be waived, in writing, by the person or persons entitled thereto, whether before or after the time stated therein.

**ARTICLE IX**

**AMENDMENTS**

SECTION 1. AMENDMENTS OF BYLAWS -- The stockholders by the affirmative vote of a majority of all the votes entitled to be cast on the matter, or the directors, by the affirmative vote of two-thirds of the entire Board of Directors, may amend or alter any of these Bylaws. Notwithstanding the foregoing, any amendment to the first sentence of Section 2 of Article II, Section 6 of Article II, or the third sentence of Section 2 of Article III of these Bylaws, or to this sentence, shall require approval by the stockholders of the Corporation by the affirmative vote of a majority of all votes entitled to be cast.

**ARTICLE X**

**INDEMNIFICATION OF OFFICERS AND DIRECTORS**

SECTION 1. INDEMNIFICATION -- The Corporation shall indemnify and hold harmless, in the manner and to the fullest extent permitted by law, any person (or the estate of any person) who is or was a party to or witness in, or is threatened to be made a party to or witness in, any threatened, pending or completed action, suit or proceeding, whether or not by or in the right of the Corporation, and whether civil, criminal, administrative, investigative or otherwise, by reason of the fact that such person is or was a director or officer of the Corporation, or, as a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, trustee, partner, member, agent or employee of another corporation, partnership, limited liability company, association, joint venture, trust, benefit plan or other enterprise (including without limitation service in the administration and management of any separate, segregated fund established for purposes of collecting and distributing voluntary employee political contributions to federal election campaigns pursuant to the Federal Election Campaign Act of 1971, as amended from time to time). To the fullest extent permitted by law, the indemnification provided herein shall include expenses (including attorneys' fees), judgments, fines and amounts paid in settlement and any such expenses may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding and without requiring a preliminary determination as to the ultimate entitlement to indemnification. The Corporation may, with the approval of the Board of Directors, provide such indemnification and advancement of expenses as set forth in the preceding sentences of this Section 1 of this Article X of the Bylaws to agents and employees of the Corporation, other than officers and directors. The Corporation may, to the fullest extent permitted by law, purchase and maintain insurance on behalf of any officer or director or employee against any liability which may be asserted against such person.

SECTION 2. PROVISIONS NOT EXCLUSIVE -- This Article X shall not be construed as a limitation upon the power of the Corporation to indemnify any other person for any such expenses to the fullest extent permitted by law, or upon the power of the Corporation to enter into contracts or undertakings of indemnity with a director, officer, employee or agent of the Corporation, nor shall it be construed as a limitation upon any other rights to which a person seeking indemnification from the Corporation may be entitled under any agreement, the Charter of the Corporation, or vote of stockholders or disinterested directors, or otherwise, both as to any action in such person's official capacity and as to any action in another capacity while holding any office of the Corporation.

SECTION 3. RESTRICTION ON REPEAL OR MODIFICATION -- Any repeal or modification of any section of this Article X of the Bylaws by the stockholders or directors of the Corporation shall be prospective only, and shall not adversely affect any right to indemnification or advancement of expenses hereunder existing at the time of such repeal or modification.

**ARTICLE XI**

**FORUM FOR ADJUDICATION OF DISPUTES**

SECTION 1. Unless the Corporation consents in writing to the selection of an alternative forum, any Circuit Court in the State of Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, shall be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Corporation other than actions arising under the federal securities laws, (b) any Internal Corporate Claim, as such term is defined in the MGCL, or any successor provision thereof, including, without limitation, (i) any action asserting a claim of breach of any duty owed by any director or officer or other employee of the Corporation to the Corporation or to the stockholders of the Corporation and (ii) any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation arising pursuant to any provision of the MGCL, the Charter or these Bylaws, or (c) any other action asserting a claim against the Corporation or any director or officer or other employee of the Corporation that is governed by the internal affairs doctrine. None of the foregoing actions, claims or proceedings may be brought in any court sitting outside the State of Maryland unless the Corporation consents in writing to such court.

Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.

## Exhibit 5.1

**Exhibit 5.1**

![](tm2533329d6_ex5-1img001.jpg)

March 16, 2026

Janus Living, Inc.

4600 South Syracuse Street

Suite 500

Denver, Colorado 80237

---

| | |
|:---|:---|
| Re: | Janus Living, Inc., a Maryland corporation (the "Company") – Registration Statement on Form S-11 (File No. 333-293835) filed with the United States Securities and Exchange Commission (the "Commission") on February 27, 2026, as amended (the "Registration Statement"), pertaining to the issuance and sale by the Company of shares (the "Shares") of Class A-1 Common Stock, par value $0.01 per share ("Class A-1 Common Stock"), of the Company (including Shares that the underwriters have the option to purchase) |

---

Ladies and Gentlemen:

We have acted as Maryland corporate counsel to the Company in connection with the registration of the Shares under the Securities Act of 1933, as amended (the "Act"), by the Company pursuant to the Registration Statement. You have requested our opinion with respect to the matters set forth below.

In our capacity as Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the corporate charter of the Company (the "Charter"), consisting of Articles of Incorporation
filed with the State Department of Assessments and Taxation of Maryland (the "Department") on January 5, 2026 (the "Articles
of Incorporation") and Articles of Conversion filed with the Department on January 5, 2026 (the "Articles of Conversion");
and Articles of Amendment and Restatement in the form attached as an exhibit to the Registration Statement (the "Articles of Amendment
and Restatement") and to be filed with the Department as part of the Corporate Proceedings (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Bylaws of the Company, dated as of January 5, 2026 (the "Original Bylaws"), and the Amended
and Restated Bylaws of the Company in the form attached as an exhibit to the Registration Statement (the "Amended and Restated Bylaws"
and together with the Original Bylaws, collectively, the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Unanimous Consent of Board of Directors in Lieu of an Organizational Meeting, dated as of January
5, 2026 (the "Organizational Resolutions");

**BALLARD SPAHR LLP**

Janus Living, Inc.

March 16, 2026<br> Page 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) certain resolutions (the "Directors' Resolutions") adopted by the Board of Directors
of the Company (the "Board");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the written consent of the sole stockholder of the Company approving the Articles of Amendment and Restatement
(the "Stockholder Consent");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a certificate of one or more officers of the Company, dated as of a recent date (the "Officers'
Certificate"), to the effect that, among other things, the copies of the Articles of Incorporation, the Articles of Conversion,
the Original Bylaws, the Organizational Resolutions, the Directors' Resolutions and the Stockholder Consent are true, correct and
complete, have not been rescinded or modified and are in full force and effect on the date of the Officers' Certificate, and certifying
as to the manner of adoption of the Directors' Resolutions, the authorization for issuance of the Shares, and the form of the Articles
of Amendment and Restatement and the Amended and Restated Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Registration Statement and the related form of prospectus included therein, in substantially the form
filed or to be filed with the Commission pursuant to the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a status certificate of the Department, dated as of a recent date, to the effect that the Company is duly
incorporated and existing under the laws of the State of Maryland; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) such other laws, records, documents, certificates, opinions and instruments as we have deemed necessary
to render this opinion, subject to the limitations, assumptions and qualifications noted below.

In reaching the opinions set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each person executing any instrument, document or agreement on behalf of any party (other than the Company
and the Operating Company) is duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each natural person executing any instrument, document or agreement is legally competent to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Documents submitted to us as originals are authentic; the form and content of all Documents submitted
to us as unexecuted drafts do not, and will not, differ in any respect relevant to this opinion from the form and content of such documents
as executed and delivered; all Documents submitted to us as certified or photostatic copies conform to the original documents; all signatures
on all Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true and complete; all representations,
warranties, statements and information contained in the Documents are true and complete; there has been no modification of, or amendment
to, any of the Documents, and there has been no waiver of any provision of any of the Documents by action or omission of the parties or
otherwise;

**BALLARD SPAHR LLP**

Janus Living, Inc.

March 16, 2026<br> Page 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all certificates submitted to us, including but not limited to the Officers' Certificate, are true,
correct and complete both when made and as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) none of the Shares will be issued or transferred in violation of the provisions of Article VII of the
Charter relating to restrictions on ownership and transfer of stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) none of the Shares will be issued and sold to an Interested Stockholder of the Company or an Affiliate
thereof, all as defined in Subtitle 6 of Title 3 of the Maryland General Corporation Law (the "MGCL"), in violation of Section
3-602 of the MGCL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company has not, and is not required to be, registered under the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) prior to the issuance of the Shares subsequent to the date hereof, the Articles of Amendment and Restatement
will be filed with and accepted for record by the Department, and the Board, or a duly authorized committee thereof, will adopt resolutions
that approve the final number of Shares and the consideration to be received by the Company for the issuance and sale of the Shares (collectively,
the "Corporate Proceedings"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon issuance of the Shares subsequent to the date hereof, the total number of shares of Series A-1 Common
Stock of the Company issued and outstanding, after giving effect to such issuance of such Shares, will not exceed the total number of
shares of Series A-1 Common Stock that the Company is authorized to issue under the Charter.

Based on the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company has been duly incorporated and is validly existing as a corporation in good standing under
the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issuance of the Shares has been duly authorized by all necessary corporate action on the part of the
Company, and when, upon consummation of the Corporate Proceedings, such Shares are issued and delivered by the Company in exchange for
the consideration therefor as provided in, and in accordance with, the Directors' Resolutions and the Corporate Proceedings, such
Shares will be validly issued, fully paid and nonassessable.

The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.

**BALLARD SPAHR LLP**

Janus Living, Inc.

March 16, 2026<br> Page 4

This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.

We consent to the incorporation by reference of this opinion in the Registration Statement and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm in the section of the Registration Statement entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Ballard Spahr LLP |

---

## Exhibit 8.1

**Exhibit 8.1**

---

| |
|:---|
| 10250 Constellation Blvd., Suite 1100 |
| Los Angeles, California 90067 |
| Tel: +1.424.653.5500 Fax: +1.424.653.5501 |
| www.lw.com |

---

---

| | | |
|:---|:---|:---|
| ![](tm2633329d6_ex8-1img01.jpg) | FIRM / AFFILIATE OFFICES | FIRM / AFFILIATE OFFICES |
| ![](tm2633329d6_ex8-1img01.jpg) | Austin | Milan |
|  | Beijing | Munich |
|  | Boston | New York |
|  | Brussels | Orange County |
|  | Chicago | Paris |
| March 16, 2026 | Dubai | Riyadh |
|  | Düsseldorf | San Diego |
|  | Frankfurt | San Francisco |
|  | Hamburg | Seoul |
| Janus Living, Inc. | Hong Kong | Silicon Valley |
| c/o Healthpeak Properties, Inc. | Houston | Singapore |
| 4600 South Syracuse Street, Suite 500 | London | Tel Aviv |
| Denver, Colorado 80237 | Los Angeles | Tokyo |
|  | Madrid | Washington, D.C |

---

Re: <u>Janus Living, Inc.</u>

To the addressee set forth above:

We have acted as special tax counsel to Janus Living, Inc., a Maryland corporation (the "***Company***"), in connection with the filing of a registration statement on Form S-11 on February 27, 2026 (Registration No. 333-293835) (such registration statement, as amended, the "***Registration Statement***") with the Securities and Exchange Commission (the "***Commission***") under the Securities Act of 1933, as amended (the "***Act***"), relating to the registration of Class A-1 common stock of the Company, par value $0.01 per share, as set forth in the prospectus contained in the Registration Statement (the "***Prospectus***").

You have requested our opinion concerning (i) the statements set forth in the Prospectus under the caption "United States Federal Income Tax Considerations," and (ii) certain federal income tax consequences relating to the Company of its election to be treated as a "real estate investment trust" (a "***REIT***") under the Internal Revenue Code of 1986, as amended (the "***Code***"). This opinion is based on various facts and assumptions, including the facts set forth in the Registration Statement and the Prospectus concerning the business, assets and governing documents of the Company and its subsidiaries. We have also been furnished with, and with your consent have relied upon, certain representations made by the Company and its subsidiaries and by Healthpeak Properties, Inc. and its subsidiaries with respect to certain factual matters through a certificate of an officer of the Company, dated as of the date hereof (together, the "***Officer's Certificates***").

In our capacity as special tax counsel to the Company, we have made such legal and factual examinations and inquiries, including an examination of originals or copies certified or otherwise identified to our satisfaction of such documents, corporate records and other instruments as we have deemed necessary or appropriate for purposes of this opinion. For the purposes of our opinion, we have not made an independent investigation or audit of the facts set forth in the above referenced documents or in the Officer's Certificates. In addition, in rendering this opinion we have assumed the truth and accuracy of all representations and statements made to us that are qualified as to knowledge or belief, without regard to such qualification. In our examination, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures thereon, the legal capacity of natural persons executing such documents and the conformity to authentic original documents of all documents submitted to us as copies.

**March 16, 2026**

**Page 2**

![](tm2633329d6_ex8-1img02.jpg)

We are opining herein only as to the federal income tax laws of the United States, and we express no opinion with respect to the applicability thereto, or the effect thereon, of other federal laws or the laws of any state or other jurisdiction, or as to any matters of municipal law or the laws of any other local agencies within any state.

Based on such facts, and subject to the qualifications, assumptions, representations and limitations set forth herein, we hereby confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Commencing with the Company's taxable year ending December 31, 2026, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code, and its current and proposed method of operation, as described in the materials discussed above, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The statements set forth in the Prospectus under the heading "United States Federal Income Tax Considerations," insofar as they purport to describe or summarize certain provisions of the statutes or regulations referred to therein, are accurate descriptions or summaries in all material respects.

No opinion is expressed as to any matter not discussed herein.

This opinion is rendered to you as of the date of this letter, and we undertake no obligation to update this opinion subsequent to the date hereof. This opinion is based on various statutory provisions, regulations promulgated thereunder and interpretations thereof by the Internal Revenue Service and the courts having jurisdiction over such matters, all of which are subject to change either prospectively or retroactively. Any such change may affect the conclusions stated herein. Also, any variation or difference in the facts from those set forth in the Registration Statement, the Prospectus or the Officer's Certificates may affect the conclusions stated herein. As described in the Registration Statement and the Prospectus, the Company's qualification and taxation as a REIT depend upon the Company's ability to meet the various qualification tests imposed under the Code, including through actual annual operating results, asset composition, distribution levels and diversity of stock ownership, the results of which have not been and will not be reviewed by Latham & Watkins LLP. Accordingly, no assurance can be given that the actual results of the Company's operation for any particular taxable year will satisfy such requirements. In addition, the opinion set forth above does not foreclose the possibility that the Company may have to pay a deficiency dividend, or an excise or penalty tax, which could be significant in amount, in order to maintain its REIT qualification.

This opinion is rendered only to you and is solely for your benefit in connection with the Registration Statement upon the understanding that we are not hereby assuming professional responsibility to any other person whatsoever. This opinion may not be relied upon by you for any other purpose, or furnished to, assigned to, quoted to or relied upon by any other person, firm or other entity for any purpose, without our prior written consent, which may be granted or withheld in our sole discretion, provided that this opinion may be relied upon by persons entitled to rely on it pursuant to applicable provisions of federal securities law.

**March 16, 2026**

**Page 3**

![](tm2633329d6_ex8-1img02.jpg)

We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm contained in the Prospectus under the headings "United States Federal Income Tax Considerations" and "Legal Matters." In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Sincerely, |
| /s/ Latham & Watkins LLP |

---

## Exhibit 10.1

**Exhibit 10.1**

**AMENDED AND RESTATED OPERATING AGREEMENT<br> OF<br> JANUS LIVING OP, LLC<br> a Maryland limited liability company**

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED<br> UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "*SECURITIES ACT*"), OR<br> THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD,<br> TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH<br> REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE<br> COMPANY THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE<br> EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER<br> APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS.

dated as of [ ● ], 2026

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

---

| | | |
|:---|:---|:---|
| ARTICLE 1 DEFINED TERMS | ARTICLE 1 DEFINED TERMS | 1 |
| ARTICLE 2 ORGANIZATIONAL MATTERS | ARTICLE 2 ORGANIZATIONAL MATTERS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Formation | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Name | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Principal Office and Resident Agent; Principal Executive Office | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Power of Attorney | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Term | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Membership Interests Are Securities | 18 |
| ARTICLE 3 PURPOSE | ARTICLE 3 PURPOSE | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Purpose and Business | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Powers | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Nature of Relationship of Members | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Representations and Warranties by the Members | 18 |
| ARTICLE 4 CAPITAL CONTRIBUTIONS | ARTICLE 4 CAPITAL CONTRIBUTIONS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Capital Contributions of the Members | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Issuances of Additional Membership Interests | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Additional Funds and Capital Contributions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Equity Incentive Plans | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | Dividend Reinvestment Plan, Cash Option Purchase Plan, Equity Incentive Plan or Other Plan | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | No Interest; No Return | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7 | Conversion or Redemption of Capital Shares | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8 | Other Contribution Provisions | 23 |
| ARTICLE 5 DISTRIBUTIONS | ARTICLE 5 DISTRIBUTIONS | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Requirement and Characterization of Distributions | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Distributions in Kind | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Amounts Withheld | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Distributions upon Liquidation | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 | Distributions to Reflect Additional Membership Units | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 | Restricted Distributions | 24 |
| ARTICLE 6 ALLOCATIONS | ARTICLE 6 ALLOCATIONS | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | Timing and Amount of Allocations of Net Income and Net Loss | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | General Allocations | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Additional Allocation Provisions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | Regulatory Allocation Provisions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 | Tax Allocations | 28 |
| ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS | ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Management | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Articles of Organization | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | Restrictions on Managing Member's Authority | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Reimbursement of the Managing Member | 34 |

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i

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | Outside Activities of the Managing Member | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 | Transactions with Affiliates | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 | Indemnification | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 | Duties and Liability of the Managing Member | 37.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 | Title to Company Assets | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | Reliance by Third Parties | 40.0 |
| ARTICLE 8 RIGHTS AND OBLIGATIONS OF NON-MANAGING MEMBERS | ARTICLE 8 RIGHTS AND OBLIGATIONS OF NON-MANAGING MEMBERS | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | Duties; Limitation of Liability | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 | Management of Business | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 | Outside Activities of Members | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 | Return of Capital | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 | Rights of Members Relating to the Company | 41.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 | Company Right to Call Common Units | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 | Rights as Objecting Member | 42.0 |
| ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS | ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | Records and Accounting | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 | Fiscal Year | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 | Reports | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 | Waiver of Statutory Inspection Rights | 43.0 |
| ARTICLE 10 TAX MATTERS | ARTICLE 10 TAX MATTERS | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | Preparation of Tax Returns | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | Tax Elections | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3 | Company Representative | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4 | Withholding | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5 | Organizational Expenses | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.6 | Membership Provisions | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.7 | Survival | 45.0 |
| ARTICLE 11 MEMBER TRANSFERS AND WITHDRAWALS | ARTICLE 11 MEMBER TRANSFERS AND WITHDRAWALS | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 | Transfer | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 | Transfer of Managing Member's Membership Interest | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 | Members' Rights to Transfer | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 | Admission of Substituted Members | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 | Assignees | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 | General Provisions | 50.0 |
| ARTICLE 12 ADMISSION OF MEMBERS | ARTICLE 12 ADMISSION OF MEMBERS | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1 | Admission of Successor Managing Member | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2 | Admission of Additional Members | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3 | Amendment of Agreement and Articles of Organization | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.4 | Limit on Number of Members | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.5 | Admission | 52.0 |
| ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION | ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1 | Dissolution | 52.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2 | Winding Up | 52.0 |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3 | Rights of Holders | 53.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4 | Notice of Dissolution | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.5 | Articles of Cancellation | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.6 | Reasonable Time for Winding-Up | 54.0 |
| ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF MEMBERS; AMENDMENTS; MEETINGS | ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF MEMBERS; AMENDMENTS; MEETINGS | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.1 | Procedures for Actions and Consents of Members | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.2 | Amendments | 54.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.3 | Actions and Consents of the Members | 54.0 |
| ARTICLE 15 GENERAL PROVISIONS | ARTICLE 15 GENERAL PROVISIONS | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.1 | Redemption Rights of Qualifying Parties | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.2 | Addresses and Notice | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.3 | Titles and Captions | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.4 | Pronouns and Plurals | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.5 | Further Action | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.6 | Binding Effect | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.7 | Waiver | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.8 | Counterparts | 59.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.9 | Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.10 | Entire Agreement | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.11 | Invalidity of Provisions | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.12 | Limitation to Preserve REIT Status | 60.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.13 | No Partition | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.14 | No Third-Party Rights Created Hereby | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.15 | No Rights as Stockholders | 61.0 |
| ARTICLE 16 LTIP UNITS | ARTICLE 16 LTIP UNITS | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.1 | Designation | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.2 | Vesting | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.3 | Adjustments | 62.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.4 | Distributions | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.5 | Allocations | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.6 | Transfers | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.7 | Redemption | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.8 | Legend | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.9 | Conversion to Common Units | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.10 | Voting | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.11 | Section 83 Safe Harbor | 66.0 |

---

**<u>Exhibits List</u>**

---

| | | |
|:---|:---|:---|
| Exhibit A | EXAMPLES REGARDING ADJUSTMENT FACTOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-1 |
| Exhibit B | NOTICE OF REDEMPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B-1 |
| Exhibit C | CONVERSION NOTICE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C-1 |
| Exhibit D | FORCED CONVERSION NOTICE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D-1 |

---

iii

**AMENDED AND RESTATED OPERATING AGREEMENT<br> OF JANUS LIVING OP, LLC**

THIS AMENDED AND RESTATED OPERATING AGREEMENT OF JANUS LIVING OP, LLC (the "*Company*"), dated as of [ ● ], 2026, (the "*Effective Date"*), is made and entered into by and among JANUS LIVING, INC., a Maryland corporation (the "*Managing Member*"), as Managing Member, and the Persons from time to time party hereto, as members.

WHEREAS, the Company was formed as a limited liability company under the laws of Maryland pursuant to Articles of Organization filed on December 22, 2025 (the "*Articles of Organization*") with the State Department of Assessments and Taxation of Maryland (the "*SDAT*");

WHEREAS, the original operating agreement was entered into by Healthpeak OP, LLC (the "*Original Member*") on December 22, 2025 and amended on January 22, 2026 to reflect a change in the name of the Company and on January 23, 2026 to reflect that the Original Member had transferred its ownership interest in the Company to the Managing Member (as so amended, the "*Original Operating Agreement*");

WHEREAS, the Members (as hereinafter defined) of the Company desire to amend and restate the Original Operating Agreement as set forth herein.

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

**ARTICLE 1<br> DEFINED TERMS**

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement:

"*Act*" means the Maryland Limited Liability Company Act (Title 4A of the Corporations and Associations Article of the Annotated Code of Maryland), as it may be amended from time to time and any successor to such statute.

"*Actions*" has the meaning set forth in Section 7.7 hereof.

"*Additional Funds*" has the meaning set forth in Section 4.3(a) hereof.

"*Additional Member*" means a Person who is admitted to the Company as a Member pursuant to the Act and Section 4.2 and Section 12.2 hereof and who is shown as such on the Member Registry.

"*Adjusted Capital Account*" means, with respect to any Member, the balance in such Member's Capital Account as of the end of the relevant Fiscal Year or other applicable period, after giving effect to the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase such Capital Account by any amounts
 that such Member is obligated to restore pursuant to this Agreement upon liquidation of such
 Member's Membership Interest or that such Person is deemed to be obligated to restore
 pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence
 of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) decrease such Capital Account by the items
 described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

The foregoing definition of "Adjusted Capital Account" is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

"*Adjusted Capital Account Deficit*" means, with respect to any Member, the deficit balance, if any, in such Member's Adjusted Capital Account as of the end of the relevant Fiscal Year or other applicable period.

"*Adjustment Event*" has the meaning set forth in Section 16.3 hereof.

"*Adjustment Factor*" means 1.0; *provided*, *however*, that in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Managing Member (i) declares
 or pays a dividend on its outstanding Class A-1 REIT Shares wholly or partly in Class A-1
 REIT Shares or makes a distribution to all holders of its outstanding Class A-1 REIT
 Shares wholly or partly in Class A-1 REIT Shares, (ii) splits or subdivides its
 outstanding Class A-1 REIT Shares or (iii) effects a reverse stock split or otherwise
 combines its outstanding Class A-1 REIT Shares into a smaller number of Class A-1
 REIT Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor
 previously in effect by a fraction, (A) the numerator of which shall be the number
 of Class A-1 REIT Shares issued and outstanding on the record date for such dividend,
 distribution, split, subdivision, reverse split or combination (assuming for such purposes
 that such dividend, distribution, split, subdivision, reverse split or combination has occurred
 as of such time) and (B) the denominator of which shall be the actual number of Class A-1
 REIT Shares (determined without the above assumption) issued and outstanding on the record
 date for such dividend, distribution, split, subdivision, reverse split or combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Managing Member distributes any rights,
 options or warrants to all holders of its Class A-1 REIT Shares to subscribe for or
 to purchase or to otherwise acquire Class A-1 REIT Shares (other than in connection
 with a dividend reinvestment program adopted by the Managing Member), or other securities
 or rights convertible into, exchangeable for or exercisable for Class A-1 REIT Shares,
 at a price per share less than the Value of a Class A-1 REIT Share on the record date
 for such distribution (each a "*Distributed Right* "), then, as of the distribution
 date of such Distributed Rights or, if later, the time such Distributed Rights become exercisable,
 the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in
 effect by a fraction (i) the numerator of which shall be the number of Class A-1
 REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed
 Rights become exercisable) plus the maximum number of Class A-1 REIT Shares purchasable
 under such Distributed Rights and (ii) the denominator of which shall be the number
 of Class A-1 REIT Shares issued and outstanding on the record date (or, if later, the
 date such Distributed Rights become exercisable) plus a fraction (A) the numerator
 of which is the maximum number of Class A-1 REIT Shares purchasable under such Distributed
 Rights times the minimum purchase price per Class A-1 REIT Share under such Distributed
 Rights and (B) the denominator of which is the Value of a Class A-1 REIT Share
 as of the record date (or, if later, the date such Distributed Rights become exercisable); *provided*, *however*, that, if any such Distributed Rights expire or become no
 longer exercisable, then the Adjustment Factor shall be adjusted, effective retroactive to
 the date of distribution of the Distributed Rights (or, if applicable, the later time that
 the Distributed Rights became exercisable), to reflect a reduced maximum number of Class A-1
 REIT Shares or any change in the minimum purchase price for the purposes of the above fraction;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Managing Member shall, by dividend
 or otherwise, distribute to all holders of its Class A-1 REIT Shares evidences of its
 indebtedness or assets (including securities of the Managing Member or any other issuer,
 but excluding any dividend or distribution referred to in subsection (a) or (b) above),
 which evidences of indebtedness or assets relate to assets not received by the Managing Member
 pursuant to a pro rata distribution by the Company, then the Adjustment Factor shall be adjusted
 to equal the amount determined by multiplying the Adjustment Factor in effect immediately
 prior to the close of business as of the applicable record date by a fraction (i) the
 numerator of which shall be such Value of a Class A-1 REIT Share as of the record date
 and (ii) the denominator of which shall be the Value of a Class A-1 REIT Share
 as of the record date less the then fair market value (as determined by the Managing Member,
 whose determination shall be conclusive) of the portion of the evidences of indebtedness
 or assets so distributed applicable to one Class A-1 REIT Share.

Notwithstanding the foregoing, no adjustments to the Adjustment Factor will be made for any class or series of Membership Interests to the extent that the Company makes or effects any correlative distribution or payment to all of the Members holding Membership Interests of such class or series, or effects any correlative split or reverse split in respect of Membership Interests of such class or series. Any adjustments to the Adjustment Factor shall become effective immediately after such event, retroactive to the record date, if any, for such event (or, if later, the date Distributed Rights become exercisable). For illustrative purposes, examples of adjustments to the Adjustment Factor are set forth on <u>Exhibit A</u> attached hereto.

"*Affiliate*" means, with respect to any Person, any Person directly or indirectly controlling or controlled by or under common control with such Person. For the purposes of this definition, "control" when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

"*Agreement*" means this Amended and Restated Operating Agreement of Janus Living OP, LLC, as now or hereafter amended, restated, modified, supplemented or replaced (including any Membership Unit Designations).

"*Applicable Percentage*" has the meaning set forth in Section 15.1(b) hereof.

"*Appraisal*" means, with respect to any assets, the written opinion of an independent third party experienced in the valuation of similar assets, selected by the Managing Member. Such opinion may be in the form of an opinion by such independent third party that the value for such property or asset as set by the Managing Member is fair, from a financial point of view, to the Company.

"*Articles of Organization*" has the meaning set forth in the preamble.

"*Assignee*" means a Person to whom a Membership Interest has been Transferred in a manner permitted under this Agreement, but who has not become a Substituted Member, and who has the rights set forth in Section 11.5 hereof.

"*Available Cash*" means, with respect to any period for which such calculation is being made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company's Net Income or Net Loss
 (as the case may be) for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Depreciation and all other noncash charges
 to the extent deducted in determining Net Income or Net Loss for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the amount of any reduction in reserves
 of the Company referred to in clause (b)(vi) below (including, without limitation,
 reductions resulting because the Managing Member determines such amounts are no longer necessary),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the excess, if any, of the net cash proceeds
 from the sale, exchange, disposition, financing or refinancing of Company property for such
 period over the gain (or loss, as the case may be) recognized from such sale, exchange, disposition,
 financing or refinancing during such period (excluding Terminating Capital Transactions),
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all other cash received (including amounts
 previously accrued as Net Income and amounts of deferred income) or any net amounts borrowed
 by the Company for such period that was not included in determining Net Income or Net Loss
 for such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) less the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all principal debt payments made during
 such period by the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) capital expenditures made by the Company
 during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) investments in any entity (including loans
 made thereto) to the extent that such investments are not otherwise described in clause (b)(i) or
 clause (b)(ii) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all other expenditures and payments not
 deducted in determining Net Income or Net Loss for such period (including amounts paid in
 respect of expenses previously accrued),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amount included in determining Net Income
 or Net Loss for such period that was not received by the Company during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the amount of any increase in reserves
 (including, without limitation, working capital reserves) established during such period
 that the Managing Member determines are necessary or appropriate in its sole and absolute
 discretion,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any amount distributed or paid in redemption
 of any Member Interest or Membership Units, including, without limitation, any Cash Amount
 paid, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of any working capital accounts
 and other cash or similar balances that the Managing Member determines to be necessary or
 appropriate in its sole and absolute discretion.

Notwithstanding the foregoing, Available Cash shall not include (a) any cash received or reductions in reserves, or take into account any disbursements made, or reserves established, after dissolution and the commencement of the liquidation and winding up of the Company or (b) any Capital Contributions, whenever received or any payments, expenditures or investments made with such Capital Contributions.

"*Board of Directors*" means the Board of Directors of the Managing Member.

"*Business Day*" means any day except a Saturday, Sunday or other day on which commercial banks in the City of New York, New York are authorized by law to close.

"*Capital Account*" means, with respect to any Member, the capital account maintained by the Managing Member for such Member on the Member Registry maintained by the Company in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To each Member's Capital Account,
 there shall be added such Member's Capital Contributions, such Member's distributive
 share of Net Income and any items in the nature of income or gain that are specially allocated
 pursuant to Section 6.3 or 6.4 hereof, and the amount of any Company liabilities assumed
 by such Member or that are secured by any property distributed to such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From each Member's Capital Account,
 there shall be subtracted the amount of cash and the Gross Asset Value of any Company property
 distributed to such Member pursuant to any provision of this Agreement, such Member's
 distributive share of Net Losses and any items in the nature of expenses or losses that are
 specially allocated pursuant to Section 6.3 or 6.4 hereof, and the amount of any liabilities
 of such Member assumed by the Company or that are secured by any property contributed by
 such Member to the Company (except to the extent already reflected in the amount of such
 Member's Capital Contribution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event any interest in the Company
 is Transferred in accordance with the terms of this Agreement (which Transfer does not result
 in the termination of the Company for U.S. federal income tax purposes), the transferee shall
 succeed to the Capital Account of the transferor to the extent that it relates to the Transferred
 interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In determining the amount of any liability
 for purposes of subsections (a) and (b) hereof, there shall be taken into account
 Code Section 752(c) and any other applicable provisions of the Code and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of this Agreement relating
 to the maintenance of Capital Accounts are intended to comply with Regulations promulgated
 under Section 704 of the Code, and shall be interpreted and applied in a manner consistent
 with such Regulations. If the Managing Member shall determine that it is necessary or appropriate
 to modify the manner in which the Capital Accounts are maintained in order to comply with
 such Regulations, the Managing Member may make such modification, *provided* that such
 modification is not likely to have any material effect on the amounts distributable to any
 Member pursuant to Article 13 hereof upon the dissolution of the Company. The Managing
 Member may, in its sole discretion, (i) make any adjustments that are necessary or
 appropriate to maintain equality between the Capital Accounts of the Members and the amount
 of Company capital reflected on the Company's balance sheet, as computed for book purposes,
 in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and (ii) make
 any modifications that are necessary or appropriate in the event that unanticipated events
 might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or
 Section 1.704-2.

"*Capital Account Limitation*" means, with respect to a Holder of LTIP Units, (x) the Economic Capital Account Balance of such Holder, to the extent attributable to such Holder's ownership of LTIP Units, divided by (y) the Common Unit Economic Balance, in each case as determined as of the effective date of conversion.

"*Capital Contribution*" means, with respect to any Member, the amount of money and the initial Gross Asset Value of any Contributed Property that such Member contributes or is deemed to contribute pursuant to Article 4 hereof.

"*Capital Share*" means a share of any class or series of stock of the Managing Member now or hereafter authorized other than a Class A-1 REIT Share or a Class A-2 REIT Share.

"*Cash Amount*" means an amount of cash equal to the product of (a) the Value of a Class A-1 REIT Share and (b) the REIT Shares Amount determined as of the applicable Valuation Date.

"*Charity*" means an entity described in Section 501(c)(3) of the Code or any trust all the beneficiaries of which are such entities.

"*Charter*" means the charter of the Managing Member, within the meaning of Section 1-101 of the MGCL.

"*Class A-1 REIT Share*" means a share of Class A-1 common stock of the Managing Member, $0.01 par value per share; *provided*, *however* that if (i) the shares of Class A-1 common stock of the Managing Member are at any time not Publicly Traded, and (ii) the shares of common stock (or other comparable equity securities) of an entity that owns, directly or indirectly, all of the common stock of the Managing Member are Publicly Traded, the term "Class A-1 REIT Share" shall refer to the common stock (or other comparable equity securities) of such entity that is Publicly Traded.

"*Class A-2 REIT Share*" means a share of Class A-2 common stock of the Managing Member, $0.01 par value per share.

"*Closing Price*" has the meaning set forth in the definition of "*Value*."

"*Code*" means the Internal Revenue Code of 1986, as amended and in effect from time to time or any successor statute thereto, as interpreted by the applicable Regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law.

"*Common Unit*" means a fractional, undivided share of the Membership Interests of all Members issued pursuant to Sections 4.1 and 4.2 hereof, but does not include any Preferred Unit, LTIP Unit or any other Membership Unit specified in a Membership Unit Designation as being other than a Common Unit.

"*Common Unit Economic Balance*" means (i) the Capital Account balance of the Managing Member, plus the amount of the Managing Member's share of any Member Minimum Gain or Company Minimum Gain, in either case to the extent attributable to the Managing Member's ownership of Common Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under Section 6.2(d) hereof, divided by (ii) the number of the Managing Member's Common Units.

"*Company*" has the meaning set forth in the preamble.

"*Company Minimum Gain*" has the meaning set forth in Regulations Section 1.704-2(b)(2) for the term "partnership minimum gain," and the amount of Company Minimum Gain, as well as any net increase or decrease in Company Minimum Gain, for a Fiscal Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d).

"*Company Record Date*" means the record date established by the Managing Member for the purpose of determining the Members entitled to notice of or to vote at any meeting of Members or to consent to any matter, or to receive any distribution or the allotment of any other rights, or in order to make a determination of Members for any other proper purpose, which, in the case of a distribution of Available Cash pursuant to Section 5.1 hereof, shall, absent a contrary determination by the Managing Member, be the same as the record date established by the Managing Member for a distribution to its stockholders of some or all of its portion of such distribution.

"*Company Representative"* has the meaning set forth in Section 10.3(a) hereof.

"*Consent*" means the consent to, approval of, or vote in favor of a proposed action by a Member given in accordance with Article 14 hereof. The terms "*Consented*" and "*Consenting*" have correlative meanings.

"*Consent of the Managing Member*" means the Consent of the Managing Member, which Consent, except as otherwise specifically required by this Agreement, may be obtained prior to or after the taking of any action for which it is required by this Agreement and may be given or withheld by the Managing Member in its sole and absolute discretion.

"*Consent of the Non-Managing Members*" means the Consent of a Majority in Interest of the Non-Managing Members, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by each Non-Managing Member in its sole and absolute discretion.

"*Consent of the Members*" means the Consent of the Managing Member and the Consent of a Majority in Interest of the Members, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by the Managing Member or the Members in their sole and absolute discretion; *provided*, *however*, that, if any such action affects only certain classes or series of Membership Interests, "Consent of the Members" means the Consent of the Managing Member and the Consent of a Majority in Interest of the Members of the affected classes or series of Membership Interests.

"*Constituent Person*" has the meaning set forth in Section 16.9(g) hereof.

"*Contributed Property*" means each Property or other asset, in such form as may be permitted by the Act, but excluding cash, contributed or deemed contributed to the Company.

"*Controlled Entity*" means, as to any Member, (a) any corporation more than fifty percent (50%) of the outstanding voting stock of which is owned by such Member or such Member's Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Member or such Member's Family Members or Affiliates are the sole beneficiaries, (c) any partnership of which such Member or its Affiliates are the managing partners and in which such Member, such Member's Family Members or Affiliates hold partnership interests representing at least twenty-five percent (25%) of such partnership's capital and profits and (d) any limited liability company of which such Member or its Affiliates are the managers and in which such Member, such Member's Family Members or Affiliates hold membership interests representing at least twenty-five percent (25%) of such limited liability company's capital and profits.

"*Conversion Date*" has the meaning set forth in Section 16.9(b) hereof.

"*Conversion Notice*" has the meaning set forth in Section 16.9(b) hereof.

"*Conversion Right*" has the meaning set forth in Section 16.9(a) hereof.

"*Cut-Off Date*" means the thirtieth (30th) Business Day after the Managing Member's receipt of a Notice of Redemption.

"*Debt*" means, as to any Person, as of any date of determination: (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (b) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person; (c) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the extent attributable to such Person's interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (d) lease obligations of such Person that, in accordance with generally accepted accounting principles, should be capitalized.

"*Depreciation*" means, for each Fiscal Year or other applicable period, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; *provided*, *however*, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Member.

"*Designated Individual"* has the meaning set forth in Section 10.3(a) hereof.

"*Disregarded Entity*" means, with respect to any Person, (i) any "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)) of such Person, (ii) any entity treated as a disregarded entity for federal income tax purposes with respect to such Person, or (iii) any grantor trust if the sole owner of the assets of such trust for federal income tax purposes is such Person.

"*Distributed Right*" has the meaning set forth in the definition of "*Adjustment Factor*."

"*Economic Capital Account Balance*" means, with respect to a Holder of LTIP Units, its Capital Account balance, plus the amount of its share of any Member Minimum Gain or Company Minimum Gain, in either case to the extent attributable to its ownership of LTIP Units.

"*Effective Date*" has the meaning set forth in the preamble.

"*ERISA*" means the Employee Retirement Income Security Act of 1974, as amended.

"*Equity Plan*" means any stock, unit or equity purchase plan, restricted stock, unit or equity plan or other similar equity-based compensation plan as of the date hereof or hereafter adopted by the Company or the Managing Member, including the Plan.

"*Exchange Act*" means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder.

"*Family Members*" means, as to a Person that is an individual, such Person's spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, nieces and nephews and *inter vivos* or testamentary trusts (whether revocable or irrevocable) of which only such Person and his or her spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters and nieces and nephews are beneficiaries.

"*Final Adjustment*" has the meaning set forth in Section 10.3(b)(ii) hereof.

"*Fiscal Year*" means the fiscal year of the Company, which shall be the tax year of the Company. The tax year shall be the calendar year unless otherwise required by the Code.

"*Forced Conversion*" has the meaning set forth in Section 16.9(d) hereof.

"*Forced Conversion Notice*" has the meaning set forth in Section 16.9(d) hereof.

"*Funding Debt*" means any Debt incurred by or on behalf of the Managing Member for the purpose of providing funds to the Company.

"*Gross Asset Value*" means, with respect to any asset, the asset's adjusted basis for federal income tax purposes, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Gross Asset Value of any asset
 contributed by a Member to the Company shall be the gross fair market value of such asset
 on the date of contribution (subject to any adjustments required with respect to the conversion
 feature of any securities issued by the Company that are exercisable or convertible into
 Common Units, as determined by the Managing Member in its sole discretion), as determined
 by the Managing Member and agreed to by the contributing Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Gross Asset Values of all Company
 assets immediately prior to the occurrence of any event described in clauses (i) through
 (v) below shall be adjusted to equal their respective gross fair market values, as
 determined by the Managing Member using such reasonable method of valuation as it may adopt,
 as of the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the acquisition of an additional interest
 in the Company (including, without limitation, acquisitions pursuant to Section 4.2
 hereof or contributions or deemed contributions by the Managing Member pursuant to Section 4.2
 hereof) by a new or existing Member in exchange for more than a *de minimis* Capital
 Contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the distribution by the Company to a Member
 of more than a *de minimis* amount of Company property as consideration for an interest
 in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the liquidation of the Company within
 the meaning of Regulations Section 1.704-1(b)(2)(ii)(g);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the grant of an interest in the Company
 (other than a *de minimis* interest) as consideration for the provision of services
 to or for the benefit of the Company by an existing Member acting in a member capacity, or
 by a new Member acting in a member capacity or in anticipation of becoming a Member of the
 Company (including the grant of an LTIP Unit); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) at such other times as the Managing Member
 shall reasonably determine necessary or advisable in order to comply with Regulations Sections
 1.704-1(b) and 1.704-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Gross Asset Value of any Company asset
 distributed to a Member shall be the gross fair market value of such asset on the date of
 distribution, as determined by the distributee and the Managing Member; *provided*, *however*, that if the distributee is the Managing Member or if the distributee and
 the Managing Member cannot agree on such a determination, such gross fair market value shall
 be determined by Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Gross Asset Values of Company assets
 shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such
 assets pursuant to Code Section 734(b) or Code Section 743(b), but only
 to the extent that such adjustments are taken into account in determining Capital Accounts
 pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); *provided*, *however*,
 that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the
 extent that the Managing Member reasonably determines that an adjustment pursuant to subsection
 (b) above is necessary or appropriate in connection with a transaction that would otherwise
 result in an adjustment pursuant to this subsection (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Gross Asset Value of a Company
 asset has been determined or adjusted pursuant to subsection (a), subsection (b) or
 subsection (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation
 taken into account with respect to such asset for purposes of computing Net Income and Net
 Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any unvested LTIP Units are forfeited,
 as described in Section 16.2(b), upon such forfeiture, the Gross Asset Value of the
 Company's assets shall be reduced by the amount of any reduction of such Member's
 Capital Account attributable to the forfeiture of such LTIP Units.

"*Hart-Scott-Rodino Act*" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

"*Healthpeak Entity*" means Healthpeak Properties, Inc. and its Affiliates.

"*Holder*" means either (a) a Member or (b) an Assignee owning a Membership Interest.

"*Incapacity*" or "*Incapacitated*" means: (a) as to any Member who is an individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Member incompetent to manage his or her person or his or her estate; (b) as to any Member that is a corporation, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (c) as to any Member that is a partnership or limited liability company, the dissolution and commencement of winding up of the partnership or limited liability company; (d) as to any Member that is an estate, the distribution by the fiduciary of the estate's entire interest in the Company; (e) as to any trustee of a trust that is a Member, the termination of the trust (but not the substitution of a new trustee); or (f) as to any Member, the bankruptcy of such Member. For purposes of this definition, bankruptcy of a Member shall be deemed to have occurred when (i) the Member commences a voluntary proceeding seeking liquidation, reorganization or other relief of or against such Member under any bankruptcy, insolvency or other similar law now or hereafter in effect, (ii) the Member is adjudged as bankrupt or insolvent, or a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Member, (iii) the Member executes and delivers a general assignment for the benefit of the Member's creditors, (iv) the Member files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Member in any proceeding of the nature described in clause (ii) above, (v) the Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or Liquidator for the Member or for all or any substantial part of the Member's properties, (vi) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (vii) the appointment without the Member's consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (viii) an appointment referred to in clause (vii) above is not vacated within ninety (90) days after the expiration of any such stay.

"*Indemnitee*" means (a) (i) the Managing Member, the Company Representative or the Designated Individual or (ii) each present or former director of the Managing Member or officer of the Company or the Managing Member and (b) such other Persons (including Affiliates or employees of the Managing Member, the Company or the Manager) as the Company may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion.

"*Initial Holding Period*" means, respect to any Common Units held by a Qualifying Party or any of their successors-in-interest, a period ending on the day before the first fourteen-month anniversary of such date that the Qualifying Party first became a Holder of such Common Units; provided, however, that the Managing Member may, in its sole and absolute discretion, by written agreement with a Qualifying Party or any such successor-in-interest, shorten or lengthen the Initial Holding Period applicable to any Common Units, held by a Qualifying Party and/or its successors-in-interest to a period of shorter or longer than fourteen (14) months; provided, further, that with respect to any Common Units held by a Healthpeak Entity, the Initial Holding Period shall end on the date that such Healthpeak Entity acquired such Common Units. For sake of clarity, as applied to a Common Unit that is issued upon conversion of an LTIP Unit pursuant to Section 16.9 (and subject to the proviso in the immediately preceding sentence, if applicable), the Initial Holding Period of such Common Unit shall end on the day before the first fourteen-month anniversary of the date that the underlying LTIP Unit was first issued.

"*IRS*" means the United States Internal Revenue Service.

"*Liquidating Event*" has the meaning set forth in Section 13.1 hereof.

"*Liquidating Gains*" means any net gain realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Company (including upon the occurrence of any Liquidating Event or Terminating Capital Transaction), including but not limited to net gain realized in connection with an adjustment to the Gross Asset Value of Company assets under the definition of Gross Asset Value in Section 1 of this Agreement.

"*Liquidator*" has the meaning set forth in Section 13.2(a) hereof.

"*LTIP Unit Agreement*" means any written agreement(s) between the Company and any recipient of LTIP Units evidencing the terms and conditions of any LTIP Units, including any vesting, forfeiture and other terms and conditions as may apply to such LTIP Units, consistent with the terms hereof and of the Plan (or other applicable Equity Plan governing such LTIP Units).

"*LTIP Unit Distribution Payment Date*" has the meaning set forth in Section 16.4(c) hereof.

"*LTIP Units*" means the Membership Units designated as such having the rights, powers, privileges, restrictions, qualifications and limitations set forth herein and in the Plan (or other applicable Equity Plan governing such LTIP Units). LTIP Units can be issued in one or more classes, or one or more series of any such classes bearing such relationship to one another as to allocations, distributions, and other rights as the Managing Member shall determine in its sole and absolute discretion subject to Maryland law and this Agreement.

"*Majority in Interest of the Non-Managing Members*" means the Non-Managing Members holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Non-Managing Members entitled to Consent to or withhold Consent from a proposed action.

"*Majority in Interest of the Members*" means Members holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Members entitled to Consent to or withhold Consent from a proposed action.

"*Management Agreement*" means the Management Agreement, dated [ ● ], 2026, among the Managing Member, the Company and the Manager, as the same may be amended , restated, modified, supplemented or replaced from time to time, providing for the Manager to manage the day to day operations of the Managing Member and its Subsidiaries, including the Company.

"*Manager*" means Healthpeak Investment Management, LLC, the external manager of the Managing Member, or any successor external manager to the Managing Member selected by the Board of Directors.

"*Managing Member*" means Janus Living, Inc., a Maryland corporation, and its successors and assigns as a Managing Member of the Company, in each case, that is admitted from time to time to the Company as a Managing Member, and has not ceased to be a Managing Member, pursuant to the Act and this Agreement, in such Person's capacity as a Managing Member of the Company.

"*Managing Member Interest*" means the entire Membership Interest held by a Managing Member hereof, which Membership Interest may be expressed as a number of Common Units, Preferred Units or any other Membership Units.

"*Market Price*" has the meaning set forth in the definition of "*Value*."

"*Maryland Courts*" has the meaning set forth in Section 15.9(b) hereof.

"*Member*" means any Person that is admitted from time to time to the Company as a Member, and has not ceased to be a Member pursuant to the Act and this Agreement, of the Company, including any Substituted Member or Additional Member or the Managing Member, in such Person's capacity as a Member of the Company.

"*Member Interest*" means a Membership Interest of a Member, other than the Managing Member, in the Company representing a fractional part of the Membership Interests of all Members, other than the Managing Member, and includes any and all benefits to which the holder of such a Membership 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. A Member Interest may be expressed as a number of Common Units, Preferred Units or other Membership Units.

"*Member Minimum Gain*" means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3).

"*Member Nonrecourse Debt*" has the meaning set forth in Regulations Section 1.704-2(b)(4) applicable to the term "partner nonrecourse debt."

"*Member Nonrecourse Deductions*" has the meaning set forth in Regulations Section 1.704-2(i)(1) for the term "partner nonrecourse deductions," and the amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for a Fiscal Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2) applicable to the term "partner nonrecourse deductions".

"*Member Registry*" means the registry maintained by the Managing Member in the books and records of the Company.

"*Membership Equivalent Units*" has the meaning set forth in Section 4.7(a) hereof.

"*Membership Interest*" means an ownership interest in the Company held by either a Member or a Managing Member and includes any and all benefits to which the holder of such a Membership 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. There may be one or more classes or series of Membership Interests. A Membership Interest may be expressed as a number of Common Units, Preferred Units or other Membership Units; however, notwithstanding that the Managing Member and any Member may have different rights and privileges as specified in this Agreement (including differences in rights and privileges with respect to their Membership Interests), the Membership Interest held by the Managing Member or any other Member and designated as being of a particular class or series shall not be deemed to be a separate class or series of Membership Interest from a Membership Interest having the same designation as to class and series that is held by any other Member solely because such Membership Interest is held by the Managing Member or other Member having different rights and privileges as specified under this Agreement.

"*Membership Unit*" means a Common Unit, a Preferred Unit, a LTIP Unit or any other unit of the fractional, undivided share of the Membership Interests that the Managing Member has authorized pursuant to Section 4.2 hereof.

"*Membership Unit Designation*" shall have the meaning set forth in Section 4.2(a) hereof.

"*MGCL*" means the Maryland General Corporation Law.

"*Net Income*" or "*Net Loss*" means, for each Fiscal Year or other applicable period, an amount equal to the Company's taxable income or loss for such year or other applicable period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any income of the Company that is exempt
 from federal income tax and not otherwise taken into account in computing Net Income (or
 Net Loss) pursuant to this definition of "Net Income" or "Net Loss"
 shall be added to (or subtracted from, as the case may be) such taxable income (or loss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any expenditure of the Company described
 in Code Section 705(a)(2)(B) or treated as a Code Section 705(a)(2)(B) expenditure
 pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into
 account in computing Net Income (or Net Loss) pursuant to this definition of "Net Income"
 or "Net Loss," shall be subtracted from (or added to, as the case may be) such
 taxable income (or loss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Gross Asset Value of
 any Company asset is adjusted pursuant to subsection (b) or subsection (c) of
 the definition of "Gross Asset Value," the amount of such adjustment shall be
 taken into account as gain or loss from the disposition of such asset for purposes of computing
 Net Income or Net Loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Gain or loss resulting from any disposition
 of property with respect to which gain or loss is recognized for federal income tax purposes
 shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding
 that the adjusted tax basis of such property differs from its Gross Asset Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In lieu of the depreciation, amortization
 and other cost recovery deductions that would otherwise be taken into account in computing
 such taxable income or loss, there shall be taken into account Depreciation for such Fiscal
 Year or other applicable period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent that an adjustment to the
 adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code
 Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to
 be taken into account in determining Capital Accounts as a result of a distribution other
 than in liquidation of a Member's interest in the Company, the amount of such adjustment
 shall be treated as an item of gain (if the adjustment increases the basis of the asset)
 or loss (if the adjustment decreases the basis of the asset) from the disposition of the
 asset and shall be taken into account for purposes of computing Net Income or Net Loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any other provision of
 this definition of "Net Income" or "Net Loss," any item that is specially
 allocated pursuant to Article 6 hereof shall not be taken into account in computing
 Net Income or Net Loss. The amounts of the items of Company income, gain, loss or deduction
 available to be specially allocated pursuant to Section 6.3 or 6.4 hereof shall be
 determined by applying rules analogous to those set forth in this definition of "Net
 Income" or "Net Loss."

"*New Securities*" means (a) any rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase Class A-1 REIT Shares or Preferred Shares, excluding grants under any Equity Plan, or (b) any Debt issued by the Managing Member or any subsidiary of the Managing Member that provides any of the rights described in clause (a).

"*Nonrecourse Deductions*" has the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Fiscal Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c).

"*Nonrecourse Liability*" has the meaning set forth in Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2).

"*Non-Managing Members*" means Members other than (i) the Managing Member or (ii) any Member fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the Managing Member.

"*Notice of Redemption*" means the Notice of Redemption substantially in the form of <u>Exhibit B</u> attached to this Agreement.

"*Optionee*" means a Person to whom a stock option is granted under any Equity Plan.

"*Original Member*" has the meaning set forth in the preamble.

"*Original Operating Agreement*" has the meaning set forth in the preamble.

"*Ownership Limit*" means the restriction or restrictions on the ownership and transfer of stock of the Managing Member imposed under the Charter.

"*Percentage Interest*" means, with respect to each Member, the fraction, expressed as a percentage, the numerator of which is the aggregate number of Membership Units of all classes and series held by such Member and the denominator of which is the total number of Membership Units of all classes and series held by all Members; *provided*, *however*, that, to the extent applicable in context, the term "Percentage Interest" means, with respect to a Member, the fraction, expressed as a percentage, the numerator of which is the aggregate number of Membership Units of a specified class or series (or specified group of classes and/or series) held by such Member and the denominator of which is the total number of Membership Units of such specified class or series (or specified group of classes and/or series) held by all Members.

"*Performance LTIP Units*" shall mean LTIP Units that vest in whole or in part based on the attainment of performance-vesting conditions; *provided*, *however*, that Performance LTIP Units shall not include any LTIP Units designated or characterized as so-called "retentive LTIP Units" in an applicable LTIP Unit Agreement or otherwise so designated or characterized by the Company.

"*Performance Unit Sharing Percentage*" shall mean 10%.

"*Permitted Transfer*" has the meaning set forth in Section 11.3(a) hereof.

"*Person*" means an individual or a corporation, partnership, trust, unincorporated organization, association, limited liability company or other entity.

"*Plan*" means the Janus Living, Inc. 2026 Equity Plan, as amended and/or restated from time to time.

"*Pledge*" has the meaning set forth in Section 11.3(a) hereof.

"*Preferred Distribution Shortfall*" means, with respect to any Membership Interests that are entitled to any preference in distributions of Available Cash pursuant to this Agreement, the aggregate amount of the required distributions for such outstanding Membership Interests for all prior distribution periods *minus* the aggregate amount of the distributions made with respect to such outstanding Membership Interests pursuant to this Agreement.

"*Preferred Share*" means a share of stock of the Managing Member of any class or series now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Class A-1 REIT Shares.

"*Preferred Unit*" means a fractional, undivided share of the Membership Interests of a particular class or series that the Managing Member has authorized pursuant to Section 4.2 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Units.

"*Properties*" means any assets and property of the Company such as, but not limited to, interests in real property and personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and Debt instruments as the Company may hold from time to time and "Property" means any one such asset or property.

"*Proposed Section 83 Safe Harbor Regulation*" has the meaning set forth in Section 16.11 hereof.

"*Publicly Traded*" means listed or admitted to trading on the New York Stock Exchange, the NASDAQ Stock Market, or any nationally or internationally recognized stock exchange or any successor to any of the foregoing.

"*Qualified Transferee*" means an "accredited investor" as defined in Rule 501 promulgated under the Securities Act.

"*Qualifying Party*" means (a) a Member, (b) an Assignee or (c) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Member Interest in a Permitted Transfer; *provided*, *however*, that a Qualifying Party shall not include the Managing Member.

"*Redemption*" has the meaning set forth in Section 15.1(a) hereof.

"*Regulations*" means the income tax regulations under the Code, whether such regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

"*Regulatory Allocations*" has the meaning set forth in Section 6.4(a)(viii) hereof.

"*REIT*" means a real estate investment trust qualifying under Code Section 856.

"*REIT Common Stock*" means, collectively, the Class A-1 REIT Shares and the Class A-2 REIT Shares.

"*REIT Member*" means (a) the Managing Member or any Affiliate of the Managing Member to the extent such person has in place an election to qualify as a REIT and (b) any Disregarded Entity with respect to any such Person.

"*REIT Payment*" has the meaning set forth in Section 15.12 hereof.

"*REIT Requirements*" has the meaning set forth in Section 5.1 hereof.

"*REIT Shares Amount*" means a number of Class A-1 REIT Shares equal to the product of (a) the number of Tendered Units and (b) the Adjustment Factor; *provided*, *however*, that, in the event that the Managing Member issues to all holders of Class A-1 REIT Shares as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling the Managing Member's stockholders to subscribe for or purchase Class A-1 REIT Shares, or any other securities or property (collectively, the "*Rights*"), with the record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the relevant Specified Redemption Date, then the Class A-1 REIT Shares Amount shall also include such Rights that a holder of that number of Class A-1 REIT Shares would be entitled to receive, expressed, where relevant hereunder, in a number of Class A-1 REIT Shares determined by the Managing Member.

"*Related Party*" means, with respect to any Person, any other Person to whom ownership of shares of the Managing Member's stock by the first such Person would be attributed under Code Section 544 (as modified by Code Section 856(h)(1)(B)) or Code Section 318(a) (as modified by Code Section 856(d)(5)).

"*Rights*" has the meaning set forth in the definition of "*REIT Shares Amount*."

"*Safe Harbors*" has the meaning set forth in Section 11.3(c) hereof.

"*SDAT*" has the meaning set forth in the preamble.

"*SEC*" means the Securities and Exchange Commission.

"*Section 83 Safe Harbor*" has the meaning set forth in Section 16.11 hereof.

"*Securities Act*" means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder.

"*Special Redemption*" has the meaning set forth in Section 15.1(a) hereof.

"*Specified Redemption Date*" means the thirtieth (30th) Business Day after the receipt by the Managing Member of a Notice of Redemption; *provided*, *however*, that no Specified Redemption Date shall occur during the Initial Holding Period with respect to any Common Units (except pursuant to a Special Redemption).

"*Subsidiary*" means, with respect to any Person, any corporation or other entity of which a majority of (a) the voting power of the voting equity securities or (b) the outstanding equity interests is owned, directly or indirectly, by such Person; *provided*, *however*, that, with respect to the Company, "Subsidiary" means solely a partnership or limited liability company (taxed, for federal income tax purposes, as a partnership or as a Disregarded Entity and not as an association or publicly traded partnership taxable as a corporation) of which the Company is a partner or member or any "taxable REIT subsidiary" of the Managing Member in which the Company owns shares of stock, unless the ownership of shares of stock of a corporation or other entity (other than a "*taxable REIT subsidiary*") will not jeopardize the Managing Member's status as a REIT or any Managing Member Affiliate's status as a "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)), in which event the term "Subsidiary" shall include such corporation or other entity.

"*Substituted Member*" means a Person who is admitted as a Member to the Company pursuant to the Act and (a) Section 11.4 hereof or (b) pursuant to any Membership Unit Designation.

"*Surviving Company*" has the meaning set forth in Section 11.2(b)(ii) hereof.

"*Tax Items*" has the meaning set forth in Section 6.5(a) hereof.

"*Tendered Units*" has the meaning set forth in Section 15.1(a) hereof.

"*Tendering Party*" has the meaning set forth in Section 15.1(a) hereof.

"*Terminating Capital Transaction*" means any sale or other disposition of all or substantially all of the assets of the Company or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Company, in any case, not in the ordinary course of the Company's business.

"*Termination Transaction*" has the meaning set forth in Section 11.2(b) hereof.

"*Transfer*" means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), Pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary, involuntary or by operation of law; *provided*, *however*, that when the term is used in Article 11 hereof, except as otherwise expressly provided, "Transfer" does not include (a) any Redemption of Common Units by the Company, or acquisition of Tendered Units by the Managing Member, pursuant to Section 15.1, (b) any conversion of LTIP Units into Common Units pursuant to Section 16.9 hereof or (c) any conversion, redemption, exchange or acquisition by the Managing Member of Membership Equivalent Units pursuant to Section 4.7 or any Membership Unit Designation. The terms "Transferred" and "Transferring" have correlative meanings.

"*Valuation Date*" means the date of receipt by the Managing Member of a Notice of Redemption pursuant to Section 15.1 herein, or such other date as specified herein, or, if such date is not a Business Day, the immediately preceding Business Day.

"*Value*" means, on any Valuation Date with respect to a Class A-1 REIT Share, the average of the daily Market Prices for ten (10) consecutive trading days immediately preceding the Valuation Date (except that, with respect to any Class A-1 REIT Share underlying any stock option, Value shall mean the term "Fair Market Value" or term of similar import set forth in the Equity Plan under which such stock option was granted). The term "*Market Price*" on any date means, with respect to any class or series of outstanding Class A-1 REIT Shares, the Closing Price for such Class A-1 REIT Shares on such date. The "*Closing Price*" on any date means the last sale price for such Class A-1 REIT Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Class A-1 REIT Shares, in either case as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such Class A-1 REIT Shares are listed or admitted to trading or, if such Class A-1 REIT Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal other automated quotation system that may then be in use or, if such Class A-1 REIT Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such Class A-1 REIT Shares selected by the Board of Directors or, in the event that no trading price is available for such Class A-1 REIT Shares, the fair market value of the Class A-1 REIT Shares, as determined by the Board of Directors.

In the event that the REIT Shares Amount includes Rights that a holder of Class A-1 REIT Shares would be entitled to receive, then the Value of such Rights shall be determined by the Managing Member on the basis of such quotations and other information as it considers appropriate.

"*Vested LTIP Units*" has the meaning set forth in Section 16.2(a) hereof.

"*Vesting Agreement*" has the meaning set forth in Section 16.2(a) hereof.

**ARTICLE 2<br> ORGANIZATIONAL MATTERS**

Section 2.1 *Formation*. The Company is a limited liability company organized pursuant to the provisions of the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Members and the administration and termination of the Company shall be governed by the Act. The Membership Interest of each Member shall be personal property for all purposes.

Section 2.2 *Name*. The name of the Company is "Janus Living OP, LLC". The Company's business may be conducted under any other name or names deemed advisable by the Managing Member, including the name of the Managing Member or any Affiliate thereof. The Managing Member in its sole and absolute discretion may change the name of the Company at any time and from time to time.

Section 2.3 *Principal Office and Resident Agent; Principal Executive Office*. The address of the principal office of the Company in the State of Maryland as of the date hereof is c/o The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville Timonium, Maryland 21093-2264, and the name and address of the resident agent for service of process on the Company in the State of Maryland as of the date hereof is The Corporation Trust Incorporated. The Managing Member may, from time to time, designate a new resident agent and/or principal office in the State of Maryland for the Company and, notwithstanding any provision in this Agreement, may amend this Agreement and the Articles of Organization to reflect such designation without the Consent of the Members or any other Person. The principal executive office of the Company shall be c/o Healthpeak Properties, Inc., 4600 South Syracuse Street, Suite 500, Denver, CO 80237, or such other place as the Managing Member may from time to time designate by notice to the Members. The Company may maintain offices at such other place or places within or outside the State of Maryland as the Managing Member may from time to time designate.

Section 2.4 *Power of Attorney*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member and Assignee hereby irrevocably constitutes and appoints the Managing Member, any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead 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) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices: (A) all certificates, documents and other instruments (including, without limitation, this Agreement and the Articles of Organization and all amendments, supplements or restatements thereof) that the Managing Member or the Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Company as a limited liability company in the State of Maryland and in all other jurisdictions in which the Company may conduct business or own property; (B) all instruments that the Managing Member or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (C) all conveyances and other instruments or documents that the Managing Member or the Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; (D) all conveyances and other instruments or documents that the Managing Member or the Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Company pursuant to the terms of this Agreement; (E) all instruments relating to the admission, acceptance, withdrawal, removal or substitution of any Member pursuant to the terms of this Agreement or the Capital Contribution of any Member; and (F) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges relating to Membership Interests; 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;(ii) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the Managing Member or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Members hereunder or is consistent with the terms of this Agreement.

Nothing contained herein shall be construed as authorizing the Managing Member or any Liquidator to amend this Agreement except in accordance with Section 14.2 hereof or as may be otherwise expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing power of attorney is hereby declared to be irrevocable and a special power coupled with an interest, in recognition of the fact that each of the Members and Assignees will be relying upon the power of the Managing Member or the Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Company, and it shall survive and not be affected by the subsequent Incapacity of any Member or Assignee and the Transfer of all or any portion of such Person's Membership Interest and shall extend to such Person's heirs, successors, assigns and personal representatives. Each such Member and Assignee hereby agrees to be bound by any representation made by the Managing Member or the Liquidator, acting in good faith pursuant to such power of attorney; and, to the fullest extent permitted by law, each such Member and Assignee hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Managing Member or the Liquidator, taken in good faith under such power of attorney. Each Member and Assignee shall execute and deliver to the Managing Member or the Liquidator, within fifteen (15) days after receipt of the Managing Member's or the Liquidator's request therefor, such further designation, powers of attorney and other instruments as the Managing Member or the Liquidator (as the case may be) deems necessary to effectuate this Agreement and the purposes of the Company. Notwithstanding anything else set forth in this Section 2.4(b), no Member shall incur any personal liability for any action of the Managing Member or the Liquidator taken under such power of attorney.

Section 2.5 *Term*. The term of the Company commenced on December 22, 2025, and shall continue indefinitely unless the Company is dissolved sooner pursuant to the provisions of Article 13 hereof or as otherwise provided by law.

Section 2.6 *Membership Interests Are Securities*. All Membership Interests shall be securities within the meaning of, and governed by, (i) Article 8 of the Maryland Uniform Commercial Code and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction.

**ARTICLE 3<br> PURPOSE**

Section 3.1 *Purpose and Business*. The purpose and nature of the Company is to conduct any business, enterprise or activity permitted by or under the Act, whether directly or through one or more partnerships, joint ventures, Subsidiaries, business trusts, limited liability companies or similar arrangements.

Section 3.2 *Powers*. The Company shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Company including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien, to acquire, own, manage, improve and develop real property and lease, sell, transfer and dispose of real property.

Section 3.3 *Nature of Relationship of Members*. The Company shall be a limited liability company formed pursuant to the Act, and this Agreement shall not be deemed to create a venture or partnership between or among the Members or any other Persons with respect to any activities whatsoever. Except as otherwise provided in this Agreement, no Member shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Company, its properties or any other Member. No Member, in its capacity as a Member under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Member, nor shall the Company be responsible or liable for any indebtedness or obligation of any Member, incurred either before or after the execution and delivery of this Agreement by such Member, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to, and as limited by, the terms of this Agreement and the Act.

Section 3.4 *Representations and Warranties by the Members*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member that is an individual (including, without limitation, each Additional Member or Substituted Member as a condition to becoming an Additional Member or a Substituted Member) represents and warrants to, and covenants with, each other Member that (i) the consummation of the transactions contemplated by this Agreement to be performed by such Member will not result in a breach or violation of, or a default under, any material agreement by which such Member or any of such Member's property is bound, or any statute, regulation, order or other law to which such Member is subject, (ii) if five percent (5%) or more (by value) of the Company's interests are or will be owned by such Member within the meaning of Code Section 7704(d)(3), such Member does not, and for so long as it is a Member will not, own, directly or indirectly, (A) stock of any corporation that is a tenant of (I) the Managing Member or any Disregarded Entity with respect to the Managing Member, (II) the Company or (III) any partnership, venture, trust, limited liability company or other entity of which the Managing Member, any Disregarded Entity with respect to the Managing Member, or the Company is a direct or indirect partner, beneficial owner or member or (B) an interest in the assets or net profits of any non-corporate tenant of (I) the Managing Member or any Disregarded Entity with respect to the Managing Member, (II) the Company or (III) any partnership, venture, trust, limited liability company or other entity of which the Managing Member, any Disregarded Entity with respect to the Managing Member, or the Company is a direct or indirect partner, beneficial owner or member, (iii) such Member has the legal capacity to enter into this Agreement and perform such Member's obligations hereunder, and (iv) this Agreement is binding upon, and enforceable against, such Member in accordance with its terms. Notwithstanding the foregoing, a Member that is an individual shall not be subject to the ownership restrictions set forth in clause (ii) of the immediately preceding sentence to the extent such Member obtains the written Consent of the Managing Member prior to violating any such restrictions, which consent the Managing Member may give or withhold in its sole and absolute discretion. Each Member that is an individual shall also represent and warrant to the Company that such Member is neither a "foreign person" within the meaning of Code Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member that is not an individual (including, without limitation, each Additional Member or Substituted Member as a condition to becoming an Additional Member or a Substituted Member) represents and warrants to, and covenants with, each other Member that (i) all transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary action, including, without limitation, that of its general partner(s), managing member(s), member(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s) (as the case may be) as required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its partnership or operating agreement, trust agreement, charter or bylaws (as the case may be) any material agreement by which such Member or any of such Member's properties or any of its partners, members, beneficiaries, trustees or stockholders (as the case may be) is or are bound, or any statute, regulation, order or other law to which such Member or any of its partners, members, trustees, beneficiaries or stockholders (as the case may be) is or are subject, (iii) if five percent (5%) or more (by value) of the Company's interests are or will be owned by such Member within the meaning of Code Section 7704(d)(3), such Member does not, and for so long as it is a Member will not, own, directly or indirectly, (A) stock of any corporation that is a tenant of (I) the Managing Member or any Disregarded Entity with respect to the Managing Member, (II) the Company or (III) any partnership, venture, trust, limited liability company or other entity of which the Managing Member, any Managing Member, any Disregarded Entity with respect to the Managing Member, or the Company is a direct or indirect partner, beneficial owner or member or (B) an interest in the assets or net profits of any non-corporate tenant of (I) the Managing Member, or any Disregarded Entity with respect to the Managing Member, (II) the Company or (III) any partnership, venture, trust, limited liability company or other entity for which the Managing Member, any Managing Member, any Disregarded Entity with respect to the Managing Member, or the Company is a direct or indirect partner, beneficial owner or member, and (iv) this Agreement is binding upon, and enforceable against, such Member in accordance with its terms. Notwithstanding the foregoing, a Member that is not an individual shall not be subject to the ownership restrictions set forth in clause (iii) of the immediately preceding sentence to the extent such Member obtains the written Consent of the Managing Member prior to violating any such restrictions, which consent the Managing Member may give or withhold in its sole and absolute discretion. Each Member that is not an individual shall also represent and warrant to the Company that such Member is neither a "foreign person" within the meaning of Code Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Member (including, without limitation, each Additional Member or Substituted Member as a condition to becoming an Additional Member or Substituted Member) represents, warrants and agrees that (i) it has acquired and continues to hold its interest in the Company for its own account for investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under any predetermined circumstances in violation of applicable laws and (ii) it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Company in what it understands to be a highly speculative and illiquid investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The representations and warranties contained in Sections 3.4(a), 3.4(b) and 3.4(c) hereof shall survive the execution and delivery of this Agreement by each Member (and, in the case of an Additional Member or a Substituted Member, the admission of such Additional Member or Substituted Member as a Member in the Company) and the dissolution, liquidation and termination of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Member (including, without limitation, each Additional Member or Substituted Member as a condition to becoming an Additional Member or Substituted Member) hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Company or the Managing Member have been made by any Member or any employee or representative or Affiliate of any Member, and that projections and any other information, including, without limitation, financial and descriptive information and documentation, that may have been in any manner submitted to such Member shall not constitute any representation or warranty of any kind or nature, express or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, the Managing Member may, in its sole and absolute discretion, permit the modification of any of the representations and warranties contained in Sections 3.4(a), 3.4(b) and 3.4(c) above as applicable to any Member (including, without limitation any Additional Member or Substituted Member or any transferee of either), *provided* that such representations and warranties, as modified, shall be set forth in either (i) a Membership Unit Designation applicable to the Membership Units held by such Member or (ii) a separate writing addressed to the Company and the Managing Member.

**ARTICLE 4<br> CAPITAL CONTRIBUTIONS**

Section 4.1 *Capital Contributions of the Members*. The Members have heretofore made or are deemed to have made Capital Contributions to the Company. Except as provided by law or in Section 4.2, 4.3, or 10.4 hereof, the Members shall have no obligation or, except with the prior Consent of the Managing Member, right to make any additional Capital Contributions or loans to the Company. The Managing Member shall cause to be maintained in the principal business office of the Company, or such other place as may be determined by the Managing Member, the Member Registry of the Company, which shall include, among other things, the name, address, and number, class and series of Membership Units of each Member, and such other information as the Managing Member may deem necessary or desirable. The Member Registry shall not be part of this Agreement. The Managing Member shall from time to time update the Member Registry as necessary to accurately reflect the information therein, including as a result of any sales, exchanges or other Transfers, or any redemptions, issuances or similar events involving Membership Units. Any reference in this Agreement to the Member Registry shall be deemed a reference to the Member Registry as in effect from time to time. Subject to the terms of this Agreement, the Managing Member may take any action authorized hereunder in respect of the Member Registry without any need to obtain the consent or approval of any other Member. No action of any Member shall be required to amend or update the Member Registry. Except as required by law, no Member shall be entitled to receive a copy of the information set forth in the Member Registry relating to any Member other than itself.

Section 4.2 *Issuances of Additional Membership Interests*. Subject to the rights of any Holder of any Membership Interest set forth in a Membership Unit Designation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Subject to the terms of this Agreement, including Section 4.2(c), below, the Managing Member is hereby authorized to cause the Company to issue additional Membership Interests, in the form of Membership Units, for any Company purpose, at any time or from time to time, to the Members (including the Managing Member) or to other Persons, and to admit such Persons as Additional Members, for such consideration and on such terms and conditions as shall be established by the Managing Member in its sole and absolute discretion, all without the approval of any Member or any other Person. Without limiting the foregoing, the Managing Member is expressly authorized to cause the Company to issue Membership Units (i) upon the conversion, redemption or exchange of any Debt, Membership Units, or other securities issued by the Company, (ii) for less than fair market value, (iii) for no consideration, (iv) in connection with any merger of any other Person into the Company or any other Subsidiary of the Managing Member or (v) upon the contribution of property or assets to the Company. Any additional Membership Interests may be issued in one or more classes or series, or one or more series of any of such classes, with such designations, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption (including, without limitation, terms that may be senior or otherwise entitled to preference over existing Membership Units) as shall be determined by the Managing Member, in its sole and absolute discretion without the approval of any Member or any other Person, and set forth in this Agreement or a written document thereafter attached to and made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a "*Membership Unit Designation*"), without the approval of any Member or any other Person. Without limiting the generality of the foregoing, the Managing Member shall have authority to specify: (A) the allocations of items of Company income, gain, loss, deduction and credit to each such class or series of Membership Interests; (B) the right of each such class or series of Membership Interests to share (on a *pari passu*, junior or preferred basis) in Company distributions; (C) the rights of each such class or series of Membership Interests upon dissolution and liquidation of the Company; (D) the voting rights, if any, of each such class or series of Membership Interests; and (E) the conversion, redemption or exchange rights applicable to each such class or series of Membership Interests. Except as expressly set forth in any Membership Unit Designation, a Membership Interest of any class or series other than a Common Unit shall not entitle the holder thereof to vote on, or consent to, any matter. Upon the issuance of any additional Membership Interest, the Managing Member shall update the Member Registry and the books and records of the Company as appropriate to reflect such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Issuances of LTIP Units*. Without limiting the generality of the foregoing, from time to time, the Managing Member is hereby authorized to issue LTIP Units to Persons providing services to or for the benefit of the Company for such consideration or for no consideration as the Managing Member may determine to be appropriate and on such terms and conditions as shall be established by the Managing Member, and admit such Persons as Members. Except to the extent a Capital Contribution is made with respect to an LTIP Unit or as otherwise determined by the Managing Member, each LTIP Unit is intended to qualify as a "profits interest" in the Company within the meaning of the Code, the Regulations, and any published guidance by the IRS with respect thereto. Except as may be provided from time to time by the Managing Member, LTIP Units shall have the terms set forth in Article 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuances to the Managing Member*. No additional Membership Units shall be issued to the Managing Member unless (i) the additional Membership Units are issued to all Members holding Common Units in proportion to their respective Percentage Interests in Common Units, (ii) (A) the additional Membership Units are (I) Common Units issued in connection with an issuance of Class A-1 REIT Shares, or (II) Membership Equivalent Units (other than Common Units) issued in connection with an issuance of Preferred Shares, New Securities or other interests in the Managing Member (other than Class A-2 REIT Shares or other interests in the Managing Member not entitled to any economic rights with respect thereto), and (B) the Managing Member contributes to the Company the cash proceeds or other consideration received in connection with the issuance of such Class A-1 REIT Shares, Preferred Shares, New Securities or other interests in the Managing Member (other than Class A-2 REIT Shares or other interests in the Managing Member not entitled to any economic rights with respect thereto); (iii) the additional Membership Units are issued upon the conversion, redemption or exchange of Debt, Membership Units or other securities issued by the Company or (iv) the additional Membership Units are issued pursuant to Section 4.3(b), Section 4.3(e), Section 4.4 or Section 4.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *No Preemptive Rights*. Except as expressly provided in this Agreement or in any Membership Unit Designation, no Person, including, without limitation, any Member or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Membership Interest.

Section 4.3 *Additional Funds and Capital Contributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. The Managing Member may, at any time and from time to time, determine that the Company requires additional funds ("*Additional Funds*") for the acquisition or development of additional Properties, for the redemption of Membership Units or for such other purposes as the Managing Member may determine, in its sole and absolute discretion. Additional Funds may be obtained by the Company, at the election of the Managing Member, in any manner provided in, and in accordance with, the terms of this Section 4.3 without the approval of any Member or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Additional Capital Contributions*. The Managing Member, on behalf of the Company, may obtain any Additional Funds by accepting Capital Contributions from any Members or other Persons. In connection with any such Capital Contribution (of cash or property), the Managing Member is hereby authorized to cause the Company from time to time to issue additional Membership Units (as set forth in Section 4.2 above) in consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Loans by Third Parties*. The Managing Member, on behalf of the Company, may obtain any Additional Funds by causing the Company to incur Debt to any Person (other than to the Managing Member (but, for this purpose, disregarding any Debt that may be deemed incurred to the Managing Member by virtue of clause (c) of the definition of Debt)) upon such terms as the Managing Member determines appropriate, including making such Debt convertible, redeemable or exchangeable for Membership Units or Class A-1 REIT Shares; *provided*, *however*, that the Company shall not incur any such Debt if any Member would be personally liable for the repayment of such Debt (unless such Member otherwise agrees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Managing Member Loans*. The Managing Member, on behalf of the Company, may obtain any Additional Funds by causing the Company to incur Debt to the Managing Member if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions as to interest rate and repayment schedule (but, for avoidance of doubt, such Debt may have differing conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the Managing Member, the net proceeds of which are loaned to the Company to provide such Additional Funds, or (ii) such Debt is on terms and conditions no less favorable to the Company than would be available to the Company from any third party; *provided*, *however*, that the Company shall not incur any such Debt if any Member would be personally liable for the repayment of such Debt (unless such Member otherwise agrees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Issuance of Securities by the Managing Member*. The Managing Member shall not issue any additional Class A-1 REIT Shares, Capital Shares or New Securities unless the Managing Member contributes the cash proceeds or other consideration received from the issuance of such additional Class A-1 REIT Shares, Capital Shares or New Securities (as the case may be) and from the exercise of the rights contained in any such additional Capital Shares or New Securities to the Company in exchange for (x) in the case of an issuance of Class A-1 REIT Shares, Common Units, or (y) in the case of an issuance of Capital Shares or New Securities, Membership Equivalent Units; *provided*, *however*, that notwithstanding the foregoing, the Managing Member may issue Class A-1 REIT Shares, Capital Shares or New Securities (i) pursuant to Section 4.4 or Section 15.1(b) hereof, (ii) pursuant to a dividend or distribution (including any stock split) of Class A-1 REIT Shares, Capital Shares or New Securities to holders of Class A-1 REIT Shares, Capital Shares or New Securities (as the case may be), (iii) upon a conversion, redemption or exchange of Capital Shares, (iv) upon a conversion, redemption, exchange or exercise of New Securities, or (v) in connection with an acquisition by the Managing Member of outstanding Membership Units or of any property or other asset to be owned, directly or indirectly, by the Managing Member. In addition, in connection with an issuance of Common Units to a Healthpeak Entity, the Managing Member may issue (on a one-for-one basis) Class A-2 REIT Shares or other interests in the Managing Member not entitled to any economic rights with respect thereto to such Healthpeak Entity or its Affiliate. In the event of any issuance of additional Class A-1 REIT Shares, Capital Shares or New Securities by the Managing Member, and the contribution, if applicable, to the Company, by the Managing Member, of the cash proceeds or other consideration received from such issuance (or property acquired with such proceeds), if any, if the cash proceeds actually received by the Managing Member are less than the gross proceeds of such issuance as a result of any underwriter's discount or other expenses paid or incurred in connection with such issuance, then the Managing Member shall be deemed to have made a Capital Contribution to the Company in the amount equal to the sum of the cash proceeds of such issuance plus the amount of such underwriter's discount and other expenses paid by the Managing Member (which discount and expense shall be treated as an expense for the benefit of the Company for purposes of Section 7.4). In the event that the Managing Member issues any additional Class A-1 REIT Shares, Capital Shares or New Securities and contributes the cash proceeds or other consideration received from the issuance thereof to the Company, the Company is expressly authorized to issue a number of Common Units or Membership Equivalent Units to the Managing Member equal to the number of Class A-1 REIT Shares, Capital Shares or New Securities so issued, divided by the Adjustment Factor then in effect, in accordance with this Section 4.3(e) without any further act, approval or vote of any Member or any other Persons.

Section 4.4 *Equity Incentive Plans*. Nothing in this Agreement shall be construed or applied to preclude or restrain the Managing Member or the Company from adopting, modifying or terminating equity incentive plans for the benefit of employees, directors, consultants or other business associates or service providers of the Managing Member, the Company, the Manager or any of their Affiliates or from issuing Class A-1 REIT Shares, Capital Shares, LTIP Units or New Securities pursuant to any such plans. The Managing Member may implement such plans and any actions taken under such plans (such as the grant or exercise of options to acquire Class A-1 REIT Shares, or the issuance of restricted Class A-1 REIT Shares), whether taken with respect to or by an employee or other service provider of the Managing Member, the Company, the Company's Subsidiaries, the Manager or the Manager's Affiliates, in a manner determined by the Managing Member, which may be set forth in plan implementation guidelines that the Managing Member may establish or amend from time to time. The Members acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by the Managing Member, amendments to this Agreement may become necessary or advisable and shall not require approval or Consent of any other Member. The Company is expressly authorized to issue Membership Units (a) in accordance with the terms of any such equity incentive plans or plan implementation guidelines or (b) in an amount equal to the number of Class A-1 REIT Shares, Capital Shares or New Securities issued pursuant to any such equity incentive plans, divided, if applicable, by the Adjustment Factor then in effect, without any further act, approval or vote of any Member or any other Persons.

Section 4.5 *Dividend Reinvestment Plan, Cash Option Purchase Plan, Equity Incentive Plan or Other Plan*. Except as may otherwise be provided in this Article 4, all amounts received or deemed received by the Managing Member in respect of any dividend reinvestment plan, cash option purchase plan, equity incentive or other equity or subscription plan or agreement, either (a) shall be utilized by the Managing Member to effect open market purchases of Class A-1 REIT Shares, or (b) if the Managing Member elects instead to issue new Class A-1 REIT Shares with respect to such amounts, shall be contributed by the Managing Member to the Company in exchange for additional Common Units. Upon such contribution, the Company will issue to the Managing Member a number of Common Units equal to the quotient of (i) the new Class A-1 REIT Shares so issued, divided by (ii) the Adjustment Factor then in effect.

Section 4.6 *No Interest; No Return*. No Member shall be entitled to interest on its Capital Contribution or on such Member's Capital Account. Except as *provided* herein or by law, no Member shall have any right to demand or receive the return of its Capital Contribution from the Company.

Section 4.7 *Conversion or Redemption of Capital Shares*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Conversion of Capital Shares*. If, at any time, any of the Capital Shares are converted into Class A-1 REIT Shares, in whole or in part, then a number of Membership Units with preferences, conversion and other rights, restrictions (other than restrictions on transfer), rights and limitations as to dividends and other distributions, qualifications and terms and conditions of redemption that are substantially the same as the preferences, conversion and other rights, restrictions (other than restrictions on transfer), rights and limitations as to distributions, qualifications and terms and conditions of redemption as those of such Capital Shares ("*Membership Equivalent Units*") or, in the case of conversion rights and terms and conditions of redemption, consistent with this Section 4.7 (for the avoidance of doubt, Membership Equivalent Units need not have voting rights, conversion rights, terms and conditions of redemption or restrictions on transfer that are substantially similar to the corresponding Capital Shares) equal to the number of Capital Shares so converted shall automatically be converted into a number of Common Units equal to the quotient of (i) the number of Class A-1 REIT Shares issued upon such conversion divided by (ii) the Adjustment Factor then in effect, and the Member Registry shall be adjusted to reflect such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Redemption or Repurchase of Capital Shares or Class A-1 REIT Shares*. Except as otherwise provided in Section 4.7(c) or in Section 7.4(c), if, at any time, any Capital Shares are redeemed or otherwise repurchased (whether by exercise of a put or call, automatically or by means of another arrangement) by the Managing Member, the Company shall, immediately prior to such redemption or repurchase of such Capital Shares, redeem an equal number of Membership Equivalent Units held by the Managing Member upon the same terms and for the same price per Membership Equivalent Unit as such Capital Shares are redeemed or repurchased. Except as otherwise provided in Section 4.7(c) or Section 7.4(c), if, at any time, any Class A-1 REIT Shares are redeemed or otherwise repurchased by the Managing Member, the Company shall, immediately prior to such redemption or repurchase of Class A-1 REIT Shares, redeem or repurchase a number of Common Units held by the Managing Member equal to the quotient of (i) the Class A-1 REIT Shares so redeemed or repurchased, divided by (ii) the Adjustment Factor then in effect, such redemption or repurchase to be upon the same terms and for the same price per Common Unit (after giving effect to application of the Adjustment Factor) as such Class A-1 REIT Shares are redeemed or otherwise repurchased. Notwithstanding the foregoing, the provisions of this Section 4.7(b) shall not apply in the event that such repurchase of Class A-1 REIT Shares is paired with a stock split or stock dividend such that after giving effect to such repurchase and subsequent stock split or stock dividend there shall be outstanding an equal number of Class A-1 REIT Shares as were outstanding prior to such repurchase and subsequent stock split or stock dividend.

Section 4.8 *Other Contribution Provisions*. In the event that any Member is admitted to the Company and is given a Capital Account in exchange for services rendered to the Company, such transaction shall be treated by the Company and the affected Member as if the Company had compensated such partner in cash and such Member had contributed the cash that the Member would have received to the capital of the Company. In addition, with the Consent of the Managing Member, one or more Members may enter into contribution agreements with the Company which have the effect of providing a guarantee of certain obligations of the Company (and/or a wholly-owned Subsidiary of the Company).

**ARTICLE 5<br> DISTRIBUTIONS**

Section 5.1 *Requirement and Characterization of Distributions*. Subject to the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, the Managing Member may cause the Company to distribute such amounts, at such times, as the Managing Member may, in its sole and absolute discretion, determine, to the Holders as of any Company Record Date: (a) first, with respect to any Membership Units that are entitled to any preference in distribution, in accordance with the rights of Holders of such class(es) of Membership Units (and, within each such class, among the Holders of each such class, pro rata in proportion to their respective Percentage Interests of such class on such Company Record Date); and (b) second, with respect to any Membership Units that are not entitled to any preference in distribution, in accordance with the rights of Holders of such class(es) of Membership Units, as applicable (and, within each such class, among the Holders of each such class, pro rata in proportion to their respective Percentage Interests of such class on such Company Record Date). Distributions payable with respect to any Membership Units, other than any Membership Units issued to the Managing Member in connection with the issuance of Class A-1 REIT Shares by the Managing Member, that were not outstanding during the entire quarterly period in respect of which any distribution is made, shall be prorated based on the portion of the period that such Membership Units were outstanding. The Managing Member shall make such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the Managing Member's qualification as a REIT, to cause the Company to distribute sufficient amounts to enable the Managing Member, for so long as the Managing Member has determined to qualify as a REIT, to pay stockholder dividends that will (i) satisfy the requirements for qualifying as a REIT under the Code and Regulations (the "*REIT Requirements*") and (ii) except to the extent otherwise determined by the Managing Member, eliminate any U.S. federal income or excise tax liability of the Managing Member. Notwithstanding anything in the foregoing to the contrary, a Holder of LTIP Units will only be entitled to distributions with respect to an LTIP Unit as set forth in Article 16 hereof and in making distributions pursuant to this Section 5.1, the Managing Member of the Company shall take into account the provisions of Section 16.4 hereof.

Section 5.2 *Distributions in Kind*. Except as expressly provided herein, no right is given to any Holder to demand and receive property other than cash as provided in this Agreement. The Managing Member may determine, in its sole and absolute discretion, to make a distribution in kind of Company assets to the Holders, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles 5, 6 and 13 hereof; *provided*, *however*, that the Managing Member shall not make a distribution in kind to any Holder unless the Holder has been given 90 days prior written notice of such distribution.

Section 5.3 *Amounts Withheld*. All amounts withheld pursuant to the Code or any provisions of any state, local or non-United States tax law and Section 10.4 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to Section 5.1 hereof for all purposes under this Agreement.

Section 5.4 *Distributions upon Liquidation*. Notwithstanding the other provisions of this Article 5, net proceeds from a Terminating Capital Transaction, and any other amounts distributed after the occurrence of a Liquidating Event, shall be distributed to the Holders in accordance with Section 13.2 hereof.

Section 5.5 *Distributions to Reflect Additional Membership Units*. In the event that the Company issues additional Membership Units pursuant to the provisions of Article 4 hereof, subject to the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, the Managing Member is authorized to make such revisions to this Article 5 and to Articles 6, 11 and 12 hereof as it determines are necessary or desirable to reflect the issuance of such additional Membership Units, including, without limitation, making preferential distributions to Holders of certain classes of Membership Units.

Section 5.6 *Restricted Distributions*. Notwithstanding any provision to the contrary contained in this Agreement, neither the Company nor the Managing Member, on behalf of the Company, shall make a distribution to any Holder if such distribution would violate the Act or other applicable law.

**ARTICLE 6<br> ALLOCATIONS**

Section 6.1 *Timing and Amount of Allocations of Net Income and Net Loss*. Net Income and Net Loss of the Company shall be determined and allocated with respect to each Fiscal Year as of the end of each such year, *provided* that the Managing Member may in its discretion allocate Net Income and Net Loss for a shorter period as of the end of such period (and, for purposes of this Article 6, references to the term "Fiscal Year" may include such shorter periods). Except as otherwise provided in this Article 6, and subject to Section 11.6(c) hereof, an allocation to a Holder of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss.

Section 6.2 *General Allocations*. Except as otherwise provided in this Article 6 and Section 11.6(c) hereof, Net Income and Net Loss for any Fiscal Year shall be allocated to each of the Holders as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Net Income.

&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, 100% to the Managing Member in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to the Managing Member pursuant to clause (iv) in Section 6.2(b) for all prior Fiscal Years minus the cumulative Net Income allocated to the Managing Member pursuant to this clause (i) for all prior Fiscal Years;

&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, 100% to each Holder (other than the Managing Member) in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to each such Holder pursuant to clause (iii) in Section 6.2(b) for all prior Fiscal Years minus the cumulative Net Income allocated to such Holder pursuant to this clause (ii) for all prior Fiscal Years;

&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) Third, 100% to the Managing Member in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to the Managing Member pursuant to clause (ii) in Section 6.2(b) for all prior Fiscal Years minus the cumulative Net Income allocated to the Managing Member pursuant to this clause (iii) for all prior Fiscal Years;

&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) Fourth, 100% to each Holder in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to each such Holder pursuant to clause (i) in Section 6.2(b) for all prior Fiscal Years minus the cumulative Net Income allocated to such Holder pursuant to this clause (v) for all prior Fiscal Year; 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;(v) Fifth, 100% to the Holders of Common Units in accordance with their respective Percentage Interests in the Common Units.

To the extent the allocations of Net Income set forth above in any paragraph of this Section 6.2(a) are not sufficient to entirely satisfy the allocation set forth in such paragraph, such allocation shall be made in proportion to the total amount that would have been allocated pursuant to such paragraph without regard to such shortfall. In making allocations pursuant to this Section 6.2(a) and Section 6.2(b), the Managing Member of the Company shall take into account the provisions of Section 16.5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Net Losses.

&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, 100% to the Holders of Common Units in accordance with their respective Percentage Interests in the Common Units (to the extent consistent with this clause (i)) until the Adjusted Capital Account (ignoring for this purpose any amounts a Holder is obligated to contribute to the capital of the Company or is deemed obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)) of all such Holders is zero;

&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, 100% to the Managing Member (ignoring for this purpose any amounts the Managing Member is obligated to contribute to the capital of the Company or is deemed obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)), until the Adjusted Capital Account (as so modified) of the Managing Member is zero;

&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) Third, 100% to the Holders (other than the Managing Member) to the extent of, and in proportion to, the positive balance (if any) in their Adjusted Capital Accounts; 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) Fourth, 100% to the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Allocations to Reflect Issuance of Additional Membership Interests*. In the event that the Company issues additional Membership Interests to the Managing Member or any Additional Member pursuant to Article 4 hereof, subject to the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, the Managing Member is authorized to make such revisions to this Article 6 or to Articles 12 and 13 hereof as it determines are necessary or desirable to reflect the terms of the issuance of such additional Membership Interests, including making preferential allocations to certain classes of Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Special Allocations with Respect to LTIP Units*. In the event that Liquidating Gains are allocated under this Section 6.2(d), Net Income allocable under Section 6.2(a) and any Net Losses allocable under Section 6.2(b) shall be recomputed without regard to the Liquidating Gains so allocated. After giving effect to the special allocations set forth in Section 6.4(a) hereof, and notwithstanding the provisions of Sections 6.2(a) and 6.2(b) above, any Liquidating Gains shall first be allocated to the Holders of LTIP Units until the Economic Capital Account Balances of such Holders, to the extent attributable to their ownership of LTIP Units, are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units. Any such allocations shall be made among the Holders of LTIP Units in proportion to the amounts required to be allocated to each under this Section 6.2(d). The parties agree that the intent of this Section 6.2(d) is to make the Capital Account balances of the Holders of LTIP Units with respect to their LTIP Units economically equivalent to the Capital Account balance of the Managing Member with respect to its Common Units.

Section 6.3 *Additional Allocation Provisions*. Notwithstanding the foregoing provisions of this Article 6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Special Allocations Upon Liquidation*. In the event that the Company disposes of all or substantially all of its assets in a transaction that will lead to a liquidation of the Company pursuant to Article 13 hereof, then: (i) any Liquidating Gains shall first be allocated to each Holder of LTIP Units in accordance with Section 6.2(d); and (ii) any Net Income or Net Loss realized in connection with such transaction and thereafter (recomputed without regard to the Liquidating Gains allocated pursuant to clause (i) above) shall be specially allocated for such Fiscal Year (and to the extent permitted by Section 761(c) of the Code, for the immediately preceding Fiscal Year) among the Holders as required so as to cause liquidating distributions pursuant to Section 13.2(a)(iv) hereof to be made in the same amounts and proportions as would have resulted had such distributions instead been made pursuant to Article 5 hereof. In addition, if there is an adjustment to the Gross Asset Value of the assets of the Company pursuant to paragraph (b) of the definition of Gross Asset Value, allocations of Net Income or Net Loss arising from such adjustment shall be allocated in the same manner as described in the prior sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Offsetting Allocations*. Notwithstanding the provisions of Sections 6.1, 6.2(a) and 6.2(b), but subject to Sections 6.3 and 6.4, in the event Net Income or items thereof are being allocated to a Member to offset prior Net Loss or items thereof which have been allocated to such Member (including any allocations of Net Income or items thereof pursuant to Section 6.3(a)), the Managing Member shall attempt to allocate such offsetting Net Income or items thereof which are of the same or similar character (including without limitation Section 704(b) book items versus tax items) to the original allocations with respect to such Member.

Section 6.4 *Regulatory Allocation Provisions*. Notwithstanding the foregoing provisions of this Article 6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regulatory Allocations.

&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) *Minimum Gain Chargeback*. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding the provisions of Section 6.2 hereof, or any other provision of this Article 6, if there is a net decrease in Company Minimum Gain during any Fiscal Year, each Holder shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder's share of the net decrease in Company Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.4(a)(i) is intended to qualify as a "minimum gain chargeback" within the meaning of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

&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) *Member Minimum Gain Chargeback*. Except as otherwise provided in Regulations Section 1.704-2(i)(4) or in Section 6.4(a)(i) hereof, if there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during any Fiscal Year, each Holder who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder's share of the net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.4(a)(ii) is intended to qualify as a "chargeback of partner nonrecourse debt minimum gain" within the meaning of Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

&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) *Nonrecourse Deductions and Member Nonrecourse Deductions*. Any Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Holders in accordance with their respective Percentage Interests with respect to Common Units. Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Holder(s) who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable, in accordance with Regulations Section 1.704-2(i).

&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) *Qualified Income Offset*. If any Holder unexpectedly receives an adjustment, allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible, *provided* that an allocation pursuant to this Section 6.4(a)(iv) shall be made if and only to the extent that such Holder would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.4(a)(iv) were not in the Agreement. It is intended that this Section 6.4(a)(iv) qualify and be construed as a "qualified income offset" within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

&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) *Gross Income Allocation*. In the event that any Holder has a deficit Capital Account at the end of any Fiscal Year that is in excess of the sum of (1) the amount (if any) that such Holder is obligated to restore to the Company upon complete liquidation of such Holder's Membership Interest (including, the Holder's interest in outstanding Preferred Units and other Membership Units) and (2) the amount that such Holder is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be specially allocated items of Company income and gain in the amount of such excess to eliminate such deficit as quickly as possible, *provided* that an allocation pursuant to this Section 6.4(a)(v) shall be made if and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.4(a)(v) and Section 6.4(a)(iv) hereof were not in the 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) *Limitation on Allocation of Net Loss*. To the extent that any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated (x) first, among the other Holders of Common Units in accordance with their respective Percentage Interests with respect to Common Units and (y) thereafter, among the Holders of other classes of Membership Units as determined by the Managing Member, subject to the limitations of this Section 6.4(a)(vi).

&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) *Section 754 Adjustment*. To the extent that an adjustment to the adjusted tax basis of any Membership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Holders in accordance with their respective Percentage Interests with respect to Common Units. in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holder(s) to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

&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) Curative Allocations. The allocations set forth in Sections 6.4(a)(i), (ii), (iii), (iv), (v), (vi) and (vii) hereof (the "*Regulatory Allocations*") are intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Sections 6.1 and 6.2 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders so that to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not occurred.

&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) *Forfeiture Allocations*. Upon a forfeiture of any Unvested LTIP Units by any Member, gross items of income, gain, loss or deduction shall be allocated to such Member if and to the extent required by final Regulations promulgated after the Effective Date to ensure that allocations made with respect to all unvested Membership Interests are recognized under Code Section 704(b).

&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) *LTIP Units*. For purposes of the allocations set forth in this Section 6.4, each issued and outstanding LTIP Unit will be treated as one outstanding Common Unit; provided, however, that for purposes of determining Percentage Interests with respect to Common Units, each Performance LTIP Unit that has not satisfied the applicable performance vesting condition will be treated as a fraction of one outstanding Common Unit equal to one Common Unit multiplied by the Performance Unit Sharing Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Allocation of Excess Nonrecourse Liabilities. For purposes of determining a Holder's proportional share of the "excess nonrecourse liabilities" of the Company within the meaning of Regulations Section 1.752-3(a)(3), each Holder's respective interest in Company profits shall be equal to such Holder's Percentage Interest with respect to Common Units, except as otherwise determined by the Managing Member.

Section 6.5 *Tax Allocations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In General. Except as otherwise provided in this Section 6.5, for income tax purposes under the Code and the Regulations, each Company item of income, gain, loss and deduction (collectively, "*Tax Items*") shall be allocated among the Holders in the same manner as its correlative item of "book" income, gain, loss or deduction is allocated pursuant to Sections 6.2 and 6.3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 704(c) Allocations. Notwithstanding Section 6.5(a) hereof, Tax Items with respect to Property that is contributed to the Company with an initial Gross Asset Value that varies from its basis in the hands of the contributing Member immediately preceding the date of contribution shall be allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. The Company shall account for such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the Managing Member. In the event that the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) of the definition of "Gross Asset Value" (provided in Article 1 hereof), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Code Section 704(c) and the applicable Regulations and using the method chosen by the Managing Member. Allocations pursuant to this Section 6.5(b) are solely for purposes of federal, state and local income taxes and shall not affect, or in any way be taken into account in computing, any Member's Capital Account or share of Net Income, Net Loss, or any other items or distributions pursuant to any provision of this Agreement.

**ARTICLE 7<br> MANAGEMENT AND OPERATIONS OF BUSINESS**

Section 7.1 *Management*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, including in any Membership Unit Designation, all management powers over the business and affairs of the Company are and shall be exclusively vested in the Managing Member, and no Member shall have any right to participate in or exercise control or management power over the business and affairs of the Company. No Managing Member may be removed by the Members, with or without cause, except with the Consent of the Managing Member. In addition to the powers now or hereafter granted a managing member of a limited liability company under applicable law or that are granted to the Managing Member under any other provision of this Agreement, the Managing Member, subject to the other provisions hereof including, without limitation, Section 3.2 and Section 7.3, and the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, shall have full and exclusive power and authority, without the consent or approval of any Member, to do or authorize all things deemed necessary or desirable by it to conduct the business and affairs of the Company, to exercise or direct the exercise of all of the powers of the Company and a managing member under the Act, the Articles of Organization and this Agreement and to effectuate the purposes of the Company including, without limitation, taking the actions and decisions set forth below. Each of the Members acknowledges and agrees that on the date hereof, the Managing Member, the Company and the Manager have entered into the Management Agreement pursuant to which the Managing Member and the Company have retained the Manager to manage the day to day operations of the Managing Member and its Subsidiaries, including the Company. Each Member further acknowledges and agrees that the Managing Member is authorized to delegate to the Manager the power and authority to conduct the day to day operations of the Company subject to and in accordance with the terms and the Management Agreement, including without limitation, the power and authority of the Managing Member to take such of the following actions and decisions as the Managing Member determines in its sole discretion, to be reasonably necessary or desirable in order to permit the Manager to perform the services under the Management 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;(i) the making of any expenditures, the lending or borrowing of money or selling of assets (including, without limitation, making prepayments on loans and borrowing money to permit the Company to make distributions to the Holders in such amounts as will permit the Managing Member to prevent the imposition of any federal income tax on the Managing Member (including, for this purpose, any excise tax pursuant to Code Section 4981), to make distributions to its stockholders and payments to any taxing authority sufficient to permit the Managing Member to maintain REIT status or otherwise to satisfy the REIT Requirements), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same by deed to secure debt, mortgage, deed of trust, pledge or other lien or encumbrance on the Company's assets) and the incurring of any obligations to conduct the activities of the Company;

&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 making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Company;

&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 taking of any and all acts to ensure that the Company will not be classified as a "publicly traded partnership" under Code Section 7704;

&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) subject to Section 11.2 hereof, the acquisition, sale, transfer, exchange or other disposition of any, all or substantially all of the assets (including the goodwill) of the Company (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company) or the merger, division, consolidation, reorganization or other combination of the Company with or into another entity;

&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 mortgage, pledge, encumbrance or hypothecation of any assets of the Company, the assignment of any assets of the Company in trust for creditors or on the promise of the assignee to pay the debts of the Company, the use of the assets of the Company (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms that the Managing Member sees fit, including, without limitation, the financing of the operations and activities of the Managing Member, the Company or any of the Company's Subsidiaries, the lending of funds to other Persons (including, without limitation, the Managing Member and/or the Company's Subsidiaries) and the repayment of obligations of the Company, its Subsidiaries and any other Person in which the Company has an equity investment, and the making of capital contributions to and equity investments in the Company's Subsidiaries;

&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 management, operation, leasing, landscaping, repair, alteration, demolition, replacement or improvement 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;(vii) the negotiation, execution and performance of any contracts, including leases (including ground leases), easements, management agreements, rights of way and other property-related agreements, conveyances or other instruments to conduct the Company's operations or implement the Managing Member's powers under this Agreement, including contracting with contractors, developers, consultants, governmental authorities, accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation, as applicable, out of the Company'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;(viii) the distribution of Company cash or other Company assets in accordance with this Agreement, the holding, management, investment and reinvestment of cash and other assets of the Company, and the collection and receipt of revenues, rents and income of the Company;

&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) the selection, appointment and dismissal of employees or officers of the Company (if any) (including, without limitation, employees or officers having titles or offices such as "president," "vice president," "secretary" and "treasurer"), and agents, outside attorneys, accountants, consultants and contractors of the Company and the determination of their compensation, powers, authorities and other terms of employment, appointment or hiring;

&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) the maintenance of such insurance (including, without limitation, directors' and officers' insurance) for the benefit of the Company and the Members (including, without limitation, the Managing Member);

&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) the formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general partnership, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, any Subsidiary and any other Person in which the Managing Member has an equity investment 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;(xii) the control of any matters affecting the rights and obligations of the Company, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the Company, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, and the representation of the Company in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law;

&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) the undertaking of any action in connection with the Company's direct or indirect investment in any Subsidiary or any other Person (including, without limitation, the contribution or loan of funds by the Company to such Persons);

&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) the determination of the fair market value of any Company property distributed in kind using such reasonable method of valuation as the Managing Member may adopt; *provided*, *however*, that such methods are otherwise consistent with the 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;(xv) the enforcement of any rights against any Member pursuant to representations, warranties, covenants and indemnities relating to such Member's contribution of property or assets to the Company;

&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) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Company;

&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) the exercise of any of the powers of the Managing Member enumerated in this Agreement on behalf of or in connection with any Subsidiary of the Company or any other Person in which the Company has a direct or indirect interest, or jointly with any such Subsidiary or other 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;(xviii) an election to acquire Tendered Units in exchange for Class A-1 REIT Shares;

&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) the exercise of any of the powers of the Managing Member enumerated in this Agreement on behalf of any Person in which the Company does not have an interest, pursuant to contractual or other arrangements with such 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;(xx) the making, execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases, confessions of judgment or any other legal instruments or agreements in writing;

&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) the issuance of additional Membership Units in connection with Capital Contributions by Additional Members and additional Capital Contributions by Members pursuant to Article 4 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;(xxii) an election to dissolve the Company pursuant to Section 13.1(b) 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;(xxiii) the distribution of cash to acquire Common Units held by a Member in connection with a Redemption under Section 15.1 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;(xxiv) the maintenance of the Member Registry from time to time to reflect accurately at all times the Membership Units, Capital Contributions and Percentage Interests of the Members as the same are adjusted from time to time to reflect redemptions, Capital Contributions, the issuance or transfer of Membership Units, the admission of any Additional Member or any Substituted Member or otherwise, which shall not be deemed an amendment to this Agreement, as long as the matter or event being reflected in the Member Registry otherwise is authorized by this Agreement; 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) the registration of any class of securities of the Company under the Securities Act or the Exchange Act, and the listing of any debt securities of the Company on any exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Members agrees that, except as provided in Section 7.3 hereof and subject to the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, the Managing Member is authorized to execute and deliver any affidavit, agreement, certificate, consent, instrument, notice, power of attorney, waiver or other writing or document in the name and on behalf of the Company and to otherwise exercise any power of the Managing Member under this Agreement and the Act on behalf of the Company, and to delegate such authority to the Manager to the extent the Managing Member, in its sole discretion, deems necessary or desirable in order to permit the Manager to perform the services under the Management Agreement, without any further act, approval or vote of the Members or any other Persons, notwithstanding any other provision of the Act or any applicable law, rule or regulation and, in the absence of any specific corporate action on the part of the Managing Member to the contrary, the taking of any action or the execution of any such document or writing by an officer of the Managing Member or the Manager, in the name and on behalf of the Managing Member, in its capacity as the Managing Member of the Company, shall conclusively evidence (i) the approval thereof by the Managing Member, in its capacity as the Managing Member of the Company, (ii) the Managing Member's determination that such action, document or writing is necessary, advisable, appropriate, desirable or prudent to conduct the business and affairs of the Company, exercise the powers of the Company under this Agreement and the Act or effectuate the purposes of the Company, or any other determination by the Managing Member required by this Agreement in connection with the taking of such action or execution of such document or writing, and (iii) the authority of such officer with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At all times from and after the date hereof, the Managing Member may cause (and may authorize the Manager pursuant to the Management Agreement to cause) the Company to obtain and maintain (i) casualty, liability and other insurance on the Properties and (ii) liability insurance for the Indemnitees hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At all times from and after the date hereof, the Managing Member may cause (and may authorize the Manager pursuant to the Management Agreement to cause) the Company to establish and maintain working capital and other reserves in such amounts as the Managing Member, in its sole and absolute discretion, determines from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The determination as to any of the following matters, made by or at the direction of the Managing Member consistent with this Agreement and the Act, shall be final and conclusive and shall be binding upon the Company and every Member: the amount of assets at any time available for distribution or the redemption of Common Units; the amount and timing of any distribution; any determination to redeem Tendered Units; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); the amount of any Member's Capital Account, Adjusted Capital Account or Adjusted Capital Account Deficit; the amount of Net Income, Net Loss or Depreciation for any period; any special allocations of Net Income or Net Loss pursuant to Sections 6.2(c), 6.2(d), 6.3, 6.4, 6.5 or 16.5; the Gross Asset Value of any Company asset; the Value of any Class A-1 REIT Share; the timing and amount of any adjustment to the Adjustment Factor; any adjustment to the number of outstanding LTIP Units pursuant to Section 16.3; the timing, number and redemption or repurchase price of the redemption or repurchase of any Membership Units pursuant to Section 4.7(b); any interpretation of the rights, powers and duties of any class or series of Membership Interest; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company or of any Membership Interest; the number of authorized or outstanding Membership Units of any class or series; any matter relating to the acquisition, holding and disposition of any assets by the Company; or any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Agreement or otherwise to be determined by the Managing Member.

Section 7.2 *Articles of Organization*. The Managing Member, as the designated "authorized person" within the meaning of the Act, may file amendments to and restatements of the Articles of Organization and do all other things to maintain the Company as a limited liability company under the laws of the State of Maryland and each other state, the District of Columbia or any other jurisdiction, in which the Company may elect to do business or own property. Subject to the terms of Section 8.5(a) hereof, the Managing Member shall not be required, before or after filing, to deliver or mail a copy of the Articles of Organization or any amendment thereto to any Member. The Managing Member shall use all reasonable efforts to cause to be filed such other certificates or documents for the formation, continuation, qualification and operation of a limited liability company in the State of Maryland and any other state, or the District of Columbia or other jurisdiction, in which the Company may elect to do business or own property.

Section 7.3 *Restrictions on Managing Member's Authority*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managing Member may not, in its capacity as the Managing Member, for or on behalf of the Company, and may not authorize the Manager pursuant to the Management Agreement 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) take any action that would make it impossible to carry on the ordinary business of the Company, except as otherwise provided in this Agreement or with the Consent of the Non-Managing Members;

&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) enter into any contract, mortgage, loan or other agreement that, in the absence of any default by the Managing Member of its obligations thereunder, expressly prohibits or restricts (A) the Managing Member or the Company from performing its specific obligations under Section 15.1 hereof in full or (B) a Member from exercising its rights under Section 15.1 hereof to effect a Redemption in full, except, in either case, (x) with the Consent of each Non-Managing Member affected by the prohibition or restriction or (y) in connection with or as a result of a Termination Transaction that, in accordance with Section 11.2(b)(i) and/or (ii), does not require the Consent of the Non-Managing Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 14.2 hereof but subject to the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, the Managing Member shall have the power, without the Consent of the Members or the consent or approval of any Member or any other Person, to amend this Agreement as may be required to facilitate or implement any of the following purposes:

&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 add to the obligations of the Managing Member or surrender any right or power granted to the Managing Member or any Affiliate of the Managing Member for the benefit of the Members;

&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 reflect the admission, substitution or withdrawal of Members, the Transfer of any Membership Interest, the termination of the Company in accordance with this Agreement, or the adjustment of outstanding LTIP Units as contemplated by Section 16.3, and to update the Member Registry in connection with such admission, substitution, withdrawal, Transfer or adjustment;

&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 reflect a change that is of an inconsequential nature or does not adversely affect the Members in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions of this Agreement, or make other changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the 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;(iv) to set forth or amend the rights, powers and duties of the Holders of any additional Membership Interests issued pursuant to Article 4 (including any changes contemplated by Section 5.5 above);

&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 satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state court or agency or contained in federal or state law or the listing standards of any securities exchange upon which the Managing Member's securities are then listed or admitted for trading;

&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) (A) to reflect such changes as are reasonably necessary or appropriate for the Managing Member to maintain its status as a REIT or to satisfy the REIT Requirements or (B) to reflect the Transfer of all or any part of a Membership Interest among the Managing Member and any Disregarded Entity with respect to the Managing Member;

&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 modify either or both of the manner in which items of Net Income or Net Loss are allocated pursuant to Article VI or the manner in which Capital Accounts are adjusted, computed, or maintained (but in each case only to the extent otherwise provided in this Agreement and as may be permitted under applicable law);

&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 reflect the issuance of additional Membership Interests in accordance with Section 4.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) as contemplated by the last sentence of Section 4.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to reflect any other modification to this Agreement as is reasonably necessary for the business or operations of the Company or the Managing Member and which does not violate Section 7.3(d); 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;(xi) to effect or facilitate a Termination Transaction that, in accordance with Section 11.2(b)(i) and/or (ii), does not require the Consent of the Non-Managing Members and, if the Company is the Surviving Company in any Termination Transaction, to modify Section 15.1 or any related definitions to provide that the holders of interests in such Surviving Company have rights that are consistent with Section 11.2B(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Sections 7.3(b) (other than as set forth below in this Section 7.3(c)) and 14.2 hereof, this Agreement shall not be amended, and no action may be taken by the Managing Member (and the Managing Member shall not authorize the Manager pursuant to the Management Agreement to take any action), without the Consent of each Member adversely affected thereby, if such amendment or action would (i) adversely modify in any material respect the limited liability of a Member, (ii) alter the rights of any Member to receive the distributions to which such Member is entitled pursuant to Article 5 or Section 13.2(a)(iv) hereof, or alter the allocations specified in Article 6 hereof (except, in any case, as permitted pursuant to Sections 4.2, 5.5, 7.3(b) (including clause (xi) thereof) and Article 6 hereof), (iii) alter or modify the Redemption rights, Cash Amount or REIT Shares Amount as set forth in Section 15.1 hereof, or amend or modify any related definitions (except, in any case, as permitted pursuant to clause (xi) of Section 7.3(b) hereof), (iv) alter or modify Section 11.2 hereof (except as permitted pursuant to clause (xi) of Section 7.3(b) hereof), (v) subject to Section 7.8(i), remove the powers and restrictions related to REIT Requirements or permitting the Managing Member to avoid paying tax under Code Sections 857 or 4981 contained in Sections 7.1 and 7.3, or (vi) amend this Section 7.3(c) (except as permitted pursuant to clause (xi) of Section 7.3(b) hereof). Further, no amendment may alter the restrictions on the Managing Member's authority set forth elsewhere in this Section 7.3 without the Consent specified therein. Any such amendment or action consented to by any Member shall be effective as to that Member, notwithstanding the absence of such consent by any other Member.

Section 7.4 *Reimbursement of the Managing Member*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managing Member shall not be compensated for its services as Managing Member of the Company except as provided in this Agreement (including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which the Managing Member may be entitled in its capacity as the Managing Member). The Members acknowledge and agree that the Manager shall be compensated for its services pursuant to the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Sections 7.4(d) and 15.12 hereof, the Company shall be responsible for and shall pay all expenses relating to the Company's and the Managing Member's organization and the ownership of each of their assets and operations. The Managing Member is hereby authorized to pay compensation for accounting, administrative, legal, technical, management and other services rendered to the Company. The Company shall be liable for, and shall reimburse the Managing Member, on a monthly basis, or such other basis as the Managing Member may determine in its sole and absolute discretion, for all sums expended in connection with the Company's business, including, without limitation, (i) expenses relating to the ownership of interests in and management and operation of, or for the benefit of, the Company, (ii) compensation of officers and employees, including, without limitation, payments under future compensation plans, of the Managing Member, or the Company that may provide for stock units, or phantom stock, pursuant to which employees of the Managing Member, the Company, the Manager or its Affiliates will receive payments based upon dividends on or the value of Class A-1 REIT Shares, (iii) director fees and expenses of the Managing Member or its Affiliates, (iv) any expenses (other than the purchase price) incurred by the Managing Member in connection with the redemption or other repurchase of its Capital Shares or the purchase by the Managing Member of any outstanding Membership Units, (v) all costs and expenses of the Managing Member in connection with the preparation of reports and other distributions to its stockholders and any regulatory or governmental authorities or agencies and, as applicable, all costs and expenses of the Managing Member as a reporting company (including, without limitation, costs of filings with the SEC), (vi) all costs and expenses of the Managing Member in connection with its operation as a REIT, and (vii) all costs and expenses of the Managing Member in connection with the offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests and financing or refinancing of any type related to the Company or its assets or activities; *provided*, *however*, that the amount of any reimbursement shall be reduced by any interest earned by the Managing Member with respect to bank accounts or other instruments or accounts held by it on behalf of the Company as permitted pursuant to Section 7.5 hereof. The Members acknowledge that all such expenses of the Managing Member are deemed to be for the benefit of the Company. Such reimbursements shall be in addition to any reimbursement of the Managing Member as a result of indemnification pursuant to Section 7.7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Managing Member shall elect to purchase from its stockholders Capital Shares for the purpose of delivering such Capital Shares to satisfy an obligation under any dividend reinvestment program adopted by the Managing Member, any employee stock purchase plan adopted by the Managing Member or any similar obligation or arrangement undertaken by the Managing Member in the future, in lieu of the treatment specified in Section 4.7(b), the purchase price paid by the Managing Member for such Capital Shares shall be considered expenses of the Company and shall be advanced to the Managing Member or reimbursed to the Managing Member, subject to the condition that: (i) if such Class A-1 REIT Shares subsequently are sold by the Managing Member, the Managing Member shall pay or cause to be paid to the Company any proceeds received by the Managing Member for such Class A-1 REIT Shares (which sales proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar program; *provided*, that a transfer of Class A-1 REIT Shares for Membership Units pursuant to Section 15.1 would not be considered a sale for such purposes); and (ii) if such Class A-1 REIT Shares are not retransferred by the Managing Member within 30 days after the purchase thereof, or the Managing Member otherwise determines not to retransfer such Class A-1 REIT Shares, the Managing Member shall cause the Company to redeem a number of Membership Units determined in accordance with Section 4.7(b), as adjusted, (x) pursuant to Section 7.5 (in the event the Managing Member acquires material assets, other than on behalf of the Company) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to assets not received by the Managing Member pursuant to a pro rata distribution by the Company (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption of such number of Membership Units held by the Managing Member).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent practicable, Company expenses shall be billed directly to and paid by the Company and, subject to Section 15.12 hereof, if and to the extent any reimbursements to the Managing Member or any of its Affiliates by the Company pursuant to this Section 7.4 constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Company), such amounts shall be treated as "guaranteed payments" within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Members' Capital Accounts.

Section 7.5 *Outside Activities of the Managing Member*. Without the Consent of the Members, not to be unreasonably withheld, conditioned or delayed, the Managing Member shall not directly or indirectly enter into or conduct any business, other than in connection with, (a) the ownership, acquisition and disposition of Membership Interests, (b) the management of the business and affairs of the Company (including the retention of the Manager), (c) the operation of the Managing Member as a reporting company with a class (or classes) of securities registered under the Exchange Act, (d) its operations as a REIT, (e) the offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests, (f) financing or refinancing of any type related to the Company or its assets or activities, and (g) such activities as are incidental thereto; *provided*, *however*, that, except as otherwise *provided* herein, any funds raised by the Managing Member pursuant to the preceding clauses (e) and (f) shall be made available to the Company, whether as Capital Contributions, loans or otherwise, as appropriate, and, *provided*, *further,* that the Managing Member may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Company so long as the Managing Member takes commercially reasonable measures to ensure that the economic benefits and burdens of such Property are otherwise vested in the Company, through assignment, mortgage loan or otherwise or, if it is not commercially reasonable to vest such economic interests in the Company, the Members shall negotiate in good faith to amend this Agreement, including, without limitation, the definition of "Adjustment Factor," to reflect such activities and the direct ownership of assets by the Managing Member. Nothing contained herein shall be deemed to prohibit the Managing Member from executing guarantees of Company debt. The Managing Member and all Disregarded Entities with respect to the Managing Member, taken as a group, shall not own any assets or take title to assets (other than temporarily in connection with an acquisition prior to contributing such assets to the Company) other than (i) interests in Disregarded Entities with respect to the Managing Member, (ii) Membership Interests as the Managing Member, (iii) a minority interest in any Subsidiary of the Company that the Managing Member holds to maintain such Subsidiary's status as a partnership for federal income tax purposes or otherwise, and (iv) such cash and cash equivalents, bank accounts or similar instruments or accounts as such group deems reasonably necessary, taking into account Section 7.1(d) hereof and the requirements necessary for the Managing Member to qualify as a REIT and for the Managing Member to carry out its responsibilities contemplated under this Agreement and the Charter. Any Membership Interests acquired by the Managing Member, whether pursuant to the exercise by a Member of its right to Redemption, or otherwise, shall be automatically converted into a Managing Member Interest comprised of an identical number of Membership Units with the same terms as the class or series so acquired. Any Affiliates of the Managing Member may acquire Member Interests and shall, except as expressly provided in this Agreement, be entitled to exercise all rights of a Member relating to such Member Interests.

Section 7.6 *Transactions with Affiliates*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may lend or contribute funds to, and borrow funds from, Persons in which the Company has an equity investment, and such Persons may borrow funds from, and lend or contribute funds to, the Company, on terms and conditions established in the sole and absolute discretion of the Managing Member. The foregoing authority shall not create any right or benefit in favor of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in Section 7.5 hereof, the Company may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Managing Member and its Affiliates may sell, transfer or convey any property to, or purchase any property from, the Company, directly or indirectly, on terms and conditions established by the Managing Member in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Managing Member, in its sole and absolute discretion and without the approval of the Members or any of them or any other Persons, may propose and adopt (on behalf of the Company or its Subsidiaries) employee benefit plans (including without limitation plans that contemplate the issuance of LTIP Units) funded by the Company or its Subsidiaries for the benefit of employees of the Managing Member, the Company, Subsidiaries of the Company, the Manager or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the Managing Member, the Company or any of the Company's Subsidiaries.

Section 7.7 *Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent that a Maryland corporation may indemnify and advance expenses to directors and officers of a Maryland corporation under the laws of the State of Maryland, the Company shall indemnify, and shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to, any Indemnitee who is made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service as an Indemnitee. The rights to indemnification and advance of expenses provided by this Section 7.7 shall vest immediately upon any Indemnitee becoming an Indemnitee.

Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any Subsidiary of the Company (including, without limitation, any indebtedness which the Company or any Subsidiary of the Company has assumed or taken subject to), and the Managing Member is hereby authorized and empowered, on behalf of the Company, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness. It is the intention of this Section 7.7(a) that the Company indemnify each Indemnitee to the fullest extent permitted by law and this Agreement. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7(a). The termination of any proceeding by conviction of an Indemnitee or upon a plea of *nolo contendere* or its equivalent by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.7(a) with respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Company, and neither the Managing Member nor any other Holder shall have any obligation to contribute to the capital of the Company or otherwise provide funds to enable the Company to fund its obligations under this Section 7.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's obligation to indemnify or advance expenses hereunder to any Indemnitee shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from any other Person, including the Managing Member or from any insurance policy or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnification provided by this Section 7.7 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Members, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other Persons as the Managing Member shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Company's activities, regardless of whether the Company 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) Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Company or the Managing Member (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the IRS, penalties assessed by the U.S. Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or judgments or fines under this Section 7.7, unless such liabilities arise as a result of (i) an act or omission of such Indemnitee that was material to the matter giving rise to the Action and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, an act or omission that such Indemnitee had reasonable cause to believe was unlawful, or (iii) any transaction in which such Indemnitee actually received an improper personal benefit in violation or breach of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In no event may an Indemnitee subject any of the Holders 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 Section 7.7 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The provisions of this Section 7.7 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. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the Company's liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is the intent of the parties that any amounts paid by the Company to the Managing Member pursuant to this Section 7.7 shall be treated as "guaranteed payments" within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Members' Capital Accounts.

Section 7.8 *Duties and Liability of the Managing Member*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the maximum extent permitted under the Act, the only duties that the Managing Member owes to the Company, any Member or any other Person (including any creditor of any Member or assignee of any Membership Interest), fiduciary or otherwise, are to perform its contractual obligations as expressly set forth in this Agreement consistently with the implied contractual covenant of good faith and fair dealing. To the fullest extent permitted by law, the Managing Member, in its capacity as such, shall have no other duty, fiduciary or otherwise, to the Company, any Member or any other Person (including any creditor of any Member or any assignee of Membership Interest). The provisions of this Agreement other than this Section 7.8 shall create contractual obligations of the Managing Member only, and no such provision shall be interpreted to expand the fiduciary duties of the Managing Member under the Act as modified by this Agreement. To the fullest extent permitted by law, the provisions of this Section 7.8, to the extent they restrict or modify the duties and liabilities of the Managing Member or any other Person under the Act or otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities. The Managing Member is entitled to a presumption that any act or failure to act on the part of the Managing Member, and any decision or determination made by the Managing Member, is presumed to satisfy the duties of the Managing Member, whether under this Agreement or otherwise existing at law or in equity, and no act or failure to act by the Managing Member, or decision or determination made by the Managing Member (whether with respect to a change of control of the Company or otherwise) shall be subject to any duty, standard of conduct, burden of proof or scrutiny, whether at law or in equity, other than as set forth in this Section 7.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Members agree that (i) the Managing Member is acting for the benefit of the Company, the Members and the Managing Member's stockholders collectively and (ii) notwithstanding any duty otherwise existing at law or equity, in the event of a conflict between the interests of the Company or any Member, on the one hand, and the separate interests of the Managing Member or its stockholders, on the other hand, the Managing Member may give priority to the separate interests of the Managing Member or the stockholders of the Managing Member (including, without limitation, with respect to tax consequences to Members, Assignees or the Managing Member's stockholders), and, in the event of such a conflict, any action or failure to act on the part of the Managing Member (or the Managing Member's directors, officers or agents) that gives priority to the separate interests of the Managing Member or its stockholders that does not result in a violation of the contract rights of the Members under this Agreement does not violate any other duty owed by the Managing Member to the Company and/or the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to its obligations and duties as Managing Member set forth in this Agreement and applicable law, the Managing Member may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents, including the Manager pursuant to the Management Agreement. The Managing Member shall not be responsible to the Company or any Member for any misconduct or negligence on the part of any such employee or agent appointed by it in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any obligation or liability whatsoever of the Managing Member which may arise at any time under this Agreement or any other instrument, transaction, or undertaking contemplated hereby shall be satisfied, if at all, out of the assets of the Managing Member or the Company only. No such obligation or liability shall be personally binding upon, nor shall resort for the enforcement thereof be had to, any of the Managing Member's directors, stockholders, officers, employees, or agents, regardless of whether such obligation or liability is in the nature of contract, tort or otherwise. Notwithstanding anything to the contrary set forth in this Agreement, and to the fullyest extent permitted by law, none of the directors or officers of the Managing Member shall be directly liable or accountable in damages or otherwise to the Company, any Members, or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission or by reason of their service as such. This Agreement is executed by the officers of the Managing Member solely as officers of the same and not in their own individual capacities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything herein to the contrary and to the fullest extent permitted by law, except for liability for fraud, willful misconduct or gross negligence on the part of the Managing Member, or pursuant to any express indemnities given to the Company by the Managing Member pursuant to any other written instrument, the Managing Member shall not have any personal liability whatsoever, to the Company or to the other Members, for any action or omission taken in its capacity as the Managing Member or for the debts or liabilities of the Company or the Company's obligations hereunder, except pursuant to Section 15.1 or as expressly required by the Act. Without limitation of the foregoing, and except for liability for fraud, willful misconduct or gross negligence, or pursuant to Section 15.1 or any such express indemnity, no property or assets of the Managing Member, other than its interest in the Company, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Member(s) and arising out of, or in connection with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent that, under applicable law, the Managing Member has duties (including fiduciary duties) and liabilities relating thereto to the Company or the Members, to the fullest extent permitted by law, the Managing Member shall not be liable to the Company or to any other Member for its good faith reliance on the provisions of this Agreement. In accordance with and subject to Section 4A-102 of the Act, the provisions of this Agreement, to the extent that they restrict or modify the duties and liabilities of the Managing Member under the Act or otherwise existing under applicable law, are agreed by the Members to operate as an express limitation of any such duties and liabilities and to replace such other duties and liabilities of such Managing Member and further acknowledged and agreed that such provisions are fundamental elements to the agreement of the Members and the Managing Member to enter into this Agreement and without such provisions the Members and the Managing Member would not have entered into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever in this Agreement the Managing Member is permitted or required to make a decision in its "sole and absolute discretion," "sole discretion" or "discretion" or under a grant of similar authority or latitude, the Managing Member shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest or factors affecting the Company or the Members or any of them, and any such decision or determination made by the Managing Member that does not consider such interests or factors affecting the Company of the Members, or any of them, that does not result in a violation of the contract rights of the Members under this Agreement or any other duty owed by the Managing Member to the Company and/or the Members pursuant to express terms of this Agreement. If any question should arise with respect to the operation of the Company, which is not otherwise specifically provided for in this Agreement or the Act, or with respect to the interpretation of this Agreement, the Managing Member is hereby authorized to make a final determination with respect to any such question and to interpret this Agreement in such a manner as it shall deem, in its sole discretion, to be fair and equitable, and its determination and interpretations so made shall be final and binding on all parties. The Managing Member's "sole and absolute discretion," "sole discretion" and "discretion" under this Agreement shall be exercised consistently with good faith reliance on the provisions of this Agreement and the obligation of good faith and fair dealing under the Act (as modified by the Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Managing Member may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. In performing its duties under this Agreement, the Managing Member shall be entitled to rely on the provisions of this Agreement and on any information, opinion, report or statement, including any financial statement or other financial data or the records or books of account of the Company or any subsidiary of the Company, prepared or presented by any officer, employee or agent of the Managing Member, any agent of the Company or any such subsidiary, or by any lawyer, certified public accountant, appraiser or other person engaged by the Managing Member, the Company or any such subsidiary as to any matter within such person's professional or expert competence, and any act taken or omitted to be taken in reliance upon any such information, opinion, report or statement as to matters that the Managing Member reasonably believes to be within such Person's professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such information, opinion, report or statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No director, officer or agent of the Managing Member shall have any duties directly to the Company or any Member. No director, officer or agent of the Managing Member shall be directly liable to the Company or any Member for money damages by reason of their service as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding any other provision of this Agreement or the Act, any action of the Managing Member on behalf of the Company or any decision of the Managing Member to refrain from acting on behalf of the Company, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the Managing Member to continue to qualify as a REIT, (ii) for the Managing Member otherwise to satisfy the REIT Requirements, (iii) for the Managing Member to avoid incurring any taxes under Code Section 857 or Code Section 4981, or (iv) for any Managing Member Affiliate to continue to qualify as a "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)) or "taxable REIT subsidiary" (within the meaning of Code Section 856(l)), is expressly authorized under this Agreement and is deemed approved by all of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the Managing Member's and its officers' and directors' liability to the Company and the Members under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In exercising its authority under this Agreement and subject to Section 7.8(b), the Managing Member may, but shall be under no obligation to, take into account the tax consequences to any Member of any action taken (or not taken) by it. The Managing Member and the Company shall not have liability to a Member under any circumstances as a result of any tax liability incurred by such Member as a result of an action (or inaction) by the Managing Member pursuant to its authority under this Agreement.

Section 7.9 *Title to Company Assets.* Title to Company assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, individually or collectively with other Members or Persons, shall have any ownership interest in such Company assets or any portion thereof. Title to any or all of the Company assets may be held in the name of the Company, the Managing Member or one or more nominees, as the Managing Member may determine, including Affiliates of the Managing Member. The Managing Member hereby declares and warrants that any Company assets for which legal title is held in the name of the Managing Member or any nominee or Affiliate of the Managing Member shall be held by the Managing Member or such nominee or Affiliate for the use and benefit of the Company in accordance with the provisions of this Agreement. All Membership assets shall be recorded as the property of the Company in its books and records, irrespective of the name in which legal title to such Company assets is held.

Section 7.10 *Reliance by Third Parties.* Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Company shall be entitled to assume that each of the Managing Member and the Manager has full power and authority, without the consent or approval of any other Member, or Person, to encumber, sell or otherwise use in any manner any and all assets of the Company and to enter into any contracts on behalf of the Company, and take any and all actions on behalf of the Company, and such Person shall be entitled to deal with the Managing Member or the Manager as if it were the Company's sole party in interest, both legally and beneficially. To the fullest extent permitted by law, each Member hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Managing Member or the Manager in connection with any such dealing. In no event shall any Person dealing with the Managing Member, the Manager or their respective representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the Managing Member, the Manager or their respective representatives. Each and every certificate, document or other instrument executed on behalf of the Company by the Managing Member, the Manager or their respective representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Company and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Company.

**ARTICLE 8<br> RIGHTS AND OBLIGATIONS OF NON-MANAGING MEMBERS**

Section 8.1 *Duties; Limitation of Liability*. To the maximum extent permitted under the Act, except as set forth in Section 7.8 with respect to the Managing Member, the only duties that a Member owes to the Company, any Member or any other Person (including any creditor of any Member or assignee of any Membership Interest), fiduciary or otherwise, are to perform its contractual obligations as expressly set forth in this Agreement consistently with the implied contractual covenant of good faith and fair dealing. To the fullest extent permitted by law, no Member, other than the Managing Member, in its capacity as such, shall have any other duty, fiduciary or otherwise, to the Company, any Member or any other Person (including any creditor of any Member or any assignee of Membership Interest). The provisions of this Agreement other than this Section 8.1 shall create contractual obligations of the Members only, and no such provision shall be interpreted to expand, modify or impose fiduciary duties of the Members set forth in this Agreement. To the fullest extent permitted by law, the provisions of this Section 8.1, to the extent they restrict or modify the duties and liabilities of the Members or any other Person under the Act or otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities. No Non-Managing Member shall have any liability under this Agreement except for intentional harm or gross negligence on the part of such Non-Managing Member or as expressly provided in this Agreement (including, without limitation, Section 10.4 hereof) or under the Act.

Section 8.2 *Management of Business.* Subject to the rights and powers of the Managing Member hereunder, no Member or Assignee (other than the Managing Member, any of its Affiliates or any officer, director, member, employee, partner, agent or trustee of the Managing Member, the Company or any of their Affiliates, in their capacity as such) shall take part in the operations, management or control of the Company's business, transact any business in the Company's name or have the power to sign documents for or otherwise bind the Company. The transaction of any such business by the Managing Member, any of its Affiliates or any officer, director, member, employee, partner, agent, representative, or trustee of the Managing Member, the Company or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Members or Assignees under this Agreement.

Section 8.3 *Outside Activities of Members.* Subject to any agreements entered into pursuant to Section 7.6 hereof and any other agreements entered into by a Member (other than the Managing Member) or any of its Affiliates with the Managing Member, the Company or a Subsidiary (including, without limitation, any employment agreement), any Member (other than the Managing Member) and any Assignee, officer, director, employee, agent, trustee, Affiliate, member or stockholder of any Member (other than the Managing Member) shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Company, including business interests and activities that are in direct or indirect competition with the Company or that are enhanced by the activities of the Company notwithstanding any duty otherwise existing at law or in equity. Neither the Company nor any Member (other than the Managing Member) shall have any rights by virtue of this Agreement in any business ventures of any Member (other than the Managing Member) or Assignee. Subject to such agreements, none of the Members (other than the Managing Member) nor any other Person shall have any rights by virtue of this Agreement or the Company relationship established hereby in any business ventures of any other Person (other than the Managing Member), and such Person shall have no obligation pursuant to this Agreement, subject to Section 7.6 hereof and any other agreements entered into by a Member (other than the Managing Member) or its Affiliates with the Managing Member, the Company or a Subsidiary, to offer any interest in any such business ventures to the Company, any Member (other than the Managing Member), or any such other Person, even if such opportunity is of a character that, if presented to the Company, any Member (other than the Managing Member) or such other Person, could be taken by such Person. In deciding whether to take any actions in such capacity, the Members (other than the Managing Member) and their respective Affiliates shall be under no obligation to consider the separate interests of the Company or its subsidiaries and to the maximum extent permitted by applicable law shall have no fiduciary duties or similar obligations to the Company or any other Members (other than the Managing Member), or to any subsidiary of the Company, and, to the fullest extent permitted by law, shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not derived by the other Members (other than the Managing Member) in connection with such acts except for liability for fraud, willful misconduct or gross negligence.

Section 8.4 *Return of Capital*. Except pursuant to the rights of Redemption set forth in Section 15.1 hereof or any Membership Unit Designation, no Member shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon dissolution of the Company as *provided* herein. Except to the extent provided in Article 5 and Article 6 hereof or otherwise expressly provided in this Agreement or in any Membership Unit Designation, no Member or Assignee shall have priority over any other Member or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions.

Section 8.5 *Rights of Members Relating to the Company*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5(c) hereof, the Managing Member shall deliver to each Member a copy of any information mailed or electronically delivered to all of the common stockholders of the Managing Member as soon as practicable after such mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall notify any Member that is a Qualifying Party, on request, of the then current Adjustment Factor and any change made to the Adjustment Factor shall be set forth in the quarterly report required by Section 9.3(b) hereof immediately following the date such change becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Section 8.5, the Managing Member may keep confidential from the Members (or any of them), for such period of time as the Managing Member determines in its sole and absolute discretion to be reasonable, any information that (i) the Managing Member believes to be in the nature of trade secrets or other information the disclosure of which the Managing Member believes is not in the best interests of the Company or the Managing Member or (ii) the Company or the Managing Member is required by law or by agreement to keep confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon written request by any Member, the Managing Member shall cause the ownership of Membership Units by such Member to be evidenced by a certificate for units in such form as the Managing Member may determine with respect to any class of Membership Units issued from time to time under this Agreement. Any officer of the Managing Member may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Company alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the person claiming the certificate to be lost, destroyed, stolen or mutilated. Unless otherwise determined by an officer of the Managing Member, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or such owner's legal representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Company a bond in such sums as the Managing Member may direct as indemnity against any claim that may be made against the Company.

Section 8.6 *Company Right to Call Common Units*. Notwithstanding any other provision of this Agreement: (i) on and after the date on which the aggregate Percentage Interests of the Common Units held by Holders (other than the Managing Member) are less than one percent (1%) of the outstanding Common Units, the Company shall have the right, but not the obligation, from time to time and at any time to redeem any and all outstanding Common Units and (ii) at any time a Holder holds less than fifty thousand (50,000) Common Units (as adjusted, if applicable, by the Adjustment Factor then in effect), the Company shall have the right in its sole discretion, but not the obligation to such Holders or Holder, from time to time and at any time to redeem all or any portion of the outstanding Common Units held by such Holders or Holder, in each case by treating any such Holder thereof as a Tendering Party who has delivered a Notice of Redemption pursuant to Section 15.1 hereof for the amount of Common Units to be specified by the Managing Member, by notice to such Holder that the Company has elected to exercise its rights under this Section 8.6(a). Such notice given by the Company to a Holder pursuant to this Section 8.6(a) shall be treated as if it were a Notice of Redemption delivered to the Managing Member by such Holder. For purposes of this Section 8.6(a), (i) the Managing Member may treat any Holder (whether or not otherwise a Qualifying Party) as a Qualifying Party that is a Tendering Party and (ii) the provisions of Sections 15.1(f)(ii) and 15.1(f)(iii) hereof shall not apply, but the remainder of Section 15.1 hereof shall apply, *mutatis mutandis*.

Section 8.7 *Rights as Objecting Member*. No Member and no Holder of a Membership Interest shall be entitled to exercise any of the rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the MGCL or any successor statute in connection with a merger or a conversion of the Company.

**ARTICLE 9<br> BOOKS, RECORDS, ACCOUNTING AND REPORTS**

Section 9.1 *Records and Accounting*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managing Member shall keep or cause to be kept at the principal place of business of the Company those records and documents, if any, required to be maintained by the Act and any other books and records deemed by the Managing Member to be appropriate with respect to the Company's business, including, without limitation, all books and records necessary to provide to the Members any information, lists and copies of documents required to be provided pursuant to Section 8.5(a), Section 9.3 or Article 13 hereof. Any records maintained by or on behalf of the Company in the regular course of its business may be kept on any information storage device, *provided* that the records so maintained are convertible into clearly legible written form within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The books of the Company shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted accounting principles, or on such other basis as the Managing Member determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Company and the Managing Member may operate with integrated or consolidated accounting records, operations and principles.

Section 9.2 *Fiscal Year*. For purposes of this Agreement, the fiscal year of the Company shall be the Fiscal Year.

Section 9.3 *Reports*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as practicable, but in no event later than one hundred five (105) days after the close of each Fiscal Year, the Managing Member shall cause to be mailed to each Member of record as of the close of the Fiscal Year, financial statements of the Company, or of the Managing Member if such statements are prepared solely on a consolidated basis with the Managing Member, for such Fiscal Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as practicable, but in no event later than sixty (60) days after the close of each calendar quarter (except the last calendar quarter of each year), the Managing Member shall cause to be mailed to each Member of record as of the last day of the calendar quarter, a report containing unaudited financial statements of the Company for such calendar quarter, or of the Managing Member if such statements are prepared solely on a consolidated basis with the Managing Member, and such other information as may be required by applicable law or regulation or as the Managing Member determines to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Managing Member shall have satisfied its obligations under Section 9.3(a) and Section 9.3(b) by either (i) to the Managing Member or the Company being subject to periodic reporting requirements under the Exchange Act, and filing the quarterly and annual reports required thereunder within the time periods provided for the filing of such reports, including any permitted extensions, or (ii) posting or making available the reports required by this Section 9.3 on the website maintained from time to time by the Company or the Managing Member.

Section 9.4 *Waiver of Statutory Inspection Rights*. To the fullest extent permitted by law, each Member hereby waives any current or future rights Members may have under Section 4A-406 of the Act (and similar rights under other applicable law) to inspect, or make copies and extracts from, the Company's membership ledger, any list of its Members, or any other books and records of the Company or any of its affiliates or subsidiaries, in Member's capacity as a holder of membership units, shares, units, options, or any other equity instrument.

**ARTICLE 10<br> TAX MATTERS**

Section 10.1 *Preparation of Tax Returns*. The Managing Member shall arrange for the preparation and timely filing of all returns with respect to Company income, gains, deductions, losses and other items required of the Company for federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of each taxable year, the drafts of the tax information reasonably required by Members for federal and state income tax and any other tax reporting purposes. Final versions of such information (including Schedule K-1) share be provided within two hundred ten (210) days of the close of each taxable year. The Members shall promptly provide the Managing Member with such information relating to the Contributed Properties as is readily available to the Members, including tax basis and other relevant information, as may be reasonably requested by the Managing Member from time to time.

Section 10.2 *Tax Elections*. Except as otherwise *provided* herein, the Managing Member shall, in its sole and absolute discretion, determine whether to cause the Company to make any available election pursuant to the Code, including, but not limited to, the election under Code Section 754. The Managing Member shall have the right to cause the Company to seek to revoke any such election (including, without limitation, any election under Code Section 754) upon the Managing Member's determination in its sole and absolute discretion that such revocation is in the best interests of the Members.

Section 10.3 *Company Representative*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managing Member shall be the "partnership representative" of the Company under Code Section 6223 for federal income tax purposes (the "*Company Representative*"). The Company Representative shall receive no compensation for its services. All third-party costs and expenses incurred by the Company Representative in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Company in addition to any reimbursement pursuant to Section 7.4 hereof. Nothing herein shall be construed to restrict the Company from engaging an accounting firm to assist the Company Representative in discharging its duties hereunder. The Managing Member shall appoint an individual (the "*Designated Individual*") through whom the Company Representative will act in accordance with Regulations Section 301.6223-1 and any other applicable IRS guidance. The Designated Individual is authorized to take any action the Company Representative is authorized to take under this Agreement. The Members shall promptly provide the Company Representative with such information as is reasonably available to the Members as may be reasonably requested by the Company Representative from time to time in connection with any tax audit or judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company Representative is authorized, but not required:

&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 enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of Company items required to be taken into account by a Member for income tax purposes (such administrative proceedings being referred to as a "tax audit" and such judicial proceedings being referred to as "judicial review"), and in the settlement agreement the Company Representative may expressly state that such agreement shall bind all Members;

&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) in the event that a notice of a final administrative adjustment at the Company level of any item required to be taken into account by a Member for tax purposes (a "*Final Adjustment*") is mailed to the Company Representative, to seek judicial review of such Final Adjustment, including the filing of a petition for readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Company's principal place of business is located;

&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 intervene in any action brought by any other Member for judicial review of a final adjustment;

&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 file a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request;

&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 enter into an agreement with the IRS to extend the period for assessing any tax that is attributable to any item required to be taken into account by a Member for tax purposes, or an item affected by such item;

&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 make an election under Code Section 6226; 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;(vii) to take any other action on behalf of the Members or any of them in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations.

The taking of any action and the incurring of any expense by the Company Representative in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the Company Representative and the provisions relating to indemnification of the Managing Member set forth in Section 7.7 hereof shall be fully applicable to the Company Representative and the Designated Individual in their capacities as such.

Section 10.4 *Withholding*. Each Member hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Member any amount of federal, state, local or foreign taxes that the Managing Member determines the Company is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Company pursuant to Code Section 1441, Code Section 1442, Code Section 1445, Code Section 1446, Code Section 1471, Code Section 1472, Code Section 6225 or Code Section 6232. Any amount withheld with respect to a Member pursuant to this Section 10.4 shall be treated as paid or distributed, as applicable, to such Member for all purposes under this Agreement. Any amount paid on behalf of or with respect to a Member, in excess of any such withheld amount, shall constitute a loan by the Company to such Member, which loan shall be repaid by such Member within thirty (30) days after the affected Member receives written notice from the Managing Member that such payment must be made, *provided* that the Member shall not be required to repay such deemed loan if either (a) the Company withholds such payment from a distribution that would otherwise be made to the Member or (b) the Managing Member determines, in its sole and absolute discretion, that such payment may be satisfied out of the Available Cash of the Company that would, but for such payment, be distributed to the Member. Any amounts payable by a Member hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street Journal (but not higher than the maximum lawful rate) from the date such amount is due (i.e., thirty (30) days after the Member receives written notice of such amount) until such amount is paid in full.

Section 10.5 *Organizational Expenses*. The Managing Member may cause the Company to elect to deduct expenses, if any, incurred by it in organizing the Company ratably over a 180-month period as provided in Section 709 of the Code.

Section 10.6 *Membership Provisions*. At any time no Person other than the Managing Member or a Disregarded Entity thereof owns an equity interest in the Company, the Company will be a Disregarded Entity of the Managing Member for U.S. federal income tax purposes and will remain disregarded until such time as a Person other than the Managing Member or a Disregarded Entity thereof acquires an equity interest in the Company, at which point the Company would become a partnership for U.S. federal income tax purposes. Accordingly, notwithstanding anything to the contrary in this Agreement, the provisions of this Agreement that (i) relate to the maintenance of Capital Accounts, (ii) reference or apply the provisions of Subchapter K of the Code, or (iii) otherwise are, in the Managing Member's determination, not relevant to the Company for so long as it is a Disregarded Entity shall, in each case, apply only if and to the extent the Company is treated as a partnership for U.S. federal income tax purposes.

Section 10.7 *Survival*. Each Member's obligations and the Company's rights under this Article X shall survive the dissolution, liquidation, and winding up of the Company and, unless otherwise agreed by the Managing Member in its sole discretion, the Transfer of any Membership Interest.

**ARTICLE 11<br> MEMBER TRANSFERS AND WITHDRAWALS**

Section 11.1 *Transfer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No part of the interest of a Member shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Membership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. To the fullest extent permitted by law, any Transfer or purported Transfer of a Membership Interest not made in accordance with this Article 11 shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Transfer of any Membership Interest may be made to a lender to the Company or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Company whose loan constitutes a Nonrecourse Liability, without the Consent of the Managing Member; *provided*, *however*, that, as a condition to such Consent, the lender may be required to enter into an arrangement with the Company and the Managing Member to redeem or exchange for the REIT Shares Amount any Membership Units in which a security interest is held by such lender simultaneously with the time at which such lender would be deemed to be a partner in the Company for purposes of allocating liabilities to such lender under Section 752 of the Code (*provided* that, for purpose of calculating the REIT Shares Amount in this Section 11.1(c), "*Tendered Units*" shall mean all such Membership Units in which a security interest is held by such lender).

Section 11.2 *Transfer of Managing Member's Membership Interest*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Section 11.2(b) or Section 11.2(c), and subject to the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, the Managing Member may not Transfer all or any portion of its Membership Interest (whether by sale, disposition, statutory merger or consolidation, liquidation or otherwise) without the Consent of the Non-Managing Members (excluding, for purposes of such consent, any outstanding LTIP Units). It is a condition to any Transfer of a Membership Interest of a Managing Member otherwise permitted hereunder (including any Transfer permitted pursuant to Section 11.2(b) or Section 11.2(c)) that: (i) coincident with such Transfer, the transferee is admitted as a Managing Member pursuant to Section 12.1 hereof; (ii) the transferee assumes, by operation of law or express agreement, all of the obligations of the transferor Managing Member under this Agreement with respect to such Transferred Membership Interest; and (iii) the transferee has executed such instruments as may be necessary to effectuate such admission and to confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement with respect to the Membership Interest so acquired and the admission of such transferee as a Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certain Transactions of the Managing Member*. Subject to the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, the Managing Member may, without the Consent of the Non-Managing Members, Transfer all of its Membership Interest in connection with (x) a merger, consolidation or other combination of its or the Company's assets with another entity, (y) a sale of all or substantially all of its or the Company's assets not in the ordinary course of the Company's business or (z) a reclassification, recapitalization or change of any outstanding shares of the Managing Member's stock or other outstanding equity interests, other than in connection with a stock split, reverse stock split, stock dividend change in par value, increase in authorized shares, designation or issuance of new classes of equity securities or other event that does not require the approval of the Managing Member's stockholders (each, a "*Termination Transaction*") if:

&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) in connection with such Termination Transaction, all of the Members will receive, or will have the right to elect to receive (and shall be provided the opportunity to make such an election if the holders of the Class A-1 REIT Shares generally are also provided such an opportunity), for each Common Unit an amount of cash, securities or other property equal to the product of the applicable Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of one Class A-1 REIT Share in consideration of one Class A-1 REIT Share pursuant to the terms of such Termination Transaction; *provided*, that if, in connection with such Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the outstanding Class A-1 REIT Shares, each holder of Common Units shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities or other property which such holder of Common Units would have received had it exercised its right to Redemption pursuant to Article 15 hereof and received Class A-1 REIT Shares in exchange for its Common Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer and then such Termination Transaction shall have been consummated; 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;(ii) all of the following conditions are met: (A) substantially all of the assets directly or indirectly owned by the surviving entity are owned directly or indirectly by the Company or another limited liability company or entity which is the survivor of a merger, consolidation or combination of assets with the Company (in each case, the "*Surviving Company*"); (B) Members that held Common Units immediately prior to the consummation of such Termination Transaction own a percentage interest of the Surviving Company based on the relative fair market value of the net assets of the Company and the other net assets of the Surviving Company immediately prior to the consummation of such transaction; (C) the rights, preferences and privileges in the Surviving Company of such Members are at least as favorable as those in effect with respect to the Common Units immediately prior to the consummation of such transaction and as those applicable to any other non-managing members or owners of the Surviving Company; and (D) the rights of such Members include at least one of the following: (I) the right to redeem their interests in the Surviving Company for the consideration available to such persons pursuant to Section 11.2(b)(i) or (II) the right to redeem their interests in the Surviving Company for cash on terms substantially equivalent to those in effect with respect to their Common Units immediately prior to the consummation of such transaction, or, if the ultimate controlling person of the Surviving Company has publicly traded common equity securities, such common equity securities, with an exchange ratio based on the determination of relative fair market value of such securities and the Class A-1 REIT Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the other provisions of this Article 11 (other than Section 11.6(d) hereof), the Managing Member may Transfer any or all of its Membership Interests at any time to any Person that is, at the time of such Transfer an Affiliate of the Managing Member, including any "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)), without the Consent of any Non-Managing Members. The provisions of Section 11.2(b), 11.3, 11.4(a) and 11.5 hereof shall not apply to any Transfer permitted by this Section 11.2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except in connection with Transfers permitted in this Article 11 and as otherwise provided in Section 12.1 in connection with the Transfer of the Managing Member's entire Membership Interest, the Managing Member may not voluntarily withdraw as a Managing Member of the Company without the Consent of the Non-Managing Members.

Section 11.3 *Members' Rights to Transfer*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Prior to the end of the Initial Holding Period, no Member (other than, subject to Section 11.2, the Managing Member) shall Transfer all or any portion of its Membership Interest to any transferee without the Consent of the Managing Member; *provided*, *however*, that any Member may, at any time, without the consent or approval of the Managing Member, (x) Transfer all or part of its Membership Interest to any Family Member (including a Transfer by a Family Member that is an inter vivos or testamentary trust (whether revocable or irrevocable) to a Family Member that is a beneficiary of such trust), any Charity, any Controlled Entity or any Affiliate, or (y) except as provided in Section 11.1(c) hereof, pledge (a "*Pledge*") all or any portion of its Membership Interest to a lending institution as collateral or security for a bona fide loan or other extension of credit, and Transfer such pledged Membership Interest to such lending institution in connection with the exercise of remedies under such loan or extension of credit (any Transfer or Pledge permitted by this proviso is hereinafter referred to as a "*Permitted Transfer*"). After such Initial Holding Period, each Member (other than, subject to Section 11.2, the Managing Member), and each transferee of Membership Units or Assignee pursuant to a Permitted Transfer, shall have the right to Transfer all or any portion of its Membership Interest to any Person, without the Consent of the Managing Member but subject to the provisions of Section 11.1(c) and Section 11.4 hereof and to satisfaction of each of the following conditions:

&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) *Managing Member Right of First Refusal*. The transferor Member (or the Member's estate in the event of the Member's death) shall give written notice of the proposed Transfer to the Managing Member, which notice shall state (A) the identity and address of the proposed transferee and (B) the amount and type of consideration proposed to be received for the Transferred Membership Units. The Managing Member shall have ten (10) Business Days upon which to give the transferor Member notice of its election to acquire the Membership Units on the terms set forth in such notice. If the Managing Member so elects, it shall purchase the Membership Units on such terms within ten (10) Business Days after giving notice of such election; *provided*, *however*, that, in the event that the proposed terms involve a purchase for cash, the Managing Member may at its election deliver in lieu of all or any portion of such cash a note from the Managing Member payable to the transferor Member at a date as soon as reasonably practicable, but in no event later than one hundred eighty (180) days after such purchase, and bearing interest at an annual rate equal to the total dividends declared with respect to one (1) Class A-1 REIT Share for the four (4) preceding fiscal quarters of the Managing Member, divided by the Value as of the closing of such purchase; and *provided*, *further*, that such closing may be deferred to the extent necessary to effect compliance with the Hart-Scott-Rodino Act, if applicable, and any other applicable requirements of law. If the Managing Member does not so elect, the transferor Member may Transfer such Membership Units to a third party, on terms no more favorable to the transferee than the proposed terms, subject to the other conditions of this Section 11.3.

&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) *Qualified Transferee*. Any Transfer of a Membership Interest shall be made only to a single Qualified Transferee; *provided*, *however*, that, for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment accounts or funds managed by a single Qualified Transferee and its Affiliates, shall be considered together to be a single Qualified Transferee; and *provided*, *further*, that each Transfer meeting the minimum Transfer restriction of Section 11.3(a)(iv) hereof may be to a separate Qualified Transferee.

&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) *Opinion of Counsel*. The transferor Member shall deliver or cause to be delivered to the Managing Member an opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate the registration provisions of the Securities Act and the regulations promulgated thereunder or violate any state securities laws or regulations applicable to the Company or the Membership Interests Transferred; *provided*, *however*, that the Managing Member may, in its sole discretion, waive this condition upon the request of the transferor Member. If, in the opinion of such counsel, such Transfer would require the filing of a registration statement under the Securities Act or would otherwise violate any federal or state securities laws or regulations applicable to the Company or the Membership Units, the Managing Member may prohibit any Transfer otherwise permitted under this Section 11.3 by a Member of Membership 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;(iv) *Minimum Transfer Restriction*. Any Transferring Member must Transfer not less than the lesser of (A) five hundred (500) Membership Units or (B) all of the remaining Membership Units owned by such Transferring Member, without, in each case, the Consent of the Managing Member; *provided*, *however*, that, for purposes of determining compliance with the foregoing restriction, all Membership Units owned by Affiliates of a Member shall be considered to be owned by such Member.

&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) *Exception for Permitted Transfers*. The conditions of Sections 11.3(a)(i) through 11.3(a)(iv) hereof shall not apply in the case of a Permitted Transfer.

It is a condition to any Transfer otherwise permitted hereunder (whether or not such Transfer is effected during or after the Initial Holding Period) that the transferee assumes by operation of law or express agreement all of the obligations of the transferor Member under this Agreement with respect to such Transferred Membership Interest, and no such Transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Member are assumed by a successor corporation by operation of law) shall relieve the transferor Member of its obligations under this Agreement without the Consent of the Managing Member. Notwithstanding the foregoing, any transferee of any Transferred Membership Interest shall be subject to any restrictions on ownership and transfer of stock of the Managing Member contained in the Charter that may limit or restrict such transferee's ability to exercise its Redemption rights, including, without limitation, the Ownership Limit. Any transferee, whether or not admitted as a Substituted Member, shall take subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Member, no transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in Section 11.5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Incapacity*. If a Member is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator or receiver of such Member's estate shall have all the rights of a Member, but not more rights than those enjoyed by other Members, for the purpose of settling or managing the estate, and such power as the Incapacitated Member possessed to Transfer all or any part of its interest in the Company. The Incapacity of a Member, in and of itself, shall not dissolve or terminate the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Adverse Tax Consequences*. Notwithstanding anything to the contrary in this Agreement, the Managing Member shall have the authority (but shall not be required) to take any steps it determines are necessary or appropriate in its sole and absolute discretion to prevent the Company from being taxable as a corporation for federal income tax purposes. Except with the Consent of the Managing Member, no Transfer by a Member of its Membership Interests (including any Redemption, any conversion of LTIP Units into Common Units, any other acquisition of Membership Units by the Managing Member or any acquisition of Membership Units by the Company) may be made to or by any Person if such Transfer could (i) result in the Company being treated as an association taxable as a corporation; (ii) result in a termination of the Company for state income tax purposes; (iii) be treated as effectuated through an "established securities market" or a "secondary market (or the substantial equivalent thereof)" within the meaning of Code Section 7704 and the Regulations promulgated thereunder, (iv) result in the Company (A) being unable to qualify for the "private placements" safe harbor from treatment as a "publicly traded partnership" under Regulations Section 1.7704-1(h), (B) being unable to qualify for the "lack of actual trading" safe harbor from treatment as a "publicly traded partnership" under Regulations Section 1.7704-1(j), or (C) otherwise being unable to qualify for at least one of the "safe harbors" set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as "readily tradable on a secondary market (or the substantial equivalent thereof)" within the meaning of Section 7704 of the Code) (the "*Safe Harbors*") as selected by the Managing Member in its sole discretion or (v) based on the advice of counsel to the Company or the Managing Member, adversely affect the ability of the Managing Member to continue to qualify as a REIT or subject the Managing Member to any additional taxes under Code Section 857 or Code Section 4981.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition to any other restrictions on Transfer herein contained, in no event may any Transfer of a Membership Interest by any Member, other than the Managing Member (including any Redemption, any conversion of LTIP Units into Common Units, any acquisition of Membership Units by the Managing Member or any other acquisition of Membership Units by the Company) be made, without the Consent of the Managing Member: (i) to any person or entity who lacks the legal right, power or capacity to own a Membership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Membership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Membership Interest; (iv) in the event that such Transfer could cause either the Managing Member or any Managing Member Affiliate to cease to comply with the REIT Requirements or to cease to qualify as a "qualified REIT subsidiary" (within the meaning of Code Section 856(i)(2)); (v) if such Transfer could, based on the advice of counsel to the Company or the Managing Member, cause a termination of the Company for state income tax purposes (except as a result of the Redemption (or acquisition by the Managing Member) of all Common Units held by all Members); (vi) if such Transfer could, based on the advice of legal counsel to the Company or the Managing Member, cause the Company to cease to be classified as a partnership for federal income tax purposes (except as a result of the Redemption (or acquisition by the Managing Member) of all Common Units held by all Members); (vii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a "party-in-interest" (as defined in ERISA Section 3(14)) or a "disqualified person" (as defined in Code Section 4975(c)) or result in a "prohibited transaction" (within the meaning of ERISA or the Code); (viii) if such Transfer could, based on the advice of legal counsel to the Company or the Managing Member, cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA; (ix) if such Transfer requires the registration of such Membership Interest pursuant to any applicable federal or state securities laws; (x) if such Transfer could (A) be treated as effectuated through an "established securities market" or a "secondary market" (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and the Regulations promulgated thereunder, (B) cause the Company to become a "publicly traded partnership," as such term is defined in Sections 469(k)(2) or 7704(b) of the Code, or (C) cause the Company to fail to qualify for at least one of the Safe Harbors; (xi) if such Transfer causes the Company (as opposed to the Managing Member) to become a reporting company under the Exchange Act; or (xii) if such Transfer subjects the Company to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended. The Managing Member shall, in its sole discretion, be permitted to take all action necessary to prevent the Company from being classified as a "publicly traded partnership" under Code Section 7704.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Transfers of the Membership Interest of a Member, other than the Managing Member, pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Company, unless the Managing Member otherwise Consents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Article 11, if an Affiliate of a Member is a holder of Class A-2 REIT Shares, and such Member Transfers any Membership Interests to any transferee that is not an Affiliate of such Member, a corresponding number of Class A-2 REIT Shares held by such Member's Affiliate (on a one-for-one basis) will be cancelled and retired in compliance with the Charter.

Section 11.4 *Admission of Substituted Members*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Member shall have the right to substitute a transferee (including any transferees pursuant to Transfers permitted by Section 11.3 hereof) as a Member in its place. A transferee of a Member Interest may be admitted as a Substituted Member only with the Consent of the Managing Member. The failure or refusal by the Managing Member to permit a transferee of any such interests to become a Substituted Member shall not give rise to any cause of action against the Company or the Managing Member. Subject to the foregoing, an Assignee shall not be admitted as a Substituted Member until and unless it furnishes to the Managing Member (i) evidence of acceptance, in form and substance satisfactory to the Managing Member, of all the terms, conditions and applicable obligations of this Agreement, (ii) a counterpart signature page to this Agreement executed by such Assignee and (iii) such other documents and instruments as the Managing Member may require in its sole discretion to effect such Assignee's admission as a Substituted Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Concurrently with, and as evidence of, the admission of a Substituted Member, the Managing Member shall update the Member Registry and the books and records of the Company to reflect the name, address and number and class and/or series of Membership Units of such Substituted Member and to eliminate or adjust, if necessary, the name, address and number of Membership Units of the predecessor of such Substituted Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A transferee who has been admitted as a Substituted Member in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Member under this Agreement.

Section 11.5 *Assignees*. If the Managing Member does not Consent to the admission of any permitted transferee under Section 11.3 hereof as a Substituted Member, as described in Section 11.4 hereof, or in the event that any Membership Interest is deemed to have been Transferred notwithstanding the restrictions set forth in this Article 11, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited liability company interest under the Act, including the right to receive distributions from the Company and the share of Net Income, Net Losses and other items of income, gain, loss, deduction and credit of the Company attributable to the Membership Interest assigned to such transferee and the rights to Transfer the Membership Interest provided in this Article 11, but shall not be deemed to be a holder of a Membership Interest for any other purpose under this Agreement (other than as expressly provided in Section 15.1 hereof with respect to a Qualifying Party that becomes a Tendering Party), and shall not be entitled to effect a Consent or vote with respect to such Membership Interest on any matter presented to the Members for approval (such right to Consent or vote, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Member). In the event that any such transferee desires to make a further Transfer of any such Membership Interest, such transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Member desiring to make a Transfer of a Member Interest.

Section 11.6 *General Provisions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Member may withdraw from the Company other than as a result of: (i) a permitted Transfer of all of such Member's Membership Interest in accordance with this Article 11 with respect to which the transferee becomes a Substituted Member; (ii) pursuant to a redemption (or acquisition by the Managing Member) of all of its Membership Interest pursuant to a Redemption under Section 15.1 hereof and/or pursuant to Section 4.7 of this Agreement or any Membership Unit Designation or (iii) the acquisition by the Managing Member of all of such Member's Membership Interest, whether or not pursuant to Section 15.1(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Member who shall Transfer all of its Membership Units in a Transfer (i) permitted pursuant to this Article 11 where such transferee was admitted as a Substituted Member, (ii) pursuant to the exercise of its rights to effect a redemption of all of its Membership Units pursuant to a Redemption under Section 15.1 hereof and/or pursuant to Section 4.7 of this Agreement or any Membership Unit Designation, or (iii) to the Managing Member, whether or not pursuant to Section 15.1(b) hereof, shall cease to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Membership Unit is Transferred in compliance with the provisions of this Article 11, or is redeemed by the Company, or acquired by the Managing Member pursuant to Section 15.1 hereof, on any day other than the first day of a Fiscal Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Membership Unit for such Fiscal Year shall be allocated to the transferor Member or the Tendering Party (as the case may be) and, in the case of a Transfer other than a Redemption, to the transferee Member, by taking into account their varying interests during the Fiscal Year in accordance with Code Section 706(d), using the "interim closing of the books" method or another permissible method selected by the Managing Member in its sole and absolute discretion. The Members hereby agree that any such selection by the Managing Member is made by "agreement of the partners" within the meaning of Regulations Section 1.706-4(f). Solely for purposes of making such allocations, unless the Managing Member decides in its sole and absolute discretion to use another method permitted under the Code, each of such items for the calendar month in which a Transfer occurs shall be allocated to the transferee Member and none of such items for the calendar month in which a Transfer or a Redemption occurs shall be allocated to the transferor Member, or the Tendering Party (as the case may be) if such Transfer occurs on or before the fifteenth (15th) day of the month, otherwise such items shall be allocated to the transferor. All distributions of Available Cash attributable to such Membership Unit with respect to which the Company Record Date is before the date of such Transfer, assignment or Redemption shall be made to the transferor Member or the Tendering Party (as the case may be) and, in the case of a Transfer other than a Redemption, all distributions of Available Cash thereafter attributable to such Membership Unit shall be made to the transferee Member.

**ARTICLE 12<br> ADMISSION OF MEMBERS**

Section 12.1 *Admission of Successor Managing Member*. A successor to all of the Managing Member's Managing Member Interest pursuant to a Transfer permitted by Section 11.2 hereof who is proposed to be admitted as a successor Managing Member shall be admitted to the Company as the Managing Member, effective immediately upon such Transfer. Upon any such Transfer and the admission of any such transferee as a successor Managing Member in accordance with this Section 12.1, the transferor Managing Member shall be relieved of its obligations without any further liability under this Agreement and shall cease to be a Managing Member of the Company without any separate Consent of the Non-Managing Members or the consent or approval of any other Members. Any such successor Managing Member shall carry on the business and affairs of the Company without dissolution. In each case, the admission shall be subject to the successor Managing Member executing and delivering to the Company an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the admission of such Person as a Managing Member. Upon any such Transfer, the transferee shall become the successor Managing Member for all purposes herein, and shall be vested with the powers and rights of the transferor Managing Member, and shall be liable for all obligations and responsible for all duties of the Managing Member. Concurrently with, and as evidence of, the admission of a successor Managing Member, the Managing Member shall update the Member Registry and the books and records of the Company to reflect the name, address and number and classes and/or series of Membership Units of such successor Managing Member. In the event that the Managing Member withdraws from the Company, or transfers its entire Membership Interest, in violation of this Agreement, or otherwise dissolves or terminates or ceases to be the Managing Member of the Company, a Majority in Interest of the Members may elect to continue the Company by selecting a successor Managing Member in accordance with Section 13.1(a) hereof.

Section 12.2 *Admission of Additional Members*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Person (other than an existing Member) who makes a Capital Contribution to the Company in exchange for Membership Units and in accordance with this Agreement or is issued LTIP Units in exchange for no consideration in accordance with Section 4.2(b) hereof shall be admitted to the Company as an Additional Member only upon furnishing to the Managing Member (i) evidence of acceptance, in form and substance satisfactory to the Managing Member, of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof, (ii) a counterpart signature page to this Agreement executed by such Person and (iii) such other documents or instruments as the Managing Member may require in its sole and absolute discretion in order to effect such Person's admission as an Additional Member. Concurrently with, and as evidence of, the admission of an Additional Member, the Managing Member shall update the Member Registry and the books and records of the Company to reflect the name, address and number and classes and/or series of Membership Units of such Additional Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Section 12.2, no Person shall be admitted as an Additional Member without the Consent of the Managing Member. The admission of any Person as an Additional Member shall become effective on the date upon which the name of such Person is recorded on the books and records of the Company, following the Consent of the Managing Member to such admission and the satisfaction of all the conditions set forth in Section 12.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Additional Member is admitted to the Company on any day other than the first day of a Fiscal Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among Holders for such Fiscal Year shall be allocated among such Additional Member and all other Holders by taking into account their varying interests during the Fiscal Year in accordance with Code Section 706(d), using the "interim closing of the books" method or another permissible method selected by the Managing Member. The Members hereby agree that any such selection by the Managing Member is made by "agreement of the partners" within the meaning of Regulations Section 1.706-4(f). Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Member occurs shall be allocated among all the Holders including such Additional Member, in accordance with the principles described in Section 11.6(c) hereof. All distributions of Available Cash with respect to which the Company Record Date is before the date of such admission shall be made solely to Members and Assignees other than the Additional Member, and all distributions of Available Cash thereafter shall be made to all the Members and Assignees including such Additional Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Additional Member admitted to the Company that is an Affiliate of the Managing Member shall be deemed to be a "Managing Member Affiliate" hereunder and shall be reflected as such on the Member Registry and the books and records of the Company.

Section 12.3 *Amendment of Agreement and Articles of Organization*. For the admission to the Company of any Member, the Managing Member shall take all steps necessary and appropriate under the Act to update the Member Registry, amend the records of the Company and, if necessary, to prepare as soon as practical an amendment of this Agreement and, if required by law, shall prepare and file an amendment to the Articles of Organization and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof.

Section 12.4 *Limit on Number of Members*. Unless otherwise permitted by the Managing Member in its sole and absolute discretion, no Person shall be admitted to the Company as an Additional Member if the effect of such admission would be to cause the Company to have a number of Members that would cause the Company to become a reporting company under the Exchange Act.

Section 12.5 *Admission*. A Person shall be admitted to the Company as a Member of the Company or a Managing Member of the Company only upon strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Company as a Member or a Managing Member.

**ARTICLE 13<br> DISSOLUTION, LIQUIDATION AND TERMINATION**

Section 13.1 *Dissolution*. The Company shall not be dissolved by the admission of Substituted Members or Additional Members or by the admission of a successor Managing Member in accordance with the terms of this Agreement. Upon the withdrawal of the Managing Member, any successor Managing Member shall continue the business and affairs of the Company without dissolution. However, the Company shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a "*Liquidating Event*"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an event of withdrawal of the Managing Member (including, without limitation, bankruptcy, but excluding the admission of a successor Managing Member in accordance with this Agreement) unless, within ninety (90) days after the withdrawal, a Majority in Interest of the Members remaining agree in writing, in their sole and absolute discretion, to continue the Company and to the appointment, effective as of the date of such withdrawal, of a successor Managing Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an election to dissolve the Company made by the Managing Member in its sole and absolute discretion, with or without the Consent of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the termination of the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Act;

Section 13.2 *Winding Up*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of a Liquidating Event, the Company shall continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors and the Holders. After the occurrence of a Liquidating Event, no Holder shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Company's business and affairs. The Managing Member (or, in the event that there is no remaining Managing Member or the Managing Member has dissolved, become bankrupt within the meaning of the Act or ceased to operate, any Person elected by a Majority in Interest of the Members (the Managing Member or such other Person being referred to herein as the "*Liquidator*")) shall be responsible for overseeing the winding up and dissolution of the Company and shall take full account of the Company's liabilities and property, and the Company property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the Managing Member, include shares of stock in the Managing Member) shall be applied and distributed in the following order:

&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, to the satisfaction of all of the Company's debts and liabilities to creditors other than the Holders (whether by payment or the making of reasonable provision for payment thereof);

&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 satisfaction of all of the Company's debts and liabilities to the Managing Member (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 7.4 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;(iii) Third, to the satisfaction of all of the Company's debts and liabilities to the other Holders (whether by payment or the making of reasonable provision for payment thereof); 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) Fourth, to the Members in accordance with their positive Capital Account balances, determined after taking into account all Capital Account adjustments for all prior periods and the Company taxable year during which the liquidation occurs (other than those made as a result of the liquidating distribution set forth in this Section 13.2(a)(iv)).

The Managing Member shall not receive any additional compensation for any services performed pursuant to this Article 13 other than reimbursement of its expenses as set forth in Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of Section 13.2(a) hereof that require liquidation of the assets of the Company, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Company, the Liquidator determines that an immediate sale of part or all of the Company's assets would be impractical or would cause undue loss to the Holders, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Company (including to those Holders as creditors) and/or distribute to the Holders, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2(a) hereof, undivided interests in such Membership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Holders, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Holder has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs), except as otherwise agreed to by such Holder, such Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the sole and absolute discretion of the Managing Member or the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Holders pursuant to this Article 13 may be:

&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) distributed to a trust established for the benefit of the Managing Member and the Holders for the purpose of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent, conditional or unmantured liabilities or obligations of the Company or of the Managing Member arising out of or in connection with the Company and/or Company activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the discretion of the Managing Member, in the same proportions and amounts as would otherwise have been distributed to the Holders pursuant to this Agreement; 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;(ii) withheld or escrowed to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, *provided* that such withheld or escrowed amounts shall be distributed to the Holders in the manner and order of priority set forth in Section 13.2(a) hereof as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of Section 7.8 hereof shall apply to any Liquidator appointed pursuant to this Article 13 as though the Liquidator were the Managing Member of the Company.

Section 13.3 *Rights of Holders*. Except as otherwise provided in this Agreement and subject to the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation , (a) each Holder shall look solely to the assets of the Company for the return of its Capital Contribution, (b) no Holder shall have the right or power to demand or receive property other than cash from the Company and (c) no Holder shall have priority over any other Holder as to the return of its Capital Contributions, distributions or allocations.

Section 13.4 *Notice of Dissolution*. In the event that a Liquidating Event occurs or an event occurs that would, but for an election or objection by one or more Members pursuant to Section 13.1 hereof, result in a dissolution of the Company, the Managing Member or Liquidator shall, within thirty (30) days thereafter, provide written notice thereof to each Holder and, in the Managing Member's or Liquidator's sole and absolute discretion or as required by the Act, to all other parties with whom the Company regularly conducts business (as determined in the sole and absolute discretion of the Managing Member or Liquidator), and the Managing Member or Liquidator may, or, if required by the Act, shall, publish notice thereof in a newspaper of general circulation in each place in which the Company regularly conducts business (as determined in the sole and absolute discretion of the Managing Member or Liquidator).

Section 13.5 *Articles of Cancellation*. Upon the completion of the liquidation of the Company cash and property as provided in Section 13.2 hereof, the Company shall be terminated, articles of cancellation shall be filed with the SDAT and all qualifications of the Company as a foreign limited liability company or association in jurisdictions other than the State of Maryland shall be cancelled, and such other actions as may be necessary to terminate the Company shall be taken.

Section 13.6 *Reasonable Time for Winding-Up*. A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 13.2 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between and among the Members during the period of liquidation; *provided*, *however*, reasonable efforts shall be made to complete such winding-up within twenty-four (24) months after the adoption of a plan of liquidation of the Managing Member, as provided in Section 562(b)(1)(B) of the Code, if necessary, in the sole and absolute discretion of the Managing Member.

**ARTICLE 14<br> PROCEDURES FOR ACTIONS AND CONSENTS OF MEMBERS; AMENDMENTS; MEETINGS**

Section 14.1 *Procedures for Actions and Consents of Members*. The actions requiring Consent of any Member or Members pursuant to this Agreement, including Section 7.3 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article 14.

Section 14.2 *Amendments*. Amendments to this Agreement may be proposed by the Managing Member or by Members holding twenty-five percent (25%) or more of the Membership Interests held by Members and, except as set forth in Section 7.3(b) and Section 7.3(c) and subject to Section 7.3(d), Section 16.10 and the rights of any Holder of any Membership Interest set forth in any Membership Unit Designation, shall be approved by the Consent of the Members. Following such proposal, the Managing Member shall submit to the Members entitled to vote thereon any proposed amendment that, pursuant to the terms of this Agreement, requires the consent, approval or vote of such Members. The Managing Member shall seek the consent, approval or vote of the Members entitled to vote thereon on any such proposed amendment in accordance with Section 14.3 hereof. Upon obtaining any such Consent, or any other Consent required by this Agreement, and without further action or execution by any other Person, including any Member, (a) any amendment to this Agreement may be implemented and reflected in a writing executed solely by the Managing Member, and (b) the Members shall be deemed a party to and bound by such amendment of this Agreement. For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement, this Agreement may not be amended without the Consent of the Managing Member.

Section 14.3 *Actions and Consents of the Members*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Meetings of the Members may be called only by the Managing Member to transact any business that the Managing Member determines. The call shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Members entitled to act at the meeting not less than seven (7) days nor more than sixty (60) days prior to the date of such meeting. Members may vote in person or by proxy at such meeting. Unless approval by a different number or proportion of the Members is required by this Agreement, the affirmative vote of a Majority in Interest of the Members entitled to act on any proposal shall be sufficient to approve such proposal at a meeting of the Members. Whenever the vote, consent or approval of Members is permitted or required under this Agreement, such vote, consent or approval may be given at a meeting of Members or in accordance with the procedure prescribed in Section 14.3(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any action requiring the Consent of any Member or group of Members pursuant to this Agreement or that is required or permitted to be taken at a meeting of the Members may be taken without a meeting if a consent in writing or by electronic transmission setting forth the action so taken or consented to is given by Members whose affirmative vote would be sufficient to approve such action or provide such Consent at a meeting of the Members. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as the affirmative vote of such Members at a meeting of the Members. Such consent shall be filed with the Managing Member. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. For purposes of obtaining a Consent in writing or by electronic transmission, the Managing Member may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall constitute a Consent that is consistent with the Managing Member's recommendation with respect to the proposal; *provided*, *however*, that an action shall become effective at such time as requisite Consents are received even if prior to such specified time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Member entitled to act at a meeting of the Members may authorize any Person or Persons to act for it by proxy on all matters in which a Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Member or its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Member executing it, such revocation to be effective upon the Company's receipt of written notice of such revocation from the Member executing such proxy, unless such proxy states that it is irrevocable and is coupled with an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Managing Member may set a record date for the purpose of determining the Members (i) entitled to Consent to any action, (ii) entitled to receive notice of or vote at any meeting of the Members or (iii) in order to make a determination of Members for any other proper purpose. Such date, in any case, shall not be more than ninety (90) days and, in the case of a meeting of the Members, not less than five (5) days, before the date on which the meeting is to be held or Consent is to be given. If no record date is fixed, the record date for the determination of Members entitled to notice of or to vote at a meeting of the Members shall be at the close of business on the day on which the notice of the meeting is sent, and the record date for any other determination of Members shall be the effective date of such Member action, distribution or other event. When a determination of the Members entitled to vote at any meeting of the Members has been made as provided in this section, such determination shall apply to any adjournment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each meeting of Members shall be conducted by the Managing Member or such other Person as the Managing Member may appoint pursuant to such rules for the conduct of the meeting as the Managing Member or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Members may be conducted in the same manner as meetings of the Managing Member's stockholders and may be held at the same time as, and as part of, the meetings of the Managing Member's stockholders.

**ARTICLE 15<br> GENERAL PROVISIONS**

Section 15.1 *Redemption Rights of Qualifying Parties*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the applicable Initial Holding Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to require the Company to redeem all or a portion of Common Units held by such Tendering Party (Common Units that have in fact been tendered for redemption being hereafter referred to as "*Tendered Units*"*)* in exchange (a "*Redemption*") for the Cash Amount payable on the Specified Redemption Date. The Company may, in the Managing Member's sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Initial Holding Period (subject to the terms and conditions set forth herein) (a "*Special Redemption*"); *provided*, *however*, that the Managing Member first receives an opinion of counsel reasonably satisfactory to it to the effect that the proposed Special Redemption will not cause the Company or the Managing Member to violate any federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of Class A-1 REIT Shares to the Tendering Party pursuant to Section 15.1(b) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing Member by the Qualifying Party when exercising the Redemption right (the "*Tendering Party*"). The Company's obligation to effect a Redemption, however, shall not arise or be binding against the Company until the earlier of (i) the date the Managing Member notifies the Tendering Party that the Managing Member declines to acquire some or all of the Tendered Units under Section 15.1(b) hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing Member's sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date; *provided*, *however*, that the Managing Member may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 Business Days to the extent required for the Managing Member to cause additional Class A-1 REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of Section 15.1(a) hereof, on or before the close of business on the Cut-Off Date, the Managing Member may, in the Managing Member's sole and absolute discretion but subject to the Ownership Limit, elect to acquire some or all (such percentage being referred to as the "*Applicable Percentage*") of the Tendered Units from the Tendering Party in exchange for Class A-1 REIT Shares. If the Managing Member elects to acquire some or all of the Tendered Units pursuant to this Section 15.1(b), the Managing Member shall give written notice thereof to the Tendering Party on or before the close of business on the Cut-Off Date. If the Managing Member elects to acquire any of the Tendered Units for Class A-1 REIT Shares, the Managing Member shall issue and deliver such Class A-1 REIT Shares to the Tendering Party pursuant to the terms of this Section 15.1(b), in which case (i) the Managing Member shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party's exercise of its Redemption right with respect to such Tendered Units 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 Managing Member in exchange for the REIT Shares Amount. If the Managing Member so elects, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the Managing Member in exchange for a number of Class A-1 REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage; *provided*, *however*, that the Managing Member may elect to cause the Specified Redemption Date to be delayed for up to an additional 60 Business Days to the extent required for the Managing Member to cause additional Class A-1 REIT Shares to be issued. The Tendering Party shall submit (A) such information, certification or affidavit as the Managing Member may reasonably require in connection with the application of the Ownership Limit to any such acquisition and (B) such written representations, investment letters, legal opinions or other instruments necessary, in the Managing Member's view, to effect compliance with the Securities Act. In the event of a purchase of the Tendered Units by the Managing Member pursuant to this Section 15.1(b), the Tendering Party shall no longer have the right to cause the Company to effect a Redemption of such Tendered Units and, upon notice to the Tendering Party by the Managing Member given on or before the close of business on the Cut-Off Date that the Managing Member has elected to acquire some or all of the Tendered Units pursuant to this Section 15.1(b), the obligation of the Company to effect a Redemption of the Tendered Units as to which the Managing Member's notice relates shall not accrue or arise. A number of Class A-1 REIT Shares equal to the product of the Applicable Percentage and the REIT Shares Amount, if applicable, shall be delivered by the Managing Member as duly authorized, validly issued, fully paid and non-assessable Class A-1 REIT Shares and, if applicable, Rights, free of any pledge, lien, encumbrance or restriction, other than the Ownership Limit, the Securities Act and relevant state securities or "blue sky" laws. Neither any Tendering Party whose Tendered Units are acquired by the Managing Member pursuant to this Section 15.1(b), any Member, any Assignee nor any other interested Person shall have any right to require or cause the Managing Member to register, qualify or list any Class A-1 REIT Shares owned or held by such Person, whether or not such Class A-1 REIT Shares are issued pursuant to this Section 15.1(b), with the SEC, with any state securities commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange; *provided*, *however*, that this limitation shall not be in derogation of any registration or similar rights granted pursuant to any other written agreement between the Managing Member and any such Person. Notwithstanding any delay in such delivery, the Tendering Party shall be deemed the owner of such Class A-1 REIT Shares and Rights for all purposes, including, without limitation, rights to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date. Class A-1 REIT Shares issued upon an acquisition of the Tendered Units by the Managing Member pursuant to this Section 15.1(b) may contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the Managing Member determines to be necessary or advisable in order to ensure compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Section 15.1(a) and 15.1(b) 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;(i) The Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited by the Charter and shall have no rights to require the Company to redeem Common Units if the acquisition of such Common Units by the Managing Member pursuant to Section 15.1(b) hereof would cause any Person to violate the Ownership Limit. To the extent that any attempted Redemption or acquisition of the Tendered Units by the Managing Member pursuant to Section 15.1(b) hereof would be in violation of this Section 15.1(c)(i), to the fullest extent permitted by law, it shall be void, and the Tendering Party shall not acquire any rights or economic interests in Class A-1 REIT Shares otherwise issuable by the Managing Member under Section 15.1(b) hereof or cash otherwise payable under Section 15.1(a) 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;(ii) No Tendering Party may exercise its Redemption right pursuant to this Agreement more than one (1) time during any fiscal quarter of the Company.

&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) No Tendering Party may deliver a Notice of Redemption during the period from December 1 of any year through January 1 of the following year, nor shall any Specified Redemption Date occur during the period from December 21 of any year through January 22 of the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Managing Member does not elect to acquire the Tendered Units pursuant to Section 15.1(b) 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;(i) The Company may elect to raise funds for the payment of the Cash Amount either (A) by requiring that the Managing Member contribute to the Company funds from the proceeds of a registered public offering by the Managing Member of Class A-1 REIT Shares sufficient to purchase the Tendered Units or (B) from any other sources (including, but not limited to, the sale of any Property and the incurrence of additional Debt) available to the Company. Any proceeds from a public offering that are in excess of the Cash Amount shall be for the sole benefit of the Managing Member. The Managing Member shall make a Capital Contribution of any such amounts to the Company for an additional Managing Member Interest in accordance with Section 4.3(e).

&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) If the Cash Amount is not paid on or before the Specified Redemption Date, interest shall accrue with respect to the Cash Amount from the day after the Specified Redemption Date to and including the date on which the Cash Amount is paid at a rate equal to the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street Journal (but not higher than the maximum lawful rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the provisions of Section 15.1(b) hereof, the Managing Member shall not, under any circumstances, elect to acquire any Tendered Units in exchange for Class A-1 REIT Shares if such exchange would be prohibited under the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything herein to the contrary (but subject to Section 15.1(c) hereof), with respect to any Redemption (or any tender of Common Units for Redemption if the Tendered Units are acquired by the Managing Member pursuant to Section 15.1(b) hereof) pursuant to this Section 15.1:

&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) All Common Units acquired by the Managing Member pursuant to Section 15.1(b) hereof shall automatically, and without further action required, be converted into and deemed to be a Managing Member Interest comprised of the same number of Common Units.

&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) Subject to the Ownership Limit, no Tendering Party may effect a Redemption for less than one thousand (1,000) Common Units or, if such Tendering Party holds (as a Member or, economically, as an Assignee) less than one thousand (1,000) Common Units, all of the Common Units held by such Tendering Party, without, in each case, the Consent of the Managing Member.

&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) If (A) a Tendering Party surrenders its Tendered Units during the period after the Company Record Date with respect to a distribution and before the record date established by the Managing Member for a distribution to its stockholders of some or all of its portion of such Company distribution, and (B) the Managing Member elects to acquire any of such Tendered Units in exchange for Class A-1 REIT Shares pursuant to Section 15.1(b), such Tendering Party shall pay to the Managing Member on the Specified Redemption Date an amount in cash equal to the portion of the Company distribution in respect of the Tendered Units exchanged for Class A-1 REIT Shares, insofar as such distribution relates to the same period for which such Tendering Party would receive a distribution in respect of such Class A-1 REIT Shares.

&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) The consummation of such Redemption (or an acquisition of Tendered Units by the Managing Member pursuant to Section 15.1(b) hereof, as the case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino 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;(v) The Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of Section 11.5 hereof) all Common Units subject to any Redemption, and be treated as a Member or an Assignee, as applicable, with respect to such Common Units for all purposes of this Agreement, until such Common Units are either paid for by the Company pursuant to Section 15.1(a) hereof or transferred to the Managing Member and paid for, by the issuance of the Class A-1 REIT Shares, pursuant to Section 15.1(b) hereof on the Specified Redemption Date. Until a Specified Redemption Date and an acquisition of the Tendered Units by the Managing Member pursuant to Section 15.1(b) hereof, the Tendering Party shall have no rights as a stockholder of the Managing Member with respect to the Class A-1 REIT Shares issuable in connection with such acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In connection with an exercise of Redemption rights pursuant to this Section 15.1, except as otherwise Consented to by the Managing Member, the Tendering Party shall submit the following to the Managing Member, 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 Common Stock of any series by (I) such Tendering Party and (II) to the best of their knowledge any Related Party and (B) representing that, after giving effect to the Redemption or an acquisition of the Tendered Units by the Managing Member pursuant to Section 15.1(b) hereof, neither the Tendering Party nor to the best of their knowledge any Related Party will own REIT Common Stock in violation of the Ownership 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 to the best of their knowledge any Related Party has any intention to acquire any additional REIT Common Stock of any series prior to the closing of the Redemption or an acquisition of the Tendered Units by the Managing Member pursuant to Section 15.1(b) hereof 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 of the closing of (A) the Redemption or (B) the acquisition of Tendered Units by the Managing Member pursuant to Section 15.1(b) hereof on the Specified Redemption Date, that either (I) the actual and constructive ownership of REIT Common Stock of any series by the Tendering Party and to the best of its knowledge any Related Party remain unchanged from that disclosed in the affidavit required by Section 15.1(g)(i) or (II) after giving effect to the Redemption or the acquisition of Tendered Units by the Managing Member pursuant to Section 15.1(b) hereof, neither the Tendering Party nor, to the best of its knowledge, any other Person shall own REIT Common Stock in violation of the Ownership 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) In connection with any Special Redemption, the Managing Member shall have the right to receive an opinion of counsel reasonably satisfactory to it to the effect that the proposed Special Redemption will not cause the Company or the Managing Member to violate any federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of Class A-1 REIT Shares to the Tendering Party pursuant to Section 15.1(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Holders of LTIP Units shall not be entitled to the right of Redemption provided for in Section 15.1 of this Agreement, unless and until such LTIP Units have been converted into Common Units (or any other class or series of Common Units entitled to such right of Redemption) in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with any Redemption provided for in Section 15.1 of this Agreement by a Member who holds, or whose Affiliate holds, Class A-2 REIT Shares, a number of Class A-2 REIT Shares equal to the number of Tendered Units shall be surrendered by such Member or its Affiliate to the Managing Member and cancelled in accordance with the Charter.

Section 15.2 *Addresses and Notice.* Any notice, demand, request or report required or permitted to be given or made to a Member or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by telecopy, facsimile, electronic mail or commercial courier service) to the Member, or Assignee at the address set forth in the Member Registry or such other address of which the Member shall notify the Managing Member in accordance with this Section 15.2.

Section 15.3 *Titles and Captions*. All article or section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically *provided* otherwise, references to "Articles" or "Sections" are to Articles and Sections of this Agreement.

Section 15.4 *Pronouns and Plurals*. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

Section 15.5 *Further Action*. The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

Section 15.6 *Binding Effect*. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

Section 15.7 *Waiver*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The restrictions, conditions and other limitations on the rights and benefits of the Members contained in this Agreement, and the duties, covenants and other requirements of performance or notice by the Members, are for the benefit of the Company and, except for an obligation to pay money to the Company, may be waived or relinquished by the Managing Member, in its sole and absolute discretion, on behalf of the Company in one or more instances from time to time and at any time; *provided*, *however*, that any such waiver or relinquishment may not be made if it would have the effect of (i) creating liability for any other Member, (ii) causing the Company to cease to qualify as a limited liability company, (iii) reducing the amount of cash otherwise distributable to the Members (other than any such reduction that affects all of the Members holding the same class or series of Membership Units on a uniform or pro rata basis, if approved by a Majority in Interest of the Members holding such class or series of Membership Units), (iv) resulting in the classification of the Company as an association or publicly traded partnership taxable as a corporation or (v) violating the Securities Act, the Exchange Act or any state "blue sky" or other securities laws; and *provided*, *further*, that any waiver relating to compliance with the Ownership Limit or other restrictions in the Charter shall be made and shall be effective only as provided in the Charter.

Section 15.8 *Counterparts*. This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto.

Section 15.9 *Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Maryland, without regard to the principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the Act, the provisions of this Agreement shall control and take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member hereby (i) submits to the non-exclusive jurisdiction of any state or federal court sitting in the State of Maryland (collectively, the "*Maryland Courts*"), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect to such dispute, (ii) to the fullest extent permitted by law, irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the Maryland Courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) agrees that notice or the service of process in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Member at such Member's last known address as set forth in the Company's books and records, and (iv) irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby.

Section 15.10 *Entire Agreement*. This Agreement contains all of the understandings and agreements between and among the Members with respect to the subject matter of this Agreement and the rights, interests and obligations of the Members with respect to the Company. Notwithstanding the immediately preceding sentence, the Members hereby acknowledge and agree that the Managing Member, without the approval of any Member, may enter into side letters or similar written agreements with Members that are not Affiliates of the Managing Member, executed contemporaneously with the admission of such Member to the Company, affecting the terms hereof, as negotiated with such Member and which the Managing Member in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms, conditions or provisions contained in such side letters or similar written agreements with a Member shall govern with respect to such Member notwithstanding the provisions of this Agreement.

Section 15.11 *Invalidity of Provisions*. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

Section 15.12 *Limitation to Preserve REIT Status*. Notwithstanding anything else in this Agreement, to the extent that the amount to be paid, credited, distributed or reimbursed by the Company to any REIT Member or its officers, directors, employees or agents, whether as a reimbursement, fee, expense or indemnity (a "*REIT Payment*"), would constitute gross income to the REIT Member for purposes of Code Section 856(c)(2) or Code Section 856(c)(3), then, notwithstanding any other provision of this Agreement, the amount of such REIT Payments, as selected by the Managing Member in its discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Fiscal Year so that the REIT Payments, as so reduced, for or with respect to such REIT Member shall not exceed the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amount equal to the excess, if any, of (i) four percent (4%) of the REIT Member's total gross income (but excluding the amount of any REIT Payments and any amounts excluded from gross income pursuant to Section 856(c) of the Code) for the Fiscal Year that is described in subsections (A) through (I) of Code Section 856(c)(2) over (ii) the amount of gross income (within the meaning of Code Section 856(c)(2)) derived by the REIT Member from sources other than those described in subsections (A) through (I) of Code Section 856(c)(2) (but not including the amount of any REIT Payments or any amounts excluded from gross income pursuant to Section 856(c) of the Code); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amount equal to the excess, if any, of (i) twenty-four percent (24%) of the REIT Member's total gross income (but excluding the amount of any REIT Payments and any amounts excluded from gross income pursuant to Section 856(c) of the Code) for the Fiscal Year that is described in subsections (A) through (I) of Code Section 856(c)(3) over (ii) the amount of gross income (within the meaning of Code Section 856(c)(3)) derived by the REIT Member from sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments or any amounts excluded from gross income pursuant to Section 856(c) of the Code);

*provided*, *however*, that REIT Payments in excess of the amounts set forth in clauses (a) and (b) above may be made if the Managing Member, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts should not adversely affect the REIT Member's ability to qualify as a REIT. To the extent that REIT Payments may not be made in a Fiscal Year as a consequence of the limitations set forth in this Section 15.12, such REIT Payments shall carry over and shall be treated as arising in the following Fiscal Year if such carry over does not adversely affect the REIT Member's ability to qualify as a REIT, *provided*, *however*, that any such REIT Payment shall not be carried over more than three Fiscal Years, and any such remaining payments shall no longer be due and payable. The purpose of the limitations contained in this Section 15.12 is to prevent any REIT Member from failing to qualify as a REIT under the Code by reason of such REIT Member's share of items, including distributions, reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Company, and this Section 15.12 shall be interpreted and applied to effectuate such purpose.

Section 15.13 *No Partition*. No Member nor any successor-in-interest to a Member shall have the right while this Agreement remains in effect to have any property of the Company partitioned, or to file a complaint or institute any proceeding at law or in equity to have such property of the Company partitioned, and to the fullest extent permitted by law, each Member, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Members that the rights of the parties hereto and their successors-in-interest to Membership property, as among themselves, shall be governed by the terms of this Agreement, and that the rights of the Members and their respective successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement.

Section 15.14 *No Third-Party Rights Created Hereby*. The provisions of this Agreement are solely for the purpose of defining the interests of the Holders, inter se; and no other person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement, except that the Manager is expressly made a third-party beneficiary of the provisions of Section 7.1(a), Section 7.4(a) and Section 7.10 of this Agreement. No creditor or other third party having dealings with the Company (other than as expressly *provided* herein with respect to Indemnitees) shall have the right to enforce the right or obligation of any Member to make Capital Contributions or loans to the Company or to pursue any other right or remedy hereunder or at law or in equity. None of the rights or obligations of the Members herein set forth to make Capital Contributions or loans to the Company shall be deemed an asset of the Company for any purpose by any creditor or other third party, nor may any such rights or obligations be sold, transferred or assigned by the Company or pledged or encumbered by the Company to secure any debt or other obligation of the Company or any of the Members.

Section 15.15 *No Rights as Stockholders*. Nothing contained in this Agreement shall be construed as conferring upon the Holders of Membership Units any rights whatsoever as stockholders of the Managing Member, including without limitation any right to receive dividends or other distributions made to stockholders of the Managing Member or to vote or to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the Managing Member or any other matter.

**ARTICLE 16<br> LTIP UNITS**

Section 16.1 *Designation*. A class of Membership Units in the Company designated as the "LTIP Units" is hereby established. The number of LTIP Units that may be issued is not limited by this Agreement.

Section 16.2 *Vesting*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Vesting, Generally*. LTIP Units may, in the sole discretion of the Managing Member, be issued subject to vesting, forfeiture and additional restrictions on Transfer pursuant to the terms of the applicable LTIP Unit Agreement or Equity Plan. The terms of any LTIP Unit Agreement may be modified by the Managing Member from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant LTIP Unit Agreement or by the Plan or any other applicable Equity Plan. LTIP Units that were fully vested and nonforfeitable when issued or that have vested and are no longer subject to forfeiture under the terms of an LTIP Unit Agreement are referred to as "*Vested LTIP Units*"; all other LTIP Units are referred to as "*Unvested LTIP Units*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Forfeiture*. Upon the forfeiture of any LTIP Units in accordance with the applicable LTIP Unit Agreement and Equity Plan (including any forfeiture effected through repurchase), the LTIP Units so forfeited (or repurchased) shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the applicable LTIP Unit Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared prior to the effective date of the forfeiture with respect to a Company Record Date and with respect to such LTIP Units. Except as otherwise provided in this Agreement (including without limitation Section 6.4(a)(ix)), the Plan (or other applicable Equity Plan) and the applicable LTIP Unit Agreement, in connection with any forfeiture (or repurchase) of such units, the balance of the portion of the Capital Account of the Holder of LTIP Units that is attributable to all of such Holder's LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.2(d), calculated with respect to such Holder's remaining LTIP Units, if any.

Section 16.3 *Adjustments.* The Company shall maintain at all times a one-to-one correspondence between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures; provided, that the foregoing is not intended to alter any of (a) the special allocations pursuant to Section 6.2(d) hereof, (b) differences between distributions to be made with respect to LTIP Units and Common Units pursuant to Section 13.2 and Section 16.4(b) hereof in the event that the Capital Accounts attributable to the LTIP Units are less than those attributable to Common Units due to insufficient special allocation pursuant to Section 6.2(d) or (c) any related provisions. If an Adjustment Event occurs, then the Managing Member shall take any action reasonably necessary, including any amendment to this Agreement, any LTIP Unit Agreement and/or any update to the Member Registry adjusting the number of outstanding LTIP Units or subdividing or combining outstanding LTIP Units, in any case, to maintain a one-for-one conversion and economic equivalence ratio between Common Units and LTIP Units. An "*Adjustment Event*" shall mean any of the following events: (i) the Company makes a distribution on all outstanding Common Units in Membership Units, (ii) the Company subdivides the outstanding Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units, (iii) the Company issues any Membership Units in exchange for its outstanding Common Units by way of a reclassification or recapitalization of its Common Units or (iv) any other non-recurring event or transaction that would, as determined by the Managing Member in its sole discretion, have the similar effect of diluting or expanding the rights or benefits (or potential benefits) intended to be conferred by outstanding LTIP Units. If more than one Adjustment Event occurs, any adjustment to the LTIP Units may be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Membership Units in a financing, reorganization, acquisition or other similar business transaction, (y) the issuance of Membership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan, or (z) the issuance of any Membership Units to the Managing Member in respect of a Capital Contribution to the Company of proceeds from the sale of securities by the Managing Member. If the Company takes an action affecting the Common Units other than actions specifically described above as "Adjustment Events" and in the opinion of the Managing Member such action would require an action to maintain the one-to-one correspondence described above, the Managing Member shall have the right to take such action, to the extent permitted by law, in such manner and at such time as the Managing Member, in its sole discretion, may determine to be reasonably appropriate under the circumstances to preserve the one-to-one correspondence described above. If an amendment is made to this Agreement adjusting the number of outstanding LTIP Units as herein provided, the Company shall promptly file in the books and records of the Company an officer's certificate setting forth a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Company shall mail a notice to each Holder of LTIP Units setting forth the adjustment to such Holder's LTIP Units and the effective date of such adjustment.

Section 16.4 *Distributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Operating Distributions*. Except as otherwise provided in this Agreement, any LTIP Unit Agreement, the Plan (or any other applicable Equity Plan), or by the Managing Member with respect to any particular class or series of LTIP Units, Holders of LTIP Units shall be entitled to receive, if, when and as authorized by the Managing Member out of funds or other property legally available for the payment of distributions, regular, special, extraordinary or other distributions (other than distributions upon the occurrence of a Liquidating Event or proceeds from a Terminating Capital Transaction) which may be made from time to time, in an amount per unit equal to (i) with respect to any LTIP Units that are not Performance LTIP Units, the amount of any such distributions that would have been payable to such holders if the LTIP Units had been Common Units (if applicable, assuming such LTIP Units were held for the entire period to which such distributions relate) and (ii) with respect to any Performance LTIP Units, an amount equal to (A) in the case of Performance LTIP Units that have not satisfied the applicable performance vesting condition, the product of the distribution made to holders of Common Units per Common Unit multiplied by the Performance Unit Sharing Percentage, and (B) in the case of Performance LTIP Units that have satisfied the applicable performance vesting condition, the distribution made to holders of Common Units per Common Unit, in each case, if applicable, assuming such LTIP Units were held for the entire period to which such distributions relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Liquidating Distributions*. Holders of LTIP Units shall also be entitled to receive, if, when and as authorized by the Managing Member out of funds or other property legally available for the payment of distributions, distributions upon the occurrence of a Liquidating Event or representing proceeds from a Terminating Capital Transaction in an amount per LTIP Unit equal to the amount of any such distributions payable on one Common Unit, whether made prior to, on or after the LTIP Unit Distribution Payment Date, provided that the amount of such distributions shall not exceed the positive balances of the Capital Accounts of the holders of such LTIP Units to the extent attributable to the ownership of such LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Distributions Generally*. Distributions on the LTIP Units, if authorized, shall be payable on such dates and in such manner as may be authorized by the Managing Member (any such date, an "*LTIP Unit Distribution Payment Date*"). Absent a contrary determination by the Managing Member, the LTIP Unit Distribution Payment Date shall be the same as the corresponding date relating to the corresponding distribution on the Common Units. The record date for determining which Holders of LTIP Units are entitled to receive a distribution shall be the Company Record Date.

Section 16.5 *Allocations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holders of LTIP Units that are not Performance LTIP Units and Holders of Performance LTIP Units that have satisfied the applicable performance condition shall be allocated Net Income and Net Loss in amounts per LTIP Unit equal to the amounts allocated per Common Unit. The allocations provided by the preceding sentence shall be subject to Sections 6.2(a) and 6.2(b), and in addition to any special allocations required by Section 6.2(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holders of Performance LTIP Units that have not satisfied the applicable performance condition shall be allocated Net Income and Net Loss in amounts per Performance LTIP Unit equal to the amounts allocated per Performance LTIP Unit that has satisfied the applicable performance condition; provided, however, that for purposes of allocations of Net Income and Net Loss pursuant to Sections 6.2(a), 6.2(b), 6.3(c) and 6.4, the term Percentage Interest when used with respect to a Performance LTIP Unit that has not satisfied the applicable performance condition shall refer to the Percentage Interest of a Common Unit multiplied by the Performance Unit Sharing Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Managing Member is authorized in its discretion to delay or accelerate the participation of the LTIP Units in allocations of Net Income and Net Loss under this Section 16.5, or to adjust the allocations made under this Section 16.5, so that the ratio of (i) the total amount of Net Income or Net Loss allocated with respect to each LTIP Unit in the taxable year in which that LTIP Unit's LTIP Unit Distribution Payment Date falls (excluding special allocations under Section 6.2(d)), to (ii) the total amount distributed to that LTIP Unit with respect to such period, is more nearly equal to the ratio of (i) the Net Income and Net Loss allocated with respect to the Managing Member's Common Units in such taxable year to (ii) the amounts distributed to the Managing Member with respect to such Common Units and such taxable year.

Section 16.6 *Transfers*. Subject to the terms and limitations contained in an applicable LTIP Unit Agreement and the Plan (or any other applicable Equity Plan) and except as expressly provided in this Agreement with respect to LTIP Units, a Holder of LTIP Units shall be entitled to transfer such Holder's LTIP Units to the same extent, and subject to the same restrictions, as Holders of Common Units are entitled to transfer their Common Units pursuant to Article 11.

Section 16.7 *Redemption*. The Redemption right provided to Qualifying Parties under Section 15.1 shall not apply with respect to LTIP Units unless and until they are converted to Common Units as provided in Section 16.9 below.

Section 16.8 *Legend*. Any certificate evidencing an LTIP Unit shall bear an appropriate legend, as determined by the Managing Member, indicating that additional terms, conditions and restrictions on transfer, including without limitation under any LTIP Unit Agreement and the Plan (or any other applicable Equity Plan), apply to the LTIP Unit.

Section 16.9 *Conversion to Common Units*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Qualifying Party holding LTIP Units shall have the right (the "*Conversion Right*"), at such Qualifying Party's option, at any time to convert all or a portion of such Qualifying Party's Vested LTIP Units into Common Units, taking into account all adjustments (if any) made pursuant to Section 16.3; provided, however, that a Qualifying Party may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such Qualifying Party holds less than one thousand (1,000) Vested LTIP Units, all of the Vested LTIP Units held by such Qualifying Party to the extent not subject to the limitation on conversion under Section 16.9(b) below. Qualifying Parties shall not have the right to convert Unvested LTIP Units into Common Units until they become Vested LTIP Units; provided, however, that in anticipation of any event that will cause such Qualifying Party's Unvested LTIP Units to become Vested LTIP Units (and subject to the timing requirements set forth in Section 16.9(b) below), such Qualifying Party may give the Company a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the Qualifying Party in writing prior to such vesting event, shall be accepted by the Company subject to such condition. In all cases, the conversion of any LTIP Units into Common Units shall be subject to the conditions and procedures set forth in this Section 16.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Qualifying Party may convert such Qualifying Party's Vested LTIP Units into an equal number of fully paid and non-assessable Common Units, giving effect to all adjustments (if any) made pursuant to Section 16.3. Notwithstanding the foregoing, in no event may a Qualifying Party convert a number of Vested LTIP Units that exceeds the Capital Account Limitation. In order to exercise such Qualifying Party's Conversion Right, a Qualifying Party shall deliver a written notice (a "*Conversion Notice*") in substantially the form attached as <u>Exhibit C</u> to the Company (with a copy to the Managing Member) not less than 3 calendar days nor more than 10 calendar days prior to the date (the "*Conversion Date*") specified in such Conversion Notice; provided, however, that if the Managing Member has not given to the Qualifying Party notice of a proposed or upcoming Transaction (as defined below) at least thirty (30) days prior to the effective date of such Transaction, then the Qualifying Party shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth (10th) calendar day after such notice from the Managing Member of a Transaction or (y) the third Business Day immediately preceding the effective date of such Transaction. A Conversion Notice shall be provided in the manner provided in Section 15.2. Each Qualifying Party seeking to convert Vested LTIP Units covenants and agrees with the Company that all Vested LTIP Units to be converted pursuant to this Section 16.9 shall be free and clear of all liens and encumbrances. Notwithstanding anything herein to the contrary, if the Initial Holding Period with respect to the Common Units into which the Vested LTIP Units are convertible has elapsed, a Qualifying Party may deliver a Notice of Redemption pursuant to Section 15.1(a) relating to such Common Units in advance of the Conversion Date; provided, however, that the redemption of such Common Units by the Company shall in no event take place until on or after the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put a Qualifying Party in a position where, if such Qualifying Party so wishes, the Common Units into which such Qualifying Party's Vested LTIP Units will be converted can be redeemed by the Company pursuant to Section 15.1(a) simultaneously with such conversion, with the further consequence that, if the Managing Member elects to assume the Company's redemption obligation with respect to such Common Units under Section 15.1(b) by delivering to such Qualifying Party Class A-1 REIT Shares rather than cash, then such Qualifying Party can have such Class A-1 REIT Shares issued to such Qualifying Party simultaneously with the conversion of such Qualifying Party's Vested LTIP Units into Common Units. The Managing Member shall use commercially reasonable efforts to cooperate with a Qualifying Party to coordinate the timing of the different events described in the foregoing sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Section 16.9(a) and 16.9(b) hereof: (i) no Qualifying Party may exercise its Conversion Right pursuant to this Agreement more than one (1) time during any fiscal quarter of the Company; and (ii) no Qualifying Party may deliver a Notice of Conversion during the period from December 1 of any year through January 1 of the following year, nor shall any Conversion Date occur during the period from December 21 of any year through January 22 of the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company, at any time at the election of the Managing Member, may cause any number of Vested LTIP Units to be converted (a "*Forced Conversion*") into an equal number of Common Units, giving effect to all adjustments (if any) made pursuant to Section 16.3; provided, however, that the Company may not cause a Forced Conversion of any LTIP Units that would not at the time be eligible for conversion at the election of such Qualifying Party pursuant to Section 16.9(b). In order to exercise its right of Forced Conversion, the Company shall deliver a notice (a "*Forced Conversion Notice*") in substantially the form attached hereto as <u>Exhibit D</u> to the applicable Holder of LTIP Units not less than 3 calendar days prior to the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner provided in Section 15.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A conversion of Vested LTIP Units for which the Holder thereof has given a Conversion Notice or the Company has given a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such Holder of LTIP Units, other than the surrender of any certificate or certificates evidencing such Vested LTIP Units, as of which time such Holder of LTIP Units shall be credited on the books and records of the Company as of the opening of business on the next day with the number of Common Units into which such LTIP Units were converted. After the conversion of LTIP Units as aforesaid, the Company shall deliver to such Holder of LTIP Units, upon such Holder's written request, a certificate of the Managing Member certifying the number of Common Units and remaining LTIP Units, if any, held by such person immediately after such conversion. The Assignee of any Member pursuant to Article 11 hereof may exercise the rights of such Member pursuant to this Section 16.9 and such Member shall be bound by the exercise of such rights by the Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of making future allocations under Section 6.2(d) and applying the Capital Account Limitation, the portion of the Economic Capital Account Balance of the applicable Holder of LTIP Units that is treated as attributable to such Holder's LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Common Unit Economic Balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company or the Managing Member shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self-tender offer for all or substantially all Common Units or other business combination or reorganization, or sale of all or substantially all of the Company's assets, but excluding any transaction which constitutes an Adjustment Event) in each case as a result of which Common Units shall be exchanged for or converted into the right, or the Holders shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each of the foregoing being referred to herein as a "*Transaction*"), then the Managing Member shall, immediately prior to the Transaction, exercise its right to cause a Forced Conversion with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the Transaction or that would occur in connection with the Transaction if the assets of the Company were sold at the Transaction price or, if applicable, at a value determined by the Managing Member in good faith using the value attributed to the Common Units in the context of the Transaction (in which case the Conversion Date shall be the effective date of the Transaction and the conversion shall occur immediately prior to the effectiveness of the Transaction). In anticipation of such Forced Conversion and the consummation of the Transaction, the Company shall use commercially reasonable efforts to cause each Holder of LTIP Units to be afforded the right to receive in connection with such Transaction in consideration for the Common Units into which such Holder's LTIP Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Transaction by a Holder of the same number of Common Units, assuming such Holder is not a Person with which the Company consolidated or into which the Company merged or which merged into the Company or to which such sale or transfer was made, as the case may be (a "*Constituent Person*"), or an affiliate of a Constituent Person. In the event that Holders of Common Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the Managing Member shall give prompt written notice to each Holder of LTIP Units of such opportunity, and shall use commercially reasonable efforts to afford the Holder of LTIP Units the right to elect, by written notice to the Managing Member, the form or type of consideration to be received upon conversion of each LTIP Unit held by such Holder into Common Units in connection with such Transaction. If a Holder of LTIP Units fails to make such an election, such Holder (and any of such Holder's transferees) shall receive upon conversion of each LTIP Unit held by such Holder (or by any of such Holder's transferees) the same kind and amount of consideration that a Holder of Common Units would receive if such Holder of Common Units failed to make such an election. Subject to the rights of the Company and the Managing Member under any LTIP Unit Agreement and the relevant terms of the Plan or any other applicable Equity Plan, the Company shall use commercially reasonable effort to cause the terms of any Transaction to be consistent with the provisions of this Section 16.9(g) and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any Holder of LTIP Units whose LTIP Units will not be converted into Common Units in connection with the Transaction that will (i) contain provisions enabling the Qualifying Parties that remain outstanding after such Transaction to convert their LTIP Units into securities as comparable as reasonably practicable under the circumstances to the Common Units and (ii) preserve as far as reasonably practicable under the circumstances the distribution, special allocation, conversion, and other rights set forth in the Agreement for the benefit of the Holder of LTIP Units.

Section 16.10 *Voting*. Except as expressly provided in this Agreement, Members holding LTIP Units shall have the same voting rights as Members holding Common Units, with the LTIP Units voting together as a single class with the Common Units and having one vote per LTIP Unit and Holders of LTIP Units shall not be entitled to approve, vote on or consent to any other matter. The foregoing voting provision will not apply if, at or prior to the time when the action with respect to which such vote would otherwise be required will be effected, all outstanding LTIP Units shall have been converted (or provision is made for such conversion to occur as of or prior to such time) into Common Units.

Section 16.11 *Section 83 Safe Harbor*. Each Member authorizes the Managing Member to elect to apply the safe harbor (the "*Section 83 Safe Harbor*") set forth in proposed Regulations Section 1.83-3(l) and proposed IRS Revenue Procedure published in Notice 2005-43 (together, the "*Proposed Section 83 Safe Harbor Regulation*") (under which the fair market value of a Membership Interest that is Transferred in connection with the performance of services is treated as being equal to the liquidation value of the interest), or in similar Regulations or guidance, if such Proposed Section 83 Safe Harbor Regulation or similar Regulations are promulgated as final or temporary Regulations. If the Managing Member determines that the Company should make such election, the Managing Member is hereby authorized to amend this Agreement without the consent of any other Member to provide that (i) the Company is authorized and directed to elect the Section 83 Safe Harbor, (ii) the Company and each of its Members (including any Person to whom a Membership Interest, including an LTIP Unit, is Transferred in connection with the performance of services) will comply with all requirements of the Section 83 Safe Harbor with respect to all Membership Interests Transferred in connection with the performance of services while such election remains in effect and (iii) the Company and each of its Members will take all actions necessary, including providing the Company with any required information, to permit the Company to comply with the requirements set forth or referred to in the applicable Regulations for such election to be effective until such time (if any) as the Managing Member determines, in its sole discretion, that the Company should terminate such election. The Managing Member is further authorized to amend this Agreement to modify Article 6 to the extent the Managing Member determines in its discretion that such modification is necessary or desirable as a result of the issuance of any applicable law, Regulations, notice or ruling relating to the tax treatment of the transfer of a Membership Interests in connection with the performance of services. Notwithstanding anything to the contrary in this Agreement, each Member expressly confirms that it will be legally bound by any such amendment.

*[Remainder of Page Left Blank Intentionally]*

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

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| |
|:---|
| **MANAGING MEMBER:** |
| JANUS LIVING, INC., |
| a Maryland corporation |
| By: |
| Name: |
| Its: |

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**exhibit A**

**EXAMPLES REGARDING ADJUSTMENT FACTOR**

For purposes of the following examples, it is assumed that (a) the Adjustment Factor in effect on is 1.0 and (b) on (the "*Company Record Date*" for purposes of these examples), prior to the events described in the examples, there are 100 Class A-1 REIT Shares issued and outstanding.

*Example 1*

On the Company Record Date, the Managing Member declares a dividend on its outstanding Class A-1 REIT Shares in Class A-1 REIT Shares. The amount of the dividend is one Class A-1 REIT Share paid in respect of each Class A-1 REIT Share owned. Pursuant to Paragraph (a) of the definition of "Adjustment Factor," the Adjustment Factor shall be adjusted on the Company Record Date, effective immediately after the stock dividend is declared, as follows:

1.0 \* 200/100 = 2.0

Accordingly, the Adjustment Factor after the stock dividend is declared is 2.0.

*Example 2*

On the Company Record Date, the Managing Member distributes options to purchase Class A-1 REIT Shares to all holders of its Class A-1 REIT Shares. The amount of the distribution is one option to acquire one Class A-1 REIT Share in respect of each Class A-1 REIT Share owned. The strike price is $4.00 a share. The Value of a Class A-1 REIT Share on the Company Record Date is $5.00 per share. Pursuant to Paragraph (b) of the definition of "Adjustment Factor," the Adjustment Factor shall be adjusted on the Company Record Date, effective immediately after the options are distributed, as follows:

1.0 \* (100 + 100)/(100 + [100 \* $4.00/$5.00]) = 1.1111

Accordingly, the Adjustment Factor after the options are distributed is 1.1111. If the options expire or become no longer exercisable, then the retroactive adjustment specified in Paragraph (b) of the definition of "Adjustment Factor" shall apply.

*Example 3*

On the Company Record Date, the Managing Member distributes assets to all holders of its Class A-1 REIT Shares. The amount of the distribution is one asset with a fair market value (as determined by the Managing Member) of $1.00 in respect of each Class A-1 REIT Share owned. It is also assumed that the assets do not relate to assets received by the Managing Member pursuant to a pro rata distribution by the Company. The Value of a Class A-1 REIT Share on the Company Record Date is $5.00 a share. Pursuant to Paragraph (c) of the definition of "Adjustment Factor," the Adjustment Factor shall be adjusted on the Company Record Date, effective immediately after the assets are distributed, as follows:

1.0 \* $5.00/($5.00 - $1.00) = 1.25

Accordingly, the Adjustment Factor after the assets are distributed is 1.25.

**exhibit B**

**NOTICE OF REDEMPTION**

To: [●]

The undersigned Member or Assignee hereby irrevocably tenders for Redemption Common Units in Janus Living OP, LLC in accordance with the terms of the Amended and Restated Operating Agreement of Janus Living OP, LLC, dated as of [●], 2026 (the "*Agreement*"), and the Redemption rights referred to therein. The undersigned Member or Assignee:

(a) undertakes (i) to surrender such Common
 Units and any certificate therefor at the closing of the Redemption, (ii) in the case
 of a Member or Assignee holding, or whose Affiliate holds, Class A-2 REIT Shares, to
 surrender, or cause its Affiliate to surrender, an equal number of Class A-2 REIT Shares
 to the Managing Member and any certificate therefor at the closing of the Redemptions, and
 (iii) to furnish to the Managing Member, prior to the Specified Redemption Date, the
 documentation, instruments and information required under Section 15.1(a) and Section 15.1(g) of
 the Agreement;

(b) directs that the certified check representing
 the Cash Amount, or the REIT Shares Amount, as applicable, deliverable upon the closing of
 such Redemption be delivered to the address specified below;

(c) represents, warrants, certifies and agrees
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the undersigned Member or Assignee is
 a Qualifying Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the undersigned Member or Assignee has,
 and at the closing of the Redemption will have, good, marketable and unencumbered title to
 such Common Units, free and clear of the rights or interests of any other person or entity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the undersigned Member or Assignee has,
 and at the closing of the Redemption will have, the full right, power and authority to tender
 and surrender such Common Units as *provided* herein, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the undersigned Member or Assignee has
 obtained the consent or approval of all persons and entities, if any, having the right to
 consent to or approve such tender and surrender; and

(d) acknowledges that the undersigned Member or
 Assignee will continue to own such Common Units until and unless either (i) such Common
 Units are acquired by the Managing Member pursuant to Section 15.1(b) of the Agreement
 or (ii) such redemption transaction closes

All capitalized terms used herein and not otherwise defined shall have the same meaning ascribed to them respectively in the Agreement.

---

| | |
|:---|:---|
| Dated: | Name of Member or Assignee:<br>(Signature of Member or Assignee)<br>(Street Address)<br>(City) (State) (Zip Code)<br>|
|  | Signature Medallion Guaranteed by: |
| Issue Check Payable to: |  |
| <br> Please insert social security or identifying number: |  |

---

**exhibit C**

**NOTICE OF ELECTION BY MEMBER TO CONVERT<br> LTIP UNITS INTO COMMON UNITS**

The undersigned holder of LTIP Units hereby irrevocably (i) elects to convert the number of LTIP Units in Janus Living OP, LLC (the "*Company*") set forth below into Common Units in accordance with the terms of the Amended and Restated Operating Agreement of the Company; and (ii) directs that any cash in lieu of Common Units that may be deliverable upon such conversion to be deliverable upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such LTIP Units, free and clear of the rights or interests of any other person or entity other than the Company; (b) has the full right, power, and authority to cause the conversion of such LTIP Units as *provided* herein; and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consent or approve such conversion.

---

| | |
|:---|:---|
| Name of LTIP Unit Holder: |  |
|  | Please Print Name as Registered with the Company |
| Number of LTIP Units to be Converted:<br>|  |
| Date of this Notice: |  |
|  | (Signature of LTIP Unit Holder) |
|  | (Street Address)<br>|
|  | (City) (State) (Zip Code)<br>|
|  | Signature Medallion Guaranteed by: |
| Issue Check Payable to:<br>|  |
| Please insert social security or identifying number: |  |

---

**exhibit D**

**NOTICE OF ELECTION BY COMPANY TO FORCE CONVERSION<br> OF LTIP UNITS INTO COMMON UNITS**

Janus Living OP, LLC (the "*Company*") hereby irrevocably elects to cause the number of LTIP Units held by the LTIP Unit Holder set forth below to be converted into Common Units in accordance with the terms of the Amended and Restated Operating Agreement of the Company.

---

| | |
|:---|:---|
| Name of LTIP Unit Holder:<br>|  |
|  | Please Print Name as Registered with the Company |
| Number of LTIP Units to be Converted:<br>|  |
| Date of this Notice: |  |

---

## Exhibit 10.3

**Exhibit 10.3**

**JANUS LIVING, INC.**

**INDEMNIFICATION AGREEMENT**

This **INDEMNIFICATION AGREEMEN**T (this "**Agreement**") is made this [•] day of [•], [2026] (the "**Effective Date**"), by and between Janus Living, Inc., a Maryland corporation (the "**Company**"), and [•] ("**Indemnitee**").

**R E C I T A L S**

**WHEREAS**, at the request of the Company, the Indemnitee currently serves as a [officer / director] of the Company and renders valuable services to the Company; and

**WHEREAS**, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as directors and officers of the Company and its related entities; and

**WHEREAS**, both the Company and the Indemnitee recognize the increased legal risks and potential liabilities to which directors and officers of corporations are subject in connection with their positions and that liability insurance for directors and officers and statutory indemnification provisions may be inadequate to provide proper protection to individuals requested to serve as directors and officers of the Company; and

**WHEREAS**, in order to induce Indemnitee to continue to provide services to the Company as an officer and/or director, the Company desires to provide for the indemnification of, and the advancement of expenses to, Indemnitee as set forth in this Agreement.

**NOW THEREFORE**, in consideration of the foregoing premises, the covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Indemnitee do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **<u>Certain Definitions</u>**. For purposes of this Agreement, the following terms should have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** "**Board of Directors**" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** "**Bylaws**" mean the bylaws of the Company, as the same may be 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;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** "**Change in Control**" shall be deemed to have occurred if after the Effective Date (i) any "person" (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")), other than (i) one or more members of the Healthpeak Group and its affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or (iii) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the total voting power represented by the Company's then outstanding voting securities, or (ii) during any period of two consecutive years, individuals who at the beginning of the two year period constitute the Board of Directors of the Company and any new director whose election by the Board of Directors or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds (2/3) of the entire Board of Directors who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute two-thirds of the entire Board of Directors (it being acknowledged and agreed that the election and nomination of any member of the Board of Directors whose election or nomination to the Board of Directors was approved or recommended by Healthpeak Properties, Inc., or any other member of the Healthpeak Group, shall not violate this clause (ii)), or (iii) there occurs a proxy contest, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the entire Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than two-thirds of the entire Board of Directors thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** "**Charter**" means the corporate charter of the Corporation, as the same may be 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;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** "**Disinterested Director**" means a director of the Company who is not and was not a party to the Proceeding (as defined herein) in respect of which indemnification or advance of Expenses (as defined herein) is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** "**Expenses**" shall mean any and all expenses, including, without limitation, reasonable attorneys fees, disbursements and retainers, accounting and witness fees, travel and deposition costs, transcript costs, fees of experts, expenses of investigations and court costs, customarily incurred in connection with investigating, prosecuting, defending, being a witness in or participating in (including on appeal), or preparing to prosecute or defend, to be a witness or other participant, in a Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** "**Healthpeak Group**" shall mean Healthpeak Properties, Inc., Healthpeak OP, LLC, DOC DR Holdco, LLC, DOC DR, LLC and any of their respective direct or indirect wholly-owned subsidiaries that is not a subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** "**Indemnifiable Event**" shall mean any actual or asserted event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company, or is or was serving at the request of the Company as a director, officer, partner, employee, trustee, manager, member, agent or fiduciary of another corporation, partnership, limited liability company, association, joint venture, trust, employee benefit plan or other entity or enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity.

&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)** "**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "**Independent Counse**l" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. If a Change in Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change in Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld, and by such approval, the Board of Directors shall be deemed to have joined in such selection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** "**Proceeding**" includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding (including any appeals in any of the foregoing), whether civil, criminal, administrative or investigative, except (i) one completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee, and (ii) one initiated by an Indemnitee pursuant to Section 6 of this Agreement to enforce Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>Indemnification</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;**2.1** **Indemnification with Respect to Proceedings Other Than Proceedings by or in the Right of the Company**. In the event that Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to, or witness or other participant in, any Proceeding (other than a Proceeding by or in the right of the Company) by reason of (or arising in whole or in part from) an Indemnifiable Event, the Company shall indemnify the Indemnitee, to the fullest extent permitted by applicable law, from and against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on behalf of Indemnitee, in connection with such Proceeding, provided that, in the case of amounts paid in settlement, any settlement of such Proceeding is approved in advance by the Company in writing, which approval shall not be unreasonably withheld, delayed or applied in an inconsistent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Indemnification with Respect to Proceedings by or in the Right of the Company**. In the event that Indemnitee was, is or becomes a party to, or witness or other participant in, any Proceeding brought by or in the right of the Company to procure a judgment in favor of the Company by reason of (or arising in whole or in part from) an Indemnifiable Event, the Company shall indemnify Indemnitee, to the fullest extent permitted by applicable law, from and against all Expenses and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on behalf of Indemnitee, in connection with such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Partial Indemnification**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some portion of the Expenses, judgments, penalties, fines and amounts paid in settlement of a Proceeding which Indemnitee was, is or becomes a party to, or witness or other participant in, or is threatened to be made a party to, or witness or other participant in, by reason of an Indemnifiable Event, but not, however, for all of the total amount of such Expenses, judgments, fines, penalties and amounts paid in settlement, the Company will nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Indemnification for Expenses of a Party Who is Wholly or Partly Successful**. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of an Indemnifiable Event, made a party to and is successful, on the merits or otherwise, in the defense of, any Proceeding, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee, or on behalf of Indemnitee, in connection therewith. Without limiting any other rights of Indemnitee in this Agreement, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Advance of Expenses**. The Company shall advance all Expenses reasonably incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be made, a party or with respect to which Indemnitee is, or is threatened to be made, a witness or other participant, by reason of (or arising in whole or in part from) an Indemnifiable Event, prior to final disposition of such Proceeding, to the fullest extent permitted by applicable law and without requiring a preliminary determination as to Indemnitee's ultimate entitlement to indemnification, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and, if required by applicable law, shall include or be preceded or accompanied by (a) a written affirmation by the Indemnitee of the Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and (b) a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that such standard of conduct has not been met. Any advances to, and undertakings to repay by, Indemnitee pursuant to this Section 3 shall be unsecured and shall not bear interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **<u>Procedure for Determination of Entitlement to Indemnification.</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;**4.1** **Request for Indemnification**. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. Promptly upon receipt of such a request for indemnification, the Company shall cause its Board of Directors to be so advised in writing that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Determination of Right to Indemnification**. Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 4.1, a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors, or, if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, or if the Indemnitee so requests, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (B) if so directed by two-thirds of the entire Board of Directors, by the stockholders of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person making such determination, in response to a request by such person, shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **<u>Presumptions and Effect of Certain Proceedings.</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;**(a)** In making a determination with respect to entitlement to indemnification hereunder, (i) the person making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 4.1, and (ii) the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The termination of any proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that the Indemnitee did not meet the requisite standard of conduct required under applicable law for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **<u>Remedies of Indemnitee.</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;**(a)** In the event that (i) a determination is made pursuant to Section 4.2 that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 4.2 within sixty days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 2.4 within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of his or her entitlement to such indemnification or advancement of Expenses. Neither the failure of the Board of Directors or a committee thereof, or the stockholders of the Company, or Independent Counsel to have made a determination pursuant to Section 4.2 that Indemnitee is entitled to indemnification, nor an actual determination by the Board of Directors or a committee thereof, or the stockholders, of the Company, or Independent Counsel, that Indemnitee is not entitled to indemnification shall be a defense to any judicial adjudication sought by Indemnitee or create a presumption that the Indemnitee is not entitled to indemnification or advancement of Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** In any judicial proceeding commenced pursuant to this Section 6, the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If a determination shall have been made pursuant to Section 4.2 that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 6, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** In the event that Indemnitee, pursuant to this Section 6, seeks a judicial adjudication to establish or enforce Indemnitee's rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expenses (of the types described in the definition of Expenses in Section 1) actually and reasonably incurred by Indemnitee in connection with such judicial adjudication, regardless of the outcome of such judicial adjudication unless the court in such judicial adjudication determines that the material assertions made by Indemnitee in such judicial adjudication were not made in good faith or were frivolous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **<u>Indemnification Hereunder Not Exclusive</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;**(a)** The indemnification and advance of expenses provided by this Agreement shall not be deemed exclusive of, and shall be in addition to, any indemnification or other rights to which the Indemnitee may be entitled under the Charter, the Bylaws, any vote of stockholders or Disinterested Directors, applicable law, or otherwise, both as to action in his or her official capacity and as to action in another capacity on behalf of the Company while holding office; provided, however, that to the extent that the Indemnitee otherwise would have any greater right to indemnification under any provision of the Charter or Bylaws as in effect on the date hereof, the Indemnitee shall be deemed to have such greater right hereunder; and provided, further, that to the extent that any change is made to the Charter and/or Bylaws which permits any greater right to indemnification than that provided under this Agreement, the Indemnitee shall be entitled to have such greater right. No modification or amendment of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Indemnifiable Event prior to such modification or amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** [The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided by Healthpeak Properties, Inc. and certain of its affiliates (collectively, the "Healthpeak Indemnitors"). The Company hereby agrees (i) that, as between the Company and the Healthpeak Indemnitors, the Company is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Healthpeak Indemnitors to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee are secondary), (ii) that the Company shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Charter or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Healthpeak Indemnitors, and, (iii) that the Company irrevocably waives, relinquishes and releases the Healthpeak Indemnitors from any and all claims against the Healthpeak Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Healthpeak Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Healthpeak Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Healthpeak Indemnitors are express third party beneficiaries of the terms of this Section 7.]<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **<u>Liability Insurance</u>**. To the extent that the Company maintains liability insurance for directors, officers, employees, or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies.

<sup>1</sup> **NTD**: To be inserted if the Indemnitee is employed by Healthpeak Properties, Inc. or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **<u>Subrogation.</u>** In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the related rights of recovery of Indemnitee against other person or entities, and Indemnitee shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **<u>No Duplication of Payment.</u>** [Subject to Section 7(b),<sup>2</sup> the] [The] Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received payment of such amount under any insurance policy, contract, agreement, any provision of the Charter or Bylaws, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **<u>Exclusions</u>**. Notwithstanding any other provision of this Agreement to the contrary, the Company shall not be liable for, and the Indemnitee shall not be entitled to, indemnification or advance of Expenses under this Agreement with respect to: (i) any settlement or judgment for insider trading or for disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934; or (ii) any Proceeding initiated or brought by Indemnitee, and not by way of defense (other than an action or proceeding under Section 6), unless the bringing of such Proceeding has been approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **<u>Duration of Agreement</u>**. This Agreement shall continue until and terminate ten years after the date that Indemnitee shall have ceased to serve as a director, officer, employee, or agent of the Company or of any other corporation, partnership, limited liability company, association, joint venture, trust, employee benefit plan or other enterprise which Indemnitee served at the request of the Company; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 6 relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **<u>Section 409A</u>**. If the Indemnitee's right to payment of indemnification pursuant to Section 2 or right to the advancement of Expenses under Section 3 would not be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the "**Code**") pursuant to Final Treasury Regulation 1.0409A-1(b)(10), then (i) the payment of indemnification and Expenses provided or advanced to or for Indemnitee pursuant to this Agreement in one taxable year shall not affect the amount of indemnification and Expenses provided or advanced to or for Indemnitee in any other taxable year, (ii) any reimbursement to Indemnitee of Expenses under this Agreement shall be paid to Indemnitee on or before the last day of Indemnitee's taxable year following the taxable year in which the Expense was incurred and (iii) the right to advancement, reimbursement or payment of indemnification and Expenses under this Agreement may not be liquidated or exchanged for any other benefit. In addition, to the extent that this Agreement is subject to Section 409A of the Code, the parties agree to cooperate and work together in good faith to timely amend this Agreement to comply with Section 409A of the Code.

<sup>2</sup> **NTD**: To be inserted if the Indemnitee is employed by Healthpeak Properties, Inc. or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **<u>Successors and Assigns</u>**. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his or her heirs, executors and administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **<u>Severability</u>**. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **<u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **<u>Headings.</u>** The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **<u>Modification and Waiver</u>**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **<u>Notice by Indemnitee; Company Participation.</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;**(a)** Indemnitee shall promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advance of Expenses covered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** With respect to any Proceeding which may be subject to indemnification or advance of Expenses under this Agreement, unless Indemnitee waives its indemnification rights under this Agreement with respect to such Proceeding, the Company will be entitled to participate in the Proceeding at its own expense and, except as otherwise provided below, if it so elects, the Company may assume the defense of the Proceeding, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, during the Company's good faith active defense, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the defense of the Proceeding, other than reasonable costs of investigation or as otherwise provided below. The Company shall not settle any such Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee's written consent. The Indemnitee shall have the right to employ separate counsel in any such Proceeding, but the fees the expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be conflict of interest between the Company and the Indemnitee in the conduct of the defense of the Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a Proceeding, in each of which cases the fees and expenses of Indemnitee's counsel shall be Expenses for which Indemnitee may receive indemnification or advances under this Agreement. The Company shall not be entitled to assume the defense of any Proceeding bought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded there may be a conflict of interest between the Company and the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **<u>Notices.</u>** All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given when hand-delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed) or three calendar days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid or one business day after having been sent for next day delivery by a nationally recognized courier service, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** If to Indemnitee, to the address set forth on the signature page hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If to the Company to:

Janus Living, Inc.

c/o Healthpeak Properties, Inc.

4600 South Syracuse Street, Suite 500

Denver, Colorado 80237

Attn: General Counsel

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **<u>Governing Law.</u>** This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **<u>Entire Agreement</u>**. This Agreement constitutes the entire understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior written or oral negotiations, understandings or agreements between the parties with respect to the subject matter hereof; provided however that this Agreement is not intended to, and does not, supersede any indemnification or other rights to which the Indemnitee may be entitled under the Charter, the Bylaws or applicable law, or pursuant to any employment agreement between Indemnitee and the Company.

\* \* \*

*[The remainder of this page is left blank intentionally.]*

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

---

| |
|:---|
| **JANUS LIVING, INC.** |
| Name: |
| Title: |
| **INDEMNITEE:** |
| Name: |
| Address: |

---

[*Signature Page to Indemnification Agreement*]

## Exhibit 10.4

**Exhibit 10.4**

**JANUS LIVING, INC.**

**2026 EQUITY PLAN**

**1.** **PURPOSE OF PLAN** 

The purpose of this Janus Living, Inc. 2026 Equity Plan (this "<u>Plan</u>") of Janus Living, Inc., a Maryland corporation (the "<u>Company</u>"), is to promote the success of the Company and to increase stockholder value by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons.

**2.** **ELIGIBILITY** 

The Administrator (as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator determines to be Eligible Persons. An "<u>Eligible Person</u>" is any person who is either: (a) an officer (whether or not a director) or employee of the Company or one of its Subsidiaries or Parents; (b) a director of the Company or one of its Subsidiaries or Parents; (c) an individual consultant or advisor, who is a natural person and renders or has rendered bona fide services (other than services in connection with the offering or sale of securities of the Company or one of its Subsidiaries or Parents in a capital-raising transaction or as a market maker or promoter of securities of the Company or one of its Subsidiaries or Parents) to the Company or one of its Subsidiaries or Parents and who is selected to participate in this Plan by the Administrator; or (d) any other person to whom securities may be issued under the Plan in accordance with the rules relating to eligible employees and participants under a plan the securities of which are registered on Form S-8 Registration Statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"); provided, however, that a person who is otherwise an Eligible Person under the foregoing clauses (a)- (d) may participate in this Plan only if such participation would not adversely affect any of the Company's eligibility to use Form S-8 to register the securities issuable pursuant to Plan under the Securities Act, the offering and sale of shares issuable under this Plan by the Company, or the Company's compliance with any other applicable laws. An Eligible Person who has been granted an award (a "<u>participant</u>") may, if otherwise eligible, be granted additional awards if the Administrator shall so determine. As used herein, "<u>Subsidiary</u>" and "<u>Parent</u>", as applicable, shall mean a "subsidiary" or "parent", respectively, within the meaning of Form S-8 Registration Statement under the Securities Act; and "<u>Board</u>" means the Board of Directors of the Company.

**3.** **PLAN ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.  ***The Administrator*** . This Plan shall be administered by and all awards under this Plan shall
be authorized by the Administrator. The "Administrator" means the Board or one or more committees appointed by the Board or
another committee (within its delegated authority) to administer all or certain aspects of this Plan. Any such committee shall be comprised
solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some or
all of its authority to another committee of the Board so constituted. The Board or a committee comprised solely of directors of the Company
may also delegate, to the extent permitted by applicable law, to one or more officers of the Company, some or all of its authority under
this Plan with respect to awards to Eligible Persons who, based on their service to the Company, are not subject to Section 16 under
the Securities Exchange Act of 1934, as amended. The Board may delegate different levels of authority to different committees with administrative
and grant authority under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.  ***Powers of the Administrator*** . Subject to the express provisions of this Plan, the Administrator
is authorized and empowered to do all things necessary or desirable in connection with the authorization of awards and the administration
of this Plan (in the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)),
including, without limitation, the authority 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;(a) determine eligibility and, from among those persons determined to be Eligible Persons, the particular
Eligible Persons who will receive an award under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant awards to Eligible Persons, determine the price (if any) at which securities will be offered or
awarded and the number of securities to be offered or awarded to any of such persons, determine the other specific terms and conditions
of such awards consistent with the express limits of this Plan, establish the installments (if any) in which such awards shall become
exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed
exercisability or vesting is required, establish any applicable performance-based exercisability or vesting requirements, determine the
circumstances in which any performance-based goals (or the applicable measure of performance) will be adjusted and the nature and impact
of any such adjustment, determine the extent (if any) to which any applicable exercise and vesting requirements have been satisfied, establish
the events (if any) on which exercisability or vesting may accelerate (which may include, without limitation, retirement and other specified
terminations of employment or services, or other circumstances), and establish the events (if any) of termination, expiration or reversion
of such awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) approve the forms of award agreements (which need not be identical either as to type of award or among
participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) construe and interpret this Plan and any agreements defining the rights and obligations of the Company,
its Subsidiaries, and participants under this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and
regulations relating to the administration of this Plan or the awards granted under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel, modify, or waive the Company's or its Subsidiaries' rights with respect to, or modify,
discontinue, suspend, or terminate any or all outstanding awards, subject to any required consent under Section 8.6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the
 " <u>Code</u> ") (to the extent applicable), accelerate or extend the vesting or exercisability or extend the term of any or
all such outstanding awards (in the case of options or stock appreciation rights, within the maximum term of such awards) in such circumstances
as the Administrator may deem appropriate (including, without limitation, in connection with a termination of employment or services,
or other circumstances) subject to any required consent under Section 8.6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) adjust the number of shares of Common Stock, LTIP Units or other securities subject to any award, adjust
the price of any or all outstanding awards or otherwise change previously imposed terms and conditions, in such circumstances as the Administrator
may deem appropriate, in each case subject to Sections 4 and 8.6 (subject to the no repricing provision below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) determine the date of grant of an award, which may be a designated date after but not before the date
of the Administrator's action to approve the award (unless otherwise designated by the Administrator, the date of grant of an award
shall be the date upon which the Administrator took the action granting an award);

&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) determine whether, and the extent
to which, adjustments are required pursuant to Section 7 hereof and authorize the termination, conversion, substitution or
succession of awards upon the occurrence of an event of the type described in Section 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) acquire or settle (subject to
Sections 7 and 8.6) rights under awards in cash, stock of equivalent value, or other consideration (subject to the no repricing
provision below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) determine the fair market value of the Common Stock or awards under this Plan from time to time and/or
the manner in which such value will be determined; 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;(l) prescribe, amend and rescind rules and regulations relating to this Plan, including rules and
regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax
treatment under applicable foreign laws.

Notwithstanding the foregoing and except for an adjustment pursuant to Section 7.1 or a repricing approved by stockholders, in no case may the Administrator (1) amend an outstanding stock option or SAR to reduce the exercise price or base price of the award, (2) cancel, exchange or surrender an outstanding stock option or SAR in exchange for cash or other awards for the purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding stock option or stock appreciation right ("SAR") in exchange for an option or SAR with an exercise or base price that is less than the exercise or base price of the original award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.  ***Binding Determinations*** . Any determination or other action taken by, or inaction of, the
Company, any Subsidiary, or the Administrator relating or pursuant to this Plan (or any award hereunder) and within its authority hereunder
or under applicable law shall be within the absolute discretion of that entity or body and shall be conclusive and binding upon all persons.
Neither the Board nor any Board committee, nor any member thereof or person acting at the direction thereof, shall be liable for any act,
omission, interpretation, construction or determination made in good faith in connection with this Plan (or any award made under this
Plan), and all such persons shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage
or expense (including, without limitation, attorneys' fees) arising or resulting therefrom to the fullest extent permitted by law
and/or under any directors and officers liability insurance coverage that may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.  ***Reliance on Experts*** . In making any determination or in taking or not taking any action under
this Plan, the Board or a committee, as the case may be, may obtain and may rely upon the advice of experts, including employees and professional
advisors to the Company. No director, officer or agent of the Company or any of its Subsidiaries shall be liable for any such action or
determination taken or made or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.  ***Delegation*** . The Administrator may delegate ministerial, non-discretionary functions to individuals
who are officers or employees of the Company or any of its Subsidiaries or to third parties.

**4.** **SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.  ***Shares Available*** . Subject to the provisions of Section 7.1, the capital stock that
may be delivered under this Plan shall be shares of the Company's authorized but unissued Common Stock and any shares of its Common
Stock held as treasury shares. For purposes of this Plan, " <u>Common Stock</u> " shall mean the Class A-1 common stock
of the Company and such other securities or property as may become the subject of awards under this Plan, or may become subject to such
awards, pursuant to an adjustment made under Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.  ***Share Limits*** . The maximum number of shares of Common Stock that may be delivered pursuant
to awards granted to Eligible Persons under this Plan (the "Share Limit") is equal to 5,000,000 shares of Common Stock.

Shares of Common Stock issued in respect of any Full-Value Award granted under this Plan shall be counted against the foregoing Share Limit as 1.5 shares for every one share actually issued in connection with such award (the "<u>Full Value Award Ratio</u>"). (For example, if a stock bonus of 100 shares of Common Stock is granted under this Plan, 150 shares shall be charged against the Share Limit in connection with that award.) For this purpose, a "<u>Full-Value Award</u>" means any award under this Plan that is not a stock option grant or a stock appreciation right grant

The following limits also apply with respect to awards granted under this Plan: The maximum number of shares of Common Stock that may be delivered pursuant to options qualified as incentive stock options granted under this Plan is 5,000,000 shares. The maximum value of any equity awards granted to an Eligible Person who is a non-employee director in any calendar year is $500,000.

Each LTIP Unit subject to an award under the Plan shall be treated as a share of Common Stock (or, for purposes of applying the Full-Value Award Ratio, 1.5 shares of Common Stock) for purposes of calculating the aggregate number of shares of Common Stock available for issuance under the Plan as set forth in this Section 4.2 and for purposes of calculating the other award limits set forth in this Section 4.2.

Each of the foregoing numerical limits is subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.  ***Awards Settled in Cash, Reissue of Awards and Shares*** . To the extent that an award is settled
in cash or a form other than shares of Common Stock (or LTIP Units that are converted to shares of Common Stock), the shares that would
have been delivered had there been no such cash or other settlement shall not be counted against the shares available for issuance under
this Plan. In the event that shares of Common Stock are delivered in respect of a dividend equivalent right granted under this Plan, the
actual number of shares delivered with respect to the award shall be counted against the share limits of this Plan (including, for purposes
of clarity, the limits of Section 4.2 of this Plan). (For purposes of clarity, if 1,000 dividend equivalent rights are granted and
outstanding when the Company pays a dividend, and 50 shares are delivered in payment of those rights with respect to that dividend, 50
shares shall be counted against the share limits of this Plan). To the extent that shares of Common Stock are delivered pursuant to the
exercise of a stock appreciation right or stock option granted under this Plan, the number of underlying shares as to which the exercise
related shall be counted against the applicable share limits under Section 4.2, as opposed to only counting the shares actually issued.
(For purposes of clarity, if a stock appreciation right relates to 100,000 shares and is exercised at a time when the payment due to the
participant is 15,000 shares, 100,000 shares shall be charged against the applicable share limits under Section 4.2 with respect
to such exercise.) Shares of Common Stock that are subject to or underlie awards which expire or for any reason are cancelled or terminated,
are forfeited, fail to vest, or for any other reason are not paid or delivered under this Plan shall again be available for subsequent
awards under this Plan. Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection
with any award under this Plan, as well as any shares exchanged by a participant or withheld by the Company or one of its Subsidiaries
to satisfy the tax withholding obligations related to any award, shall not be available for subsequent awards under this Plan. Refer to
Section 8.10 for application of the foregoing share limits with respect to assumed awards. The Company may not increase the Plan's
share limit by repurchasing Common Stock on the market (by using cash received through the exercise of stock options or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.  ***No Fractional Shares; Minimum Issue*** . No fractional shares shall be delivered under this
Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of awards under this Plan. No fewer than 100 shares
may be purchased on exercise of any award (or, in the case of stock appreciation or purchase rights, no fewer than 100 rights may be exercised
at any one time) unless the total number purchased or exercised is the total number at the time available for purchase or exercise under
the award.

**5.** **AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.  ***Type and Form of Awards*** . The Administrator shall determine the type or types of award(s) to
be made to each selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination
or in tandem with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other employee or compensation
plan of the Company or one of its Subsidiaries. The types of awards that may be granted under this Plan are (subject, in each case, to
the no repricing provisions of Section 3.2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1.  ***Stock Options*** . A stock option is the grant of a right to purchase a specified number of
shares of Common Stock during a specified period as determined by the Administrator. An option may be intended as an incentive stock option
within the meaning of Section 422 of the Code (an "ISO") or a nonqualified stock option (an option not intended to be
an ISO). The award agreement for an option will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified
stock option. The maximum term of each option (ISO or nonqualified) shall be ten (10) years. The per share exercise price for each
option shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the option. When an option
is exercised, the exercise price for the shares to be purchased shall be paid in full in cash or such other method permitted by the Administrator
consistent with Section 5.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2.  ***Additional Rules Applicable to ISOs*** . To the extent that the aggregate fair market value
(determined at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a participant
in any calendar year exceeds $100,000, taking into account both Common Stock subject to ISOs under this Plan and stock subject to ISOs
under all other plans of the Company or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and
within the meaning of Section 422 of the Code and the regulations promulgated thereunder), such options shall be treated as nonqualified
stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be
reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator
may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant
to the exercise of an ISO. ISOs may only be granted to employees of the Company or one of its subsidiaries (for this purpose, the term
 "subsidiary" is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership
of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning with the Company
and ending with the subsidiary in question). There shall be imposed in any award agreement relating to ISOs such other terms and conditions
as from time to time are required in order that the option be an "incentive stock option" as that term is defined in Section 422
of the Code. No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of
the Code) shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of the
Company, unless the exercise price of such option is at least 110% of the fair market value of the stock subject to the option and such
option by its terms is not exercisable after the expiration of five years from the date such option is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3.  ***Stock Appreciation Rights*** . A stock appreciation right or "SAR" is a right to
receive a payment, in cash and/or Common Stock, equal to the excess of the fair market value of a specified number of shares of Common
Stock on the date the SAR is exercised over the "base price" of the award, which base price shall be set forth in the applicable
award agreement and shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the SAR. The
maximum term of a SAR shall be ten (10) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4.  ***LTIP Unit Awards*** . An "LTIP Unit" is an "LTIP Unit" of Janus Living
OP, LLC(the "Partnership") (as defined in that certain Amended and Restated Operating Agreement of Janus Living OP, LLC (as
it may be amended from time to time, the "Partnership Agreement")) that is intended to constitute a "profits interest"
within the meaning of the Code. The Administrator is authorized to grant LTIP Units in such amount and subject to such terms and conditions
as may be determined by the Administrator; provided, however, that LTIP Units may only be issued to an Eligible Person for the performance
of services to or for the benefit of the Partnership (a) in the Eligible Person's capacity as a partner or member of the Partnership,
(b) in anticipation of the Eligible Person becoming a partner or member of the Partnership, or (c) as otherwise determined by
the Administrator, provided that the LTIP Units are intended to constitute "profits interests" within the meaning of the Code,
including, to the extent applicable, Revenue Procedure 93-27, 1993-2 C.B. 343 and Revenue Procedure 2001-43, 2001-2 C.B. 191. The Administrator
shall specify the conditions and dates upon which the LTIP Units shall vest and become nonforfeitable. LTIP Units shall be subject to
the terms and conditions of the Partnership Agreement and such other restrictions, including restrictions on transferability, as the Administrator
may impose. These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such instalments,
or otherwise, as the Administrator determines at the time of the grant of the award or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5.  ***Other Awards; Dividend Equivalent Rights*** . The other types of awards that may be granted
under this Plan include: (a) stock bonuses, restricted stock, performance stock, stock units, phantom stock, deferred shares, or
similar rights to purchase or acquire shares, whether at a fixed or variable price (or no price) or a fixed or variable ratio related
to the Common Stock, any of which may (but need not) be fully vested at grant or vest upon the passage of time, the occurrence of one
or more events, the satisfaction of performance criteria or other conditions, or any combination thereof; or (b) cash awards. The
types of cash awards that may be granted under this Plan include the opportunity to receive a payment for the achievement of one or more
goals established by the Administrator, on such terms as the Administrator may provide, as well as discretionary cash awards. Dividend
equivalent rights may be granted as a separate award or in connection with another award under this Plan; provided, however, that dividend
equivalent rights may not be granted as to a stock option or SAR granted under this Plan. In addition, any dividends and/or dividend equivalents
as to the portion of a performance-vesting award that is subject to unsatisfied vesting requirements will be subject to termination and
forfeiture to the same extent as the corresponding portion of the award to which they relate in the event the applicable vesting requirements
are not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.  ***Award Agreements*** . Each award shall be evidenced by either (1) a written award agreement
in a form approved by the Administrator and executed by the Company by an officer duly authorized to act on its behalf, or (2) an
electronic notice of award grant in a form approved by the Administrator and recorded by the Company (or its designee) in an electronic
recordkeeping system used for the purpose of tracking award grants under this Plan generally (in each case, an "award agreement"),
as the Administrator may provide and, in each case and if required by the Administrator, executed or otherwise electronically accepted
by the recipient of the award in such form and manner as the Administrator may require. The Administrator may authorize any officer of
the Company (other than the particular award recipient) to execute any or all award agreements on behalf of the Company. The award agreement
shall set forth the material terms and conditions of the award as established by the Administrator consistent with the express limitations
of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.  ***Deferrals and Settlements*** . Payment of awards may be in the form of cash, Common Stock, other
awards or combinations thereof as the Administrator shall determine, and with such restrictions as it may impose. The Administrator may
also require or permit participants to elect to defer the issuance of shares or the settlement of awards in cash under such rules and
procedures as it may establish under this Plan. The Administrator may also provide that deferred settlements include the payment or crediting
of interest or other earnings on the deferral amounts, or the payment or crediting of dividend equivalents where the deferred amounts
are denominated in shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.  ***Consideration for Common Stock or Awards*** . Except as provided herein, the purchase price
for any award granted under this Plan or the Common Stock to be delivered pursuant to an award, as applicable, may be paid by means of
any lawful consideration as determined by the Administrator, including, without limitation, one or a combination of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· services rendered by the recipient of such award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash, check payable to the order of the Company, or electronic funds transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notice and third party payment in such manner as may be authorized by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the delivery of previously owned shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by a reduction in the number of shares otherwise deliverable pursuant to the award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· subject to such procedures as the Administrator may adopt, pursuant to a "cashless exercise"
with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.

In no event shall any shares newly-issued by the Company be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable state law. The Administrator shall not permit any participant to pay any portion of the exercise or purchase price of any award granted under this Plan by means of a promissory note. Shares of Common Stock used to satisfy the exercise price of an option shall be valued at their fair market value on the date of exercise. The Company will not be obligated to deliver any shares unless and until it receives full payment of the exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise or purchase have been satisfied. Unless otherwise expressly provided in the applicable award agreement, the Administrator may at any time eliminate or limit a participant's ability to pay the purchase or exercise price of any award or shares by any method other than cash payment to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.  ***Definition of Fair Market Value*** . For purposes of this Plan, "fair market value"
shall mean, unless otherwise determined or provided by the Administrator in the circumstances, the closing price of a share of Common
Stock as reported on the composite tape for securities listed on the New York Stock Exchange or other exchange or market on which the
Common Stock is listed (in any case, the "Exchange") for the date in question or, if no sales of Common Stock were made on
the Exchange on that date, the average of the closing prices of a share of Common Stock as reported on said composite tape for the next
preceding day and the next succeeding day on which sales of Common Stock were made on the Exchange. The Administrator may, however, provide
with respect to one or more awards that the fair market value shall equal the closing price of a share of Common Stock as reported on
the composite tape for securities listed on the Exchange for the last trading day prior to the date in question or the average of the
high and low trading prices of a share of Common Stock as reported on the composite tape for securities listed on the Exchange for the
date in question or the most recent trading day. If the Common Stock is no longer listed or is no longer actively traded on the Exchange
as of the applicable date, the fair market value of the Common Stock shall be the value as reasonably determined by the Administrator
for purposes of the award in the circumstances. The Administrator also may adopt a different methodology for determining fair market value
with respect to one or more awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or
other treatment for the particular award(s) (for example, and without limitation, the Administrator may provide that fair market
value for purposes of one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices)
for a specified period preceding the relevant date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.  ***Transfer Restrictions*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1.  ***Limitations on Exercise and Transfer*** . Unless otherwise expressly provided in (or pursuant
to) this Section 5.6 or required by applicable law, (a) all awards are non-transferable and shall not be subject in any manner
to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) awards shall be exercised only by the
participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered only to (or for the account of)
the participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2.  ***Exceptions*** . The Administrator may permit awards to be exercised by and paid to, or otherwise
transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as
the Administrator may, in its sole discretion, establish in writing. Any permitted transfer shall be subject to compliance with applicable
federal and state securities laws and shall not be for value (other than nominal consideration, settlement of marital property rights,
or for interests in an entity in which more than 50% of the voting interests are held by the Eligible Person or by the Eligible Person's
family members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3.  ***Further Exceptions to Limits on Transfer*** . The exercise and transfer restrictions in Section 5.6.1
shall not apply 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;(a) transfers to the Company (for example, in connection with the expiration or termination of the award),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the designation of a beneficiary to receive benefits in the event of the participant's death or,
if the participant has died, transfers to or exercise by the participant's beneficiary, or, in the absence of a validly designated
beneficiary, transfers by will or the laws of descent and distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to any applicable limitations on ISOs, transfers to a family member (or former family member)
pursuant to a domestic relations order if approved or ratified by the Administrator,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the participant has suffered a disability, permitted transfers or exercises on behalf of the participant
by his or her legal representative, 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;(e) the authorization by the Administrator of "cashless exercise" procedures with third parties
who provide financing for the purpose of (or who otherwise facilitate) the exercise of awards consistent with applicable laws and the
express authorization of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.  ***International Awards*** . One or more awards may be granted to Eligible Persons who provide
services to the Company or one of its Subsidiaries outside of the United States. Any awards granted to such persons may be granted pursuant
to the terms and conditions of any applicable sub-plans, if any, appended to this Plan and approved by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.  ***Minimum Vesting Conditions*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.1. Any award granted hereunder shall provide for a scheduled time-based or performance-based vesting, as
applicable, of at least one (1) year following the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.2. Notwithstanding anything set forth in Section 5.8.1 to the contrary, the following awards may
 be granted hereunder without any minimum vesting condition: (i) awards granted upon or in connection with the Company's
 initial public offering, and (ii) awards representing a maximum of five percent (5%) of the Share Limit. For purposes of tracking
 this five percent (5%) limit, an award (or portion thereof) shall be counted toward the limit only if such award (i) provides
 for a scheduled vesting to occur before one (1) year following the date of grant, and (ii) actually vests before one
 (1) year following the date of grant.

**6.** **EFFECT OF TERMINATION OF SERVICE ON AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.  ***General*** . The Administrator shall establish the effect of a termination of employment or
service on the rights and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the
cause of termination and type of award. If the participant is not an employee of the Company or one of its Subsidiaries and provides other
services to the Company or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract
or the award otherwise provides) of whether the participant continues to render services to the Company or one of its Subsidiaries and
the date, if any, upon which such services shall be deemed to have terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.  ***Events Not Deemed Terminations of Service*** . Unless the express policy of the Company or one
of its Subsidiaries, or the Administrator, otherwise provides, or except as otherwise required by applicable law, the employment relationship
shall not be considered terminated in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence
authorized by the Company or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the expiration of
such leave is guaranteed by contract or law, or the Administrator otherwise provides, such leave is for a period of not more than three
months. In the case of any employee of the Company or one of its Subsidiaries on an approved leave of absence, continued vesting of the
award while on leave from the employ of the Company or one of its Subsidiaries may be suspended until the employee returns to service,
unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an award be exercised after the expiration
of the term set forth in the award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.  ***Effect of Change of Subsidiary Status*** . For purposes of this Plan and any award, if an entity
ceases to be a Subsidiary of the Company a termination of employment or service shall be deemed to have occurred with respect to each
Eligible Person in respect of such Subsidiary who does not continue as an Eligible Person in respect of the Company or another Subsidiary
that continues as such after giving effect to the transaction or other event giving rise to the change in status unless the Subsidiary
that is sold, spun-off or otherwise divested (or its successor or a direct or indirect parent of such Subsidiary or successor) assumes
the Eligible Person's award(s) in connection with such transaction.

**7.** **ADJUSTMENTS; ACCELERATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.  ***Adjustments*** . Subject to Section 7.2, upon (or, as may be necessary to effect the adjustment,
immediately prior to): any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or
reverse stock split; any merger, combination, consolidation, or other reorganization; any spin-off, split-up, or extraordinary dividend
distribution in respect of the Common Stock; or any exchange of Common Stock or other securities of the Company, or any similar, unusual
or extraordinary corporate transaction in respect of the Common Stock; then the Administrator shall equitably and proportionately adjust
(1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of awards (including
the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of shares
of Common Stock (or other securities or property) subject to any outstanding awards, (3) the grant, purchase, or exercise price (which
term includes the base price of any SAR or similar right) of any outstanding awards, and/or (4) the securities, cash or other property
deliverable upon exercise or payment of any outstanding awards, in each case to the extent necessary to preserve (but not increase) the
level of incentives intended by this Plan and the then- outstanding awards.

It is intended that, if possible, any adjustments contemplated by the preceding two paragraphs be made in a manner that satisfies applicable U.S. legal, tax (including, without limitation and as applicable in the circumstances, Section 424 of the Code and Section 409A of the Code) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) requirements.

Without limiting the generality of Section 3.3, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.  ***Corporate Transactions—Assumption and Termination of Awards*** . Upon the occurrence of
any of the following: any merger, combination, consolidation, or other reorganization; any exchange of Common Stock or other securities
of the Company; a sale of all or substantially all the business, stock or assets of the Company; a dissolution of the Company; or any
other event in which the Company does not survive (or does not survive as a public company in respect of its Common Stock); then the Administrator
may make provision for a cash payment in settlement of, or for the termination, assumption, substitution or exchange of any or all outstanding
awards or the cash, securities or property deliverable to the holder of any or all outstanding awards, based upon, to the extent relevant
under the circumstances, the distribution or consideration payable to holders of the Common Stock upon or in respect of such event. Upon
the occurrence of any event described in the preceding sentence, then, unless the Administrator has made a provision for the substitution,
assumption, exchange or other continuation or settlement of the award or the award would otherwise continue in accordance with its terms
in the circumstances: (1) unless otherwise provided in the applicable award agreement, each then-outstanding option and SAR shall
become fully vested and exercisable, all shares of restricted stock then outstanding shall fully vest and restrictions thereon shall lapse,
and each other award granted under this Plan that is then outstanding shall become payable to the holder of such award (with any performance
goals applicable to the award in each case being deemed met, unless otherwise provided in the award agreement, at the "target"
performance level); and (2) each award (including any award or portion thereof that, by its terms, does not accelerate and vest in
the circumstances) shall terminate upon the related event; provided that the holder of an option or SAR shall be given reasonable advance
notice of the impending termination and a reasonable opportunity to exercise his or her outstanding vested options and SARs (after giving
effect to any accelerated vesting required in the circumstances) in accordance with their terms before the termination of such awards
(except that in no case shall more than ten days' notice of the impending termination be required and any acceleration of vesting
and any exercise of any portion of an award that is so accelerated may be made contingent upon the actual occurrence of the event).

For purposes of this Section 7.2, an award shall be deemed to have been "assumed" if (without limiting other circumstances in which an award is assumed) the award continues after an event referred to above in this Section 7.2, and/or is assumed and continued by the surviving entity following such event (including, without limitation, a Parent, as such term is defined in Section 7.3), and confers the right to purchase or receive, as applicable and subject to vesting and the other terms and conditions of the award, for each share of Common Stock (or LTIP Unit) subject to the award immediately prior to the event, the consideration (whether cash, shares, or other securities or property) received in the event by the stockholders of the Company for each share of Common Stock sold or exchanged in such event (or the consideration received by a majority of the stockholders participating in such event if the stockholders were offered a choice of consideration); provided, however, that if the consideration offered for a share of Common Stock in the event is not solely the ordinary common stock of a successor Company or a Parent, the Administrator may provide for the consideration to be received upon exercise or payment of the award, for each share subject to the award, to be solely ordinary common stock of the successor corporation or a Parent equal in fair market value to the per share consideration received by the stockholders participating in the event.

The Administrator may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a cash or property settlement and, in the case of options, SARs or similar rights, but without limitation on other methodologies, may base such settlement solely upon the excess if any of the per share amount payable upon or in respect of such event over the exercise or base price of the award. In the case of an option, SAR or similar right as to which the per share amount payable upon or in respect of such event is less than or equal to the exercise or base price of the award, the Administrator may terminate such award in connection with an event referred to in this Section 7.2 without any payment in respect of such award.

In any of the events referred to in this Section 7.2 or in Section 7.3, the Administrator may take such action contemplated by this Section 7.2 or Section 7.3 prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of the foregoing, the Administrator may deem an acceleration and/or termination to occur immediately prior to the applicable event and/or reinstate the original terms of the award if an event giving rise to an acceleration and/or termination does not occur.

Without limiting the generality of Section 3.3, any good faith determination by the Administrator pursuant to its authority under this Section 7.2 shall be conclusive and binding on all persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.  ***Possible Acceleration of Awards*** . Without limiting Section 7.2, in the event of a Change
in Control Event (as defined below), the Administrator may, in its discretion, provide that any outstanding option or SAR shall become
fully vested and exercisable, that any share of restricted stock then outstanding shall fully vest and restrictions thereon shall lapse,
and, subject to compliance with the requirements of Section 409A of the Code, that any other award granted under this Plan that is
then outstanding shall be payable to the holder of such award. The Administrator may take such action with respect to all awards then
outstanding or only with respect to certain specific awards identified by the Administrator in the circumstances. For purposes of this
Plan, " <u>Change in Control Event</u> " means the occurrence of any of the following after the Effective 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;(a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d) (2) of the Exchange Act (a "Person")) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of 35% or more of either (1) the then-outstanding shares of common stock of the Company (the " <u>Outstanding Company Common Stock</u> ") or (2) the combined voting power of the then-outstanding voting securities of the Company entitled
to vote generally in the election of directors (the " <u>Outstanding Company Voting Securities</u> "); provided, however, that,
for purposes of this clause (a), the following acquisitions shall not constitute a Change in Control Event; (A) any acquisition directly
from the Company, (B) any acquisition by the Company or the Partnership, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any affiliate of the Company or a successor, (D) any acquisition by any
entity pursuant to a transaction that complies with clauses (c)(1), (2) and (3) below, (E) any acquisition by Healthpeak
Properties, Inc., Healthpeak OP, LLC, DOC DR Holdco, LLC, DOC DR, LLC and any of their respective direct or indirect wholly-owned
subsidiaries that is not a subsidiary of the Company (collectively, the " <u>Healthpeak Group</u> ") and (F) any acquisition
by a Person who owned at least 35% of either the Outstanding Company Common Stock or the Outstanding Company Voting Securities as of the
Effective Date or an affiliate of any such 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;(b) A change in the Board or its members such that individuals who, as of the later of the Effective Date
or the date that is two years prior to such change (the later of such two dates is referred to as the " <u>Measurement Date</u> "),
constitute the Board (the " <u>Incumbent Board</u> ") cease for any reason to constitute at least a majority of the Board; provided,
however, that (1) the election and nomination of any member of the Board of Directors whose election or nomination to the Board was
approved or recommended by Healthpeak Properties, Inc., or any other member of the Healthpeak Group, shall not violate this clause
(b) and (2) any individual becoming a director subsequent to the Measurement Date whose election, or nomination for election
by the Company's stockholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board
(including for these purposes, the new members whose election or nomination was so approved, without counting the member and his predecessor
twice) shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal
of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate
transaction involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of
the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a "Business
Combination"), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and
entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 66 2/3% of the then-outstanding shares of common
stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors,
as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result
of such transaction, owns the Company or all or substantially all of the Company's assets directly or through one or more subsidiaries
(a "Parent Acquiror")) in substantially the same proportions as their ownership immediately prior to such Business Combination
of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding
any entity resulting from such Business Combination or a Parent Acquiror or any employee benefit plan (or related trust) of the Company
or such entity resulting from such Business Combination or Parent Acquiror) beneficially owns, directly or indirectly, more than 35% of,
respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting
power of the then-outstanding voting securities of such entity, except to the extent that the ownership in excess of 35% existed prior
to the Business Combination, and (3) at least a majority of the members of the board of directors or trustees of the entity resulting
from such Business Combination or a Parent Acquiror were members of the Incumbent Board (determined pursuant to clause (b) above
using the date that is the later of the Effective Date or the date that is two years prior to the Business Combination as the Measurement
Date) at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; 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;(d) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company other
than in the context of a transaction that does not constitute a Change in Control Event under clause (c) above.

Notwithstanding the foregoing, (i) none of the Company's initial public offering or the consummation of any transaction(s) involving the Company, the Partnership, any affiliate thereof, including any member of the Healthpeak Group, or any other entity or person in contemplation thereof or in connection therewith shall constitute a Change in Control Event, and (ii) if a Change in Control Event constitutes a payment event with respect to any award which provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes under Section 409A of the Code, the transaction or event described in clause (a), (b), (c) or (d) with respect to such award shall only constitute a Change in Control Event for purposes of the payment timing of such award if such transaction also constitutes a "change in control event," as defined in Treasury Regulation 1.409A-3(i)(5). The Administrator shall have full and final authority to determine conclusively whether a Change in Control Event of the Company has occurred pursuant to the above definition, the date of the occurrence of such Change in Control Event and any incidental matters relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.  ***Other Acceleration Rules*** . The Administrator may override the provisions of Section 7.2
and/or 7.3 by express provision in the award agreement and may accord any Eligible Person a right to refuse any acceleration, whether
pursuant to the award agreement or otherwise, in such circumstances as the Administrator may approve. The portion of any ISO accelerated
in connection with a Change in Control Event or any other action permitted hereunder shall remain exercisable as an ISO only to the extent
the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option shall be exercisable
as a nonqualified stock option under the Code.

**8.** **OTHER PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.  ***Compliance with Laws*** . This Plan, the granting and vesting of awards under this Plan, the
offer, issuance and delivery of shares of Common Stock and/or LTIP Units, and/or the payment of money under this Plan or under awards
are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited
to state and federal securities laws and federal margin requirements) and to such approvals by any listing, regulatory or governmental
authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. The person acquiring any
securities under this Plan will, if requested by the Company or one of its Subsidiaries, provide such assurances and representations to
the Company or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all applicable legal
and accounting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.  ***No Rights to Award*** . No person shall have any claim or rights to be granted an award (or
additional awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than
this Plan) to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.  ***No Employment/Service Contract*** . Nothing contained in this Plan (or in any other documents
under this Plan or in any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other
service of the Company or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee's
status as an employee at will, nor shall interfere in any way with the right of the Company or one of its Subsidiaries to change a person's
compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this Section 8.3,
however, is intended to adversely affect any express independent right of such person under a separate employment or service contract
other than an award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.  ***Plan Not Funded*** . Awards payable under this Plan shall be payable in shares or from the general
assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant,
beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock,
except as expressly otherwise provided) of the Company or one of its Subsidiaries by reason of any award hereunder. Neither the provisions
of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions
of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company or one of its
Subsidiaries and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires
a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor
of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.  ***Tax Withholding*** . Upon any exercise, vesting, or payment of any award or upon the disposition
of shares of Common Stock acquired pursuant to the exercise of an ISO prior to satisfaction of the holding period requirements of Section 422
of the Code, or upon any other tax withholding event with respect to any award, the Company or one of its Subsidiaries or Parents shall
have the right at its option 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;(a) require the participant (or the participant's personal representative or beneficiary, as the case
may be) to pay or provide for payment of the amount of any taxes which the Company or one of its Subsidiaries or Parents may be required
to withhold with respect to such award event or payment; 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;(b) deduct from any amount otherwise payable in cash to the participant (or the participant's personal
representative or beneficiary, as the case may be), whether related to the award or not, the amount of any taxes which the Company or
one of its Subsidiaries or Parents may be required to withhold with respect to such cash payment.

In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) require or grant (either at the time of the award or thereafter) to the participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that the Company reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their fair market value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the applicable withholding obligation on exercise, vesting or payment. The Company may not accept a promissory note from any Eligible Person in connection with taxes required to be withheld upon the exercise, vesting or payment of any award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.  ***Effective Date, Termination and Suspension, Amendments*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1.  ***Effective Date.*** The Plan will become effective on the day prior to the date on which the
Company's registration statement on Form 8-A becomes effective (the " <u>Effective Date</u> "). Unless earlier terminated
by the Board, this Plan shall terminate at the close of business on the day before the tenth anniversary of the Effective Date. After
the termination of this Plan either upon such stated expiration date or its earlier termination by the Board, no additional awards may
be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect thereto, including the
authority to amend such awards) shall remain outstanding in accordance with their applicable terms and conditions and the terms and conditions
of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2.  ***Board Authorization*** . The Board may, at any time, terminate or, from time to time, amend,
modify or suspend this Plan, in whole or in part. No awards may be granted under this Plan during any period that the Board suspends this
Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.3.  ***Stockholder Approval*** . To the extent then required by applicable law or any applicable listing
agency or required under Sections 422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary
or advisable by the Board, any amendment to this Plan shall be subject to stockholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.4.  ***Amendments to Awards*** . Without limiting any other express authority of the Administrator
under (but subject to) the express limits of this Plan and the no repricing provision of Section 3.2, the Administrator by agreement
or resolution may waive conditions of or limitations on awards to participants that the Administrator in the prior exercise of its discretion
has imposed, without the consent of a participant, and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes
to the terms and conditions of awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.5.  ***Limitations on Amendments to Plan and Awards*** . No amendment, suspension or termination of
this Plan or amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially
adverse to the participant any rights or benefits of the participant or obligations of the Company under any award granted under this
Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed
to constitute changes or amendments for purposes of this Section 8.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.  ***Privileges of Stock Ownership*** . Except as otherwise expressly authorized by the Administrator
or this Plan, a participant shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered
to and held of record by the participant. Except as expressly required by Section 7.1 or otherwise expressly provided by the Administrator,
no adjustment will be made for dividends or other rights as a stockholder for which a record date is prior to such date of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.  ***Governing Law; Construction; Severability.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.1.  ***Choice of Law*** . This Plan, the awards, all documents evidencing awards and all other related
documents shall be governed by, and construed in accordance with, the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.2.  ***Severability*** . If a court of competent jurisdiction holds any provision invalid and unenforceable,
the remaining provisions of this Plan shall continue in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.3.  ***Construction*** . It is the intent of the Company that the awards and transactions permitted
by awards be interpreted in a manner that, in the case of participants who are or may be subject to Section 16 of the Exchange Act,
qualify, to the maximum extent compatible with the express terms of the award, for exemption from matching liability under Rule 16b-3
promulgated under the Exchange Act. Notwithstanding the foregoing, the Company shall have no liability to any participant for Section 16
consequences of awards or events under awards if an award or event does not so qualify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.  ***Captions*** . Captions and headings are given to the sections and subsections of this Plan solely
as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation
of this Plan or any provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10.  ***Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other Company*** .
Awards may be granted to Eligible Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted
stock or other stock-based awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Company
or one of its Subsidiaries, in connection with a distribution, merger or other reorganization by or with the granting entity or an affiliated
entity, or the acquisition by the Company or one of its Subsidiaries, directly or indirectly, of all or a substantial part of the stock
or assets of the employing entity. The awards so granted need not comply with other specific terms of this Plan, provided the awards reflect
only adjustments giving effect to the assumption or substitution consistent with the conversion applicable to the Common Stock in the
transaction and any change in the issuer of the security. Any shares that are delivered and any awards that are granted by, or become
obligations of, the Company, as a result of the assumption by the Company of, or in substitution for, outstanding awards previously granted
by an acquired company (or previously granted by a predecessor employer (or direct or indirect parent thereof) in the case of persons
that become employed by the Company or one of its Subsidiaries in connection with a business or asset acquisition or similar transaction)
shall not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.  ***Non-Exclusivity of Plan*** . Nothing in this Plan shall limit or be deemed to limit the authority
of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Common Stock,
under any other plan or authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12.  ***No Corporate Action Restriction*** . The existence of this Plan, the award agreements and the
awards granted hereunder shall not limit, affect, or restrict in any way the right or power of the Company or any Subsidiary (or any of
their respective shareholders, boards of directors or committees thereof (or any subcommittees), as the case may be) to make or authorize:
(a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Company or any Subsidiary,
(b) any merger, amalgamation, consolidation or change in the ownership of the Company or any Subsidiary, (c) any issue of bonds,
debentures, capital, preferred or prior preference stock ahead of or affecting the capital stock (or the rights thereof) of the Company
or any Subsidiary, (d) any dissolution or liquidation of the Company or any Subsidiary, (e) any sale or transfer of all or any
part of the assets or business of the Company or any Subsidiary, (f) any other award, grant, or payment of incentives or other compensation
under any other plan or authority (or any other action with respect to any benefit, incentive or compensation), or (g) any other
corporate act or proceeding by the Company or any Subsidiary. No participant, beneficiary or any other person shall have any claim under
any award or award agreement against any member of the Board or the Administrator, or the Company or any employees, officers or agents
of the Company or any Subsidiary, as a result of any such action. Awards need not be structured so as to be deductible for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13.  ***Other Company Benefit and Compensation Programs*** . Payments and other benefits received by
a participant under an award made pursuant to this Plan shall not be deemed a part of a participant's compensation for purposes
of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Company or
any Subsidiary, except where the Administrator expressly otherwise provides or authorizes in writing. Awards under this Plan may be made
in addition to, in combination with, as alternatives to or in payment of grants, awards or commitments under any other plans or arrangements
of the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14.  ***Section 409A*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14.1.  ***General*** . The intent of the parties is that payments and benefits under this Plan comply
with, or be exempt from, Section 409A of the Code (" <u>Section 409A</u> ") to the extent subject thereto, and, accordingly,
to the maximum extent permitted, this Plan shall be interpreted and be administered to be in compliance therewith. Notwithstanding anything
in the Plan or any award agreement to the contrary, the Administrator may, without a participant's consent, amend this Plan or awards,
adopt policies and procedures, or take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary
or appropriate to preserve the intended tax treatment of awards, including any such actions intended to (i) exempt this Plan or any
award from Section 409A, or (ii) comply with Section 409A, including regulations, guidance, compliance programs and other
interpretative authority that may be issued after an award's grant date. The Company makes no representations or warranties as to
an award's tax treatment under Section 409A or otherwise. The Company will have no obligation under this Section 8.14
or otherwise to avoid the taxes, penalties or interest under Section 409A with respect to any award and will have no liability to
any participant or any other person if any award, compensation or other benefits under the Plan are determined to constitute noncompliant
 "nonqualified deferred compensation" subject to taxes, penalties or interest under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14.2.  ***Separation from Service*** . Notwithstanding anything to the contrary, a participant shall not
be considered to have terminated employment with the Company for purposes of any payments under this Plan which are subject to Section 409A
of the Code until the participant has incurred a "separation from service" from the Company within the meaning of Section 409A
of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14.3.  ***Six-Month Delay*** . Any payments described in this Plan that are due within the "short-term
deferral period" as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law
requires otherwise. Notwithstanding anything to the contrary, to the extent required in order to avoid accelerated taxation and/or tax
penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant
to this Plan or any plan, arrangement or agreement with the Company to a "specified employee" (within the meaning of Section 409A),
during the six (6) month period immediately following the participant's "separation from service" shall instead
be paid on the first business day after the date that is six (6) months following the participant's separation from service
(or upon the participant's death, if earlier). Any such payments payable more than six months following the participant's
 "separation from service" will be paid at the time or times the payments are otherwise scheduled to be made. In addition,
for purposes of this Plan, each amount to be paid or benefit to be provided to the participant pursuant to this Plan, which constitute
deferred compensation subject to Section 409A of the Code, shall be construed as a separate identified payment for purposes of Section 409A
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15.  ***Clawback Policy*** . The awards (including, without limitation, any proceeds, gains or other
economic benefit actually or constructively received by a participant upon any receipt or exercise of any award or upon the receipt or
resale of any shares of Common Stock underlying the award) granted under this Plan are subject to the terms of the Company's recoupment,
clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which
could in certain circumstances require repayment or forfeiture of awards or any shares of Common Stock, LTIP Units or other cash or property
received with respect to the awards (including any value received from a disposition of the shares or units acquired upon payment of the
awards).

**\* \* \***

*[The remainder of this page is left blank intentionally.]*

## Exhibit 10.5

**Exhibit 10.5**

**JANUS LIVING, INC.<br> 5-YEAR PERFORMANCE-BASED LTIP UNIT AGREEMENT**

**THIS 5-YEAR PERFORMANCE-BASED LTIP UNIT AGREEMENT** (this "<u>Agreement</u>") is effective as of [●], 2026 (the "<u>Award Date</u>") by and between Janus Living, Inc., a Maryland corporation (the "<u>Corporation</u>"), Janus Living OP, LLC (the "<u>Partnership</u>"), and [●] (the "<u>Participant</u>").

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

**WHEREAS**, the Section 16 Qualifying Committee of the Board of Directors of the Corporation (the "<u>Committee</u>") has determined that the Participant is eligible to receive an award of LTIP Units, as described below; and

**WHEREAS**, pursuant to the Janus Living, Inc. 2026 Equity Plan, as the same may be amended and/or restated from time to time (the "<u>Plan</u>"), the Partnership hereby desires to grant to the Participant, effective as of the date hereof, an award of LITP Units under the Plan (the "<u>Award</u>") upon the terms and conditions set forth herein, in the Partnership Agreement and in the Plan.

**NOW THEREFORE**, in consideration of services rendered and to be rendered by the Participant to or for the benefit of the Partnership, and the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Defined Terms</u>.** For purposes of this Agreement, the following terms shall have the meanings set forth below. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Plan or the Partnership Agreement, as applicable.

"***Base Units***" means [●] Performance LTIP Units subject to the Award.

"***Distribution Equivalent Units***" means a number of Performance LTIP Units equal to the quotient obtained by dividing (x) the excess of (A) the value of all dividends paid by the Corporation with respect to the Performance Period in respect of that number of shares of Common Stock equal to the aggregate number of Performance LTIP Units that become Vested Base Units as of the applicable vesting date, over (B) the amount of any distributions made by the Partnership to the Participant pursuant to Section 5.1 and Section 16.4(a) of the Partnership Agreement with respect to the Performance Period in respect of the Performance LTIP Units, adjusted as follows (i) plus (or minus) the amount of gain (or loss) on such excess dividend amounts had they been reinvested in Common Stock on the date that they were paid (at a price equal to the closing price of the Common Stock on the applicable dividend payment date), and (ii) plus the value of any dividends on the notional shares resulting from the hypothetical reinvestment of distributions with an ex-dividend date on or after the hypothetical issuance of such notional shares and on or prior to the last day of the Performance Period by (y) the closing price of a share of Common Stock as of the last trading day of the Performance Period.

"***Performance Vesting Percentage***" means the applicable vesting percentage determined as set forth on <u>Exhibit A</u> attached hereto, which is a function of the Corporation's performance relative to performance metric during the Performance Period as set forth on <u>Exhibit A</u>.

"***Vested Base Units***" means the product of (x) the total number of Base Units corresponding to a performance metric set forth on <u>Exhibit A</u>, and (y) the Performance Vesting Percentage achieved with respect to such performance metric.

"***Vested Units***" means (x) the Vested Base Units, plus (y) the Distribution Equivalent Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Grant</u>.** Subject to the terms of this Agreement, the Partnership hereby grants to the Participant an award (the "<u>Award</u>") of [●] LTIP Units (the "<u>Performance LTIP Units</u>") with respect to the performance period beginning on [●] and ending on December 31, [●] (the "<u>Performance Period</u>"). The Partnership and the Participant acknowledge and agree that the Performance LTIP Units are hereby issued to the Participant for the performance of services to or for the benefit of the Partnership in his or her capacity as a Member or in anticipation of the Participant becoming a Member. Upon receipt of the Award, the Participant shall, automatically and without further action on his or her part, be deemed to be a party to, signatory of and bound by the Partnership Agreement. At the request of the Partnership, the Participant shall execute the Partnership Agreement or a joinder or counterpart signature page thereto. The Participant acknowledges that the Partnership may from time to time issue or cancel (or otherwise modify) LTIP Units in accordance with the terms of the Partnership Agreement. The Committee is the Administrator of the Plan for purposes of the Performance LTIP Units. The Performance LTIP Units shall have the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth in this Agreement, the Plan and the Partnership Agreement, and any rules adopted by the Committee, as such rules are in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Vesting</u>.** Subject to this Section 3 and Section 8, the number of Base Units ultimately earned and vested under the Award shall be determined in accordance with <u>Exhibit A</u> attached hereto based on whether the Corporation has attained certain pre-established performance goals with respect to the Performance Period and the number of Distribution Equivalent Units ultimately earned and vested under the Award shall be determined based on the number of Vested Base Units in accordance with the definition of "Distribution Equivalent Units" in Section 1. The determination as to whether the Corporation has attained the performance goals set forth in <u>Exhibit A</u> with respect to the Performance Period and the determination of the number of Distribution Equivalent Units shall be made by the Committee (the "<u>Committee Determination</u>"). The Committee Determination shall be made no later than March 15 following the end of the Performance Period (or such earlier time as provided in Section 9(b)). Performance LTIP Units that become Vested Units shall vest as of the date of the Committee Determination (or as of the date of the Change in Control Event pursuant to Section 9(b) below, as applicable). The Performance LTIP Units shall not be deemed vested pursuant to any other provision of this Agreement earlier than the date that the Committee makes such determination. Any Performance LTIP Units granted hereby which do not satisfy the requirements to become Vested Units as of the date of the Committee Determination (or as of the date of the Change in Control Event pursuant to Section 9(b) below, as applicable) will automatically be cancelled and forfeited without payment of any consideration therefor, and the Participant shall have no further right to or interest in such Performance LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Continuance of Employment or Service</u>.** Except as otherwise expressly provided in Section 8 or Section 9(b), the vesting schedule requires continued employment with or service to Healthpeak Properties, Inc. ("<u>Healthpeak</u>") or any Subsidiary thereof or the Corporation or any Parent or Subsidiary thereof (any of the foregoing, an "<u>Employer</u>") through the date of the Committee Determination (the "<u>Vesting Period</u>"), as provided in Section 3, as a condition to the vesting of the Award and the rights and benefits under this Agreement. Employment or service for only a portion of the Vesting Period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 8 below or under the Plan.

Nothing contained in this Agreement or the Plan constitutes an employment or service commitment by any Employer, affects the Participant's status as an employee at will who is subject to termination without Cause (as defined herein), confers upon the Participant any right to remain employed by or in service to any Employer, interferes in any way with the right of any Employer at any time to terminate such employment or services, or affects the right of any Employer to increase or decrease the Participant's other compensation or benefits. Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Participant without his or her consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Performance LTIP Units Subject to the Partnership Agreement; Restrictions on Transfer</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award and the Performance LTIP Units are subject to the restrictions on transfer of Membership Units (including, without limitation, Performance LTIP Units) set forth in Article 11 of the Partnership Agreement. Any permitted transferee of the Award or Performance LTIP Units shall take such Award or Performance LTIP Units subject to the terms of the Plan, this Agreement, and the Partnership Agreement. Any such permitted transferee must, upon the request of the Partnership, agree to be bound by the Plan, the Partnership Agreement, and this Agreement, and shall execute the same on request, and must agree to such other waivers, limitations, and restrictions as the Partnership or the Corporation may reasonably require. Any Transfer of the Award or Performance LTIP Units which is not made in compliance with the Plan, the Partnership Agreement and this Agreement shall be null and void and of no effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without the consent of the Administrator (which it may give or withhold in its sole discretion), the Participant shall not Transfer any unvested Performance LTIP Units or any portion of the Award attributable to such unvested Performance LTIP Units (or any securities into which such unvested Performance LTIP Units are converted or exchanged), other than by will or pursuant to the laws of descent and distribution (the "<u>Transfer Restrictions</u>"); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested Performance LTIP Units or of the Award to the Partnership or the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to any vested Base Units, the Participant agrees that the Participant will not Transfer such Base Units (or any Common Units or shares of Common Stock in respect of which such Base Units have been exchanged) prior to the date that is one (1) year after the date such Base Units became vested in accordance with the terms of the Award (for example, if 100 Common Units or shares of Common Stock were acquired in respect of 100 Base Units that became vested on a particular date, such one-year period would commence as of such vesting date as to those 100 Common Units or shares); provided, however, that the restrictions set forth in this Section 5(c) shall (i) not apply to any Units or shares sold by the Participant to satisfy any tax liability arising in connection with the exchange or disposition of the Base Units, (ii) not apply to any transfer made without consideration (or for only nominal consideration) to a "family member" (as such term is defined in the SEC General Instructions to a Registration Statement on Form S-8) of the Participant solely for purposes of estate or tax planning, and provided the transfer restrictions on such Units or shares continue in effect after any such transfer, and (iii) lapse upon the Participant's death or Disability or as otherwise provided by the Corporation. The Corporation may provide for any Units or shares of Common Stock acquired with respect to the Award and issued in book-entry form to include notations regarding the restrictions on transfer imposed under this Section 5(c) (or, as to any such Units or shares issued in certificate form, provide for such certificates to bear appropriate legends regarding such transfer restrictions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Execution and Return of Documents and Certificates</u>.** At the Corporation's or the Partnership's request, the Participant hereby agrees to promptly execute, deliver and return to the Partnership any and all documents or certificates that the Corporation or the Partnership deems necessary or desirable to effectuate the cancellation and forfeiture of the unvested Performance LTIP Units and the portion of the Award attributable to the unvested Performance LTIP Units, or to effectuate the transfer or surrender of such unvested Performance LTIP Units and portion of the Award to the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Covenants, Representations and Warranties</u>.** The Participant hereby represents, warrants, covenants, acknowledges and agrees on behalf of the Participant and his or her spouse, if applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Investment.** The Participant is holding the Award and the Performance LTIP Units for the Participant's own account and not for the account of any other Person. The Participant is holding the Award and the Performance LTIP Units for investment and not with a view to distribution or resale thereof except in compliance with applicable laws regulating securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Relation to the Partnership.** The Participant is presently an employee of, or consultant to, the Partnership, or is otherwise providing services to or for the benefit of the Partnership, and in such capacity has become personally familiar with the business 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;**(c) Access to Information.** The Participant has had the opportunity to ask questions of, and to receive answers from, the Partnership with respect to the terms and conditions of the transactions contemplated hereby and with respect to the business, affairs, financial conditions and results of operations 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;**(d) Registration.** The Participant understands that the Performance LTIP Units have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and the Performance LTIP Units cannot be transferred by the Participant unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Partnership has made no agreements, covenants or undertakings whatsoever to register the transfer of the Performance LTIP Units under the Securities Act. The Partnership has made no representations, warranties or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers' transactions pursuant to Rule 144 of the Securities Act, will be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Public Trading.** None of the Partnership's securities are presently publicly traded, and the Partnership has made no representations, covenants or agreements as to whether there will be a public market for any of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Tax Advice.** The Partnership has made no warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement (including, without limitation, with respect to the decision of whether to make an election under Section 83(b) of the Code), and the Participant is in no manner relying on the Partnership or its representatives for an assessment of such tax consequences. The Participant hereby recognizes that the Internal Revenue Service has proposed regulations under Sections 83 and 704 of the Code that may affect the proper treatment of the Performance LTIP Units for federal income tax purposes. In the event that those proposed regulations are finalized, the Participant hereby agrees to cooperate with the Partnership in amending this Agreement and the Partnership Agreement, and to take such other action as may be required, to conform to such regulations. The Participant is advised to consult with his or her own tax advisor with respect to the tax consequences of owning and disposing of the Performance LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Termination of Employment or Service</u>.** Notwithstanding any provisions to the contrary in any employment agreement, the Healthpeak Properties, Inc. Executive Severance Plan (as it may be amended from time to time, the "<u>Healthpeak Severance Plan</u>"), the Healthpeak Properties, Inc. Executive Change in Control Severance Plan or (successor plan) (as it may be amended from time to time, the "<u>Healthpeak CIC Severance Plan</u>"), or any other severance plan adopted by Healthpeak, the provisions set forth in this Section 8 are applicable in the event of a termination of the Participant's employment with the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Qualifying Termination.** If, at any time during the Vesting Period, the Participant ceases to be employed by the Employer, (the date of such termination of employment is referred to as the Participant's "<u>Severance Date</u>") as a result of (i) the Participant's death or Disability or (ii) a termination of employment by the Employer without Cause or by Participant for Good Reason (each as defined herein), then, subject to the following paragraph and the release requirement set forth in the last paragraph of this Section 8(a), (x) the Performance LTIP Units will remain outstanding during the remainder of the Vesting Period and will remain subject to Section 3, and (y) the Participant will vest with respect to the number of Performance LTIP Units that would have vested in accordance with Section 3, if any, had the Participant remained employed until the end of the Vesting Period. In the event Participant's termination of service is due to a "<u>Qualifying Retirement</u>" during the Performance Period (as defined in Healthpeak's Retirement Policy as in effect on the Award Date), the Performance LTIP Units will be subject to the pro rata vesting treatment set forth in Healthpeak's Retirement Policy (and the requirements set forth therein).

In the event that the Participant's employment terminates in the circumstances described in the preceding paragraph (including a Qualifying Retirement) and the Severance Date occurs on or before the last day of the fourth year of the Performance Period, or after the Severance Date and before the last day of the fourth year of the Performance Period, an Interim Date (as defined in <u>Exhibit A</u>) has been or is established with respect to the Peer Group (as such term is defined in <u>Exhibit A</u>), the Performance Period will end on such Interim Date (in the event there has been more than one Interim Date on or prior to the Severance Date, the most recent Interim Date on or prior to the Severance Date; and in the event that there has been an Interim Date on or prior to the Severance Date, any new Interim Date after the Severance Date shall be disregarded) and there will be no new or additional measurement period with respect to the Peer Group after such Interim Date as otherwise provided for in <u>Exhibit A</u>. In such circumstances, the determination as to whether the Corporation has attained the performance goals set forth in <u>Exhibit A</u> with respect to the Peer Group for the Performance Period shall be made by the Committee based solely on performance through such applicable Interim Date, such determination to be made no later than March 15 of the year that follows the later of the Severance Date or the applicable Interim Date as to the Peer Group (such determination to be the Committee Determination as to the Peer Group). In such circumstances, any Performance LTIP Units corresponding to the Peer Group that are not vested on the date of such Committee Determination (after giving effect to such Committee Determination) shall be cancelled and forfeited. No additional Performance LTIP Units will vest pursuant to Section 8(b) or <u>Exhibit A</u> with respect to performance after, or a Change in Control Event that occurs after, the applicable Interim Date.

Any benefit to the Participant pursuant to the preceding paragraphs of this Section 8 (including in connection with a Qualifying Retirement, but other than in connection with the Participant's death) is subject to the condition that (i) the Participant has fully executed a valid and effective release (in the form attached to the Healthpeak Severance Plan or, if such release is executed on or after a Change in Control Event, in the form attached to the Healthpeak CIC Severance Plan, in each case for terminations governed by such severance plan, or in such other form as the Committee may reasonably require in the circumstances, including as set forth in Healthpeak's Retirement Policy, which other form shall include the Corporation, the Partnership and their related persons as releasees and otherwise be substantially similar to the form attached to the Healthpeak Severance Plan or the Healthpeak CIC Severance Plan, as the case may be, and in any case that would otherwise apply in the circumstances but with such changes as the Committee may determine to be required or reasonably advisable in order to make the release enforceable and otherwise compliant with applicable laws), (ii) such executed release is delivered by the Participant to Healthpeak and the Corporation, so that it is received by Healthpeak and the Corporation in the time period specified below, and (iii) such release is not revoked by the Participant (pursuant to any revocation rights afforded by applicable law). In order to satisfy the requirements of this paragraph, the Participant's release referred to in the preceding sentence must be delivered by the Participant to Healthpeak and the Corporation so that it is received by Healthpeak and the Corporation no later than twenty-five (25) calendar days after the Participant's Severance Date (or such later date as may be required for an enforceable release of the Participant's claims under the United States Age Discrimination in Employment Act of 1967, as amended ("<u>ADEA</u>"), to the extent the ADEA is applicable in the circumstances, in which case the Participant will be provided with either twenty-one (21) or forty-five (45) days, depending on the circumstances of the termination, to consider the release). In addition, Healthpeak and the Corporation may require that the Participant's release be executed no earlier than the Participant's Severance 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;**(b) Forfeiture of Performance LTIP Units upon Certain Terminations of Employment.** If, at any time during the Vesting Period, the Participant ceases to be employed by the Employer as a result of (i) a termination of employment by the Employer for Cause or (ii) a termination of employment by the Participant, excluding any termination contemplated by Section 8(a) (other than a termination contemplated by Section 8(a) but as to which the Participant did not timely satisfy any applicable release requirement pursuant to Section 8(a)) and subject to the next paragraph, all of the Performance LTIP Units shall be automatically cancelled and forfeited in full, effective as of the Severance Date, and this Agreement shall be null and void and of no further force and effect.

If, however, the Participant ceases to be employed by the Employer and such termination of employment is a result of a retirement or resignation by the Participant (other than (x) any termination contemplated by Section 8(a) and (y) a termination of employment by the Employer for Cause) and, immediately after such termination of employment, the Participant is a member of the board of directors of or provides consulting services to Healthpeak or any Subsidiary thereof or to the Corporation or a Parent or Subsidiary thereof under a written consulting agreement entered into by and between the Participant and such entity, then the termination of employment rules of the preceding paragraph shall not apply when the Participant ceases to be employed by the Employer but shall apply if and when, and effective as of the time that, the Participant ceases to be a member of such board of directors or ceases to provide consulting services to such entity under such a written consulting agreement. For clarity, the Participant's obligations under a confidentiality, noncompetition, non-solicitation, cooperation or similar clause or agreement shall not constitute "consulting services" for purposes of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Termination of Performance LTIP Units.** Any Performance LTIP Units that are not vested on the date of the Committee Determination (after giving effect to such Committee Determination) shall be cancelled and forfeited. If any unvested Performance LTIP Units are cancelled and forfeited pursuant to this Section 8, such Performance LTIP Units shall automatically be cancelled and forfeited as of the Severance Date or as of the date of the Committee Determination, as the case may be, without payment of any consideration by the Corporation and without any other action by the Participant, or the Participant's beneficiary or personal representative, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Definitions.** As used 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Cause</u>" shall have the meaning set forth in the Healthpeak Severance Plan, as such definition may be amended from time to time; provided, however, that upon and after a Change in Control Event, "Cause" shall have the meaning set forth in the Healthpeak CIC Severance Plan, as such definition may be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Disability</u>" means a "permanent and total disability" (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator).

&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;(iii) "<u>Good Reason</u>" shall have the meaning set forth in the Healthpeak Severance Plan, as such definition may be amended from time to time; provided, however, that upon and after a Change in Control Event, "Good Reason" shall have the meaning set forth in the Healthpeak CIC Severance Plan, as such definition may be amended from time to time; provided, further, that if "Good Reason" is not so defined in the Healthpeak Severance Plan or Healthpeak CIC Severance Plan, as applicable, it shall not constitute a qualifying termination for purposes of Section 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Adjustments Upon Specified Events; Change in Control Event</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;**(a) Adjustments.** To the extent applicable, the Award shall be subject to adjustment by the Administrator in accordance with Section 7.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Change in Control Event.** Upon the occurrence, at any time during the Vesting Period, of a Change in Control Event and notwithstanding any provision of Section 7.2 or 7.3 of the Plan, any employment agreement, the Healthpeak Severance Plan, the Healthpeak CIC Severance Plan (or successor plan) or any other severance plan adopted by Healthpeak or the Corporation, the Performance Period for all Performance LTIP Units then outstanding will be shortened, if such Performance Period has not already ended, so that the Performance Period will be deemed to have ended on the day of the Change in Control Event and the Committee Determination pursuant to Section 3 shall be made not later than the date of the Change in Control Event. The Vesting Period will be deemed to end on the date of the Change in Control Event even though the Committee Determination may not occur until after such date, such that a Participant employed by the Employer on the date of the Change in Control Event shall be fully vested in any Performance LTIP Units that vest as a result of the Committee Determination even if the Participant does not remain employed by the Employer through the date of the Committee Determination. The number of Performance LTIP Units, if any, that vest shall be determined in accordance with Section 3 based on such shortened Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Taxes</u>.** The Partnership and the Participant intend that (i) the Performance LTIP Units be treated as a "profits interest" as defined in Internal Revenue Service Revenue Procedure 93-27, as clarified by Revenue Procedure 2001-43, (ii) the issuance and vesting of the Performance LTIP Units shall not be taxable events to the Partnership or the Participant as provided in such revenue procedure, and (iii) the Partnership Agreement, the Plan and this Agreement be interpreted consistently with such intent. In furtherance of such intent, effective immediately prior to the issuance of the Performance LTIP Units, the Partnership may revalue all Partnership assets to their respective gross fair market values, and make the resulting adjustments to the "Capital Accounts" (as defined in the Partnership Agreement) of the Members, in each case as set forth in the Partnership Agreement. The Employer or other applicable entity may withhold from the Participant's wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the issuance of the Award hereunder, from the vesting or lapse of any restrictions imposed on the Award, or from the ownership or disposition of the Performance LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Capital Account</u>.** The Participant shall make no contribution of capital to the Partnership in connection with the Award and, as a result, the Participant's Capital Account balance in the Partnership immediately after his or her receipt of the Performance LTIP Units shall be equal to zero, unless the Participant was a Member of the Partnership prior to such issuance, in which case the Participant's Capital Account balance shall not be increased as a result of his or her receipt of the Performance LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Redemption Rights</u>.** Notwithstanding anything to the contrary in the Partnership Agreement, Membership Units which are acquired upon the conversion of the Performance LTIP Units shall not, without the consent of the Partnership (which may be given or withheld in its sole discretion), be redeemed pursuant to Section 15.1 of the Partnership Agreement within two (2) years following the date of the issuance of such Performance LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Section 83(b) Election</u>.** The Participant covenants that the Participant shall make a timely election under Section 83(b) of the Code (and any comparable election in the state of the Participant's residence) with respect to the Performance LTIP Units covered by the Award, and the Partnership hereby consents to the making of such election(s). In connection with such election, the Participant and the Participant's spouse, if applicable, shall promptly provide a copy of such election to the Partnership. A form of election under Section 83(b) of the Code is attached hereto as <u>Exhibit B</u>. The Participant represents that the Participant has consulted any tax advisor(s) that the Participant deems advisable in connection with the filing of an election under Section 83(b) of the Code and similar state tax provisions. The Participant acknowledges that it is the Participant's sole responsibility and not the Corporation's to timely file an election under Section 83(b) of the Code (and any comparable state election), even if the Participant requests that the Corporation or any representative of the Corporation make such filing on the Participant's behalf. The Participant should consult his or her tax advisor to determine if there is a comparable election to file in the state of his or her residence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Ownership Information</u>.** The Participant hereby covenants that so long as the Participant holds any Performance LTIP Units, at the request of the Partnership, the Participant shall disclose to the Partnership in writing such information relating to the Participant's ownership of the Performance LTIP Units as the Partnership reasonably believes to be necessary or desirable to ascertain in order to comply with the Code or the requirements of any other appropriate taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Remedies</u>.** The Participant shall be liable to the Partnership for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the Performance LTIP Units which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Partnership shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant will not urge as a defense that there is an adequate remedy at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Restrictive Legends</u>.** Certificates evidencing the Performance LTIP Units, to the extent such certificates are issued, may bear such restrictive legends as the Partnership and/or the Partnership's counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:

"The securities represented hereby have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). Any transfer of such securities will be invalid unless a Registration Statement under the Securities Act is in effect as to such transfer or in the opinion of counsel for Janus Living OP, LLC (the "<u>Partnership</u>") such registration is unnecessary in order for such transfer to comply with the Securities Act."

"The securities represented hereby are subject to forfeiture, transferability and other restrictions as set forth in (i) a written agreement with the Partnership, (ii) the Janus Living, Inc. 2026 Equity Plan, and (iii) the Amended and Restated Operating Agreement of Janus Living OP, LLC, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Notices</u>.** Any notice to be given under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant's last address reflected on the Corporation's payroll records. Any notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Participant is no longer an Eligible Person, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Plan and Partnership Agreement</u>.** The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan and the Partnership Agreement, each of which is incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan, this Agreement and the Partnership Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, this Agreement and the Partnership Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Entire Agreement</u>.** This Agreement, the Plan and the Partnership Agreement together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Agreement may be amended pursuant to Section 8.6 of the Plan and/or the applicable provisions of the Partnership Agreement. Any such amendment must be in writing and signed by the Corporation (and, if applicable, the Partnership). Except to the extent provided in the Partnership Agreement, any such amendment that materially and adversely affects the Participant's rights under this Agreement requires the consent of the Participant in order to be effective with respect to the Award. The Corporation or the Partnership may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. The Participant acknowledges receipt of a copy of this Agreement, the Plan, the Prospectus for the Plan and the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. <u>Counterparts</u>.** This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. <u>Section Headings</u>.** The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. <u>Governing Law</u>.** This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland without regard to conflict of law principles thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. <u>Construction</u>.** It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. <u>Clawback Policy</u>.** The Performance LTIP Units are subject to the terms of the Corporation's recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of the Performance LTIP Units or any Common Units or shares of Common Stock or other cash or property received with respect to the Performance LTIP Units (including any value received from a disposition thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. <u>Survival of Representations and Warranties</u>.** The representations, warranties and covenants contained in Section 7 hereof shall survive the later of the date of execution and delivery of this Agreement or the issuance of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. <u>Fractional Units</u>.** For purposes of this Agreement, any fractional Performance LTIP Units that vest or become entitled to distributions pursuant to the Partnership Agreement will be rounded as determined by the Corporation or the Partnership; provided, however, that in no event shall such rounding cause the aggregate number of Performance LTIP Units that vest or become entitled to such distributions to exceed the total number of Performance LTIP Units set forth in Section 2(a) of this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date first written above.

---

| |
|:---|
| **Janus Living, Inc.** |
| By: |
| Name: |
| Title: |
| **Janus Living OP, LLC** |
| By: Janus Living, Inc., its Managing Member |
| By: |
| Name: |
| Title: |
| **Participant** |
| Name: |

---

**<u>Exhibit A</u>**

**<u>Performance Metrics</u>**

This performance-based Award shall be eligible to vest in accordance with this <u>Exhibit A</u> based on performance for the Performance Period.

The Base Units subject to the Award will be eligible to vest with respect to the Corporation's performance relative to the Peer Group (identified below, "<u>Peer Group</u>") and are subject to adjustment as provided below.

**TSR-Based Metrics**

This performance-based Award will terminate and be forfeited effective as of the end of the Performance Period to the extent that the Corporation's performance during the Performance Period does not exceed the Threshold level for the Performance Period with respect to the Peer Group. Performance above the Threshold level with respect to the Peer Group measure for the Performance Period will result in the Award becoming vested in the amount set forth below. The vesting of the Award corresponding to the Peer Group for performance between the Threshold and Target levels and Target and High levels, respectively, for the Performance Period shall be based on linear interpolation. In no event will the number of Base Units that vest exceed 100% of the number of Base Units subject to the Award.

***PEER GROUP***

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Performance** | &nbsp;&nbsp;**Threshold** | &nbsp;&nbsp;**Target** | &nbsp;&nbsp;**High** |
| &nbsp;&nbsp;Relative Five-Year Total Stockholder Return of the Corporation | &nbsp;&nbsp;25% Below Peer Group Mean | &nbsp;&nbsp;At Peer Group Mean | &nbsp;&nbsp;25% or Higher Above Peer Group Mean |
| &nbsp;&nbsp;Percentage Vesting | &nbsp;&nbsp;0% | &nbsp;&nbsp;50% | &nbsp;&nbsp;100% |

---

"<u>Total Stockholder Return</u>" or "<u>TSR</u>" means total stockholder return, meaning stock price change from the beginning to the end of the Performance Period, plus dividends and distributions (other than stock dividends as to which an adjustment is made as provided below) made or declared (assuming such dividends or distributions are reinvested in the applicable company's common stock on the date of distribution, with non-cash dividends or distributions valued at their fair market value at the time of distribution) during the Performance Period. For purposes of computing TSR, the stock price at the beginning of the Performance Period will be the closing price of a share of common stock on the trading day immediately preceding the first trading day of the Performance Period, and the stock price at the end of the Performance Period will be the closing price of a share of common stock on the last trading day of the Performance Period, adjusted for stock splits, reverse stock splits, and stock dividends.

"<u>Relative Five-Year Total Stockholder Return</u>" shall be based on the Corporation's five-year TSR for the Performance Period compared to the five-year TSRs for the Performance Period of the companies that are included in the Peer Group. In determining Relative Five-Year Total Stockholder Return, in the event that the Corporation's TSR for the Performance Period is equal to the TSR(s) for the Performance Period of one or more other companies in the Peer Group, the Corporation's TSR will be deemed to be greater than the TSR of such other Peer Group member(s) for that period for purposes of determining TSR percentile rank.

"<u>Peer Group Mean</u>" is the mean of the five-year TSRs for the Performance Period of the companies constituting the Peer Group.

"<u>Peer Group</u>" means the following senior housing REIT constituents, each weighted within the Peer Group as indicated:

[___]

The Peer Group is subject to adjustment as provided in this paragraph and the following bullet point guidelines; provided, that the Committee shall not apply such adjustments if the Committee determines the adjustments would not be equitable or advisable or would create unintended or distorted performance results inconsistent with the intent of the original peer group composition on the Award Date. The following guidelines apply in the event that either (a) there is a public announcement with respect to a company identified in the Peer Group regarding a transaction during the Performance Period and such transaction, if consummated, would result in the common equity of such company no longer being traded on a national securities exchange, as such term is defined by the SEC (such transaction, a "<u>Transaction</u>"), (b) the common equity of a company identified in the Peer Group otherwise ceases during the Performance Period to be traded on a national securities exchange (a "<u>Delisting</u>"), or (c) a company defined in the Peer Group is acquired by or merges with another company, or sells, spins off, disposes of or liquidates all or substantially all of its business or assets (such event, to the extent not a Transaction or Delisting, a "<u>Corporate Event</u>") (in the case of (a), (b) or (c), the Peer Group company that is a party to such Transaction, Delisting or Corporate Event is referred to as the "<u>Subject Company</u>"). In the event a Subject Company is removed per the guidelines below, (x) the Subject Company shall be removed for the portion of the Performance Period following the Transaction, Delisting or Corporate Event (unless the Committee determines such removal would create unintended or distorted performance results, in which case, the Subject Company shall be removed for the entire Performance Period or such portion as the Committee determines reflects accurate performance), and (y) the weighting ascribed to the removed Subject Company shall be reallocated proportionately and equitably to the remaining Peer Group companies.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 the Subject Company announces its acquisition by another company, the Subject Company (as
 acquiree) will be removed from the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 the Subject Company sells, spins off, disposes of or liquidates all or substantially all
 of its business or assets, the Subject Company will be removed from the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 the Subject Company acquires another company, the Subject Company (as acquiror) will remain
 in the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 the Subject Company's common stock (or its equivalent) is not available on a consistent,
 reliable basis due to a Delisting or other event, the Subject Company will be removed from
 the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;· In
 the event of a reallocation of weighting due to the removal of the Subject Company (whether
 for the entire or partial Performance Period), there will be an interim performance measurement
 with respect to the Peer Group as of the date that is five full business days prior to the
 applicable Transaction, Delisting or Corporate Event (the " <u>Interim Date</u> "),
 such interim measurement determined pursuant to this <u>Exhibit A</u> as though the
 Performance Period ended on such Interim Date. A new, additional, performance measurement
 shall be made at the end of the Performance Period with respect to each of the other companies
 in the Peer Group as to which performance continues to be measured after such date (and with
 respect to the Peer Group, if one or more other companies remain in the Peer Group after
 excluding the Subject Company, with the additional performance measure for such period with
 respect to the Peer Group to exclude the Subject Company), with such new performance measurements
 to be determined pursuant to this <u>Exhibit A</u> as though the Performance Period
 commenced on the applicable Interim Date and continued through the end of the Performance
 Period; *provided*, that the new, additional performance measurement shall not be used
 if the Committee determines that it would create unintended or distorted performance results.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 there is a public announcement with respect to a company identified in the Peer Group regarding
 a Transaction or Corporate Event within the first four years of the Performance Period and
 subsequently it is publicly reported that such Transaction or Corporate Event is terminated
 (without the Transaction or Corporate Event having been consummated and with no other Transaction
 or Corporate Event having been announced in connection therewith) on or before the last day
 of the fourth year of the Performance Period (and no other company in the Peer Group has
 incurred or publicly announced a Transaction, Delisting or Corporate Event), the peer company
 shall be reinstated for the remaining period portion of the Performance Period (effective
 as of the date such Transaction or Corporate Event is terminated), unless the Committee determines
 that such reinstatement would create unintended or distorted performance results.

For purposes of this <u>Exhibit A</u>, a public announcement regarding a Transaction, Delisting or Corporate Event of a company includes any public announcement or reporting that is well-known in the market.

**<u>Exhibit B</u>**

**ELECTION PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE**

The undersigned hereby elects pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in the undersigned's gross income for the taxable year in which the property described below was transferred the excess (if any) of the fair market value of such property, over the amount the undersigned paid for such property, if any, and supplies herewith the following information in accordance with the Treasury regulations promulgated under Section 83(b):

&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 name, address and taxpayer identification (social security) number of the undersigned, and the taxable year in which this election is being made, are:

TAXPAYER'S NAME: <u>«PARTC_NAME»</u>

TAXPAYER'S SOCIAL SECURITY NUMBER:  

ADDRESS:

TAXABLE YEAR:  

The name, address and taxpayer identification (social security) number of the undersigned's spouse are (complete if applicable):

SPOUSE'S NAME:  

SPOUSE'S SOCIAL SECURITY NUMBER:  

ADDRESS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The property with respect to which the election is made consists of «LTIPS_GRANTED» LTIP Units (the "<u>Units</u>") of Janus Living OP, LLC (the "<u>Company</u>"), representing an interest in the future profits, losses and distributions of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date on which the above property was transferred to the undersigned was _____, 20__.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The above property is subject to the following restrictions: The Units are subject to forfeiture to the extent unvested upon a termination of service with the Company and its affiliates under certain circumstances. These restrictions lapse upon the satisfaction of certain conditions as set forth in an agreement between the taxpayer and the Company. In addition, the Units are subject to certain transfer restrictions pursuant to the Operating Agreement of Janus Living OP, LLC, as amended (or amended and restated) from time to time, should the taxpayer wish to transfer the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The fair market value of the above property at the time of transfer (determined without regard to any restrictions other than those which by their terms will never lapse) was $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The amount paid for the above property by the undersigned was $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The name, address and taxpayer identification number of the person for whom the undersigned taxpayer is providing services in connection with the transfer of the above property are:

TAXPAYER'S NAME: Janus Living OP, LLC

TAXPAYER'S EIN:

ADDRESS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property. A copy of this election will be furnished to the person for whom the services were performed. The undersigned is the person performing the services in connection with which the property was transferred.

Date:     <br> «PARTC_NAME»

The undersigned spouse of the taxpayer joins in this election. (Complete if applicable.)

Date:     <br> Spouse Name:

## Exhibit 10.6

**Exhibit 10.6**

**JANUS LIVING, INC.<br> RETENTIVE LTIP UNIT AGREEMENT**

**THIS RETENTIVE LTIP UNIT AGREEMENT** (this "<u>Agreement</u>") is effective as of [**●**], 2026 (the "<u>Award Date</u>") by and between Janus Living, Inc., a Maryland corporation (the "<u>Corporation</u>"), Janus Living OP, LLC (the "<u>Partnership</u>"), and [●] (the "<u>Participant</u>").

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

**WHEREAS**, the Section 16 Qualifying Committee of the Board of Directors of the Corporation (the "<u>Committee</u>") has determined that the Participant is eligible to receive an award of LTIP Units, as described below; and

**WHEREAS**, pursuant to the Janus Living, Inc. 2026 Equity Plan, as the same may be amended and/or restated from time to time (the "<u>Plan</u>"), the Partnership hereby desires to grant to the Participant, effective as of the date hereof, an award of LTIP Units under the Plan (the "<u>Award</u>") upon the terms and conditions set forth herein, in the Partnership Agreement and in the Plan.

**NOW THEREFORE**, in consideration of services rendered and to be rendered by the Participant to or for the benefit of the Partnership, and the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Defined Terms</u>.** Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Plan or the Partnership Agreement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Grant</u>.** Subject to the terms of this Agreement, the Partnership hereby grants to the Participant an award (the "<u>Award</u>") of [●] LTIP Units. The Partnership and the Participant acknowledge and agree that the LTIP Units are hereby issued to the Participant for the performance of services to or for the benefit of the Partnership in his or her capacity as a Member or in anticipation of the Participant becoming a Member. Upon receipt of the Award, the Participant shall, automatically and without further action on his or her part, be deemed to be a party to, signatory of and bound by the Partnership Agreement. At the request of the Partnership, the Participant shall execute the Partnership Agreement or a joinder or counterpart signature page thereto. The Participant acknowledges that the Partnership may from time to time issue or cancel (or otherwise modify) LTIP Units in accordance with the terms of the Partnership Agreement. The Committee is the Administrator of the Plan for purposes of the LTIP Units. The LTIP Units shall have the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth in this Agreement, the Plan and the Partnership Agreement, and any rules adopted by the Committee, as such rules are in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Vesting</u>.** Subject to Section 8, the Award shall vest with respect to one-fifth of the total number of the LTIP Units issued hereby on each of the first, second, third, fourth and fifth anniversaries of [________] (the "<u>Vesting Commencement Date</u>"). Notwithstanding the foregoing, no portion of the Award will vest (and all outstanding LTIP Units will be forfeited) unless the Corporation's Normalized FFO per share, as defined or described in the Company's applicable Securities and Exchange Commission filings, with respect to the 20___ calendar year equals or exceeds $[______].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Continuance of Employment or Service</u>.** Except as otherwise expressly provided in Section 8, the vesting schedule requires continued employment with or service to Healthpeak Properties, Inc. ("<u>Healthpeak</u>") or any Subsidiary thereof or the Corporation or any Parent or Subsidiary thereof (any of the foregoing, an "<u>Employer</u>") through each applicable vesting date, as provided in Section 3, as a condition to the vesting of the applicable installment of the Award and the rights and benefits under this Agreement. Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 8 below or under the Plan.

Nothing contained in this Agreement or the Plan constitutes an employment or service commitment by any Employer, affects the Participant's status as an employee at will who is subject to termination without Cause (as defined herein), confers upon the Participant any right to remain employed by or in service to any Employer, interferes in any way with the right of any Employer at any time to terminate such employment or services, or affects the right of any Employer to increase or decrease the Participant's other compensation or benefits. Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Participant without his or her consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Restrictions on Transfer</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;**(a)** The Award and the LTIP Units are subject to the restrictions on transfer of Membership Units (including, without limitation, LTIP Units) set forth in Article 11 of the Partnership Agreement. Any permitted transferee of the Award or LTIP Units shall take such Award or LTIP Units subject to the terms of the Plan, this Agreement, and the Partnership Agreement. Any such permitted transferee must, upon the request of the Partnership, agree to be bound by the Plan, the Partnership Agreement, and this Agreement, and shall execute the same on request, and must agree to such other waivers, limitations, and restrictions as the Partnership or the Corporation may reasonably require. Any Transfer of the Award or LTIP Units which is not made in compliance with the Plan, the Partnership Agreement and this Agreement shall be null and void and of no effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Without the consent of the Administrator (which it may give or withhold in its sole discretion), the Participant shall not Transfer any unvested LTIP Units or any portion of the Award attributable to such unvested LTIP Units (or any securities into which such unvested LTIP Units are converted or exchanged), other than by will or pursuant to the laws of descent and distribution (the "<u>Transfer Restrictions</u>"); provided, however, that the Transfer Restrictions shall not apply to any Transfer of unvested LTIP Units or of the Award to the Partnership or the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** As to any vested LTIP Units, the Participant agrees that the Participant will not Transfer such LTIP Units (or any Common Units or shares of Common Stock in respect of which such LTIP Units have been exchanged) prior to the date that is one (1) year after the date such LTIP Units became vested in accordance with the terms of the Award (for example, if 100 Common Units or shares of Common Stock were acquired in respect of 100 LTIP Units that became vested on a particular date, such one-year period would commence as of such vesting date as to those 100 Common Units or shares); provided, however, that the restrictions set forth in this Section 5(c) shall (i) not apply to any Units or shares sold by the Participant to satisfy any tax liability arising in connection with the exchange or disposition of the LTIP Units, (ii) not apply to any transfer made without consideration (or for only nominal consideration) to a "family member" (as such term is defined in the SEC General Instructions to a Registration Statement on Form S-8) of the Participant solely for purposes of estate or tax planning, and provided the transfer restrictions on such Units or shares continue in effect after any such transfer, and (iii) lapse upon the Participant's death or Disability or as otherwise provided by the Corporation. The Corporation may provide for any Units or shares of Common Stock acquired with respect to the Award and issued in book-entry form to include notations regarding the restrictions on transfer imposed under this Section 5(c) (or, as to any such Common Units or shares issued in certificate form, provide for such certificates to bear appropriate legends regarding such transfer restrictions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Execution and Return of Documents and Certificates</u>.** At the Corporation's or the Partnership's request, the Participant hereby agrees to promptly execute, deliver and return to the Partnership any and all documents or certificates that the Corporation or the Partnership deems necessary or desirable to effectuate the cancellation and forfeiture of the unvested LTIP Units and the portion of the Award attributable to the unvested LTIP Units, or to effectuate the transfer or surrender of such unvested LTIP Units and portion of the Award to the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Covenants, Representations and Warranties</u>.** The Participant hereby represents, warrants, covenants, acknowledges and agrees on behalf of the Participant and his or her spouse, if applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Investment.** The Participant is holding the Award and the LTIP Units for the Participant's own account and not for the account of any other Person. The Participant is holding the Award and the LTIP Units for investment and not with a view to distribution or resale thereof, except in compliance with applicable laws regulating securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Relation to the Partnership.** The Participant is presently an employee of, or consultant to, the Partnership, or is otherwise providing services to or for the benefit of the Partnership, and in such capacity has become personally familiar with the business 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;**(c) Access to Information.** The Participant has had the opportunity to ask questions of, and to receive answers from, the Partnership with respect to the terms and conditions of the transactions contemplated hereby and with respect to the business, affairs, financial conditions and results of operations 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;**(d) Registration.** The Participant understands that the LTIP Units have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and the LTIP Units cannot be transferred by the Participant unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Partnership has made no agreements, covenants or undertakings whatsoever to register the transfer of the LTIP Units under the Securities Act. The Partnership has made no representations, warranties or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers' transactions pursuant to Rule 144 of the Securities Act, will be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Public Trading.** None of the Partnership's securities are presently publicly traded, and the Partnership has made no representations, covenants or agreements as to whether there will be a public market for any of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Tax Advice.** The Partnership has made no warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement (including, without limitation, with respect to the decision of whether to make an election under Section 83(b) of the Code and with respect to the grant of the LTIP Units), and the Participant is in no manner relying on the Partnership or its representatives for an assessment of such tax consequences. The Participant hereby recognizes that the Internal Revenue Service has proposed regulations under Sections 83 and 704 of the Code that may affect the proper treatment of the LTIP Units for federal income tax purposes. In the event that those proposed regulations are finalized, the Participant hereby agrees to cooperate with the Partnership in amending this Agreement and the Partnership Agreement, and to take such other action as may be required, to conform to such regulations. The Participant is advised to consult with his or her own tax advisor with respect to the tax consequences of owning and disposing of the LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Termination of Employment or Service</u>.** Notwithstanding any provisions to the contrary in any employment agreement, the Healthpeak Properties, Inc. Executive Severance Plan (as it may be amended from time to time, the "<u>Healthpeak Severance Plan</u>"), the Healthpeak Properties, Inc. Executive Change in Control Severance Plan (or successor plan) (as it may be amended from time to time, the "<u>Healthpeak CIC Severance Plan</u>"), or any other severance plan adopted by Healthpeak<u>,</u> the provisions set forth in this Section 8 are applicable in the event of a termination of the Participant's employment with the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Qualifying Termination.** If the Participant ceases to be employed by the Employer, (the date of such termination of employment is referred to as the Participant's "<u>Severance Date</u>") as a result of (i) the Participant's death or Disability, (ii) a termination of employment by the Employer, without Cause (as defined herein), or (iii) a termination of employment by the Participant for Good Reason (as defined herein), then, subject to the release requirement set forth in the following paragraph, the Participant's LTIP Units, to the extent such units are not then vested and without regard to the last sentence of Section 3, shall become fully vested as of the Severance Date. In the event Participant's termination of service is due to a "Qualifying Retirement" (as defined in Healthpeak's Retirement Policy as in effect on the date hereof), any unvested LTIP Units will be subject to the vesting treatment and requirements set forth in Healthpeak's Retirement Policy.

Any acceleration of vesting pursuant to the preceding paragraph (other than in connection with the Participant's death) is subject to the condition that (x) the Participant has fully executed a valid and effective release (in the form attached to the Healthpeak Severance Plan or, if such release is executed on or after a Change in Control Event, in the form attached to the Healthpeak CIC Severance Plan, in each case for terminations governed by such severance plan, or in such other form as the Committee may reasonably require in the circumstances, including as set forth in the Healthpeak Retirement Policy, which other form shall include the Corporation, the Partnership and their related persons as releasees and otherwise be substantially similar to the form attached to the Healthpeak Severance Plan or the Healthpeak CIC Severance Plan, as the case may be, that would otherwise apply in the circumstances but with such changes as the Committee may determine to be required or reasonably advisable in order to make the release enforceable and otherwise compliant with applicable laws), (y) such executed release is delivered by the Participant to Healthpeak and the Corporation, so that it is received by Healthpeak and the Corporation in the time period specified below, and (z) such release is not revoked by the Participant (pursuant to any revocation rights afforded by applicable law). In order to satisfy the requirements of this paragraph, the Participant's release referred to in the preceding sentence must be delivered by the Participant to Healthpeak and the Corporation so that it is received by Healthpeak and the Corporation no later than twenty-five (25) calendar days after the Participant's Severance Date (or such later date as may be required for an enforceable release of the Participant's claims under the United States Age Discrimination in Employment Act of 1967, as amended ("<u>ADEA</u>"), to the extent the ADEA is applicable in the circumstances, in which case the Participant will be provided with either twenty-one (21) or forty-five (45) days, depending on the circumstances of the termination, to consider the release). In addition, Healthpeak and the Corporation may require that the Participant's release be executed no earlier than the Participant's Severance 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;**(b) Forfeiture of LTIP Units upon Certain Terminations of Employment.** If the Participant ceases to be employed by the Employer as a result of (i) a termination of employment by the Employer for Cause, or (ii) a termination of employment by the Participant, excluding any termination contemplated by Section 8(a) (other than a termination contemplated by Section 8(a) but as to which the Participant did not timely satisfy any applicable release requirement pursuant to Section 8(a)) and subject to the next paragraph, the Participant's LTIP Units shall automatically be cancelled and forfeited to the extent such units have not become vested pursuant to Section 3 hereof upon the Severance Date.

If, however, the Participant ceases to be employed by the Employer and such termination of employment is a result of a retirement or resignation by the Participant (other than (x) any termination contemplated by Section 8(a) and (y) a termination of employment by the Employer for Cause) and, immediately after such termination of employment, the Participant is a member of the board of directors of or provides consulting services to Healthpeak or any Subsidiary thereof or to the Corporation or a Parent or Subsidiary thereof under a written consulting agreement entered into by and between the Participant and such entity, then the termination of employment rules of the preceding paragraph shall not apply when the Participant ceases to be employed by the Employer but shall apply if and when, and effective as of the time that, the Participant ceases to be a member of such board of directors or ceases to provide consulting services to such entity under such a written consulting agreement. For clarity, the Participant's obligations under a confidentiality, noncompetition, non-solicitation, cooperation or similar clause or agreement shall not constitute "consulting services" for purposes of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Termination of LTIP Units.** If any unvested LTIP Units are terminated pursuant to Section 8(b), such LTIP Units shall automatically terminate and be cancelled and forfeited as of the Severance Date without payment of any consideration by the Corporation and without any other action by the Participant, or the Participant's beneficiary or personal representative, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Definitions.** As used 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Cause</u>" shall have the meaning set forth in the Healthpeak Severance Plan, as such definition may be amended from time to time; provided, however, that upon and after a Change in Control Event, "Cause" shall have the meaning set forth in the Healthpeak CIC Severance Plan, as such definition may be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Disability</u>" means a "permanent and total disability" (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator).

&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;(iii) "<u>Good Reason</u>" shall have the meaning set forth in the Healthpeak Severance Plan, as such definition may be amended from time to time; provided, however, that upon and after a Change in Control Event, "Good Reason" shall have the meaning set forth in the Healthpeak CIC Severance Plan, as such definition may be amended from time to time; provided, further, that if "Good Reason" is so not defined in the Healthpeak Severance Plan or Healthpeak CIC Severance Plan, as applicable, it shall not constitute a qualifying termination for purposes of Section 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Adjustments Upon Specified Events; Change in Control Event</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;**(a) Adjustments.** To the extent applicable, the Award shall be subject to adjustment by the Administrator in accordance with Section 7.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Change in Control Event.** Upon the occurrence of an event contemplated by Section 7.2 or 7.3 of the Plan and notwithstanding any provision of Section 7.2 or 7.3 of the Plan, any employment agreement, the CIC Severance Plan (or successor plan) or any other severance plan adopted by Healthpeak or the Corporation, the Award (to the extent outstanding at the time of such event) shall continue in effect in accordance with its terms following such event (subject to adjustment in connection with such event pursuant to Section 7.1 of the Plan); provided, however, that the Administrator shall determine, in its sole discretion, whether the vesting of the LTIP Units will accelerate in connection with such event and the extent of any such accelerated vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Taxes</u>.** The Partnership and the Participant intend that (i) the LTIP Units be treated as a "profits interest" as defined in Internal Revenue Service Revenue Procedure 93-27, as clarified by Revenue Procedure 2001-43, (ii) the issuance and the vesting of the LTIP Units shall not be taxable events to the Partnership or the Participant as provided in such revenue procedure, and (iii) the Partnership Agreement, the Plan and this Agreement be interpreted consistently with such intent. In furtherance of such intent, effective immediately prior to the issuance of the LTIP Units, the Partnership may revalue all Partnership assets to their respective gross fair market values and make the resulting adjustments to the "Capital Accounts" (as defined in the Partnership Agreement) of the Members, in each case as set forth in the Partnership Agreement. The Employer or other applicable entity may withhold from the Participant's wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the issuance of the Award hereunder, from the vesting or lapse of any restrictions imposed on the Award, or from the ownership or disposition of the LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Capital Account</u>.** The Participant shall make no contribution of capital to the Partnership in connection with the Award and, as a result, the Participant's Capital Account balance in the Partnership immediately after his or her receipt of the LTIP Units shall be equal to zero, unless the Participant was a Member of the Partnership prior to such issuance, in which case the Participant's Capital Account balance shall not be increased as a result of his or her receipt of the LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Redemption Rights</u>.** Notwithstanding anything to the contrary in the Partnership Agreement, Membership Units which are acquired upon the conversion of the LTIP Units shall not, without the consent of the Partnership (which may be given or withheld in its sole discretion), be redeemed pursuant to Section 15.1 of the Partnership Agreement within two (2) years following the date of the issuance of such LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Section 83(b) Election</u>.** The Participant covenants that the Participant shall make a timely election under Section 83(b) of the Code (and any comparable election in the state of the Participant's residence) with respect to the LTIP Units covered by the Award, and the Partnership hereby consents to the making of such election(s). In connection with such election, the Participant and the Participant's spouse, if applicable, shall promptly provide a copy of such election to the Partnership. A form of election under Section 83(b) of the Code is attached hereto as <u>Exhibit A</u>. The Participant represents that the Participant has consulted any tax advisor(s) that the Participant deems advisable in connection with the filing of an election under Section 83(b) of the Code and similar state tax provisions. The Participant acknowledges that it is the Participant's sole responsibility and not the Corporation's to timely file an election under Section 83(b) of the Code (and any comparable state election), even if the Participant requests that the Corporation or any representative of the Corporation make such filing on the Participant's behalf. The Participant should consult his or her tax advisor to determine if there is a comparable election to file in the state of his or her residence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Ownership Information</u>.** The Participant hereby covenants that so long as the Participant holds any LTIP Units, at the request of the Partnership, the Participant shall disclose to the Partnership in writing such information relating to the Participant's ownership of the LTIP Units as the Partnership reasonably believes to be necessary or desirable to ascertain in order to comply with the Code or the requirements of any other appropriate taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Remedies</u>.** The Participant shall be liable to the Partnership for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the LTIP Units which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Partnership shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant will not urge as a defense that there is an adequate remedy at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Restrictive Legends</u>.** Certificates evidencing the LTIP Units, to the extent such certificates are issued, may bear such restrictive legends as the Partnership and/or the Partnership's counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:

"The securities represented hereby have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). Any transfer of such securities will be invalid unless a Registration Statement under the Securities Act is in effect as to such transfer or in the opinion of counsel for Janus Living OP, LLC (the "<u>Partnership</u>") such registration is unnecessary in order for such transfer to comply with the Securities Act."

"The securities represented hereby are subject to forfeiture, transferability and other restrictions as set forth in (i) a written agreement with the Partnership, (ii) the Janus Living, Inc. 2026 Equity Plan, and (iii) the Amended and Restated Operating Agreement of Janus Living OP, LLC, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Notices</u>.** Any notice to be given under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant's last address reflected on the Corporation's payroll records. Any notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Participant is no longer an Eligible Person, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Plan and Partnership Agreement</u>.** The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan and the Partnership Agreement, each of which is incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan, this Agreement and the Partnership Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, this Agreement and the Partnership Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Entire Agreement</u>.** This Agreement, the Plan and the Partnership Agreement together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Agreement may be amended pursuant to Section 8.6 of the Plan and/or the applicable provisions of the Partnership Agreement. Any such amendment must be in writing and signed by the Corporation (and, if applicable, the Partnership). Except to the extent provided in the Partnership Agreement, any such amendment that materially and adversely affects the Participant's rights under this Agreement requires the consent of the Participant in order to be effective with respect to the Award. The Corporation or the Partnership may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. The Participant acknowledges receipt of a copy of this Agreement, the Plan, the Prospectus for the Plan and the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. <u>Counterparts</u>.** This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. <u>Section Headings</u>.** The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. <u>Governing Law</u>.** This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland without regard to conflict of law principles thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. <u>Construction</u>.** It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. <u>Clawback Policy</u>.** The LTIP Units are subject to the terms of the Corporation's recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of the LTIP Units or any Common Units or shares of Common Stock or other cash or property received with respect to the LTIP Units (including any value received from a disposition thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. <u>Survival of Representations and Warranties</u>.** The representations, warranties and covenants contained in Section 7 hereof shall survive the later of the date of execution and delivery of this Agreement or the issuance of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. <u>Fractional Units</u>.** For purposes of this Agreement, any fractional LTIP Units that vest or become entitled to distributions pursuant to the Partnership Agreement will be rounded as determined by the Corporation or the Partnership; provided, however, that in no event shall such rounding cause the aggregate number of LTIP Units that vest or become entitled to such distributions to exceed the total number of LTIP Units set forth in Section 2(a) of this Agreement.

\* \* \*

*[The remainder of this page is intentionally left blank.]*

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date first written above.

---

| |
|:---|
| **Janus Living, Inc.** |
| By: |
| Name: |
| Title: |
| **Janus Living OP, LLC** |
| **By Janus Living, Inc.** |
| **as Managing Member** |
| By: |
| Name: |
| Title: |
| Name: |

---

**<u>Exhibit A</u>**

**ELECTION PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE**

The undersigned hereby elects pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in the undersigned's gross income for the taxable year in which the property described below was transferred the excess (if any) of the fair market value of such property, over the amount the undersigned paid for such property, if any, and supplies herewith the following information in accordance with the Treasury regulations promulgated under Section 83(b):

&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 name, address and taxpayer identification (social security) number of the undersigned, and the taxable year in which this election is being made, are:

TAXPAYER'S NAME: <u>«PARTC_NAME»</u>

TAXPAYER'S SOCIAL SECURITY NUMBER:  

ADDRESS:

TAXABLE YEAR:  

The name, address and taxpayer identification (social security) number of the undersigned's spouse are (complete if applicable):

SPOUSE'S NAME:  

SPOUSE'S SOCIAL SECURITY NUMBER:  

ADDRESS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The property with respect to which the election is made consists of «LTIPS_GRANTED» LTIP Units (the "<u>Units</u>") of Janus Living OP, LLC (the "<u>Company</u>"), representing an interest in the future profits, losses and distributions of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date on which the above property was transferred to the undersigned was _____, 20__.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The above property is subject to the following restrictions: The Units are subject to forfeiture to the extent unvested upon a termination of service with the Company and its affiliates under certain circumstances. These restrictions lapse upon the satisfaction of certain conditions as set forth in an agreement between the taxpayer and the Company. In addition, the Units are subject to certain transfer restrictions pursuant to the Operating Agreement of Janus Living OP, LLC, as amended (or amended and restated) from time to time, should the taxpayer wish to transfer the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The fair market value of the above property at the time of transfer (determined without regard to any restrictions other than those which by their terms will never lapse) was $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The amount paid for the above property by the undersigned was $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The name, address and taxpayer identification number of the person for whom the undersigned taxpayer is providing services in connection with the transfer of the above property are:

TAXPAYER'S NAME: Janus Living OP, LLC

TAXPAYER'S EIN:

ADDRESS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property. A copy of this election will be furnished to the person for whom the services were performed. The undersigned is the person performing the services in connection with which the property was transferred.

Date:     <br> «PARTC_NAME»

The undersigned spouse of the taxpayer joins in this election. (Complete if applicable.)

Date:     <br> Spouse Name:

## Exhibit 10.7

**Exhibit 10.7**

**JANUS LIVING, INC.<br> LTIP UNIT AGREEMENT**

**THIS LTIP UNIT AGREEMENT** (this "<u>Agreement</u>") is effective as of [**●**], 2026 (the "<u>Award Date</u>") by and between Janus Living, Inc., a Maryland corporation (the "<u>Corporation</u>"), Janus Living OP, LLC (the "<u>Partnership</u>"), and [●] (the "<u>Participant</u>").

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

**WHEREAS**, the Section 16 Qualifying Committee of the Board of Directors of the Corporation (the "<u>Committee</u>") has determined that the Participant is eligible to receive an award of LTIP Units, as described below; and

**WHEREAS**, pursuant to the Janus Living, Inc. 2026 Equity Plan, as the same may be amended and/or restated from time to time (the "<u>Plan</u>"), the Partnership hereby desires to grant to the Participant, effective as of the date hereof, an award of fully-vested LTIP Units under the Plan (the "<u>Award</u>") upon the terms and conditions set forth herein, in the Partnership Agreement and in the Plan.

**NOW THEREFORE**, in consideration of services rendered and to be rendered by the Participant to or for the benefit of the Partnership, and the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Defined Terms</u>.** Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Plan or the Partnership Agreement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Grant</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;**(a)** Subject to the terms of this Agreement, the Partnership hereby grants to the Participant an award (the "<u>Award</u>") of [●] LTIP Units. The Partnership and the Participant acknowledge and agree that the LTIP Units are hereby issued to the Participant for the performance of services to or for the benefit of the Partnership in his or her capacity as a Member or in anticipation of the Participant becoming a Member. Upon receipt of the Award, the Participant shall, automatically and without further action on his or her part, be deemed to be a party to, signatory of and bound by the Partnership Agreement. At the request of the Partnership, the Participant shall execute the Partnership Agreement or a joinder or counterpart signature page thereto. The Participant acknowledges that the Partnership may from time to time issue or cancel (or otherwise modify) LTIP Units in accordance with the terms of the Partnership Agreement. The Committee is the Administrator of the Plan for purposes of the LTIP Units. The LTIP Units shall have the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth in this Agreement, the Plan and the Partnership Agreement, and any rules adopted by the Committee, as such rules are in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Vesting</u>.** The Award shall be vested in full on the Award Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Restrictions on Transfer</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;**(a)** The Award and the LTIP Units are subject to the restrictions on transfer of Membership Units (including, without limitation, LTIP Units) set forth in Article 11 of the Partnership Agreement. Any permitted transferee of the Award or LTIP Units shall take such Award or LTIP Units subject to the terms of the Plan, this Agreement, and the Partnership Agreement. Any such permitted transferee must, upon the request of the Partnership, agree to be bound by the Plan, the Partnership Agreement, and this Agreement, and shall execute the same on request, and must agree to such other waivers, limitations, and restrictions as the Partnership or the Corporation may reasonably require. Any Transfer of the Award or LTIP Units which is not made in compliance with the Plan, the Partnership Agreement and this Agreement shall be null and void and of no effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Participant agrees that the Participant will not Transfer the LTIP Units (or any Common Units or shares of Common Stock in respect of which the LTIP Units have been exchanged) prior to the date that is one (1) year after the Award Date; provided, however, that the restrictions set forth in this Section 4(b) shall (i) not apply to any Units or shares sold by the Participant to satisfy any tax liability arising in connection with the exchange or disposition of the LTIP Units, (ii) not apply to any transfer made without consideration (or for only nominal consideration) to a "family member" (as such term is defined in the SEC General Instructions to a Registration Statement on Form S-8) of the Participant solely for purposes of estate or tax planning, and provided the transfer restrictions on such Units or shares continue in effect after any such transfer, and (iii) lapse upon the Participant's death or Disability (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator) or as otherwise provided by the Corporation. The Corporation may provide for any Units or shares of Common Stock acquired with respect to the Award and issued in book-entry form to include notations regarding the restrictions on transfer imposed under this Section 4(b) (or, as to any such Common Units or shares issued in certificate form, provide for such certificates to bear appropriate legends regarding such transfer restrictions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Covenants, Representations and Warranties</u>.** The Participant hereby represents, warrants, covenants, acknowledges and agrees on behalf of the Participant and his or her spouse, if applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Investment.** The Participant is holding the Award and the LTIP Units for the Participant's own account and not for the account of any other Person. The Participant is holding the Award and the LTIP Units for investment and not with a view to distribution or resale thereof, except in compliance with applicable laws regulating securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Relation to the Partnership.** The Participant is presently an employee of, or consultant to, the Partnership, or is otherwise providing services to or for the benefit of the Partnership, and in such capacity has become personally familiar with the business 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;**(c) Access to Information.** The Participant has had the opportunity to ask questions of, and to receive answers from, the Partnership with respect to the terms and conditions of the transactions contemplated hereby and with respect to the business, affairs, financial conditions and results of operations 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;**(d) Registration.** The Participant understands that the LTIP Units have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and the LTIP Units cannot be transferred by the Participant unless such transfer is registered under the Securities Act or an exemption from such registration is available. The Partnership has made no agreements, covenants or undertakings whatsoever to register the transfer of the LTIP Units under the Securities Act. The Partnership has made no representations, warranties or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers' transactions pursuant to Rule 144 of the Securities Act, will be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Public Trading.** None of the Partnership's securities are presently publicly traded, and the Partnership has made no representations, covenants or agreements as to whether there will be a public market for any of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Tax Advice.** The Partnership has made no warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement (including, without limitation, with respect to the decision of whether to make an election under Section 83(b) of the Code and with respect to the grant of the LTIP Units), and the Participant is in no manner relying on the Partnership or its representatives for an assessment of such tax consequences. The Participant hereby recognizes that the Internal Revenue Service has proposed regulations under Sections 83 and 704 of the Code that may affect the proper treatment of the LTIP Units for federal income tax purposes. In the event that those proposed regulations are finalized, the Participant hereby agrees to cooperate with the Partnership in amending this Agreement and the Partnership Agreement, and to take such other action as may be required, to conform to such regulations. The Participant is advised to consult with his or her own tax advisor with respect to the tax consequences of owning and disposing of the LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Adjustments Upon Specified Events; Change in Control Event</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;**(a) Adjustments.** To the extent applicable, the Award shall be subject to adjustment by the Administrator in accordance with Section 7.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Change in Control Event.** Upon the occurrence of an event contemplated by Section 7.2 or 7.3 of the Plan and notwithstanding any provision of Section 7.2 or 7.3 of the Plan, any employment agreement, the CIC Severance Plan (or successor plan) or any other severance plan adopted by Healthpeak Properties, Inc. or the Corporation, the Award (to the extent outstanding at the time of such event) shall continue in effect in accordance with its terms following such event (subject to adjustment in connection with such event pursuant to Section 7.1 of the Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Taxes</u>.** The Partnership and the Participant intend that (i) the LTIP Units be treated as a "profits interest" as defined in Internal Revenue Service Revenue Procedure 93-27, as clarified by Revenue Procedure 2001-43, (ii) the issuance of the LTIP Units shall not be taxable events to the Partnership or the Participant as provided in such revenue procedure, and (iii) the Partnership Agreement, the Plan and this Agreement be interpreted consistently with such intent. In furtherance of such intent, effective immediately prior to the issuance of the LTIP Units, the Partnership may revalue all Partnership assets to their respective gross fair market values and make the resulting adjustments to the "Capital Accounts" (as defined in the Partnership Agreement) of the Members, in each case as set forth in the Partnership Agreement. The Partnership or the Participant's employer or any other applicable entity may withhold from the Participant's wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the issuance of the Award hereunder or from the ownership or disposition of the LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Capital Account</u>.** The Participant shall make no contribution of capital to the Partnership in connection with the Award and, as a result, the Participant's Capital Account balance in the Partnership immediately after his or her receipt of the LTIP Units shall be equal to zero, unless the Participant was a Member of the Partnership prior to such issuance, in which case the Participant's Capital Account balance shall not be increased as a result of his or her receipt of the LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Redemption Rights</u>.** Notwithstanding anything to the contrary in the Partnership Agreement, Membership Units which are acquired upon the conversion of the LTIP Units shall not, without the consent of the Partnership (which may be given or withheld in its sole discretion), be redeemed pursuant to Section 15.1 of the Partnership Agreement within two (2) years following the date of the issuance of such LTIP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Ownership Information</u>.** The Participant hereby covenants that so long as the Participant holds any LTIP Units, at the request of the Partnership, the Participant shall disclose to the Partnership in writing such information relating to the Participant's ownership of the LTIP Units as the Partnership reasonably believes to be necessary or desirable to ascertain in order to comply with the Code or the requirements of any other appropriate taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Remedies</u>.** The Participant shall be liable to the Partnership for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the LTIP Units which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Partnership shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant will not urge as a defense that there is an adequate remedy at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Restrictive Legends</u>.** Certificates evidencing the LTIP Units, to the extent such certificates are issued, may bear such restrictive legends as the Partnership and/or the Partnership's counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:

"The securities represented hereby have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). Any transfer of such securities will be invalid unless a Registration Statement under the Securities Act is in effect as to such transfer or in the opinion of counsel for Janus Living OP, LLC (the "<u>Partnership</u>") such registration is unnecessary in order for such transfer to comply with the Securities Act."

"The securities represented hereby are subject to forfeiture, transferability and other restrictions as set forth in (i) a written agreement with the Partnership, (ii) the Janus Living, Inc. 2026 Equity Plan, and (iii) the Amended and Restated Operating Agreement of Janus Living OP, LLC, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Notices</u>.** Any notice to be given under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant's last address reflected on the Corporation's payroll records. Any notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Participant is no longer an Eligible Person, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Plan and Partnership Agreement</u>.** The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan and the Partnership Agreement, each of which is incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan, this Agreement and the Partnership Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, this Agreement and the Partnership Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Entire Agreement</u>.** This Agreement, the Plan and the Partnership Agreement together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Agreement may be amended pursuant to Section 8.6 of the Plan and/or the applicable provisions of the Partnership Agreement. Any such amendment must be in writing and signed by the Corporation (and, if applicable, the Partnership). Except to the extent provided in the Partnership Agreement, any such amendment that materially and adversely affects the Participant's rights under this Agreement requires the consent of the Participant in order to be effective with respect to the Award. The Corporation or the Partnership may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. The Participant acknowledges receipt of a copy of this Agreement, the Plan, the Prospectus for the Plan and the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>83(b) Election</u>**. The Participant may make a timely election under Section 83(b) of the Code (and any comparable election in the state of the Participant's residence) with respect to the OP Units covered by the Award, and the Partnership hereby consents to the making of such election(s). In connection with such election, the Participant and the Participant's spouse, if applicable, shall promptly provide a copy of such election to the Partnership. Instructions for completing an election under Section 83(b) of the Code and a form of election under Section 83(b) of the Code are attached hereto as Exhibit A. The Participant represents that the Participant has consulted any tax advisor(s) that the Participant deems advisable in connection with the filing of an election under Section 83(b) of the Code and similar state tax provisions. The Participant acknowledges that it is the Participant's sole responsibility and not the Corporation's to timely file an election under Section 83(b) of the Code (and any comparable state election), even if the Participant requests that the Corporation or any representative of the Corporation make such filing on the Participant's behalf. The Participant should consult his or her tax advisor to determine if there is a comparable election to file in the state of his or her residence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Counterparts</u>.** This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Section Headings</u>.** The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Governing Law</u>.** This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland without regard to conflict of law principles thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. <u>Construction</u>.** It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. <u>Clawback Policy</u>.** The LTIP Units are subject to the terms of the Corporation's recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of the LTIP Units or any Common Units or shares of Common Stock or other cash or property received with respect to the LTIP Units (including any value received from a disposition thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. <u>Survival of Representations and Warranties</u>.** The representations, warranties and covenants contained in Section 5 hereof shall survive the later of the date of execution and delivery of this Agreement or the issuance of the Award.

\* \* \*

*[The remainder of this page is intentionally left blank.]*

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date first written above.

---

| |
|:---|
| **Janus Living, Inc.** |
| By: |
| Name: |
| Title: |
| **Janus Living OP, LLC** |
| **By Janus Living, Inc.** |
| **as Managing Member** |
| By: |
| Name: |
| Title: |
| Name: |

---

**<u>Exhibit A</u>**

**Section 83(b) Election**

[*Attached*]

---

| | | |
|:---|:---|:---|
| Form **15620**<br> (April 2025) | Department of the Treasury - Internal Revenue Service<br>**Section 83(b) Election Form** | OMB Number<br> 1545-0074 |

---

The undersigned taxpayer hereby elects, pursuant to § 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income as compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for the property.

------

1. The taxpayer's name, taxpayer identification number (TIN), and address:

Taxpayer's name Taxpayer's TIN <br>  

City State or province ZIP or postal code <br>        

------

4. Taxable year for which the election is being made *(taxable year that includes the date the property is transferred as reported in Box 3)* 

2026

5. The property is subject to the following restrictions *(describe applicable restrictions below)* 

6. The total fair market value of the property at the time of transfer is

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;$0.00 | = | $0.00 |

---

7. The total amount paid for the property is

=

8. The total amount to include in gross income for the taxable
year is *(the result of the amount reported in Box 6(c) minus the amount reported in Box 7(c))* 

&nbsp;&nbsp;&nbsp;&nbsp;$0.00

9. Name, TIN, and address of the person for whom the taxpayer
is providing services in connection with the transfer of property *(optional)* 

TIN <br>   <u>41-3500761</u>

Address *(number and street)*

City State or province ZIP or postal code Country <br> <u>Denver</u> <u>CO</u> <u>80237</u> <u>USA</u>

<u>Taxpayer signature</u> <u>Date signed</u>

Address *(number and street)*

Country <br> USA

2. The property subject to this election is *(describe property and quantity below)*

**_______** profits interest units (the "Units") of Janus Living OP, LLC (the "Company"), representing an interest in the future profits, losses and distributions of the Company.

3. The date the property is transferred

March ___, 2026

The Units are subject to certain transfer restrictions pursuant to the Operating Agreement of Janus Living OP, LLC, as amended (or amended and restated) from time to time, including satisfaction of certain holding periods should the taxpayer wish to transfer the Units.

---

| | | |
|:---|:---|:---|
| a. Value per item | b. Quantity | c. Total fair market value |
|  | b. Quantity | c. Total price paid |
| $0.00 |  | $0.00 |

---

Name

Janus Living OP, LLC

4600 S. Syracuse St., Suite 500

The undersigned taxpayer is the person performing the services in connection with which the property is transferred. The undersigned taxpayer agrees to provide a copy of the election to (i) the person for whom the services are performed and (ii) the transferee of the property, if the taxpayer and the transferee of the property are not the same person.

Under penalties of perjury, the undersigned taxpayer declares that, to the best of undersigned taxpayer's knowledge and belief, the information entered on this Form 15620 is true, correct, and complete.

**Instructions for Form 15620, Section 83(b) Election**

------

Section references are to the Internal Revenue Code unless otherwise noted.

------

**General Instructions**

------

**Purpose of Form**

When substantially nonvested property is transferred in connection with the performance of services, the person who performs the services may elect under IRC § 83(b) (83(b) election) to currently include in gross income the excess (if any) of the property's fair market value at the time of the transfer over the amount (if any) paid for the property at the time of transfer, rather than when the property later becomes substantially vested. Refer to the Restricted Property section of Publication 525 for a description of the tax consequences of substantially nonvested property transferred in connection with the performance of services.

**Where to File**

Submit this completed and signed Form 15620 to the IRS **via mail** with the IRS office with which the person who performs the services files a federal income tax return.

**Additional Copies**

The person who performs the services is also required to submit a copy of the completed and signed Form 15620 to the person for whom the services are performed. In addition, if the person who performs the services and the transferee of the property are not the same person, the person who performs the services is also required to submit a copy of the completed and signed Form 15620 to the transferee of the property.

**Revocation of an 83(b) Election**

An 83(b) election may not be revoked except with the consent of the IRS. Taxpayers are encouraged to review applicable federal guidance regarding the revocability of 83(b) elections. For additional guidance regarding the revocation of an 83(b) election, refer to Treas. Reg. § 1.83–2(f) and Revenue Procedure 2006-31.

------

**Specific Instructions**

------

**Who May File**

When substantially nonvested property is transferred in connection with the performance of services, the person who performs the services (e.g., an employee or an independent contractor) may make an 83(b) election by filing Form 15620. In the alternative, an 83(b) election may be made by filing a written statement that satisfies the requirements of Treas. Reg. § 1.83-2.

**When to File**

An 83(b) election must be filed no later than 30 days after the date the property was transferred. In accordance with IRC § 7503, if the thirtieth day following the transfer of property falls on a Saturday, Sunday or legal holiday, the election will be considered timely filed if it is postmarked by the next succeeding day which is not a Saturday, Sunday or legal holiday. For more information, see IRC § 83(b)(2) and Treas. Reg. § 1.83–2(b).

**Box 1. Name, TIN, and Address**. Enter the name, TIN, and address of the person making the 83(b) election.

**Box 2. Description of Property**. Enter a description of the property that is transferred, including the quantity transferred. For example, "1,000 shares of Class A common stock of Corporation B."

For more information on what constitutes property for purposes of IRC § 83, see Treas. Reg. § 1.83-3(e).

**Box 3. Date Property is Transferred**. Enter the date the property is transferred.

For more information on what constitutes a transfer of property for purposes of IRC § 83, see Treas. Reg. § 1.83-3(a).

**Box 4. Taxable Year for Which the Election is Made**. Enter the taxable year for which the 83(b) election is being made. This is the taxable year that includes the date the property is transferred as reported in Box 3. For example, "calendar year 2025" or "fiscal year ending May 31, 2025."

**Box 5. Description of Applicable Restriction(s) on the Property**. Enter a description of the restrictions applicable to the substantially nonvested property that is transferred. For example, "the terms of the restricted stock agreement provide that 1,000 shares of Class A common stock of Corporation B will be forfeited if the person making the election ceases to provide services to Corporation B as an employee prior to April 1, 2027."

For more information on what constitutes substantially nonvested property for purposes of IRC § 83, see Treas. Reg. § 1.83-3(b).

**Box 6. Fair Market Value of the Property at the Time of Transfer**.

&nbsp;&nbsp;&nbsp;&nbsp;a. Enter the fair market value per item of property at the time of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;b. Enter the quantity transferred.

&nbsp;&nbsp;&nbsp;&nbsp;c. Enter the total fair market value of the property (Box 6(a) multiplied
 by Box 6(b)).

The fair market value is determined without regard to any lapse restriction, as defined in Treas. Reg. § 1.83-3(i).

**Box 7. Amount (if any) Paid for the Property**.

&nbsp;&nbsp;&nbsp;&nbsp;a. Enter the price paid (if any) per item of property.

&nbsp;&nbsp;&nbsp;&nbsp;b. Enter the quantity transferred.

&nbsp;&nbsp;&nbsp;&nbsp;c. Enter the total price paid for the property (Box 7(a) multiplied
 by Box 7(b)).

For more information on what constitutes the amount paid for property for purposes of IRC § 83, see Treas. Reg. § 1.83-3(g).

---

| | | |
|:---|:---|:---|
| Catalog Number 95376D | www.irs.gov | Form **15620** (Rev. 4-2025) |

---

**Box 8. The Amount (if any) to Include in Gross Income**. Enter the total amount (if any) included in gross income for the taxable year indicated in Box 4. Calculate this amount by subtracting the total amount paid for property reported in Box 7(c) from the total fair market value of the property at the time of transfer reported in Box 6(c).

**Box 9. Name, TIN, and Address of Service Recipient**. Enter the name, TIN, and address of the person for whom the person making the 83(b) election is providing services in connection with the transfer of property. Providing a response in Box 9 is optional and not required to make a valid 83(b) election.

------

**Privacy Act and Paperwork Reduction Act Notice**

------

We ask for the information on this form to carry out the Internal Revenue laws of the United States. Form 15620 is provided by the IRS for your convenience and its use is voluntary. You're not required to make a section 83(b) election. However, if you choose to make this election, sections 83(b), 6001, 6011, 6012, and 6109 and their regulations require you to provide the information requested on this form. Failure to provide all requested information may delay or prevent processing your election. Providing false or fraudulent information may subject you to penalties.

Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation, and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their tax laws. We may also disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal non-tax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. The estimated burden for individual taxpayers filing this form is approved under 1545-0074 and for business taxpayers filing this form is approved under 1545-0123. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by Code section 6103. The average time and expenses required to complete and file this form will vary depending on individual circumstances. For estimated averages, see the instructions for your income tax return. If you have suggestions for making this form simpler, we would be happy to hear from you. See the instructions for your income tax return.

---

| | | |
|:---|:---|:---|
| Catalog Number 95376D | www.irs.gov | Form **15620** (Rev. 4-2025) |

---

## Exhibit 10.8

**Exhibit 10.8**

**JANUS LIVING, INC.**

**2026 EQUITY PLAN**

**NON-EMPLOYEE DIRECTOR Restricted Stock Unit Award AGREEMENT**

This **NON-EMPLOYEE DIRECTOR Restricted Stock Unit Award AGREEMENT** (this "<u>Agreement</u>") is effective as of [●] (the "<u>Award Date</u>") by and between Janus Living, Inc., a Maryland corporation (the "<u>Company</u>"), and [●] (the "<u>Director</u>").

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

**WHEREAS**, pursuant to the Janus Living, Inc. 2026 Equity Plan, as may amended and/or restated from time to time (the "<u>Plan</u>"), the Company hereby grants to the Director, effective as of the date hereof, an award of restricted stock units under the Plan (the "<u>Award</u>"), upon the terms and conditions set forth herein and in the Plan.

**NOW THEREFORE**, in consideration of services rendered and to be rendered by the Director, and the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Defined Terms</u>.** Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Grant</u>.** Subject to the terms of this Agreement, the Company hereby grants to the Director an Award of [●] stock units (the "<u>Stock Units</u>"). As used herein, the term "stock unit" means a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Company's Common Stock solely for purposes of the Plan and this Agreement. The Stock Units shall be used solely as a device for the determination of the payment to eventually be made to the Director if such Stock Units vest pursuant to Section 3. The Stock Units shall not be treated as property or as a trust fund of any kind. The Award is subject to all of the terms and conditions set forth in this Agreement and is further subject to all of the terms and conditions of the Plan, as it may be amended from time to time, and any rules adopted by the Administrator, as such rules are in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Vesting</u>.** Subject to Section 8 below, the Award shall vest and become nonforfeitable with respect to 100% of the total number of the Stock Units on the earlier to occur of (i) the first anniversary of the Award Date or (ii) the date of the Company's next annual meeting of stockholders following the Award Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Continuance of Service</u>.** The vesting schedule requires continued service to the Company through the vesting date as a condition to the vesting of the Award and the rights and benefits under this Agreement. Service for only a portion of the vesting period, even if a substantial portion, will not entitle the Director to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of services as provided in Section 8 below or under the Plan. Nothing contained in this Agreement or the Plan constitutes a continued service commitment by the Company or interferes with the right of the Company to increase or decrease the compensation of the Director from the rate in existence at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Dividend and Voting Rights</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;**(a) Limitations on Rights Associated with Units.** The Director shall have no rights as a stockholder of the Company, no dividend rights (except as expressly provided in Section 5(b) with respect to Dividend Equivalent Rights) and no voting rights, with respect to the Stock Units and any shares of Common Stock underlying or issuable in respect of such Stock Units until such shares of Common Stock are actually issued to and held of record by the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Dividend Equivalent Rights.** As of any date that the Company pays an ordinary cash dividend on its Common Stock, the Company shall pay the Director an amount equal to the per share cash dividend paid by the Company on its Common Stock on such date multiplied by the number of Stock Units remaining subject to this Award as of the related dividend payment record date. No such payment shall be made with respect to any Stock Units which, as of such record date, have either been paid pursuant to Section 7 or terminated pursuant to Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Restrictions on Transfer</u>.** Neither the Award, nor any interest therein or amount or shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Company, or (b) transfers by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Timing and Manner of Payment of Stock Units</u>.** On or as soon as administratively practical following the vesting of the Award pursuant to the terms hereof (and in all events within sixty (60) days after such vesting event), the Company shall deliver to the Director a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company in its discretion) equal to the number of Stock Units subject to this Award that vest on the applicable vesting date. The Company's obligation to deliver shares of Common Stock or otherwise make payment with respect to vested Stock Units is subject to the condition precedent that the Director or other person entitled under the Plan to receive any shares with respect to the vested Stock Units deliver to the Company any representations or other documents or assurances that the Administrator may deem necessary or desirable to assure compliance with all applicable legal and accounting requirements. The Director shall have no further rights with respect to any Stock Units that are paid or that terminate pursuant to Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Effect of Termination of Service</u>.** The Director's Stock Units shall terminate to the extent such units have not become vested pursuant to Section 3 prior to the first date that the Director is no longer a member of the Board of Directors (the "<u>Severance Date</u>"), regardless of the reason for the termination of the Director's services; provided, however, that if the Director's services are terminated as a result of the Director's death or Total Disability (as defined below), the Director's Stock Units, to the extent such units are not then vested, shall become fully vested as of the Severance Date and shall be paid in accordance with Section 7. If any unvested Stock Units are terminated hereunder, such Stock Units shall automatically terminate and be cancelled as of the applicable Severance Date without payment of any consideration by the Company and without any other action by the Director, or the Director's beneficiary or personal representative, as the case may be.

For purposes of the Award, "Total Disability" means a "permanent and total disability" (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Adjustments Upon Specified Events; Change in Control Event</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;**(a) Adjustments.** Upon the occurrence of certain events relating to the Company's stock contemplated by Section 7.1 of the Plan (including, without limitation, an extraordinary cash dividend on such stock), the Administrator shall make adjustments in accordance with such section in the number of Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which dividend equivalents are paid pursuant to Section 5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Change in Control Event.** Upon the occurrence of an event contemplated by Section 7.2 or 7.3 of the Plan and notwithstanding any provision of Section 7.2 and 7.3 of the Plan to the contrary, the Award (to the extent outstanding at the time of such event) shall continue in effect in accordance with its terms following such event (subject to adjustment in connection with such event pursuant to Section 7.1 of the Plan); provided, however, that the Administrator shall determine, in its sole discretion, whether the vesting of the Stock Units will accelerate in connection with such event and the extent of any such accelerated vesting; provided, further, that any Stock Units that are so accelerated will be paid on or as soon as administratively practical after (and in all events within sixty (60) days after) the first to occur of the original vesting date of such accelerated Stock Units set forth in Section 3 above or the Director's separation from service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Tax Withholding</u>.** Upon vesting of any Stock Units or any distribution of shares of Common Stock in respect of the Stock Units, the Director or other person entitled to receive such distribution may irrevocably elect, in such manner and at such time or times prior to any applicable tax date as may be permitted or required under Section 8.5 of the Plan and rules established by the Administrator, to have the Company reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of whole shares, valued at their then fair market value to satisfy any withholding obligations of the Company or its Parents or Subsidiaries with respect to such distribution of shares at the maximum applicable withholding rates; provided, however, that in the event that such entity cannot legally satisfy such withholding obligations by such reduction of shares, or in the event of a cash payment or any other withholding event in respect of the Stock Units, such entity shall be entitled to require a cash payment by or on behalf of the Director and/or to deduct from other compensation payable to the Director any sums required by federal, state or local tax law to be withheld with respect to such distribution or payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Notices</u>.** Any notice to be given under the terms of this Agreement shall be in writing and addressed to the Company at its principal office to the attention of the Secretary, and to the Director at the Director's last address reflected on the Company's records. Any notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Director is no longer an Eligible Person, shall be deemed to have been duly given five (5) business days after the date mailed in accordance with the foregoing provisions of this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Plan</u>.** The Award and all rights of the Director under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Director agrees to be bound by the terms of the Plan and this Agreement. The Director acknowledges having read and understanding the Plan, the Prospectus for the Plan and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Director unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan <u>after</u> the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Entire Agreement</u>.** This Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Agreement may be amended pursuant to Section 8.6 of the Plan. Any such amendment must be in writing and signed by the Company. Any such amendment that materially and adversely affects the Director's rights under this Agreement requires the consent of the Director in order to be effective with respect to the Award. The Company may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Director hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. The Director acknowledges receipt of a copy of this Agreement, the Plan and the Prospectus for the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Limitation on Director's Rights</u>.** Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Director shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Stock Units, and rights no greater than the right to receive the Common Stock as a general unsecured creditor with respect to the Stock Units, as and when payable hereunder. The Award has been granted to the Director in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to<br> the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Counterparts</u>.** This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Section Headings</u>.** The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Governing Law</u>.** This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland without regard to conflict of law principles thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Construction</u>.** It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent.

**The Director's acceptance of the Award through the electronic stock plan award recordkeeping system maintained by the COMPANY or its designee constitutes the Director's agreement to the terms and conditions hereof, and that the Award is granted under and governed by the terms and conditions of the Plan and this Agreement.**

\* \* \*

IN WITNESS WHEREOF, the parties have executed this Agreement effective on the day and year first above written.

---

| |
|:---|
| **JANUS LIVING, Inc.** |
| [Name] |
| [Position] |
| **DIRECTOR:** |
| [●] |

---

*[Signature Page to Non-Employee Director Restricted Stock Unit Award Agreement]*

## Exhibit 10.9

**Exhibit 10.9**

**JANUS LIVING, INC.<br> 2026 EQUITY PLAN<br> STOCK AWARD AGREEMENT**

This Stock Award Agreement (this "<u>Agreement</u>"), dated as of [**●**] (the "<u>Grant Date</u>"), is made by and between Janus Living, Inc., a Maryland corporation (the "<u>Corporation</u>"), and [**●**] (the "<u>Participant</u>").

**WHEREAS**, pursuant to the Janus Living, Inc. 2026 Equity Plan, as may amended and/or restated from time to time (the "<u>Plan</u>"), the Corporation hereby grants to the Participant, effective as of the date hereof, an award of shares of the Corporation's Class A-1 Common Stock (the "<u>Shares</u>") under the Plan, upon the terms and conditions set forth herein and in the Plan.

**NOW THEREFORE**, in consideration of services rendered and to be rendered by the Participant, and the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Issuance of Shares</u>. Pursuant to the Plan, the Corporation hereby issues to the Participant [ · ] fully vested Shares (the "<u>Award</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Stock Award Subject to the Plan; Ownership and Transfer Restrictions</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;(a) The Award and the Shares issued hereunder are subject to the terms, definitions and provisions of the Plan, which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing, the Award and the Shares issued pursuant thereto are subject to the restrictions on ownership and transfer set forth in the charter of the Corporation, as amended and supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Conditions to Issuance of Shares</u>. Shares issued pursuant to the Award will be issued out of the Corporation's authorized but unissued Shares. Upon issuance, such Shares shall be fully paid and nonassessable. The Shares issued pursuant to this Agreement shall be held in book-entry form and no certificates shall be issued therefor. In addition to the other requirements set forth herein, the Shares issued pursuant to the Award shall be issued only upon the fulfillment of all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The admission of such Shares to listing on all stock exchanges on which such class of stock is then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The lapse of such reasonable period of time as the Administrator may from time to time establish for reasons of administrative convenience; 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;(e) The receipt by the Corporation of full payment for any applicable withholding or other employment tax or required payments with respect to any such Shares to the Corporation with respect to the issuance or vesting of such Shares.

In the event that the Corporation delays the issuance of Shares pursuant to the Award because it reasonably determines that the issuance of such Shares will violate federal securities laws or other applicable law, such issuance shall be made at the earliest date at which the Corporation reasonably determines that the making of such issuance will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii). The Corporation shall not delay any payment if such delay will result in a violation of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Tax Withholding</u>. The Corporation or other applicable entity shall have the authority and the right to deduct or withhold, or require the Participant to remit to such entity, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant's FICA obligation) required by law to be withheld with respect to the issuance of the Shares. In satisfaction of the foregoing requirement or in satisfaction of any additional tax withholding, the Corporation or other applicable entity may, or the Administrator may in its discretion allow the Participant to elect to have the Corporation or such entity, withhold Shares otherwise issuable under the Award (or otherwise reacquire Shares) having a fair market value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan or this Agreement, the number of Shares which may be so withheld in order to satisfy the Participant's income and payroll tax liabilities with respect thereto shall be limited to the number of shares which have a fair market value on the date of withholding no greater than the aggregate amount of such liabilities based on the maximum individual statutory withholding rates in the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Remedies</u>. The Participant shall be liable to the Corporation for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or Shares which is in violation of the provisions of this Agreement. Without limiting the generality of the foregoing, the Participant agrees that the Corporation shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant will not urge as a defense that there is an adequate remedy at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Restrictions on Public Sale by the Participant</u>. To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or distribution of the Shares, including a sale pursuant to Rule 144 under the Securities Act, during the fourteen (14) days prior to, and during the up to 180-day period (or such longer period as may be requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be)) beginning on, the date of the pricing of any public or private debt or equity securities offering by the Corporation (except as part of such offering), if and to the extent requested in writing by the Corporation in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Corporation, which consent may be given or withheld in the Corporation's sole and absolute discretion, in the case of an underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided by the Corporation, managing underwriter or underwriters, or initial purchaser or initial purchasers, as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Conformity to Securities Laws</u>. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of all applicable federal and state laws, rules and regulations (including, but not limited to the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, including without limitation the applicable exemptive conditions of Rule 16b-3 of the Exchange Act) and to such approvals by any listing, regulatory or other governmental authority as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. In addition to the terms and conditions provided herein, the Administrator may require that the Participant make such covenants, agreements, and representations with respect to the Award and the Shares as the Administrator, in its sole discretion, deems advisable in order to comply with applicable laws, regulations, and/or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Right to Continued Service</u>. Nothing contained in this Agreement or the Plan constitutes an employment or service commitment by Healthpeak Properties, Inc. ("<u>Healthpeak</u>") or any Subsidiary thereof or the Corporation or any Parent or Subsidiary thereof (any of the foregoing, an "<u>Employer</u>"), affects the Participant's status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by or in service to any Employer, interferes in any way with the right of any Employer at any time to terminate such employment or services, or affects the right of any Employer to increase or decrease the Participant's other compensation or benefits. Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Participant without his or her consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Miscellaneous</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;(a) <u>Incorporation of the Plan</u>. This Agreement is made under and subject to and governed by all of the terms and conditions of the Plan. In the event of any discrepancy or inconsistency between this Agreement and the Plan, the terms and conditions of the Plan shall control. By signing this Agreement, the Participant confirms that he or she has received access to a copy of the Plan and has had an opportunity to review the contents thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Clawback</u>. The Award and the Shares shall be subject to any recoupment, clawback or similar policy currently in effect or as may be adopted by the Corporation, as may be amended from time to time, including, without limitation, the Corporation's Policy Regarding the Recoupment of Certain Compensation Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Successors and Assigns</u>. Subject to the limitations set forth in this Agreement, this Agreement shall be binding upon, and inure to the benefit of, the executors, administrators, heirs, legal representatives, successors and assigns of the parties hereto, including, without limitation, any business entity that succeeds to the business of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement; Amendments and Waivers</u>. This Agreement, together with the Plan, constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties. In the event that the provisions of such other agreement conflict or are inconsistent with the provisions of this Agreement, the provisions of this Agreement shall control. This Agreement may not be amended except in an instrument in writing signed on behalf of each of the parties hereto and approved by the Administrator. No amendment, supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Severability</u>. If for any reason one or more of the provisions contained in this Agreement or in any other instrument referred to herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Titles</u>. The titles, captions or headings of the Sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation 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;(g) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile (including, without limitation, transfer by .pdf), and each of which shall be deemed to be an original, but all of which together shall be deemed to be one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland applicable to contracts entered into and wholly to be performed within the State of Maryland by Maryland residents, without regard to any otherwise governing principles of conflicts of law that would choose the law of any state other than the State of Maryland.

&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>Notices</u>. Any notice to be given under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant's last address reflected on the Corporation's payroll records. Any notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Participant is no longer an Eligible Person, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section.

\* \* \*

**The Participant's acceptance of the Award through the electronic stock plan award recordkeeping system maintained by the** **CORPORATION or its designee constitutes the Participant's agreement to the terms and conditions hereof, and that the Award is granted under and governed by the terms and conditions of the Plan and this Agreement.**

**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the day and year first above written.

---

| |
|:---|
| **JANUS LIVING, INC.,** |
| **a Maryland corporation** |
| By: |
| Name: |
| Title: |
| **The Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.** |
| [ · ] |

---

## Exhibit 10.13

**Exhibit 10.13**

**$600,000,000<br> CREDIT AGREEMENT**

Dated as of March [__], 2026

among

**JANUS LIVING OP, LLC**<br> and<br> **CERTAIN SUBSIDIARIES,**

as the Borrowers,

**JANUS LIVING, INC.,**

as Parent Guarantor,

the Guarantor Parties parties hereto,

**THE LENDERS PARTY HERETO FROM TIME TO TIME,**

and

**BANK OF AMERICA, N.A.,**<br> as Administrative Agent and L/C Issuer,

**JPMORGAN CHASE BANK, N.A.** and<br> **WELLS FARGO BANK, NATIONAL ASSOCIATION,**<br> as Co-Syndication Agents,

**PNC BANK, NATIONAL ASSOCIATION, MIZUHO BANK, LTD., CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, KEYBANK NATIONAL ASSOCIATION, TRUIST BANK, BNP PARIBAS, TD BANK, N.A.,**

and

**THE BANK OF NOVA SCOTIA,**<br> as Senior Managing Agents

**BARCLAYS BANK, PLC, GOLDMAN SACHS BANK USA, MORGAN STANLEY SENIOR FUNDING, INC., ROYAL BANK OF CANADA**<br> as Co-Documentation Agents,

 **BOFA SECURITIES, INC.,**<br> as the Sole Bookrunner

and

**BOFA SECURITIES, INC., JPMORGAN CHASE BANK, N.A.**

and **WELLS FARGO SECURITIES, LLC,**

as Joint Lead Arrangers

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **<u>Section</u>** | **<u>Page</u>** |

---

---

| | | |
|:---|:---|:---|
| Article I Definitions and Accounting Terms | Article I Definitions and Accounting Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | Defined Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | Other Interpretive Provisions | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | Accounting Terms | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | Rounding | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | Exchange Rates; Currency Equivalents | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | [RESERVED] | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | [RESERVED] | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | Interest Rates; Licensing | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | Times of Day | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Letter of Credit Amounts | 42 |
| Article II The Commitments and Credit Extensions | Article II The Commitments and Credit Extensions | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | Committed Loans | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | Borrowings, Conversions and Continuations of Committed Loans | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | Letters of Credit | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | [Reserved] | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | [Reserved] | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | Prepayments | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | Termination or Reduction of Commitments | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | Repayment | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | Interest | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Fees | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | Computation of Interest and Fees | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Evidence of Debt | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Payments Generally; Administrative Agent's Clawback | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | Sharing of Payments by Lenders | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | Extension of Revolving Maturity Date | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | Increase in Revolving Commitments; Incremental Term Loans | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | Cash Collateral | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | Defaulting Lenders | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | Designated Borrowers | 70 |
| Article III Taxes, Yield Protection and Illegality | Article III Taxes, Yield Protection and Illegality | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | Taxes | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | Illegality | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | Inability to Determine Rates | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | Increased Costs | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | Compensation for Losses | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | Mitigation Obligations; Replacement of Lenders | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | Survival | 80 |
| Article IV Conditions Precedent to Credit Extensions | Article IV Conditions Precedent to Credit Extensions | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | Conditions of Initial Credit Extension | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | Conditions to All Credit Extensions | 83 |

---

i

---

| | | |
|:---|:---|:---|
| Article V Representations and Warranties | Article V Representations and Warranties | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 | Existence, Qualification and Power | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | Authorization; No Contravention | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | Governmental Authorization; Other Consents | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 | Binding Effect | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | Financial Statements; No Material Adverse Effect | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | Litigation | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | No Default | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | Ownership of Property and Valid Leasehold Interests; Liens | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | Environmental Compliance | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | Insurance | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | Taxes | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | ERISA, etc. Compliance | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | Margin Regulations; Investment Company Act; REIT Status | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | Disclosure | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | Compliance with Laws | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | Intellectual Property; Licenses, Etc. | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 | Use of Proceeds | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | Taxpayer Identification Number | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | Sanctions | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 | Affected Financial Institution | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | Anti-Corruption Laws | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | Solvency | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | Subsidiaries | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | Designated Borrowers | 90 |
| Article VI Affirmative Covenants | Article VI Affirmative Covenants | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 | Financial Statements | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 | Certificates; Other Information | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03 | Notices | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04 | Payment of Taxes | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 | Preservation of Existence, Etc. | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06 | Maintenance of Properties | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07 | Maintenance of Insurance | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08 | Compliance with Laws | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09 | Books and Records | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | Inspection Rights | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | Use of Proceeds | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | REIT Status | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | Employee Benefits | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Anti-Corruption Laws | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | Guarantors | 96 |
| Article VII Negative Covenants | Article VII Negative Covenants | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 | Liens | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 | [Reserved] | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | Indebtedness | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 | Fundamental Changes | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05 | Dispositions | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06 | Restricted Payments | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07 | Change in Nature of Business | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | Transactions with Affiliates | 101 |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 | Burdensome Agreements | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | Financial Covenants | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | Sanctions | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | Anti-Corruption Laws | 102 |
| Article VIII Events of Default and Remedies | Article VIII Events of Default and Remedies | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 | Events of Default | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | Remedies Upon Event of Default | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 | Application of Funds | 106 |
| Article IX Administrative Agent | Article IX Administrative Agent | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | Appointment and Authority | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 | Rights as a Lender | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 | Exculpatory Provisions | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 | Reliance by Administrative Agent | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | Delegation of Duties | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 | Resignation of Administrative Agent | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 | Non-Reliance on Administrative Agent, the Arrangers and Other Lenders | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08 | No Other Duties, Etc. | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 | Administrative Agent May File Proofs of Claim | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | Recovery of Erroneous Payments | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Guaranty Matters | 112 |
| Article X Miscellaneous | Article X Miscellaneous | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | Amendments, Etc. | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | Notices; Effectiveness; Electronic Communication | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 | No Waiver; Cumulative Remedies | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | Expenses; Indemnity; Damage Waiver | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 | Payments Set Aside | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06 | Successors and Assigns | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 | Treatment of Certain Information; Confidentiality | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | Right of Setoff | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | Interest Rate Limitation | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | Integration; Effectiveness | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | Survival of Representations and Warranties | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | Severability | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | Replacement of Lenders | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | Governing Law; Jurisdiction; Etc. | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | Waiver of Jury Trial | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 | No Advisory or Fiduciary Responsibility | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | USA Patriot Act, Canadian AML Acts and Beneficial Ownership Regulation Notice | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | Delivery of Signature Page | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | Judgment Currency | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | Electronic Execution; Electronic Records; Counterparts | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | [RESERVED] | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | Lender Representations | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 | Acknowledgement Regarding Any Supported QFCs | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25 | Appointment of Company | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.26 | Keepwell | 134 |

---

iii

---

| | | |
|:---|:---|:---|
| Article XI Continuing Guaranty | Article XI Continuing Guaranty | 134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01 | Guaranty | 134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 | Rights of Lenders | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 | Certain Waivers | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 | Obligations Independent | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05 | Subrogation | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.06 | Termination; Reinstatement | 136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.07 | Stay of Acceleration | 136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.08 | Condition of Borrowers | 136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.09 | Release of Parent Entity Guarantors | 137.0 |
| Article XII Subsidiary Guarantor Continuing Guaranty | Article XII Subsidiary Guarantor Continuing Guaranty | 137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 | Guaranty | 137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 | Rights of Lenders | 138.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | Certain Waivers | 138.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 | Obligations Independent | 138.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 | Subrogation | 138.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.06 | Termination; Reinstatement | 139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.07 | Stay of Acceleration | 139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 | Condition of Borrowers | 139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.09 | Subordination | 139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 | Release of Subsidiary Guarantors | 140.0 |
| Article XIII COMPANY's Continuing Guaranty | Article XIII COMPANY's Continuing Guaranty | 140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 | Guaranty | 140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 | Rights of Lenders | 141.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 | Certain Waivers | 141.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.04 | Obligations Independent | 141.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 | Subrogation | 142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | Termination; Reinstatement | 142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.07 | Stay of Acceleration | 142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.08 | Condition of Borrowers | 142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.09 | Release of Company | 143.0 |

---

iv

**<u>SCHEDULES</u>**

2.01 Commitments and Applicable Percentages

5.23 Subsidiaries

7.09 Burdensome Agreements

10.02 Administrative Agent's Office; Certain Addresses for Notices

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

---

| | |
|:---|:---|
|  | ***<u>Form of</u>*** |
| A | Committed Loan Notice |
| B-1 | Revolving Note |
| B-2 | Term Note |
| C | Compliance Certificate |
| D | Assignment and Assumption |
| E | Designated Borrower Request and Assumption Agreement |
| F | Designated Borrower Notice |

---

v

**CREDIT AGREEMENT**

This CREDIT AGREEMENT, dated as of March [__], 2026 (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>"), among JANUS LIVING OP, LLC, a Maryland limited liability company (the "<u>Company</u>"), certain Subsidiaries of the Company party hereto pursuant to <u>Section 2.19</u> (each a "<u>Designated Borrower</u>"; and together with the Company, the "<u>Borrowers</u>" and each a "<u>Borrower</u>"), JANUS LIVING, INC., a Maryland corporation, the lending institutions party hereto from time to time (each, a "<u>Lender</u>" and collectively, the "<u>Lenders</u>"), BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer, JPMORGAN CHASE BANK, N.A. and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Syndication Agents, BARCLAYS BANK PLC, GOLDMAN SACHS BANK USA, MORGAN STANLEY SENIOR FUNDING, INC. and ROYAL BANK OF CANADA, as Co-Documentation Agents, and PNC BANK, NATIONAL ASSOCIATION, MIZUHO BANK, LTD., CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, KEYBANK NATIONAL ASSOCIATION, TRUIST BANK, BNP PARIBAS, TD BANK, N.A. and THE BANK OF NOVA SCOTIA, as Senior Managing Agents.

WHEREAS, the Company has requested that the Lenders provide a revolving credit facility in the amount of $500,000,000 and a delayed-draw term loan facility in the amount of $100,000,000 pursuant to the terms of this Agreement, and the Lenders are willing to do so on the terms and conditions set forth herein.

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

**Article I**

**Definitions and Accounting Terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01 <u>Defined Terms</u>.**

As used in this Agreement, the following terms shall have the meanings set forth below:

"<u>Administrative Agent</u>" means Bank of America (or any of its designated branch offices or affiliates) in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

"<u>Administrative Agent's Office</u>" means, with respect to any currency, the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 10.02</u> with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify to the Company and the Lenders.

"<u>Administrative Questionnaire</u>" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution, or (b) any UK Financial Institution.

"<u>Affected Loan</u>" has the meaning specified in <u>Section 3.02</u>.

"<u>Affiliate</u>" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"<u>Agent Parties</u>" has the meaning specified in <u>Section 10.02(c)</u>.

"<u>Agents</u>" means the Administrative Agent, the Arrangers, the Co-Syndication Agents, the Co-Documentation Agents, the Senior Managing Agents and the L/C Issuer.

"<u>Aggregate Commitments</u>" means, at any date of determination, the sum of the Aggregate Revolving Commitments and the Aggregate Term Commitments on such date.

"<u>Aggregate Revolving Commitments</u>" means the Revolving Commitments of all Revolving Lenders, which as of the Closing Date are $500,000,000, which may be increased pursuant to <u>Section 2.16</u> or decreased pursuant to <u>Section 2.07</u>.

"<u>Aggregate Term Commitments</u>" means the Term Commitments of all Term Lenders, which as of the Closing Date are $100,000,000, which may be decreased pursuant to <u>Section 2.07</u>.

"<u>Agreed Currency</u>" means Dollars or Canadian Dollars, as applicable.

"<u>Agreement</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Agreement Currency</u>" has the meaning specified in <u>Section 10.19</u>.

"<u>Alternative Currency Equivalent</u>" means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in Canadian Dollars as determined by the Administrative Agent or the L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Canadian Dollars with Dollars.

"<u>Alternative Currency Sublimit</u>" means, at any time, an amount equal to the lesser of (a) the Aggregate Revolving Commitments at such time and (b) $250,000,000. The Alternative Currency Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.

"<u>Alternative Currency Term Rate</u>" means, for any Interest Period, with respect to any Alternative Currency Term Rate Loan, the rate per annum equal to the forward-looking term rate based on CORRA ("<u>Term CORRA</u>"), as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) (in such case, the "<u>Term CORRA Rate</u>") on the Rate Determination Date with a term equivalent to such Interest Period; <u>provided</u> if any Alternative Currency Term Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

"<u>Alternative Currency Term Rate Loan</u>" means a Committed Revolving Loan that bears interest at a rate based on the definition of "Alternative Currency Term Rate." Committed Revolving Loans that are Alternative Currency Term Rate Loans must be denominated in Canadian Dollars.

"<u>Anti-Corruption Laws</u>" has the meaning specified in <u>Section 5.21</u>.

"<u>Applicable Authority</u>" means (a) with respect to SOFR, the SOFR Administrator or any relevant Governmental Authority having jurisdiction over the SOFR Administrator with respect to its publication of SOFR, in each case acting in such capacity and (b) with respect to Canadian Dollars, the applicable administrator for the Relevant Rate for Canadian Dollars or any relevant Governmental Authority having jurisdiction over the Administrative Agent or such administrator with respect to its publication of the applicable Relevant Rate, in each case acting in such capacity.

"<u>Applicable Designated Borrower Documents</u>" has the meaning specified in <u>Section 5.24</u>.

"<u>Applicable Percentage</u>" means (a) with respect to Revolving Loans and L/C Obligations, for each Revolving Lender at any time, subject to adjustment as provided in <u>Section 2.18</u>, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount of such Revolving Lender's Revolving Commitment and the denominator of which is the amount of the Aggregate Revolving Commitments at such time; <u>provided</u> that, if the Revolving Commitment of each Revolving Lender has been terminated in full or if the Aggregate Revolving Commitments have expired, then the Applicable Percentage of each Revolving Lender shall be determined based on the Applicable Percentage of such Revolving Lender in effect immediately prior to such termination or expiration, giving effect to any subsequent assignments; and (b) with respect to the Term Facility, for each Term Lender at any time, a fraction (expressed as a percentage, carried out to the ninth decimal place) of the Term Facility represented by (i) at any time during the Availability Period in respect of the Term Facility, the aggregate amount of such Term Lender's unused Term Commitment at such time <u>plus</u> the principal amount of such Term Lender's Term Loans at such time, and (ii) thereafter, the principal amount of such Term Lender's Term Loans at such time. The Applicable Percentages of each Lender under the applicable Facility or Facilities as of the Closing Date are set forth opposite the name of such Lender on <u>Schedule 2.01</u> or in the Assignment and Assumption or the New Lender Joinder Agreement pursuant to which such Lender becomes a party hereto, as applicable.

"<u>Applicable Rate</u>" means, for Revolving Loans and Term Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time at any time prior to the Investment Grade Election Effective Date, the number of basis points per annum set forth immediately below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Revolving Loans and Letter<br> of Credit Fees** | **Revolving Loans and Letter<br> of Credit Fees** | **Term Loans** | **Term Loans** |
| <br>**Pricing<br> Level** | <br>**Leverage Ratio** | **Applicable Rate<br> for Alternative <br> Currency Term <br> Rate Loans, <br> Term SOFR <br> Loans, Daily <br> SOFR Loans and <br> Letter of Credit <br> Fees** | **Applicable <br> Rate for <br> Base Rate <br> Loans** | **Applicable Rate <br> for Term SOFR <br> Loans and <br> Daily SOFR <br> Loans** | **Applicable Rate <br> for Base Rate <br> Loans** |
| 1 | <u><</u> 0.30 to 1.00 | 105.0 bps | 5.0 bps | 110.0 bps | 10.0 bps |
| 2 | >0.30 to 1.00 and<br> <u><</u> 0.35 to 1.00 | 110.0 bps | 10.0 bps | 115.0 bps | 15.0 bps |
| 3 | >0.35 to 1.00 and<br> <u><</u> 0.40 to 1.00 | 115.0 bps | 15.0 bps | 125.0 bps | 25.0 bps |
| 4 | >0.40 to 1.00 and<br> <u><</u> 0.45 to 1.00 | 120.0 bps | 20.0 bps | 130.0 bps | 30.0 bps |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Revolving Loans and Letter <br> of Credit Fees** | **Revolving Loans and Letter <br> of Credit Fees** | **Term Loans** | **Term Loans** |
| <br>**Pricing<br> Level** | <br>**Leverage Ratio** | **Applicable Rate<br> for Alternative <br> Currency Term <br> Rate Loans, <br> Term SOFR <br> Loans, Daily <br> SOFR Loans and <br> Letter of Credit <br> Fees** | **Applicable <br> Rate for <br> Base Rate <br> Loans** | **Applicable Rate <br> for Term SOFR <br> Loans and <br> Daily SOFR <br> Loans** | **Applicable Rate <br> for Base Rate <br> Loans** |
| 5 | >0.45 to 1.00 and<br> <u><</u> 0.50 to 1.00 | 125.0 bps | 25.0 bps | 140.0 bps | 40.0 bps |
| 6 | >0.50 to 1.00 and<br> <u><</u> 0.55 to 1.00 | 130.0 bps | 30.0 bps | 150.0 bps | 50.0 bps |
| 7 | > 0.55 | 155.0 bps | 55.0 bps | 180.0 bps | 80.0 bps |

---

Any increase or decrease in the Applicable Rate under this clause (a) resulting from a change in the Leverage Ratio shall become effective as of the third (3rd) Business Day immediately following the date a Compliance Certificate is delivered pursuant to <u>Section 6.02(a)</u> (it being understood and agreed that each change in Pricing Level shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change); <u>provided</u>, <u>however</u>, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 6 shall apply as of the third (3rd) Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered (any such period, a "<u>Delayed Financials Delivery Period</u>"), after which the Pricing Level shall be determined in accordance with the table above as applicable (provided that if such Compliance Certificate reflects a determination of Pricing Level 7, Pricing Level 7 shall be deemed applicable during the Delayed Financials Delivery Period).

The Applicable Rate in effect from the Closing Date through the third (3rd) Business Day immediately following the Administrative Agent's receipt of the Compliance Certificate for the fiscal quarter ending June 30, 2026 shall be determined based upon Pricing Level 1 above (unless the pro forma Leverage Ratio specified in the Closing Compliance Certificate or such other interim financial statements indicates that a different Pricing Level should have been applicable during such period, in which case such other Pricing Level shall be deemed to be applicable during such period) and adjustments to the Pricing Level then in effect shall thereafter be effected in accordance with the preceding paragraphs.

Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period under this clause (a) shall be subject to the provisions of <u>Section 2.11(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time at any time on and after the Investment Grade Election Effective Date, the number of basis points per annum set forth immediately below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Revolving Loans and Letter <br> of Credit Fees** | **Revolving Loans and Letter <br> of Credit Fees** | **Term Loans** | **Term Loans** |
| <br>**Pricing<br> Level** | <br>**Debt Ratings<br> (S&P/Moody's/Fitch)** | **Applicable <br> Rate for <br> Alternative <br> Currency <br> Term Rate<br> Loans, Term <br> SOFR Loans, <br> Daily SOFR <br> Loans and <br> Letter of <br> Credit Fees** | **Applicable <br> Rate for Base <br> Rate Loans** | **Applicable <br> Rate for Term <br> SOFR Loans <br> and Daily <br> SOFR Loans** | **Applicable <br> Rate for Base <br> Rate Loans** |
| 1 | ≥A / ≥A2 / ≥A | 65.0 bps | 0 bps | 70.0 bps | 0 bps |
| 2 | A- / A3 / A- | 67.5 bps | 0 bps | 75.0 bps | 0 bps |
| 3 | BBB+ / Baa1 / BBB+ | 72.5 bps | 0 bps | 80.0 bps | 0 bps |
| 4 | BBB / Baa2 / BBB | 80.0 bps | 0 bps | 90.0 bps | 0 bps |
| 5 | BBB- / Baa3 / BBB- | 100.0 bps | 0 bps | 115.0 bps | 15.0 bps |
| 6 | 135.0 bps 35.0 bps 155.0 bps 55.0 bps |  |  |  |  |

---

For purposes of this clause (b), the term "<u>Debt Rating</u>" means, as of any date of determination, the rating by S&P, Moody's or Fitch of the Company's non-credit enhanced, senior unsecured long-term debt; <u>provided</u> that, if at any time when the Company has only two (2) Debt Ratings, and such Debt Ratings are split, then: (A) if the difference between such Debt Ratings is one ratings category (e.g., Baa2 by Moody's and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable if the higher of the Debt Ratings were used, and (B) if the difference between such Debt Ratings is two or more ratings categories (e.g., Baa1 by Moody's and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable if the median of the applicable Debt Ratings were used. If at any time when the Company has three (3) Debt Ratings, and such Debt Ratings are split, then: (A) if the difference between the highest and the lowest such Debt Ratings is one ratings category (e.g., Baa2 by Moody's and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable if the highest of the Debt Ratings were used, and (B) if the difference between such Debt Ratings is two or more ratings categories (e.g., Baa1 by Moody's and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable if the average of the two (2) highest Debt Ratings were used; <u>provided</u> that, if such average is not a recognized rating category, then the Applicable Rate shall be the rate per annum that would be applicable if the second highest Debt Rating of the three were used.

Initially, the Applicable Rate shall be determined based upon the Debt Rating specified in the certificate delivered pursuant to the definition of "Investment Grade Election Effective Date". Thereafter, each change in the Applicable Rate shall occur on the first Business Day following the effective change in the Debt Rating.

"<u>Applicable Time</u>" means, with respect to any Borrowings and payments in Canadian Dollars, the local time in the place of settlement for Canadian Dollars as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.

"<u>Applicant Borrower</u>" has the meaning specified in <u>Section 2.19(a)</u>.

"<u>Approved Fund</u>" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"<u>Arrangers</u>" means (a) BofA Securities, Inc., its capacity as the sole bookrunner and (b) BofA Securities, Inc., JPMorgan and Wells Fargo Securities, LLC, each in its capacity as a joint lead arranger.

"<u>Assignee Group</u>" means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.

"<u>Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by <u>Section 10.06(b))</u>, and accepted by the Administrative Agent, in substantially the form of <u>Exhibit D</u> or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent.

"<u>Attributable Indebtedness</u>" means, on any date, (a) in respect of any Financing Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Financing Lease.

"<u>Auto-Extension Letter of Credit</u>" has the meaning specified in <u>Section 2.03(b)(iii)</u>.

"<u>Availability Period</u>" means (a) in respect of the Revolving Facility, the period from and including the Closing Date to and including the earliest of (i) the Business Day preceding the Revolving Maturity Date, (ii) the date of termination of the Aggregate Revolving Commitments pursuant to <u>Section 2.07</u>, and (iii) the date of termination of the commitment of each Revolving Lender to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to <u>Section 8.02</u>, and (b) in respect of the Term Facility, the period from and including the Closing Date to and excluding the earliest of (i) the two hundred seventieth (270th) day after the Closing Date (or, if such date is not a Business Day, the immediately preceding Business Day), (ii) the Term Loan Maturity Date and (iii) the date of termination of the Aggregate Term Commitments pursuant to <u>Section 8.02</u>.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bank of America</u>" means Bank of America, N.A. and its successors.

"<u>Bankruptcy Code</u>" means the Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, as codified at 11 U.S.C. § 101 et seq., and the rules and regulations promulgated thereunder, or any successor provision thereto.

"<u>Base Rate</u>" means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus ½ of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," (c) Term SOFR (as defined in clause (b) of the definition thereof) plus 1% and (d) 1.00%. The "prime rate" is a rate set by Bank of America based upon various factors including Bank of America's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. If at any time of determination, the Base Rate is being used as an alternate rate of interest pursuant to <u>Section 3.03</u> hereof, then the Base Rate at such time shall be the greater of clauses (a), (b) and (d) above and shall be determined without reference to clause (c) above.

"<u>Base Rate Committed Loan</u>" means a Committed Loan that is a Base Rate Loan.

"<u>Base Rate Loan</u>" means a Loan that bears interest based on the Base Rate. All Base Rate Loans are available only to the Company and shall be denominated in Dollars.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan."

"<u>Borrower</u>" and "<u>Borrowers</u>" have the meaning specified in the introductory paragraph hereto.

"<u>Borrower Materials</u>" has the meaning specified in <u>Section 6.02.</u>

"<u>Borrowing</u>" means a Committed Borrowing.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of California or the State of New York or the state where the Administrative Agent's Office with respect to Obligations denominated in Dollars is located, and (a) if such day relates to any interest rate settings as to an Alternative Currency Term Rate Loan, means any such day on which dealings in deposits in Canadian Dollars are conducted by and between banks in the applicable interbank market for such currency; and (b) if such day relates to any fundings, disbursements, settlements and payments in respect of an Alternative Currency Term Rate Loan, or any other dealings in Canadian Dollars to be carried out pursuant to this Agreement in respect of such Alternative Currency Term Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in Toronto, Ontario.

"<u>Canadian AML Acts</u>" means applicable Canadian law regarding anti-money laundering, anti-terrorist financing, government sanction and "know your client" matters, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).

"<u>Canadian Defined Benefit Pension Plan</u>" means a Canadian Pension Plan that contains or has ever contained a "defined benefit provision" as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

"<u>Canadian Dollar</u>" and "<u>CAD</u>" mean the lawful currency of Canada.

"<u>Canadian Pension Plan</u>" means a pension plan or plan that is subject to applicable pension benefits legislation in any jurisdiction of Canada and that is organized and administered to provide pensions, pension benefits or retirement benefits for employees and former employees of any Loan Party or any Subsidiary thereof.

"<u>Cash Collateral</u>" has the meaning specified in the definition of "Cash Collateralize."

"<u>Cash Collateralize</u>" means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent or the L/C Issuer (as applicable) and the Revolving Lenders, as collateral for L/C Obligations, Obligations in respect of Revolving Loans denominated in Canadian Dollars, or obligations of Revolving Lenders to fund participations in respect thereof (as the context may require), cash or deposit account balances or, if the L/C Issuer benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to (a) the Administrative Agent and (b) the L/C Issuer. "<u>Cash Collateral</u>" shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

"<u>Change in Law</u>" means the occurrence, after the Closing Date, and with respect to any Person in particular, after the date such Person becomes a party to this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, Canadian or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law," regardless of the date enacted, adopted, issued or implemented.

"<u>Change of Control</u>" means an event or series of events by which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding (i) any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan and (ii) one or more members of the Healthpeak Group or any of its Subsidiaries) becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have "beneficial ownership" of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an "<u>option right</u>")), directly or indirectly, of thirty-five percent (35%) or more of the equity securities of the Parent Guarantor (which equity securities have ordinary voting powers to elect a majority of the members of the board of directors or equivalent governing body of the Parent Guarantor (irrespective of whether at such time stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency)) on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right) and the Borrowers shall not have repaid all of the outstanding Obligations in full in cash (other than contingent Obligations that are not then due and payable), Cash Collateralized all outstanding Letters of Credit in an amount equal to one hundred percent (100%) of the then current L/C Obligations and terminated the Aggregate Commitments within forty-five (45) days after such "person" or "group" shall have become the "beneficial owner" of such percentage of such stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Parent Guarantor cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved or recommended by individuals referred to in <u>clause (i)</u> above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved or recommended by individuals referred to in <u>clauses (i)</u> and <u>(ii)</u> above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (it being acknowledged and agreed that the election and nomination of any member of the board of directors or other equivalent governing body of the Parent Guarantor whose election or nomination to that board or governing body was approved or recommended by Healthpeak Properties, Inc., or any other member of the Healthpeak Group or any Subsidiary thereof (or any board of directors or other equivalent governing body thereof), shall not violate this clause (b));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Parent Guarantor shall, at any time, cease to Control the Borrowers; 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;(d) the Company shall, at any time, cease to own, directly or indirectly, 100% of the Equity Interests of any other Borrower.

"<u>Class</u>" when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Committed Revolving Loans, Committed Term Loans or a specific tranche of Incremental Term Loans.

"<u>Closing Compliance Certificate</u>" has the meaning specified in <u>Section 4.01(a)(vii)</u>.

"<u>Closing Date</u>" means the first date all the conditions precedent in <u>Section 4.01</u> are satisfied or waived in accordance with <u>Section 10.01</u>.

"<u>CME</u>" means CME Group Benchmark Administration Limited.

"<u>Co-Documentation Agent</u>" means each of Barclays Bank PLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Royal Bank of Canada, in their capacities as Co-Documentation Agents.

"<u>Co-Syndication Agent</u>" means each of JPMorgan and Wells Fargo, in their capacities as Co-Syndication Agents.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Combined Financial Statements</u>" means the unaudited pro forma combined balance sheet of the Janus Living Predecessor (as set forth in the Form S-11) for the fiscal period ended December 31, 2025, and the related combined statement of operations for such fiscal year of the Janus Living Predecessor, including the notes thereto as set forth in the Form S-11.

"<u>Commitment</u>" means a Revolving Commitment or a Term Commitment, as the context may require.

"<u>Committed Borrowing</u>" means a borrowing consisting of simultaneous Committed Revolving Loans of the same Type and the same Class, in the same currency and, in the case of Term SOFR Loans or Alternative Currency Term Rate Loans, having the same Interest Period made by each of the Lenders of such Class pursuant to <u>Section 2.01</u>.

"<u>Committed Loan</u>" means a Committed Revolving Loan or a Committed Term Loan, as the context may require.

"<u>Committed Loan Notice</u>" means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans of the same Class from one Type to another Type, or (c) a continuation of Term SOFR Loans or Alternative Currency Term Rate Loans, in each case provided to the Administrative Agent pursuant to <u>Section 2.02(a)</u>, which, if in writing, shall be substantially in the form of <u>Exhibit A</u> or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the applicable Borrower.

"<u>Committed Revolving Loan</u>" has the meaning specified in <u>Section 2.01(a)</u> and includes Committed Revolving Loans pursuant to <u>Section 2.03</u>.

"<u>Committed Term Loan</u>" has the meaning specified in <u>Section 2.01(b)</u>.

"<u>Communication</u>" means this Agreement, any other Loan Document and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to any Loan Document.

"<u>Company</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Compliance Certificate</u>" means a certificate substantially in the form of <u>Exhibit C</u>.

"<u>Conforming Changes</u>" means, with respect to the use, administration of or any conventions associated with SOFR, Term CORRA or any proposed Successor Rate for an Agreed Currency or Term SOFR, as applicable, any conforming changes to the definitions of "Base Rate," "Daily SOFR", "Daily Simple SOFR," "SOFR," "Term CORRA," "Term CORRA Rate," "Term SOFR," "Term SOFR Screen Rate," "Interest Period," "Relevant Rate," timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definitions of "Business Day" and "U.S. Government Securities Business Day," timing of borrowing requests or prepayment, conversion or continuation notices, and the applicability and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent (after consultation in good faith with the Company), to reflect the adoption and implementation of such applicable rate(s) and to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice for such Agreed Currency (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate for such Agreed Currency exists, in such other manner of administration as the Administrative Agent (after consultation in good faith with the Company) determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

"<u>Consolidated Intangible Assets</u>" means, as of any date of determination, an amount equal to the Intangible Assets of the Group on a consolidated basis.

"<u>Consolidated Shareholders' Equity</u>" means, as of any date of determination, consolidated shareholders' equity of the Group, as determined in accordance with GAAP.

"<u>Consolidated Tangible Net Worth</u>" means, as of any date of determination, for the Group on a consolidated basis, an amount equal to (a) Consolidated Shareholders' Equity on such date <u>plus</u> (b) accumulated depreciation and amortization, determined on a consolidated basis in accordance with GAAP, on such date, <u>minus</u> (c) Consolidated Intangible Assets on such date.

"<u>Contractual Obligation</u>" means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>CORRA</u>" means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).

"<u>Covered Unencumbered Pool Entity</u>" means any Unencumbered Pool Entity whose Unencumbered Asset Value is included in the calculation of Enterprise Unencumbered Asset Value. For the avoidance of doubt, (a) each Subsidiary of the Company the assets of which are included in the calculation of "Enterprise Unencumbered Asset Value" shall be required to be a Covered Unencumbered Pool Entity and (b) "Covered Unencumbered Pool Entity" shall include any Unsecured Debt Subsidiary.

"<u>Covered Party</u>" has the meaning specified in <u>Section 10.24</u>.

"<u>Credit Extension</u>" means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

"<u>Daily Simple SOFR</u>" means, with respect to any applicable determination date, a rate per annum equal to the Secured Overnight Financing Rate published on such date on the Federal Reserve Bank of New York's website (or any successor source).

"<u>Daily SOFR</u>" means the rate per annum equal to SOFR determined for any day pursuant to the definition thereof. Any change in Daily SOFR shall be effective from and including the date of such change without further notice. If the rate as so determined would be less than 0.00%, such rate shall be deemed to be 0.00% for purposes of this Agreement.

"<u>Daily SOFR Loan</u>" means a Loan that bears interest at a rate based on Daily SOFR.

"<u>Debt Rating</u>" has the meaning specified in the definition of "Applicable Rate."

"<u>Debtor Relief Laws</u>" means the Bankruptcy Code of the United States, the Bankruptcy and Insolvency Act (Canada), the Companies' Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, Canada or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"<u>deemed year</u>" has the meaning specified in <u>Section 2.09(d)</u>.

"<u>Default</u>" means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

"<u>Default Rate</u>" means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate <u>plus</u> (ii) the Applicable Rate, if any, applicable to Base Rate Loans <u>plus</u> (iii) 2% per annum; <u>provided, however</u>, that with respect to a Daily SOFR Loan, a Term SOFR Loan or an Alternative Currency Term Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum.

"<u>Defaulting Lender</u>" means, subject to <u>Section 2.18(b)</u>, any Lender that, as reasonably determined by the Administrative Agent, (a) has failed to (i) perform any of its funding obligations hereunder, including in respect of (x) its Loans or (y) participations in respect of L/C Obligations, in each case within two (2) Business Days of the date required to be funded by it hereunder, unless, in the case of <u>clause (x)</u> above, such Lender notifies the Administrative Agent and the Company in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or (ii) pay to the Administrative Agent, the L/C Issuer or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Company, the Administrative Agent or the L/C Issuer that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder (unless such notice or public statement states that such position is based on such Lender's good faith determination that a condition precedent (each of which conditions precedent, together with any applicable default, shall be specifically identified in such notice or public statement) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Company, to confirm in writing in a manner satisfactory to the Administrative Agent and the Company that it will comply with its funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment or (iv) become the subject of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under one or more of <u>clauses (a)</u> through <u>(d)</u> above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section 2.18(b)</u>) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Company, the L/C Issuer and each other Lender promptly following such determination.

"<u>Delaware Divided LLC</u>" means any Delaware LLC that has been formed upon consummation of a Delaware LLC Division.

"<u>Delaware LLC</u>" means any limited liability company organized or formed under the laws of the State of Delaware.

"<u>Delaware LLC Division</u>" means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act.

"<u>Designated Borrower</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Designated Borrower Notice</u>" means the notice substantially in the form of <u>Exhibit F</u> attached hereto.

"<u>Designated Borrower Request and Assumption Agreement</u>" means the notice substantially in the form of <u>Exhibit E</u> attached hereto.

"<u>Designated Jurisdiction</u>" means any country, region or territory to the extent that such country, region or territory itself is the target of comprehensive Sanctions (as of the date of this Agreement, Cuba, Iran, North Korea, Syria, the Crimea, the Kherson and Zaporizhzhia regions of Ukraine, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic).

"<u>Development Property</u>" means any real property in which the development and construction with respect thereto are not complete.

"<u>Disclosed Matters</u>" means any event, circumstance, condition or other matter expressly disclosed in the reports and other documents furnished to or filed with the SEC by the Parent Guarantor, the Company or any of their Subsidiaries and that are publicly available on or prior to the Closing Date.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer or assignment (including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith and including any disposition of property to a Delaware Divided LLC pursuant to a Delaware LLC Division, in any case other than sales or other dispositions of assets in the ordinary course of business.

"<u>Disqualified Equity Interests</u>" shall mean any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, or requires the payment of any cash dividend or any other scheduled payment constituting a return of capital, in each case at any time on or prior to the date that is 91 days following the latest Maturity Date at the time of the issuance of such Equity Interest; <u>provided</u>, <u>however</u>, that (i) only the portion of such Equity Interest which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be a Disqualified Equity Interest, (ii) if such Equity Interests are issued to any current or former employees or other service providers or to any plan for the benefit of employees, directors, officers, members of management or consultants (including any equity or incentive compensation or benefit plan) of the Parent Guarantor, the Company or any of their Subsidiaries or by any such compensation or plan to such current or former employees, other service providers, directors, officers, members of management or consultants, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such current or former employee's, other service provider's, director's, officer's, management member's or consultant's termination, death or disability, (iii) any class of Equity Interests of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Equity Interests that are not Disqualified Equity Interests shall not be deemed to be Disqualified Equity Interests, and (iv) Equity Interests will not constitute Disqualified Equity Interests solely because of provisions giving holders thereof the right to require repurchase or redemption upon an "asset sale" or "change of control" occurring prior to such date; or (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interest referred to in clause (a) above, in each case at any time prior to the date that is 91 days following the latest Maturity Date at the time of the issuance of such Equity Interest.

"<u>Dollar</u>" and "<u>$</u>" mean lawful money of the United States.

"<u>Dollar Equivalent</u>" means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in Canadian Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with Canadian Dollars.

"<u>EBITDA</u>" means, for any period, for a Person and its Subsidiaries on a consolidated basis, an amount equal to, without duplication, the Net Income of such Person and its Subsidiaries for such period <u>plus</u> (a) the following to the extent deducted in calculating such Net Income: (i) Interest Expense of such Person and its Subsidiaries for such period, (ii) the provision for Federal, state, local and foreign taxes on or measured by income of such Person and its Subsidiaries for such period (whether or not payable during that period), (iii) depreciation and amortization expense for such period and (iv) expenses of such Person and its Subsidiaries reducing such Net Income during such period which do not represent a cash expenditure in such period or any prior or future period and <u>minus</u> (b) (i) all items of such Person and its Subsidiaries increasing Net Income for such period which do not represent a cash receipt in such period or any prior or future period and (ii) any addition to EBITDA pursuant to <u>clause (a)(ii)</u> above taken or payable during such period to the extent added to EBITDA in any prior or future period.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in <u>clause (a)</u> of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in <u>clause (a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Electronic Copy</u>" shall have the meaning specified in <u>Section 10.21</u>.

"<u>Electronic Record</u>" and "<u>Electronic Signature</u>" shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

"<u>Eligible Assignee</u>" means any Person that meets the requirements to be an assignee under <u>Sections 10.06(b)(iii)</u>, <u>(v)</u>, <u>(vi)</u> and <u>(vii)</u> (subject to such consents, if any, as may be required under <u>Section 10.06(b)(iii))</u>.

"<u>EMU Legislation</u>" means the legislation of the European Union relating to the Economic and Monetary Union.

"<u>Enterprise EBITDA</u>" means, for any period, the sum of (a) EBITDA of the Group on a consolidated basis for such period <u>plus</u> (b) without duplication, the Company's Pro Rata Share of EBITDA of each Material Joint Venture for such period.

"<u>Enterprise Fixed Charges</u>" means, for any period, with respect to the Group on a consolidated basis, the sum of, without duplication, (a) Enterprise Interest Expense paid in cash during such period <u>plus</u> (b) Scheduled Principal Payments during such period <u>plus</u> (c) cash dividends and distributions in respect of preferred stock of the Group during such period (but excluding (i) redemption payments or charges in connection with the redemption of preferred stock and (ii) amounts paid to the Parent Guarantor, the Company or any of their respective Subsidiaries); <u>provided</u> that Enterprise Fixed Charges shall not include (i) any amounts with respect to any Intercompany Indebtedness, (ii) gains and losses from unwinding or break-funding of Swap Contracts, (iii) write-offs of unamortized deferred financing fees, (iv) prepayment fees, premiums and penalties, and (v) other unusual or non-recurring items as are reasonably acceptable to the Administrative Agent and the Required Lenders.

"<u>Enterprise Gross Asset Value</u>" means, as of any date of determination, the sum of (a) Gross Asset Value of the Group on a consolidated basis plus (b) without duplication, the Company's Pro Rata Share of Gross Asset Value of each Material Joint Venture; <u>provided</u> that (i) without duplication, for purposes of calculating the Leverage Ratio, Enterprise Gross Asset Value shall not include the aggregate amount of unrestricted cash and cash equivalents deducted in the calculation of Enterprise Total Indebtedness pursuant to the first proviso of the definition of "Enterprise Total Indebtedness", and (ii) for purposes of any determination of Enterprise Gross Asset Value (x) to the extent the amount of Enterprise Gross Asset Value attributable to Joint Ventures would exceed 25% of Enterprise Gross Asset Value, such excess shall be excluded (it being understood and agreed, that for purposes of this <u>clause (x)</u> the Loan Parties' Investment in any Joint Venture will be valued at book value as shown on the consolidated balance sheet of the Parent Guarantor, as determined in accordance with GAAP), and (y) to the extent the amount of Enterprise Gross Asset Value attributable to Development Properties would exceed 35% of Enterprise Gross Asset Value, such excess shall be excluded.

"<u>Enterprise Interest Expense</u>" means, for any period, the sum of (a) Interest Expense of the Group on a consolidated basis for such period <u>plus</u> (b) without duplication, the Company's Pro Rata Share of Interest Expense of each Material Joint Venture for such period.

"<u>Enterprise Secured Debt</u>" means, as of any date of determination, that portion of Enterprise Total Indebtedness that is subject to a Lien (other than Permitted Specified Liens); <u>provided</u> that in no event shall the Obligations hereunder and under the other Loan Documents constitute "Enterprise Secured Debt" solely as a result of any security interest granted to the Administrative Agent or the L/C Issuer, solely in any Cash Collateral or any account or other property, including proceeds thereof, established for the purpose of securing obligations in respect of Letters of Credit, exchange rate fluctuations or otherwise to the extent required pursuant to any of the cash collateralization provisions of the Loan Documents.

"<u>Enterprise Total Indebtedness</u>" means, as of any date of determination, an amount equal to, without duplication, (a) Indebtedness of the Group on a consolidated basis outstanding on such date, <u>plus</u> (b) without duplication, the Company's Pro Rata Share of Indebtedness of each Material Joint Venture outstanding on such date; <u>provided</u> that for purposes of calculating the Leverage Ratio, (x) <u>clause (a)</u> shall be reduced by the aggregate amount of (i) all unrestricted cash and cash equivalents of the Group and (ii) escrow and other deposits to the extent available on such date for the repayment of any of the Indebtedness included in the calculation of <u>clause (a)</u> above up to an amount in the aggregate for this <u>clause (x)</u> not to exceed the aggregate amount of Indebtedness reflected in <u>clause (a)</u> above maturing in the immediately succeeding 24 months and (y) <u>clause (b)</u> shall be reduced by the aggregate amount of (i) all unrestricted cash and cash equivalents of each such applicable Material Joint Venture and (ii) escrow and other deposits to the extent available on such date for the repayment of any of the Indebtedness included in the calculation of <u>clause (b)</u> above up to an amount in the aggregate for this <u>clause (y)</u> not to exceed the aggregate amount of Indebtedness reflected in <u>clause (b)</u> above maturing in the immediately succeeding 24 months; <u>provided</u>, <u>further</u>, that Enterprise Total Indebtedness shall not include accounts payable, intracompany debt, dividends and distributions declared but not payable, security deposits, accrued liabilities or prepaid rent, each as defined in accordance with GAAP.

"<u>Enterprise Unencumbered Asset Value</u>" means, as of any date of determination, the sum of (a) Unencumbered Asset Value of the Group on a consolidated basis <u>plus</u> (b) without duplication, the Company's Pro Rata Share of Unencumbered Asset Value of each Material Joint Venture; <u>provided</u> that for purposes of any determination of Enterprise Unencumbered Asset Value (x) to the extent the amount of Enterprise Unencumbered Asset Value attributable to Joint Ventures would exceed 25% of Enterprise Unencumbered Asset Value, such excess shall be excluded (it being understood and agreed, that for purposes of this <u>clause (x)</u> the Loan Parties' Investment in any Joint Venture will be valued at book value as shown on the consolidated balance sheet of the Parent Guarantor, as determined in accordance with GAAP), and (y) to the extent the amount of Enterprise Unencumbered Asset Value attributable to Development Properties would exceed 35% of Enterprise Unencumbered Asset Value, such excess shall be excluded.

"<u>Enterprise Unsecured Debt</u>" means, as of any date of determination, that portion of Enterprise Total Indebtedness that is not Enterprise Secured Debt or a Guarantee of Enterprise Secured Debt.

"<u>Enterprise Unsecured Interest Expense</u>" means, for any period, Interest Expense of the Group attributable to Enterprise Unsecured Debt for such period.

"<u>Environmental Laws</u>" means any and all Federal, state, provincial, territorial, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

"<u>Environmental Liability</u>" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of a Loan Party or any of its Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"<u>Equity Interests</u>" means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person and all of the warrants or options for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person (but excluding any debt security that is convertible into or exchangeable for capital stock).

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

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) under common control with the Loan Parties within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"<u>ERISA Event</u>" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001 (a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Loan Party or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Loan Party or any ERISA Affiliate in excess of the Threshold Amount.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Event of Default</u>" has the meaning specified in <u>Section 8.01.</u>

"<u>Excluded Swap Obligations</u>" means, with respect to any Guarantor Party, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor Party of, or the grant by such Guarantor Party of a Lien to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation thereof) by virtue of such Guarantor Party's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act (determined after giving effect to <u>Section 10.26</u> and any other "keepwell", support or other agreement for the benefit of such Guarantor Party and any and all guarantees of the Guarantor Party's Swap Obligations by other guarantors (if any)) at the time the Guaranty of such Guarantor Party, or grant by such Guarantor Party of a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with the first sentence of this definition.

"<u>Excluded Taxes</u>" means, with respect to the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes in each case (i) imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located or (ii) that are Other Connection Taxes, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which any Loan Party is located, (c) any backup withholding tax that is required to be withheld from amounts payable to a Lender that has failed to comply with <u>clause (A)</u> of <u>Section 3.01(e)(ii)</u>, (d) in the case of a Lender (other than an assignee pursuant to a request by the Company under <u>Section 10.13</u>), any Tax that is imposed on amounts payable to such Lender at the time such Lender becomes a party hereto (or designates a new Lending Office) or is attributable to such Lender's failure or inability (other than as a result of a Change in Law) to comply with <u>Section 3.01(e)</u>, except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the Loan Parties with respect to such withholding tax pursuant to <u>Section 3.01(a)</u>, (e) any Canadian federal withholding Tax imposed on a Lender by reason of (i) such Lender not dealing at arm's length (within the meaning of the Income Tax Act (Canada) with a Loan Party at the time of such payment, (ii) such Lender being a "specified non-resident shareholder" of a Loan Party or not dealing at arm's length with a "specified shareholder" of a Loan Party (in each case, within the meaning of subsection 18(5) of the Income Tax Act (Canada)) at the time of such payment, or (iii) a Loan Party being a "specified entity" pursuant to paragraph (b) of the definition thereof (as defined in subsection 18.4(1) of the Income Tax Act (Canada)) in respect of such Lender at the time of such payment (other than where the non-arm's length relationship, the Lender being a "specified non-resident shareholder" or not dealing at arm's length with a "specified shareholder" of a Loan Party, or a Loan Party being a "specified entity" in respect of such Lender, as the case may be, arises solely as a result of the Lender having become a party to, received or perfected a security interest under, or received or enforced any rights under, any Loan Document), and (f) Taxes imposed under FATCA.

"<u>Extended Letter of Credit</u>" means any Letter of Credit with an expiration date occurring up to one year beyond the Letter of Credit Expiration Date pursuant to the terms of <u>Section 2.03(a)(ii)(B)</u>.

"<u>Facility</u>" means the Revolving Facility or the Term Facility, as the context may require.

"<u>Facility Fee Rate</u>" means (a) at any time prior to the Investment Grade Election Effective Date, the number of basis points per annum set forth in the following table, with reference to the Pricing Levels set forth in clause (a) of the definition of "Applicable Rate" as applicable at any time prior to the Investment Grade Election Effective Date:

---

| | |
|:---|:---|
| Pricing Level | Facility Fee |
| 1 | 15.0 bps |
| 2 | 15.0 bps |
| 3 | 20.0 bps |
| 4 | 20.0 bps |
| 5 | 25.0 bps |
| 6 | 30.0 bps |
| 7 | 35.0 bps |

---

and (b) at any time on and after the Investment Grade Election Effective Date, the number of basis points per annum set forth in the following table, with reference to the Pricing Levels set forth in clause (b) of the definition of "Applicable Rate" as applicable at any time on and after the Investment Grade Election Effective Date:

---

| | |
|:---|:---|
| Pricing Level | Facility Fee |
| 1 | 10.0 bps |
| 2 | 12.5 bps |
| 3 | 15.0 bps |
| 4 | 20.0 bps |
| 5 | 25.0 bps |
| 6 | 30.0 bps |

---

"<u>Facility Lease</u>" means a lease or sublease (including any master lease) with respect to any Property owned or ground leased by any Loan Party or any Subsidiary thereof as lessor, to a third party tenant, which is a triple-net lease such that such tenant is required to pay all taxes, utilities, insurance (including casualty insurance), maintenance and other customary expenses with respect to the subject Property (whether in the form of reimbursements, additional rent or otherwise) in addition to the base rental payments required thereunder such that net operating income to such Loan Party for such Property (before non-cash items) equals the base rent paid thereunder.

"<u>FASB ASC</u>" means the Accounting Standards Codification of the Financial Accounting Standards Board.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; <u>provided</u> that, if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>Financing Lease</u>" means, as applied to any Person, any lease of any property by that Person as lessee which, in accordance with GAAP, is required to be accounted for as a financing lease on the balance sheet of that Person.

"<u>Fitch</u>" means Fitch Ratings, Inc. and any successor thereto.

"<u>Fixed Charge Coverage Ratio</u>" means, on the last day of any fiscal quarter, the ratio of (a) Enterprise EBITDA for the twelve-month period ending on such date to (b) Enterprise Fixed Charges for the twelve-month period ending on such date.

"<u>Foreign Lender</u>" means, with respect to any Borrower (a) if such Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if such Borrower is not a U.S. Person, a Lender that is resident or organized under the Laws of a jurisdiction other than that in which such Borrower is a resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

"<u>Form S-11</u>" means the Registration Statement on Form S-11 filed by the Parent Guarantor, as amended as of March 16, 2026.

"<u>FRB</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>Fronting Exposure</u>" means, at any time there is a Defaulting Lender, with respect to the L/C Issuer, an amount equal to such Defaulting Lender's Applicable Percentage of the outstanding L/C Obligations, less the amount of such L/C Obligations as to which such Defaulting Lender has funded its participation obligation or as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"<u>Fund</u>" means any Person (other than a natural person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.

"<u>GAAP</u>" means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

"<u>Governmental Authority</u>" means the government of the United States, Canada or any other nation, or of any political subdivision thereof, whether state, provincial, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supranational bodies such as the European Union or the European Central Bank).

"<u>Gross Asset Value</u>" means, as of any date of determination, an amount equal to (a) all assets of a Person and its Subsidiaries as determined in accordance with GAAP <u>plus</u> (b) all accumulated depreciation and accumulated amortization associated with such assets <u>minus</u> (c) Intangible Assets of such Person and its Subsidiaries.

"<u>Group</u>" means the Parent Guarantor, the Company and their respective Subsidiaries.

"<u>Guarantee</u>" means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the "primary obligor") in any manner, whether directly or indirectly, and including any payment obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

"<u>Guaranteed Obligations</u>" has the meaning specified in <u>Section 11.01</u>, <u>Section 12.01</u> or <u>Section 13.01</u> as the context may require.

"<u>Guarantor Party</u>" means each of the Parent Guarantor, any Parent Subsidiary Guarantor and each Subsidiary Guarantor; and "<u>Guarantor Parties</u>" means all of them collectively.

"<u>Guaranty</u>" means, as the context may require, (a) the Guarantee made by the Parent Guarantor under <u>Article XI</u> in favor of the Administrative Agent and the Lenders, (b) the Guarantee made by each Subsidiary Guarantor under <u>Article XII</u> in favor of the Administrative Agent and the Lenders or (c) the Guarantee made by the Company under <u>Article XIII</u> in favor of the Administrative Agent and the Lenders.

"<u>Hazardous Materials</u>" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

"<u>Healthpeak Group</u>" means Healthpeak Properties, Inc., Healthpeak OP, LLC, DOC DR Holdco, LLC, DOC DR, LLC, and any of their respective direct or indirect wholly-owned Subsidiaries that is not a Subsidiary of Parent Guarantor.

"<u>HMT</u>" has the meaning specified in the definition of "Sanction(s)."

"<u>Honor Date</u>" has the meaning specified in <u>Section 2.03(b)(v)</u>.

"<u>Increase Effective Date</u>" has the meaning specified in <u>Section 2.16(d)</u>.

"<u>Incremental Term Loan</u>" has the meaning specified in <u>Section 2.16(a)</u>.

"<u>Incremental Term Loan Amendment</u>" has the meaning specified in <u>Section 2.16(e)(iii)</u>.

"<u>Indebtedness</u>" means, at any time and with respect to any Person, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money, whether secured or unsecured, and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, including, without limitation, recourse and non-recourse mortgage debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers' acceptances, bank guaranties, surety bonds and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) aggregate net obligations of such Person under Swap Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable and other accrued obligations in the ordinary course of business and (ii) liabilities with respect to earnouts, reimbursements, true-ups and other similar obligations incurred in connection with the purchase or sale of assets except to the extent such liabilities are required to appear on the balance sheet of such Person prepared in accordance with GAAP);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse, to the extent of the value of the property encumbered by such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Financing Leases and Synthetic Lease Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person (other than OP units or LTIP units issued by such Person) at any time prior to the date that is six (6) months after the latest Maturity Date then in effect (other than obligations that can solely be satisfied by delivery of Equity Interests of such Person), valued, in the case of a redeemable preferred interest, at the liquidation preference thereof; 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;(h) all Guarantees of such Person in respect of any of the foregoing.

For all purposes hereof, (i) the amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date (which shall be a positive number if such amount would be owed by the Parent Guarantor, the Company or any of their respective Subsidiaries and a negative number if such amount would be owed to the Parent Guarantor, the Company or any of their respective Subsidiaries) and the net obligations under Swap Contracts shall not be less than zero and (ii) the amount of any Financing Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. Any liability will be excluded so long as it is (1) secured by a letter of credit issued for the benefit of the Parent Guarantor, the Company or any of their respective Subsidiaries in form and substance and from a financial institution reasonably acceptable to the Administrative Agent, but only to the extent neither the Parent Guarantor, the Company nor any of their respective Subsidiaries has liability therefor, (2) any obligation (including obligations under so called "sandwich leases") against which a third party indemnifies the Parent Guarantor, the Company or any of their respective Subsidiaries, or guarantees all loss suffered by the Parent Guarantor, the Company or any of their respective Subsidiaries on account thereof, to the extent the indemnitor or guarantor has the financial wherewithal to satisfy its obligation, or (3) otherwise acceptable as a "Covered Liability" in the reasonable discretion of the Administrative Agent and the Required Lenders.

"<u>Indemnified Taxes</u>" means Taxes other than Excluded Taxes.

"<u>Indemnitee</u>" has the meaning specified in <u>Section 10.04(b)</u>.

"<u>Initial Revolving Maturity Date</u>" has the meaning specified in <u>Section 2.15(a)</u>.

"<u>Intangible Assets</u>" means, as of any date of determination, assets of a Person and its Subsidiaries that are classified as intangible assets under GAAP, but excluding interests in real estate that are classified as intangible assets in accordance with GAAP.

"<u>Intercompany Indebtedness</u>" means, as of any date, Indebtedness to which the only parties are the Parent Guarantor, the Company and/or any of their respective Subsidiaries as of such date and which, if the Parent Guarantor or any Borrower is the borrower with respect to such Indebtedness, is subordinated to the obligations under this Agreement and the other Loan Documents.

"<u>Interest Expense</u>" means, for any period, for a Person and its Subsidiaries on a consolidated basis, the sum, without duplication, of all (a) interest expense for such period determined in accordance with GAAP (but excluding, to the extent included in Interest Expense, (i) any charges resulting from settlement of options to repurchase remarketable bonds and (ii) amortization of deferred financing fees, amortization of debt discounts and swap breakage costs) and (b) interest that is capitalized in such period in accordance with GAAP.

"<u>Interest Payment Date</u>" means, (a) as to any Term SOFR Loan or Alternative Currency Term Rate Loan, the last day of each Interest Period applicable to such Loan and the applicable Maturity Date; <u>provided</u>, <u>however</u>, that, if any Interest Period for a Term SOFR Loan or Alternative Currency Term Rate Loan exceeds three months, then the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, Daily SOFR Loan, the last Business Day of each calendar quarter and the applicable Maturity Date.

"<u>Interest Period</u>" means, as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the numerically corresponding day in the calendar month that is one, three or six months (or (i) if requested by the applicable Borrower and agreed to by all Lenders, 12 months or (ii) in the case of any Alternative Currency Term Rate Loan, one or three months) thereafter (in each case, subject to availability for the interest rate applicable to the relevant currency), as selected by the applicable Borrower in its Committed Loan Notice; <u>provided</u> that:

&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) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

&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 Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; 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;(iii) no Interest Period shall extend beyond the applicable Maturity Date.

"<u>Investment</u>" means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

"<u>Investment Grade Election Effective Date</u>" means the first Business Day following the date on which the Company has delivered to the Administrative Agent (and the Administrative Agent shall promptly provide a copy of such notice to the Lenders) a certificate signed by a Responsible Officer of the Company (a) certifying that the Investment Grade Rating Criteria has been satisfied (which certification shall also set forth the Credit Rating(s) as in effect, if any, from each of S&P and Moody's as of such date) and (b) notifying the Administrative Agent that the Company has irrevocably elected to have the Applicable Rate as determined pursuant to clause (b) of the definition of "Applicable Rate" apply to the pricing of the Revolving Facility and the Term Facility.

"<u>Investment Grade Rating Criteria</u>" means a Debt Rating of either (a) BBB- or higher from S&P or (b) Baa3 or higher from Moody's, in each case, applicable to the Company's non-credit enhanced, senior unsecured long-term debt.

"<u>IP Rights</u>" has the meaning specified in <u>Section 5.16</u>.

"<u>IPO</u>" means the underwritten public offering of Equity Interests constituting common stock of the Parent Guarantor that results in such Equity Interests being traded on the New York Stock Exchange or other nationally-recognized stock exchange and the use of proceeds therefrom, in each case substantially as described in the Form S-11 for such offering.

"<u>IPO Transactions</u>" means the IPO and the related transactions (including the "formation transactions" (as defined in the Form S-11)) expressly contemplated by, and consummated in accordance with, the terms of the Form S-11.

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

"<u>ISP</u>" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"<u>Issuer Documents</u>" means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and a Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to any such Letter of Credit.

"<u>Joint Venture</u>" means any Person in which the Company, directly or indirectly, has an ownership interest but does not consolidate the assets or income of such Person in preparing its consolidated financial statements.

"<u>JPMorgan</u>" means JPMorgan Chase Bank, N.A. and its successors.

"<u>Judgment Currency</u>" has the meaning specified in <u>Section 10.19</u>.

"<u>Laws</u>" means, collectively, all international, foreign, Federal, state, provincial, territorial and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

"<u>L/C Advance</u>" means, with respect to each Revolving Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage. All L/C Advances shall be denominated in Dollars.

"<u>L/C Borrowing</u>" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Committed Borrowing. All L/C Borrowings shall be denominated in Dollars.

"<u>L/C Credit Extension</u>" means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

"<u>L/C Issuer</u>" means each of Bank of America and any other Revolving Lender designated by the Company (to the extent such Lender has accepted such designation) and acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld), in each case in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder. For the avoidance of doubt, references to "L/C Issuer" in this Agreement shall refer to the L/C Issuers collectively; <u>provided</u> that the term "L/C Issuer" when used with respect to a Letter of Credit or L/C Obligations relating to a Letter of Credit shall refer to the L/C Issuer that issued such Letter of Credit.

"<u>L/C Obligations</u>" means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit <u>plus</u> the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.10</u>. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.13 or Rule 3.14 of the ISP or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be "outstanding" and "undrawn" in the amount so remaining available to be paid, and the obligations of the Borrowers and each Lender shall remain in full force and effect until the L/C Issuers and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.

"<u>Lender</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Lender Parties</u>" mean, collectively, the Lenders and the L/C Issuers.

"<u>Lender Related Party</u>" has the meaning specified in <u>Section 10.04(d)</u>.

"<u>Lending Office</u>" means, as to any Lender, the office or offices of such Lender or its Affiliates described as such in such Lender's Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Company and the Administrative Agent.

"<u>Letter of Credit</u>" means any standby letter of credit issued hereunder. Letters of Credit may be issued in Dollars or in Canadian Dollars.

"<u>Letter of Credit Application</u>" means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

"<u>Letter of Credit Expiration Date</u>" means the day that is the fifth day prior to the Revolving Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

"<u>Letter of Credit Fee</u>" has the meaning specified in <u>Section 2.03(g)</u>.

"<u>Letter of Credit Sublimit</u>" means $25,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.

"<u>Leverage Ratio</u>" means, on the last day of any fiscal quarter, the ratio of (a) Enterprise Total Indebtedness outstanding on such date to (b) Enterprise Gross Asset Value as of such date.

"<u>Lien</u>" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, hypothec or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

"<u>Loan</u>" means an extension of credit by a Lender to a Borrower under <u>Article II</u> in the form of a Committed Revolving Loan or Committed Term Loan.

"<u>Loan Documents</u>" means this Agreement, each Note, each Issuer Document, each Designated Borrower Request and Assumption Agreement and any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of <u>Section 2.17</u>.

"<u>Loan Parties</u>" means, collectively, the Company, the Designated Borrowers and each Guarantor Party (and, for the avoidance of doubt, "Loan Parties" shall not include any member of the Healthpeak Group).

"<u>Management Agreement</u>" means that certain Management Agreement, dated as of [_______________], 2026<sup>1</sup>, by and among the Parent Guarantor, the Company and Healthpeak Investment Management, LLC (the "<u>Healthpeak Manager</u>") under which the Parent Guarantor and the Company shall have engaged the Healthpeak Manager to provide day-to-day management services and advice with respect to the management of the Group's operations and Properties, substantially in the form provided to the Administrative Agent prior to the Closing Date, as amended or otherwise modified from time to time to the extent such amendments and modifications are not reasonably expected to have a Material Adverse Effect (a "<u>Permitted Amendment</u>").

"<u>Master Agreement</u>" has the meaning specified in the definition of "Swap Contract."

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business, operations, properties or financial condition of the Group, taken as a whole, (b) the ability of the Loan Parties to perform any of their material obligations under the Loan Documents, or (c) the rights of or remedies available to the Administrative Agent and the Lenders under the Loan Documents.

"<u>Material Group</u>" has the meaning specified in the definition of "Material Subsidiary."

"<u>Material Joint Venture</u>" means a Joint Venture in which the Company has made a net equity investment of $15,000,000 or greater. For purposes of this definition, the Company's aggregate Investment in a Joint Venture will be valued at book value as shown on the consolidated balance sheet of the Company, as determined in accordance with GAAP.

"<u>Material Non-Recourse Indebtedness</u>" means any Indebtedness of any Subsidiary of the Company (other than Indebtedness under the Loan Documents and Indebtedness under Swap Contracts) that (a) constitutes Non-Recourse Indebtedness, and (b) individually or in the aggregate, has a principal amount (including, without duplication, undrawn committed or available amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount.

"<u>Material Recourse Indebtedness</u>" means any Indebtedness of the Parent Guarantor, the Company and/or any of their respective Subsidiaries (other than Indebtedness under the Loan Documents and Indebtedness under Swap Contracts) that (a) does not constitute Non-Recourse Indebtedness, and (b) individually or in the aggregate, has a principal amount (including, without duplication, undrawn committed or available amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount.

"<u>Material Subsidiary</u>" means each Subsidiary or any group of Subsidiaries (a) which, as of the most recent fiscal quarter of the Parent Guarantor or the Company, as applicable, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to <u>Section 6.01</u>, contributed greater than $25,000,000 of Enterprise EBITDA for such period or (b) which contributed greater than (x) prior to the Investment Grade Election Effective Date, $50,000,000 and (y) on and after the Investment Grade Election Effective Date, $150,000,000 of Enterprise Gross Asset Value as of such date. A group of Subsidiaries (a "<u>Material Group</u>") each of which is not otherwise a Material Subsidiary (defined in the foregoing sentence) shall constitute a Material Subsidiary if the group taken as a single entity satisfies the requirements of the foregoing sentence.

<sup>1</sup> To be confirmed

"<u>Maturity Date</u>" means (a) with respect to the Revolving Facility, the Revolving Maturity Date, (b) with respect to the Term Facility, the Term Loan Maturity Date and/or (c) with respect to any tranche of Incremental Term Loans, subject to <u>Section 2.16(e)(iii)</u>, the date set forth in the applicable Incremental Term Loan Amendment as the "Maturity Date" for such tranche of Incremental Term Loans, in each case, as the context may require.

"<u>Maximum Rate</u>" has the meaning specified in <u>Section 10.09</u>.

"<u>Moody's</u>" means Moody's Investors Service, Inc. and any successor thereto.

"<u>Mortgage Lien</u>" means any Lien that encumbers a real property owned by a Person other than Permitted Specified Liens.

"<u>Multiemployer Plan</u>" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Loan Party or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

"<u>Negative Pledge</u>" means any provision of a document, instrument or agreement (other than this Agreement or any other Loan Document) that is binding on a Loan Party or any Wholly-Owned Subsidiary and prohibits the creation or assumption of any Lien on any assets of such Person to secure the Obligations; <u>provided</u>, <u>however</u>, that a provision conditioning a Person's ability to encumber its assets upon the maintenance of one or more specified ratios shall not constitute a Negative Pledge so long as such provision does not generally prohibit the encumbrance of such Person's assets or the encumbrance of specific assets.

"<u>Net Income</u>" means, for any period, for a Person and its Subsidiaries on a consolidated basis, the net income of such Person and its Subsidiaries for such period as determined in accordance with GAAP (without giving effect to (i) any net after tax gains or losses attributable to sales of non-current assets out of the ordinary course of business and write-downs of non-current assets in anticipation of losses to the extent they have decreased net income, and (ii) gains and losses from dispositions of depreciable real estate investments, impairment charges, the early extinguishment of debt and transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP and other non-recurring items, including, without limitation, charges resulting from settlement of options to repurchase remarketable bonds and other similar charges).

"<u>New Lender Joinder Agreement</u>" has the meaning specified in <u>Section 2.16(c)</u>.

"<u>Net Operating Income</u>" or "<u>NOI</u>" means, for any Property and for a given period, the following (without duplication and determined on a consistent basis with prior periods): (a) rents and other revenues received in cash in the ordinary course from such Property (whether in the nature of base rent, minimum rent, percentage rent, additional rent, proceeds from rent loss or business interruption insurance or otherwise (including amortized non-refundable entrance fees paid in respect of such Property), but excluding (x) pre-paid rents and revenues, security deposits, earnest money deposits, advance rentals, reserves for capital expenditures, impounds, escrows, charges, expenses or items required to be paid or reimbursed by the tenant thereunder, except to the extent applied in satisfaction of tenants' obligations for rent and (y) proceeds from the sale of such Property) pursuant to the Facility Lease applicable to such Property, minus (b) all expenses paid by a Loan Party and not reimbursed by a Person that is not a Loan Party (excluding interest but including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Company and its Subsidiaries and all property management fees).

"<u>Non-Extension Notice Date</u>" has the meaning specified in <u>Section 2.03(b)(iii)</u>.

"<u>Non-Recourse Indebtedness</u>" of a Person means any Indebtedness of such Person, the recourse for which is limited to the asset or assets securing such Indebtedness (and, if applicable, in the event such Person owns no assets other than real estate that secures such Indebtedness and assets incident to ownership of such real estate (e.g., personal property) and has no other Indebtedness, to such Person and/or such Person's Equity Interests), other than in respect of environmental liabilities, fraud, misrepresentation and other similar matters.

"<u>Notes</u>" means, collectively, the Revolving Notes, the Term Notes and any promissory notes made by the Borrowers evidencing any Incremental Term Loans in a form agreed between the Borrowers and the Administrative Agent, as the context may require, and "Note" means any of them individually.

"<u>Obligations</u>" means all advances to, and debts, liabilities, obligations, covenants and duties of any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; <u>provided</u> that, without limiting the foregoing, the Obligations of any Guarantor Party shall exclude any Excluded Swap Obligations with respect to such Guarantor Party.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the United States Department of the Treasury.

"<u>Organization Documents</u>" means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court, documentary intangible, recording, filing or similar taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document except any such taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 3.06</u> or <u>Section 10.13</u>).

"<u>Outstanding Amount</u>" means (a) with respect to Committed Revolving Loans and Committed Term Loans on any date, the Dollar Equivalent of the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Revolving Loans and Committed Term Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the Dollar Equivalent of the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by or on behalf of the Borrowers of Unreimbursed Amounts or any refinancings thereof.

"<u>Overnight Rate</u>" means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent or the L/C Issuer, as the case may be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated in Canadian Dollars, an overnight rate determined by the Administrative Agent or the L/C Issuer, as the case may be, in accordance with banking industry rules on interbank compensation.

"<u>Parent Guarantor</u>" means Janus Living, Inc., a Maryland corporation.

"<u>Parent Subsidiary Guarantor</u>" has the meaning specified in <u>Section 6.15(a)</u>.

"<u>Participant</u>" has the meaning specified in <u>Section 10.06(d)</u>.

"<u>Participant Register</u>" has the meaning specified in <u>Section 10.06(d)</u>.

"<u>Patriot Act</u>" has the meaning specified in <u>Section 10.17</u>.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation.

"<u>Pension Plan</u>" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by a Loan Party or any ERISA Affiliate or to which a Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

"<u>Permitted Specified Liens</u>" means Liens permitted under <u>Section 7.01(c) – (h)</u>, <u>(j) - (m)</u> and <u>(o) – (q)</u>.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Plan</u>" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) established by a Loan Party or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"<u>Platform</u>" has the meaning specified in <u>Section 6.02</u>.

"<u>Pro Forma Basis</u>" means, for purposes of determining any financial covenant hereunder, that the subject transaction shall be deemed to have occurred as of the first day of the period of four (4) consecutive fiscal quarters ending as of the end of the most recent fiscal quarter for which annual or quarterly financial statements shall have been delivered in accordance with the provisions of this Agreement. Further, for purposes of making calculations on a "Pro Forma Basis" hereunder, (a) in the case of a Disposition, (i) income statement items (whether positive or negative) attributable to the property, entities or business units that are the subject of such Disposition shall be excluded to the extent relating to any period prior to the date of the subject transaction, and (ii) Indebtedness paid or retired in connection with the subject transaction shall be deemed to have been paid and retired as of the first day of the applicable period; (b) in the case of an acquisition, development or redevelopment, (i) income statement items (whether positive or negative) attributable to the property, entities or business units that are the subject of such acquisition, development or redevelopment shall be included to the extent relating to any period prior to the date of the subject transaction, and (ii) Indebtedness incurred in connection with the subject transaction shall be deemed to have been incurred as of the first day of the applicable period (and interest expense shall be imputed for the applicable period utilizing the actual interest rates thereunder or, if actual rates are not ascertainable, assuming prevailing interest rates hereunder) and (c) in the case of the issuance or exercise of Equity Interests, Indebtedness paid or retired in connection therewith shall be deemed to have been paid and retired as of the first day of the applicable period.

"<u>Pro Rata Share</u>" means (a) with respect to the EBITDA, Net Income, Interest Expense, Gross Asset Value and Unencumbered Asset Value of each Joint Venture, the Company's direct or indirect percentage ownership interest in such Joint Venture and (b) with respect to the Indebtedness of each Joint Venture (i) if the Indebtedness is recourse to the Parent Guarantor, the Company or any of their respective Subsidiaries, the amount of such Indebtedness that is recourse to the Parent Guarantor, the Company or such Subsidiary and (ii) if the Indebtedness is not recourse to the Parent Guarantor, the Company or any of their respective Subsidiaries, the Company's percentage ownership interest in such Joint Venture.

"<u>Property</u>" means a parcel (or group of related parcels) of real property owned or leased (in whole or in part) and developed (or to be developed) by (a) the Company, (b) prior to the Investment Grade Election Effective Date, any Guarantor Party and (c) on or after the Investment Grade Election Effective Date, any Subsidiary of the Company.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Public Lender</u>" has the meaning specified in <u>Section 6.02</u>.

"<u>QFC Credit Support</u>" has the meaning specified in <u>Section 10.24</u>.

"<u>Qualified ECP Guarantor</u>" means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as an "eligible contract participant" under the Commodity Exchange Act and can cause another Person to qualify as an "eligible contract participant" at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

"<u>Rate Determination Date</u>" means, with respect to any Interest Period, two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as reasonably determined by the Administrative Agent; <u>provided</u> that, to the extent such market practice is not administratively feasible for the Administrative Agent, then "Rate Determination Date" means such other day as otherwise reasonably determined by the Administrative Agent).

"<u>Recipient</u>" means the Administrative Agent, any Lender and the L/C Issuer, as applicable.

"<u>Register</u>" has the meaning specified in <u>Section 10.06(c)</u>.

"<u>REIT</u>" means a real estate investment trust as defined in Sections 856-860 of the Code.

"<u>Related Indemnified Party</u>" of an Indemnitee means (a) any trustees, members, administrators, managers, partners, Controlling Person or Controlled Affiliate of such Indemnitee, (b) the respective directors, officers or employees of such Indemnitee or any of its Controlling Persons or Controlled Affiliates and (c) the respective advisors, attorneys, accountants, agents and representatives of such Indemnitee or any of its Controlling Persons or Controlled Affiliates, in the case of this <u>clause (c)</u>, acting on behalf of, or at the express instructions of, such Indemnitee, Controlling Person or such Controlled Affiliate.

"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person's Affiliates.

"<u>Relevant Rate</u>" means with respect to any Credit Extension denominated in (a) Dollars, initially, SOFR and (b) Canadian Dollars, the Term CORRA Rate, as applicable, and, in each case, if such rate is replaced pursuant to <u>Section 3.03(b)</u> or <u>(c)</u>, any replacement rate in respect thereof.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period has been waived.

"<u>Request for Credit Extension</u>" means (a) with respect to a Borrowing, conversion or continuation of Committed Revolving Loans or Committed Term Loans, a Committed Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

"<u>Required Class Lenders</u>" means, at any time with respect to any Class of Loans (or any Class of commitments to make Loans), Lenders having Total Credit Exposures with respect to such Class representing more than 50% of the Total Credit Exposures of all Lenders of such Class. The Total Credit Exposure of any Defaulting Lender with respect to such Class shall be disregarded in determining Required Class Lenders at any time.

"<u>Required Lenders</u>" means, as of any date of determination, Lenders having more than 50% of the sum of (a) the Total Outstandings (with the aggregate amount of each Revolving Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Revolving Lender for purposes of this definition) and (b) the aggregate unused Commitments; <u>provided</u> that (i) any Revolving Commitment of, and the portion of the Total Revolving Outstandings (other than risk participations in Letters of Credit, which risk participations shall be deemed to be held by the applicable L/C Issuer in its capacity as a Revolving Lender for purposes of making a determination of Required Lenders) held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders and (ii) the portion of the Term Facility held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

"<u>Required Revolving Lenders</u>" means, as of any date of determination, (a) Revolving Lenders having more than 50% of the Aggregate Revolving Commitments or (b) if the Revolving Commitment of each Revolving Lender to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to <u>Section 8.02</u>, Revolving Lenders holding in the aggregate more than 50% of the Total Revolving Outstandings (with the aggregate amount of each Revolving Lender's risk participation and funded participation in L/C Obligations being deemed "held" by such Revolving Lender for purposes of this definition); <u>provided</u> that any Revolving Commitment of, and the portion of the Total Revolving Outstandings (other than risk participations in Letters of Credit, which risk participations shall be deemed to be held by the applicable L/C Issuer in its capacity as a Revolving Lender for purposes of making a determination of Required Revolving Lenders) held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders.

"<u>Required Term Lenders</u>" means, as of any date of determination, Term Lenders holding more than 50% of the sum of the (a) Outstanding Amount of Term Loans and (b) the aggregate unused Term Commitments on such date; <u>provided</u> that the portion of the Term Facility held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Term Lenders.

"<u>Rescindable Amount</u>" has the meaning specified in <u>Section 2.13(b)(ii)</u>.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means the chief executive officer, president, chief financial officer, each executive vice president and senior vice president, and the treasurer of any Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant to <u>Section 4.01</u>, the secretary or any assistant secretary of a Loan Party or any entity authorized to act on behalf of such Loan Party, and, solely for purposes of notices given pursuant to <u>Article II</u>, any other officer or employee of a Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of such Loan Party designated in or pursuant to an agreement between such Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of the applicable Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"<u>Restricted Payment</u>" means any payment (whether in cash, securities or other property) by the Parent Guarantor, the Company or any of their respective Subsidiaries, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any of the Parent Guarantor's or Company's capital stock or other Equity Interest, or on account of any return of capital to the Parent Guarantor's or the Company's stockholders, partners or members (or the equivalent Person thereof); <u>provided</u> that dividends to the extent in the form of Equity Interests shall not constitute Restricted Payments.

"<u>Revaluation Date</u>" means (a) with respect to any Loan, each of the following: (i) each date of a Borrowing of an Alternative Currency Term Rate Loan, (ii) each date of a continuation of an Alternative Currency Term Rate Loan pursuant to <u>Section 2.02</u>, and (iii) such additional dates as the Administrative Agent shall determine or the Required Lenders shall require; and (b) with respect to any Letter of Credit, each of the following: (i) each date of issuance, amendment and/or extension of a Letter of Credit denominated in Canadian Dollars, (ii) each date of any payment by the L/C Issuer under any Letter of Credit denominated in Canadian Dollars, and (iii) such additional dates as the Administrative Agent or the L/C Issuer shall determine or the Required Revolving Lenders shall require.

"<u>Revolving Commitment</u>" means, as to each Revolving Lender, its obligation to (a) make Committed Revolving Loans to the Borrowers pursuant to <u>Section 2.01(a)</u> and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding the Dollar Equivalent of which does not exceed the Dollar amount set forth opposite such Lender's name in the column entitled "Revolving Commitment" on <u>Schedule 2.01</u> or in the Assignment and Assumption or the New Lender Joinder Agreement pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

"<u>Revolving Credit Exposure</u>" means, as to any Revolving Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Loans and such Lender's participation in L/C Obligations at such time.

"<u>Revolving Facility</u>" means, at any time, the aggregate amount of the Revolving Lenders' Revolving Commitments at such time.

"<u>Revolving Lender</u>" means a Lender with a Revolving Commitment or an outstanding Committed Revolving Loan and, as the context requires, includes the L/C Issuer.

"<u>Revolving Loan</u>" means any extension of credit under the Revolving Facility in the form of a loan by a Revolving Lender to the applicable Borrower under <u>Article II</u>.

"<u>Revolving Maturity Date</u>" means March [__], 2030<sup>2</sup> subject to extension in accordance with <u>Section 2.15</u>.

"<u>Revolving Note</u>" means a promissory note made by the Borrowers in favor of a Revolving Lender evidencing Revolving Loans made by such Lender, substantially in the form of <u>Exhibit B-1</u>.

"<u>S&P</u>" means Standard & Poor's Financial Services LLC, a subsidiary of S&P Global Inc., and any successor thereto.

"<u>Same Day Funds</u>" means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements and payments in Canadian Dollars, same day or other funds as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions in Canadian Dollars.

"<u>Sanction(s)</u>" means any international economic or financial sanctions, trade embargoes or similar restrictions, administered or enforced by the United States federal government (including, without limitation, OFAC), the Canadian federal government, the United Nations Security Council, the European Union, His Majesty's Treasury of the United Kingdom ("<u>HMT</u>") or other relevant sanctions authority with jurisdiction over any Loan Party.

"<u>Scheduled Principal Payment</u>" means, for any period, (a) all regularly scheduled principal payments during such period by the Parent Guarantor and its Subsidiaries with respect to Indebtedness of the Parent Guarantor and its Subsidiaries (other than payments due at final maturity of any tranche of Indebtedness) and (b) without duplication, the Company's Pro Rata Share of all regularly scheduled principal payments during such period with respect to the Indebtedness (other than payments due at final maturity of any tranche of Indebtedness) of each Material Joint Venture. For purposes of determining Scheduled Principal Payments, Indebtedness shall not include accounts payable, intracompany debt, dividends and distributions declared but not payable, security deposits, accrued liabilities or prepaid rent, each as defined in accordance with GAAP.

<sup>2</sup> NTD: Date to be the fourth anniversary of the Closing Date (or if such date is not a Business Day, the immediately preceding Business Day).

"<u>Scheduled Unavailability Date</u>" has the meaning specified in <u>Section 3.03(c)</u>.

"<u>SEC</u>" means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

"<u>Secured Debt Ratio</u>" means, on the last day of any fiscal quarter, the ratio of (a) Enterprise Secured Debt outstanding on such date to (b) Enterprise Gross Asset Value as of such date. Notwithstanding anything to the contrary contained herein, for the purposes of this ratio, the aggregate amount of all unrestricted cash and cash equivalents on such date deducted from Enterprise Secured Debt pursuant to the definition of "Enterprise Total Indebtedness" shall exclude the aggregate amount of all unrestricted cash and cash equivalents deducted from Enterprise Unsecured Debt pursuant to the definition of "Enterprise Total Indebtedness" for the purpose of determining the Unsecured Leverage Ratio as of such date.

"<u>Senior Managing Agents</u>" means PNC Bank, National Association, Mizuho Bank, LTD., Crédit Agricole Corporate and Investment Bank, KeyBank National Association, Truist Bank, BNP Paribas, TD Bank, N.A. and The Bank of Nova Scotia, in their capacities as Senior Managing Agents.

"<u>Significant Acquisition</u>" means the acquisition (in one or a series of related transactions) of all or substantially all of the assets or Equity Interests of a Person or any division, line of business or business unit of a Person for an aggregate consideration in excess of ten percent (10%) of Enterprise Gross Asset Value as of the last day of the most recently completed fiscal quarter in respect of which the Company shall have delivered (or be required to deliver) financial statements under <u>Section 6.01(a)</u> or (<u>b)</u>.

"<u>SOFR</u>" means, with respect to any applicable determination date, the Secured Overnight Financing Rate published on the second U.S. Government Securities Business Day preceding such date by the SOFR Administrator (or a successor administrator of such rate) on the Federal Reserve Bank of New York's website (or any successor source); <u>provided</u> however that, with respect to any Daily SOFR Loan, if such determination date is not a U.S. Government Securities Business Day, then SOFR means such rate that applied on the first U.S. Government Securities Business Day immediately prior thereto.

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time that is satisfactory to the Administrative Agent.

"<u>SOFR Scheduled Unavailability Date</u>" has the meaning specified in <u>Section 3.03(b)</u>.

"<u>SOFR Successor Rate</u>" has the meaning specified in <u>Section 3.03(b)</u>.

"<u>Specified Default</u>" means an Event of Default arising under <u>Section 8.01(a)</u> or <u>8.01(f)</u>.

"<u>Spot Rate</u>" for a currency means the rate determined by the Administrative Agent or the L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to the date as of which the foreign exchange computation is made; <u>provided</u> that the Administrative Agent or the L/C Issuer may obtain such spot rate from another financial institution designated by the Administrative Agent or the L/C Issuer if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; <u>provided</u>, <u>further</u>, that the L/C Issuer may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in Canadian Dollars.

"<u>Subsidiary</u>" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity the accounts of which are consolidated with the accounts of such Person in such Person's consolidated financial statements prepared in accordance with GAAP. Unless otherwise specified, all references herein to a "<u>Subsidiary</u>" or to "<u>Subsidiaries</u>" shall refer to a Subsidiary or Subsidiaries of a Loan Party.

"<u>Subsidiary Guarantor</u>" means each Unsecured Debt Subsidiary and, prior to the Investment Grade Election Effective Date, each other Covered Unencumbered Pool Entity.

"<u>Subsidiary Guaranty Documents</u>" means, with respect to any Subsidiary that is required to become a Guarantor pursuant to <u>Section 6.15</u>, the following documents: (x) an accession agreement or other counterpart to the Guaranty pursuant to <u>Article XII</u> as the Administrative Agent shall reasonably deem appropriate for such purpose and (y) the items with respect to such Subsidiary that would have been delivered under <u>Sections 4.01(a)(iii)</u> through <u>(v)</u> and <u>Section 4.01(c)</u> if such Subsidiary had been a Guarantor Party on the Closing Date, each in form and substance reasonably satisfactory to the Administrative Agent.

"<u>Successor Rate</u>" has the meaning specified in <u>Section 3.03(c)</u>.

"<u>Supported QFC</u>" has the meaning specified in <u>Section 10.24</u>.

"<u>Swap Contract</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any Master Agreement (as defined below), and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "<u>Master Agreement</u>"), including any such obligations or liabilities under any Master Agreement.

"<u>Swap Obligations</u>" means, with respect to any Guarantor Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

"<u>Swap Termination Value</u>" means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in <u>clause (a)</u>, the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

"<u>Synthetic Lease Obligation</u>" means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease or (b) any similar off-balance sheet financing product that is considered borrowed money indebtedness for tax purposes but classified as an operating lease under GAAP.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term CORRA</u>" has the meaning specified in the definition of "Alternative Currency Term Rate."

"<u>Term CORRA Rate</u>" has the meaning specified in the definition of "Alternative Currency Term Rate."

"<u>Term SOFR</u>*"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; <u>provided</u> that, if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto for which such rate was published; 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;(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term of one month commencing that day; provided that, if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto for which such rate was published;

<u>provided</u> that, if Term SOFR determined in accordance with the provisions of either <u>clause (a)</u> or <u>(b)</u> above would otherwise be less than 0.00%, then Term SOFR shall be deemed 0.00% for purposes of this Agreement.

"<u>Term Borrowing</u>" means a borrowing consisting of simultaneous Term Loans of the same Type, and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Term Lenders pursuant to <u>Section 2.01(b)</u>.

"<u>Term Commitment</u>" means, as to each Term Lender, its obligation to make Term Loans to the Company pursuant to <u>Section 2.01(b)</u> in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term Lender's name on <u>Schedule 2.01</u> under the caption "Term Commitment" or opposite such caption in the Assignment and Assumption or the New Lender Joinder Agreement pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The Term Commitment as of the Closing Date is $100,000,000.

"<u>Term Facility</u>" means, at any time, (a) at any time during the Availability Period in respect of the Term Facility, the sum of (i) the aggregate amount of the Term Commitments at such time and (ii) the aggregate principal amount of the Term Loans of all Term Lenders outstanding at such time and (b) thereafter, the aggregate principal amount of the Term Loans of all Term Lenders outstanding at such time.

"<u>Term Lender</u>" means (a) at any time during the Availability Period in respect of the Term Facility, any Lender with a Term Commitment or an outstanding Term Loan at such time and (b) at any time thereafter, any Lender with an outstanding Term Loan at such time.

"<u>Term Loan</u>" means an advance under the Term Facility by a Term Lender to the Company under <u>Article II</u>

"<u>Term Loan Exposure</u>" means, as to any Lender at any time, the aggregate Outstanding Amount at such time of its Term Loans; <u>provided</u> that at any time prior to the end of the Availability Period with respect to the Term Facility, the Term Loan Exposure of any Lender shall include such Lender's unused Term Commitment.

"<u>Term Loan Maturity Date</u>" means March [__], 2031.<sup>3</sup>

"<u>Term Note</u>" means a promissory note made by the Company in favor of a Term Lender evidencing Term Loans made by such Term Lender, substantially in the form of <u>Exhibit B-2</u>.

"<u>Term SOFR Loan</u>" means a Loan that bears interest at a rate based on <u>clause (a)</u> of the definition of "Term SOFR."

"<u>Term SOFR Screen Rate</u>" means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).

"<u>Threshold Amount</u>" means (a) other than with respect to Material Non-Recourse Indebtedness, (i) prior to the Investment Grade Election Effective Date, $50,000,000 and (ii) on and after the Investment Grade Election Effective Date, $100,000,000, and (b) with respect to Material Non-Recourse Indebtedness, $100,000,000.

"<u>Ticking Fee</u>" has the meaning specified in <u>Section 2.10(c)</u>.

"<u>Total Credit Exposure</u>" means, as to any Lender at any time, (a) in respect of the Revolving Facility, the unused Revolving Commitments and Revolving Credit Exposure of such Lender at such time and (b) in respect of the Term Facility, the Term Loan Exposure of such Lender at such time.

"<u>Total Outstandings</u>" means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

"<u>Total Revolving Outstandings</u>" means the aggregate Outstanding Amount of all Committed Revolving Loans and all L/C Obligations.

"<u>Treasury Management Agreement</u>" means any treasury, depository or cash management arrangements, services or products, including, without limitation, overdraft services and automated clearinghouse transfers of funds.

"<u>Treasury Management Lender</u>" means any Person that, at the time it enters into a Treasury Management Agreement, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Treasury Management Agreement.

"<u>Type</u>" means, (a) with respect to a Committed Revolving Loan, its character as a Base Rate Loan, a Daily SOFR Loan, a Term SOFR Loan or an Alternative Currency Term Rate Loan and (b) with respect to a Committed Term Loan, its character as a Base Rate Loan, a Daily SOFR Loan or a Term SOFR Loan.

<sup>3</sup> NTD: Date to be the fifth anniversary of the Closing Date (or if such date is not a Business Day, the immediately preceding Business Day).

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unencumbered Asset Value</u>" means, for a Person and its Subsidiaries on a consolidated basis, as of any date of determination, the sum of (a) the aggregate net book value, as determined in accordance with GAAP, of all real property of a Person (such Person, an "<u>Unencumbered Pool Entity</u>") that is not subject to a Mortgage Lien <u>plus</u> (b) all accumulated depreciation and amortization with respect to such real properties <u>plus</u> (c) unrestricted cash and cash equivalents of such Person <u>plus</u> (d) the sum of (i) unencumbered mezzanine and mortgage loan receivables (at the value reflected in the consolidated financial statements of the Parent Guarantor, in accordance with GAAP, as of such date, including the effect of any impairment charges) and (ii) unencumbered marketable securities (at the value reflected in the consolidated financial statements of the Parent Guarantor, in accordance with GAAP, as of such date, including the effect of any impairment charges); <u>provided</u> that the items described in this <u>clause (ii)</u> and in the preceding <u>clause (i)</u> shall not be taken into account to the extent that the amounts of such items exceed, in the aggregate, 20% of Unencumbered Asset Value. For purposes of this definition, (1) (x) with respect to the Parent Guarantor and its Subsidiaries, the phrase "not subject to a Mortgage Lien" shall include that all Equity Interests of an Unencumbered Pool Entity, and all Equity Interests of each Subsidiary of the Parent Guarantor that owns, directly or indirectly, any Equity Interests of any Unencumbered Pool Entity, shall be free of any Liens (other than Permitted Specified Liens and any lien securing Intercompany Indebtedness) and (y) "Mortgage Lien" shall not include any lien securing Intercompany Indebtedness, and (2) for the avoidance of doubt, the value of any asset or property subject to Liens on assets of the Parent Guarantor, the Company or any of their respective Subsidiaries securing obligations under Swap Contracts shall not be included in the calculation of Unencumbered Asset Value.

"<u>Unencumbered NOI</u>" means, for any period, the Net Operating Income from all Property included in Enterprise Unencumbered Asset Value for such period.

"<u>Unencumbered Pool Entity</u>" has the meaning specified in the definition of "Unencumbered Asset Value".

"<u>Unfunded Pension Liability</u>" means the excess of a Pension Plan's benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan's assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

"<u>United States</u>" and "<u>U.S.</u>" mean the United States of America.

"<u>Unreimbursed Amount</u>" has the meaning specified in <u>Section 2.03(b)(v)</u>.

"<u>Unsecured Debt Subsidiary</u>" means any wholly-owned Subsidiary of the Company that is a borrower or a guarantor, or otherwise has a payment obligation in respect of, any Enterprise Unsecured Debt (other than (a) obligations arising under the Loan Documents, or (b) Intercompany Indebtedness); provided, however, that any non-wholly-owned Subsidiary of the Company that is a borrower or a guarantor, or otherwise has a payment obligation in respect of, any Enterprise Unsecured Debt (other than contingent obligations in respect of any purchase of the Equity Interests of such Subsidiary owned by any holder of any minority interest in such Subsidiary), shall be an Unsecured Debt Subsidiary.

"<u>Unsecured Interest Coverage Ratio</u>" means, on the last day of any fiscal quarter, the ratio of (a) Unencumbered NOI for the twelve-month period ending on such date to (b) Enterprise Unsecured Interest Expense for the twelve-month period ending on such date.

"<u>Unsecured Leverage Ratio</u>" means, on the last day of any fiscal quarter, the ratio of (a) Enterprise Unsecured Debt outstanding on such date to (b) Enterprise Unencumbered Asset Value as of such date. Notwithstanding anything to the contrary contained herein, for the purposes of this ratio, the aggregate amount of all unrestricted cash and cash equivalents on such date deducted from Enterprise Unsecured Debt pursuant to the definition of "Enterprise Total Indebtedness" shall exclude the aggregate amount of all unrestricted cash and cash equivalents deducted from Enterprise Secured Debt pursuant to the definition of "Enterprise Total Indebtedness" for the purpose of determining the Secured Debt Ratio as of such date.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>" means any Person that is a "United States person" as defined in Section 7701(a) (30) of the Code.

"<u>U.S. Special Resolution Regimes</u>" has the meaning specified in <u>Section 10.24</u>.

"<u>Wells Fargo</u>" means Wells Fargo Bank, National Association and its successors.

"<u>Wholly-Owned Subsidiary</u>" means any wholly-owned Subsidiary of the Parent Guarantor or the Company, as applicable, in each case, that is not a special purpose entity.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02 <u>Other Interpretive Provisions.</u>**

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "<u>include</u>," "<u>includes</u>" and "<u>including</u>" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person's successors and assigns, (iii) the words "hereto," "herein," "hereof" and "hereunder," and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending replacing or interpreting such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time, and (vi) the words "asset" and "<u>property</u>" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the computation of periods of time from a specified date to a later specified date, the word "from" means "<u>from and including</u>"; the words "to" and "until" each mean "<u>to but excluding</u>"; and the word "<u>through</u>" means "<u>to and including.</u>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, the parties intend that the term "Enterprise" refer to financial calculations that cover (i) the Group and (ii) the Company's Pro Rata Share of Material Joint Ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03 <u>Accounting Terms.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Combined Financial Statements, <u>except</u> as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Parent Guarantor and its Subsidiaries shall be deemed to be carried in accordance with GAAP, excluding the effects of FASB ASC 825 on financial liabilities. Notwithstanding anything to the contrary in the Loan Documents, and notwithstanding any accounting change after January 1, 2019 that would require lease obligations (whether such lease obligations are entered into before or after such date) that would be treated as operating leases to be classified and accounted for as Financing Leases or otherwise reflected on the consolidated balance sheet of the Parent Guarantor and its Subsidiaries, for the purposes of determining compliance with any covenant contained herein, such obligations shall be treated in the same manner as operating leases are treated as of such date without giving effect to any such changes in accounting and shall not constitute Indebtedness or a Financing Leases of the Parent Guarantor or any of its Subsidiaries as a result of such changes in accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Changes in GAAP</u>. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders and the Company); <u>provided</u> that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to the Administrative Agent financial statements and other documents required under this Agreement or as reasonably requested in writing hereunder by the Administrative Agent setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.04 <u>Rounding.</u>**

Any financial ratios required to be maintained by the Parent Guarantor pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.05 <u>Exchange Rates; Currency Equivalents</u>**. (a) The Administrative Agent or the L/C Issuer, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalents and/or Alternative Currency Equivalents of Credit Extensions and Outstanding Amounts denominated in Canadian Dollars or Dollars. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be its Dollar Equivalent as so determined by the Administrative Agent or the L/C Issuer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Wherever in this Agreement in connection with a Committed Borrowing, conversion, continuation or prepayment of an Alternative Currency Term Rate Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Committed Borrowing, Loan or Letter of Credit is denominated in Canadian Dollars, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of Canadian Dollars, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the L/C Issuer, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.06 <u>[RESERVED]</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.07 <u>[RESERVED]</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.08 <u>Interest Rates; Licensing.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically set forth herein, the Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to any reference rate referred to herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions or other activities that affect any reference rate referred to herein, or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Company. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate referred to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to any Loan Party, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or omission related to or affecting the selection, determination, or calculation of any such rate (or component thereof) provided by any such information source or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By agreeing to make Loans under this Agreement, each Lender is confirming it has all licenses, permits and approvals necessary for use of the reference rates referred to herein and it will do all things reasonably necessary to comply, preserve, renew and keep in full force and effect such licenses, permits and approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.09 <u>Times of Day.</u>**

Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10 <u>Letter of Credit Amounts.</u>**

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; <u>provided, however</u>, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit at any given time shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all increases that are scheduled to occur at any time thereafter (notwithstanding that such maximum stated amount is not in effect at such time).

**Article II**

**The Commitments and Credit Extensions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01 <u>Committed Loans</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Committed Revolving Loans</u>. Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make revolving loans (each such loan, a "<u>Committed Revolving Loan</u>") to the Borrowers in Dollars or in Canadian Dollars from time to time, on any Business Day during the Availability Period for the Revolving Facility, in an aggregate amount not to exceed at any time outstanding the amount of such Revolving Lender's Revolving Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (ii) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such Revolving Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Revolving Lender's Revolving Commitment and (iii) the aggregate Outstanding Amount of all Revolving Loans denominated in Canadian Dollars shall not exceed the Alternative Currency Sublimit. Within the limits of each Revolving Lender's Revolving Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this <u>Section 2.01</u>, prepay under <u>Section 2.06</u>, and reborrow under this <u>Section 2.01</u>. Committed Revolving Loans may be Base Rate Loans, Daily SOFR Loans, Term SOFR Loans or Alternative Currency Term Rate Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Committed Term Loans</u>. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make up to five (5) term loans (each such loan, a "<u>Committed Term Loan</u>") to the Company in Dollars from time to time, on any Business Day during the Availability Period for the Term Facility, in an aggregate amount not to exceed such Term Lender's Applicable Percentage of the Term Facility. Each Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility. Amounts borrowed under this <u>Section 2.01(b)</u> and repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans, Daily SOFR Loans or Term SOFR Loans, as further provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02 <u>Borrowings, Conversions and Continuations of Committed Loans.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Committed Borrowing, each conversion of Committed Revolving Loans or Committed Term Loans from one Type to another Type, and each continuation of Term SOFR Loans and Alternative Currency Term Rate Loans shall be made upon the applicable Borrower's irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; <u>provided</u> that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative Agent not later than 12:00 Noon (i) two (2) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Term SOFR Loans or of any conversion of Term SOFR Loans to Base Rate Committed Loans, (ii) on the requested date of any Borrowing of, or conversion to Daily SOFR Loans or of any conversion of Daily SOFR Loans to Base Rate Committed Loans, (iii) four (4) Business Days prior to the requested date of any Borrowing or continuation of Alternative Currency Term Rate Loans, and (iv) on the requested date of any Borrowing of Base Rate Committed Loans. Each Borrowing of or conversion to Term SOFR Loans, Daily SOFR Loans and Alternative Currency Term Rate Loans, or continuation of Term SOFR Loans and Alternative Currency Term Rate Loans, shall be in a principal amount the Dollar Equivalent of which is $1,000,000 or a whole multiple of $100,000 in excess thereof. Except as provided in <u>Section 2.03(b)</u>, each Borrowing of or conversion to Base Rate Committed Loans shall be in a principal amount the Dollar Equivalent of which is $500,000 or a whole multiple of $100,000 in excess thereof.

Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the applicable Borrower is requesting a Committed Borrowing, a conversion of Committed Revolving Loans or Committed Term Loans from one Type to another Type, or a continuation of Term SOFR Loans or Alternative Currency Term Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted or continued, (iv) the Type and Class of Committed Loans to be borrowed or to which existing Committed Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto (vi) the currency of the Committed Loans to be borrowed or continued (which currency shall be Dollars for any Committed Term Loan) and (vii) if applicable, with respect to any Committed Revolving Loan, the Designated Borrower. If the applicable Borrower fails to specify a Type of Committed Loan in a Committed Loan Notice or if such Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans; <u>provided</u>, <u>however</u>, that, in the case of a failure to timely request a continuation of Term SOFR Loans or Alternative Currency Term Rate Loans, such Loans shall be continued as a Term SOFR Loan or an Alternative Currency Term Rate Loan in its original currency, as applicable, with an Interest Period of one month (unless an Event of Default exists and is continuing at such time and the Administrative Agent has notified the Company that the Required Lenders have determined that such a continuation as Term SOFR Loans or Alternative Currency Term Rate Loans, as applicable, is not appropriate in accordance with <u>Section 2.02(c)</u>). Any such automatic conversion to Base Rate Loans or Term SOFR Loans or Alternative Currency Term Rate Loans with an Interest Period of one month shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Loans or Alternative Currency Term Rate Loans. If the applicable Borrower requests a Borrowing of, conversion to, or continuation of Term SOFR Loans or Alternative Currency Term Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Except as provided pursuant to <u>Section 3.03</u>, no Committed Revolving Loan may be converted into or continued as a Committed Revolving Loan denominated in a different currency, but instead must be prepaid in the original currency of such Committed Revolving Loan and reborrowed in the other currency. For the avoidance of doubt, Base Rate Loans shall automatically continue as Base Rate Loans and Daily SOFR Loans shall automatically continue as Daily SOFR Loans unless and until such Loans are converted to Term SOFR Loans pursuant to this <u>Section 2.02</u> or are repaid in accordance with this Agreement, and no Committed Loan Notice shall be required in connection with such continuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following receipt of a Committed Loan Notice requesting a Committed Borrowing denominated in Dollars or in Canadian Dollars, the Administrative Agent shall promptly notify each applicable Lender of the amount (and, with respect to Committed Revolving Loans, currency) of its Applicable Percentage of the applicable Committed Loans. If no timely notice of a conversion or continuation is provided by the applicable Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans or continuation of Committed Revolving Loans denominated in Canadian Dollars, in each case as described in <u>Section 2.02(a)</u>.

Each applicable Lender shall make the amount of its Loan available to the Administrative Agent in Same Day Funds for the applicable currency at the Administrative Agent's Office not later than 1:00 p.m., in the case of any Committed Loan denominated in Dollars, and not later than the Applicable Time specified by the Administrative Agent in the case of any Committed Revolving Loan in Canadian Dollars, in each case on the Business Day specified in the applicable Committed Loan Notice. In any event, a Revolving Lender may cause any foreign or domestic branch or Affiliate to fund or make the amount of its Revolving Loan available in accordance with the foregoing provisions. Upon satisfaction or waiver of the applicable conditions set forth in <u>Section 4.02</u> (and, if such Borrowing is the initial Credit Extension, <u>Section 4.01</u>), the Administrative Agent shall make all funds so received available to the applicable Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by such Borrower; <u>provided</u>, <u>however</u>, that if, on the date the Committed Loan Notice with respect to a Committed Revolving Borrowing denominated in Dollars is given by such Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, <u>first</u>, shall be applied to the payment in full of any such L/C Borrowings, and, <u>second</u>, shall be made available to such Borrower as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided herein, Term SOFR Loans and Alternative Currency Term Rate Loans may be continued or converted only on the last day of an Interest Period for the applicable Term SOFR Loan or Alternative Currency Term Rate Loan. During the existence of an Event of Default that is continuing, (i) no Loans may be requested as, converted to or continued as Term SOFR Loans, Daily SOFR Loans or Alternative Currency Term Rate Loans if the Administrative Agent has notified the applicable Borrower that the Required Lenders have determined that such a continuation or conversion is not appropriate, and (ii) the Required Lenders may require that any or all of the then outstanding Alternative Currency Term Rate Loans be prepaid, or redenominated into Base Rate Loans denominated in Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall promptly notify the applicable Borrower and the Lenders of the interest rate applicable to any Interest Period for Term SOFR Loans and Alternative Currency Term Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Company and the Lenders of any change in Bank of America's prime rate used in determining the Base Rate promptly following the public announcement of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) After giving effect to all Committed Revolving Borrowings, all conversions of Committed Revolving Loans from one Type to another Type, and all continuations of Committed Revolving Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect with respect to all Committed Revolving Loans. After giving effect to all Term Borrowings, all conversions of Term Loans from one Type to another Type, and all continuations of Term Loans as the same Type, there shall not be more than five (5) Interest Periods in effect with respect to all Committed Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to any Alternative Currency Term Rate, SOFR, Daily SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; <u>provided</u> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Company and the Lenders reasonably promptly after such amendment becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03 <u>Letters of Credit.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Letter of Credit Commitment</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) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this <u>Section 2.03</u>, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in Canadian Dollars for the account of a Borrower or its Subsidiaries, and to amend Letters of Credit previously issued by it, in accordance with <u>Section 2.03(b)</u>, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of a Borrower or its Subsidiaries and any drawings thereunder; <u>provided</u> that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, <u>plus</u> such Revolving Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Revolving Lender's Revolving Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit; <u>provided</u>, <u>further</u>, that unless the applicable L/C Issuer shall otherwise consent, no L/C Issuer shall be obligated to issue Letters of Credit hereunder in an aggregate face amount at any time outstanding in excess of an amount equal to the lesser of (i) one-third of the Letter of Credit Sublimit at such time and (ii) the Revolving Commitment of the Revolving Lender acting as such L/C Issuer at such time. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by such Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers' ability to obtain Letters of Credit shall be fully revolving, and accordingly the applicable Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. The Existing Letters of Credit shall be deemed to have been issued hereunder by the issuer thereof, to the extent such issuer is a Revolving Lender, and such issuer shall have the obligation to amend, renew, extend or otherwise modify any such Existing Letter of Credit, subject to terms, conditions and limitations hereunder. From and after the Closing Date, the Existing Letters of Credit shall be subject to and governed by the terms and conditions 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;(ii) The L/C Issuer shall not issue any Letter of Credit, if:

&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;(A) subject to <u>Section 2.03(b)(iii)</u>, the expiry date of such requested Letter of Credit would occur more than twelve months after the date of issuance, unless the Required Revolving Lenders have approved such expiry date; 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;(B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving Lenders have approved such expiry date; <u>provided</u> that a Letter of Credit may expire up to one year beyond the Letter of Credit Expiration Date so long as the Company Cash Collateralizes 105% of the face amount of such Letter of Credit no later than the Letter of Credit Expiration 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) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

&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;(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it (for which the L/C Issuer is not otherwise compensated hereunder);

&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;(B) the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;

&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;(C) except as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial stated amount less than $500,000;

&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;(D) except as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter of Credit is to be denominated in a currency other than Dollars or Canadian Dollars;

&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;(E) the L/C Issuer does not as of the issuance date of such requested Letter of Credit issue Letters of Credit in the requested currency;

&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;(F) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; 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;(G) any Revolving Lender is at such time a Defaulting Lender hereunder, unless the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Company or such Defaulting Lender to eliminate the L/C Issuer's actual or potential Fronting Exposure (after giving effect to <u>Section 2.18(a)(iv)</u>) with respect to such Defaulting Lender arising from either the Letter of Credit then proposed to be issued or such Letter of Credit and all other L/C Obligations as to which the L/C Issuer has Fronting Exposure, as it may elect in its sole discretion.

&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) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms 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;(v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

&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 L/C Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in <u>Article IX</u> with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in <u>Article IX</u> included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit</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) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the applicable Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof, (C) the expiry date thereof, (D) the name and address of the beneficiary thereof, (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit and (H) such other matters as the L/C Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably require. Additionally, the applicable Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may reasonably require.

&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) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the applicable Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Revolving Lender, the Administrative Agent or the applicable Borrower, at least one (1) Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in <u>Article IV</u> shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the applicable Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer's usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Lender's Applicable Percentage of the Aggregate Revolving Commitments <u>times</u> the amount of such Letter of Credit.

&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) If a Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an "<u>Auto-Extension Letter of Credit</u>"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "<u>Non-Extension Notice Date</u>") in each such twelve (12) month period to be agreed upon by such Borrower and the applicable L/C Issuer at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, such Borrower shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date (except as set forth in <u>Section 2.03(a)(ii)(B)</u>); <u>provided</u>, <u>however</u>, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of <u>clause (ii)</u> or <u>(iii)</u> of <u>Section 2.03(a)</u> or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Revolving Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Lender or the applicable Borrower that one or more of the applicable conditions specified in <u>Section 4.02</u> is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

&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) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the applicable Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

&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) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall promptly notify the applicable Borrower and the Administrative Agent thereof. In the case of a Letter of Credit denominated in Canadian Dollars, the applicable Borrower shall reimburse the L/C Issuer in Canadian Dollars, unless (A) the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, the applicable Borrower shall have notified the L/C Issuer promptly following receipt of the notice of drawing that such Borrower will reimburse the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in Canadian Dollars, the L/C Issuer shall notify such Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. If a notice of such payment with respect to a Letter of Credit is received by the applicable Borrower (x) on or prior to 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed in Canadian Dollars (each such date, an "<u>Honor Date</u>"), then, not later than 1:00 p.m. on the Honor Date, such Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency or (y) after 11:00 a.m. or the Applicable Time, as the case may be, on the Honor Date, then, not later than 11:00 a.m. on the first Business Day following the Honor Date, such Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency. If the applicable Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in Canadian Dollars) (the "<u>Unreimbursed Amount</u>"), and the amount of such Lender's Applicable Percentage thereof. In such event, such Borrower shall be deemed to have requested a Committed Revolving Borrowing of Base Rate Committed Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in <u>Section 2.02</u> for the principal amount of Base Rate Committed Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments and the conditions set forth in <u>Section 4.02</u> (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this <u>Section 2.03(b)(v)</u> may be given by telephone if immediately confirmed in writing; <u>provided</u> that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

&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) Each Revolving Lender shall upon any notice pursuant to <u>Section 2.03(b)(v)</u> make funds available to the Administrative Agent (and the Administrative Agent may apply Cash Collateral that has been provided for such purpose) for the account of the L/C Issuer, in Dollars, at the Administrative Agent's Office for Dollar-denominated payments in an amount equal to its Applicable Percentage of the Dollar Equivalent of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of <u>Section 2.03(b)(vii)</u>, each Revolving Lender that so makes funds available shall be deemed to have made a Committed Revolving Loan that is a Base Rate Committed Loan to the applicable Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer in Dollars and such funds shall be applied to reimburse the L/C Issuer for the applicable draw under the Letter of Credit.

&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) With respect to any Unreimbursed Amount that is not fully refinanced by a Committed Revolving Borrowing of Base Rate Committed Loans because the conditions set forth in <u>Section 4.02</u> cannot be satisfied or for any other reason, the applicable Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Lender's payment to the Administrative Agent for the account of the L/C Issuer pursuant to <u>Section 2.03(b)(vi)</u> shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this <u>Section 2.03</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;(viii) Until each Revolving Lender funds its Committed Revolving Loan or L/C Advance pursuant to this <u>Section 2.03(b)</u> to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit issued by it, interest in respect of such Lender's Applicable Percentage of such amount shall be solely for the account of the L/C Issuer.

&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) Each Revolving Lender's obligation to make Committed Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this <u>Section 2.03(b)</u>, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, any Borrower, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; <u>provided</u>, <u>however</u>, that each Revolving Lender's obligation to make Committed Revolving Loans pursuant to this <u>Section 2.03(b)</u> is subject to the conditions set forth in <u>Section 4.02</u> (other than delivery by the applicable Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the applicable Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein.

&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) If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this <u>Section 2.03(b)</u> by the time specified in <u>Section 2.03(b)(vi)</u>, then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Revolving Lender pays such amount (with interest and fees as aforesaid), the amount so paid (excluding such interest and fees) shall constitute such Lender's Committed Revolving Loan included in the relevant Committed Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this <u>clause (x)</u> shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Repayment of Participations</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) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender such Lender's L/C Advance in respect of such payment in accordance with <u>Section 2.03(b)</u>, if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the applicable Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender's L/C Advance was outstanding) in Dollars and in the same funds as those received by the Administrative Agent.

&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) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to <u>Section 2.03(b)(v)</u> is required to be returned under any of the circumstances described in <u>Section 10.05</u> (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Revolving Lenders under this <u>clause (c)(ii)</u> shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Obligations Absolute</u>. The applicable Borrower's obligation to reimburse the L/C Issuer for each drawing under each Letter of Credit as provided in <u>Section 2.03(b)</u> and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including 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) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

&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 existence of any claim, counterclaim, setoff, defense or other right that any Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

&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) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&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) honor of a demand for payment presented electronically even if such Letter of Credit required that demand be in the form of a draft;

&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) any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC or the ISP, as applicable;

&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) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

&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) any adverse change in the relevant exchange rates or in the availability of Canadian Dollars to any Borrower or any Subsidiary or in the relevant currency markets generally; 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;(viii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Borrower or any Subsidiary.

The applicable Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with such Borrower's instructions or other irregularity, such Borrower will promptly notify the L/C Issuer. The applicable Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.

None of the Administrative Agent, the Lenders, the L/C Issuer, or any of their Related Parties or any correspondent, participant or assignee of the L/C Issuer shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the applicable L/C Issuer or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from causes beyond the control of the applicable L/C Issuer; <u>provided</u>, <u>however</u>, that anything in such clauses to the contrary notwithstanding, the applicable Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by the L/C Issuer's willful misconduct or gross negligence as determined by a court of competent jurisdiction in a final and non-appealable judgment or the L/C Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit or the L/C Issuer's payment under any Letter of Credit without presentation to it of a draft, certificates and/or other documents that substantially comply with the terms and conditions of the Letter of Credit, except where any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms have enjoined or restrained, or purported to enjoin or restrain, such L/C Issuer from making such payment. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the L/C Issuer, or breach in bad faith or material breach of such L/C Issuer's obligations under this Agreement, in each case as finally determined by a court of competent jurisdiction, the L/C Issuer shall be deemed to have exercised care in each such determination, and that:

&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 L/C Issuer may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with a certified true copy marked as such;

&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 L/C Issuer may accept documents that appear on their face to be in compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in compliance with the terms of such Letter of Credit and without regard to any non-documentary condition in such Letter of Credit;

&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 L/C Issuer shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; 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) this sentence shall establish the standard of care to be exercised by the L/C Issuer when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable Law, any standard of care inconsistent with the foregoing).

Without limiting the foregoing but subject to the first paragraph hereof, none of the Administrative Agent, the Lenders, the L/C Issuer, or any of their Related Parties shall have any liability or responsibility by reason of (A) any presentation that includes forged or fraudulent documents or that is otherwise affected by the fraudulent, bad faith, or illegal conduct of the beneficiary or other Person, (B) the L/C Issuer declining to take-up documents and make payment (1) against documents that are fraudulent, forged, or for other reasons by which that it is entitled not to honor or (2) following a Borrower's waiver of discrepancies with respect to such documents or request for honor of such documents or (C) the L/C Issuer retaining proceeds of a Letter of Credit based on an apparently applicable attachment order, blocking regulation, or third-party claim notified to the L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Role of L/C Issuer</u>. Each Revolving Lender and the Borrowers agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Revolving Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Lenders or the Required Revolving Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The applicable Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; <u>provided</u>, <u>however</u>, that this assumption is not intended to, and shall not, preclude such Borrower's pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Applicability of ISP; Limitation of Liability</u>. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit is issued by it (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each standby Letter of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to any Borrower for, and no L/C Issuer's rights and remedies against any Borrower shall be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Letter of Credit Fees</u>. The Borrowers shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Percentage in Dollars a Letter of Credit fee (the "<u>Letter of Credit Fee</u>") for each Letter of Credit equal to the Applicable Rate times the Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit; <u>provided</u>, <u>however</u>, any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to <u>Section 2.03(a)(iii)</u> shall be payable, to the maximum extent permitted by applicable Law, to the other Revolving Lenders in accordance with the upward adjustments, if any, in their respective Applicable Percentages allocable to such Letter of Credit pursuant to <u>Section 2.18(a)(iv)</u>, with the balance of such fee, if any, retained by the Company, if the Company has provided Cash Collateral in respect of such Defaulting Lender's Fronting Exposure, or if the Company has not provided Cash Collateral in respect of such Fronting Exposure, payable to the L/C Issuer for its own account. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.10</u>. Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first Business Day after the end of each calendar quarter, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer</u>. The applicable Borrower shall pay directly to the L/C Issuer for its own account, in Dollars, a fronting fee per annum with respect to each Letter of Credit issued by it, equal to the greater of (i) the rate per annum of 12.5 basis points of the face amount of the Letter of Credit, in each case computed on the Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit and (ii) $1,500 per annum. The amount of such fronting fees shall be determined on a quarterly basis in arrears, and due and payable on the first Business Day after the end of each calendar quarter, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.10</u>. In addition, the applicable Borrower shall pay directly to the L/C Issuer for its own account, in Dollars, the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit issued by it as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Disbursement Procedures</u>. The L/C Issuer shall, within the time allowed by applicable Laws or the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of Credit. The L/C Issuer shall promptly after such examination notify the Administrative Agent and the applicable Borrower in writing of such demand for payment if the L/C Issuer has made or will make a disbursement or other payment thereunder; <u>provided</u> that any failure to give or delay in giving such notice shall not relieve such Borrower of its obligation to reimburse the L/C Issuer and the Revolving Lenders with respect to any such disbursement or other payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Letters of Credit Issued for Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the applicable Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit. Each Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of such Borrower, and that such Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Outstanding Letters of Credit</u>. The L/C Issuer shall deliver to the Administrative Agent, for distribution to the Revolving Lenders, an accounting of all Letters of Credit outstanding as of the end of each fiscal quarter of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>L/C Issuer Reports to the Administrative Agent</u>. Unless otherwise agreed by the Administrative Agent, each L/C Issuer shall, in addition to its notification obligations set forth elsewhere in this <u>Section 2.03</u>, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent, and in any event not less frequently than the last Business Day of each calendar month) in respect of Letters of Credit issued by such L/C Issuer, including all issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) within five (5) Business Days following the time that such L/C Issuer issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the face amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such L/C Issuer makes any payment under any Letter of Credit, the date and amount of such payment, (iv) on any Business Day on which a Borrower fails to reimburse a payment under a Letter of Credit required to be reimbursed to such L/C Issuer on such day, the date of such failure and the amount of such payment and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such L/C Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04 <u>[Reserved].</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05 <u>[Reserved].</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06 <u>Prepayments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower may, upon notice to the Administrative Agent, at any time or from time to time, voluntarily prepay any Class of Loans in whole or in part without premium or penalty pursuant to this <u>Section 2.06(a)</u>; <u>provided</u> that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) two (2) Business Days (or such shorter period as the Administrative Agent shall agree) prior to any date of prepayment of Term SOFR Loans, (B) on the date of prepayment of Daily SOFR Loans, (C) four (4) Business Days (or such shorter period as the Administrative Agent shall agree) prior to any date of prepayment of Alternative Currency Term Rate Loans and (D) on the date of prepayment of Base Rate Committed Loans; (ii) any prepayment of Term SOFR Loans or Daily SOFR Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof, (iii) any prepayment of Alternative Currency Term Rate Loans shall be in a minimum principal amount the Dollar Equivalent of which is $1,000,000 or a whole multiple of $100,000 in excess thereof; and (iv) any prepayment of Base Rate Committed Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) and Class(es) of Loans to be prepaid and, if Term SOFR Loans or Alternative Currency Term Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each applicable Lender of its receipt of each such notice, and of the amount of such Lender's Applicable Percentage of such prepayment. If such notice is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; <u>provided</u>, <u>however</u>, that a notice of voluntary prepayment may state that such notice is conditioned upon an event, such as the effectiveness of other credit facilities, the receipt of the proceeds from the issuance of Equity Interests or other Indebtedness or the receipt of the proceeds from a Disposition, in which case such notice of prepayment may be revoked by the applicable Borrower if such condition is not satisfied. Any prepayment of any Loan (other than any Base Rate Loan) shall be accompanied by all accrued interest on the amount prepaid, together with, in the case of any Term SOFR Loans and any Alternative Currency Term Rate Loans, any additional amounts required pursuant to <u>Section 3.05</u>. Subject to <u>Section 2.18</u>, each prepayment of Committed Revolving Loans made pursuant to this <u>clause (a)</u> shall be made ratably among the Revolving Lenders in accordance with their respective Applicable Percentages of the Committed Revolving Loans. Each prepayment of Committed Term Loans made pursuant to this <u>clause (a)</u> shall be made ratably among the Term Lenders in accordance with their respective Applicable Percentages of the Committed Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Administrative Agent notifies the Company at any time that (i) the Total Revolving Outstandings at such time exceed an amount equal to 105% of the Aggregate Revolving Commitments then in effect, (ii) the L/C Obligations at such time exceed the Letter of Credit Sublimit then in effect or (iii) the Outstanding Amount of all Revolving Loans denominated in Canadian Dollars at such time exceeds an amount equal to 105% of the Alternative Currency Sublimit then in effect, the Borrowers shall prepay the applicable Revolving Loans and/or the Company shall Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess within one (1) Business Day (or, with respect to <u>clause (iii)</u>, within four (4) Business Days, with respect to Outstanding Amounts denominated in Canadian Dollars) after the Administrative Agent notifies the Company that such a prepayment is required and of the amount thereof; <u>provided</u>, <u>however</u>, that, subject to the provisions of <u>Section 2.17(a)(iv)</u>, the Company shall not be required to Cash Collateralize the L/C Obligations pursuant to this <u>Section 2.06(d)</u> unless after the prepayment in full of the Committed Revolving Loans, the Total Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.07 <u>Termination or Reduction of Commitments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless previously terminated, the Revolving Commitments will terminate on the Revolving Maturity Date. Unless previously terminated, the Term Commitments will terminate on (i) a dollar-for-dollar basis concurrently with any Term Loans made hereunder and (ii) with respect to any unused Term Commitments then in effect, the earlier of (x) the date that is the final day of the Availability Period with respect to the Term Facility and (y) immediately after giving effect to the fifth (5th) Term Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments; <u>provided</u> that (i) any such notice shall be received by the Administrative Agent not later than 12:00 Noon five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not terminate or reduce the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, (A) the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments, (B) the Outstanding Amount of Letters of Credit would exceed the Letter of Credit Sublimit or (C) the Outstanding Amount of all Loans denominated in Canadian Dollars exceeds an amount equal to 105% of the Alternative Currency Sublimit. The amount of any such Aggregate Revolving Commitment reduction shall not be applied to the Alternative Currency Sublimit or the Letter of Credit Sublimit unless otherwise specified by the Company. Any reduction of the Aggregate Revolving Commitments shall be applied to the Revolving Commitment of each Revolving Lender according to its Applicable Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may, upon notice to the Administrative Agent, terminate any unused Term Commitments, or from time to time permanently reduce the unused Term Commitments; <u>provided</u> that (i) any such notice shall be received by the Administrative Agent not later than 12:00 Noon five (5) Business Days prior to the date of termination or reduction and (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof. Any reduction of the unused Term Commitments shall be applied to the Term Commitment of each Term Lender according to its Applicable Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each notice of termination under the foregoing clauses (b) or (c) shall specify such election to terminate and the effective date thereof. The Administrative Agent will promptly notify the applicable Lenders of any such notice of termination or reduction of the Aggregate Revolving Commitments or unused Term Commitments, as applicable. All fees accrued until the effective date of any termination of the Aggregate Revolving Commitments or the unused Term Commitments shall be paid on the effective date of such termination. A notice delivered by the Company pursuant to this <u>Section 2.07</u> may state that such notice is conditioned upon an event, such as the effectiveness of other credit facilities, the receipt of the proceeds from the issuance of Equity Interests or other Indebtedness or the receipt of the proceeds from a Disposition, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08 <u>Repayment.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower shall repay to the Revolving Lenders on the Revolving Maturity Date, unless accelerated sooner pursuant to <u>Section 8.02</u>, the entire outstanding principal balance of all Committed Revolving Loans and all L/C Obligations made to such Borrower, together with accrued but unpaid interest, fees and all other sums with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall repay to the Term Lenders on the Term Loan Maturity Date, unless accelerated sooner pursuant to <u>Section 8.02</u>, the entire outstanding principal balance of all Committed Term Loans, together with accrued but unpaid interest, fees and all other sums with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.09 <u>Interest.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Applicable Interest</u>. Subject to the provisions of <u>Section 2.09(b)</u>, (i) each Term SOFR Loan under a Facility shall bear interest on the outstanding principal amount thereof for each Interest Period applicable thereto at a rate per annum equal to Term SOFR for such Interest Period <u>plus</u> the Applicable Rate for such Facility; (ii) each Daily SOFR Loan under a Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to Daily SOFR <u>plus</u> the Applicable Rate for such Facility; (iii) each Base Rate Loan under a Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate <u>plus</u> the Applicable Rate for such Facility and (iv) each Alternative Currency Term Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Alternative Currency Term Rate plus the Applicable Rate for the Revolving Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Default Interest</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) If any amount of principal of any Loan is not paid when due, whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

&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) If any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

&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) Upon the request of the Required Lenders, while any Event of Default exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Law.

&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) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Interest Payment Date</u>. Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Interest Act (Canada)</u>. For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the "<u>deemed year</u>") that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields. Each Loan Party hereby irrevocably agrees not to plead or assert, whether by way of defense or otherwise, in any proceeding relating to this Agreement and the other Loan Documents, that the interest payable under this Agreement and the calculation thereof has not been adequately disclosed to it, whether pursuant to Section 4 of the Interest Act (Canada) or any other applicable Law or legal principle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 <u>Fees.</u>**

In addition to certain fees described in <u>Sections 2.03(g)</u> and <u>2.03(h)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Facility Fee</u>. The Company shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Percentage of the Aggregate Revolving Commitments, a facility fee in Dollars equal to the Facility Fee Rate <u>times</u> the actual daily amount of the Aggregate Revolving Commitments (or, if the Aggregate Revolving Commitments have terminated, on the Outstanding Amount of all Committed Revolving Loans and L/C Obligations), regardless of usage, subject to adjustment as provided in <u>Section 2.18</u>. The facility fee shall accrue at all times during the Availability Period for the Revolving Facility (and thereafter so long as any Committed Revolving Loans or L/C Obligations remain outstanding), including at any time during which one or more of the conditions in <u>Article IV</u> is not met, and shall be due and payable quarterly in arrears (calculated on a 360-day basis) on the last Business Day of each calendar quarter, commencing with the first such date to occur after the Closing Date, and on the Revolving Maturity Date (and, if applicable, thereafter on demand). The facility fee shall be calculated quarterly in arrears, and if there is any change in the Facility Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the Facility Fee Rate separately for each period during such quarter that such Facility Fee Rate was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Fees</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) The Company shall pay to the Arrangers and the Administrative Agent, as applicable, for their own respective accounts, in Dollars, fees in the amounts and at the times as separately agreed upon in writing between the Company, the applicable Arrangers and the Administrative Agent, as applicable. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever, absent manifest error.

&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 Company shall pay to the Lenders, in Dollars, such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ticking Fee</u>. The Company agrees to pay to the Administrative Agent for the account of each Term Lender with a Term Commitment at such time a ticking fee (the "<u>Ticking Fee</u>") in Dollars, which shall accrue at a rate of 0.15% (15.0 basis points) per annum on the actual daily amount of the undrawn Term Commitment of such Term Lender during the period commencing on [__________], 2026<sup>4</sup> to and including the final day of the Availability Period with respect to the Term Facility. Accrued Ticking Fees shall be due and payable upon the earlier of (a) the date that is the final day of the Availability Period with respect to the Term Facility and (b) the date on which the fifth (5th) Term Borrowing occurs. All Ticking Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 <u>Computation of Interest and Fees.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to Term SOFR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All computations of interest for Alternative Currency Term Rate Loans shall be made on the basis of a 365-day year and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; <u>provided</u> that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.13(a)</u>, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, as a result of any restatement of or other adjustment to the financial statements of the Parent Guarantor or for any other reason, the Company determines, or the Lenders reasonably determine that (i) the Leverage Ratio as calculated by the Company as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period, each Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States or any other Debtor Relief Law, automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This clause (b) shall not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under <u>Section 2.03(i)</u> or <u>2.09(b)</u> or under <u>Article VIII</u>. Each Borrower's obligations under this clause (b) shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 <u>Evidence of Debt.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender to a Borrower made through the Administrative Agent, such Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note with respect to the applicable Facility, which shall evidence such Lender's Loans to such Borrower in addition to such accounts or records. Each Lender may attach schedules to its Note(s) and endorse thereon the date, Type (if applicable), amount, currency and maturity of its Loans and payments with respect thereto.

<sup>4</sup> NTD: Date to be 120 days following the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the accounts and records referred to in <u>Section 2.12(a)</u>, each Revolving Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Revolving Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13 <u>Payments Generally; Administrative Agent's Clawback.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans denominated in Canadian Dollars, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent's Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal of and interest on Loans denominated in Canadian Dollars shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent's Office in Canadian Dollars and in Same Day Funds not later than the Applicable Time specified by the Administrative Agent on the dates specified herein. Without limiting the generality of the foregoing, the Administrative Agent may require that any payments due under this Agreement be made in the United States. If, for any reason, any Borrower is prohibited by any Law from making any required payment hereunder in Canadian Dollars, such Borrower shall make such payment in Dollars in an amount equal to the Dollar Equivalent of the Canadian Dollar payment amount. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender's Lending Office. All payments received by the Administrative Agent (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by the Administrative Agent in the case of payments in Canadian Dollars, shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by any Borrower shall come due on a day other than a Business Day, such due date shall be extended to the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) <u>Funding by Lenders; Presumption by Administrative Agent</u>. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Committed Borrowing of Term SOFR Loans, Daily SOFR Loans or Alternative Currency Term Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Committed Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with <u>Section 2.02</u> (or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by <u>Section 2.02</u>) and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Rate plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by such Borrower, the interest rate applicable to the Loans constituting such Borrowing. If such Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. In the event such Borrower pays such amount to the Administrative Agent, then such amount shall reduce the principal amount of such Borrowing (subject to the last sentence of this paragraph and any applicable provisions of <u>Section 2.18</u>). If such Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender's Committed Loan included in such Committed Borrowing. Any payment by such Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

&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>Payments by the Borrowers; Presumptions by Administrative Agent</u>. Unless the Administrative Agent shall have received notice from any Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due. With respect to any payment that the Administrative Agent makes for the account of the Lenders or the L/C Issuer hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the "<u>Rescindable Amount</u>"): (1) the applicable Borrower has not in fact made such payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by such Borrower (whether or not then owed); or (3) the Administrative Agent has for any reason otherwise erroneously made such payment, then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender or the L/C Issuer, in Same Day Funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate.

A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount owing under this <u>Section 2.13(b)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Satisfy Conditions Precedent</u>. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to any Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Obligations of Lenders Several</u>. The obligations of the Lenders hereunder to make Committed Loans, to fund participations in Letters of Credit and to make payments pursuant to <u>Section 10.04(c)</u> are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under <u>Section 10.04(c)</u> on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under <u>Section 10.04(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Funding Source</u>. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Insufficient Funds</u>. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14 <u>Sharing of Payments by Lenders.</u>**

If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Committed Loans made by it, the participations in L/C Obligations held by it resulting in such Lender's receiving payment of a proportion of the aggregate amount of such Committed Loans or participations and accrued interest thereon greater than its <u>pro rata</u> share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Committed Loans (and, to the extent such Lender is a Revolving Lender, purchase subparticipations in L/C Obligations of the other Revolving Lenders), or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the relevant Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans or such other amounts owing them under the relevant Facilities, as applicable; <u>provided</u> that:

&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) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; 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;(ii) the provisions of this <u>Section 2.14</u> shall not be construed to apply to (x) any payment made by or on behalf of any Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in <u>Section 2.17</u> or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations to any assignee or participant, other than an assignment to the Company or any Subsidiary thereof (as to which the provisions of this <u>Section 2.14</u> shall apply).

Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15 <u>Extension of Revolving Maturity Date.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Requests for Extension</u>. The Company may, by written notice to the Administrative Agent (who shall promptly notify the Revolving Lenders) not earlier than ninety (90) days and not later than thirty (30) days prior to the Revolving Maturity Date then in effect (such date, an "<u>Initial Revolving Maturity Date</u>"), elect that the Revolving Lenders extend the Revolving Maturity Date for an additional six (6) months after such Initial Revolving Maturity Date; <u>provided</u> that the Company may not make more than two (2) such elections pursuant to this <u>Section 2.15</u> during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Confirmation by Administrative Agent</u>. The Administrative Agent shall confirm receipt of the Company's notice delivered pursuant to <u>Section 2.15(a)</u> no later than the date that is fifteen (15) days prior to the applicable Initial Revolving Maturity Date (or, if such date is not a Business Day, on the next preceding Business Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Extension of Revolving Maturity Date</u>. If (and only if) the conditions precedent set forth in <u>Section 2.15(d)</u> have been met, then, effective as of the applicable Initial Revolving Maturity Date, the Revolving Maturity Date shall be extended to the date falling six (6) months after such Initial Revolving Maturity Date (except that, if such date is not a Business Day, such Revolving Maturity Date as so extended shall be the next preceding Business Day). Upon satisfaction of the conditions precedent set forth in <u>Section 2.15(d)</u>, as certified by the Company to the Administrative Agent in writing, the Administrative Agent shall deliver a copy of such certification to each Revolving Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Conditions to Effectiveness of Extensions</u>. As a condition precedent to such extension, (i) the Company shall deliver to the Administrative Agent a certificate of the Company dated as of the applicable Initial Revolving Maturity Date signed by a Responsible Officer (x) certifying and attaching the resolutions adopted by each Borrower approving or consenting to such extension and (y) certifying that (1) the representations and warranties contained in <u>Article V</u> and in the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of such Initial Revolving Maturity Date (other than (i) such representations and warranties which are expressly made only as of the Closing Date and (ii) following the occurrence of the Investment Grade Election Effective Date, the representations and warranties set forth in <u>Section 5.05(c)</u> and <u>Section 5.22</u>, which, following the occurrence of the Investment Grade Election Effective Date, shall be made only as of the last date on which such representations and warranties were made under the Loan Documents prior to the Investment Grade Election Effective Date), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall have been true and correct in all respects) as of such earlier date, and except that for purposes of this <u>Section 2.15</u>, the representations and warranties contained in <u>subsections (a)</u> and <u>(b)</u> of <u>Section 5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to <u>subsections (a)</u> and <u>(b)</u>, respectively, of <u>Section 6.01</u> and (2) as of such Initial Revolving Maturity Date, and immediately after giving effect to such extension, no Default exists and (ii) the Company shall pay to the Revolving Lenders on such Initial Revolving Maturity Date a fee (to be shared among the Revolving Lenders based upon their Applicable Percentages of the Aggregate Revolving Commitments) equal to the product of (x) 0.0625% multiplied by (y) the then Aggregate Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Conflicting Provisions</u>. This <u>Section 2.15</u> shall supersede any provisions in <u>Section 2.02(b)</u>, <u>2.14</u> or <u>10.01</u> to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16 <u>Increase in Revolving Commitments; Incremental Term Loans.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Request for Increase</u>. From time to time, the Company shall have the right to increase the Aggregate Revolving Commitments and/or enter into one or more new tranches (or increasing an existing tranche) of term loans (each, an "<u>Incremental Term Loan</u>"); <u>provided</u> that (i) no Default has occurred and is continuing, (ii) each increase or tranche of Incremental Term Loans must be in a minimum amount of $10,000,000 and in integral multiples of $5,000,000 in excess thereof (or such other amounts as are agreed to by the Company and the Administrative Agent), and (iii) after giving effect to all such Aggregate Revolving Commitment increases, the Term Loans and all such Incremental Term Loans, the sum of the aggregate principal amounts of the Revolving Facility and all such Incremental Term Loans shall not exceed $1,500,000,000. At the time of sending such notice to the Administrative Agent of the exercise of such right, the Company (in consultation with the Administrative Agent) shall specify the Lenders to be approached to provide all or a portion of such increase (subject in each case to any requisite consents required under <u>Section 10.06</u>) and the time period within which each such Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to such Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lender Elections to Increase</u>. Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Revolving Commitment or participate in such tranche, as the case may be, and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase or tranche. Any Lender not responding within such time period shall be deemed to have declined to increase its Revolving Commitment, if any, or participate in such tranche, as the case may be. Any such increase or tranche shall be syndicated on a best efforts basis and no Lender shall be required to increase its Revolving Commitment, if any, or participate in any tranche of Incremental Term Loans to facilitate such increase or tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notification by Administrative Agent; Additional Lenders</u>. The Administrative Agent shall notify the Company and each Lender of the Lenders' responses to each request made hereunder. Subject to the approval of the Administrative Agent and, in the case of an increase to the Aggregate Revolving Commitments, the L/C Issuer (which approvals shall not be unreasonably withheld), the Company may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel (a "<u>New Lender Joinder Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Effective Date and Allocations</u>. If the Aggregate Revolving Commitments are increased or any tranche of Incremental Term Loans is extended in accordance with this <u>Section 2.16</u>, the Administrative Agent and the Company shall determine the effective date (the "<u>Increase Effective Date</u>") and the final allocation of such increase or tranche, as the case may be. The Administrative Agent shall promptly notify the Company and the Lenders of the final allocation of such increase or tranche, as the case may be, and the Increase Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Conditions to Effectiveness of Increase</u>. As a condition precedent to any such increase or tranche, as the case may be:

&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 Company shall deliver to the Administrative Agent a certificate of the Company dated as of the Increase Effective Date signed by a Responsible Officer (A) certifying and attaching the resolutions adopted by each Borrower approving or consenting to such increase or tranche, as the case may be, and (B) certifying that (1) the representations and warranties contained in <u>Article V</u> and in the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of the Increase Effective Date (other than (i) such representations and warranties which are expressly made only as of the Closing Date and (ii) following the occurrence of the Investment Grade Election Effective Date, the representations and warranties set forth in <u>Section 5.05(c)</u> and <u>Section 5.22</u>, which, following the occurrence of the Investment Grade Election Effective Date, shall be made only as of the last date on which such representations and warranties were made under the Loan Documents prior to the Investment Grade Election Effective Date), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall have been true and correct in all respects) as of such earlier date, and except that for purposes of this <u>Section 2.16</u>, the representations and warranties contained in <u>subsections (a)</u> and <u>(b)</u> of <u>Section 5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to <u>clauses (a)</u> and <u>(b)</u>, respectively, of <u>Section 6.01</u>, and (2) as of the Increase Effective Date, and immediately after giving effect to such increase or tranche, as the case may be, no Default or Event of Default exists;

&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) upon the reasonable request of any Lender made at least five (5) days prior to the applicable Increase Effective Date, the Company shall have provided to such Lender the documentation and other information so requested by such Lender that satisfies all requirements of regulatory authorities applicable to such Lender and such Lender's internal policies and procedures in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act and (B) if any Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation it shall have delivered, to each Lender that so requests at least five (5) days prior to the applicable Increase Effective Date, a Beneficial Ownership Certification in relation to such Borrower;

&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) in the case of any tranche of Incremental Term Loans, such Incremental Term Loans (A) shall rank pari passu in right of payment with the Revolving Loans, the Term Loans and any other outstanding Incremental Term Loans, (B) shall not mature earlier than the latest Maturity Date then in effect (but may have amortization prior to such date so long as the weighted average life to maturity of any Incremental Term Loans shall be no shorter than the remaining weighted average life to maturity of any previously funded and then outstanding Incremental Term Loans (if any) at such time) and (C) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans, the Term Loans and any other outstanding Incremental Term Loans; <u>provided</u> that (1) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the latest Maturity Date then in effect may provide for material additional or different financial or other covenants or requirements applicable only during periods after such Maturity Date then in effect, (2) the Incremental Term Loans may be priced differently than the Revolving Loans, the Term Loans and any other outstanding Incremental Term Loans and (3) other terms and conditions applicable to Incremental Term Loans may be materially different from those of the Revolving Loans and the Term Loans to the extent such differences are solely administrative in nature or are terms and conditions reasonably acceptable to the Administrative Agent that customarily apply to syndicated term loan facilities but not revolving credit facilities (as determined in good faith by the board of directors or other equivalent governing body of the Company). Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an "<u>Incremental Term Loan Amendment</u>") of this Agreement and, as appropriate, the other Loan Documents, executed by the Company, each Lender participating in such tranche and the Administrative Agent. The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this <u>Section 2.16</u>; 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) in the case of any increase in the Aggregate Revolving Commitments, the Borrowers shall prepay any Committed Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to <u>Section 3.05</u>) to the extent necessary to keep the outstanding Committed Revolving Loans ratable with any revised Applicable Percentages of the Revolving Lenders arising from any non-ratable increase in the Revolving Commitments under this <u>Section 2.16</u>; 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;(v) the Borrowers shall provide a Note to any Lender increasing its Revolving Commitment or otherwise joining on the Increase Effective Date, if requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Conflicting Provisions</u>. This <u>Section 2.16</u> shall supersede any provisions in <u>Sections 2.14</u> or <u>10.01</u> to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fees</u>. The Company shall pay such fees to the Administrative Agent, for its own account and for the benefit of the Lenders providing such additional Revolving Commitments or participating in such tranche of Incremental Term Loans, as the case may be, as determined at the time of such increase or funding of such tranche of Incremental Term Loans and agreed to by the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Lenders</u>. In connection with any increase of the Aggregate Revolving Commitments or Incremental Term Loans pursuant to this <u>Section 2.16,</u> any new Lender party hereto shall (i) execute such documents and agreements as the Administrative Agent may reasonably request and (ii) in the case of any new Lender that is organized under the laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary for the Administrative Agent to comply with "know your customer" and anti-money laundering rules and regulations, including, without limitation, the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17 <u>Cash Collateral.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certain Credit Support Events</u>. (i) (A) Upon the request of the Administrative Agent or the L/C Issuer (x) if the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (y) if, as of the Letter of Credit Expiration Date, any L/C Obligation (other than in respect of an Extended Letter of Credit) for any reason remains outstanding or (B) upon the request of the Administrative Agent pursuant to <u>Section 8.02</u>, the Company shall, in each case, promptly, and in any event, no later than three (3) Business Days after receipt of such request, Cash Collateralize the then Outstanding Amount of all L/C Obligations.

&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) If at any time that there shall exist a Defaulting Lender under the Revolving Facility, promptly upon the request of the Administrative Agent, the L/C Issuer, the Company shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to <u>Section 2.18(a)(iv)</u> and any Cash Collateral provided by such Defaulting Lender).

&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) In addition, if the Administrative Agent notifies the Company at any time that the Outstanding Amount of all L/C Obligations at such time exceeds 105% of the Letter of Credit Sublimit then in effect, then, within five (5) Business Days after receipt of such notice, the Company shall Cash Collateralize the L/C Obligations in an amount equal to the amount by which the Outstanding Amount of all L/C Obligations exceeds the Letter of Credit Sublimit; <u>provided</u> that Cash Collateral provided pursuant to this <u>Section 2.17(a)(iii)</u> shall be refunded to the Company when the Outstanding Amount of all L/C Obligations is less than 105% of the Letter of Credit Sublimit then in effect.

&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 Administrative Agent may, at any time and from time to time after the initial deposit of Cash Collateral, request that additional Cash Collateral be provided as required in the reasonable judgment of the Administrative Agent in order to protect against the results of exchange rate fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Grant of Security Interest</u>. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, interest bearing deposit accounts at Bank of America. The Company, and to the extent provided by any Revolving Lender, such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Revolving Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section 2.17(c)</u>. If at any time the Administrative Agent reasonably determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Company or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an aggregate amount equal to the excess of (x) the aggregate amount of such applicable Fronting Exposure and obligations, over (y) the total amount of funds or other credit support, if any, then held as Cash Collateral that the Administrative Agent reasonably determines to be free and clear of any such right and claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under or applied pursuant to any of this <u>Section 2.17</u> or <u>Sections 2.02</u>, <u>2.03</u>, <u>2.06</u>, <u>2.18</u> or <u>8.02</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender under the Revolving Facility, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Release</u>. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly (and in any event within two (2) Business Days), together with all interest, if any, that has accrued on such amount, following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by (x) the cure or waiver of the relevant Event of Default in respect of Cash Collateral provided pursuant to <u>Section 8.02</u> and (y) the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section 10.06(b)(vii)</u>)), (ii) as provided in <u>Section 2.17(a)(iii)</u> (solely to the extent described therein) or (iii) the Administrative Agent's good faith determination that there exists excess Cash Collateral; <u>provided</u>, <u>however</u>, (x) that Cash Collateral furnished by or on behalf of the Company (including any interest thereon) shall not be released during the continuance of a Default or an Event of Default (and following application as provided in this <u>Section 2.17</u> may be otherwise applied in accordance with <u>Section 8.03</u> during the continuance of an Event of Default), and (y) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral (including any interest thereon) shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18 <u>Defaulting Lenders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

&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>Waivers and Amendments</u>. That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <u>Section 10.01</u> and in the definitions of "Required Class Lenders", "Required Lenders", "Required Revolving Lenders" and "Required Term Lenders".

&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>Reallocation of Payments</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VIII</u> or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to <u>Section 10.08</u>), shall be applied at such time or times as may be determined by the Administrative Agent as follows: <u>first</u>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; <u>second</u>, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer; <u>third</u>, if so determined by the Administrative Agent or requested by the L/C Issuer, to be held as Cash Collateral for future funding obligations of such Defaulting Lender of any participation in any Letter of Credit; <u>fourth</u>, as the Company may request (so long as no Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; <u>fifth</u>, if so determined by the Administrative Agent and the Company, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans under this Agreement; <u>sixth</u>, to the payment of any amounts owing to the Lenders or the L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the L/C Issuer against such Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; <u>seventh</u>, so long as no Event of Default exists, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the Company against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and <u>eighth</u>, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.18(a)(ii)</u> shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

&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>Certain Fees</u>. Such Defaulting Lender (x) shall not be entitled to receive any facility fee on unfunded amounts pursuant to <u>Section 2.10(a)</u> or any Ticking Fee on unfunded amounts pursuant to <u>Section 2.10(c)</u> for any period during which that Lender is a Defaulting Lender except only to the extent allocable to the sum of (1) the Outstanding Amount of the Committed Revolving Loans funded by it and (2) its Applicable Percentage of the stated amount of Letters of Credit for which it has provided (or is deemed to have provided) Cash Collateral pursuant to <u>Section 2.03(a)(iii)</u>, <u>Section 2.17</u> or <u>Section 2.18(a)(ii)</u>, as applicable (and the applicable Borrower shall (A) be required to pay to the L/C Issuer the amount of such facility fee allocable to its Fronting Exposure arising from such Defaulting Lender (solely to the extent not Cash Collateralized by the Company) and (B) not be required to pay the remaining amount of such facility fee or any Ticking Fee on unfunded amounts pursuant to <u>Section 2.10(c)</u> that otherwise would have been required to have been paid to such Defaulting Lender during such period), and (y) shall be limited in its right to receive Letter of Credit Fees as provided in <u>Section 2.03(g)</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;(iv) <u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. During any period in which there is a Defaulting Lender under the Revolving Facility, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to <u>Section 2.03</u>, the "Applicable Percentage" of each non-Defaulting Lender that is a Revolving Lender shall be computed without giving effect to the Revolving Commitment of such Defaulting Lender; <u>provided</u> that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Event of Default exists; and (ii) the aggregate obligation of each such non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Revolving Commitment of such non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Committed Revolving Loans of such Lender. Subject to <u>Section 10.20</u>, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Company, the Administrative Agent and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders under the applicable Facility and, if such Lender is a Revolving Lender, funded and unfunded participations in Letters of Credit of the other Revolving Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders under the applicable Facility in accordance with their Applicable Percentages of the applicable Facility (without giving effect to <u>Section 2.18(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while such Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that subject to <u>Section 10.20</u> and except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19 <u>Designated Borrowers.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Designated Borrowers</u>. The Company may at any time, upon not less than fifteen (15) Business Days' notice from the Company to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole and reasonable discretion), request to designate any additional Subsidiary of the Company organized under the laws of Canada or any province or territory thereof (an "<u>Applicant Borrower</u>") as a Designated Borrower to receive Revolving Loans hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each Revolving Lender) a duly executed notice and agreement in substantially the form of <u>Exhibit E</u> (a "<u>Designated Borrower Request and Assumption Agreement</u>"). The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the Revolving Facility provided for herein (i) the Administrative Agent and the Revolving Lenders that are to provide Revolving Commitments and/or Revolving Loans in favor of an Applicant Borrower must each agree to such Applicant Borrower becoming a Designated Borrower (such agreement not to be unreasonably withheld, conditioned or delayed), (ii) the Administrative Agent and such Revolving Lenders shall have received such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information (including, without limitation, whether such Applicant Borrower maintains, contributes to, or has or reasonably expects to incur any liability or contingent liability in respect of, a Canadian Defined Benefit Pension Plan), in form, content and scope reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent, and Notes signed by such new Borrowers to the extent any Revolving Lender so requires, and (iii) upon the reasonable request of any Revolving Lender, the Applicant Borrowers shall have provided to such Revolving Lender, and such Revolving Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act and any Applicant Borrower that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered, to each Revolving Lender that so requests, a Beneficial Ownership Certification in relation to such Applicant Borrower (the requirements in clauses (i), (ii) and (iii) hereof, the "<u>Designated Borrower Requirements</u>"). If the Designated Borrower Requirements are met, the Administrative Agent shall send a notice in substantially the form of <u>Exhibit F</u> (a "<u>Designated Borrower Notice</u>") to the Company and the Revolving Lenders specifying the effective date upon which the Applicant Borrower shall constitute a Designated Borrower for purposes hereof, whereupon each of the Revolving Lenders agrees to permit such Designated Borrower to receive Revolving Loans hereunder, on the terms and conditions set forth herein, and each of the parties agrees that such Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement; provided that no Committed Loan Notice or Letter of Credit Application may be submitted by or on behalf of such Designated Borrower until the date five (5) Business Days after such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Obligations</u>. Notwithstanding anything contained to the contrary herein or in any Loan Document (including any Designated Borrower Request and Assumption Agreement), (i) no Designated Borrower shall be obligated with respect to any Obligations of the Company, (ii) the Obligations owed by a Designated Borrower shall be several and not joint with the Obligations of the Company and (iii) no Designated Borrower shall be obligated as a Guarantor Party under <u>Article XII</u> with respect to the Obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Appointment</u>. Each Subsidiary of the Company that is or becomes a "Designated Borrower" pursuant to this <u>Section 2.19</u> hereby irrevocably appoints the Company to act as its agent for all purposes of this Agreement and the other Loan Documents and agrees that (i) the Company may execute such documents on behalf of such Designated Borrower as the Company deems appropriate in its sole discretion and each Designated Borrower shall be obligated by all of the terms of any such document executed on its behalf, (ii) any notice or communication delivered by the Administrative Agent or the Lenders to the Company shall be deemed delivered to each Designated Borrower and (iii) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed by the Company on behalf of each of the Loan Parties.

**Article III**

**Taxes, Yield Protection and Illegality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01 <u>Taxes.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Taxes; <u>provided</u> that, if the applicable Loan Party or the Administrative Agent shall be required by applicable Law to withhold or deduct any Taxes, including both United States federal backup withholding and withholding taxes, from any payment, then (A) such Loan Party or the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to <u>Section 3.01(e)</u>, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this <u>Section 3.01</u>) the Administrative Agent, the applicable Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such withholding or deduction been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Loan Parties</u>. Without limiting the provisions of <u>Section 3.01(a)</u>, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Indemnification</u>. (i) Without limiting the provisions of <u>Section 3.01(a)</u> or <u>3.01(b)</u>, each of the Loan Parties shall, and does hereby, jointly and severally, indemnify the Administrative Agent, each Lender and the L/C Issuer, and shall make payment in respect thereof, within ten (10) Business Days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 3.01</u>) payable or paid by the Administrative Agent, such Lender or any L/C Issuer, as the case may be, or required to be withheld or deducted from a payment to the Administrative Agent, such Lender or any L/C Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, to the extent such Indemnified Taxes or Other Taxes are payable in respect of any payments by or on account of any obligation of the Loan Parties hereunder or under any other Loan Document or otherwise with respect to any Loan Document or activities related thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability delivered to the Company by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.

&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) Without limiting the provisions of <u>Section 3.01(a)</u> or <u>3.01(b)</u>, each Lender and the L/C Issuer shall, and do hereby, indemnify the Loan Parties and the Administrative Agent, and shall make payment in respect thereof, within ten (10) days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and disbursements of any counsel for the Loan Parties and the Administrative Agent) incurred by or asserted against the Administrative Agent by any Governmental Authority as a result of the failure by such Lender or the L/C Issuer, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender or the L/C Issuer, as the case may be, to the Company or the Administrative Agent pursuant to <u>Section 3.01(e)</u>. Each Lender and the L/C Issuer hereby authorize the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this <u>clause (ii)</u>. The agreements in this <u>clause (ii)</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Loan Party to a Governmental Authority, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status of Lenders</u>. (i) Each Lender shall deliver to the Company (with a copy to the Administrative Agent), at the time or times prescribed by applicable Law or reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Law or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Company or the Administrative Agent, as the case may be, to determine (A) whether or not payments made by the Company hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender's entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by the Company pursuant to this Agreement or otherwise to establish such Lender's status for withholding tax purposes in the applicable jurisdictions. Notwithstanding anything to the contrary in the preceding sentence, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 3.01(e)(ii)(A)</u>, <u>Section 3.01(e)(ii)(B)</u> and <u>Section 3.01(e)(ii)(C)</u>) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would materially prejudice the legal or commercial position of such Lender.

&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) Without limiting the generality of the foregoing, with respect to each Borrower that is a U.S. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent executed copies of IRS Form W-9 or such other documentation or information prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine that such Lender is not subject to backup withholding or information reporting requirements; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) duly completed executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable, claiming eligibility for benefits of an income tax treaty to which the United States is a party,

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) duly completed executed copies of IRS Form W-8ECI,

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) duly completed executed copies of IRS Form W-8IMY and all required supporting documentation,

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of IRS Form W-8BEN or W-8BEN-E, as applicable, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>clause (C)</u>, "FATCA" shall include any amendments made to FATCA after the Closing 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) Each Lender shall promptly (A) notify the Company and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Law of any jurisdiction that the Company or the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender.

&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) Each Lender agrees that if any form or certification it previously delivered pursuant to this <u>Section 3.01</u> expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. Unless required by applicable Law, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If the Administrative Agent, any Lender or the L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this <u>Section 3.01</u>, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this <u>Section 3.01</u> with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses and net of any loss or gain realized in the conversion of such funds from or to another currency incurred by the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that each Loan Party, upon the request of the Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority. This <u>Section 3.01(f)</u> shall not be construed to require the Administrative Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person. Notwithstanding anything to the contrary in this <u>Section 3.02(f)</u>, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this <u>Section 3.02(f)</u> if the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Definitions</u>. For purposes of this <u>Section 3.01</u>, the term "applicable Law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02 <u>Illegality.</u>**

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund any Loans (other than Base Rate Loans), or to determine or charge interest rates based upon SOFR, Daily SOFR or Term SOFR or any Loans whose interest is determined by reference to a Relevant Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or Canadian Dollars in the applicable interbank market (each an "<u>Affected Loan</u>"), then (a) such Lender shall promptly give written notice of such circumstances to the Company through the Administrative Agent, which notice shall be withdrawn whenever such circumstances no longer exist, (b) the obligation of such Lender hereunder to make Affected Loans, continue Affected Loans as such and, in the case of Term SOFR Loans and Daily SOFR Loans, to convert a Base Rate Loan to an Affected Loan shall forthwith be suspended and, until such time as it shall no longer be unlawful for such Lender to make or maintain such Affected Loans, such Lender shall then have a commitment only to make a Base Rate Loan when an Affected Loan denominated in Dollars is requested, (c) such Lender's Loans then outstanding as Affected Loans, denominated in Dollars, if any, shall be converted automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law, (d) such Lender's Loans then outstanding as Affected Loans, if any, denominated in Canadian Dollars shall be immediately repaid by the applicable Borrower on the last day of the then current Interest Period with respect thereto (or such earlier date as may be required by any such requirement of Law) together with accrued interest thereon and (e) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to Term SOFR component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Company that the circumstances giving rise to such determination no longer exist. If any such conversion or prepayment of an Affected Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the applicable Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to <u>Section 3.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.03 <u>Inability to Determine Rates.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Sections 3.03(b)</u> and <u>(c)</u>, if in connection with any request for a Term SOFR Loan or an Alternative Currency Term Rate Loan or a conversion of Base Rate Loans to Term SOFR Loans or Daily SOFR Loans or a continuation of any of such Loans, as applicable, or at any time in connection with a Daily SOFR Loan (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (A) no Successor Rate for the Relevant Rate for the applicable Agreed Currency has been determined in accordance with <u>Section 3.03(b)</u> or <u>Section 3.03(c)</u> and the circumstances under <u>clause (i)</u> of <u>Section 3.03(b)</u> or of <u>Section 3.03(c)</u> or the Scheduled Unavailability Date, or the SOFR Scheduled Unavailability Date, has occurred with respect to Term SOFR, Daily SOFR or such Relevant Rate (as applicable) or (B) adequate and reasonable means do not otherwise exist for determining SOFR, Term SOFR, Daily SOFR or the Relevant Rate for the applicable Agreed Currency for any determination date(s) or requested Interest Period, as applicable, with respect to a proposed Term SOFR Loan, Daily SOFR Loan or an Alternative Currency Term Rate Loan or in connection with an existing or proposed Base Rate Loan, or (ii) the Administrative Agent or the Required Revolving Lenders or the Required Term Lenders, as applicable, determine that for any reason that the Relevant Rate with respect to a proposed Loan denominated in an Agreed Currency for any requested Interest Period or determination date(s) does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Company and each such Lender.

Thereafter, (x) the obligation of the Lenders to make or maintain Loans in the affected currencies, as applicable, or to convert Base Rate Loans to Term SOFR Loans or Daily SOFR Loans, shall be suspended in each case to the extent of the affected Term SOFR Loans, Daily SOFR Loans, Alternative Currency Term Rate Loans or Interest Period or determination date(s), as applicable, and (y) in the event of a determination described in the preceding sentence with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in <u>clause (ii)</u> of the first paragraph of this <u>Section 3.03(a)</u>, until the Administrative Agent upon instruction of the Required Revolving Lenders or the Required Term Lenders, as applicable) revokes such notice.

Upon receipt of such notice, (i) the applicable Borrower may revoke any pending request for a Borrowing of, or conversion to Daily SOFR Loans, a Borrowing of, or continuation of, or conversion to Term SOFR Loans, or a Borrowing of, or continuation of Alternative Currency Term Rate Loans to the extent of the affected Daily SOFR Loans, Term SOFR Loans, Alternative Currency Term Rate Loans or Interest Period or determination date(s), as applicable or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of, or conversion to, as applicable, Base Rate Loans denominated in Dollars in the Dollar Equivalent of the amount specified therein and (ii) (A) any outstanding affected Term SOFR Loans and Daily SOFR Loans shall be deemed to have been converted to Base Rate Loans immediately, in the case of Daily SOFR Loans, or at the end of the applicable Interest Period, in the case of Term SOFR Loans, and (B) any outstanding affected Alternative Currency Term Rate Loans, at the Company's election, shall either (1) be converted into a Committed Borrowing of Base Rate Loans denominated in Dollars in the Dollar Equivalent of the amount of such outstanding Alternative Currency Term Rate Loan at the end of the applicable Interest Period or (2) be prepaid in full at the end of the applicable Interest Period; <u>provided</u> that if no election is made by the Company by the last day of the current Interest Period for the applicable Alternative Currency Term Rate Loan, the Company shall be deemed to have elected <u>clause (1)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Replacement of SOFR, Term SOFR or SOFR Successor Rate</u>. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Company or Required Revolving Lenders or the Required Term Lenders, as applicable, notify the Administrative Agent (with, in the case of the Required Revolving Lenders or Required Term Lenders, as applicable, a copy to the Company) that the Company or Required Revolving Lenders or Required Term Lenders (as applicable) have determined, that:

&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) adequate and reasonable means do not exist for ascertaining SOFR or one month, three month and six month interest periods of Term SOFR, including, without limitation, because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; 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;(ii) the Applicable Authority has made a public statement identifying a specific date after which one month, three month and six month interest periods of Term SOFR, the Term SOFR Screen Rate or SOFR shall or will no longer be made available, or permitted to be used for determining the interest rate of U.S. dollar denominated syndicated loans, or shall or will otherwise cease; <u>provided</u> that, at the time of such statement, there is no successor administrator that is reasonably satisfactory to the Administrative Agent, that will continue to provide such interest periods of Term SOFR or SOFR after such specific date (the latest date on which one month, three month and six month interest periods of Term SOFR, SOFR or the Term SOFR Screen Rate are no longer available permanently or indefinitely, the "<u>SOFR Scheduled Unavailability Date</u>");

then, on a date and time determined by the Administrative Agent (any such date, the "<u>SOFR Replacement Date</u>"), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to <u>clause (ii)</u> above, no later than the SOFR Scheduled Unavailability Date, Term SOFR and/or Daily SOFR, as applicable, will be replaced hereunder and under any Loan Document with Daily Simple SOFR for any payment period for interest calculated that can be determined by the Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the "<u>SOFR Successor Rate</u>"<u>)</u>.

If the SOFR Successor Rate is Daily Simple SOFR, all interest payments will be payable on a monthly basis.

Notwithstanding anything to the contrary herein, (i) if the Administrative Agent determines that Daily Simple SOFR is not available on or prior to the SOFR Replacement Date, or (ii) if the events or circumstances of the type described in <u>Section 3.03(b)(i)</u> or <u>(ii)</u> have occurred with respect to the SOFR Successor Rate then in effect, then in each case, the Administrative Agent and the Company may amend this Agreement solely for the purpose of replacing Term SOFR, SOFR or any then current SOFR Successor Rate in accordance with this <u>Section 3.03(b)</u> at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and agented in the United States for such alternative benchmark, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and agented in the United States for such benchmark. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a "<u>SOFR Successor Rate</u>". Any such amendment executed by the Administrative Agent and the Company shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Company unless, prior to such time, Lenders comprising the Required Revolving Lenders or Required Term Lenders, as applicable, have delivered to the Administrative Agent written notice that such Required Revolving Lenders or Required Term Lenders, as applicable, object to such amendment.

This <u>Section 3.03(b)</u> shall supersede any provisions in <u>Section 10.01</u> to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Replacement of Relevant Rate or Successor Rate</u>. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, but subject to the provisions of <u>Section 3.03(b)</u> with respect to the replacement of Term SOFR and SOFR, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Company or Required Revolving Lenders notify the Administrative Agent (with, in the case of the Required Revolving Lenders, a copy to the Company) that the Company or Required Revolving Lenders (as applicable) have determined, that:

&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) adequate and reasonable means do not exist for ascertaining the Relevant Rate for Canadian Dollars because none of the tenors of such Relevant Rate under this Agreement is available or published on a current basis, and such circumstances are unlikely to be temporary; 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;(ii) the Applicable Authority has made a public statement identifying a specific date after which all tenors of the Relevant Rate for Canadian Dollars under this Agreement shall or will no longer be representative or made available, or permitted to be used for determining the interest rate of syndicated loans denominated in Canadian Dollars, or shall or will otherwise cease, *provided* that, in each case, at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent that will continue to provide such representative tenor(s) of the Relevant Rate for Canadian Dollars (the latest date on which all tenors of the Relevant Rate for Canadian Dollars under this Agreement are no longer representative or available permanently or indefinitely, the "<u>Scheduled Unavailability Date</u>");

then, the Administrative Agent and the Company may amend this Agreement solely for the purpose of replacing the Relevant Rate for Canadian Dollars or any then current Successor Rate for Canadian Dollars in accordance with this <u>Section 3.03(c)</u> with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar credit facilities syndicated and agented in the United States and denominated in Canadian Dollars for such alternative benchmarks, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar credit facilities syndicated and agented in the United States and denominated in Canadian Dollars for such benchmarks (and any such proposed rate, including for the avoidance of doubt, any adjustment thereto, a "<u>Non-SOFR Successor Rate</u>", and collectively with the SOFR Successor Rate, each a "<u>Successor Rate</u>"). Any such amendment executed by the Administrative Agent and the Company shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Company unless, prior to such time, Lenders comprising the Required Revolving Lenders have delivered to the Administrative Agent written notice that such Required Revolving Lenders object to such amendment.

This <u>Section 3.03(c)</u> shall supersede any provisions in <u>Section 10.01</u> to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Successor Rate</u>. The Administrative Agent will promptly (in one or more notices) notify the Company and each Lender of the implementation of any Successor Rate.

Any Successor Rate shall be applied in a manner consistent with market practice; <u>provided</u> that to the extent such market practice is not administratively feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than 0.00%, the Successor Rate will be deemed to be 0.00% for the purposes of this Agreement and the other Loan Documents.

In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; <u>provided</u> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Company and the Lenders reasonably promptly after such amendment becomes effective.

This <u>Section 3.03(d)</u> shall supersede any provisions in <u>Section 10.01</u> to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04 <u>Increased Costs.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Increased Costs Generally</u>. If any Change in Law shall:

&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) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, the Administrative Agent, any Lender or the L/C Issuer;

&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) subject the Administrative Agent, any Lender or the L/C Issuer to any Tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Term SOFR Loan, Daily SOFR Loan, or Alternative Currency Term Rate Loan made by it, or change the basis of taxation of payments to the Administrative Agent, such Lender or the L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by <u>Section 3.01</u> and the imposition of, or any change in the rate of, any Excluded Tax); 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) impose on the Administrative Agent, any Lender or the L/C Issuer or any applicable interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement, Term SOFR Loans, Daily SOFR Loans, or Alternative Currency Term Rate Loans made by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to the Administrative Agent or such Lender of making, maintaining, converting to or continuing any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to the Administrative Agent, such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by the Administrative Agent, such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of the Administrative Agent, such Lender or the L/C Issuer, the Company will pay (or cause the applicable Designated Borrower to pay) to the Administrative Agent, such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate the Administrative Agent, such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Capital Requirements</u>. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender's or the L/C Issuer's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's or the L/C Issuer's capital or on the capital of such Lender's or the L/C Issuer's holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender's or the L/C Issuer's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or the L/C Issuer's policies and the policies of such Lender's or the L/C Issuer's holding company with respect to capital adequacy and liquidity), then from time to time the Company will pay (or cause the applicable Designated Borrower to pay) to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender's or the L/C Issuer's holding company for any such reduction suffered. The Company shall not be required to pay such additional amounts unless such amounts are the result of requirements imposed generally on lenders similar to such Lender or such L/C Issuer and not the result of some specific reserve or similar requirement imposed on such Lender or such L/C Issuer as a result of such Lender's or such L/C Issuer's special circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certificates for Reimbursement</u>. A certificate of the Administrative Agent, a Lender or the L/C Issuer setting forth in reasonable detail the basis for and calculation of the amount or amounts necessary to compensate the Administrative Agent, such Lender or the L/C Issuer or its holding company, as the case may be, as specified in <u>Section 3.04(a)</u> or <u>3.04(b)</u> and delivered to the Company, in detail sufficient to enable the Company to verify the computation thereof, shall be conclusive absent manifest error. The Company shall pay the Administrative Agent, such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. Any amounts requested to be payable pursuant to this <u>Section 3.04</u> shall be requested in good faith (and not on an arbitrary and capricious basis) and consistent with similarly situated customers of the Administrative Agent, the applicable Lender or L/C Issuer after consideration of factors as the Administrative Agent, such Lender or L/C Issuer, as the case may be, then reasonably determines to be relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delay in Requests</u>. Failure or delay on the part of the Administrative Agent, any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this <u>Section 3.04</u> shall not constitute a waiver of the Administrative Agent, such Lender's or the L/C Issuer's right to demand such compensation; <u>provided</u> that no Borrower shall be required to compensate the Administrative Agent, a Lender or the L/C Issuer pursuant to the foregoing provisions of this <u>Section 3.04</u> for any increased costs incurred or reductions suffered more than six (6) months prior to the date that the Administrative Agent, such Lender or the L/C Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of the Administrative Agent's, such Lender's or the L/C Issuer's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The provisions set forth in <u>Sections 3.04(a)</u> and <u>(b)</u> above shall not apply to the extent any increased cost is already compensated for by payment made by or on behalf of the applicable Borrower pursuant to <u>Section 3.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.05 <u>Compensation for Losses.</u>**

Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Company shall promptly compensate (or cause the applicable Designated Borrower to compensate) such Lender for and hold such Lender harmless from any loss, cost or expense (other than loss of anticipated profits) incurred by it as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan or a Daily SOFR Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the Company or the applicable Designated Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan or a Daily SOFR Loan on the date or in the amount notified by the Company or the applicable Designated Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure by any Borrower to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated in Canadian Dollars on its scheduled due date or any payment thereof in a different currency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any assignment of a Term SOFR Loan or an Alternative Currency Term Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by any Borrower pursuant to <u>Section 10.13</u>.

The Company shall also pay (or cause the applicable Designated Borrower to pay) any customary administrative fees charged by such Lender in connection with the foregoing, including, without limitation, any loss or expense arising from the termination of any foreign exchange contract.

For purposes of calculating amounts payable by the Company (or the applicable Designated Borrower) to the Lenders under this <u>Section 3.05</u>, each Lender shall be deemed to have funded each Term SOFR Loan or Alternative Currency Term Rate Loan, as applicable, made by it at Term SOFR or the applicable Alternative Currency Term Rate, as applicable, for such Loan by a matching deposit or other borrowing in the applicable interbank market for the relevant currency for a comparable amount and for a comparable period, whether or not such Term SOFR Loan or Alternative Currency Term Rate Loan, as applicable, was in fact so funded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.06 <u>Mitigation Obligations; Replacement of Lenders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section 3.04</u>, or a Borrower is required to pay any additional amount to any Lender, the L/C Issuer or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to <u>Section 3.01</u>, or if any Lender gives a notice pursuant to <u>Section 3.02</u>, then such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 3.01</u> or <u>3.04</u>, as the case may be, in the future, or eliminate the need for the notice pursuant to <u>Section 3.02</u>, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Company hereby agrees to pay (or cause the applicable Designated Borrower to pay) all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Replacement of Lenders</u>. If any Lender requests compensation under <u>Section 3.04</u>, or if a Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 3.01</u>, or if any Lender's obligation to make, continue or convert to Affected Loans is suspended pursuant to <u>Section 3.02</u>, the Company may replace such Lender in accordance with <u>Section 10.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.07 <u>Survival.</u>**

All of the Borrowers' obligations under this <u>Article III</u> shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder and resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or L/C Issuer.

**Article IV**

**Conditions Precedent to Credit Extensions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01 <u>Conditions of Initial Credit Extension.</u>**

The effectiveness of this Agreement and the obligation of the L/C Issuer and of each Lender to make its initial Credit Extension hereunder on the Closing Date, if any, are subject to satisfaction or waiver of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent's receipt of the following, each of which shall be originals or facsimile or electronic copies (followed promptly by originals from the applicable Loan Parties in the case of <u>clauses (i)</u> and <u>(ii)</u> below or as otherwise reasonably requested by the Administrative Agent), each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent:

&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) executed counterparts of this Agreement, executed and delivered by the Administrative Agent, the Loan Parties and each Lender listed on <u>Schedule 2.01</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;(ii) (x) a Revolving Note executed by the Borrowers in favor of each Revolving Lender requesting a Revolving Note and (y) a Term Note executed by the Company in favor of each Term Lender requesting a Term Note;

&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) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents;

&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) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in its jurisdiction of organization and in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;

&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) favorable opinions of Latham & Watkins LLP and Ballard Spahr LLP, counsels to the Loan Parties, addressed to the Administrative Agent and each Lender;

&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) a certificate signed by a Responsible Officer of the Company certifying that:

&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;(A) the conditions specified in clauses (d) and (e) of this <u>Section 4.01</u> have been satisfied;

&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;(B) as of the Closing Date, after giving pro forma effect to the IPO Transactions and to any Revolving Loans and Term Loans made on the Closing 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;&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) the fair value of the assets of the Parent Guarantor and its Subsidiaries, taken as a whole, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Parent Guarantor and its Subsidiaries, taken as a whole, will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and mature; and (c) no Borrower will have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted following the Closing 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;&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) no circumstance or condition exists that has had as of the Closing Date, or would reasonably be expected, either individually or in the aggregate, to have on or after the Closing Date, a Material Adverse Effect; 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;&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) no action, suit, investigation or proceeding is pending or, to the knowledge of any Loan Party, is threatened in any court or before any arbitrator or Governmental Authority related to the Facilities or that would reasonably be expected to have a Material Adverse Effect; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the IPO shall have been consummated or shall be consummated prior to or substantially contemporaneously with the initial closing under the Facilities; 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;(vii) a duly completed Compliance Certificate signed by a Responsible Officer of the Company certifying that as of December 31, 2025, the Company was in pro forma compliance (giving effect to any Revolving Loans and Term Loans made on the Closing Date and the IPO Transactions) with the financial covenants contained in <u>Section 7.10</u> (the "<u>Closing Compliance Certificate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fees required to be paid by the Loan Parties on or prior to the Closing Date pursuant to the Loan Documents and all expenses required to be reimbursed by the Loan Parties on or prior to the Closing Date pursuant to the Loan Documents shall have been paid; <u>provided</u> that invoices for such expenses have been presented to the Loan Parties a reasonable period of time (and in any event not less than one (1) Business Day) prior to the Closing Date (including, unless waived by the Administrative Agent, all reasonable, documented, out-of-pocket fees, charges and disbursements of counsel to the Administrative Agent, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (<u>provided</u> that such estimate shall not thereafter preclude a final settling of accounts between the Company and the Administrative Agent)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Upon the reasonable request of any Lender made in writing at least ten (10) Business Days prior to the Closing Date, the Company shall have provided to such Lender the documentation and other information so requested by such Lender that satisfies all requirements of regulatory authorities applicable to such Lender and such Lender's internal policies and procedures in connection with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act and, solely to the extent of any Designated Borrower, the Canadian AML Acts, in each case at least five (5) Business Days prior to the Closing Date and (ii) at least five (5) Business Days prior to the Closing Date, if any Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation it shall have delivered, to each Lender that so requests at least ten (10) Business Days prior to the Closing Date, a Beneficial Ownership Certification in relation to such Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The representations and warranties of the Loan Parties contained in <u>Article V</u> and any other Loan Document executed on the Closing Date, or which are contained in any document, certificate or other writing executed by a Responsible Officer and required to be furnished hereunder on or prior to the Closing Date, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of the Closing Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Default or Event of Default shall exist on the Closing Date or would result from any Credit Extension hereunder on the Closing Date or from the application of the proceeds thereof.

Without limiting the generality of the provisions of the last paragraph of <u>Section 9.03</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, (i) this Agreement and each other document to which it is a party or which it has reviewed or (ii) any other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02 <u>Conditions to All Credit Extensions.</u>**

The obligation of each Lender to honor any Request for Credit Extension (other than (x) the initial extensions of credit on the Closing Date and (y) a Committed Loan Notice requesting only a conversion of Loans to another Type, or a continuation of Term SOFR Loans or Alternative Currency Term Rate Loans) is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of the Loan Parties contained in <u>Article V</u> and any other Loan Document, or which are contained in any document, certificate or other writing executed by a Responsible Officer and required to be furnished hereunder, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such Credit Extension (other than (i) such representations and warranties which are expressly made only as of the Closing Date and (ii) following the occurrence of the Investment Grade Election Effective Date, the representations and warranties set forth in <u>Section 5.05(c)</u> and <u>Section 5.22</u>, which, following the occurrence of the Investment Grade Election Effective Date, shall be made only as of the last date on which such representations and warranties were made under the Loan Documents prior to the Investment Grade Election Effective Date), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) as of such earlier date, and except that for purposes of this <u>Section 4.02</u>, the representations and warranties contained in <u>subsections (a)</u> and <u>(b)</u> of <u>Section 5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to <u>clauses (a)</u> and <u>(b)</u>, respectively, of <u>Section 6.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default or Event of Default shall exist on the date of such Credit Extension, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent and, if applicable, the L/C Issuer shall have received a Request for Credit Extension in accordance with the requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of a Credit Extension to be denominated in Canadian Dollars, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which, in the reasonable opinion of the Administrative Agent, the Required Revolving Lenders (in the case of any Loans to be denominated in Canadian Dollars) or the L/C Issuer (in the case of any Letter of Credit to be denominated in Canadian Dollars), would make it impracticable for such Credit Extension to be denominated in Canadian Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the applicable Borrower is a Designated Borrower, then the conditions of <u>Section 2.19</u> to the designation of such Borrower as a Designated Borrower shall have been met.

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to another Type or a continuation of Term SOFR Loans or Alternative Currency Term Rate Loans) submitted by a Borrower shall be deemed to be a representation and warranty by such Borrower that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied on and as of the date of the applicable Credit Extension.

**Article V**

**Representations and Warranties**

Each Loan Party represents and warrants to the Administrative Agent and the Lenders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01 <u>Existence, Qualification and Power.</u>**

Each Loan Party and each of its Subsidiaries (a) is duly organized or formed, validly existing and, where applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party and (c) is duly qualified to do business and, where applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in <u>clause (a)</u> (other than with respect to any Loan Party or any Material Subsidiary), <u>clause (b)(i)</u> or <u>clause (c)</u>, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02 <u>Authorization; No Contravention.</u>**

The execution, delivery and performance by each Loan Party of each Loan Document to which it is party has been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Loan Party's Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Loan Party is party or affecting such Loan Party or the properties of such Loan Party or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject; or (c) violate any Law; except in each case referred to in <u>clause (b)</u> or <u>(c)</u>, to the extent such conflict, breach, contravention or violation, or creation of any such Lien or required payment, could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03 <u>Governmental Authorization; Other Consents.</u>**

No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, except for such approvals, consents, exemptions, authorizations or other actions or notices or filings which have already been completed or obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04 <u>Binding Effect.</u>**

This Agreement has been, and each other Loan Document to which each Loan Party is a party, when delivered hereunder, will have been, duly executed and delivered by such Loan Party. This Agreement constitutes, and each other Loan Document to which each Loan Party is a party when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors' rights generally and except that the remedy of specific performance and other equitable remedies are subject to judicial discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05 <u>Financial Statements; No Material Adverse Effect.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Combined Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the consolidated financial condition of the Parent Guarantor and its Subsidiaries (assuming that the transactions required to effectuate the IPO shall have occurred) as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other material liabilities, direct or contingent, of the Parent Guarantor and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and material Indebtedness, in each case, to the extent required by GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the delivery thereof pursuant to <u>Section 6.01(b)</u>, the unaudited consolidated balance sheet of the Parent Guarantor and its Subsidiaries for the fiscal quarter ended June 30, 2026, and the related unaudited consolidated statements of income or operations, shareholders' equity and cash flows for the fiscal quarter ended on such date, (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein or as otherwise permitted pursuant to <u>Section 1.03</u>, (ii) fairly present the consolidated financial condition of the Parent Guarantor and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of <u>clauses (i)</u> and <u>(ii)</u>, to the absence of footnotes and to normal year-end audit adjustments and (iii) show all material indebtedness and other material liabilities, direct or contingent, of the Parent Guarantor and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and material Indebtedness, in each case, to the extent required by GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since the Closing Date, there has been no event or condition, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06 <u>Litigation.</u>**

There are no actions, suits, proceedings, claims, investigations or disputes pending or, to the knowledge of any Loan Party, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of their respective Subsidiaries or against any of their properties or revenues that (a) affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.07 <u>No Default.</u>**

No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.08 <u>Ownership of Property and Valid Leasehold Interests; Liens.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Loan Parties and each of their respective Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title or valid leasehold interests as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The property of each Loan Party and each of its Subsidiaries is subject to no Liens, other than Liens permitted by <u>Section 7.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.09 <u>Environmental Compliance.</u>**

There are no existing violations of Environmental Laws by any Loan Party or any Subsidiary or claims against any Loan Party or any Subsidiary alleging potential liability under, or responsibility for the violation of, any Environmental Law that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 <u>Insurance.</u>**

Each Loan Party and each of its Subsidiaries maintain or require the tenants or managers of their owned properties to maintain insurance that complies with the requirements set forth in <u>Section 6.07</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 <u>Taxes.</u>**

Each Loan Party and its Subsidiaries have filed all Federal, state, provincial, territorial and other material tax returns and reports required to be filed, and have paid all Federal, state, provincial, territorial and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except (a) those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person, or (b) where the failure to take any of the foregoing actions could not reasonably be expected to cause, individually or in the aggregate, a Material Adverse Effect. To the knowledge of any Loan Party, there is no proposed tax assessment against such Loan Party or any Subsidiary that would, if made, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12 <u>ERISA, etc. Compliance.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Plan is in compliance with the applicable provisions of ERISA, the Code and other Federal or state Laws, except for any such failures to comply as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination or opinion letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge of any Loan Party, nothing has occurred that could reasonably be expected to prevent, or cause the loss of, such qualification. Each Loan Party and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no pending or, to the knowledge of any Loan Party, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) no Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) no Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) no Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA; except in each case referred to in <u>clauses (i)</u> through <u>(v)</u>, to the extent that any such event, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the Closing Date, no Borrower is and no Borrower will be (i) an employee benefit plan subject to Title I of ERISA, (ii) a plan or account subject to Section 4975 of the Code, (iii) using "plan assets" (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments or (iv) a "governmental plan" within the meaning of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Canadian Pension Plan of a Designated Borrower or Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof (i) is in compliance in all material respects with the applicable provisions of all Applicable Laws except for any such failures to comply as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect and (ii) has received a confirmation of registration from the Canada Revenue Agency if applicable and, to the knowledge of any Loan Party, nothing has occurred that could reasonably be expected to prevent, or cause the loss of, such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no pending or, to the knowledge of any Designated Borrower or Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Canadian Pension Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Canadian Pension Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13 <u>Margin Regulations; Investment Company Act; REIT Status.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Loan Party is engaged and no Loan Party will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Loan Party is, and no Loan Party is required to be, registered as an "investment company" under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Guarantor meets all requirements to qualify as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14 <u>Disclosure.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No report, financial statement, certificate or other information furnished in writing by or on behalf of any Loan Party or any of its Subsidiaries to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as and when furnished and as modified or supplemented by other information so furnished), together with all such information previously provided and when taken as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made (together with all such information previously provided and when taken as a whole), not materially misleading; <u>provided</u>, <u>however</u>, that it is understood that no Loan Party makes any representation or warranty with respect to any general economic or specific industry information, any projections, pro forma financial information, financial estimates, forecasts and forward-looking information, except that, with respect to projected financial information concerning the Loan Parties and their respective Subsidiaries furnished in writing by or on behalf of the Company to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document, each Loan Party represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time such information was prepared. It is further understood that (i) any projected financial information furnished to the Administrative Agent or any Lender is not to be viewed as facts, is not a guarantee of future performance and is subject to significant uncertainties and contingencies, many of which are beyond a Loan Party's control, (ii) no assurance is given by such Loan Party that such projections will be realized and (iii) the actual results may differ from such projections and such differences may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Closing Date, the information included in the Beneficial Ownership Certification delivered to the Administrative Agent and/or any Lender pursuant to <u>Section 4.01(c)</u>, if applicable, is true and correct in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15 <u>Compliance with Laws.</u>**

Each of the Loan Parties and each Subsidiary is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16 <u>Intellectual Property; Licenses, Etc.</u>**

Each Loan Party and each of its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, "<u>IP Rights</u>") that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person, except to the extent failure to do so could not reasonably be expected to have a Material Adverse Effect; <u>provided</u> that the foregoing is not a representation or warranty with respect to infringement or other violation of the IP Rights of any other Person (which is addressed in the following sentence of this <u>Section 5.16</u>). To the knowledge of any Loan Party, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by such Loan Party or any Subsidiary infringes upon any rights held by any other Person to an extent that such infringement could reasonably be expected to result in a Material Adverse Effect. No claim or litigation regarding any of the foregoing is pending against any Loan Party or any of its Subsidiaries or, to the knowledge of any Loan Party, threatened against such Loan Party or any of its Subsidiaries, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17 <u>Use of Proceeds.</u>**

The proceeds of the Loans hereunder will be used solely for the purposes specified in <u>Section 6.11</u>. No proceeds of the Loans hereunder will be used for the acquisition of another Person unless the board of directors (or other comparable governing body) or stockholders (or other equity owners), as appropriate, of such other Person has approved such acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18 <u>Taxpayer Identification Number.</u>**

Each Loan Party's true and correct U.S. taxpayer identification number is set forth on <u>Schedule 10.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19 <u>Sanctions.</u>**

None of the Loan Parties, any Subsidiary of the Loan Parties or, to the knowledge of the chief executive officer, chief financial officer or general counsel of any Loan Party, any director, officer or employee thereof is an individual or entity that is currently (i) the subject of any Sanctions or in violation of any Sanctions or (ii) located, organized or resident in a Designated Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20 <u>Affected Financial Institution.</u>**

No Loan Party is an Affected Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.21 <u>Anti-Corruption Laws.</u>**

Each Loan Party and each of its Subsidiaries (a) have conducted their businesses for the past two years (or if any Loan Party or Subsidiary was formed within the past two years, for the duration of such Loan Party's or Subsidiary's existence) and, to the knowledge of the chief executive officer, chief financial officer, chief operating officer (if any) or general counsel of such Loan Party, their respective directors, officers, agents and employees are, in each case, in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977, the Corruption of Foreign Public Officials Act (Canada) solely to the extent of a Designated Borrower, the UK Bribery Act 2010, and other similar applicable anti-money-laundering and anti-corruption legislation in other applicable jurisdictions, in any such case of the foregoing, to the extent applicable to, and binding on, the Loan Parties and their Subsidiaries (collectively, "<u>Anti-Corruption Laws</u>"), and (b) have instituted and maintain policies and procedures reasonably designed to promote and achieve compliance by each Loan Party, its Subsidiaries and, to the knowledge of the chief executive officer, chief financial officer, chief operating officer (if any) or general counsel of such Loan Party, their respective directors, officers, agents and employees with applicable Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.22 <u>Solvency.</u>**

As of the Closing Date, immediately after giving effect to the initial Credit Extensions (if any) made on the Closing Date and the IPO Transactions, (a) the fair value of the assets of the Parent Guarantor and its Subsidiaries, taken as a whole, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Parent Guarantor and its Subsidiaries, taken as a whole, will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and mature; and (c) no Borrower will have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted following the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.23 <u>Subsidiaries.</u>**

As of the Closing Date, the Parent Guarantor has no Subsidiaries other than those specifically disclosed on <u>Schedule 5.23</u>, and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by a Loan Party in the amounts specified on <u>Schedule 5.23</u> free and clear of all Liens other than Permitted Specified Liens. <u>Schedule 5.23</u> identifies each Guarantor Party as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.24 <u>Designated Borrowers.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Designated Borrower is subject to civil and commercial Laws with respect to its obligations under this Agreement and the other Loan Documents to which it is a party (collectively as to such Designated Borrower, the "<u>Applicable Designated Borrower Documents</u>"), and the execution, delivery and performance by such Designated Borrower of the Applicable Designated Borrower Documents constitute and will constitute private and commercial acts and not public or governmental acts. Neither such Designated Borrower nor any of its property has any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of the jurisdiction in which such Designated Borrower is organized and existing in respect of its obligations under the Applicable Designated Borrower Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Applicable Designated Borrower Documents are in proper legal form under the Laws of the jurisdiction in which each Designated Borrower is organized and existing for the enforcement thereof against such Designated Borrower under the Laws of such jurisdiction, and to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Designated Borrower Documents. It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Designated Borrower Documents that the Applicable Designated Borrower Documents be filed, registered or recorded with, or executed or notarized before, any court or other authority in the jurisdiction in which such Designated Borrower is organized and existing or that any registration charge or stamp or similar tax be paid on or in respect of the Applicable Designated Borrower Documents or any other document, except for (i) any such filing, registration, recording, execution or notarization as has been made or is not required to be made until the Applicable Designated Borrower Document or any other document is sought to be enforced and (ii) any charge or tax as has been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed by any Governmental Authority in or of the jurisdiction in which any Designated Borrower is organized and existing either (i) on or by virtue of the execution or delivery of the Applicable Designated Borrower Documents or (ii) on any payment to be made by such Designated Borrower pursuant to the Applicable Designated Borrower Documents, except as has been disclosed to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance of the Applicable Designated Borrower Documents executed by such Designated Borrower are, under applicable foreign exchange control regulations of the jurisdiction in which such Designated Borrower is organized and existing, not subject to any notification or authorization except (i) such as have been made or obtained or (ii) such as cannot be made or obtained until a later date (provided that any notification or authorization described in clause (ii) shall be made or obtained as soon as is reasonably practicable).

**Article VI**

**Affirmative Covenants**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent Obligations that are not then due and payable), or any Letter of Credit shall remain outstanding, each Loan Party shall, and shall (except in the case of the covenants set forth in <u>Sections 6.01</u>, <u>6.02</u>, <u>6.03</u> and <u>6.12</u>) cause each of its Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01 <u>Financial Statements.</u>**

Deliver to the Administrative Agent (for distribution to each Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as available, but in any event within five (5) Business Days following the date the Parent Guarantor is required to file its Form 10-K with the SEC (without giving effect to any extension of such due date, whether obtained by filing the notification permitted by Rule 12b-25 or any successor provision thereto or otherwise) (commencing with the fiscal year ending December 31, 2026), a consolidated balance sheet of the Group as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders' equity and cash flows for such fiscal year, setting forth, commencing with the fiscal year ending December 31, 2027, in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and applicable securities laws and shall not be subject to any "going concern" or like qualification or exception or any qualification or exception as to the scope of such audit (<u>provided</u> that, to the extent the components of such consolidated financial statements relating to a prior fiscal period are separately audited by different independent public accounting firms, the audit report of any such accounting firm may contain a qualification or exception as to scope of such consolidated financial statements as they relate to such components); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as available, but in any event within five (5) Business Days following the date the Parent Guarantor is required to file its Form 10-Q with the SEC (without giving effect to any extension of such due date, whether obtained by filing the notification permitted by Rule 12b-25 or any successor provision thereto or otherwise) (commencing with the fiscal quarter ending June 30, 2026), an unaudited consolidated balance sheet of the Group as at the end of such fiscal quarter, and the related unaudited consolidated statements of income or operations for such fiscal quarter and for the portion of the Parent Guarantor's fiscal year then ended, and an unaudited statement of cash flow for the portion of the Parent Guarantor's fiscal year then ended setting forth, commencing with the fiscal quarter ending June 30, 2027, in each case in comparative form the figures for the corresponding date of the previous fiscal year or the corresponding portion of the previous fiscal year, as applicable, all in reasonable detail, such consolidated statements to be certified by a Responsible Officer as fairly presenting the consolidated financial condition of the Group as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes.

As to any information contained in materials furnished pursuant to <u>Section 6.02(d)</u>, the Company shall not be separately required to furnish such information under <u>clause (a)</u> or <u>(b)</u> above, but the foregoing shall not be in derogation of the obligation of the Company to furnish the information and materials described in <u>clauses (a)</u> and <u>(b)</u> above at the times specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.02 <u>Certificates; Other Information.</u>**

Deliver to the Administrative Agent (for distribution to each Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) concurrently with the delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u> (commencing with the delivery of the financial statements for the fiscal quarter ending June 30, 2026), a duly completed Compliance Certificate signed by a Responsible Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after any request by the Administrative Agent, copies of any management letters submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by independent accountants in connection with an audit of the accounts of the Loan Parties and their respective Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of any Loan Party, and copies of all annual, regular, periodic and special reports and registration statements which such Loan Party may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation by such agency regarding financial or other operational results of such Loan Party or any Subsidiary thereof, other than ordinary course or routine notices, correspondence, inquiries, examinations or audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly following any written request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, the Canadian AML Acts with respect to any Designated Borrower, and the Beneficial Ownership Regulation (to the extent any Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation and has provided a Beneficial Ownership Certification to any Lender or the Administrative Agent in connection with this Agreement as required by the Beneficial Ownership Regulation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly following the execution thereof, copies of any notice of termination of, material amendments or other material modifications to the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promptly, such additional information regarding the business, financial or corporate affairs of any Loan Party or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent may from time to time reasonably request.

Documents required to be delivered pursuant to <u>Section 6.01(a)</u> or <u>(b)</u> or <u>Section 6.02(d)</u> (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company or the Parent Guarantor posts such documents, or provides a link thereto on the Company's or the Parent Guarantor's website on the Internet at the website address listed on <u>Schedule 10.02</u>; or (ii) on which such documents are posted on the Company's or the Parent Guarantor's behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); <u>provided</u> that the Company shall notify the Administrative Agent (by facsimile or electronic mail), which shall notify each Lender, of the posting of any such documents and, upon request, provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company or the Parent Guarantor with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

Each Loan Party hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of any Loan Party hereunder (collectively, "<u>Borrower Materials</u>") by posting the Borrower Materials on IntraLinks or another similar electronic transmission system (the "<u>Platform</u>") and (b) certain of the Lenders (each, a "<u>Public Lender</u>") may have personnel that do not wish to receive material non-public information with respect to any Loan Party or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons' securities. Each Loan Party hereby agrees that so long as such Loan Party is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof, (x) by marking Borrower Materials "PUBLIC," each Loan Party shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to such Loan Party or its securities for purposes of United States Federal and state securities laws (<u>provided</u>, <u>however</u>, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in <u>Section 10.07</u>) (y) all Borrower Materials marked "PUBLIC" are permitted to be made available through a portion of the Platform designated "Public Investor"; and (z) the Administrative Agent and the Arrangers shall treat the Borrower Materials that are not marked "PUBLIC" or that are marked "PRIVATE" as being suitable only for posting on a portion of the Platform not designated "Public Investor." Notwithstanding the foregoing, no Loan Party shall be under any obligation to mark any Borrower Materials "PUBLIC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.03 <u>Notices.</u>**

Promptly following knowledge thereof by a Responsible Officer, notify the Administrative Agent (which shall notify each Lender) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the information set forth in <u>Section 6.13</u> at the times required therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary, including any determination by the Company referred to in <u>Section 2.11(b)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) from and after the Investment Grade Election Effective Date, any announcement by Moody's, S&P or Fitch of any change or possible adverse change in a Debt Rating.

Each notice pursuant to this <u>Section 6.03</u> (other than <u>Section 6.03(e)</u>) shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the applicable Loan Party has taken and proposes to take with respect thereto. Each notice pursuant to <u>Section 6.03(a)</u> shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.04 <u>Payment of Taxes.</u>**

Pay and discharge as the same shall become due and payable, all of its tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person, in each case in this <u>Section 6.04</u>, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05 <u>Preservation of Existence, Etc.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preserve, renew and maintain in full force and effect its legal existence and, where applicable, good standing under the Laws of the jurisdiction of its organization except in a transaction not prohibited by <u>Section 7.04</u> or <u>7.05</u>, or to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06 <u>Maintenance of Properties.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Maintain, preserve and protect, or make contractual or other provisions to cause to maintain, preserve or protect, all of its properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted, in each case except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) make, or make contractual or other provisions to cause to be made, all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.07 <u>Maintenance of Insurance.</u>**

Maintain, or use reasonable efforts to cause the tenants under all leases to which it is a party as landlord or the manager of its facilities to maintain, insurance with respect to its owned properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business and owning similar properties in localities where the applicable Loan Party or the applicable Subsidiary operates, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons (including with respect to any captive insurance subsidiary or self-insurance, a system or systems of self-insurance and reinsurance which accords with the practices of similar businesses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08 <u>Compliance with Laws.</u>**

Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09 <u>Books and Records.</u>**

Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of any Loan Party or its Subsidiary, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 <u>Inspection Rights.</u>**

Subject to (x) rights of tenants, (y) applicable health and safety laws, and (z) except to the extent disclosure could reasonably be expected to contravene attorney client privilege or similar protection or violate any confidentiality or privacy obligation or otherwise contravene applicable law, permit representatives and independent contractors of the Administrative Agent and each Lender (in each case of a Lender, coordinated through the Administrative Agent) to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants (<u>provided</u> that the Loan Parties shall have the right to participate in any such discussions), all at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Loan Parties; <u>provided</u>, <u>however</u>, that, excluding any such visits and inspections during the continuation of an Event of Default, only one (1) such visit and inspection by the Administrative Agent during any calendar year shall be at the reasonable expense of the Company; <u>provided</u>, <u>further</u>, <u>however</u>, that when an Event of Default exists and is continuing the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Company at any time during normal business hours and without advance notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 <u>Use of Proceeds.</u>**

Use proceeds from the Committed Loans for working capital and general corporate purposes, including Investments, dividends and distributions, and acquisitions and developments and, in each case, not (a) in contravention of any applicable Law in any material respect or of any Loan Document or (b) to purchase or carry margin stock (within the meaning of Regulation U) or to extend credit to others for the purpose of purchasing or carrying margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12 <u>REIT Status.</u>**

The Parent Guarantor shall maintain its qualification as a real estate investment trust under Sections 856 through 860 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13 <u>Employee Benefits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Comply with the applicable provisions of ERISA and the Code with respect to each Plan, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect and (b) furnish to the Administrative Agent (x) within five (5) Business Days after any Responsible Officer or any ERISA Affiliate knows or has reason to know that, any ERISA Event has occurred that, alone or together with any other ERISA Event could reasonably be expected to result in liability of any Loan Party or any of its ERISA Affiliates in an aggregate amount exceeding the Threshold Amount or the imposition of a Lien, a statement setting forth details as to such ERISA Event and the action, if any, that such Loan Party or ERISA Affiliate proposes to take with respect thereto, and (y) upon request by the Administrative Agent, copies of (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any Loan Party or any ERISA Affiliate with the Internal Revenue Service with respect to each Pension Plan; (ii) the most recent actuarial valuation report for each Pension Plan; (iii) all notices received by any Loan Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any governmental agency concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating to any Plan as the Administrative Agent shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to a Designated Borrower or any Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof, comply with the applicable provisions of applicable Law with respect to each Canadian Pension Plan, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect and (b) furnish to the Administrative Agent (x) within five (5) Business Days after any Responsible Officer of a Designated Borrower or Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof knows or has reason to know that any failure by a Designated Borrower or Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof to perform its obligations under a Canadian Pension Plan has occurred that, alone or together with any other failures, could reasonably be expected to result in liability of a Designated Borrower or any Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof in an aggregate amount exceeding the Threshold Amount or the imposition of a Lien, a statement setting forth details as to such event and the action, if any, that such Designated Borrower or Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof proposes to take with respect thereto, and (y) upon request by the Administrative Agent, copies of (i) each annual report filed by a Designated Borrower or Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof with the Canada Revenue Agency or other Governmental Authority with respect to each Canadian Pension Plan; (ii) the most recent actuarial valuation report for each Canadian Pension Plan; (iii) all notices received by a Designated Borrower or Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof from any Governmental Authority concerning each such Canadian Pension Plan; and (iv) such other documents or governmental reports or filings relating to any Canadian Pension Plan as the Administrative Agent shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14 <u>Anti-Corruption Laws.</u>**

Conduct its businesses in compliance in all material respects with applicable Anti-Corruption Laws and maintain policies and procedures reasonably designed to promote and achieve compliance by each Loan Party, its Subsidiaries and, to the knowledge of the chief executive officer, chief financial officer, chief operating officer (if any) or general counsel of such Loan Party, their respective directors, officers, agents and employees with applicable Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15 <u>Guarantors.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Parent Subsidiary Guarantors and Unsecured Debt Subsidiaries as Guarantors</u>. Not later than the date on which (i) any Subsidiary of the Parent Guarantor owns, directly or indirectly, any Equity Interests of the Company (any such entity, a "<u>Parent Subsidiary Guarantor</u>") or (ii) any Subsidiary of the Company becomes an Unsecured Debt Subsidiary (in each case, or such later date as the Administrative Agent shall reasonably agree), the Parent Guarantor and the Company shall cause such Parent Subsidiary Guarantor or Unsecured Debt Subsidiary, as applicable, to become a Guarantor and execute and deliver or cause to be executed and delivered to the Administrative Agent the applicable Subsidiary Guaranty Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Covered Unencumbered Pool Entities as Guarantors</u>. Prior to the Investment Grade Election Effective Date, in addition to, and without limiting the requirements in <u>Section 6.15(a)</u>, the Company shall cause each Subsidiary that it elects to treat as a Covered Unencumbered Pool Entity to be a Guarantor and, with respect to any Subsidiary that the Company elects to treat as a Covered Unencumbered Pool Entity after the Closing Date, execute and deliver or cause to be executed and delivered to the Administrative Agent the applicable Subsidiary Guaranty Documents on or prior to the later of (i) the date that is sixty (60) days following the first date on which the Company elects to treat such Subsidiary as a Covered Unencumbered Pool Entity and (ii) the date on which the Compliance Certificate is delivered (or required to be delivered) with respect to any fiscal quarter (or fiscal year in the case of the fourth fiscal quarter) during which the Company elects to treat such Subsidiary as a Covered Unencumbered Pool Entity (or such later date as the Administrative Agent may reasonably agree).

**Article VII**

**Negative Covenants**

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent Obligations that are not then due and payable), or any Letter of Credit shall remain outstanding, no Loan Party shall, nor shall it permit any Subsidiary (except <u>Section 7.09</u> shall apply only to Wholly-Owned Subsidiaries) to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01 <u>Liens.</u>**

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens pursuant to any Loan Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens securing Indebtedness of the Parent Guarantor and its Subsidiaries permitted under <u>Section 7.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) carriers', warehousemen's, mechanics', materialmen's, repairmen's or other like Liens arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) pledges or deposits or other Liens arising in the ordinary course of business in connection with workers' compensation, unemployment insurance and other social security legislation, or to secure statutory obligations, other than any Lien imposed by ERISA or in respect of a Canadian Pension Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens and rights of setoff of banks and securities intermediaries in respect of deposit accounts and securities accounts maintained in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the interests of lessees and lessors under leases or subleases of, and the interest of managers or operators with respect to, real or personal property made in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens on property where the Parent Guarantor or its Subsidiaries is insured against such Liens by title insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on property acquired by the Parent Guarantor or any of its Subsidiaries after the date hereof and which are in place at the time such properties are so acquired and not created in contemplation of such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens securing assessments or charges payable to a property owner association or similar entity, which assessments are not yet due and payable or that are being contested in good faith by appropriate proceedings diligently conducted, and for which adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Liens securing assessment bonds, so long as the Parent Guarantor or its Subsidiaries is not in default under the terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens securing judgments for the payment of money not constituting an Event of Default under <u>Section 8.01(h)</u> or securing appeal or other surety bonds related to such judgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens solely on any cash earnest money deposits made by the Parent Guarantor or any of its Subsidiaries in connection with any letter of intent or purchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) assignments to a reverse Section 1031 exchange trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) licenses of intellectual property granted in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens on assets of the Company or any of its Subsidiaries securing obligations under Swap Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) precautionary UCC filings in respect of operating leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02 <u>[Reserved].</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.03 <u>Indebtedness.</u>**

Create, incur, assume or suffer to exist any Indebtedness of any Loan Party or any of its Subsidiaries, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other Indebtedness; <u>provided</u> that (i) at the time of the incurrence of such Indebtedness and immediately after giving effect thereto (including any Liens associated therewith) no Event of Default has occurred and is continuing or would result therefrom and (ii) with respect to obligations of a Loan Party in respect of Swap Contracts, such Swap Contracts shall be (x) entered into in order to manage existing or anticipated risk and not for speculative purposes or (y) (i) for the sale of Equity Interests issued by the Parent Guarantor at a future date that could be discharged solely by (1) delivery of the Parent Guarantor's Equity Interests, or, (2) solely at Parent Guarantor's option made at any time, payment of the net cash value of such Equity Interests at the time, irrespective of the form or duration of such agreement, commitment or arrangement and (ii) not for speculative purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Indebtedness between or among Parent Guarantor and any Subsidiary of Parent Guarantor or between or among any Subsidiaries of Parent Guarantor and (ii) Indebtedness owing to any member of the Healthpeak Group as of the Closing Date or incurred after the Closing Date pursuant to or in connection with the Management Agreement, in each case, so long as such Indebtedness is subordinated to the Obligations on terms and conditions reasonably acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.04 <u>Fundamental Changes.</u>**

Merge, dissolve, liquidate, amalgamate or consolidate with or into another Person, except that, so long as no Default exists or would result therefrom, (i) any Person may merge with or into, consolidate with or amalgamate with the Company in a transaction in which the Company shall be the continuing or surviving Person, (ii) any Person (other than Parent Guarantor) may merge with or into, consolidate with or amalgamate with any Subsidiary (other than the Company) in a transaction in which the continuing or surviving Person shall be a Subsidiary of the Company (provided that if a Designated Borrower is party to any such transaction, (x) such Designated Borrower shall be the continuing or surviving Person or (y) the continuing or surviving Person shall have met the conditions of <u>Section 2.19</u> to the designation of such Person as a Designated Borrower and shall assume the obligations of the predecessor Designated Borrower), (iii) any Subsidiary of the Company may merge with or into, consolidate with or amalgamate with any Person in order to consummate a Disposition permitted by <u>Section 7.05</u> or an Investment (provided that if a Designated Borrower is party to any such transaction, (x) such Designated Borrower shall be the continuing or surviving Person or (y) the continuing or surviving Person shall have met the conditions of <u>Section 2.19</u> to the designation of such Person as a Designated Borrower and shall assume the obligations of the predecessor Designated Borrower); (iv) any Subsidiary of the Company may merge into, the Parent Guarantor, the Company or any other Subsidiary of the Company (provided that if a Designated Borrower is party to any such transaction (other than any merger into the Parent Guarantor or the Company; it being understood and agreed that the Parent Guarantor or the Company, as applicable, shall be the continuing or surviving Person thereof), (x) such Designated Borrower shall be the continuing or surviving Person or (y) the continuing or surviving Person shall have met the conditions of <u>Section 2.19</u> to the designation of such Person as a Designated Borrower and shall assume the obligations of the predecessor Designated Borrower); and (v) any Subsidiary of the Company (other than a Designated Borrower) may liquidate or dissolve if the Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders. For avoidance of doubt, in each case to the extent constituting a merger, dissolution, liquidation or consolidation after the effectiveness of this Agreement, each of the IPO Transactions is permitted under this <u>Section 7.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.05 <u>Dispositions.</u>**

Make any Disposition (other than any Disposition to any Loan Party or any Subsidiary) of all or substantially all of the assets (whether now owned or hereafter acquired, including pursuant to a Delaware LLC Division) of any Loan Party and its Subsidiaries, taken as a whole. For avoidance of doubt, in each case to the extent constituting a Disposition after the effectiveness of this Agreement, each of the IPO Transactions is permitted under this <u>Section 7.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06 <u>Restricted Payments.</u>**

Declare or make, directly or indirectly, any Restricted Payment; <u>provided</u> that, (i) (a) each Loan Party and each Subsidiary may declare or make, directly or indirectly, any Restricted Payment required to qualify and maintain such Loan Party's qualification as a real estate investment trust under Sections 856 through 860 of the Code, and (b) each Loan Party and each Subsidiary may declare or make, directly or indirectly, any Restricted Payment required to avoid the payment of federal or state income or excise tax; which permitted Restricted Payments under <u>clauses (i)(a)</u> and <u>(i)(b)</u>, for the avoidance of doubt, include Restricted Payments from the Company or any of its Subsidiaries to its equity holders in order for the Parent Guarantor to comply with the foregoing, (ii) so long as no Default shall have occurred and be continuing or would result therefrom, each Loan Party and each Subsidiary may purchase, redeem, retire, acquire, cancel or terminate Equity Interests issued by such Loan Party or such Subsidiary so long as immediately after giving effect thereto the Parent Guarantor is in compliance on a Pro Forma Basis with the requirements of <u>Section 7.10(e)</u>, (iii) so long as no Default shall have occurred and be continuing or would result therefrom, each Loan Party and each Subsidiary may make any payment on account of any return of capital to the Parent Guarantor's stockholders, partners or members (or the equivalent Person thereof), (iv) each Loan Party and each Subsidiary may declare and make dividend payments, other distributions or other Restricted Payments payable solely in the Equity Interests in such Person, (v) any Subsidiary may at any time make Restricted Payments to the Parent Guarantor, the Company or any other Subsidiary and, solely to the extent such Restricted Payments to other holders of its Equity Interests are required by its Organization Documents, to such other holders of Equity Interests, (vi) each Loan Party and each Subsidiary may declare or make, directly or indirectly, any Restricted Payment within sixty (60) days after the date of declaration thereof, if on the date of declaration of such payment, such payment would have been permitted pursuant to another clause of this <u>Section 7.06</u> and, on the date of such payment, no Default under <u>Section 8.01(a)</u>, <u>(f)</u> or <u>(g)</u> shall have occurred and be continuing, (vii) so long as no Event of Default under <u>Section 8.01(a)</u>, <u>(f)</u> or <u>(g)</u> shall have occurred and be continuing at the time of such payment, each Loan Party and each Subsidiary thereof may make any payments (including but not limited to management fees, expense reimbursement payments, indemnification payments and tax distributions) contemplated by the Management Agreement and (viii) (x) the Parent Guarantor may sell Equity Interests of the Parent Guarantor (other than Disqualified Equity Interests or Equity Interests sold to a Subsidiary of the Company) (collectively, "<u>Refunding Equity Interests</u>") and the Parent Guarantor or the Company may substantially concurrently use the net proceeds from such Refunding Equity Interests to purchase or redeem Equity Interests of the Parent Guarantor or the Company ("<u>Retired Equity Interests</u>") in a number equal to the Refunding Equity Interests sold by the Parent Guarantor and (y) the Parent Guarantor or the Company, as applicable, may declare and pay dividends or distributions on the Retired Equity Interests out of the net proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of Refunding Equity Interests; <u>provided</u> that, in the case of each of clauses (viii)(x) and (viii)(y), such Restricted Payment must be made within 90 days of the receipt of the proceeds from the issuance of such Refunding Equity Interests. For avoidance of doubt, in each case to the extent constituting a Restricted Payment after the effectiveness of this Agreement, each of the IPO Transactions is permitted under this <u>Section 7.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07 <u>Change in Nature of Business.</u>**

Engage in any material line of business substantially different from those lines of business conducted by each Loan Party and its Subsidiaries on the Closing Date or any business substantially related or incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.08 <u>Transactions with Affiliates.</u>**

Enter into any transaction of any kind with any Affiliate of any Loan Party (other than transactions between or among a Loan Party and a Subsidiary (including any entity that becomes a Subsidiary as a result of such transaction) (or any combination thereof)), whether or not in the ordinary course of business, except (i) transactions on fair and reasonable terms substantially as favorable to such Loan Party or such Subsidiary as would be obtainable by such Loan Party or such Subsidiary at the time in a comparable arm's-length transaction with a Person other than an Affiliate, (ii) payments of compensation, perquisites and fringe benefits arising out of any employment or consulting relationship in the ordinary course of business, (iii) making Restricted Payments permitted by this Agreement, (iv) payments (whether in cash, securities or other property) by any non-Wholly-Owned Subsidiary of the Company, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests of such Subsidiary, or on account of any return of capital to such Subsidiary's stockholders, partners or members (or the equivalent Person thereof), in any such case, made to holders of Equity Interests in such Subsidiary (x) to the extent required pursuant to such Subsidiary's Organization Documents or (y) to the extent such payment would have been permitted by <u>Section 7.06</u> had it constituted a Restricted Payment, (v) other transactions expressly permitted by this Agreement, (vi) transactions with Affiliates that are Disclosed Matters (together with any amendments, restatements, extensions, replacements or other modifications thereto that are not adverse to the interests of the Lenders in their capacities as such), (vii) transactions in the ordinary course of business that comply with the requirements of the North American Securities Administrators Association's Statement of Policy of Real Estate Investment Trusts, (viii) transactions between a Loan Party or Subsidiary and any "taxable REIT subsidiary" (within the meaning of Section 856(l) of the Code) of any Loan Party or Subsidiary, (ix) the IPO Transactions, (x) entry into the Management Agreement and any Permitted Amendment thereof and (xi) transactions pursuant to the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.09 <u>Burdensome Agreements.</u>**

Enter into, assume or otherwise be bound, or permit any Wholly-Owned Subsidiary to enter into, assume or otherwise be bound, by any Negative Pledge other than (i) any Negative Pledge contained in an agreement entered into in connection with any Indebtedness that is permitted pursuant to <u>Section 7.03</u>, which Indebtedness is of a type that customarily includes a Negative Pledge or with respect to which such Negative Pledge is no more restrictive on a Loan Party or such Wholly-Owned Subsidiary in any material respect, when taken as a whole, than this <u>Section 7.09</u> (as determined in good faith by the Company); (ii) any Negative Pledge required or imposed by, or arising under or as a result of, any Law; (iii) Negative Pledges contained in (x) the agreements set forth on <u>Schedule 7.09</u> or that are Disclosed Matters; (y) any agreement relating to the Disposition of any Subsidiary or any assets pending such Disposition; <u>provided</u> that, in any such case, the Negative Pledge applies only to the Subsidiary or the assets that are the subject of such Disposition; or (z) any agreement in effect at the time any Person becomes a Wholly-Owned Subsidiary so long as such agreement was not entered into in contemplation of such Person becoming a Wholly-Owned Subsidiary and such restriction only applies to such Person and/or its assets, (iv) customary restrictions in leases, licenses and other contracts restricting the assignment thereof, (v) other customary restrictions set forth in agreements relating to assets specified in such agreements and entered into in the ordinary course of business to the extent such restrictions shall solely apply to such specified assets; and (vi) restrictions that apply only to the Equity Interests in, or assets of, any Person other than a Loan Party or a Wholly-Owned Subsidiary, in each case as such agreements, leases or other contracts may be amended from time to time and including any renewal, extension, refinancing or replacement thereof; <u>provided</u> that, with respect to any agreement described in <u>clause (iii)</u>, such amendment, renewal, extension, refinancing or replacement does not contain restrictions of the type prohibited by this <u>Section 7.09</u> that are, in the aggregate, more onerous in any material respect on a Loan Party or any Wholly-Owned Subsidiary than the restrictions, in the aggregate, in the original agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10 <u>Financial Covenants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Leverage Ratio</u>. Permit the Leverage Ratio to be greater than 0.60 to 1.00 as of the end of any fiscal quarter. Notwithstanding the foregoing, in connection with the consummation of a Significant Acquisition, the Parent Guarantor shall be permitted to increase the maximum Leverage Ratio to 0.65 to 1.00 for any fiscal quarter in which a Significant Acquisition occurs and for the three (3) consecutive full fiscal quarters immediately thereafter; <u>provided</u> that, solely in the case of any increase pursuant to this sentence, in no event shall the Leverage Ratio exceed 0.65 to 1.00 as of the end of any fiscal quarter or exceed 0.60 to 1.00 for more than four (4) consecutive fiscal quarters in any consecutive five (5) fiscal quarter period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Secured Debt Ratio</u>. Permit the Secured Debt Ratio to be greater than 0.40 to 1.00 as of the end of any fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fixed Charge Coverage Ratio</u>. Permit the Fixed Charge Coverage Ratio to be less than 1.50 to 1.00 as of the end of any fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Unsecured Leverage Ratio</u>. Permit the Unsecured Leverage Ratio to be greater than 0.60 to 1.00 as of the end of any fiscal quarter. Notwithstanding the foregoing, in connection with the consummation of a Significant Acquisition, the Parent Guarantor shall be permitted to increase the maximum Unsecured Leverage Ratio to 0.65 to 1.00 for any fiscal quarter in which a Significant Acquisition occurs and for the three (3) consecutive full fiscal quarters immediately thereafter; <u>provided</u> that, solely in the case of any increase pursuant to this sentence, in no event shall the Unsecured Leverage Ratio exceed 0.65 to 1.00 as of the end of any fiscal quarter or exceed 0.60 to 1.00 for more than four (4) consecutive fiscal quarters in any consecutive five (5) fiscal quarter period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Consolidated Tangible Net Worth</u>. Permit the Consolidated Tangible Net Worth to be less than the sum of (i) $2,040,890,000 as of the end of any fiscal quarter plus (ii) an amount equal to 75% of the net proceeds received by the Parent Guarantor from any offerings of Equity Interests of the Parent Guarantor occurring after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Unsecured Interest Coverage Ratio</u>. Permit the Unsecured Interest Coverage Ratio to be less than 1.75 to 1.00 as of the end of any fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11 <u>Sanctions.</u>**

Directly or, to its knowledge, indirectly, use any part of the proceeds of any Credit Extension or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension to any Person (i) to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions (except to the extent permitted for a Person that is required to comply with such Sanctions) or (ii) in any other manner that will result in a violation of Sanctions applicable to any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12 <u>Anti-Corruption Laws.</u>**

Directly or, to its knowledge, indirectly use the proceeds of any Credit Extension for any purpose which would violate in any material respect any applicable Anti-Corruption Laws.

**Article VIII**

**Events of Default and Remedies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01 <u>Events of Default.</u>**

Any of the following shall constitute an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Payment</u>. Any Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, and in the currency required hereunder, any amount of principal of any Loan or any L/C Obligation, or (ii) within five (5) Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five (5) Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Specific Covenants</u>. Any Borrower, any other Loan Party or any of their respective Subsidiaries fails to perform or observe any term, covenant or agreement contained in any of (i) <u>Section 6.03(b)</u>, <u>6.05</u> (solely with respect to the legal existence of the Loan Parties), <u>6.11</u> or <u>6.15</u> or <u>Article VII</u> and such failure continues for five (5) consecutive Business Days, or (ii) <u>Section 6.03(a)</u> or <u>(d)</u> and such failure continues for fifteen (15) consecutive Business Days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Defaults</u>. Any Borrower, any Loan Party or any of their respective Subsidiaries fails to perform or observe any other covenant or agreement (not specified in <u>Section 8.01(a)</u> or <u>8.01(b)</u>) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) consecutive days after the receipt by the Company of written notice of such failure from the Administrative Agent; <u>provided</u> that, if such failure is of such a nature that can be cured but cannot with reasonable effort be completely cured within thirty (30) days, then such thirty (30) day period shall be extended for such additional period of time (not exceeding ninety (90) additional days) as may be reasonably necessary to cure such failure so long as such Loan Party or its Subsidiaries, as applicable, commence such cure within such thirty (30) day period and diligently prosecute same until completion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Representations and Warranties</u>. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Loan Party herein, in any other Loan Document, or in any document, certificate or other writing executed by a Responsible Officer and required to be furnished hereunder, shall be incorrect in any material respect when made or deemed made (or, in the case of the representations and warranties in <u>Section 5.14(b)</u> or any representation and warranty that is qualified by materiality, shall be incorrect in any respect when made or deemed made) and, with respect to any representation, warranty, certification or statement (other than the representations and warranties in <u>Section 5.14(b)</u>) not known by such Loan Party at the time made or deemed made to be incorrect, the defect causing such representation or warranty to be incorrect when made or deemed made is not removed within thirty (30) days after the first to occur of (i) the date upon which a Responsible Officer of any Loan Party obtains knowledge thereof or (ii) receipt by the Company of written notice thereof from the Administrative Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cross-Default</u>. (i) The Parent Guarantor, the Company or any of their respective Subsidiaries (A) (x) fails (after giving effect to any notice or grace periods applicable thereto) to make any required payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Recourse Indebtedness or (y) fails to observe or perform any other agreement or condition relating to any such Material Recourse Indebtedness contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or, prior to the Investment Grade Election Effective Date, to permit the holder or holders of such Material Recourse Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holder or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Material Recourse Indebtedness pursuant to the terms thereof to be demanded or to become due or to require the Parent Guarantor, the Company or such Subsidiary to repurchase, prepay, defease or redeem (automatically or otherwise) or make an offer to repurchase, prepay, defease or redeem such Material Recourse Indebtedness pursuant to the terms thereof, prior to its stated maturity or (B) prior to the Investment Grade Election Effective Date, (x) fails (after giving effect to any notice or grace periods applicable thereto) to make any required payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Non-Recourse Indebtedness or (y) fails to observe or perform any other agreement or condition relating to any such Non-Material Recourse Indebtedness contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or, prior to the Investment Grade Election Effective Date, to permit the holder or holders of such Material Non-Recourse Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holder or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Material Non-Recourse Indebtedness pursuant to the terms thereof to be demanded or to become due or to require the Parent Guarantor, the Company or such Subsidiary to repurchase, prepay, defease or redeem (automatically or otherwise) or make an offer to repurchase, prepay, defease or redeem such Material Non-Recourse Indebtedness pursuant to the terms thereof, prior to its stated maturity; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which any Loan Party or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which any Loan Party or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; <u>provided</u> that this <u>clause (e)</u> shall not apply to (1) secured Indebtedness that becomes due and payable (or as to which an offer to repurchase, prepay, defease or redeem is required to be made) as a result of the voluntary Disposition of the property or assets securing such Indebtedness, if such Disposition is permitted hereunder and under the documents providing for such Indebtedness and such Indebtedness that has become so due and payable (including as a result of such offer to repurchase, prepay, defease or redeem such Indebtedness) is assumed or repaid in full when and to the extent required under the document providing for such Indebtedness (after giving effect to any notice or grace periods applicable thereto), (2) any redemption, repurchase, conversion or settlement with respect to any convertible debt security which is consummated in accordance with the terms of such convertible debt security, unless such redemption, repurchase, conversion or settlement results from a default thereunder or an event of the type that constitutes an Event of Default or (3) any early payment requirement or unwinding or termination with respect to any Swap Contract (A) not arising out of a default by any Loan Party or any Subsidiary and (B) to the extent that such Swap Termination Value owed has been paid in full by any Loan Party or any of its Subsidiaries when due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Insolvency Proceedings, Etc</u>. Any Loan Party or any of its Material Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged, undismissed or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undischarged, undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Inability to Pay Debts; Attachment</u>. (i) Any Loan Party or any of its Material Subsidiaries becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Judgments</u>. There is entered against any Loan Party or any of its Material Subsidiaries (i) a final non-appealable judgment or order that has not been discharged, satisfied, dismissed or vacated for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent (x) not paid, fully bonded or covered by independent third-party insurance as to which the insurer has not denied coverage or (y) for which such Loan Party or applicable Material Subsidiary has not been indemnified), or (ii) any one or more non-monetary final non-appealable judgments that have not been discharged, dismissed or vacated and that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case of <u>clause (i)</u> or <u>(ii)</u>, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of sixty (60) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ERISA, etc</u>. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount or (ii) any failure by a Designated Borrower or any Subsidiary thereof that is incorporated or organized under the laws of Canada or any province or territory thereof to perform its obligations under a Canadian Pension Plan which has resulted or could reasonably be expected to result in liability of any Loan Party or any Subsidiary thereof in an aggregate amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Invalidity of Loan Documents</u>. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations arising under the Loan Documents, ceases to be in full force and effect; or any Loan Party or any of its Subsidiaries contests in writing in any manner the validity or enforceability of any material provision of any Loan Document; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any material provision of any Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Change of Control</u>. There occurs any Change of Control.

For purposes of <u>clauses (f)</u>, <u>(g)</u>, and <u>(h)</u> above (including as it relates to the exercise of remedies set forth below in <u>Section 8.02</u>), no Event of Default shall be deemed to have occurred with respect to a Material Group unless the type of event specified therein has occurred with respect to each Subsidiary that is a member of such Material Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02 <u>Remedies Upon Event of Default.</u>**

If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare the Commitments of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such Commitments and obligation shall be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) require that the Company Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents;

<u>provided</u>, <u>however</u>, that upon the occurrence of an Event of Default with respect to any Loan Party pursuant to <u>Section 8.01(f)</u> or <u>(g)</u> or the occurrence of an actual or deemed entry of an order for relief with respect to any Loan Party under the Bankruptcy Code or any other Debtor Relief Law solely with respect to a Designated Borrower, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.03 <u>Application of Funds.</u>**

After the exercise of remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to <u>Section 8.02</u>), any amounts received on account of the Obligations shall, subject to the provisions of <u>Sections 2.17</u> and <u>2.18</u>, be applied by the Administrative Agent in the following order:

<u>First</u>, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under <u>Article III)</u> payable to the Administrative Agent in its capacity as such;

<u>Second</u>, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under <u>Article III</u>), ratably among them in proportion to the amounts described in this clause <u>Second</u> payable to them;

<u>Third</u>, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings and fees, premiums and scheduled periodic payments, and any interest accrued thereon, due under any Swap Contract between any Loan Party and any Lender, or any Affiliate of a Lender, ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders) and the L/C Issuer in proportion to the respective amounts described in this clause <u>Third</u> payable to them;

<u>Fourth</u>, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, payment of breakage, termination or other payments, and any interest accrued thereon, due under any Swap Contract between any Loan Party and any Lender, or any Affiliate of a Lender and amounts owing under Treasury Management Agreements, ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders), the Treasury Management Lenders and the L/C Issuer in proportion to the respective amounts described in this clause <u>Fourth</u> held by them;

<u>Fifth</u>, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Company pursuant to <u>Sections 2.03</u>, <u>2.06(d)</u> and/or <u>2.17</u>; and

<u>Last</u>, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Company or as otherwise required by Law.

Subject to <u>Sections 2.03(c)</u> and <u>2.17</u>, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause <u>Fifth</u> above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

**Article IX**

**Administrative Agent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01 <u>Appointment and Authority.</u>**

Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. Except as otherwise expressly set forth herein and except with respect to <u>Section 9.06</u>, the provisions of this <u>Article IX</u> are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and no Loan Party shall have any rights as a third-party beneficiary of any of such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02 <u>Rights as a Lender.</u>**

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial, advisory, underwriting or other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or obtain consent of the Lenders with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03 <u>Exculpatory Provisions.</u>**

The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent and its Related Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); <u>provided</u> that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 10.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Company, a Lender or the L/C Issuer.

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in <u>Article IV</u> or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04 <u>Reliance by Administrative Agent.</u>**

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.05 <u>Delegation of Duties.</u>**

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article IX</u> shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.06 <u>Resignation of Administrative Agent.</u>**

The Administrative Agent may at any time resign as Administrative Agent upon thirty (30) days' notice to the Lenders, the L/C Issuer and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the approval (not to be unreasonably withheld or delayed) of the Company (unless an Event of Default has occurred and is continuing), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States; <u>provided</u> that if any such potential successor is not classified as a "U.S. person" and a "financial institution" within the meaning of Treasury Regulation Section 1.1441-1, then the Company shall have the right to prohibit such potential successor from becoming the Administrative Agent in its reasonable discretion. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the L/C Issuer (and subject to the approval (not to be unreasonably withheld or delayed) of the Company (unless an Event of Default has occurred and is continuing)), appoint a successor Administrative Agent meeting the qualifications set forth above; <u>provided</u> that if any such potential successor is not classified as a "U.S. person" and a "financial institution" within the meaning of Treasury Regulation Section 1.1441-1, then the Company shall have the right to prohibit such potential successor from becoming the Administrative Agent in its reasonable discretion; <u>provided</u>, <u>further</u>, that, if the retiring Administrative Agent shall notify the Company and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security on behalf of the Lenders or the L/C Issuer until such time as a successor Administrative Agent is appointed hereunder) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this <u>Section 9.06</u>. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the retiring Administrative Agent's resignation hereunder and under the other Loan Documents, the provisions of this <u>Article IX</u> and <u>Section 10.04</u> shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

Any resignation by Bank of America as Administrative Agent pursuant to this <u>Section 9.06</u> shall also constitute its resignation as L/C Issuer, unless otherwise agreed to between the Company and Bank of America. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents as an L/C Issuer, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, issued by the retiring L/C Issuer and outstanding at the time of such succession or make other arrangement satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.07 <u>Non-Reliance on Administrative Agent, the Arrangers and Other Lenders.</u>**

Each Lender and the L/C Issuer expressly acknowledges that none of the Administrative Agent or any Arranger has made any representation or warranty to it, and that no act by the Administrative Agent or any Arranger hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent or any Arranger to any Lender or the L/C Issuer as to any matter, including whether the Administrative Agent or any Arranger has disclosed material information in its (or its Related Parties') possession. Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any Arranger or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Each Lender and the L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or L/C Issuer, as applicable, for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender or L/C Issuer, as applicable, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender and the L/C Issuer agrees not to assert a claim in contravention of the foregoing. Each Lender and the L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.08 <u>No Other Duties, Etc.</u>**

Anything herein to the contrary notwithstanding, none of the Arrangers, Co-Syndication Agents, Co-Documentation Agents or Senior Managing Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.09 <u>Administrative Agent May File Proofs of Claim.</u>**

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding under any Debtor Relief Law relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Loan Party) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under <u>Sections 2.03(g)</u> and <u>(h)</u>, <u>2.10</u> and <u>10.04</u>) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under <u>Sections 2.10</u> and <u>10.04</u>.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10 <u>Recovery of Erroneous Payments.</u>**

Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender, whether or not in respect of an Obligation due and owing by any Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Lender receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Lender in Same Day Funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Lender irrevocably waives any and all defenses, including any "discharge for value" (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform each Lender promptly upon determining that any payment made to such Lender comprised, in whole or in part, a Rescindable Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11 <u>Guaranty Matters.</u>**

The Lenders irrevocably authorize the Administrative Agent to release any Subsidiary Guarantor from its obligations under <u>Article XII</u> in accordance with <u>Section 12.10</u>. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's authority to release any Subsidiary Guarantor from its obligations under <u>Article XII</u> pursuant to this <u>Section 9.11</u>, provided that neither the request nor the delivery of such confirmation shall be a condition to or shall cause any delay in the provision of any release permitted, required or requested in accordance with <u>Section 12.10</u>.

**Article X**

**Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01 <u>Amendments, Etc.</u>**

Except as set forth in <u>Section 2.02(f)</u> in respect of Conforming Changes made pursuant to such section, <u>Section 2.15</u> in respect of an extension of a Maturity Date, <u>Section 2.16</u> in respect of an Incremental Term Loan Amendment or <u>Section 3.03</u> in respect of the replacement of Term SOFR, SOFR or the Relevant Rate and/or Conforming Changes or other amendments or modifications made pursuant to such section, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Company or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents) and the Company or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; <u>provided</u>, <u>however</u>, that no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend the expiration date or increase the amount of any Commitment of any Lender (or reinstate any Commitment terminated pursuant to <u>Section 8.02</u>) without the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent in <u>Section 4.02</u> or of any Default or Event of Default is not considered an extension or increase in the Commitments of any Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment (other than mandatory prepayments (if any) with respect to any Term Loans or Incremental Term Loans) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly and adversely affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to <u>clause (iv)</u> of the second proviso to this <u>Section 10.01</u>) any fees or other amounts payable hereunder (including pursuant to <u>Section 2.06</u>) or under any other Loan Document without the written consent of each Lender directly and adversely affected thereby; <u>provided</u>, <u>however</u>, that (i) only the consent of the Required Class Lenders shall be necessary to amend the definition of "Default Rate" with respect to such Class or to waive any obligation of the Borrowers to pay interest at the Default Rate with respect to such Class, and (ii) only the consent of the Required Revolving Lenders shall be necessary to waive any obligation of the Borrowers to pay Letter of Credit Fees at the Default Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) change the definition of "Applicable Percentage" or <u>Section 2.14</u> or <u>Section 8.03</u> in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender directly and adversely affected thereby, (ii) change <u>Section 2.07(b)</u> in a manner that would alter the pro rata reductions required thereby without the written consent of each Revolving Lender directly and adversely affected thereby or (iii) change <u>Section 2.07(c)</u> in a manner that would alter the pro rata reductions required thereby without the written consent of each Term Loan Lender directly and adversely affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change (i) any provision of this <u>Section 10.01</u> or the definition of "Required Lenders" or "Required Class Lenders" or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder (other than the definitions specified in clause (ii) of this <u>Section 10.01(e)</u>), without the written consent of each Lender or (ii) the definition of "Required Revolving Lenders" or "Required Term Lenders" without the written consent of each Lender under the applicable Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) release the Parent Guarantor from its obligations as a Guarantor without the written consent of each Lender, (ii) release all or substantially all of the value of the Guaranteed Obligations of the Guarantor Parties (other than Parent Guarantor), taken as a whole, under the Guaranties (except as provided herein) without the written consent of each Lender, or (iii) release the Company from its Obligations as a Borrower or as a Guarantor without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) directly and materially adversely affect the rights of Lenders holding Commitments or Loans of one Class differently from the rights of Lenders holding Commitments or Loans of any other Class without the written consent of the applicable Required Class Lenders;

and <u>provided</u>, <u>further</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) only the written consent of each Revolving Lender shall be required to the extent such amendment, waiver or consent shall change the definition of "Canadian Dollars";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) only the written consent of the Required Term Lenders shall be required to the extent such amendment, waiver or consent shall (i) amend, waive or otherwise modify any of the conditions precedent set forth in <u>Section 4.02</u> with respect to any Term Loan or (ii) impose any greater restriction on the ability of any Term Lender to assign any of its rights or obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) only the written consent of the Required Revolving Lenders, and, to the extent required pursuant to <u>clause (i)</u> of the proviso below, the L/C Issuer, shall be required to the extent such amendment, waiver or consent shall (i) amend, waive or otherwise modify any of the conditions precedent set forth in <u>Section 4.02</u> with respect to any Credit Extension under the Revolving Facility, (ii) impose any greater restriction on the ability of any Revolving Lender to assign any of its rights or obligations hereunder or (iii) release any Designated Borrower from its obligations as a Borrower;

and <u>provided</u>, <u>further</u>, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) [reserved]; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (iv) any fee letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto (and, for the avoidance of doubt, no other parties shall have any right to approve or disapprove any such amendment, waiver or consent) and (v) no amendment, waiver or consent shall, unless in writing and signed by any Agent directly and adversely affected thereby in its capacity as such, in addition to the Administrative Agent and the Lenders required above, affect the rights or duties of such Agent under this Agreement or any other Loan Document in its capacity as such. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender (or all Lenders of a Class or each affected Lender of a Class) may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) no Commitment of any Defaulting Lender may be increased or extended without the consent of such Defaulting Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding anything to the contrary herein, (A) the Administrative Agent and the Company may, with the consent of the other (but without the consent of any other Person), amend, modify or supplement any Loan Document to correct, amend or cure any ambiguity, inconsistency, omission, mistake or defect or correct any obvious error or any error or omission of an administrative or technical nature so long as such amendment, modification or supplement does not impose additional obligations on any Lender; <u>provided</u> that the Administrative Agent shall promptly give the Lenders notice of, and provide to the Lenders a copy of, any such amendment, modification or supplement, and (B) this Agreement may be amended and restated without the consent of any Lender (but with the consent of the Company and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated, and such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement.

Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above, (x) each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans or, with respect to Revolving Lenders, the Letters of Credit, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersede the unanimous consent provisions set forth herein and (y) the Required Lenders may consent to allow the Borrowers to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders.

Notwithstanding any provision herein to the contrary, this Agreement may be amended with the written consent of the Required Lenders, the Administrative Agent and the Company (i) to add one or more additional revolving credit or term loan facilities to this Agreement and to permit the extensions of credit and all related obligations and liabilities arising in connection therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time outstanding in respect of the existing facilities hereunder, and (ii) in connection with the foregoing, to permit, as deemed appropriate by the Administrative Agent and approved by the Required Lenders, the Lenders providing such additional credit facilities to participate in any required vote or action required to be approved by the Required Lenders or by any other number, percentage or class of Lenders hereunder.

In addition, notwithstanding the foregoing, the Company may, by written notice to the Administrative Agent from time to time, make one or more offers (each, a "<u>Loan Modification Offer</u>") to all the Lenders to make one or more amendments or modifications to (A) allow the maturity of the Commitments or Loans of the Accepting Lenders (as defined below) to be extended, (B) modify the Applicable Rate and/or fees payable with respect to the Loans and Commitments of the Accepting Lenders, (C) modify any covenants or other provisions or add new covenants or provisions that are agreed between the Company, the Administrative Agent and the Accepting Lenders; <u>provided</u> that such modified or new covenants and provisions are applicable only during periods after the applicable Maturity Date that is in effect on the effective date of such Permitted Amendment, and (D) any other amendment to a Loan Document required to give effect to the Permitted Amendments described in <u>clauses (A)</u>, <u>(B)</u> and <u>(C)</u> of this paragraph ("<u>Permitted Amendments</u>," and any amendment to this Agreement to implement Permitted Amendments, a "<u>Loan Modification Agreement</u>") pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Company. Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendments and (ii) the date on which such Permitted Amendments are requested to become effective. Permitted Amendments shall become effective only with respect to the Commitments and/or Loans of the Lenders that accept the applicable Loan Modification Offer (such Lenders, the "<u>Accepting Lenders</u>") and, in the case of any Accepting Lender, only with respect to such Lender's Commitments and/or Loans as to which such Lender's acceptance has been made. The Company and each Accepting Lender shall execute and deliver to the Administrative Agent a Loan Modification Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof, and the Company shall also deliver such resolutions, opinions and other documents as reasonably requested by the Administrative Agent. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each of the parties hereto hereby agrees that (1) upon the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Permitted Amendments evidenced thereby and only with respect to the Commitments and Loans of the Accepting Lenders as to which such Lenders' acceptance has been made, (2) any applicable Lender who is not an Accepting Lender may be replaced by the Company in accordance with <u>Section 10.13</u>, and (3) the Administrative Agent and the Company shall be permitted to make any amendments or modifications to any Loan Documents necessary to allow any borrowings, prepayments, participations in Letters of Credit and commitment reductions to be ratable across each Class of commitments to make Loans the mechanics for which may be implemented through the applicable Loan Modification Agreement and may include technical changes related to the borrowing and repayment procedures of the Lenders; <u>provided</u> that with the consent of the Accepting Lenders such prepayments and commitment reductions and reductions in participations in Letters of Credit may be applied on a non-ratable basis to the class of non-Accepting Lenders.

Notwithstanding anything herein to the contrary, this Agreement may be amended in connection with Incremental Term Loans, as set forth in <u>Section 2.16(e)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.02 <u>Notices; Effectiveness; Electronic Communication.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in <u>Section 10.02(b)</u> below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, 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) if to the Company or any other Loan Party, the Administrative Agent, the L/C Issuer, to the address, facsimile number, electronic mail address or telephone number specified for such Person on <u>Schedule 10.02</u>; 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;(ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Loan Parties).

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in <u>Section 10.02(b)</u> below, shall be effective as provided in such <u>Section 10.02(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Electronic Communications</u>. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; <u>provided</u> that the foregoing shall not apply to notices to any Lender or the L/C Issuer provided pursuant to <u>Article II</u> if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such <u>Article II</u> by electronic communication. The Administrative Agent, the L/C Issuer or the Company may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; <u>provided</u> that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor; <u>provided</u> that, for both <u>clauses (i)</u> and <u>(ii)</u>, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice, e-mail or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Platform</u>. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "<u>Agent Parties</u>") have any liability to any Loan Party, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Loan Party's or the Administrative Agent's transmission of Borrower Materials or notices through the Platform, or any other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; <u>provided</u>, <u>however</u>, that in no event shall any Agent Party have any liability to any Loan Party, any Lender, the L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change of Address, Etc</u>. Each of the Borrowers and any other Loan Party, the Administrative Agent and the L/C Issuer may change its address, facsimile number, telephone number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile number, telephone number or e-mail address for notices and other communications hereunder by notice to the Company, the Administrative Agent, and, in the case of Revolving Lenders, the L/C Issuer. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the "Private Side Information" or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender's compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the "Public Side Information" portion of the Platform and that may contain material non-public information with respect to any Loan Party or its securities for purposes of United States Federal or state securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reliance by Administrative Agent, L/C Issuer and Lenders</u>. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Company shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of any Borrower in accordance with <u>Section 10.02</u>. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.03 <u>No Waiver; Cumulative Remedies.</u>**

No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against any Loan Party and its Subsidiaries or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with <u>Section 8.02</u> for the benefit of all the Lenders and the L/C Issuer; <u>provided</u>, <u>however</u>, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from enforcing payments of amounts payable to such Lender pursuant to <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u> and <u>10.04</u> or from exercising setoff rights in accordance with <u>Section 10.08</u> (subject to the terms of <u>Section 2.14</u>), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party or any Subsidiary under any Debtor Relief Law; and <u>provided</u>, <u>further</u>, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in <u>clauses (b)</u>, <u>(c)</u> and <u>(d)</u> of the preceding proviso and subject to <u>Section 2.14</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.04 <u>Expenses; Indemnity; Damage Waiver.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Costs and Expenses</u>. Each Loan Party shall, jointly and severally, pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and the Arrangers (limited, in the case of legal fees, to the reasonable and documented fees, charges and disbursements of one primary counsel, and, if applicable, one local counsel in each material jurisdiction, for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, due diligence, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder (subject to the limitations set forth in <u>clause (i)</u> above with respect to legal fees) and (iii) all documented out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (limited, in the case of legal fees, to the reasonable and documented fees, charges and disbursements of (x) one primary counsel for the Administrative Agent (and, if reasonably required, one counsel for the Administrative Agent per specialty area and one local counsel for the Administrative Agent per applicable jurisdiction) and (y) one additional counsel for all the Lenders (and, if reasonably required, one additional counsel per specialty area and one local counsel per applicable jurisdiction), plus additional counsel for the Lenders as necessary in the event of an actual or potential conflict of interest among the Lenders), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this <u>Section 10.04</u>, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such reasonable and documented out-of-pocket expenses (subject to the limitations set forth above with respect to legal fees) incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by the Loan Parties</u>. Each Loan Party shall, jointly and severally, indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, the Agents and their Affiliates and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, liabilities and related reasonable and documented out-of-pocket expenses (including the reasonable and documented out-of-pocket fees, charges and disbursements of one primary counsel for the Indemnitees; <u>provided</u> that reimbursement for reasonable and documented out-of-pocket fees, charges and disbursements of additional counsel of the Indemnitees will be limited to such specialist counsel as may reasonably be required by the Indemnitees, a single firm of local counsel for the Indemnitees in each material jurisdiction and, in the event of an actual or potential conflict of interest (as reasonably determined by the applicable Indemnitee), one additional firm of counsel to each group of similarly affected Indemnitees), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby (including, without limitation, each Lender's agreement to make Loans or the use or intended use of the proceeds thereof) or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in <u>Section 3.01</u>), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to any Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Loan Party, and regardless of whether any Indemnitee is a party thereto; <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities or related expenses (A)(x) are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Related Indemnified Parties or (y) result from a claim brought by any Loan Party against an Indemnitee for breach in bad faith or a material breach of the obligations of such Indemnitee or any of its Related Indemnified Parties hereunder or under any other Loan Document, if any Loan Party has obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (B) arise out of a dispute solely among Indemnitees and not resulting from any act or omission by any Loan Party or any of its Affiliates (other than any such losses, claims, damages, penalties, liabilities or related reasonable and documented out-of-pocket expenses against an Indemnitee in its capacity or in fulfilling its role as an Agent). Notwithstanding the foregoing, <u>Section 3.01</u> shall be the sole remedy for any indemnification claim in respect of Taxes. No Loan Party shall, except as a result of its indemnification obligations hereunder, and nor shall any of its Related Parties have any liability for any indirect or consequential damages (as opposed to direct or actual damages) in connection with its activities related to the Revolving Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reimbursement by Lenders</u>. To the extent that any Loan Party for any reason fails to indefeasibly pay any amount required under <u>Section 10.04(a)</u> or <u>10.04(b)</u> to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing and without relieving such Loan Party of its obligations with respect thereto, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or the L/C Issuer in connection with such capacity. The obligations of the Lenders under this <u>Section 10.04(c)</u> are subject to the provisions of <u>Section 2.13(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Waiver of Consequential Damages, Etc</u>. To the fullest extent permitted by applicable Law, each Loan Party shall not assert, and hereby waives, any claim against any of the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, the Agents and their Affiliates and each Related Party of any of the foregoing Persons (each such Person being called a "<u>Lender Related Party</u>"), on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Lender Related Party shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent of such Lender Related Party's gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payments</u>. All amounts due under this <u>Section 10.04</u> shall be payable not later than ten (10) Business Days after demand therefor (accompanied by backup documentation to the extent available).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Survival</u>. The agreements in this <u>Section 10.04</u> shall survive the resignation of the Administrative Agent, the L/C Issuer, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.05 <u>Payments Set Aside.</u>**

To the extent that any payment by or on behalf of any Loan Party is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders and the L/C Issuer under <u>clause (b)</u> of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.06 <u>Successors and Assigns.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns Generally</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Company nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent, the L/C Issuer and each Lender (provided that, for the avoidance of doubt, the rights and obligations of any Loan Party may be assigned to any applicable surviving or successor Loan Party in connection with a transaction permitted by, and consummated in accordance with, <u>Section 7.04</u>) and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of <u>subsection (b)</u> of this Section, (ii) by way of participation in accordance with the provisions of <u>subsection (d)</u> of this Section, or (iii) by way of pledge or assignment or grant of a security interest subject to the restrictions of <u>subsection (f)</u> of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>subsection (d)</u> of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assignments by Lenders</u>. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans with respect to any Facility (including for purposes of this <u>subsection (b)</u>, participations in L/C Obligations) at the time owing to it); <u>provided</u> that, with respect to any Facility, any such assignment shall be subject to the following conditions:

&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 Amounts</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;(A) in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment(s) and/or the Loans at the time owing to it, in each case with respect to any Facility, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in any case not described in <u>subsection (b)(i)(A)</u> of this Section, the aggregate amount of the applicable Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, in each case with respect to any Facility, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if "Trade Date" is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 in the case of any assignment in respect of a Facility unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, any Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); <u>provided</u>, <u>however</u>, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single assignee (or to an assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met.

&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>Proportionate Amounts</u>. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect to the Loans or the Commitments assigned;

&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>Required Consents</u>. No consent shall be required for any assignment except to the extent required by <u>subsection (b)(i)(B)</u> of this Section and, in addition:

&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;(A) the consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is in respect of (i) the Revolving Facility to a Person that is a Revolving Lender, an Affiliate of any Revolving Lender or an Approved Fund with respect to any Revolving Lender or (ii) the Term Facility to a Person that is a Lender, an Affiliate of a Lender or an Approved Fund with respect to any Lender; <u>provided</u> that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof;

&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;(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required unless such assignment is in respect of (i) the Revolving Facility to a Person that is a Revolving Lender, an Affiliate of any Revolving Lender or an Approved Fund with respect to any Revolving Lender or (ii) the Term Facility to a Person that is a Lender, an Affiliate of a Lender or an Approved Fund with respect to any Lender; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment of a Revolving Commitment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding).

&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>Assignment and Assumption</u>. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; <u>provided</u>, <u>however</u>, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

&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>No Assignment to the Loan Parties</u>. No such assignment shall be made to any Loan Party or any of the Loan Parties' Affiliates or Subsidiaries.

&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>No Assignment to Natural Persons</u>. No such assignment shall be made to a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural 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;(vii) <u>No Assignment to Defaulting Lenders</u>. No such assignment shall be made to a Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this <u>clause (vii)</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;(viii) <u>Certain Additional Payments</u>. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Company and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to <u>subsection (c)</u> of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u>, and <u>10.04</u> with respect to facts and circumstances occurring prior to the effective date of such assignment; <u>provided</u> that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender. Upon request, each Borrower (at its expense) shall execute and deliver Note(s) with respect to the applicable Facility or Facilities to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>subsection (d)</u> of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Register</u>. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of any Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent's Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by any Borrower, the L/C Issuer and any Lender (with respect to its own interest only), at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Participations</u>. Any Lender may at any time, without the consent of, or notice to, any Borrower, the Administrative Agent or the L/C Issuer, sell participations to any Person (other than a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural person), a Defaulting Lender (or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute a Defaulting Lender or any of its Subsidiaries) or any Loan Party or any of the Loan Parties' Affiliates or Subsidiaries) (each, a "<u>Participant</u>") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitments and/or the Loans (including such Lender's participations in L/C Obligations under the Revolving Facility) owing to it); <u>provided</u> that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to <u>Section 10.01</u> that affects such Participant. Subject to <u>subsection (e)</u> of this Section, the Company agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.04</u> and <u>3.05</u> to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>subsection (b)</u> of this Section (it being understood that the documentation required under <u>Section 3.01(e)</u> shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section 10.06(b)</u>; <u>provided</u> that such Participant agrees to be subject to the provisions of <u>Sections 3.01</u>, <u>3.04</u>, <u>3.05</u>, <u>3.06</u> and <u>10.13</u> and any requirements or limitations contained therein as if it were an assignee under <u>subsection (b)</u> of this Section. Each Lender that sells a participation agrees, at the Company's request and expense, to use reasonable efforts to cooperate with the Company to effectuate the provisions of <u>Section 3.06</u> with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 10.08</u> as though it were a Lender; <u>provided</u> such Participant agrees to be subject to <u>Section 2.14</u> as though it were a Lender.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Limitations upon Participant Rights</u>. A Participant shall not be entitled to receive any greater payment under <u>Section 3.01</u> or <u>3.04</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of <u>Section 3.01</u> unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with <u>Section 3.01(e)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Certain Pledges</u>. Any Lender may at any time pledge, assign or grant a security interest in, all or any portion of its rights under this Agreement (including under its Note(s), if any) to secure obligations of such Lender, including any pledge or assignment or grant of a security interest to secure obligations to a Federal Reserve Bank or other central banking authority; <u>provided</u> that no such pledge or assignment or grant of a security interest shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee or grantee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Resignation as L/C Issuer after Assignment</u>. Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Revolving Commitment and Revolving Loans pursuant to <u>subsection (b)</u> above, Bank of America may, upon thirty (30) days' notice to the Company and the Lenders, resign as L/C Issuer. In the event of any such resignation or any other Person's resignation as L/C Issuer, the Company shall be entitled to appoint from among the Revolving Lenders (with the applicable Revolving Lender's consent) a successor L/C Issuer hereunder; <u>provided</u>, <u>however</u>, that no failure by the Company to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Lenders to make Revolving Loans that are Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to <u>Section 2.03(b)</u>). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, issued by the resigning L/C Issuer and outstanding at the time of such succession or make other arrangements reasonably satisfactory to Bank of America to effectively assume the obligations of the resigning L/C Issuer with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.07 <u>Treatment of Certain Information; Confidentiality.</u>**

Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) on a need-to-know basis to its Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, advisors, consultants, service providers and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any governmental agency or regulatory authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as (or no less restrictive than) those of this <u>Section 10.07</u>, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to <u>Section 2.16(c)</u>, (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any of the Borrowers and its obligations or (iii) an actual or potential insurer or reinsurer, (g) with the consent of the Company, (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this <u>Section 10.07</u> or (y) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Company that the Administrative Agent, any such Lender or the L/C Issuer reasonably believes is not bound by a duty of confidentiality to the Company, (i) to any rating agency in connection with rating the Company or its Subsidiaries or the credit facilities provided hereunder (<u>provided</u> such rating agencies are advised of the confidential nature of such information and agree to keep such information confidential), (j) on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder or (k) to any Person that would qualify as an Eligible Assignee hereunder (without giving effect to the consent required under <u>Section 10.06(b)(iii)</u>) providing financing to the disclosing Lender, to the extent reasonably required by such Person (<u>provided</u> such other Persons are advised of the confidential nature of such information and agree to keep such information confidential). In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and customary information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

For purposes of this <u>Section 10.07</u>, "<u>Information</u>" means all information received from or on behalf of the Company or any Subsidiary relating to the Company or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Company or any Subsidiary; <u>provided</u> that, in the case of information received from the Company or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this <u>Section 10.07</u> shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own or its other similarly situated customers' confidential information.

Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning any Loan Party or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.

For the avoidance of doubt, nothing herein prohibits any individual from communicating or disclosing information regarding suspected violations of laws, rules, or regulations to a Governmental Authority (including any self-regulatory authority) without any notification to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.08 <u>Right of Setoff.</u>**

If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the applicable Loan Party against any and all of the Obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness; <u>provided</u> that, in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section 2.18</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) such Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this <u>Section 10.08</u> are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Company and the Administrative Agent promptly after any such setoff and application; <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.09 <u>Interest Rate Limitation.</u>**

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (including without limitation, under the Criminal Code (Canada) with respect to any Designated Borrower) (the "<u>Maximum Rate</u>"). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Company. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10 <u>Integration; Effectiveness.</u>**

This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <u>Section 4.01</u>, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11 <u>Survival of Representations and Warranties.</u>**

All representations and warranties made hereunder and in any other Loan Document or any document, certificate or other writing executed by a Responsible Officer and required to be furnished hereunder shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12 <u>Severability.</u>**

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this <u>Section 10.12</u>, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent or the L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13 <u>Replacement of Lenders.</u>**

If any Lender requests compensation under <u>Section 3.04</u>, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 3.01</u>, or if any Lender's obligation to make, continue or convert to Affected Loans is suspended pursuant to <u>Section 3.02</u>, or if any Lender is a Defaulting Lender, or if any Lender does not consent to any amendment or waiver of any provision hereof or of any other Loan Document for which its consent is required under <u>Section 10.01</u> after Required Lenders or applicable Required Class Lenders have consented thereto, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 10.06</u>), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the assignment fee specified in <u>Section 10.06(b)</u> shall have been paid to or waived by the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under <u>Section 3.05</u>) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (or the applicable Designated Borrower) (in the case of all other amounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any such assignment resulting from (i) a claim for compensation under <u>Section 3.04</u> or payments required to be made pursuant to <u>Section 3.01</u>, such assignment will result in a reduction in such compensation or payments thereafter, (ii) a suspension of a Lender's obligation to make, continue or convert to Affected Loans pursuant to <u>Section 3.02</u>, the applicable assignee shall not be subject to a similar suspension and (iii) a Lender not consenting to any amendment or waiver hereunder or under any Loan Document for which its consent is required under <u>Section 10.01</u>, the applicable assignee shall have consented to such amendment or waiver; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such assignment does not conflict with applicable Laws.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply.

Each party hereto agrees that (i) an assignment required pursuant to this <u>Section 10.13</u> may be effected pursuant to an Assignment and Assumption executed by the Company, the Administrative Agent and the assignee and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; <u>provided</u> that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; <u>provided</u>, <u>further</u>, that any such documents shall be without recourse to or warranty by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14 <u>Governing Law; Jurisdiction; Etc.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>GOVERNING LAW</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>SUBMISSION TO JURISDICTION</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING (WHETHER IN CONTRACT, TORT, OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, 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 FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE COMPANY OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>WAIVER OF VENUE</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN <u>SECTION 10.14(b)</u>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>SERVICE OF PROCESS</u>. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN <u>SECTION 10.02</u>. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.15 <u>Waiver of Jury Trial.</u>**

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.16 <u>No Advisory or Fiduciary Responsibility.</u>**

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Company and each other Loan Party acknowledges and agrees**,** and acknowledges its Subsidiaries' understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Lenders and the Arrangers are arm's-length commercial transactions between the Company and each other Loan Party, on the one hand, and the Administrative Agent, the Lenders and the Arrangers, on the other hand, (B) the Company and each other Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Company and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, each Lender and each Arranger each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Company or any other Loan Party or any of its Affiliates, or any other Person and (B) neither the Administrative Agent, any Lender nor any Arranger has any obligation to the Company or any other Loan Party or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lenders and the Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and each other Loan Party and its Affiliates, and neither the Administrative Agent, any Lender nor any Arranger has any obligation to disclose any of such interests to the Company or any other Loan Party or its Affiliates. To the fullest extent permitted by law, the Company and each other Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, the Lenders and the Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.17 <u>USA Patriot Act, Canadian AML Acts and Beneficial Ownership Regulation Notice.</u>**

Each Lender that is subject to the Patriot Act (as hereinafter defined) (or solely with respect to the Canadian AML Acts, a Designated Borrower) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Company and each other Loan Party that, pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>Patriot Act</u>") (or solely with respect to the Canadian AML Acts, a Designated Borrower), and the Beneficial Ownership Regulation, as applicable, it is required to obtain, verify and record information that identifies the Company and each other Loan Party, which information includes the name and address of the Company and each other Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Company and each other Loan Party in accordance with the Patriot Act (or solely with respect to the Canadian AML Acts, a Designated Borrower) and the Beneficial Ownership Regulation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.18 <u>Delivery of Signature Page.</u>**

Each Lender to become a party to this Agreement on the date hereof shall do so by delivering to the Administrative Agent a counterpart of this Agreement duly executed by such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.19 <u>Judgment Currency.</u>**

If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or under any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Company and each other Loan Party in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from the Company or any other Loan Party in the Agreement Currency, the Company and each other Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Company or such other Loan Party (or to any other Person who may be entitled thereto under applicable law). All of the Company's and each other Loan Party's obligations under this <u>Section 10.19</u> shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.20 <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions.</u>**

Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&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 reduction in full or in part or cancellation of any such liability;

&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 conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; 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 variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.21 <u>Electronic Execution; Electronic Records; Counterparts.</u>**

This Agreement, any Loan Document and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each of the Loan Parties and each of the Administrative Agent and each Lender Party agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered. Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Administrative Agent and each of the Lender Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record ("<u>Electronic Copy</u>"), which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, neither the Administrative Agent or the L/C Issuer is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by such Person pursuant to procedures approved by it; <u>provided</u>, <u>further</u>, without limiting the foregoing, (a) to the extent the Administrative Agent and the L/C Issuer has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lender Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party and/or any Lender Party without further verification and (b) upon the reasonable request of the Administrative Agent or any Lender Party, any Electronic Signature shall be promptly followed by such manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.22 <u>[RESERVED].</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.23 <u>Lender Representations.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the Closing Date or such later date such Person became a Lender party hereto, to, and (y) covenants, from the Closing Date or such later date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Arrangers and their respective Affiliates and not, for the avoidance of doubt, to or for the benefit of any Loan Party, that at least one of the following is and will be true:

&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) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or 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 transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and 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;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of subsections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 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;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) <u>subclause (i)</u> in the immediately preceding <u>clause (a)</u> is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with <u>subclause (iv)</u> in the immediately preceding <u>clause (a)</u>, such Lender further (x) represents and warrants, as of the Closing Date or such later date such Person became a Lender party hereto, to, and (y) covenants, from the Closing Date or such later date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the Arrangers and their respective Affiliates and not, for the avoidance of doubt, to or for the benefit of any Loan Party, that none of the Administrative Agent or the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent or the Arrangers under this Agreement, any Loan Document or any documents related hereto or thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.24 <u>Acknowledgement Regarding Any Supported QFCs</u>**. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, "QFC Credit Support," and each such QFC, a "Supported QFC"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this <u>Section 10.24</u>, the following terms have the following meanings:

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Covered Entity</u>" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.25 <u>Appointment of Company.</u>**

Each of the Loan Parties hereby appoints the Company to act as its agent for all purposes of this Agreement, the other Loan Documents and all other documents and electronic platforms entered into in connection herewith and agrees that any notice or communication delivered by the Administrative Agent, L/C Issuer or a Lender to the Company shall be deemed delivered to each Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.26 <u>Keepwell.</u>**

Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Loan Documents, in each case, by any Loan Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Loan Party with respect to such Swap Obligation as may be needed by such Loan Party from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor's obligations and undertakings under this <u>Article XI</u> voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this <u>Section 10.26</u> shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in full. Each Loan Party intends this <u>Section 10.26</u> to constitute, and this <u>Section 10.26</u> shall be deemed to constitute, a guarantee of the obligations of, and a "keepwell, support, or other agreement" for the benefit of, each Loan Party for all purposes of the Commodity Exchange Act.

**Article XI**

**Continuing Guaranty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.01 <u>Guaranty.</u>**

Each of the Parent Guarantor and each other Parent Subsidiary Guarantor (each, a "<u>Parent Entity Guarantor</u>") hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Obligations (for each Parent Entity Guarantor, subject to the proviso in this sentence, its "<u>Guaranteed Obligations</u>"); <u>provided</u> that (a) the Guaranteed Obligations of such Parent Entity Guarantor shall exclude any Excluded Swap Obligations with respect to such Parent Entity Guarantor and (b) the liability of such Parent Entity Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law or other applicable Law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent's books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Parent Entity Guarantor, and conclusive for the purpose of establishing the amount of the Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which might otherwise constitute a defense to the obligations of any Parent Entity Guarantor, or any of them, under this Guaranty, and each Parent Entity Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing (other than a defense as to the payment in full of the Guaranteed Obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.02 <u>Rights of Lenders.</u>**

Each Parent Entity Guarantor consents and agrees that the Administrative Agent, the L/C Issuer and each of the other Lenders may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuer or any of the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations. Without limiting the generality of the foregoing, each Parent Entity Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of any Parent Entity Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of any Parent Entity Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.03 <u>Certain Waivers.</u>**

Each Parent Entity Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower, or the cessation from any cause whatsoever (including any act or omission of the Administrative Agent, the L/C Issuer or any other Lender) of the liability of any Borrower (other than as to the payment in full of the Guaranteed Obligations); (b) any defense based on any claim that such Parent Entity Guarantor's obligations exceed or are more burdensome than those of any Borrower; (c) the benefit of any statute of limitations affecting such Parent Entity Guarantor's liability hereunder; (d) any right to proceed against any Borrower, proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of the Administrative Agent, the L/C Issuer or any other Lender whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by the Administrative Agent, the L/C Issuer or any other Lender; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties (other than as to the payment in full of the Guaranteed Obligations). Each Parent Entity Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.04 <u>Obligations Independent.</u>**

The obligations of each Parent Entity Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may be brought against any Parent Entity Guarantor to enforce this Guaranty whether or not any Borrower or any other person or entity is joined as a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.05 <u>Subrogation.</u>**

Each Parent Entity Guarantor shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations have been paid in full in cash (other than contingent Obligations that are not then due and payable) and the Commitments are terminated. If any amounts are paid to any Parent Entity Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Administrative Agent, the L/C Issuer and the other Lenders and shall forthwith be paid to the Administrative Agent, the L/C Issuer and the other Lenders to reduce the amount of the Obligations, whether matured or unmatured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.06 <u>Termination; Reinstatement.</u>**

This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until the earlier of (i) the payment in cash of all Guaranteed Obligations and the Commitments and the Facilities with respect to the Guaranteed Obligations are terminated (other than contingent indemnification obligations as to which no claim has been asserted) and (ii) the release of the applicable Parent Entity Guarantor pursuant to <u>Section 10.01(f)</u>. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any Parent Entity Guarantor is made, or any of the Administrative Agent, the L/C Issuer or the other Lenders exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Administrative Agent, the L/C Issuer or the other Lenders in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Administrative Agent, the L/C Issuer or the other Lenders are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of each Parent Entity Guarantor under this <u>Section 11.06</u> shall survive termination of this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.07 <u>Stay of Acceleration.</u>**

If acceleration of the time for payment of any of the Obligations is stayed, in connection with any case commenced by or against any Parent Entity Guarantor or any Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Parent Entity Guarantors immediately upon demand by the Administrative Agent or the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.08 <u>Condition of Borrowers.</u>**

Each Parent Entity Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from any Borrower such information concerning the financial condition, business and operations of any Borrower as such Parent Entity Guarantor requires, and that none of the Administrative Agent, the L/C Issuer or any other Lender has any duty, and such Parent Entity Guarantor is not relying on the Administrative Agent, the L/C Issuer or any other Lender at any time, to disclose to it any information relating to the business, operations or financial condition of any Borrower (such Parent Entity Guarantor waiving any duty on the part of the Administrative Agent, the L/C Issuer or any other Lender to disclose such information and any defense relating to the failure to provide the same).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.09 <u>Release of Parent Entity Guarantors</u>**. A Parent Entity Guarantor (other than the Parent Guarantor) shall be automatically released from this Guaranty, and any Liens granted by such Parent Entity Guarantor in respect of the Obligations shall be automatically released, if (a) such Parent Entity Guarantor ceases to be a Wholly-Owned Subsidiary of the Parent Guarantor and ceases to directly or indirectly hold any Equity Interests of the Company in a transaction not prohibited by this Agreement; and (b) the Administrative Agent shall have received a certificate of the Company signed by a Responsible Officer certifying that, as of the date of such release, (x) the matters set forth in <u>clause (a)</u> are true and correct, (y) no Default or Event of Default shall then exist or would occur as a result of such releases and (z) the representations and warranties contained in <u>Article V</u> and in the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of release of such Parent Entity Guarantor (other than (i) such representations and warranties which are expressly made only as of the Closing Date and (ii) following the occurrence of the Investment Grade Election Effective Date, the representations and warranties set forth in <u>Section 5.05(c)</u> and <u>Section 5.22</u>, which, following the occurrence of the Investment Grade Election Effective Date, shall be made only as of the last date on which such representations and warranties were made under the Loan Documents prior to the Investment Grade Election Effective Date), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall have been true and correct in all respects) as of such earlier date, and except that for purposes of this <u>Section 11.09</u>, the representations and warranties contained in <u>subsections (a)</u> and <u>(b)</u> of <u>Section 5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to <u>subsections (a)</u> and <u>(b)</u>, respectively, of <u>Section 6.01</u>. The Administrative Agent agrees to furnish to the Company, promptly after the Company's request and at the Company's sole cost and expense, any release, termination, or other agreement or document as is reasonably necessary or advisable to evidence the foregoing release or as may be reasonably requested by the Company.

**Article XII**

**Subsidiary Guarantor Continuing Guaranty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.01 <u>Guaranty.</u>**

Each Subsidiary Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Obligations (for each Subsidiary Guarantor, subject to the proviso in this sentence, its "<u>Guaranteed Obligations</u>"); <u>provided</u> that (a) the Guaranteed Obligations of such Subsidiary Guarantor shall exclude any Excluded Swap Obligations with respect to such Subsidiary Guarantor and (b) the liability of such Subsidiary Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law or other applicable Law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent's books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Subsidiary Guarantor, and conclusive for the purpose of establishing the amount of the Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which might otherwise constitute a defense to the obligations of any Subsidiary Guarantor, or any of them, under this Guaranty, and each Subsidiary Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing (other than a defense as to the payment in full of the Guaranteed Obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.02 <u>Rights of Lenders.</u>**

Each Subsidiary Guarantor consents and agrees that the Administrative Agent, the L/C Issuer and each of the other Lenders may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuer or any of the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations. Without limiting the generality of the foregoing, each Subsidiary Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Subsidiary Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Subsidiary Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.03 <u>Certain Waivers.</u>**

Each Subsidiary Guarantor waives (a) any defense arising by reason of any disability or other defense of any Borrower, or the cessation from any cause whatsoever (including any act or omission of the Administrative Agent or any other Lender) of the liability of any Borrower (other than as to the payment in full of the Guaranteed Obligations); (b) any defense based on any claim that such Subsidiary Guarantor's obligations exceed or are more burdensome than those of any Borrower; (c) the benefit of any statute of limitations affecting such Subsidiary Guarantor's liability hereunder; (d) any right to proceed against any Borrower, proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of the Administrative Agent or any other Lender whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by the Administrative Agent or any other Lender; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties (other than as to the payment in full of the Guaranteed Obligations). Each Subsidiary Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.04 <u>Obligations Independent.</u>**

The obligations of each Subsidiary Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may be brought against such Subsidiary Guarantor to enforce this Guaranty whether or not any Borrower or any other person or entity is joined as a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.05 <u>Subrogation.</u>**

No Subsidiary Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations have been paid in full in cash (other than contingent Obligations that are not then due and payable) and the Commitments are terminated. If any amounts are paid to any Subsidiary Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Administrative Agent, the L/C Issuer and the other Lenders and shall forthwith be paid to the Administrative Agent, the L/C Issuer and the other Lenders to reduce the amount of the Obligations, whether matured or unmatured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.06 <u>Termination; Reinstatement.</u>**

This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until the earlier of (i) the payment in cash of all Guaranteed Obligations and the Commitments and the Facilities with respect to the Guaranteed Obligations are terminated (other than contingent indemnification obligations as to which no claim has been asserted) and (ii) the release of the applicable Subsidiary Guarantor pursuant to <u>Section 12.10</u>. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or the applicable Subsidiary Guarantor is made, or any of the Administrative Agent, the L/C Issuer or the other Lenders exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Administrative Agent, the L/C Issuer or the other Lenders in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Administrative Agent, the L/C Issuer or the other Lenders are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of each Subsidiary Guarantor under this <u>Section 12.06</u> shall survive termination of this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.07 <u>Stay of Acceleration.</u>**

If acceleration of the time for payment of any of the Obligations is stayed, in connection with any case commenced by or against any Subsidiary Guarantor or any Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by such Subsidiary Guarantor immediately upon demand by the Administrative Agent or the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.08 <u>Condition of Borrowers.</u>**

Each Subsidiary Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from any Borrower such information concerning the financial condition, business and operations of any Borrower as such Subsidiary Guarantor requires, and that none of the Administrative Agent, the L/C Issuer or any other Lender has any duty, and neither Subsidiary Guarantor is relying on the Administrative Agent, the L/C Issuer or any other Lender at any time, to disclose to it any information relating to the business, operations or financial condition of any Borrower (each Subsidiary Guarantor waiving any duty on the part of the Administrative Agent, the L/C Issuer or any other Lender to disclose such information and any defense relating to the failure to provide the same).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.09 <u>Subordination</u>**. Each Subsidiary Guarantor hereby subordinates the payment of all obligations and indebtedness of any Borrower owing to such Subsidiary Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of any Borrower to such Subsidiary Guarantor as subrogee of the Administrative Agent, on behalf of the Lenders, or resulting from such Subsidiary Guarantor's performance under this Guaranty, to the indefeasible payment in full in cash of all Guaranteed Obligations. If the Administrative Agent so requests, after the occurrence and during the continuance of an Event of Default, any such obligation or indebtedness of any Borrower to any Subsidiary Guarantor shall be enforced and performance received by such Subsidiary Guarantor as trustee for the Administrative Agent, on behalf of the Lenders, and the proceeds thereof shall be paid over to the Administrative Agent, on behalf of the Lenders, on account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of such Subsidiary Guarantor under this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10 <u>Release of Subsidiary Guarantors</u>**. A Subsidiary Guarantor shall be automatically released from this Guaranty, and any Liens granted by such Subsidiary Guarantor in respect of the Obligations shall be automatically released, if: (a) (i) prior to the Investment Grade Election Effective Date, such Subsidiary Guarantor is not a Covered Unencumbered Pool Entity (including, for the avoidance of doubt, after giving effect to any transaction not prohibited by this Agreement) or Unsecured Debt Subsidiary; or (ii) on or after the Investment Grade Election Effective Date, such Subsidiary Guarantor is not an Unsecured Debt Subsidiary pursuant to a transaction not prohibited by this Agreement; and (b) the Administrative Agent shall have received a certificate of the Company signed by a Responsible Officer certifying that, as of the date of such release, (x) the matters set forth in <u>clause (a)(i)</u> or <u>(a)(ii)</u>, as applicable, are true and correct, (y) no Default or Event of Default shall then exist or would occur as a result of such releases and (z) the representations and warranties contained in <u>Article V</u> and in the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of release of such Subsidiary Guarantor (other than (i) such representations and warranties which are expressly made only as of the Closing Date and (ii) following the occurrence of the Investment Grade Election Effective Date, the representations and warranties set forth in <u>Section 5.05(c)</u> and <u>Section 5.22</u>, which, following the occurrence of the Investment Grade Election Effective Date, shall be made only as of the last date on which such representations and warranties were made under the Loan Documents prior to the Investment Grade Election Effective Date), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall have been true and correct in all respects) as of such earlier date, and except that for purposes of this <u>Section 12.10</u>, the representations and warranties contained in <u>subsections (a)</u> and <u>(b)</u> of <u>Section 5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to <u>subsections (a)</u> and <u>(b)</u>, respectively, of <u>Section 6.01</u>. The Administrative Agent agrees to furnish to the Company, promptly after the Company's request and at the Company's sole cost and expense, any release, termination, or other agreement or document as is reasonably necessary or advisable to evidence the foregoing release or as may be reasonably requested by the Company.

**Article XIII**

**COMPANY's Continuing Guaranty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.01 <u>Guaranty.</u>**

The Company hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Obligations of each other Borrower (for the Company, subject to the proviso in this sentence, its "<u>Guaranteed Obligations</u>"); <u>provided</u> that (a) the Guaranteed Obligations of the Company shall exclude any Excluded Swap Obligations with respect to the Company and (b) the liability of the Company individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law or other applicable Law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent's books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon the Company, and conclusive for the purpose of establishing the amount of the Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which might otherwise constitute a defense to the obligations of the Company, or any of them, under this Guaranty, and the Company hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing (other than a defense as to the payment in full of the Guaranteed Obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.02 <u>Rights of Lenders.</u>**

The Company consents and agrees that the Administrative Agent, the L/C Issuer and each of the other Lenders may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuer or any of the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations. Without limiting the generality of the foregoing, the Company consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Company under this Guaranty or which, but for this provision, might operate as a discharge of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.03 <u>Certain Waivers.</u>**

The Company waives (a) any defense arising by reason of any disability or other defense of any Borrower, or the cessation from any cause whatsoever (including any act or omission of the Administrative Agent, the L/C Issuer or any other Lender) of the liability of any Borrower (other than as to the payment in full of the Guaranteed Obligations); (b) any defense based on any claim that the Company's obligations exceed or are more burdensome than those of any Borrower; (c) the benefit of any statute of limitations affecting the Company's liability hereunder; (d) any right to proceed against any Borrower, proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of the Administrative Agent, the L/C Issuer or any other Lender whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by the Administrative Agent, the L/C Issuer or any other Lender; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties (other than as to the payment in full of the Guaranteed Obligations). The Company expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.04 <u>Obligations Independent.</u>**

The obligations of the Company hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may be brought against the Company to enforce this Guaranty whether or not any Borrower or any other person or entity is joined as a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.05 <u>Subrogation.</u>**

The Company shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations have been paid in full in cash (other than contingent Obligations that are not then due and payable) and the Commitments are terminated. If any amounts are paid to the Company in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Administrative Agent, the L/C Issuer and the other Lenders and shall forthwith be paid to the Administrative Agent, the L/C Issuer and the other Lenders to reduce the amount of the Obligations, whether matured or unmatured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.06 <u>Termination; Reinstatement.</u>**

This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until the payment in cash of all Guaranteed Obligations and the Commitments and the Facilities with respect to the Guaranteed Obligations are terminated (other than contingent indemnification obligations as to which no claim has been asserted). Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any other Borrower or the Company is made, or any of the Administrative Agent, the L/C Issuer or the other Lenders exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Administrative Agent, the L/C Issuer or the other Lenders in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Administrative Agent, the L/C Issuer or the other Lenders are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of the Company under this <u>Section 13.06</u> shall survive termination of this Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.07 <u>Stay of Acceleration.</u>**

If acceleration of the time for payment of any of the Obligations is stayed, in connection with any case commenced by or against the Company or any other Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Company immediately upon demand by the Administrative Agent or the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.08 <u>Condition of Borrowers.</u>**

The Company acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from any Borrower such information concerning the financial condition, business and operations of any Borrower as the Company requires, and that none of the Administrative Agent, the L/C Issuer or any other Lender has any duty, and the Company is not relying on the Administrative Agent, the L/C Issuer or any other Lender at any time, to disclose to it any information relating to the business, operations or financial condition of any Borrower (the Company waiving any duty on the part of the Administrative Agent, the L/C Issuer or any other Lender to disclose such information and any defense relating to the failure to provide the same).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.09 <u>Release of Company.</u>**

The Company shall be automatically released from this Guaranty with respect to the Guaranteed Obligations of any Designated Borrower, and any Liens granted by the Company in respect of such Guaranteed Obligations shall be automatically released, if: (a) such Guaranteed Obligations of such Designated Borrower are repaid or otherwise discharged in full at any time; (b) such Designated Borrower shall cease to be a Designated Borrower hereunder; and (c) the Administrative Agent shall have received a certificate of the Company signed by a Responsible Officer certifying that, as of the date of such release, (x) the matters set forth in <u>clause (a)</u> are true and correct, (y) no Default or Event of Default shall then exist or would occur as a result of such releases and (z) the representations and warranties contained in <u>Article V</u> and in the other Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of release of the Company (other than (i) such representations and warranties which are expressly made only as of the Closing Date and (ii) following the occurrence of the Investment Grade Election Effective Date, the representations and warranties set forth in <u>Section 5.05(c)</u> and <u>Section 5.22</u>, which, following the occurrence of the Investment Grade Election Effective Date, shall be made only as of the last date on which such representations and warranties were made under the Loan Documents prior to the Investment Grade Election Effective Date), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall have been true and correct in all respects) as of such earlier date, and except that for purposes of this <u>Section 13.09</u>, the representations and warranties contained in <u>subsections (a)</u> and <u>(b)</u> of <u>Section 5.05</u> shall be deemed to refer to the most recent statements furnished pursuant to <u>subsections (a)</u> and <u>(b)</u>, respectively, of <u>Section 6.01</u>. The Administrative Agent agrees to furnish to the Company, promptly after the Company's request and at the Company's sole cost and expense, any release, termination, or other agreement or document as is reasonably necessary or advisable to evidence the foregoing release or as may be reasonably requested by the Company.

**[Remainder of Page Intentionally Left Blank]**

Each of the parties hereto have caused this Agreement to be duly executed as of the date first above written.

**JANUS LIVING OP, LLC**, as the Company and a Borrower

By:

Name: <br> Title:

**JANUS LIVING, INC.**, as the Parent Guarantor

By:

Name: <br> Title:

**[PARENT SUBSIDIARY GUARANTORS],** as a Parent Subsidiary Guarantor

By:

Name: <br> Title:

**[SUBSIDIARY GUARANTORS],** as a Subsidiary Guarantor

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**bank of america, n.a.**, as Administrative Agent

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**bank of america, n.a.**, as a Revolving Lender, a Term Lender and an L/C Issuer

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**JPMORGAN CHASE BANK, N.A.**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**WELLS FARGO BANK, NATIONAL ASSOCIATION**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**BARCLAYS BANK, PLC**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**GOLDMAN SACHS BANK USA**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**MORGAN STANLEY BANK, N.A.**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**ROYAL BANK OF CANADA**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**PNC BANK, NATIONAL ASSOCIATION**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**MIZUHO BANK, LTD.**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**KEYBANK NATIONAL ASSOCIATION**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**TRUIST BANK**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**BNP PARIBAS**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**TD BANK, N.A.**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

**THE BANK OF NOVA SCOTIA**, as a Revolving Lender and a Term Lender

By:

Name: <br> Title:

[Signature Page to Credit Agreement]

## Exhibit 21.1

**EXHIBIT 21.1**

**Janus Living, Inc.**

**Subsidiaries Following Completion of the Formation Transactions** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Entity Name** | &nbsp;&nbsp;**Jurisdiction of Organization or Formation** |
| &nbsp;&nbsp;Alewife PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Bothell OpCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Bothell PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Brandywine GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Brandywine HoldCo A, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Brandywine HoldCo B, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Brandywine PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC – Freedom Fairways Golf Course, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC – Freedom Pointe at the Villages, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC – Lake Port Square, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC – Regency Oaks, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC – South Port Square, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC HoldCo – Holland, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC OpCo – Bradenton, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC OpCo – Cypress Village, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC OpCo – Freedom Square, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC OpCo – Galleria Woods, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC OpCo – Gleannloch Farms, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC OpCo – Holland, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC OpCo – Sun City Center, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC OpCo Ventures, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Bradenton, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Cypress Village, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Freedom Plaza, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Freedom Square, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Galleria Woods, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Gleannloch Farms, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Holland, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Homewood Residence, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC PropCo – Lady Lake, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CCRC-Brandywine, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Cypress Garden Homes, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;East Cobb OpCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;East Cobb PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;FDG-Vintage Park II Property, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;HCP MA3 Pennsylvania, LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;HCP MA3 Virginia, LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;HCP S-H OpCo TRS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;HCP S-H Sunrise OpCo HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Janus Fund 1, LLC | &nbsp;&nbsp;Delaware |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Janus Living OP, LLC | &nbsp;&nbsp;Maryland |
| &nbsp;&nbsp;Janus Living TRS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lake Port Square PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lake Seminole Square PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lake Seminole Square, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Leesburg OpCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Leesburg PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;LPC OpCo HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;LPC PropCo HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Nona Lakes OpCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Nona Lakes PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Quadrangle HoldCo A, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Quadrangle HoldCo B, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Regency Oaks PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H 2014 OpCo TRS, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 OpCo HoldCo I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 OpCo HoldCo II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 OpCo HoldCo III, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 OpCo TRS I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 OpCo TRS II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 OpCo TRS III, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 REIT I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 REIT II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 REIT III, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH 2019 Ventures, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo Clear Lake, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo First Colony, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo Galleria, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo Germantown, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH OpCo HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH OpCo Olney, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo Park at Vernon Hills, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo Pecan Park, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo Terrace Memorial City, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo Terrace West, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH OpCo The Fairfax, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH OpCo The Quadrangle, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H OpCo Vintage Park AL, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH OpCo Vintage Park II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Clear Lake, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo First Colony, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Galleria, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Germantown, LLC | &nbsp;&nbsp;Delaware |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;SH PropCo HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Olney II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Park at Vernon Hills, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Pecan Park, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Terrace Memorial City, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Terrace West, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;SH PropCo Vintage Park AL, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five OpCo - Arvada Meridian, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five OpCo - Boulder Meridian, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five OpCo - Lakewood Meridian, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five OpCo - Lowry, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five OpCo - North Richland Hills, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five OpCo - Round Rock, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five OpCo - San Marcos, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five OpCo - Westland Meridian, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - Arvada Meridian, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - Boulder Meridian, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - Lakewood Meridian, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - Lowry, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - North Richland Hills 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - North Richland Hills 2, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - Round Rock, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - San Marcos, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;S-H Thirty-Five PropCo - Westland Meridian, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;South Port Square PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;The Villages PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;West Cobb OpCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;West Cobb PropCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Wildwood OpCo 1, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Wildwood PropCo 1, LLC | &nbsp;&nbsp;Delaware |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in this Registration Statement No. 333-293835 on Form S-11 of Janus Living, Inc. of our report dated February 27, 2026, relating to the financial statements of Janus Living Predecessor. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte & Touche LLP

Costa Mesa, California

March 16, 2026

## Exhibit 23.2

**Exhibit 23.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in this Registration Statement No. 333-293835 on Form S-11 of Janus Living, Inc. of our report dated February 27, 2026, relating to the financial statements of Janus Living, Inc. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte & Touche LLP

Costa Mesa, California

March 16, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &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; **Calculation of Filing Fee Tables**  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-11**  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Janus Living, Inc.**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &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; **Security Type**  | &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; **Security Class Title**  | &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; **Fee Calculation or Carry Forward Rule**  | &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; **Amount Registered**  | &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; **Proposed Maximum Offering Price Per Unit**  | &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; **Maximum Aggregate Offering Price**  | &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; **Fee Rate**  | &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; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Class A-1 common stock, par value $0.01 per share | 457(a) | 37550000 | $20.00 | $751000000.00 | 0.0001381 | $103713.10 |
| Fees Previously Paid | 2 | Equity | Class A-1 common stock, par value $0.01 per share | 457(a) | 5000000 | $20.00 | $100000000.00 |  | $13810.00 |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $851000000.00  |  | $117523.10  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $13810.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $103713.10  |

---

&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; **Offering Note** <br>

&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; <sup>1</sup> 1a: Includes the aggregate offering price of additional shares that the underwriters have the option to purchase. 1b: Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended

&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; <sup>2</sup> See Note 1a. 2a: The Registrant previously paid a registration fee of $13,810.00 in connection with initial filing of the Registration Statement on Form S-11 on February 27, 2026. The fee was estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended. This Maximum Aggregate Offering Price was originally registered under 457(o) and is now converted to 457(a).

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &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; **Security Type**  | &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; **Security Class Title**  | &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; **Amount of Securities Previously Registered**  | &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; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &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; **Form Type**  | &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; **File Number**  | &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; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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